Core Viewpoint - Haitai Ruisheng (688787.SH) is experiencing significant growth in its performance, driven by the rapid development and commercialization of AI technology, particularly in its three main business segments: computer vision, natural language processing, and intelligent voice services [1][3]. Financial Performance - For the first half of 2025, the company expects to achieve revenue between 149 million to 165 million yuan, representing a year-on-year growth of 61.06% to 78.01% [1][3]. - The net profit attributable to shareholders is projected to be between 2.944 million to 4.416 million yuan, with a staggering year-on-year increase of 607.01% to 960.52% [1][3]. - The non-recurring net profit is anticipated to be between 812,300 to 1,218,500 yuan, reflecting a growth of approximately 122.10% to 133.15% [3]. Business Segments - The company has reported comprehensive growth across its three main business segments due to the increasing demand for AI technologies [1][3]. - In 2024, the company saw a significant recovery with a revenue increase of 39.45% to 237 million yuan and a return to profitability with a net profit of 11 million yuan [3]. Market Expansion - Haitai Ruisheng is actively exploring new business models and markets, particularly in the data industry, in response to national strategies promoting AI and data elements [4]. - The company has established strategic partnerships with local governments and operators to innovate in data governance and circulation systems [4]. - In 2024, the company achieved overseas revenue of 114 million yuan, marking an impressive year-on-year growth of 89.53%, significantly outpacing domestic growth of 12.16% [4]. Stock Performance - Over the past three months, the company's stock price has increased by over 70%, rising from a low of 71.01 yuan per share on April 9, 2025, to 121.47 yuan per share by July 22, 2025 [2][5]. Shareholder Actions - The company's controlling shareholder and several executives have initiated a share reduction plan, citing personal financial needs [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, Hai Tian Rui Sheng (688787) [1]. Core Views - Hai Tian Rui Sheng is a leading provider of AI training data solutions in China, focusing on AI datasets and services for AI companies and research institutions. The company is expected to benefit from the growing demand for high-quality datasets driven by the development of large AI models [8][13]. - The data labeling industry is experiencing policy-driven growth, with expectations for a compound annual growth rate (CAGR) exceeding 20% by 2027. The demand for specialized data sets is increasing as AI applications expand [30][32]. - The company has established a global presence, with significant growth in overseas revenue and partnerships with government entities to enhance its data labeling capabilities [47][49]. Summary by Sections Company Overview - Hai Tian Rui Sheng, founded in 2005, is the first company in the AI data industry to be listed on the Sci-Tech Innovation Board. It provides multilingual, cross-domain, and cross-modal AI data services, covering over 200 major languages and dialects [13]. Market Dynamics - The data labeling industry is set to grow significantly, with the Chinese market expected to exceed 10 billion yuan by 2025. The demand for specialized data sets is increasing, particularly in sectors like healthcare and autonomous driving [30][37]. Financial Projections - Revenue projections for Hai Tian Rui Sheng are as follows: 2025 revenue is expected to reach 3.45 billion yuan, with net profit of 0.32 billion yuan. By 2027, revenue is projected to grow to 6.44 billion yuan, with net profit reaching 0.91 billion yuan [1][55]. Competitive Positioning - The company is positioned as a rare player in the A-share market focusing on AI training data solutions, with strong potential to secure orders from internet companies and state-owned enterprises [57]. Growth Strategy - Hai Tian Rui Sheng is expanding its global footprint by establishing a data delivery base in Singapore and forming joint ventures with local governments to enhance its data labeling operations [47][49]. Investment Thesis - The report emphasizes that high-quality datasets are foundational for AI development, and Hai Tian Rui Sheng is well-positioned to benefit from the ongoing evolution and application of AI large models [57].