Core Viewpoint - CITIC Construction Investment initiates coverage on Shenzhou Holdings with a "Buy" rating, highlighting strong operational performance driven by a "Customer Strategy + Ecosystem Strategy" that is expected to accelerate the penetration of "AI for Process" [1] Group 1: Operational Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 15.21 million, a year-on-year increase of 41%, and new signed orders reached 9.476 billion, up 98% year-on-year, laying a solid foundation for sustained business growth [1][2] - The company reported operating revenue of 7.865 billion, a year-on-year growth of 12%, with significant contributions from various business segments: big data products and solutions at 1.43 billion (18% of total revenue, +12% YoY), software and operation services at 2.448 billion (31% of total revenue, +13% YoY), and traditional services at 3.987 billion (51% of total revenue, +11% YoY) [2] Group 2: AI and Supply Chain Innovations - The company launched the supply chain intelligent agent "Xiao Jin," which is expected to enhance the "Customer Strategy + Ecosystem Strategy" and drive AI's accelerated penetration in the supply chain sector [1][2] - "Xiao Jin" is designed as an enterprise-level intelligent agent suite with a "3+N" architecture, improving efficiency in various tasks such as data querying (90% efficiency increase), data analysis (70% efficiency increase), and customer service workload reduction (50% decrease) [2] Group 3: Strategic Initiatives - The company is focusing its smart supply chain business on key industries such as consumer electronics, communication services, fast-moving consumer goods, and apparel, launching initiatives like the "Baby Plan" for existing customers and the "Star Picking Plan" for new clients [3] - Strategic partnerships have been established with four companies, with expectations to exceed ten supply chain value cooperation clients by year-end [3] - The company initiated the "Supply Chain + AI Ecosystem Alliance" to foster innovation and collaboration with industry leaders, aiming to create an open and win-win smart supply chain ecosystem [3]