根据协议，盛通教育集团与重庆新华出版集团将通过资源互补优化成本结构，优化分成模式以提升盈利 质量，借助科技文化融合提高估值水平，并建立基金机制保障合作的可持续性。 继7月24日盛通股份（002599）全资子公司盛通教育集团与重庆新华出版集团共同创立的新华.盛通人工 智能工坊正式开业后，7月25日，盛通教育集团与重庆新华出版集团正式达成战略合作。 据悉，双方将基于重庆新华出版集团线下书店、校园渠道及出版资源以及盛通教育集团在科技教育领域 的业务规模与运营能力，决定在内容出版、空间资源、课程产品、渠道共享、服务团队的业务扩展等方 面展开深度合作。 资料显示，作为新型出版传媒和文化创意企业集团，重庆新华出版集团是重庆市国资委管理的重点国有 文化企业，旗下拥有现代化物流中心及44家直营门店，经销范围辐射全国16个省市，覆盖200余所中小 学，每年参与人次达百万规模。 盛通股份表示，此次与重庆新华出版集团的战略合作，是政策导向下产业融合的典范。双方打造的"阅 读+科技"融合生态，将为双方开辟广阔的增长空间，更有望以"生态价值共生"的创新模式，为文化产业 与科技教育的深度融合、转型升级提供实践参考。 合作协议明确，双方将 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered a profit realization phase, with significant revenue and profit growth reported for 2024 and Q1 2025. The revenue for 2024 reached 2.83 billion yuan, a year-on-year increase of 1,046%, while the net profit attributable to shareholders was 0.53 billion yuan, up 158% year-on-year [8] - The company has launched an employee stock ownership plan, allowing 275 core employees, including 13 executives, to acquire shares at a price of 45.91 yuan per share, with a total investment cap of 1.25 billion yuan [8] - The company is expected to continue to release profits as it stabilizes operations post-employee stock plan implementation, with revised net profit forecasts for 2025-2027 being 3.7 billion, 4.5 billion, and 4.9 billion yuan respectively [8] Financial Performance Summary - For 2024, total revenue is projected at 28.33 billion yuan, with a year-on-year growth of 1,046% and a net profit of 0.53 billion yuan, reflecting a 158% increase [8] - The first quarter of 2025 shows revenue of 8.27 billion yuan, a 19% increase year-on-year, and a net profit of 1.21 billion yuan, up 67% year-on-year [8] - The non-academic training business has seen substantial growth, with revenue reaching 2.79 billion yuan in 2024, a year-on-year increase of 1,309% [8] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.38 yuan, increasing to 2.62 yuan in 2025, and further to 3.22 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is expected to be 34.78 for 2025, 28.32 for 2026, and 26.27 for 2027, indicating a relatively reasonable valuation within the public examination training industry [8]