Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company reported a revenue of 3.96 billion RMB for the fiscal year 2025, representing a year-on-year growth of 6.1%. However, net profit decreased by 36.9% to 390 million RMB. Adjusted net profit, excluding goodwill impairment and convertible bond disposal costs, was 740 million RMB, reflecting a growth of 6.5% [5] - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The number of enrolled students remained stable at 291,000, with a slight increase of 0.1% compared to the previous fiscal year [5][6] - The average tuition fee increased by 6% to 13,600 RMB per academic year. The company effectively controlled cost growth, with main operating costs rising by 6.2% to 2.29 billion RMB, slightly above the revenue growth rate [5][6] Financial Data and Profit Forecast - The company expects adjusted profits for fiscal year 2026 to be 760 million RMB, down from an earlier forecast of 1.27 billion RMB. Adjusted profits for fiscal years 2027 and 2028 are projected to be 810 million RMB and 880 million RMB, respectively [7][8] - The financial data shows a steady increase in revenue and adjusted net profit over the forecast period, with revenue expected to reach 4.55 billion RMB by fiscal year 2028 [8][11]
希教国际控股（01765）：优化学校数量，加强总部管控，利润率恢复可期