Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price not specified [4] Core Viewpoints - The company reported FY25H1 revenue of 1.9 billion RMB, a 14% increase year-on-year, and a net profit of 390 million RMB, reflecting a 36% year-on-year growth. The earnings per share (EPS) reached 0.1928 RMB, up 39% [1] - Tianli has established a strong presence in Sichuan Province and operates schools across 36 cities in China, providing comprehensive educational services to students [1] - The company has seen significant success in student admissions, with 272 high school graduates receiving offers from the world's top 50 universities in 2024, an increase of 145 from 2023 [2] - The company aims to expand its profitable high school business and enhance its service offerings, including online campus shopping, logistics services, and international education consulting [2] - Adjusted revenue forecasts for FY25-27 are 4.32 billion RMB, 5.64 billion RMB, and 7.39 billion RMB, with net profits of 770 million RMB, 1.02 billion RMB, and 1.35 billion RMB respectively [3] Summary by Sections Financial Performance - FY25H1 revenue was 1.9 billion RMB, net profit was 390 million RMB, and EPS was 0.1928 RMB, showing significant growth compared to the previous year [1] Educational Achievements - Tianli students excelled in various academic competitions, with 17 students winning provincial first prizes and 272 high school graduates receiving offers from prestigious universities [2] Business Strategy - The company plans to strengthen its high school operations and diversify its service offerings to support student development [2] Revenue Projections - Revised revenue estimates for FY25-27 are 4.32 billion RMB, 5.64 billion RMB, and 7.39 billion RMB, with adjusted net profits of 770 million RMB, 1.02 billion RMB, and 1.35 billion RMB [3]

4月14日，截至港股收盘，恒生指数上涨2.4%，报21417.4点。永顺控股香港（06812.HK）收报0.134港 元/股，上涨21.82%，成交量1.5万股，成交额2010港元，振幅0.0%。 最近一个月来，永顺控股香港累计跌幅45%，今年来累计跌幅12%，跑输恒生指数4.26%的涨幅。 资料显示，永顺控股香港有限公司于1983年创立之时,集团初期为一家小型企业,以提供专业环境清洁及 灭虫服务为主。集团的共同创办人以真诚的心为服务之本,以对家庭的理念来照料顾客所需,致使每一项 服务都一丝不苟、贴心仔细,这份坚持令永顺控股香港的服务愈趋完善,赢尽客户口碑。随着香港社会发 展及人们对生活质素要求的提高,永顺控股香港以想顾客所想的用心,开展关顾到方方面面的度身定制服 务,在原有的环卫服务的基础上,为顾客提供更多增值服务的选择,以提供优质舒适的工作及居住环境为己 任。凭藉三十多年的丰富经验及卓越服务,永顺控股香港已成为备受客户赞誉及业界关注的环卫服务及 虫控管理品牌,加上灵活求变的经营智慧,不断为企业带来源源不息的生命力,令永顺控股香港傲视同侪。 集团已经由从前的小型公司蜕变成今日以环卫服务、虫控管理、航空餐饮支 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Insights - The company achieved a revenue of 1.102 billion, representing a year-on-year increase of 125.2%, and a net profit of 192 million, up 114%, indicating strong performance in its core business and significant results from its quality transformation [1] - In 2024, the company made a historic breakthrough in the quality education sector, generating 710 million in revenue, which accounted for 64.7% of total revenue and showed a remarkable growth of 411.7% year-on-year [1] - The tutoring project revenue grew steadily by 25.2% to 181 million, while the full-time repeat business revenue slightly increased by 1% to 210 million, with an improved market share [1] - The company reported a gross profit margin of 46.3% and a bank deposit balance of 1.12 billion, which increased by 124% year-on-year, indicating strong financial health and sustained demand for quality education services [1] Summary by Sections AI Technology Empowerment - The company is advancing its "All in AI" strategy, upgrading its "Whale Education System" with AI capabilities to create personalized learning paths and improve teaching efficiency [2] - The intelligent essay correction system has been successfully implemented, significantly enhancing teachers' grading efficiency [2] - The AI assistant has been launched to improve lesson preparation efficiency and teaching content quality, allowing teachers to focus more on classroom presentation and student well-being [2] Expansion and AI Application - The company plans to introduce a personalized question recommendation feature based on AI data analysis, helping students find the best learning paths [3] - The AI department will accelerate the deployment of AI across various business and management processes, developing customized AI products for teachers to enhance teaching quality [3] - The company will increase resource investment in Shenzhen and Foshan, including new outlets, recruiting excellent teachers, and improving teaching facilities to enhance brand recognition and market competitiveness [3] Financial Forecast Adjustments - Based on the 2024 performance, the company adjusted its profit forecasts for 2025-2027, expecting revenues of 2.11 billion, 2.68 billion, and 3.40 billion respectively, with adjusted net profits of 314 million, 397 million, and 506 million [4] - The earnings per share (EPS) are projected to be 0.37, 0.47, and 0.60 for the years 2025, 2026, and 2027 respectively [4]