Core Viewpoint - The education industry is experiencing a positive performance driven by policy improvements, demand release, and supply constraints, referred to as a "three-dimensional resonance" [1] Industry Overview - The education policy continues to optimize, and the AI+ education wave is emerging, which is expected to lead to a "Davis double hit" in performance and valuation for the industry [1] - The national two sessions in 2025 proposed to expand high-quality undergraduate enrollment, with an increase of 20,000 students in "Double First Class" universities, contributing to a growing demand for campus infrastructure and digital services [2] - The AI market in China is projected to grow from approximately $40 billion in 2024 to $170 billion by 2030, with a compound annual growth rate of 22.96% [2] Company Profile - Zhengyuan Wisdom is a leading provider of smart campus solutions and has established a diversified revenue structure through an integrated framework of "digital base + application services + intelligent terminals" [2] - The company has covered over 1,400 universities nationwide, with a market share ranking among the top in the country, and has launched successful solutions like the "Smart Logistics Integration Solution" [4] - The "Yixiaoyuan" APP platform has over 20 million users, with daily active users exceeding 3.5 million [4] AI Strategy - Zhengyuan Wisdom plans to accelerate its AI strategy by enhancing its product system with AI capabilities and applying AI across various educational scenarios [3] - The company aims to create a dedicated industry model for the education sector, leveraging its accumulated business understanding and data advantages [3] Financial Performance - In Q3 2025, Zhengyuan Wisdom reported a net profit of 25.56 million yuan, a year-on-year increase of 37.2%, with a 69% growth in net profit excluding non-recurring items, indicating significant improvement in core profitability [6] - The company's operating and service revenue for 2024 increased by 67.53 million yuan, reaching 399.67 million yuan, with a year-on-year increase in revenue share [5] Future Outlook - The company is committed to sustainable high-quality development, focusing on the historical opportunities presented by artificial intelligence and enhancing the application of AI models in the education sector [6] - Zhengyuan Wisdom plans to expand its market reach, particularly in basic education and government projects, while integrating internal and external resources to enhance collaborative value [6]