Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 9.26 yuan [4][7]. Core Insights - The company reported a revenue of 3.658 billion yuan for the first half of 2025, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 121 million yuan, up 20.61% year-on-year [1][2]. - The company is actively embracing AI technology, focusing on a "LED+AI" strategy that aims to create a comprehensive ecosystem for both B2B and B2C applications [2]. - The company has launched various AI-integrated products, including AI companion assistants and AI integrated machines, which are already being sold on major online platforms [2]. - The company has a strong patent portfolio with 3,398 authorized patents and has established a global marketing network across over 160 countries [3]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 8.38 billion yuan, 9.176 billion yuan, and 10.075 billion yuan, respectively, with net profits expected to be 316 million yuan, 431 million yuan, and 532 million yuan [4][12]. - The company is expected to achieve a price-to-earnings ratio of 32 times in 2025 [4]. Market Performance - As of August 18, 2025, the company's stock price was 8.18 yuan, with a market capitalization of approximately 8.93 billion yuan [7]. - The stock has shown a relative return of 9.3% over the past month and 31.8% over the past year [8].