Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 47.12 CNY [2][8]. Core Views - The company reported a revenue of 1.742 billion CNY for the first half of 2025, a year-on-year decline of 2.30%. The net profit attributable to shareholders was a loss of 770 million CNY, an improvement from a loss of 820 million CNY in the same period last year [2][8]. - The company has shown significant improvements in efficiency, with a reduction in total expenses (R&D, sales, and management) by 14.37% year-on-year, amounting to 1.530 billion CNY [2][8]. - The company is actively integrating AI into its products, achieving notable results with various AI-enabled offerings [2][8]. - The company has accelerated its international expansion, securing significant contracts in overseas markets, including a project with a state-owned bank and a rail transit system [2][8]. Financial Summary - For 2025, the company is projected to achieve revenues of 4.612 billion CNY, with a growth rate of 6.0% [4][9]. - The net profit is expected to narrow to a loss of 320 million CNY in 2025, with further improvements anticipated in subsequent years, potentially turning profitable by 2027 [4][9]. - The company's total assets are projected to increase from 14.867 billion CNY in 2024 to 15.727 billion CNY by 2027 [9][4]. - The company’s debt-to-equity ratio is expected to rise from 31.5% in 2024 to 42.7% in 2027, indicating a potential increase in leverage [9][4].