Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Viewpoints - The company reported a revenue of 3.124 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -356 million yuan, primarily due to the consolidation of Yaxin Technology [8][3]. - The company's security business revenue decreased by 22.8% to 510 million yuan, while the gross margin for the cybersecurity business improved to 59.6%, up 4.7 percentage points year-on-year [8][3]. - The launch of the AI XDR product is expected to drive future growth, with orders already exceeding ten million [2][3]. - The collaboration with Yaxin Technology and other partners in AI model delivery is anticipated to enhance the company's ecosystem [2][3]. Financial Performance Summary - For 2025, the company expects net profits of 158 million yuan, 268 million yuan, and 320 million yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 55, 32, and 26 [4][3]. - The projected revenue growth for 2025 is 153.6%, with a significant increase in operating income expected in the following years [4][3]. - The gross margin is projected to stabilize around 43% from 2025 onwards, indicating a focus on improving operational quality [15][3].