西南证券给予致欧科技持有评级，2025年半年报点评：扣非净利润高增，成本控制壁垒持续巩固

Group 1 - The core viewpoint of the report is that Zhiyou Technology (301376.SZ) is given a "hold" rating due to its resilient profitability and effective cost control measures [1] - The company has demonstrated a significant reduction in expense ratios year-on-year, indicating strong profitability [1] - The diversification of sales channels has shown remarkable results, with breakthroughs in emerging platforms and B2B channels [1] - The proactive response to tariff risks through supply chain adjustments has helped to solidify cost control barriers [1]