Group 1 - On October 1, 2025, Gaode's active user count (DAU) peaked at over 360 million, setting a new historical record [1] - Gaode's utilization of the Beidou satellite system reached nearly 1 trillion positioning calls, supporting a total navigation mileage exceeding 9 billion kilometers, equivalent to over 11,000 round trips between the Earth and the Moon [1] - The "Eagle Eye Guardian" warning system, developed in collaboration with the China Academy of Safety Science and Technology, issued over 290 million safety alerts on the first day of the holiday, enhancing road safety [1] Group 2 - The newly launched Gaode Street Ranking feature significantly increased the app's market engagement during the National Day holiday, with high navigation demand and leisure activities driving usage [2] - Popular tourist destinations predicted for this year's National Day include the Palace Museum in Beijing, the Daming Stone Carving Museum in Handan, and the China Ceramic Museum in Jingdezhen [2] - The top 10 cities for driving tourism during the National Day holiday are projected to be Beijing, Hangzhou, Chengdu, Guangzhou, Shenzhen, Xi'an, Chongqing, Suzhou, Shanghai, and Huizhou [2] Group 3 - Major commercial districts expected to be the busiest during the holiday include Chunxi Road in Chengdu, Wuyi Square in Changsha, and the Liberation Monument in Chongqing [3] - Gaode advises travelers to monitor real-time traffic conditions and to take breaks after four hours of continuous driving to ensure safety [3]

Group 1 - On October 1, Gaode's active user count (DAU) peaked at over 360 million, setting a new historical record [1] - Gaode's utilization of the Beidou satellite system reached nearly 1 trillion positioning calls, marking a new record for large-scale civilian use of Beidou, supporting a total navigation mileage exceeding 9 billion kilometers [1] - The "Eagle Eye Guardian" warning system, developed in collaboration with the China Academy of Safety Science and Technology, issued over 290 million safety alerts on the first day of the National Day holiday, with the most common alerts being related to slow-moving vehicles, sudden braking, and fast-approaching vehicles [1] Group 2 - The launch of the Gaode Street Ranking feature before the National Day holiday has significantly increased the app's market popularity, with "must-visit attractions" and "must-try foods" becoming key references for travelers [2] - The Gaode Street Ranking predicts that museum visits, cave tours, family outings, and visits to ancient towns will become new trends in travel during the holiday [2]

Core Viewpoint - The company is a well-established financial technology and data center service provider that has innovatively launched an AI-Native technology architecture, aiming to expand its AI-native intelligent agent and computing power service business, which is expected to accelerate growth in the AI sector [1]. Investment Highlights - The company is initiating coverage with an "Overweight" rating, predicting EPS of -0.04, 0.07, and 0.14 yuan for 2025-2027, respectively. The target price is set at 29.21 yuan, reflecting the growth potential from AI-native intelligent agents and computing power services [2]. - Founded in 2003, the company primarily serves financial institutions, government and public utilities, and enterprises, providing integrated financial technology and data center services. It has been exploring and applying AI since its inception, developing various AI-related service products tailored for sectors like financial services, automotive smart cockpits, and live e-commerce [2]. AI Native Intelligent Agents - The AI-native intelligent agents are expected to open up a blank market, significantly boosting the company's AI business growth. The company adheres to an AI-Native design philosophy, aiming to create an AI-centric service chain that enhances business understanding and efficiency [3]. - The AI-native architecture is anticipated to unlock enterprise-level AI markets, improving business models and significantly increasing return on investment. The company has launched a full-stack AI intelligent agent product matrix, initially targeting the financial sector, with projected AI business revenue of 208 million yuan in 2024 and signed orders amounting to 293 million yuan [3]. Data Center and Computing Power Expansion - The company has a solid foundation in providing comprehensive data center services to financial institutions, government, and enterprises, with projected data center service revenue of 297 million yuan in 2024 and signed orders of 557 million yuan. This positions the company well for expanding its computing power services [4]. - As AI technology drives increased demand for computing power, the company is accelerating its exploration of computing center construction, renovation, deployment, optimization, and maintenance services. It has participated in the construction of computing centers for local governments and universities and has collaborated with several domestic manufacturers to launch cloud computing and application integrated solutions [4].