Investment Rating - The industry rating is "Outperform the Market" [7][72] Core Insights - The report emphasizes investment opportunities in the AI+ education sector, particularly with the recent launch of AI education products by several companies, which are expected to see significant revenue growth [5][42] - The tourism sector is expected to benefit from the construction of the Yajiang Hydropower Station, which will significantly increase tourist traffic in Tibet, particularly in the Linzhi and Ali regions [3][20] - The Hainan Free Trade Port is set to officially start its closure operations on December 18, 2025, which will allow visa-free entry for individuals from 85 countries, potentially boosting the duty-free market in Hainan [3][14] Summary by Sections Duty-Free and Scenic Areas - The report highlights the positive impact of the Yajiang Hydropower Station on the tourism sector in Tibet, with major scenic spots expected to benefit from increased visitor numbers [3][20] - The upcoming closure of Hainan is anticipated to significantly enhance the user base for duty-free shopping, improving performance for related companies [3][14] Trendy Consumer Goods - The report notes that recent policies focusing on consumer stimulation and industry regulation are likely to support short-term operational expectations for the trendy consumer goods sector [4][21] Education - The report discusses the advancements in AI+ education, with several companies launching new AI products that are expected to see a surge in revenue [5][42] Medical Aesthetics - The medical aesthetics industry is undergoing optimization through refined operations, with leading institutions expected to capture more market share [5][43] - The report suggests monitoring the release of new products and innovations in the medical aesthetics sector [5][48] Employment - The employment situation remains stable, with a slight decrease in the urban survey unemployment rate, indicating a positive outlook for the labor market [51] Gold and Jewelry - The report indicates that gold prices remain high, with retail sales in the gold and jewelry sector showing signs of recovery [56][62]

Group 1: Business Recovery and Strategy - The company has implemented significant internal reforms, resulting in a noticeable improvement in management team dynamics and operational performance, particularly in the core areas of group operations and branch management [4] - As of June 2025, the company has experienced a year-on-year increase in its main business revenue, indicating a positive trend in traditional business recovery despite a competitive market [4] - The company aims to maintain operational cost control to support overall business performance throughout the year [4] Group 2: AI Employment Learning Machine Features - The AI Employment Learning Machine includes several core functionalities: AI Assistant, AI Employment Planning, AI Job Matching, real-time Employment Information updates, and unique Essay Correction and Question Bank systems [5] - The AI Assistant, named "AI Little Deer Teacher," utilizes accumulated consultation data from millions of students to provide quick answers to user inquiries related to public service exam preparation and employment [5] - The AI Job Matching feature updates job listings at a rate of over 10,000 per day, ensuring users receive timely and relevant job recommendations [5] Group 3: Pricing Strategy - The pricing model for the AI Employment Learning Machine consists of three tiers: 1. Basic model at ¥4,999, which includes online courses supported by AI [6] 2. Professional version priced around ¥7,000, offering basic employment services with human support [6] 3. Premium version ranging from ¥20,000 to ¥40,000, providing advanced personalized guidance and in-person classes [6] Group 4: Market Validation and Growth - Since its launch in March 2025, the AI Learning Machine has enrolled over 3,000 students, with 70% being graduates from the 2026 and 2027 classes, indicating strong market demand [8] - The goal for the high-end employment service product is to serve 10,000 to 20,000 students, focusing on solidifying service quality and ensuring employment outcomes for paying students [8] Group 5: Sales Channels - The sales channels for the AI Learning Machine include: 1. Agent distributors, both online and offline [9] 2. Nearly 700 company-owned branches with flexible sales strategies [9] 3. University employment service centers [9] 4. Self-built channels, including plans for flagship experience stores [9] 5. Online marketplaces [9] Group 6: Competitive Landscape - The company views competition in the AI+Education sector as a motivating factor, emphasizing the importance of product quality and brand recognition [10] - The strategic transition initiated in October 2024 has been supported by policy backing and industry actions, reinforcing the company's confidence in its market position [10]