Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a strong performance in H1 2025, with revenue reaching 423 million yuan, a year-on-year growth of 25.20%. The net profit attributable to the parent company is projected to be 45 million yuan for 2025, reflecting a significant recovery from a loss of 5 million yuan in H1 2025 [6][5] - The dual transformation strategy of subscription and channel continues to progress smoothly, with subscription revenue growing by 59.82% to 247 million yuan in H1 2025, accounting for 59.15% of the original business revenue [6] - The company has successfully reduced costs, with sales, management, and R&D expense ratios decreasing significantly in H1 2025 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 711 million yuan in 2024 to 852 million yuan in 2025, with a year-on-year growth rate of 19.8% [5] - The gross profit margin is expected to remain high, around 94.2% in 2025, indicating strong pricing power and cost control [5] - The company anticipates a net profit of 45 million yuan in 2025, increasing to 119 million yuan in 2026 and 139 million yuan in 2027, demonstrating a robust growth trajectory [5][6]