Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 922 million yuan in the first half of 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The company is increasing its investment in AI, which has put pressure on profit margins, with a notable increase in sales, management, and R&D expenses by 28%, 18%, and 8% respectively in the first half of 2025 [1] - The B-end business is growing steadily, with the smart tax and finance business generating 621 million yuan in revenue, a year-on-year increase of 11.95%, and the number of paid enterprise users on the platform reaching 7.78 million, up 10.04% from the beginning of the year [2] - The G-end business also shows good growth, with digital government services revenue reaching 300 million yuan, a 16.60% increase year-on-year [3] - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 202 million yuan, 300 million yuan, and 430 million yuan respectively, reflecting year-on-year growth rates of 79.7%, 48.2%, and 43.4% [4][3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 474 million yuan, a year-on-year increase of 4.84%, but a decline in net profit by 16.58% to 46 million yuan [1] - The company’s revenue is derived from both B-end and G-end businesses, with project delivery cycles affecting quarterly performance [1] Business Segments - The B-end business is benefiting from the digital transformation in the finance and tax service industry, with a significant increase in active users on the platform [2] - The G-end business is focused on enhancing tax governance capabilities and exploring value-added services [3] Future Outlook - The company is positioned to achieve substantial growth in the context of China's digital economy, with a projected PE ratio decreasing from 110 in 2025 to 52 in 2027 [4][3]