688329.SH

The evidence set is entirely composed of CNINFO filing headlines — 艾隆科技's 2025 annual report and summary, the 2026 Q1 report, the 2026 half-year report and summary, plus the exchange's 2025 annual-report information-disclosure inquiry letter and 立信's audit-firm reply to that inquiry — all marked neutral/medium and machine-passed rather than human-reviewed, with no reported figures, segment data, guidance, backlog, or margin detail extracted. Nothing in them quantifies revenue growth, EBITDA, or margin, so no year's growth or margin can be justified above or below the current curve on the basis of these documents. The only qualitative signal is the existence of a regulatory inquiry letter into the 2025 annual report (with an auditor response), which is a scrutiny/uncertainty flag rather than support for accelerating the top line; absent any numeric content it does not justify cutting the path either. I therefore revert every year toward the supplied current curve: growth decaying from 25.0% toward 2.5% in Y9 (inside the 4.0% terminal cap) and EBITDA margin climbing from 3.78% (consistent with the latest ~3.8% operating margin) toward, but not beyond, the 20.0% category-normal level — I do not assume any margin recovery faster than the existing curve, since the evidence is silent. These are placeholders pending human review of the actual filing contents.

• Y1 · FY2026 — No numeric content in the 2025 annual report, 2026 Q1 or 2026 half-year headlines, so growth stays at the current-curve 25.0% and margin at 3.78%, in line with the latest ~3.8% operating margin; the annual-report inquiry letter is noted only as an uncertainty flag.
• Y2 · FY2027 — Evidence silent on segment mix or orders; reverting to the current curve's 22.19% growth and 5.81% margin. The auditor reply to the exchange inquiry contains no margin or revenue figures to justify a deviation.
• Y3 · FY2028 — No guidance or contract data in any of the supplied filings; growth held at 19.38% and margin at 7.84% per the current curve rather than assumed higher on the improving-margin trend alone.
• Y4 · FY2029 — Annual report, Q1 and half-year headlines provide no quantified outlook; reverting to 16.56% growth and 9.86% margin. No margin recovery beyond the existing curve is assumed.
• Y5 · FY2030 — Evidence is silent, so mid-horizon growth stays at 13.75% and margin at 11.89%; the regulatory inquiry into the 2025 annual report argues against extrapolating any acceleration.
• Y6 · FY2031 — No filing detail on revenue drivers or cost structure; reverting to 10.94% growth and 13.92% margin from the current curve, with margin still well below the 20% category norm.
• Y7 · FY2032 — Nothing in the CNINFO disclosures supports changing the late-horizon path; growth held at 8.12% and margin at 15.95%, continuing the gradual approach toward — not a jump to — the category-normal margin.
• Y8 · FY2033 — Evidence silent on terminal conditions; reverting to 5.31% growth and 17.97% margin. The inquiry letter and auditor reply give no basis for a steeper margin ramp.
• Y9 · FY2034 — Final year held at the current curve's 2.5% growth, comfortably under the 4.0% terminal cap, with margin at the 20.0% category-normal level; no evidence justifies exceeding that ceiling.