The revenue of FY19H1 Insight Education was 840 million yuan (same below), up 41% year on year. Specifically, FY19H1's annual tuition and accommodation revenue was 580 million yuan (69%), an increase of 38% over the previous year; mainly due to an increase in the total number of students enrolled and an increase in average tuition and accommodation fees. The revenue from ancillary services was 260 million yuan (31%), an increase of 46.9% over the previous year, mainly due to the increase in the total number of students enrolled and the increase in the average sales price of several service items. For FY19H1, an interim dividend of RMB 0.042 per share (equivalent to HK$0.049) was paid. The dividend rate was about 1.1% and the dividend rate was about 45%. Before the FY19H1 Zhangpu Longcheng School was merged, the average tuition and accommodation fee per student increased by 8.9% to 11,000, mainly due to the increase in tuition and accommodation fees for new students enrolled at **** Primary and Secondary School in Dongguan and Dongguan Guangzheng Experimental School. FY19H1 The overall average tuition and accommodation fee per student increased by 5.0% to 10,600, mainly due to the combination of Zhangpu Longcheng School and its average tuition and accommodation fees per student being lower than the average of other schools in the Group. Assuming that there are no major changes in the number of students enrolled at FY19H1 Zhangpu Longcheng School and that tuition and accommodation fees are annualized over the same period, the overall average tuition and accommodation fees for the FY19H1 normalization will be adjusted to about 10,700, an increase of 6.3% over the previous year. The main business cost of FY19H1 was 4.6 billion yuan, an increase of 38% over the previous year. The increase was mainly due to the increase in teaching staff costs, depreciation and amortization, and the merger of Weifang Weizhou School and Zhangpu Longcheng School. Among them, the employee cost was 300 million yuan, an increase of 50% over the previous year, mainly due to the increase in the number of teachers from 2,580 in FY18H1 to 3,410 in FY19H1, mainly due to the expansion of Dongguan Guangzheng Experimental School, Huizhou Guangzheng Experimental School, Panjin Guangzheng Experimental School, and Weifang Guangzheng Experimental School, as well as the juxtaposition of Weifang Weizhou School and Zhangpu Longcheng School, and an increase in the average salary of teachers. Insight provides excellent teachers with a good career development path. In FY19H1, the turnover rate of wise teachers (including those who have been dismissed) is approximately 6.9%. The increase in depreciation and amortization is mainly due to the upgrading and expansion of Dongguan Guangzheng Experimental School, Huizhou Guangzheng Experimental School, Panjin Guangzheng Experimental School, Weifang Guangzheng Experimental School, and Jieyang School, and the merger of Weifang Weizhou School and Zhangpu Longcheng School. The gross profit of FY19H1 was 380 million yuan, up 45% year on year; the gross profit margin of FY19H1 was 45.33%, up 1.1 percentage points year on year. Income tax expenses increased 159.1% from $012.7 billion in FY18H1 to $302.9 million in FY19H1. As of September 1, 2017, all primary schools and middle schools must be classified as non-profit schools as required. Tuition and accommodation fees are entitled to the same corporate income tax exemption as public schools. Insight has decided not to classify some of Wisdom's high schools as for-profit schools. Net profit was 189 million, up 30.1% year on year; core net profit was 216 million yuan, up 33% year on year. Net profit margin was 22.68%, down 1.92 percentage points year on year; core net profit margin was 25.9%, down 1.58 percentage points year on year. Maintain profit forecasts and keep ratings unchanged: Established in 2003, Wisdom Education is the largest private education group for high-end primary schools and middle schools in South China. It mainly provides a high-end domestic curriculum system for students in grades 1 to 12, and rapidly expands the school network to other regions, with Guangdong as the center. The company's FY19-20 EPS is expected to be HK$0.24 and HK$0.31 respectively, and the current stock prices corresponding to PE are 18x and 14x, respectively. Risk warning: The implementing regulations of the Civil Promotion Law have not yet been implemented, and the supervisory attitude towards private primary and secondary schools is still unclear