事件：公司发布2025 年半年报。2025H1 公司实现营收2.45 亿元；实现归母净利润-0.74 亿元；实现经 营活动产生的现金流量净额为0.38 亿元，同比增长895.24%。 收入表现短期承压，坚定研发投入AI+Data。宏观经济环境影响下，行业信息化投入进度减缓、下游需 求收缩，各业务板块毛利率普遍承压；同时受到行业招标的季节性影响，多数收入集中于下半年， 25H1 收入表现暂时承压。同时，公司坚定投入于大模型、智能体等前沿技术的研发，25H1 研发费用率 达27.3%，战略加码前沿科技，筑厚长期竞争壁垒。 经营活动现金流强劲改善，同比增长895.24%。公司在现金流方面的改善，主要得益于公共安全业务的 稳定贡献以及营运资本管理效率的持续优化。1）应收账款管理强化：公司持续加强客户信用评估与账 期管理，25H1 末应收账款比率较期初下降0.28%，回款效率保持稳定。2）成本结构与资源配置优化： 非核心或效益不佳业务逐步缩减，子公司天行网安信创业务优化采购策略，外购软硬件成本占营业成本 比重同比下降53.64%，非必要现金支出减少。 智能体项目多行业加速落单，签订多个里程碑项目。智能体应用多领域加速落 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported significant improvement in operating net cash flow, with a year-on-year increase of 895.24% in H1 2025, driven by stable contributions from the public safety business and enhanced working capital management [5][6] - The company is committed to investing in cutting-edge technologies such as AI and data, with a research and development expense ratio of 27.3% in H1 2025, aiming to build long-term competitive advantages [6] - The company has signed multiple milestone projects across various sectors, including finance, public security, and government, with a notable contract in the public safety sector amounting to nearly 20 million yuan [6][5] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 245 million yuan and a net profit attributable to shareholders of -74 million yuan [5] - The revenue forecast for 2023A to 2027E shows a recovery trend, with expected revenues of 888 million yuan in 2025E and 1.291 billion yuan in 2027E, reflecting a growth rate of 14% and 22% respectively [4][7] - The net profit is projected to recover significantly from -94 million yuan in 2024A to 203 million yuan in 2027E, with a growth rate of 208% in 2025E [4][7] Market and Industry Trends - The company faces short-term revenue pressure due to a slowdown in information technology investments and reduced downstream demand, but it remains focused on R&D in AI and data [6] - The public safety segment reported revenue of 103 million yuan in H1 2025, a year-on-year increase of 20.68%, with special industry contracts growing by 61% [6] - The company is also expanding its international market presence, with successful project renewals in Hong Kong and new contracts in other countries [6] Valuation and Future Outlook - The company is transitioning towards a "data + intelligence" strategy, with expected net profits of 102 million yuan in 2025E, corresponding to a PE ratio of 225.5x [4][6] - The projected net profit growth rates for 2025E to 2027E are 208%, 39%, and 43% respectively, indicating a strong recovery trajectory [4][7]