Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2025 met expectations, with a year-on-year growth of 18.27%, amounting to 1.916 billion yuan. The net profit attributable to the parent company reached 230 million yuan, reflecting a year-on-year increase of 42.18% [8] - The core business of educational training services continues to grow steadily, with service fee income of 1.848 billion yuan, a year-on-year increase of 18.42%, accounting for 96.47% of total revenue [8] - The company is recognized as a leading 1V1 personalized education training institution in China, with a stable policy environment and improved competitive landscape in the education training industry [8] Financial Forecasts - Total revenue is projected to grow from 2.213 billion yuan in 2023 to 4.491 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.66% [1] - Net profit attributable to the parent company is expected to increase from 153.78 million yuan in 2023 to 404.48 million yuan in 2027, with a significant year-on-year growth of 1,035.24% in 2024 [1] - The latest diluted EPS is forecasted to rise from 1.26 yuan in 2023 to 3.32 yuan in 2027, indicating strong earnings growth potential [1] Business Segmentation - Revenue from educational training services is the primary contributor, with significant growth across different regions: Eastern region revenue of 1.141 billion yuan (up 20.87%), Central region revenue of 195 million yuan (up 24.42%), and Western region revenue of 580 million yuan (up 11.68%) [8] - Other income sources, including equipment leasing and miscellaneous income, remain minimal but show positive growth trends [8] Valuation Metrics - The company is expected to maintain a P/E ratio decreasing from 37.80 in 2023 to 14.37 in 2027, reflecting improved profitability and growth expectations [1] - The projected return on equity (ROE) is anticipated to remain strong, with a forecast of 23.80% in 2025 [9]