Core Insights - The company reported a total customer base of 21,700 as of June, with large customers increasing to 814, contributing to 50.3% of revenue [1] - The AI+SaaS business generated revenue of 500 million, reflecting a year-on-year growth of 26.0%, with a gross margin maintained above 80% [1] - Recurring revenue accounted for over 84%, highlighting the certainty of growth from the subscription model [1] - Management indicated a rapid release of enterprise digitalization demand, with order growth reaching 81% from January to July [1] - Both SMB and KA customers are experiencing high growth rates, suggesting a robust market demand [1] - Analysts believe that the stability of the subscription model combined with the expansion of large customers is driving a "double curve growth" logic for the company [1]