INSPUR DIGI ENT (00596) surged nearly 9%. As of press time, the stock was up 8.36% to HK$10.5, with a turnover of HK$70.01 million.

First Shanghai Securities released a research report stating that INSPUR DIGI ENT achieved revenue of 4.34 billion yuan in the first half of 2025, representing a year-on-year increase of 4.9%. The gross margin reached 23.4%, up 1.4 percentage points year-on-year. Net profit attributable to shareholders was 183 million yuan, surging 73.3% year-on-year, primarily driven by the cloud services business turning from loss to profit and the software business segment's operating profit growing 6.22% compared to the same period last year.

In the first half of 2025, the cloud services business demonstrated significant growth momentum, achieving revenue of 1.27 billion yuan with a year-on-year growth rate of 30%. The proportion of cloud business in operating revenue has increased for four consecutive years, breaking through 50% for the first time in the interim period to reach 52%, with growth rates consistently maintaining above 30%. Looking ahead to the next 3-5 years, this business is expected to maintain a growth trajectory of over 20%.

Kaiyuan Securities noted that since the company implemented its "AI First" strategy, AI business development has shown tangible results. Currently, the company's Haiyue commercial AI covers over 10 domains and features more than 100 ready-to-use intelligent agents. It has been selected as a representative vendor by IDC for industrial, financial, human resources, and enterprise-level AI agents, and has successfully deployed benchmark projects including intelligent procurement, financial shared service centers, pharmaceutical industry intelligent upgrades, and salt chemical intelligent control systems. The landing scenarios have become more diverse compared to the beginning of the year.

Compared to competitors, the firm believes that Inspur's advantage lies in focusing on vertical category agents. Although the medium and large state-owned and central enterprise market is predominantly project-based, it can also conduct deeper model training and applications based on vertical category data, achieving a data flywheel effect.