“国补”叠加AI，助力终端销售，天音控股上半年预计营收430亿元至470亿元

Group 1 - The core viewpoint of the articles highlights the strong performance of Tianyin Holdings (000829) in the first half of 2025, with expected revenue between 43 billion to 47 billion yuan, driven by AI-assisted terminal sales and national subsidy policies [1] - The company's main business is in smart terminal sales, maintaining long-term partnerships with leading brands like Apple, Samsung, and Huawei, which secures a significant market share in the smart terminal sales sector [1] - The introduction of AI models such as AIPC, AIXR, and AI smartphones is anticipated to create a market opportunity for the smartphone industry, leading to both volume and price increases [1] Group 2 - The new subsidy policy for digital products, particularly mobile phones, is a significant highlight of the "Two New" policy aimed at boosting consumer spending, benefiting both major cities and county markets [2] - Tianyin Holdings has established its own brand "Yixiu Ge," focusing on mobile phone repair services and offering a comprehensive ecosystem that includes repair, parts sales, new phone sales, and second-hand phone sales through a direct chain and franchise model [2] - The company is accelerating its "Industry Integration and Smart Network Platform" strategy, aiming for an integrated development model that combines distributors, retailers, and platform service providers, as well as integrating supply chain, industry chain, and consumer chain [2]