Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 169 million yuan in H1 2025, exceeding expectations of 10-15% growth, with a year-on-year increase of 40.21% [6] - The improvement in revenue is attributed to a significant increase in AI solution sales, which reached 130 million yuan, up 59.2% [6] - The company's gross margin decreased to 37.7%, down 22.5 percentage points year-on-year, primarily due to the higher proportion of lower-margin AI business [6] - The company has made strategic adjustments to its business structure, which is expected to restore growth momentum [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 544 million, 742 million, and 1,096 million yuan respectively, with corresponding net losses of 455 million, 360 million, and 217 million yuan [5][8] - The company’s operating expenses decreased by 33.8% in H1 2025, with significant reductions in sales, management, and R&D expenses [6] - The return on equity (ROE) is projected to be -69.0%, -123.5%, and -315.2% for 2025-2027 [5]