事件：公司发布2025 年半年报，实现营业总收入（会计口径）同比+134%至21 亿元，总订单金额（现 金口径）同比+84%至17 亿元，归母净利润较2024 年同期的-1.7 亿元增长至8.7 亿元。 投资要点 金融软件销售及服务总订单金额创历史新高：2025 年上半年，资本市场持续活跃，A 股日均成交额同 比+60%，活跃的市场有效推动了公司2025H1 金融软件销售及服务总订单金额同比+74%至16 亿元，业 务收入同比+125%至20 亿元，付费用户数量超10 万位，公司已构建起立体化产品体系推动收入稳健增 长，并且持续深化AI 对产品服务、业务运营及经营管理的全面赋能。 成本控制较强，各项费用率均下降：2025H1，公司①营业成本（销售成本）同比+38%至2.5 亿元，营 业成本/营业总收入-8.25pct 至11.82%，公司聚焦提高内容制作能力、改善技术能力，持续在内容开发及 制作团队保持较高投入；②销售费用同比+20%至6.6 亿元，销售费用率同比-30.04pct 至32%，主要系公 司为拓展业务增加了互联网流量采购支出，互联网流量采购开支同比+17.5%至4.6 亿元；③研发费用同 比-5 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a significant increase in total revenue, with a year-on-year growth of 134% to 2.1 billion yuan, and total order amount increased by 84% to 1.7 billion yuan. The net profit attributable to shareholders improved from a loss of 170 million yuan in 2024 to a profit of 870 million yuan [2][8] - The company is leveraging AI and digital finance to drive new growth, with a focus on enhancing its product matrix and user experience [8] - The report highlights strong cost control, with various expense ratios declining, indicating effective management of operational costs [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,965 million yuan, with a year-on-year growth of 6.23%. By 2025, revenue is expected to reach 3,907 million yuan, reflecting a growth of 69.42% [1] - The net profit attributable to shareholders is forecasted to be 1,384 million yuan in 2025, a substantial increase of 408.07% compared to 2024 [1] - The latest diluted EPS is projected to be 3.21 HKD per share in 2025, with a P/E ratio of 22.84 [1] Business Strategy - The company is focusing on integrating its existing products into a more cohesive offering, enhancing user experience and operational efficiency [8] - The introduction of new products such as "Easy Knowledge Stock Road" learning machine and AI investment advisory services aims to attract a broader user base [8] - The company is exploring opportunities in the digital finance sector, including investments in digital asset services and innovative financial advisory models [8] Market Position - The company is positioned to strengthen its leading role in the rapidly expanding online investment education market, with a growing number of paying customers [8] - The report anticipates continued robust growth in the company's various business segments, supported by increased investment in research and development [8]

Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is positioned to benefit from the growing demand for retail investment consulting services as the number of individual investors in the A-share market continues to rise, with over 240 million investors reported by mid-2025 [4][34] - The company has successfully leveraged the short video trend to innovate its business model, achieving high growth rates through effective customer engagement and content distribution [4][11] - Strategic acquisitions and capital raises are expected to diversify the company's business and enhance its international market presence, particularly in the areas of stablecoins and RWA (Real World Assets) [4][13] Summary by Sections Company Overview - The company focuses on high-end investment education and consulting, utilizing AI technology to enhance its service offerings and customer engagement [15][26] - It has developed a range of products, including high-value VIP services and a unique learning machine aimed at educating new investors [11][24] Market Demand and Growth - The demand for investment consulting services is increasing, driven by the growing wealth of individual investors and the need for professional guidance [4][39] - The online investment decision-making solutions market is projected to grow significantly, with estimates reaching RMB 872 billion by 2026 [50] Business Model Innovation - The company has adopted a new business model that integrates content production, multi-channel distribution, and precise customer targeting, resulting in a sustainable growth mechanism [11][59] - The use of AI and big data analytics allows the company to provide personalized investment advice and enhance user experience [12][26] Financial Performance and Projections - Revenue is expected to grow from RMB 3.8 billion in 2025 to RMB 5.1 billion in 2027, with a corresponding increase in net profit from RMB 1.4 billion to RMB 2 billion [5] - The company's P/E ratio is projected to decrease from 15.66 in 2025 to 11.02 in 2027, indicating potential for valuation improvement [5] Strategic Initiatives - The company plans to expand its international footprint through strategic acquisitions and partnerships, particularly in Hong Kong and the Middle East [4][13] - Recent capital raises have been directed towards building a blockchain financial ecosystem and enhancing digital asset services [4][13]