CITIC Construction Investment: Initiates "Buy" rating for DC HOLDINGS, ample orders solidify sustained growth momentum

According to the Zhitong Finance APP, CITIC Construction Investment has released a research report stating that it has initiated coverage on DC HOLDINGS (00861) with a "Buy" rating. The company's operating performance is impressive, and the "Customer Strategy + Ecological Strategy" is expected to drive the accelerated penetration of "AI for Process." In the first half of 2025, benefiting from the deepening implementation of the "Data x AI" strategy, the company's operating performance showed remarkable results, achieving a net profit attributable to shareholders of 15.21 million yuan, a year-on-year increase of 41%, and new signed orders of 9.476 billion yuan, a year-on-year increase of 98%, laying a solid foundation for the company's sustained business growth. The company has launched the supply chain intelligent agent "Xiao Jin," promoting the dual-driven approach of "Customer Strategy + Ecological Strategy," which is expected to core benefit from the accelerated penetration of AI in the supply chain field. The main points of CITIC Construction Investment are as follows: Significant improvement in operating performance, ample orders on hand In the first half of 2025, benefiting from the deepening implementation of the "Data x AI" strategy, the company's operating performance growth was impressive, achieving operating revenue of 7.865 billion yuan, a year-on-year increase of 12%; achieving a net profit attributable to shareholders of 15.21 million yuan, a year-on-year increase of 41%. By business segment, the revenue from big data products and solutions was 1.43 billion yuan, accounting for 18%, a year-on-year increase of 12%; revenue from software and operation services was 2.448 billion yuan, accounting for 31%, a year-on-year increase of 13%; revenue from trusted innovation and traditional services was 3.987 billion yuan, accounting for 51%, a year-on-year increase of 11%. The company has ample orders on hand, with new signed orders of 9.476 billion yuan, a year-on-year increase of 98%, laying a solid foundation for the company's sustained business growth. "Data-Decision-Application" full-stack data intelligence solution first implemented, supply chain intelligent agent "Xiao Jin" empowers the entire business chain of "Research, Production, Supply, Sales, and Service" The company has built the "KingKoo Intelligent Chain" logistics vertical large model based on internal industry knowledge bases, operation manuals, logs, datasets, and other data, creating the Xiao Jin intelligent agent system, and has completed coverage of the entire business chain of "Research, Production, Supply, Sales, and Service" with internal pilot applications. On September 17, the company launched the supply chain intelligent agent "Xiao Jin," positioned as an "enterprise-level intelligent agent suite for supply chains," achieving full-scenario coverage with a "3+N" intelligent agent architecture: The "3" core intelligent agents include the Data Assistant (90% improvement in query efficiency), Decision Assistant (70% improvement in data analysis efficiency), and Customer Assistant (50% reduction in customer service workload); the "N" job intelligent agents cover scenarios such as bid writing, product design, and customs review, among which the bid assistant can complete writing from 0 to 1, with a 70% efficiency improvement; the product design assistant can generate design specifications, with a 50% efficiency improvement. In the future, the company will continue to increase R&D investment in smart supply chain scenarios, continuously enrich the Xiao Jin intelligent agent suite, empower customers' "Research, Production, Supply, Sales, and Service" business chain, achieve AI + supply chain value reconstruction, and promote the deep penetration of AI in financial technology scenarios, chain hotel scenarios, and government-enterprise digitalization scenarios. "Customer Strategy + Ecological Strategy" dual-driven approach, promoting the accelerated penetration of "AI for Process" In terms of customer strategy, by 2025, the company's smart supply chain business will focus on advantageous industries such as consumer electronics, communication services, fast-moving consumer goods retail, and apparel. It will launch the "Baby Plan" targeting existing customers, empowering them with technology, implementing customer tier management, and providing full lifecycle services, driving business expansion from single-point services to the entire chain, achieving a significant year-on-year revenue increase for over 30 existing customers. For new customers, the "Star Picking Plan" will be initiated, successfully breaking through multiple target customers to replicate industry capabilities. During the reporting period, strategic cooperation agreements have been successfully signed with four companies: Golden Concept, Semir Group Junyao Technology, Zhan Yan, and others, with the expectation that the number of supply chain full-value cooperation customers will exceed 10 within the year. In terms of ecological strategy, on September 17, the company successfully held the "Smart Chain China .NextChain" 2025 Smart Supply Chain Innovation Conference in Kunshan, where it released a new smart supply chain strategy and signed strategic cooperation agreements with representatives from four industry benchmark companies: Lenovo Zhixiang, Jianmin Pharmaceutical, Zhan Yan, and Heidi Garden. At the same time, under the witness of industry-university-research institutions such as the China Federation of Logistics and Purchasing, the China Service Trade Association, and Beijing Jiaotong University, the company officially launched the "Supply Chain + AI Ecological Alliance," which will focus on three major directions in the future: innovation accelerators, value communities, and future new ecosystems, to create an open and win-win smart supply chain ecosystem