Glodon Co. (002410.SZ): Diversification into new end-markets and product mix upgrade; Rising orders from AI native tools; Sell

With the upgrade of new lists for construction-cost/management, clients have a growing need for digital tools supported by high-quality data. The company's 2Q26 revenues were down 8% YoY amid muted growth from clients, with slower growth of construction-cost and management business at -6.5%/-5.5% YoY in 2026E/27E. Glodon's 2Q26 GM was improved to 88.1% (vs. 86.7% in 1Q26), supported by its product mix upgrade towards software and cost management. Looking into 2H, the company continues to prioritize the (1) cost business industry expansion to industrial, infrastructure etc.;