Core Viewpoint - Xueda Education achieved a revenue of 1.92 billion yuan in the first half of the year, representing a year-on-year increase of 18.3%, and a net profit attributable to shareholders of 230 million yuan, up 42.2% year-on-year, with a 44% increase when excluding share-based payment expenses [1] Financial Performance - The revenue from educational training services reached 1.85 billion yuan, marking an 18.4% year-on-year growth [1] - The company reported a significant increase in net profit, with a rise of 42.2% year-on-year, and a 44% increase when excluding share-based payment expenses [1] Operational Expansion - The number of personalized learning centers has exceeded 300, covering over 100 cities, with more than 5,200 full-time teachers [1] Cost Management - The sales expense ratio increased by 0.4 percentage points to 6.1%, while management expenses decreased by 1.1 percentage points to 13.7%, R&D expenses decreased by 0.2 percentage points to 0.8%, and financial expenses decreased by 0.2 percentage points to 1.4% [1] Investment Outlook - The mid-year performance is strong, with steady growth in educational training revenue and enhanced profitability, maintaining a "buy" rating [1]