Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company experienced revenue pressure in the first half of 2025, with a year-on-year decrease of 3.40% to 897 million yuan, while net profit increased by 42.84% to 30 million yuan, driven by cost reduction and efficiency improvement strategies [5][6]. - AI is expected to be a major growth driver for the company, with ongoing efforts to commercialize AI applications across various industries, including finance, automotive, and judicial sectors [6][7]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 897 million yuan, a decrease of 3.40% year-on-year, while the net profit attributable to shareholders was 30 million yuan, an increase of 42.84% [5]. - The gross margin for the first half of 2025 reached 28.68%, up by 0.72 percentage points compared to the same period last year [5]. - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.54, 0.78, and 1.04 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 39.6, 27.4, and 20.6 [6][7]. Market Data Summary - As of September 10, 2025, the closing price of the company's stock was 21.46 yuan, with a year-to-date high of 27.68 yuan and a low of 9.52 yuan [3]. - The total market capitalization is 5.642 billion yuan, with 263 million circulating A shares [3]. Revenue and Profit Forecast - The company’s projected revenue for 2025 is 2.448 billion yuan, with a year-on-year growth of 22.7%, and net profit is expected to reach 142 million yuan, reflecting a significant increase of 1659.8% [9]. - The gross margin is anticipated to improve to 29.3% in 2025, with a net profit margin of 5.8% [9]. Strategic Initiatives - The company is actively integrating AIGC technology into its product lines, aiming for rapid commercialization of AI products, which is expected to significantly contribute to future performance [6]. - The company has established a diverse AI product matrix and solution system in the financial sector, with applications already deployed in several major financial institutions [6].

Core Viewpoint - Shanghai Xinzhi Software Co., Ltd. is planning to raise a total of no more than RMB 300 million through a private placement of A-shares, with the entire amount to be subscribed in cash by the actual controller Guo Wei and his controlled enterprise Qian Yao Jia Sheng [2][4][15]. Group 1: Issuance Details - The total amount to be raised from the issuance is capped at RMB 300 million, with Guo Wei intending to subscribe up to RMB 50 million and Qian Yao Jia Sheng up to RMB 250 million [2][4][15]. - Qian Yao Jia Sheng was established specifically for this subscription and currently holds no shares in the issuer [4][15]. - The issuance is compliant with the relevant regulations, ensuring that the actual control of the company remains unchanged post-issuance [14][15]. Group 2: Background of Subscription Entities - Qian Yao Jia Sheng is a limited liability company established by Guo Wei and his son Guo Xiaoyang, with a registered capital of RMB 20 million [4][15]. - Guo Xiaoyang, who has been involved in the company's management, does not hold any shares prior to this issuance but will indirectly hold approximately 1.25% to 1.33% of shares post-issuance [10][14]. - The establishment of Qian Yao Jia Sheng allows for a more favorable financing structure, as corporate entities typically have access to higher credit limits and lower interest rates compared to individuals [6][8][15]. Group 3: Funding Sources - The subscription funds will be sourced entirely from Guo Wei's personal and family assets, with a total of RMB 5 million from personal funds and RMB 20 million from a bank loan [16][17]. - The bank loan has been pre-approved, with a maximum limit of RMB 200 million, and is intended to support the subscription of shares [19][20]. - Guo Wei's financial stability is supported by his historical income and the company's cash dividend history, which indicates a reliable source for loan repayment [21][22].