Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tianli International Holdings (01773) based on its current valuation, business resilience, and growth prospects in AI education [1] Financial Performance - For the fiscal year 2025, the company expects a profit increase of 17% year-on-year, with revenue projected at 3.6 billion yuan (+8%) and net profit at 650 million yuan (+17%) [1] - The significant profit growth is attributed to an increase in the number of clients for comprehensive educational services, with profit growth outpacing revenue growth due to a focus on core educational services and improved utilization of school resources [1] Enrollment and Quality of Education - The number of students served in the fall semester of 2025 increased by 8% year-on-year, with high school student numbers rising by 11%, although the growth rate is slowing [2] - The company maintained a high standard of education, producing 28 students admitted to prestigious universities, with a college admission rate of approximately 90% and a first-tier university admission rate of about 58% [2] Business Development and AI Education - The company has been diversifying its business since 2022, including management services for schools and various educational programs [3] - By the end of the fiscal year 2025, the company provided management services to 18 schools, up from 10 in the previous year, indicating potential for further growth [3] - The AI education product matrix includes various offerings, with 81% of students in the AI sprint camp achieving score improvements in their final exams, averaging an increase of 48 points [3]