Core Viewpoint - The report from Zhongyou Securities indicates that Runjian Co., Ltd. achieved a revenue of 4.887 billion yuan in the first half of 2025, representing a year-on-year growth of 10% [1] Group 1: Business Performance - The company has successfully established a second growth curve through its capabilities in computing power and energy, continuously injecting growth momentum into its operations [1] - The introduction of the "Quchi" artificial intelligence platform has empowered the company's three traditional businesses, facilitating a transformation towards intelligent operations and enhancing business value [1] Group 2: Market Opportunities - The company is seizing opportunities in the domestic and international artificial intelligence development landscape, leveraging the Wuxiang Cloud Valley Intelligent Computing Center to enhance its intelligent cloud business and increase the slope of its second growth curve [1] - As a leading intelligent operations company, Runjian Co., Ltd. is expected to achieve a valuation increase in the era of AI infrastructure [1] Group 3: Investment Rating - The report initiates coverage of the company with a "Buy" rating, reflecting confidence in its growth prospects and market positioning [1]