Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [5][11]. Core Viewpoints - The company achieved profitability in Q2 2025, driven by improvements in quality and efficiency, alongside a focus on AI+ security, intelligent computing cloud, and trusted data space as new growth areas [3][4]. - The company reported a revenue of 826 million yuan in the first half of 2025, a year-on-year decrease of 5.38%, with a net profit attributable to shareholders of -64 million yuan [1][2]. - In Q2 2025, the company generated revenue of 491 million yuan, reflecting a year-on-year growth of 8.72%, and achieved a net profit of 4 million yuan, marking a return to profitability [1][2]. Revenue and Profit Forecast - Revenue projections for the company are as follows: 3.072 billion yuan in 2025, 3.380 billion yuan in 2026, and 3.758 billion yuan in 2027, with corresponding net profits of 144 million yuan, 240 million yuan, and 336 million yuan respectively [4][8]. - The expected growth rates for revenue are 8.9% in 2025, 10.0% in 2026, and 11.2% in 2027, while net profit growth rates are projected at 73.2%, 66.7%, and 40.4% for the same years [4][8]. Business Segments - The company has developed a comprehensive product matrix covering network security, data security, cloud security, and intelligent computing cloud, integrating AI technology into its security practices [2][3]. - The network security segment generated revenue of 719 million yuan in the first half of 2025, a decline of 6.41% year-on-year, while the intelligent computing cloud segment achieved revenue of 102 million yuan, a growth of 3% [2][3]. - The company is enhancing its capabilities in trusted data space, focusing on secure data circulation and value creation, particularly in critical infrastructure sectors such as telecommunications and energy [3].