Core Viewpoint - The company is experiencing significant profit growth driven by active market trading and the successful capture of short video traffic, with a projected continued high growth in performance [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.324 billion yuan, a year-on-year increase of 167%, while net profit was 865 million yuan, marking a turnaround from losses [1][2]. - The adjusted net profit forecasts for 2025-2027 are 1.278 billion, 1.438 billion, and 1.66 billion yuan, reflecting year-on-year growth of 369%, 13%, and 15% respectively [1]. - The gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [2]. Group 2: User Growth and Product Development - The number of paying users increased to 102,000, a year-on-year growth of 152.93%, contributing significantly to revenue growth [2]. - The company has developed four major product lines, with daily unique views for VIP products exceeding one million, a 148% increase year-on-year [2]. - The company has expanded its user engagement through various platforms, achieving a total fan base of 63.06 million, a 38% increase year-on-year [2]. Group 3: Market Trends and Competitive Positioning - The average daily stock trading volume increased to 13.9 trillion yuan in the first half of 2025, rising to 19.354 trillion yuan in July-August, a 39% increase [3]. - The company is enhancing its competitive edge through AI-driven investment advisory services, having submitted its large model assistant for testing, becoming the first in the securities industry to do so [3]. - The company has maintained a strong presence on Douyin while expanding into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, which has improved its traffic acquisition efficiency [2].

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 89, corresponding to a 30x P/E for 2025 [11][12]. Core Views - The company is experiencing significant profit growth due to active market trading and the capture of short video traffic dividends, with a total fan base of 63.06 million across platforms [3][11]. - The company's revenue for the first half of 2025 reached RMB 2.324 billion, a year-on-year increase of 167%, while net profit turned positive at RMB 865 million [11][12]. - The report highlights the company's strong product ecosystem and competitive advantages, leading to a substantial increase in paid users, which rose by 152.93% to 102,000 [11][12]. Financial Summary - **Revenue Forecasts**: - 2024A: RMB 2,306 million - 2025E: RMB 3,766 million (+63%) - 2026E: RMB 4,403 million (+17%) - 2027E: RMB 4,978 million (+13%) [5][12] - **Net Profit Forecasts**: - 2024A: RMB 272 million - 2025E: RMB 1,278 million (+369%) - 2026E: RMB 1,438 million (+13%) - 2027E: RMB 1,660 million (+15%) [5][12] - **Profitability Metrics**: - Gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [11]. - The company’s marketing, management, and tax expenses increased by 19.7%, 20.1%, and 483.5% respectively [11]. Market Position and Strategy - The company is leveraging active market trading, with an average daily stock turnover of RMB 13.9 trillion in the first half of 2025, increasing to RMB 19.35 trillion in July-August [11]. - The company has launched its AI-driven investment advisory model, enhancing its competitive edge in the market [11]. - The report notes the company's expansion into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, alongside a robust presence on Douyin [11].