Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - In H1 2025, the company reported revenue of 344 million yuan, a year-on-year decrease of 11.68%. The net profit attributable to the parent company was 131 million yuan, down 3.51% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, a decline of 11.61% year-on-year [2][6]. - For Q2 alone, revenue was 213 million yuan, a decrease of 14.22% year-on-year, with a net profit of 103 million yuan, down 8.06% year-on-year, and a net profit of 97 million yuan after non-recurring items, down 12.10% year-on-year [2][6]. - The company is undergoing a transformation towards "Effective Education + AI Education" 4.0 era, focusing on four areas: technology, organization, product, and customer collaboration [12]. - The company aims to empower 10,000 enterprises to become AI organizations and train 1 million AI operators over the next three years [12]. Financial Performance - The company’s contract liabilities at the end of the period were 1.059 billion yuan, slightly down 1.87% from the beginning of the year [7]. - The proposed cash dividend is 10.00 yuan per 10 shares (including tax), totaling 119 million yuan, which accounts for 90.74% of the net profit attributable to the parent company for H1 2025 [7]. - The company’s gross margin improved to 77.49% in H1 2025, an increase of 1.35 percentage points year-on-year, with management training and consulting gross margins at 84.3% and 46.5%, respectively [12]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 279 million, 329 million, and 380 million yuan, respectively, with corresponding price-to-earnings ratios of 16, 14, and 12 times [2][12].