点击按钮▲立即预约 " 如果现在是 1 ，无非就是看读博会不会给你带来另外一个 1 ，也可能是 1 ＋ 1 还是那个 1 ，但是你经历过，感受过，人生就没有遗憾。读了会后悔一阵，如果不读大概就 是一辈子的遗憾。 " 文 /巴九灵（微信公众号：吴晓波频道） 廖杰在北京工作了七八年，从小公司一路混去了大厂，但今年还是决定读研。 如今他已在北京某211大学读了半年研究生，读的是非全日制MPA（公共管理硕士），学费八万多，周末两天都要上课。 "工龄"同样也是七八年的小吉，坐标杭州，今年也把大量的周末交付给了上课与培训：花了一万多，学了半年多雅思，此外还报了个两天一夜的专 业培训班，学费5000块。 "我现在周末几乎都在培训和上课，不然真的很难从漫长的工作里获得正反馈。"说起"周末奋进"带给她的体验，她这样告诉小巴。 环顾四周，越来越多职场人向周末"抠时间"，在休假中"要增长"，将它原本的休息功能弱化，不断嫁接出上课、培训等新功能，使得周末变得"沉 甸甸"的。 做"学宝"，年轻人的周末有点忙 除了像廖杰这样考研的，还有越来越多的考公、考博群体。 刚刚过去的周末，是2026年国考。国考群体连年激增，三年增长112万，几乎 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company's fundamentals remain robust, with a focus on expanding its educational network through new partnerships and capital expenditures [1][4]. - The company reported a revenue of 1.413 billion RMB for FY25H1, a year-on-year increase of 7.8%, and an adjusted net profit of 456 million RMB, up 7.0% year-on-year, slightly exceeding expectations [1]. - The company is actively enhancing its enrollment competitiveness and optimizing its student demographics, with significant improvements in school rankings and an increase in the proportion of undergraduate students [2]. Summary by Sections Financial Performance - For FY25H1, the company achieved a revenue of 1.413 billion RMB, accounting for 54% of the annual forecast, and an adjusted net profit of 456 million RMB, representing 57% of the annual forecast [1]. - The company’s capital expenditure for the first half of FY25 was approximately 393 million RMB, aligning with the annual guidance of 800-900 million RMB [1][3]. Enrollment and Competitive Position - The company has seen significant improvements in its school rankings, with notable advancements in various provinces, enhancing its enrollment appeal [2]. - The average tuition fee for enrolled students increased by 9.5%, contributing to an 8.1% year-on-year growth in tuition revenue for FY25H1 [2]. Expansion Plans - The company has signed a cooperation agreement to establish a higher education institution in Hainan, aiming to leverage diverse educational and research experiences to cultivate internationally-minded talent [4]. - The ongoing construction of new campuses and the application for master's degree programs are progressing well, with expectations to start enrollment in September 2025 [3]. Profit Forecast and Valuation - The report slightly raises the profit forecast for FY25-27, projecting net profits of 803 million RMB, 857 million RMB, and 917 million RMB respectively [5]. - The target price based on the Dividend Discount Model (DDM) is set at 2.71 HKD, reflecting adjustments for exchange rates and share count changes [5].