Core Viewpoint - Baiwang Co., Ltd. has achieved profitability for the first time in the first half of 2025, marking a significant transition from a "strategic investment period" to a "value realization period" driven by AI and data intelligence strategies [2][3]. Financial Performance - The company expects to generate revenue between 330 million to 380 million yuan, representing a year-on-year growth of 17% to 35%, with AI business contributing 58 million to 63 million yuan [2]. - Net profit is projected to be between 3 million to 5 million yuan, a turnaround from a net loss of 446 million yuan in the same period last year [3]. - Gross margin is expected to rise to 45% to 50%, an increase of 5.8 to 10.8 percentage points year-on-year [3]. - Adjusted net profit (non-IFRS) is anticipated to reach 4 million to 6 million yuan, improving by over 85 million yuan compared to an adjusted net loss of 81.2 million yuan last year [3]. Strategic Transformation - Baiwang has transitioned from a traditional SaaS tax service provider to an AI data intelligence company, leveraging ten years of transaction data to enhance productivity [3][5]. - The company has implemented a "three-pronged" approach to cost management, focusing on refined operations to expand gross margins, improve operational efficiency, and reduce operating expenses [3]. Market Position and Data Utilization - Baiwang's competitive advantage lies in its processing capabilities, having handled 20.68 billion invoices, a 45% increase year-on-year, and processed a total transaction amount of 95.35 trillion yuan, equivalent to seven times China's GDP in 2024 [4]. - The CEO emphasized that while talent and computing power can be acquired, data remains a unique asset that companies must retain [4]. AI Product Development - The company has chosen a differentiated path by focusing on vertical scenarios such as finance, tax, and supply chain, integrating open-source model capabilities with industry-specific data [6]. - Baiwang's AI product matrix is positioned to accelerate the monetization of its data value, leveraging the structured nature of its tax data for applications in supply chain risk control and corporate compliance [6]. Capital Market Movements - Baiwang is progressing with its H-share "full circulation" application, planning to convert 135 million domestic shares into H-shares, which is expected to attract more international capital and inject new momentum into its data intelligence strategy [7].