CTJ reported 1H26 revenue of RMB267mn, +11.26% YoY, and an attributable net loss of RMB15mn, narrowing sharply from RMB48mn in 1H25. The earnings improvement was mainly driven by steady growth in electronic payment, continued deployment of digital-intelligence services for government and enterprise clients, tighter expense control, and AI-enabled efficiency gains. We expect continued domestic technology substitution and government and enterprise digitalization to support business scale-up and drive an earnings turnaround. Maintain BUY.
Digitalization supports growth; operating cash flow improves
The company generated revenue of RMB267mn in 1H26, +11.26% YoY. Electronic payment revenue increased 7.51% YoY to RMB164mn, with gross margin at 52.37% (-6.22pp YoY). Revenue from digital-intelligence services for government and enterprise clients rose 53.49% YoY to RMB47mn, with gross margin at 52.67% (-0.96pp YoY), driven by the gradual rollout of services including digital trademarks and the medical insurance wallet. Smart public finance revenue increased 7.11% YoY to RMB52mn, with gross margin at 42.66% (-3.83pp YoY). Attributable net loss narrowed from RMB48mn in 1H25 to RMB15mn in 1H26, supported by rapid revenue growth in higher-margin businesses such as government and enterprise digital intelligence and an improving business mix. Net operating cash outflow also narrowed to RMB116mn from RMB157mn in 1H25. As digital reform advances, continued deployment of smart public finance and digital government services could become new earnings drivers and support a return to profitability.
E-pay grows steadily as intelligence transformation advances
Electronic payment revenue increased 7.51% YoY to RMB164mn in 1H26. The company’s electronic treasury centralized payment services have cumulatively covered the Ministry of Finance, 32 provincial-level finance authorities, and more than 28,000 bank outlets. CTJ is integrating the digital renminbi into existing fiscal payment systems while upgrading its treasury centralized payment solutions for compatibility with domestic technology ecosystems. The company has also launched pilots across several regions for closed-loop, full-process management of fiscal funds using digital renminbi smart contracts. In addition, its core electronic voucher repository product now covers finance authorities at all levels nationwide.
Earnings forecast and valuation
We maintain our 2026–28E attributable NP forecasts of RMB154mn / RMB243mn / RMB349mn, corresponding to EPS of RMB0.43 / RMB0.68 / RMB0.98. Comparable companies are trading at 42x 2026E PE based on iFinD consensus. Given the greater earnings upside from a potential turnaround in 2026, we apply 50.4x 2026E PE, representing a 20% premium to peers (previously 80%; we lower the premium as turnaround expectations have partly materialized). We derive a target price of RMB21.67 (previously RMB35.97, based on 83x 2026E PE). The target-price revision mainly reflects the change in the average peer valuation. We remain positive on the growth prospects of the company’s new businesses. Maintain BUY.
Risks: slower-than-expected implementation of fiscal policies, intensifying market competition.

　　中科江南发布2026年中期业绩公告：2026H1营收2.67亿元，同比+11.26%；归母净利润-0.15亿元，去年同期为-0.48亿元，亏损大幅收窄。公司利润边际改善主要受益于支付电子化业务稳步增长，政企数智服务持续落地，费用管控和AI增效明显。我们认为，伴随国产化、政企数字化战略持续推进，公司有望顺应政策实现业务放量，扭亏为盈，维持买入评级。
　　数字化趋势助推业绩增长，经营性现金流边际改善
　　公司2026H1实现收入2.67亿元，同比+11.26%，其中，支付电子化业务收入1.64亿元，同比+7.51%，毛利率达52.37%，同比-6.22pct；政企数智化业务收入0.47亿元，同比+53.49%，毛利率达52.67%，同比-0.96pct，业务高增受益于数字商标、医保钱包等服务逐步落地；智慧财政业务收入0.52亿元，同比+7.11%，毛利率达42.66%，同比-3.83pct。公司26H1利润亏损收窄，由去年的-0.48亿元缩窄至-0.15亿元，受益于政企数智化等高毛利业务营收高增，业务结构改善；经营活动现金流-1.16亿元，去年同期为-1.57亿元。我们认为，伴随数字化改革推进，智慧财政、数字政务持续落地，将形成新的业绩增长点，公司利润有望扭亏为盈。
　　智能化转型持续推进，支付电子化业务稳步增长
　　公司26H1支付电子化业务实现收入1.64亿元，同比+7.51%。公司国库集中支付电子化业务累计覆盖财政部及32个省级财政单位和2.8万余家银行网点，将数字人民币融入财政现有支付体系，同步推进国库集中支付电子化国产适配升级，目前公司已在多地财政业务场景中开展基于数字人民币智能合约的财政资金全流程闭环试点。此外，公司核心产品电子凭证库业已覆盖全国各级财政。
　　智慧财政实现AI升级，政企数智布局成效显现
　　公司26H1智慧财政业务收入0.52亿元，同比+7.11%，政企数智化业务收入0.47亿元，同比+53.49%。公司顺应AI发展趋势，聚焦财政垂直大模型和AI智能体矩阵建设，前者整合财政全域数据、政策法规知识和智能算法模型，具备资金流转、风险预警和报告生成等核心能力；后者涵盖AI审核助手、预算编审、绩效管控、投资评审等工具，赋能绩效管理、财会监督等领域。公司布局的医保钱包、数字商标等逐步落地，医保数字化拓展异地就医、额度管理、资金清算等场景，医保基金收支监测预警项目已在部分省份上线；依托大数据等完善商标数字化支撑体系，提升商标审查智能化水平。此外，公司消费品以旧换新平台与全国中央平台对接，实现多品类补贴数据双向互通，提高以旧换新资金审核效率。
　　盈利预测与估值
　　维持盈利预测，预计公司26-28年归母净利为1.54/2.43/3.49亿，对应EPS为0.43/0.68/0.98元。可比公司26PE为42倍（iFinD），我们预计公司2026年困境反转有望实现更高的业绩弹性，因此给予公司2026年目标PE50.4倍，给予20%估值溢价（前值为80%，相对下调主要考虑到反转预期部分兑现），对应目标价21.67元（前值35.97元，对应26PE83倍）。目标价变动主要因可比公司平均估值变动所致。我们看好公司新业务未来的增长前景，维持买入评级。
　　风险提示：财政政策推进不及预期，市场竞争加剧等风险。

For 1Q26,revenue was RMB99mn(+14.78%YoY);attributable net loss/recurring net loss were RMB25.07/25.66mn,narrowing by 45.19/44.20%YoY.Net operating cash flow fell by 6.23%YoY to-RMB123mn,and we attribute the outflow uptick mainly to accrued bonus payments and increased procurement payments.Earnings and revenue in 1Q26 continued the recovery seen since 4Q25.We are optimistic about AI empowering the company's traditional businesses and the growth prospects of new businesses such as smart healthcare insurance and electronic vouchers.Maintain BUY.
Revenue recovery continued from 4Q25 into 1Q26
Due to tight local government fiscal expenditure over the past two years,the company's quarterly revenue had been on the decline YoY since 2Q24 until it resumed growth in 4Q25.In 1Q26,revenue recovery continued(1Q25/2Q25/3Q25/4Q25/1Q26 revenue:-34.20/-33.86/-4.66/+39.94/+14.78%YoY).The company continued to strengthen expense control in 1Q26.The overall/sales/administrative/R&D expense ratios were 69.87/18.75/12.80/42.91%(-36.59/-12.68/-1.40/-26.73pp YoY).In 1Q26,GPM remained high and stable at 46.12%(-1.11pp YoY).
Electronic payment business to remain sound
We expect the traditional electronic payment business to maintain steady growth,driven by its high market share and continuous function upgrades,such as expanding into new applications like non-tax payments to the treasury,reconciliation,and electronic social security funds.The smart finance business is expected to resume growth through deep integration with AI.In 2026,the company will fully launch the construction of avertical large model in the fiscal sector.The goal is to upgrade AI from an auxiliary tool to a"fiscal decision-making intelligent agent"covering core scenarios like zero-based budgeting,performance management,and local debt,deeply empowering its main business.
New businesses enter monetization
In 2026,the company's new businesses have been gradually entering monetization.1)Smart healthcare insurance:The company is deeply involved in healthcare insurance construction across over 100 cities in more than 10 provinces.The healthcare insurance wallet basically achieved unified national application in 2025,marking the initial success of its business model.It also provides healthcare insurance fund revenue and expenditure monitoring and early warning services for six pilot provinces.2)Electronic accounting vouchers:This represents afundamental change in the accounting field with broad market space.In 2025,the company pushed the transition of this business from one-off projects to aSaaS subscription model.The SaaS model has been validated in some regions and is expected to contribute subscription revenue in 2026.3)Digital RMB:As digital RMB upgrades from a"cash M0"to an"account M1"system,the company leverages its nationwide electronic payment network to build natural advantages and high barriers in providing comprehensive solutions for"fund management+smart contracts+fund supervision".
Earnings forecasts and valuation
We maintain our earnings forecasts and project 2026/2027/2028 attributable NP of RMB154/243/349mn.We expect the company to deliver stronger earnings upsides in 2026 following aturnaround.Therefore,we value the stock at 83x 2026E PE,implying an unchanged premium over its peers'average of 46x on Wind consensus.To align with peers'higher average valuation,we update our target price to RMB35.97(previous:RMB28.35,based on 65x 2026E PE).We are optimistic about the growth prospects of the company's new businesses.Maintain BUY.
Risks:Fiscal policy implementation falling short of our expectations,intensified competition,and other related risks.

　　中科江南发布一季报，26Q1实现营收0.99亿元（yoy+14.78%），归母净利-2506.75万元，同比减亏45.19%；扣非净利-2566.17万元，同比减亏44.20%，经营性净现金流为-1.23亿元（yoy-6.23%），流出小幅增多，主要因支付已计提奖金及采购款增加所致。公司26Q1营收和利润延续了25Q4以来的复苏态势，看好AI为公司传统业务赋能及智慧医保、电子凭证等新业务的发展前景，维持买入。
　　26Q1营收延续25Q4复苏态势，费用管控加强驱动业绩快速增长
　　因近两年地方政府财政支出紧张，24Q2以来公司季度营收同比增速持续下滑，直至25Q4营收同比增速转正，26Q1营收增长延续了复苏态势。25Q1-26Q1营收同比增速为-34.20%/-33.86%/-4.66%/39.94%/14.78%。26Q1公司继续加强费用管控，期间费用率/销售费用率/管理费用率/研发费用率分别为69.87%/18.75%/12.80%/42.91%，同比变动-36.59/-12.68/-1.4/-26.73pct。26Q1公司毛利率46.12%（yoy-1.11pct），整体保持高位稳定。
　　支付电子化业务预计保持稳定，AI赋能智慧财政业务
　　公司传统业务支付电子化凭借较高的市场份额及持续的功能升级，如拓展非税缴库、对账、社保基金电子化等新应用，我们预计将保持稳健增长。智慧财政业务通过与AI深度融合有望恢复增长，26年公司将全面启动财政领域垂直大模型建设，目标是将AI从辅助工具升级为覆盖零基预算、绩效管理、地方债务等核心场景的“财政决策智能体”，深度赋能主业。
　　会计电子凭证、医保、数字人民币等新业务进入收获期
　　展望26年，公司新业务陆续进入收获期。1）智慧医保：公司深度参与10余个省份上百个城市的医保建设，医保钱包已于25年基本实现全国统一应用，商业模式初步成功。并为6个试点省份提供医保基金收支监测预警服务；2）会计电子凭证是财会领域的基础性变革，市场空间广阔。25年公司正推动该业务从一次性项目向SaaS订阅模式转型，SaaS服务模式已在部分地区得到验证，26年有望贡献一定的订阅收入。3）数字人民币从“现金M0”升级为“账户M1”体系，公司凭借覆盖全国的支付电子化网络，在提供“资金管理+智能合约+资金监管”综合解决方案上具备天然优势和较高壁垒。
　　盈利预测与估值
　　维持盈利预测，预计公司26-28年归母净利为1.54/2.43/3.49亿。可比公司26PE为46倍（Wind），我们预计公司2026年困境反转有望实现更高的业绩弹性，因此给予公司2026年目标PE83倍，维持估值溢价率不变，对应目标价35.97元（前值28.35元，对应26PE65倍）。目标价变动主要因可比公司平均估值变动所致。我们看好公司新业务未来的增长前景，维持买入评级。
　　风险提示：财政政策推进不及预期，市场竞争加剧等风险。