Financial Performance - In the first half of 2025, the company achieved nearly 7 times profit growth, but operating cash flow decreased by 1488% year-on-year, raising questions about the sustainability of this trend [1] - As of June 30, the company had an order backlog of 2.2 billion yuan, including large contracts with state-owned banks and leading internet companies, which will alleviate future funding pressure as they reach payment conditions [2] Revenue Breakdown - Internet industry revenue grew by 152.87% year-on-year, accounting for over 50% of total revenue, while traditional financial software solutions saw declines in both revenue and gross margin [3] - The company has not undergone a strategic transformation; instead, it continues to expand its client base across various industries, including finance and internet [4] Business Strategy - The company remains committed to the financial sector while actively exploring opportunities in the internet and tobacco industries, serving 26 provincial rural commercial banks and over 100 city commercial banks [5] - IT infrastructure construction is not solely a "heavy asset, low margin" business; it encompasses AI computing servers, data center solutions, and value-added services, with a positive outlook for growth in both internet and banking sectors [6] Challenges and Funding - The expansion of IT infrastructure construction has led to increased inventory and short-term loans, but the company maintains stable cash flow from reputable clients [7] - The company raised 245 million yuan through a simplified procedure for issuing shares in September 2023, indicating no immediate plans for further capital market financing [8] R&D Focus - R&D investment decreased by 40% year-on-year, prompting concerns about sacrificing long-term technology for short-term performance; however, the company is increasing R&D efforts [9] - Future R&D will focus on customer-driven IT solutions, industry-specific applications, and AI-based products [9] Market Position - The company’s business model and expansion strategy differ from peers, maintaining a focus on IT infrastructure and software solutions without a strategic pivot [10]