Core Viewpoint - The report highlights the transformation of the company into a leading player in higher education, driven by its strategic partnership with Xi'an Jiaotong University and the rapid development of its urban college, which has approximately 11,800 students enrolled [1] Company Overview - Initially, the company focused on application software and industry solutions, but it has evolved into the "first stock in higher education" due to its successful higher education business [1] - The company is actively advancing the construction of the second phase of the urban college project, which will expand student capacity and create conditions for the college's transformation [1] Industry Context - From 2020 to 2025, a total of 106 independent colleges are expected to complete their transformation, with 72.6% converting to private institutions [1] - The number of candidates for the college entrance examination has remained high in recent years, leading to good enrollment prospects for independent colleges, which charge higher tuition fees [1] Financial Outlook - The higher education business has become a stable source of cash flow and profit for the company, supporting its growth strategy [1] - The company is also seeking transformation opportunities to cultivate a second growth curve, which will aid in achieving a dual-driven growth model [1] Investment Recommendation - The company is viewed positively for its future growth potential, with a cautious recommendation rating provided for initial coverage [1]