石基信息（002153）：全球化战略持续推进，订阅ARR稳增

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.78 [1][5]. Core Views - The company has shown a steady increase in subscription ARR, with a year-on-year growth of 21.4% in 25H1, reaching RMB 5.42 billion [3]. - The company is advancing its globalization strategy, achieving significant progress in overseas business, particularly in the hospitality sector [2]. - The overall gross margin improved by 1.38 percentage points year-on-year, reaching 47.44% in 25H1, primarily due to the optimization of high-revenue business segments [4]. Summary by Sections Financial Performance - In 25H1, the company reported revenue of RMB 1.25 billion, a decrease of 9.56% year-on-year, while the net profit attributable to the parent company was RMB 33.54 million, an increase of 35.67% year-on-year [1]. - The net profit margin for 25H1 was 3.59%, up by 0.97 percentage points year-on-year, benefiting from improved gross margins [1]. Business Development - The company signed a new contract with Marriott Group in 25H1, marking a significant milestone in its international expansion efforts [2]. - The SaaS business has expanded its customer base significantly, with over 80,000 hotel stores and an average renewal rate exceeding 90% [3]. Cost and Margin Analysis - The company’s comprehensive gross margin increased to 47.44% in 25H1, with various business segments showing mixed performance in gross margins [4]. - The selling, general, and administrative expenses increased, reflecting the company's ongoing investment in market expansion and product upgrades [4]. Earnings Forecast and Valuation - The revenue forecast for 25-27 is adjusted downwards to RMB 3.27 billion, RMB 3.68 billion, and RMB 4.20 billion, respectively, with a compound annual growth rate (CAGR) of 12.50% [5]. - The net profit forecast for the same period is also revised downwards, with expected EPS of RMB 0.03, RMB 0.05, and RMB 0.07 for 25, 26, and 27, respectively [5].