Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company has achieved significant revenue growth in the first half of 2025, with a revenue of 1.737 billion yuan, representing a year-on-year increase of 59.95%. The net profit attributable to the parent company reached 144 million yuan, up 8.81% year-on-year [1][2]. - The company is focusing on AI-driven programmatic advertising, benefiting from increased demand in e-commerce and entertainment sectors, with e-commerce marketing service revenue growing by 102.2% year-on-year [2][3]. - The company has established partnerships with leading platforms, enhancing its technical and resource advantages, including becoming the first-level agent for AppLovin in Greater China and gaining official certification from Snapchat [2][3]. Financial Summary - The company is projected to achieve revenues of 3.694 billion yuan, 4.447 billion yuan, and 5.226 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45.06%, 20.38%, and 17.51% [4][5]. - The net profit attributable to the parent company is expected to be 289 million yuan, 347 million yuan, and 431 million yuan for the same years, with growth rates of 24.63%, 20.17%, and 24.07% [4][5]. - The report indicates a projected PE ratio of 54X, 45X, and 36X for the years 2025, 2026, and 2027, respectively [4].