Core Insights - The company reported a revenue of RMB 2.358 billion for the first half of the year, representing a year-on-year growth of 35.6%, while losses narrowed to RMB 1.489 billion, a decrease of 39.9% [1] - The generative AI business continues to be a key growth driver, achieving revenue of RMB 1.816 billion, a year-on-year increase of 72.7%, and accounting for 77% of total revenue [1] - The company has established a three-pronged approach in its generative AI business, focusing on "computing power infrastructure - large model research - large model application" [1] Financial Performance - Adjusted EBITDA improved to RMB -5.206 billion, a 72.5% year-on-year improvement [1] - Adjusted net loss narrowed to RMB 1.162 billion, a reduction of 50% compared to the previous year [1] AI Model Development - The company launched the "Riri New V6.5" model in July, achieving breakthroughs in reasoning, efficiency, and multi-modal capabilities, with performance comparable to Gemini 2.5 Pro and Claude 4-Sonnet [2] - The model's data analysis capabilities surpassed competitors, achieving a 10% accuracy lead in math exam grading [2] Application Ecosystem - The company accelerated penetration in productivity and interaction tools, with over 3 million users in the "Little Raccoon" product family, processing approximately 10 billion data analysis tokens daily [3] - The financial version of the product improved data production efficiency by 300% for clients like China Merchants Bank and Ningbo Bank [3] - The education version supports over 500 schools and 250,000 students, achieving over 99% accuracy in math grading [3] Visual AI Business - The visual AI segment saw a revenue of RMB 436 million, a year-on-year decline of 14.8%, primarily due to a shift in collaboration model with a client [3] - The company serves over 660 clients domestically and internationally, with a long-term repurchase rate of 57% [3] Core Product Upgrades - The core platform, SenseFoundry, upgraded its multi-modal model and visual intelligence capabilities, enhancing efficiency and reducing costs [4] - The company has shipped over 1 million smart cockpit units and over 250 million Android smartphones, maintaining a leading market position in China's computer vision market for nine consecutive years [4]