Group 1 - The core viewpoint of the report is that China Software International's current valuation is not cheap, leading to a downgrade in rating from "Highly Confident to Outperform" to "Outperform" while raising the target price from HKD 6.5 to HKD 7.1 [1] - The expectation is that large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs will not materialize until the end of this year or next year, resulting in a downward adjustment of the 2025 revenue growth forecast from 10% to 7.6% [1] - The long-term development trend of China Software International remains unchanged, with the launch of Huawei's HarmonyOS personal computers expected to drive the virtual machine business as a key focus for this year [1] Group 2 - The report indicates that new growth drivers will take time to manifest, with expectations that the virtual machine business will take longer to contribute to revenue [1] - Due to the rapid growth of high-margin businesses, there is an expectation of a slight improvement in gross margin for China Software International this year, with projected revenue and net profit growth of 10.5% and 10.1% year-on-year for the first half of the year, respectively [1]