Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The company has shown signs of improvement in its business, with a focus on "AI+" driving growth. The H1 2025 report indicates a revenue of 273 million yuan, a year-on-year increase of 5.03%, while the net profit attributable to shareholders decreased by 4.60% to 41 million yuan. The operating cash flow net amount increased by 24.08% to 54 million yuan [2][4]. - The company is a leader in standardized examination point construction, concentrating on smart examination and smart education as its two main business directions. The AI-driven initiatives are expected to create a new growth curve [2][4]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 219 million yuan, a year-on-year increase of 49.23%, and a net profit of 51 million yuan, up 40.30% year-on-year. This marks a recovery from the performance pressures experienced since Q2 2024 [10]. - For H1 2025, the revenue from educational examination standardized products and overall solutions was 154 million yuan, a decrease of 11.93%, while the revenue from smart education products and solutions was 95 million yuan, an increase of 66.55% [10]. Business Development - The AI intelligent examination solution has been successfully implemented across 24 provincial administrative regions, covering thousands of examination venues. The company has introduced a portable, integrated examination device called "Rong Lifang" to address challenges in standardized examination setups [10]. - The company is actively advancing its "AI+" strategy, launching an English education sub-brand "Lingyu Tong" and expanding its "AI New Physical Examination" products, which have supported over 2 million candidates across 14 provinces in physical education testing [10]. Future Projections - Revenue projections for the company are estimated at 475 million yuan in 2025, 554 million yuan in 2026, and 680 million yuan in 2027. Corresponding net profits are expected to be 95 million yuan, 115 million yuan, and 179 million yuan respectively, with price-to-earnings ratios of 65, 54, and 34 times [10].