Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is expected to leverage AI technology to enhance product payment rates, driving significant revenue growth [1] - The company's revenue for the first half of 2025 reached 1.821 billion RMB, a year-on-year increase of 12.34% and a quarter-on-quarter increase of 5.93% [1] - Adjusted net profit for the same period was 467 million RMB, reflecting a substantial year-on-year growth of 71.3% and a quarter-on-quarter growth of 56.60% [1] - Monthly active users reached 280 million, showing an 8.5% year-on-year increase, with the payment penetration rate rising to 5.5% in the first half of 2025 [2] - The company has formed a strategic partnership with Alibaba to promote new AI productivity products [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 4.113 billion, 5.125 billion, and 6.404 billion RMB, with year-on-year growth rates of 23%, 25%, and 25% respectively [4] - Expected net profit for the same period is 843 million, 1.168 billion, and 1.579 billion RMB, with growth rates of 5%, 39%, and 35% respectively [4] - The company is valued at a target price of 11.1 HKD per share, based on a 60x PE ratio, leading to a target market capitalization of 55.1 billion HKD [4]