Core Insights - The company reported significant growth in its unaudited consolidated performance for the six months ending September 30, 2025, with total revenue reaching RMB 516.0 million, a year-on-year increase of 18.2% [1] - The core business, cloud-based HCM solutions, contributed RMB 414.1 million in revenue, reflecting a 22.2% year-on-year growth and accounting for 80.3% of total revenue [1] - The adjusted gross margin improved to nearly 70%, and the adjusted net margin reached 3.8%, marking a substantial improvement of 11.6 percentage points, achieving profitability [1] Business Performance - The overall subscription revenue retention rate remained stable at 105%, indicating strong customer loyalty and renewal capabilities [1] - The annual recurring revenue (ARR) for Core HCM integrated solutions grew at a rapid pace of 27%, with ARR accounting for 58% of total revenue [1] - The learning business also experienced explosive growth, with ARR nearing RMB 100 million, a staggering increase of 305% year-on-year, serving nearly 4,500 customers [2] AI Innovations - The company launched AI Family 2.0, which includes ten AI assistants covering over 50 HR scenarios and 500 AI features, enhancing the efficiency and intelligence of HR management solutions [2] - New contract amounts for AI Family exceeded RMB 26 million, with over 800 customers, including nearly RMB 10 million for the AI Interviewer product [4] - The AI Leadership Coach also showed strong market competitiveness, with new contracts exceeding RMB 6 million and nearly 100 customers [4] Future Outlook - The company aims to continue its R&D investments to deepen its AI strategy and introduce AI Agents tailored to customer business scenarios [5] - The focus will be on large customer strategies, addressing the in-depth needs of enterprises with over 10,000 employees, and enhancing customer success and service systems [5] - Ongoing strategic acquisitions are expected to drive higher growth and long-term value, creating stable and substantial returns for investors [5]

Core Viewpoint - The successful implementation of AI products relies more on understanding customer business scenarios and industry know-how rather than just technical capabilities [2][10][11]. Group 1: Challenges in AI Product Implementation - The main challenge in transitioning AI products from internal testing to customer delivery is effectively matching the product to the customer's business context [2][5]. - AI products must be designed with a customer-centric approach, integrating industry-specific knowledge to ensure success [2][11]. - Patience is crucial during the product refinement process to ensure maturity before scaling sales [2][4][36]. Group 2: Strategic Shifts and Product Development - In 2024, the company shifted its strategy to focus on chargeable AI products that address specific end-to-end business problems [3][34]. - The development process for AI products has been adjusted to allow for rapid iterations, with cycles shortened to two to three weeks [4][6]. - The company has identified seven key AI agents to target specific business needs, including AI recruitment assistants and interviewers [3][34]. Group 3: Customer Engagement and Feedback - Engaging with customers during the product development phase is essential to gather real-time feedback and ensure the product meets their needs [4][6]. - The company emphasizes the importance of understanding customer requirements and adapting the product accordingly, which may involve significant customization [20][21]. Group 4: Market Positioning and Pricing - AI products should be positioned as standalone solutions that solve high-value business problems rather than mere extensions of existing functionalities [7][8]. - The pricing model for AI products varies, with options including per-seat fees or charges based on usage metrics, such as the number of interviews conducted [34]. Group 5: Future Directions and Industry Trends - The company recognizes the evolving landscape of AI technology and its potential to disrupt traditional business models, leading to a more open approach to AI integration [18][19]. - There is a growing demand for AI solutions in the SaaS sector, with clients increasingly favoring AI-related products [31].