Guotai Junan Securities: Maintains a "buy" rating on Yonyou Network, with a target price of 18.82 yuan.

Guotai Haitong Securities research report pointed out that UF Network's revenue for the first half of 2025 is expected to be between 35.6-36.4 billion yuan, but Q2 saw significant improvement in a single quarter, achieving revenue of 21.82-22.62 billion yuan, with contract signings in Q2 increasing by over 18% year-on-year, and a nearly 8% cumulative increase in the first half of the year, demonstrating the momentum of business recovery and laying a foundation for growth in the second half of the year. Operating cash flow in Q2 achieved a net inflow, improving by approximately 3.2 billion yuan year-on-year, with a cumulative year-on-year improvement of around 6 billion yuan in the first half of the year, effectively enhancing the quality of operations. The company's Q2 performance demonstrates the momentum of business recovery and further improvement in operational quality. Benefitting from the continuous iteration and upgrade of AI large models, the company is promoting the rapid implementation of a new paradigm for enterprise-level AI applications. With reference to comparable companies, considering the progress of AI products and financial performance, the company is given a target price of 18.82 yuan with a dynamic PS of 6.5 times for 2025, maintaining a "hold" rating.