Dmall Inc.'s Robust Growth and Strategic Initiatives Drive Buy RatingWe maintain our financial forecast and target price of HK$16.00 (based on 6x FY25E EV/sales). Maintain BUY. Solid revenue growth across business lines. By segment: 1) Revenue from AI retail core solution increased by 16% 1H25, mainly driven by growth of client base (+13% YoY to 319 customers). Dmall signed several key accounts in 1H25, such as Wuika Times. The company also expanded its cooperation with existing customers like Pangdonglai and Lawson China. 2) Revenue from AI retail value-added service grew by 14% 1H25, primarily attributable to the deepening cooperation with existing customers in areas like intelligent loss prevention, remote monitoring, and intelligent cashier. The company also signed new client Xinjiang Aijia in 1H25. AI to empower retail solutions and enhance internal efficiency.