Core Viewpoint - Huaxi Securities maintains the profit forecast for China Spring (01969), projecting FY26 revenue at 2.14 billion yuan, with new forecasts for FY27 and FY28 at 2.40 billion and 2.63 billion yuan respectively, and maintains FY26 net profit forecast at 1.03 billion yuan, with new forecasts for FY27 and FY28 at 1.17 billion and 1.29 billion yuan respectively, maintaining an "Buy" rating [1] Group 1: FY2025 Performance - For FY2025, the company's revenue, net profit, and adjusted net profit are projected to be 1.79 billion, 836 million, and 837 million yuan respectively, representing year-on-year growth of 9.8%, 7.4%, and 5.9% [2] - The adjusted net profit includes a share-based compensation of 3.29 million yuan and a foreign exchange gain of 1.96 million yuan for FY2025 [2] Group 2: Revenue Growth by School - In FY2025, the group's tuition and accommodation fees are projected to be 1.64 billion and 154 million yuan respectively, with year-on-year growth of 10.1% and 6.3% [3] - Revenue by school includes 416 million for Shangqiu College, 260 million for Shangqiu College of Applied Technology, 419 million for Anyang College, 216 million for Anyang College Yuanyang Campus, 138 million for Health College, and 341 million for Jingzhou College, with growth driven by an increase in student enrollment [3][4] Group 3: Student Enrollment and Financial Position - The total number of enrolled students for FY2025 is projected to be 110,000, reflecting a year-on-year increase of 6.4% [4] - The group has cash and cash equivalents of 832 million yuan for FY2025, showing a year-on-year growth of 5.2%, while contract liabilities are at 682 million yuan, down 1.7% [5] Group 4: Growth Potential - The company expects stable growth in student enrollment, particularly from Anyang College Yuanyang Campus, Health College, and Jingzhou College, with plans for a new campus at Tianping College to enhance student numbers and revenue [5] - The company operates primarily in Henan, Hubei, and Jiangsu provinces, with significant potential for tuition fee increases and a decrease in financial costs, which could enhance net profit margins [5] - The company is actively expanding international education partnerships, having signed agreements with Australian and New Zealand institutions to facilitate student exchanges and collaborations [5]