Group 1 - Shenzhen Anfeion Technology Co., Ltd. has undergone a business change, with new shareholders including Huawei's Shenzhen Hubble Technology Investment Partnership and Shenzhen High-tech Investment Ding Sheng Innovation Private Equity Fund, increasing registered capital from 1 million RMB to 1.125 million RMB [1] - The company specializes in voice AI large models, focusing on voice deep forgery detection to help users identify and prevent false voice content [1] - The global AI voice market is expected to reach $10.05 billion by 2025 and expand significantly to $19.48 billion by 2033, indicating strong growth potential in the sector [1] Group 2 - AI technology is accelerating the evolution of voice deep forgery to "real-time," allowing attackers to mimic others' voices during calls with nearly 100% success rate [2] - The global AI in cybersecurity market is projected to grow from $34.1 billion in 2025 to $234.64 billion by 2032, with a compound annual growth rate of 31.70% during the forecast period [2] Group 3 - Shenzhou Taiyue's subsidiary Dingfu Intelligent plans to launch avavox (AI Voice Agent) on June 18, 2025, designed for various communication scenarios, allowing users to generate a robot in 30 seconds through voice description [3] - The business model charges based on call duration in 10-second increments, breaking away from traditional monthly or high prepayment models [3] Group 4 - Zhouming Technology is planning AI voice smart toys and holographic Buddhist altars [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.13 [1][5]. Core Views - The company is expected to see high growth in revenue from new products such as "Stellar Sanctuary" and "Next Agers," which are set to launch soon and will be promoted aggressively [2][5]. - The subsidiary Dingfu Intelligent has launched avavox, an AI Voice Agent, which is anticipated to be a key driver for the company's AI initiatives [3]. - The cloud business has introduced new products like UltraTalk and UltraUI, enhancing the integration of cloud and AI capabilities across various industries [4]. Summary by Sections New Products and Revenue Growth - The company is launching two new games, "Stellar Sanctuary" and "Next Agers," which are expected to contribute significantly to revenue growth in the upcoming periods [2]. - "Stellar Sanctuary" is a sci-fi themed simulation game, while "Next Agers" combines various gameplay styles, indicating a strategic move towards innovative gaming experiences [2]. AI Applications - The avavox AI Voice Agent is designed for versatility across industries, allowing users to create voice bots easily without coding [3]. - The business model for avavox is based on a pay-per-call system, which is expected to address the needs of small and medium enterprises [3]. Cloud Business Developments - The introduction of UltraTalk and UltraUI signifies the company's commitment to enhancing its cloud services, providing comprehensive solutions for data processing and AI applications [4]. - The company is adopting a "SI + ISV" model to deepen the integration of cloud and AI technologies, aiming for commercialization across multiple sectors [4]. Financial Projections - The company has adjusted its profit forecasts, projecting a net profit of RMB 1.15 billion for 2025, with significant increases in 2026 and 2027 [5][11]. - The expected revenue growth rates are 14.98% for 2025, 28.15% for 2026, and 10.37% for 2027, reflecting strong performance from new product launches [11][12].