HUATU CENDES(SZ:300492) Xin Lang Cai Jing·2025-08-30 00:52Core Viewpoint - The company has demonstrated significant growth in revenue and net profit in the first half of 2025, driven by its non-degree training business, which is expanding rapidly and contributing to overall performance improvement [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.724 billion yuan, a year-on-year increase of 14.50% [1]. - The net profit attributable to shareholders reached 213 million yuan, reflecting a substantial year-on-year growth of 75.09% [1]. - Earnings per share (EPS) stood at 1.08 yuan, up 24.18% compared to the previous year [1]. Group 2: Business Growth and Structure - The non-degree training business accounted for 99.19% of total revenue in the first half of 2025, indicating a strong focus on this segment [2]. - The company operates over 1,000 stores and employs 3,250 full-time teachers, with more than 700 subsidiaries engaged in training, serving over 270,000 students [1]. Group 3: Profitability and Cost Management - The company's gross margin improved to 59.11%, an increase of 2.57 percentage points year-on-year, with the non-degree training business gross margin at 59.79% [2]. - Operating expenses as a percentage of revenue decreased to 44.38%, down 3.98 percentage points year-on-year [2]. - The net profit margin rose to 12.35%, reflecting an increase of 4.28 percentage points year-on-year [2]. Group 4: Financial Health - As of June 2025, the company's total assets and total liabilities were 2.464 billion yuan and 2.045 billion yuan, respectively, with a debt-to-asset ratio of 83.00%, down 1.58 percentage points from the beginning of the year [2]. - The cash flow remains strong, although the cash collection ratio decreased to 111.63%, down 23.54 percentage points year-on-year [3]. Group 5: Investment and Future Outlook - The company has significantly increased its R&D investment, with expenses reaching 91 million yuan, a 302% increase year-on-year, focusing on AI applications in education [3]. - Contract liabilities grew to 903 million yuan, up 18.97% year-on-year, enhancing revenue certainty and supporting growth [3]. - Revenue projections for 2025-2027 are 3.328 billion yuan, 4.160 billion yuan, and 4.784 billion yuan, with corresponding EPS estimates of 1.64 yuan, 2.05 yuan, and 2.81 yuan [3].