Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit that exceeded expectations, continuing its rapid growth trajectory. In Q3 2025, the company achieved total revenue of 307 million yuan, a year-on-year increase of 10.66%, and a net profit attributable to shareholders of 125 million yuan, representing a year-on-year growth of 75.70% [4][10]. - The company’s operating cash flow for Q3 2025 was 100 million yuan, up 47.42% year-on-year. For the first three quarters of 2025, total revenue reached 830 million yuan, a 31.90% increase year-on-year, with a net profit of 330 million yuan, marking an 89.11% year-on-year growth [4][10]. Summary by Sections Financial Performance - In Q3 2025, the company’s total revenue was 307 million yuan, with a year-on-year growth of 10.66%. The net profit was 125 million yuan, reflecting a significant year-on-year increase of 75.70%. The operating cash flow was 100 million yuan, up 47.42% year-on-year [4][10]. - For the first three quarters of 2025, total revenue was 830 million yuan, a 31.90% increase year-on-year, and the net profit was 330 million yuan, which is an 89.11% increase year-on-year [4][10]. Profitability and Cost Management - The company achieved a gross margin of 96.31% in Q3 2025, an increase of 23.72 percentage points year-on-year, primarily due to an optimized revenue structure and the high profitability of standardized software products. The total expense ratio was 59.87%, showing slight improvement from Q2 2025 [10]. - The net profit margin remained high at 40.43% [10]. Strategic Initiatives - The company announced a large-scale stock incentive plan, proposing to grant 3.394 million shares, which accounts for 2.997% of the current share capital, to 603 employees. This initiative aims to align employee interests with company performance [10]. - The company is expanding its market presence beyond core sectors like government and finance to include energy, transportation, telecommunications, and manufacturing, benefiting from national policies supporting domestic software [10]. Market Outlook - The database sector, as one of the three major foundational software areas, is expected to experience significant growth driven by the new round of domestic innovation and promotion from 2025 to 2027. The company is positioned as a leader in the domestic database market, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration [10].

Core Insights - The article highlights that Wanli Database, a subsidiary of Creative Information, has successfully won a bid for a database and security software procurement project for a thermal power company [1] - The project involves a comprehensive upgrade from the existing database to a domestic database, indicating a significant step towards localization in the energy sector [1] Company Summary - Wanli Database will implement its GreatDB centralized security database in the thermal power company's business systems [1] - The project is described as having a substantial scale, emphasizing Wanli Database's role in promoting domestic alternatives in the energy industry [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [4]. Core Insights - The company reported a revenue of 372 million yuan for 2024, representing a year-on-year growth of 42.26%. The net loss attributable to shareholders was 63.33 million yuan, an improvement from the previous year's loss of 81.18 million yuan. For Q1 2025, revenue was 81.33 million yuan, up 25.20% year-on-year, with a net loss of 17.69 million yuan compared to a loss of 6.53 million yuan in the same period last year [1]. - The database business showed significant growth, with revenue from self-developed database products and services reaching 140 million yuan in 2024, a 35% increase, and a gross margin of 74%, up 11.64 percentage points from the previous year. In Q1 2025, the database business continued to grow rapidly, achieving 49.55 million yuan in revenue, a 54.89% increase year-on-year [1][2]. - The company is focused on continuous R&D advancements, achieving breakthroughs in core technologies, including the release of the Vastbase G100 V3.0 version, which features performance upgrades and has passed national security assessments [2]. - The company is expanding its market presence and customer base by building a nationwide marketing service network and adopting a "regional + industry" collaborative model, securing key clients in various sectors such as government, manufacturing, and finance [2][3]. - The company emphasizes ecosystem development, enhancing product integration and compatibility with over 1,100 partners and 1,700 products, thereby improving market competitiveness [2][3]. Financial Projections - The company forecasts revenues of 638 million yuan in 2025, 927 million yuan in 2026, and 1.35 billion yuan in 2027, with growth rates of 71.4%, 45.3%, and 45.9% respectively [5]. - The net profit attributable to shareholders is projected to be 2 million yuan in 2025, 58 million yuan in 2026, and 109 million yuan in 2027, with significant growth rates of 103.8%, 2289.8%, and 88.0% respectively [5][6]. - The report indicates a projected PE ratio of 1562X for 2025, decreasing to 65X in 2026 and 35X in 2027, reflecting an improving profitability outlook [5][6].