Core Insights - The company reported a revenue of 922 million yuan for H1 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The B-end business has shown significant market expansion, with the number of registered enterprises in China reaching 61.226 million, a 5.1% increase from the end of 2023, and the digital economy's core industry value added is expected to account for 10% of GDP by 2025 [1] - The domestic financial and tax AIBM ecosystem service industry market size is projected to reach 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [1] B-end Business Performance - The company has a leading position in the domestic financial and tax AIBM ecosystem service platform, benefiting from favorable policies and market conditions, with 11.8 million active enterprise users, a 10.28% increase from the beginning of the year [1] - The number of paid enterprise users reached 7.78 million, reflecting a growth of 10.04% [1] - The smart financial and tax business generated a revenue of 621.1263 million yuan, an increase of 11.95% year-on-year [1] G-end Business Development - The company is deeply involved in the "Golden Tax Phase IV" construction, enhancing its technological moat through the promotion of digital invoices and the gradual launch of new electronic tax bureaus [2] - The digital government business achieved a revenue of 300.0946 million yuan, a year-on-year growth of 16.60% [2] - The company is building an AI platform named "Xiyou" to support the transformation into a smart model service provider for the industry, leveraging over 20 billion financial and tax data [2] Future Outlook - The company is expected to achieve revenues of 2.311 billion yuan, 2.801 billion yuan, and 3.462 billion yuan from 2025 to 2027, with net profits projected at 277 million yuan, 427 million yuan, and 561 million yuan respectively [3] - Earnings per share (EPS) are forecasted to be 0.68 yuan, 1.05 yuan, and 1.38 yuan, with price-to-earnings (PE) ratios of 86.7X, 56.3X, and 42.9X [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown stable revenue growth, with both B-end and G-end businesses progressing effectively. The introduction of AI technology is expected to help build a competitive moat in vertical industries [4][9] - The B-end business is experiencing significant market expansion, supported by favorable policies and a growing number of registered enterprises in China. The domestic financial and tax AIBM ecosystem service market is projected to reach 390.73 billion by 2028, with a compound annual growth rate of 74.9% [2] - The G-end business is deeply involved in the "Golden Tax Phase IV" construction, enhancing digital tax products that help enterprises reduce costs and improve efficiency. The company is actively developing a large model for tax services, leveraging over 20 billion financial and tax data to create a competitive advantage [3] Financial Summary - For the fiscal year 2023, the company reported revenue of 1,829 million, with a year-on-year growth rate of 7.7%. The net profit attributable to the parent company was 83 million, reflecting a decline of 42.1% year-on-year [1] - Revenue is projected to grow to 2,311 million in 2025, with a year-on-year growth rate of 18.8%, and net profit is expected to reach 277 million, marking a significant increase of 146.4% [1][9] - The company's return on equity (ROE) is forecasted to improve from 3.4% in 2023 to 10.3% in 2025, indicating enhanced profitability [1]