Guoyuan Securities·2025-08-22 10:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company achieved a record high adjusted net profit margin in Q2 2025, with a total revenue of 67.654 billion CNY, representing a year-on-year growth of 12.0% [1]. - The introduction of the AI strategy has led to significant commercial progress, with the AI segment generating over 250 million CNY in revenue in Q2 2025, exceeding expectations [2]. - The company's overseas revenue reached 1.3 billion CNY in Q2 2025, reflecting a year-on-year growth of 20.5% [3]. Financial Performance Summary - For H1 2025, the company reported a revenue of 67.654 billion CNY, with an adjusted net profit of 10.198 billion CNY, marking a 12.5% increase year-on-year [1]. - The gross profit margin stood at 55.13%, with an adjusted net profit margin of 15.07% for the same period [1]. - The company forecasts adjusted net profits of 20.077 billion CNY, 24.620 billion CNY, and 28.721 billion CNY for 2025, 2026, and 2027 respectively [4][9].