Financial Performance - The company's total revenue for the first half of 2025 was 249 million yuan, a decrease of 14.27% year-on-year [1] - The net profit attributable to shareholders was 8.87 million yuan, down 36.47% year-on-year [1] - In Q2 2025, total revenue was 116 million yuan, a decline of 15.93% year-on-year, with net profit of 2.36 million yuan, down 66.76% year-on-year [1] - The gross margin was 45.22%, an increase of 9.77% year-on-year, while the net margin was 4.33%, a decrease of 21.7% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 65.33 million yuan, accounting for 26.29% of revenue, an increase of 17.14% year-on-year [1] Balance Sheet and Cash Flow - The company reported cash and cash equivalents of 302 million yuan, an increase of 17.93% year-on-year [1] - Accounts receivable stood at 559 million yuan, a decrease of 6.20% year-on-year, but the accounts receivable to net profit ratio reached 2742.14% [1] - Interest-bearing liabilities increased significantly to 22.92 million yuan, a rise of 191.66% year-on-year [1] - Earnings per share were 0.02 yuan, down 36.81% year-on-year, and operating cash flow per share was -0.35 yuan, a decrease of 23.15% year-on-year [1] Business Model and Market Position - The company's return on invested capital (ROIC) was 2.25%, indicating weak capital returns, with a historical median ROIC of 11.29% since its listing [3] - The business model relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers [3] - The company has established itself as a certified data broker, assisting governments in developing data value and promoting data monetization [3] - The company is actively engaging with potential industries and licensed partners to accelerate the integration of data services with technology and infrastructure [3]

Group 1: Data Operations and RWA - The company has a strong position in data operations, leveraging its role as a certified data broker to assist governments in developing data value and promoting data monetization [3] - Collaboration with local governments and enterprises is key, focusing on county-level data asset operations, with signed projects like the Guangzhou Data Exchange service area [3] - The company aims to enhance its data operations by integrating with potential industries and licensed partners [3] Group 2: Digital Currency and Financial Technology - The company is actively involved in the application of digital RMB, having completed the first sample card loaded with a digital RMB hardware wallet [4] - It has participated in national subsidy and pension distribution efforts, aiming to combine traditional business with new technologies [5] - The company has received the first global ISO 55013 certification for data asset management, indicating its capability in managing data assets [5] Group 3: AI and Government Services - The company has developed a vertical government AI model, accumulating service data from over 100 cities, enhancing the accuracy of government-related inquiries to over 97% [6] - It is focusing on a "light asset" model for computational power, collaborating with specialized computing firms to optimize its product and application advantages [6] Group 4: Team Empowerment and Business Transformation - The company is enhancing team capabilities through an "internal and external dual-drive" strategy, restructuring internally while collaborating with capable B-end partners [6]