Group 1 - The core viewpoint of the report indicates that Jinzhen Co., Ltd. reported a net profit attributable to shareholders of -0.39 billion yuan for H1 2025, an improvement from -0.81 billion yuan in the same period last year [1] - In Q2 2025, the net profit attributable to shareholders was 0.56 billion yuan, compared to 0.01 billion yuan in the same period last year [1] - The company's revenue from the financial and non-financial sectors for H1 2025 was 8.81 billion yuan and 3.26 billion yuan, respectively, reflecting a year-on-year decline of 5.84% and 76.74% [1] Group 2 - The company is focusing on its core financial technology business while scaling back its non-financial IT operations, maintaining investment in key technologies and product areas [1] - Jinzhen Co., Ltd. is advancing its all-stack new generation core trading products, including the FS2.5 comprehensive service platform for securities business and the A8 investment trading system for asset management [1] - In the wealth management sector, the company has developed multiple intelligent agents, such as the Business Assistant and Smart Navigator, around the FS2.5 core trading system, significantly enhancing the speed of business processing [1] Group 3 - The company is recognized as a leading financial IT service provider in China and is deeply engaged in innovative businesses related to enterprise digital transformation [1] - The report maintains an "overweight" rating for the company [1]

Core Viewpoint - Huibo Yuntong's stock has reached a limit-up, with a latest price of 34.8 yuan per share and a total market value of 14.06 billion yuan, indicating strong market interest and investor confidence [1][2]. Company Acquisition - Huibo Yuntong plans to acquire 67.91% of Baode Computer's shares through a combination of issuing shares and cash payments to 59 transaction parties, including Leshan High-tech Investment [4][5]. - The share issuance price for this transaction is set at 20.26 yuan per share [5]. Financial Performance - Baode Computer reported revenues of 9.27 billion yuan and a profit of 199 million yuan for 2023, with projected revenues of 10 billion yuan and profits of 230 million yuan for 2024 [7]. - Huibo Yuntong's revenues for 2023 and 2024 are expected to be 1.359 billion yuan and 1.743 billion yuan, respectively, with net profits of 82.45 million yuan and 65.59 million yuan [8]. Market Position and Strategy - The acquisition is expected to create synergies between Huibo Yuntong and Baode Computer, enhancing their customer resource sharing and overall market competitiveness [11]. - Baode Computer is a leading player in the domestic AI server industry, participating in significant projects such as the 17 billion yuan server procurement by China Telecom [11]. - Huibo Yuntong aims to develop a comprehensive "soft and hard integration" solution, leveraging its extensive client base, including major companies like ByteDance and Xiaomi [12]. Future Outlook - The collaboration with Baode Computer is anticipated to accelerate the implementation of domestic computing power solutions, particularly through partnerships with companies like Huawei [13]. - Future profit projections for Huibo Yuntong indicate a potential increase in net profits to 106 million yuan, 141 million yuan, and 188 million yuan from 2025 to 2027, with current valuations suggesting room for growth [13].