Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.79 CNY, while the current price is 15.79 CNY [2][11]. Core Views - The company's textbook and educational materials business is stable, and digital textbooks and application services are expected to become a second growth curve, indicating a positive outlook on the company's digital transformation performance [3][11]. - The company plans to distribute a cash dividend of 5.50 CNY per 10 shares, resulting in a dividend yield of 3.4% based on the closing price on June 3 [11]. - The company achieved a significant profit increase in Q1 2025, with revenue of 2.113 billion CNY, a year-on-year increase of 1.21%, and a net profit of 320 million CNY, a year-on-year increase of 110.25% [11]. Financial Summary - Revenue projections for the company are as follows: 9,365 million CNY in 2023, 9,172 million CNY in 2024 (a decrease of 2.1%), and expected growth to 10,543 million CNY by 2027 [5][12]. - Net profit (attributable to the parent company) is projected to be 1,284 million CNY in 2023, dropping to 810 million CNY in 2024 (a decrease of 36.9%), and then recovering to 1,256 million CNY by 2027 [5][12]. - The earnings per share (EPS) are expected to be 1.43 CNY in 2023, decreasing to 0.90 CNY in 2024, and then gradually increasing to 1.40 CNY by 2027 [5][12]. Business Performance - The company's textbook and educational materials publishing achieved sales of 5.36 billion CNY in 2024, a growth of 4.65%, with significant new adoptions in various regions [11]. - The general book publishing segment saw a remarkable sales increase of 51.61%, with popular titles contributing to strong performance [11]. - The company is advancing its digital transformation by integrating digital textbooks into free teaching materials and achieving significant growth in digital media initiatives [11].