Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by robust demand in its AI and SaaS business segments [1] Financial Performance - The company achieved operating revenue of 930 million yuan in 25H1, representing a year-on-year increase of 25.5% [1] - The net profit attributable to shareholders was 37.38 million yuan, marking a turnaround from a loss [1] - Adjusted net profit reached 84.72 million yuan, up 77.7% year-on-year, with an adjusted net profit margin of 9.1% [1] AI and SaaS Business Growth - The AI and SaaS business generated revenue of 500 million yuan in 25H1, a year-on-year growth of 26.0% [1] - Orders in this segment increased by 69.1% year-on-year, establishing a solid foundation for revenue growth in the second half of 2025 [1] - The gross margin for the AI and SaaS business was 80.4%, down 7.9 percentage points, primarily due to lower margins in the smart integrated machine business [1] - Excluding the smart integrated machine business, the gross margin was 82.4%, down 5.9 percentage points, mainly due to the increased proportion of key account (KA) business [1] Customer Metrics and Retention - The recurring revenue from the AI and SaaS business accounted for 84.5% of total revenue, indicating strong customer retention [1] - The total number of AI and SaaS customers reached 21,655, with KA customers increasing to 814 [1] - The average revenue per existing small and medium-sized business (SMB) customer rose by 21.7% year-on-year, driven by package upgrades and additional purchases of the Agent module [1] - The average revenue per existing KA customer increased by 20.7%, benefiting from deeper applications of Agent solutions and ongoing industry expansion [1] AI Product Development - The commercialization of AI and AI Agent products exceeded expectations, with AI revenue reaching 110 million yuan and RPO at 100 million yuan [1] - ARR for AI products reached 190 million yuan, with Agent revenue at 45.3 million yuan, RPO at 54.9 million yuan, and ARR at 86.8 million yuan [1] - The company is continuously upgrading its Tforce marketing model and AI Agentforce platform to build competitive barriers [1] - New AI Agent products, such as the AI foreign trade digital employee Eva and AI sales training system, were launched to enhance customer acquisition efficiency and sales performance [1] Future Outlook - The company plans to focus on deepening the penetration of AI Agent functions in its T-cloud product system for SMBs and accelerating the iteration of industry-specific Agent templates for KA clients [1] - The commercialization of AI Agent products is expected to continue accelerating in the second half of 2025 [1] Investment Recommendations - The company’s AI and AI Agent product commercialization is expected to accelerate in the second half of the year, with the Tforce marketing model and AI Agentforce platform creating long-term competitive advantages [1] - Revenue projections for 2025-2027 are 2.358 billion yuan, 3.179 billion yuan, and 4.142 billion yuan, respectively, with adjusted net profits of 112 million yuan, 203 million yuan, and 299 million yuan [1] - Corresponding price-to-sales ratios are projected at 6.0, 4.5, and 3.4 times [1]

Group 1 - The company achieved total revenue of RMB 930 million, representing a year-on-year growth of 25.5% driven by AI market demand and concentration of market share in AI applications [3][4] - Adjusted net profit reached RMB 84.7 million, showing a significant year-on-year increase of 77.7% [4] - The company turned around its net profit attributable to shareholders to RMB 37.4 million from a loss in the previous period [5] Group 2 - The company optimized three expense categories, with sales expense ratio decreasing by 5.0 percentage points, management expense ratio by 8.6 percentage points, and R&D expense ratio by 5.1 percentage points [6] - Employee efficiency improved, with total revenue per employee reaching RMB 25.6 million [6] Group 3 - AI and SaaS business segments led the growth, with AI+SaaS revenue at RMB 500 million, up 26.0% year-on-year, and a gross margin of 80.4% [7] - The order amount for AI+SaaS increased by 69.1% in the first half of the year [7] Group 4 - The AI Agent service reached 5,518 clients, generating revenue of RMB 45.3 million, with a recurring revenue of RMB 54.9 million and an annual recurring revenue (ARR) of RMB 86.8 million [8] - The company expanded its product modules to 356, adding 45 new modules [8] Group 5 - The company reported a remarkable 89.0% year-on-year growth in foreign trade revenue, focusing on customer acquisition in global trade [18] - The AI sales training system enhances sales capabilities by simulating real customer interactions and providing targeted improvement suggestions [20][22] Group 6 - The company was recognized as the top player in the AI SaaS product revenue scale in the marketing and sales sector for 2025, marking its seventh consecutive year at the top [25] - It ranked among the top 30 AI agents/products/platforms in China for 2025 [26] Group 7 - The company is enhancing its international presence, transitioning from serving Chinese enterprises abroad to expanding into new overseas markets, covering over 95% of language regions [46] - Strategic partnerships with cloud vendors and telecom operators are being deepened to create a closed-loop ecosystem [48] Group 8 - The company aims to maintain high growth, continuous profitability, and strong cash flow by optimizing customer numbers and average transaction values while keeping gross margins stable [50] - The CEO emphasized the resilience of the subscription model as a foundation for high margins and growth [52]