Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has returned to positive growth in Q3 2025, driven by its "Effectiveness + AI" strategy, which is expected to accelerate the expansion of large clients [2][4]. - The company aims to enhance customer retention and acquisition, targeting a 90%+ repurchase rate and a 90% referral rate from large clients by 2025 [2]. - The financial outlook is optimistic, with projected net profits for 2025-2027 expected to grow by 11.7%, 10.3%, and 10.3% respectively [4]. Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 566 million yuan (YoY +0.52%) and a net profit of 215 million yuan (YoY +10.39%) [1]. - In Q3 2025 alone, revenue reached 222 million yuan (YoY +27.93%) and net profit was 83.4 million yuan (YoY +42.78%) [1]. - The overall gross margin for Q3 2025 was 80.16%, an increase of 4.78 percentage points year-on-year [3]. - The company’s cash receipts for Q1-Q3 2025 totaled 557 million yuan, with Q3 showing a significant recovery at 219 million yuan (YoY +53.31%) [3]. Strategic Initiatives Summary - The company is implementing a "System + AI" strategy to enhance operational efficiency and customer engagement [2]. - The "Production Factory Model" for curriculum development is being updated to meet industry demands, with a focus on continuous improvement [4]. - The company is expanding its channel network with over 30 branches across major cities, aiming to strengthen its market presence [4].