Group 1: Financial Performance - Huaxi Securities maintains the revenue forecast for China Spring (01969) at CNY 2.14 billion for FY26, with new forecasts for FY27 and FY28 at CNY 2.40 billion and CNY 2.63 billion respectively [1] - The net profit attributable to shareholders for FY26 is maintained at CNY 1.03 billion, with new forecasts for FY27 and FY28 at CNY 1.17 billion and CNY 1.29 billion respectively [1] - The earnings per share (EPS) for FY26 is maintained at CNY 0.86, with new forecasts for FY27 and FY28 at CNY 0.98 and CNY 1.07 respectively [1] Group 2: Student Enrollment and Revenue Growth - The total number of enrolled students for FY2025 is 110,000, representing a year-on-year increase of 6.4% [3] - Revenue from tuition and accommodation fees for FY2025 is CNY 1.64 billion and CNY 0.15 billion respectively, showing year-on-year growth of 10.1% and 6.3% [2] - Revenue by school for FY2025 includes CNY 0.42 billion from Shangqiu College, CNY 0.26 billion from Shangqiu College Applied Technology College, and CNY 0.42 billion from Anyang College, with growth driven by increased student enrollment [2][3] Group 3: Cash Position and Growth Potential - The group's cash and cash equivalents for FY2025 amount to CNY 0.83 billion, reflecting a year-on-year growth of 5.2% [4] - The company anticipates stable growth in student enrollment, particularly from Anyang College's new campus and health colleges, which will contribute to revenue growth [4] - The company is actively expanding international education partnerships, with agreements signed with Australian and New Zealand institutions to enhance educational opportunities for students [4]