Summary of Key Points from the Conference Call Company Overview - The document discusses **China Oriental Education**, focusing on its financial performance and strategic acquisitions. Core Financial Insights - The company expects to achieve an adjusted net profit of **7.7 to 7.9 billion CNY** in 2025, representing a year-on-year increase of **46% to 51%** [1] - Revenue is projected to grow by **12%**, with new student enrollment increasing by approximately **6%** [1] - The growth in revenue is attributed to the rapid expansion of high-fee products over a **15-month** period, which has improved the overall customer price structure [1] - Cost and expenses are expected to grow moderately due to effective control measures, which may enhance profit margin flexibility [1] Strategic Acquisitions - In January 2025, the company plans to acquire **Shanxi Metallurgical Technician College** and other related companies, with a cash payment of **10 million CNY** and operational expenses of **15.35 million CNY** prior to the acquisition [1] - Following the acquisition, the target group is anticipated to record a loss of approximately **10 million CNY** for that fiscal year [1] Revenue Recognition Timing - Actual revenue recognition from the acquisition is expected to begin in **September 2025**, indicating a potential mismatch in profit recognition that could lead to initial losses, which is considered a normal operational rhythm [2] Investment Outlook - The current consensus forecast for 2026 suggests a price-to-earnings ratio of approximately **12x** and a dividend yield of **6.5%**, indicating that the stock is positioned at a value level [1]