Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][10]. Core Insights - The company has shown robust growth in its self-developed software business, with significant advancements in AI application commercialization [3][4]. - In the first half of 2025, the company achieved a revenue of 1.575 billion yuan, representing a year-on-year increase of 3.54%, while the net profit attributable to shareholders was 85 million yuan, up 1.90% year-on-year [7]. - The company has strategically adjusted its business development approach to align with market demands and industry trends, optimizing its business structure by reallocating resources from traditional businesses to new strategic focuses [7]. Financial Performance Summary - The company's self-developed software business (including industrial and financial digitalization) generated a revenue of 903 million yuan in the reporting period, marking a year-on-year growth of 9.98% [7]. - The industrial digitalization segment saw the highest growth rate, with revenues of 533 million yuan, up 13.75% year-on-year, while the financial digitalization segment reported revenues of 370 million yuan, a 4.98% increase [7]. - The overall gross margin for the first half of 2025 reached 34.87%, an increase of 2.43 percentage points year-on-year, driven by significant growth in the gross margin of self-developed software products [7]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities increasing by 87.65% compared to the same period last year [7]. Future Projections - The company is expected to benefit from the development of AI and digital transformation initiatives, with projected earnings per share (EPS) of 0.24 yuan and 0.31 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 80 and 63 [8][7].