Group 1 - The core profit growth in the first half of 2025 is primarily driven by two non-recurring income sources: a debt transfer gain of 17.94 million and a performance compensation of 72.84 million, with the latter accounting for 92% of net profit, leading to a year-on-year profit surge of 2262.83% [2] - Excluding these non-recurring gains, the company's core business reported a net loss of 13.40 million in the first half of 2025, raising concerns about the true operational status of the company despite the apparent financial performance [2] - In the software service sector, the company has established a dual-driven model of "education + HarmonyOS," integrating resources from various entities to create a comprehensive service system covering K12 to early education [2] Group 2 - The strategic value of the HarmonyOS ecosystem is highlighted by the successful implementation of the "In HarmonyOS" industry distribution version in sectors such as mining, transportation, and government, utilizing a unique "license + operation" business model that converts project-based income into sustainable revenue [4] - The company has invested 820 million in R&D over the past five years, resulting in the development of the "Zhaohan" series products based on Ascend AI, which synergize with HarmonyOS to promote "AI + industry" solutions in various applications [4] - Although the revenue share of the intelligent computing business decreased to 21.74% in the first half of 2025, the nature of long project cycles indicates that current revenue delays do not reflect a shrinking business, and the sector still holds long-term growth potential amid domestic substitution trends [4]