Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the unmanned delivery sector to cultivate new growth areas, with a 54% year-on-year increase in net profit attributable to shareholders in H1 2025 [5] - The company has invested in technology and Bear Robot to enter the unmanned delivery market, which has significant growth potential [6] - The company’s subsidiaries are collaborating to implement projects in rail transit operation and maintenance scenarios, leveraging favorable national policies to expand market opportunities [6][8] Financial Performance - In H1 2025, the company achieved revenue of 121 million yuan (up 16.25% year-on-year) and a net profit of 23.79 million yuan (up 53.68% year-on-year) [7] - The revenue from equipment monitoring products grew by 20% year-on-year, with a gross margin increase of 4 percentage points to 52.23% [7] - The company expects net profits of 73 million yuan, 89 million yuan, and 106 million yuan for 2025, 2026, and 2027 respectively [7][10] Market Outlook - The urban rail transit investment scale is expected to reach 500-600 billion yuan in 2025, with multiple cities initiating new lines [7] - The rapid development of technologies such as cloud computing, big data, and artificial intelligence is creating new opportunities for the company in the field of intelligent maintenance and monitoring systems [7] - The company is well-positioned to benefit from the increasing demand for intelligent monitoring systems driven by national policies [7][8]