Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company's performance in the first half of 2025 was impacted by revenue recognition timing, but it is expected to recover in the second half of the year with the start of the academic season [6]. - The adjusted net profit for the first half of 2025 is projected to be CNY 204 million, a decrease of 26.3% year-on-year, while revenue decreased by 4.5% to CNY 925 million [1][6]. - The company is focusing on expanding its educational offerings and enhancing its digital education product matrix, which is expected to drive future growth [3][5]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue decreased by 4.5% to CNY 925 million, and the adjusted net profit decreased by 26.3% to CNY 204 million [1]. - The gross margin fell by 9.7 percentage points to 43.0%, while the adjusted net profit margin decreased by 6.5 percentage points to 22.1% [1]. Educational Business - The full-time higher education segment saw a revenue decline of 2.9% to CNY 780 million, attributed to differences in the academic calendar [2]. - The number of approved student quotas for the 2025/2026 academic year increased by 6.0% to 21,400, with total enrollment in the three schools reaching 57,800, of which 76.2% are undergraduates [2]. Lifelong Education Services - The lifelong education segment reported a revenue of CNY 44.76 million, down 21.2% year-on-year, primarily due to a decrease in student enrollment [4]. - The company has established over 80 training qualifications and conducted training projects for 43 institutions, with more than 3,600 participants [4]. Healthcare and Elderly Care - The company is expanding its healthcare and elderly care ecosystem, with significant growth in its cardiovascular hospital and dental clinic, reporting a 622.8% increase in revenue to CNY 49.66 million in the first half of 2025 [5]. - The occupancy rate of the elderly care facility reached 88%, and the company is developing a smart elderly care platform [5]. Future Projections - The adjusted net profit is forecasted to reach CNY 410 million, CNY 450 million, and CNY 510 million for 2025, 2026, and 2027, respectively, with year-on-year changes of -12%, +11%, and +12% [6].
东软睿新集团（09616）：上半年业绩受收入节奏确认影响，全年营收预计保持增长