Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.62 HKD, representing a potential upside of over 20% from the current price of 9.68 HKD [5][6]. Core Insights - The company demonstrated strong revenue growth in H1 2025, with total revenue reaching 1.612 billion RMB, a year-on-year increase of 22%. Gross profit also rose by 22% to 1.182 billion RMB, maintaining a high gross margin of over 73% [1]. - The growth in revenue and profit is attributed to the company's robust foundation in artificial intelligence (AI) research, application, and commercialization, alongside favorable digital and AI policies [1][4]. - The company's net profit for H1 2025 was 201 million RMB, reflecting a significant year-on-year increase of 41% [1]. Summary by Sections Revenue Breakdown - The company's MaaS (Managed as a Service) revenue in H1 2025 was 502 million RMB, up 19% year-on-year, with core customer revenue increasing by 16% to 381 million RMB and a core customer retention rate of 98% [2]. - BaaS (Banking as a Service) revenue from the financial industry cloud reached 857 million RMB, a 45% increase year-on-year, accounting for 53% of total revenue [2]. - BaaS revenue from the insurance sector, however, declined by 19% to 253 million RMB, despite first-year premiums increasing by 5% to 2.006 billion RMB [3]. AI Commercialization - The company accelerated the commercialization of its AI capabilities in H1 2025, signing contracts with multiple institutions and launching innovative products based on its proprietary large language model, BR-LLM [4]. - The integration of AI capabilities into various sectors, including telecommunications and healthcare, is expected to enhance the company's revenue stability and growth potential [4]. Financial Projections - The report adjusts the company's revenue forecasts for FY2025-FY2027 to 3.24 billion RMB, 3.72 billion RMB, and 4.23 billion RMB, respectively, while net profit estimates are revised to 284 million RMB, 351 million RMB, and 431 million RMB for the same period [5].
百融云-W（06608）：业绩点评：2025H1业绩表现亮眼，全年营收有望增长