Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.54-1.85 billion yuan in Q2 2025, representing a year-on-year growth of 38.50%-65.89%. The net profit for the first half of 2025 is projected to be 2.28-2.59 billion yuan, with a year-on-year increase of 41.14%-60.02% [2][6] - The forecasted net profits for 2025-2027 are 2.75 billion, 3.38 billion, and 4.30 billion yuan, corresponding to price-to-earnings ratios of 23, 19, and 15 times respectively [2] Summary by Sections Company Performance - The company has shown robust demand with a significant increase in enrollment numbers, contributing to revenue growth alongside price increases. The number of operational centers expanded from over 240 to more than 300, covering over 100 cities with more than 4,000 dedicated teachers [12] - The second quarter typically sees a peak in course consumption, and the increase in customer unit price has led to substantial revenue growth [12] Profitability - Improved utilization rates of teachers and classrooms, along with refined management and cost reduction strategies, have enhanced overall profitability. The repayment of loans has also reduced interest expenses, leading to significant improvements in gross and net profit margins [12] Market Position and Strategy - As a leading player in personalized education, the company benefits from a favorable market environment characterized by high demand. The strategy focuses on expanding its network to increase market share while leveraging its brand, research, and management capabilities to ensure steady business growth [12] - The company is expected to continue improving profitability through increased revenue from core operations and enhanced operational efficiency as new centers mature [12] Financial Forecast - The projected net profits for 2025-2027 are 2.75 billion, 3.38 billion, and 4.30 billion yuan, with corresponding price-to-earnings ratios of 23, 19, and 15 times, respectively [2][12]