Core Viewpoint - The company reported strong financial results for Q3 2025, with significant year-over-year growth in revenue and net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 740 million yuan, representing a year-over-year increase of 18.43%. The net profit attributable to shareholders was 36 million yuan, up 362.41% year-over-year, while the net profit excluding non-recurring items reached 30 million yuan, reflecting a 735.73% increase [1]. - For the first three quarters of 2025, the company reported total revenue of 2.464 billion yuan, a year-over-year growth of 15.65%. The net profit attributable to shareholders was 249 million yuan, up 92.48%, and the net profit excluding non-recurring items was 232 million yuan, marking a 127.53% increase [1]. Cost Management - The company significantly optimized its sales expenses, leading to an increase in net profit margin. In Q3 2025, the gross margin was 58.72%, a decrease of 2.46 percentage points year-over-year. The expense ratios for sales, management, and R&D were 24.35%, 21.20%, and 7.29%, showing year-over-year changes of -12.23%, +3.51%, and +2.00 percentage points, respectively. The net profit margin attributable to shareholders was 4.86%, an increase of 3.58 percentage points year-over-year [1]. - For the first three quarters of 2025, the gross margin was 58.99%, an increase of 1.09 percentage points year-over-year. The expense ratios for sales, management, and R&D were 23.29%, 17.02%, and 5.89%, with year-over-year changes of -8.28%, +0.20%, and +3.27 percentage points, respectively. The net profit margin attributable to shareholders was 10.11%, up 4.05 percentage points year-over-year [1]. Dividend Distribution - The company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares based on the existing 197 million shares, amounting to a total cash dividend of approximately 98.28 million yuan. The remaining undistributed profits will be carried forward to the next fiscal year [2]. Investment Outlook - The company is a leading player in offline public examination training and has been enhancing its operational efficiency throughout the year. With the public examination season approaching, the company is expected to achieve sustained growth in the second half of the year. Projected net profits for 2025-2027 are estimated at 328 million, 422 million, and 541 million yuan, respectively, with corresponding price-to-earnings ratios of 43, 33, and 26 times, maintaining a "buy" rating [2].