Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's firmware and IDE business fundamentals are solid, and the commercialization prospects of AI+IDE are promising. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 88 million, 158 million, and 297 million yuan, respectively. The corresponding EPS is projected to be 0.73, 1.30, and 2.45 yuan per share, with current price-to-earnings ratios of 99.4, 55.8, and 29.6 times [4][5] Financial Performance - In the first half of 2025, the company achieved operating revenue of 174 million yuan, a year-on-year increase of 11.07%. The net profit attributable to the parent company was 27 million yuan, up 40.66% year-on-year. The non-recurring net profit attributable to the parent company was 21 million yuan, showing a significant growth of 323.58% [5] - The firmware business generated revenue of 61 million yuan, with a gross margin increase of 10 percentage points year-on-year, attributed to the introduction of AI large language model tools that significantly improved development efficiency. The cloud service business revenue grew by 48.10% year-on-year, reaching 59 million yuan [6] Stock Incentive Plan - On June 4, the company announced a stock incentive plan, granting 3.7 million shares at 25 yuan per share to 40 individuals, representing 3.05% of the total share capital. The performance targets set for the stock incentive plan reflect strong confidence in long-term development [7] Future Growth Potential - The company is a rare player in the domestic AI programming field, having launched the new low-code IDE product SnapDevelop and the AI+IDE platform EazyDevelop. The 2026 version of SnapDevelop enhances AI-assisted programming capabilities, supporting domestic large models such as DeepSeek, Qianwen, and Doubao, indicating promising future performance [7]