On September 2, 2025, China Great Wall Securities released its latest research report on DC Holdings (00861), highlighting that the company achieved doubled year-over-year growth in new contract signings during the first half of 2025. Combined with multiple positive factors including a return to profitability and accelerated technology implementation, the securities firm clearly determined that "the performance turning point has emerged" and assigned a "Buy" rating.

The firm believes the company's performance turning point has materialized and remains optimistic about its long-term future development. The forecast projects DC Holdings will achieve revenues of RMB 18.4 billion, RMB 20.7 billion, and RMB 22.7 billion for 2025-2027 respectively; net profit attributable to shareholders of RMB 231 million, RMB 442 million, and RMB 511 million; earnings per share of RMB 0.14, RMB 0.26, and RMB 0.31; with P/E ratios of 23x, 12x, and 11x respectively.

**Core Financial Indicators Show Significant Improvement, Performance Turning Point Receives Double Confirmation**

The report reveals that DC Holdings achieved operating revenue of RMB 7.865 billion in the first half of 2025, representing a 12% year-over-year increase; gross profit of RMB 1.033 billion, up 8% year-over-year; and net profit attributable to shareholders of RMB 15.21 million, successfully turning from losses to profits with significantly restored profitability. From a full-year perspective, institutional forecasts predict 2025 revenue will reach RMB 18.4 billion with net profit attributable to shareholders reaching RMB 231 million.

New contract signings became the period's growth highlight. The company's new order value in the first half reached RMB 9.476 billion, representing 98% year-over-year growth, with outstanding incomplete contracts totaling RMB 10.441 billion, up 27% year-over-year. This abundant order backlog establishes a solid foundation for future revenue growth.

China Great Wall Securities analysts examined DC Holdings' development from three perspectives:

**Smart Supply Chain Scenarios:** Based on the "AI for Process" concept, the company pioneered the implementation of comprehensive "Data-Decision-Application" stack solutions, achieving full-process digital transformation of supply chains. The KingKoo intelligent logistics vertical large model addresses the "hallucination" problems of general models, with intelligent agent components successfully deployed in operations, decision-making, and customer service scenarios, helping clients reduce costs and increase efficiency.

**Hotel New Scenarios:** The company has established strategic partnerships with Wanda Hotels and CloudMinds Technology, signing digital service projects for over 300 high-end hotels, creating benchmarks for intelligent services in hotel chains. Overseas business is advancing simultaneously, with potential to replicate domestic success.

**Data Intelligence Engine Technical Barriers:** Centered on the "YanCloud Infinity" platform, the company integrates three major capabilities: AI Infra, AI-ready Data, and Agentic AI, creating end-to-end data intelligence applications for various industries and providing complete solutions from data governance to decision optimization. This technological closed loop further strengthens competitive barriers.

It is reported that DC Holdings provides customized digital services to leading internet companies such as Meituan and Alibaba, as well as central and state-owned enterprise clients including Shanghai Instrumentation and Electronics Group and Longyan Tobacco. Additionally, news about subsidiary Shenzhou Information actively developing stablecoin initiatives has become a recent market focus.

Recently, the State Council released "Opinions on Deeply Implementing 'Artificial Intelligence+' Actions," which significantly benefits AI companies like DC Holdings. As technology implementation accelerates into order growth, combined with the continued deepening of industry digital transformation, DC Holdings is transitioning from an "investment phase" to a "harvest phase" and entering a high-speed development track.