Core Viewpoint - The company achieved its first-ever revenue exceeding 10 billion yuan in the first half of the year, indicating significant improvement in its operational fundamentals compared to previous years [1] Financial Performance - The company's revenue for the first half of 2025 reached 10.911 billion yuan, a year-on-year increase of 17.01% [1] - Sales receipts also surpassed 10 billion yuan, totaling 10.361 billion yuan, with a year-on-year increase of 1.35 billion yuan [1] - The net profit attributable to shareholders was -239 million yuan, a reduction in losses by 40.37% compared to the same period last year [1] - The net cash flow from operating activities improved by 49.73%, increasing by over 764 million yuan [1] Business Segments - The C-end business grew by 38%, becoming the core driver of growth, with the learning machine segment showing outstanding performance, doubling its revenue and maintaining the top position in both sales and volume in the high-end learning machine market [1][2] - The To B and To G businesses also showed improvement, with revenue growth in the education and medical sectors of 23% and 21% respectively [3] - The education sector's AI model has served over 200 regions and 200,000 teachers, creating a feedback loop of "algorithm-data-application" [3] - In the medical sector, the AI assistant has expanded to over 69,700 grassroots medical institutions, providing 1.01 billion AI-assisted diagnosis suggestions [3] Collection and Payment Performance - The collection rate for To G business continues to improve, with a 91% increase in contract amounts in first-tier regions and a 30% growth in third-tier reserves [2][3] - The accounts receivable collection rate from the government sector improved from 93% in 2022 to 98.14% in 2024, with controllable bad debt risks [3] Research and Development - The company maintained a high level of R&D investment, totaling 2.39 billion yuan in the first half of the year, a year-on-year increase of 9.2%, accounting for 21.92% of revenue [3] Industry Trends - The company's half-year report reflects two major trends in the domestic AI industry: the commercialization of C-end hardware and the collaborative development of domestic computing power and large models [4] - The large models trained on domestic computing power have achieved lower hallucination rates in serious applications such as education and healthcare, laying the foundation for future large-scale applications [4]