Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company has narrowed its losses in the first half of the year, showing significant improvement in operational cash flow and effective cost optimization. Demand from key industries such as finance and energy has led to a continuous influx of large model-related orders [1][6]. - The company has launched a new generation of AI Infra, with ongoing orders related to large models, indicating a strategic upgrade from Data Infra to AI Infra. This transition is expected to yield positive results in the coming years [6][12]. - The financial outlook for the company shows projected revenues of 5.23 billion, 6.93 billion, and 9.18 billion for the years 2025 to 2027, respectively, reflecting a clear growth trajectory [6][12]. Financial Data and Valuation - The company reported total revenue of 1.53 billion in the first half of 2025, with a year-over-year increase of 8.82%. The net loss attributable to the parent company was 1.43 billion, a 25.24% improvement year-over-year [6][12]. - The operating cash flow improved significantly, with a year-over-year increase of 45.87%, attributed to enhanced management and operational efficiency [6][12]. - The financial projections indicate a total revenue of 523 million in 2025, with a year-over-year growth of 41%, followed by 693 million in 2026 and 918 million in 2027, both maintaining a growth rate of 32% [2][13]. Shareholder Information - The company has a total share capital of 121 million shares, with a market capitalization of 7.3 billion. The major shareholder, Sun Yuanhao, holds a 9.22% stake in the company [3][6].