Group 1 - The company has shown a steady recovery in performance, with revenue expectations for 2025 and 2026 raised by 12.2% and 19.6% to 1.47 billion and 1.73 billion yuan respectively, and adjusted net profit estimates also increased [1] - The management indicated a strategic shift from defense to offense in 2025, aiming for revenue growth with a projected revenue increase of 22.3% in the first half of 2025 compared to a decline of 38.11% in the first half of 2024 [2] - The manufacturing sector has been a key focus, with revenue from this sector increasing by 27.0% to 555.6 million yuan, accounting for 79.5% of total revenue, up 3.0 percentage points year-on-year [2] Group 2 - The gross margin improved to 35.0% in the first half of 2025, up 1.2 percentage points year-on-year, reflecting effective cost control and delivery efficiency [3] - The company has reduced the accounts receivable collection period to 122 days, a decrease of 52 days year-on-year, significantly enhancing cash flow efficiency [3] - Cash and cash equivalents reached 999.7 million yuan, with net cash from operating activities turning positive at 8.4 million yuan, indicating a near turnaround from a negative cash flow in the first half of 2024 [3] Group 3 - The company is advancing in industrial AI software and robotics, having launched the AEAM industrial equipment management software and partnered with KUKA Robotics to promote new industrialization [4] - The company has collaborated with Qianlang Intelligent to develop embodied intelligent robots, achieving two invention patents in August 2025 [4] - A share buyback announcement of 100 million yuan was made in May 2025, demonstrating the company's confidence in its future development [4]
中金：维持创新奇智跑赢行业评级 上调目标价至8.5港元