Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company has shown significant improvement in Q3 performance, with expectations for further enhancement in Q4, driven by a focus on AI large model applications, 5G private networks, and digital operations [7]. - The company has become a "Capability Center" for Alibaba Cloud, enhancing its growth potential in AI applications and delivery [7]. - The company is expected to achieve a net profit of 4.28 billion, 6.48 billion, and 7.16 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 17.3, 11.4, and 10.3 [7]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 3.968 billion yuan and a net loss of approximately 177 million yuan, which narrows to about 10 million yuan when excluding one-time severance costs [1]. - The company’s total assets are approximately 9.219 billion yuan, with net assets around 6.14 billion yuan [1]. - The company’s revenue from AI large model applications and delivery surged to over 75 million yuan in Q3, marking a 26-fold year-on-year increase [7]. Market Position - The company is deeply involved in the Alibaba Cloud ecosystem, which is a leading player in the AI infrastructure market in China, holding a 23% market share in AI IaaS [10]. - The company ranks sixth in the list of large model application delivery vendors in China, indicating a strong competitive position in the market [27]. Financial Projections - The company’s total revenue is projected to be 7.913 billion yuan in 2023, with a slight decline to 6.646 billion yuan in 2024, followed by a recovery to 6.769 billion yuan in 2025 [29]. - The expected net profit for 2025 is 428 million yuan, with a projected growth of 51% in 2026 [29].

Core Viewpoint - The company reported a significant improvement in revenue decline and a notable reduction in net loss for the first three quarters of 2025, with expectations for a strong performance in Q4 2025, driven by strategic focus on AI applications, 5G networks, and cost control measures [1][2] Financial Performance - For the nine months ending September 30, 2025, the company recorded revenue of approximately RMB 3.968 billion and a net loss of about RMB 177 million, which, excluding one-time severance costs, results in a net loss of approximately RMB 10 million [1] - Total assets as of September 30, 2025, were approximately RMB 9.219 billion, with net assets of about RMB 6.140 billion [1] - The revenue decline for the first three quarters showed significant improvement compared to the first half of the year, and the net loss narrowed considerably [1] Business Strategy and Growth Drivers - The company is focusing on three main growth engines: AI large model applications and delivery, 5G private networks and applications, and intelligent operations, accelerating the signing of contracts [1][2] - The company has established a sustainable delivery system for large models, achieving over RMB 75 million in revenue from AI applications, a 26-fold year-on-year increase, with orders exceeding RMB 150 million [2] - Partnerships with major companies like Alibaba Cloud, NVIDIA, and Baidu Cloud have been strengthened, particularly in joint product development and market expansion [2] Industry Applications and Projects - The company has developed benchmark cases in various industries, including energy, transportation, manufacturing, and smart retail, completing over 200 projects and serving numerous leading clients [2] Future Outlook - The company plans to maintain a steady development strategy, ensuring stability in its ICT support business while accelerating growth in AI applications, 5G networks, and intelligent operations to achieve higher quality development [2]

Core Insights - The company reported a revenue of approximately RMB 3.968 billion and a net loss of about RMB 177 million for the nine months ending September 30, 2025, with a significant improvement in revenue decline compared to the first half of the year [1] - The company expects a significant performance improvement in Q4 2025 compared to Q3, with a focus on AI large model applications, 5G private networks, and digital intelligence operations as key growth drivers [1][2] Financial Performance - Total assets as of September 30, 2025, were approximately RMB 9.219 billion, and net assets were about RMB 6.140 billion [1] - The net loss, excluding one-time severance compensation due to personnel optimization, was approximately RMB 10 million, indicating a near break-even situation [1] Business Development - The company has intensified its efforts in AI large model applications, achieving over RMB 75 million in revenue for the first three quarters, a 26-fold year-on-year increase, and nearly tripling growth compared to the first half of the year [2] - The order volume surpassed RMB 150 million, indicating a robust pipeline of business opportunities [2] Strategic Partnerships - The company has deepened collaborations with major partners such as Alibaba Cloud, NVIDIA, Baidu Cloud, and AsiaInfo Security, particularly becoming a capability center for Alibaba Cloud [2] - Joint product development and market expansion efforts are focused on AI large model security and integrated AI solutions [2] Industry Applications - The company has established benchmark cases in various industries, including energy, transportation, industrial manufacturing, and smart retail, with over 200 projects serving numerous leading clients [2] Future Outlook - The company aims to maintain a steady yet progressive development strategy, solidifying its foundation in the telecommunications industry while accelerating growth in AI large model applications, 5G private networks, and digital intelligence operations [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 AsiaInfo Technologies Limited 亞信科技控股有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1675） 內幕消息 截至2025年9月30日止九個月之 若干未經審核主要財務資料及經營情況 – 1 – 本集團2025年前三季度累計收入降幅較上半年大幅改善，淨虧損較上半年顯著收 窄，剔除因人員優化的一次性補償後基本實現盈虧平衡，並預計2025年第四季度業 績顯著優於第三季度，全年業績剔除因人員優化的一次性補償後較上年相比保持穩 健，主要因素包括：(1)公司持續聚焦AI大模型應用與交付、5G專網與應用、數智 運營三大增長引擎，加快簽單節奏；(2)本集團客戶集中於國央企客戶領域，相關客 戶通常實行集中採購制度和預算管理制度，其採購活動具有顯著季節性，因此本集 團經營業績亦存在一定的季節性特徵，通常收入和利潤以下半年（尤其是第四季度） 為主；及(3)本集團通過成熟的成本管控 ...

Group 1 - The event on October 17 involved over sixty students and teachers from Beijing University of Aeronautics and Astronautics and Beijing City University visiting the Zhongguancun Software Park, highlighting the integration of technology and culture in the area [1][2][4] - Zhongguancun Software Park is recognized as a high-end specialized park within the national independent innovation demonstration zone, housing over 700 renowned IT companies and global R&D centers, focusing on areas such as artificial intelligence, quantum technology, cloud computing, and big data [5][8] - The park serves as a vibrant hub for innovation, showcasing the latest technological advancements and their applications in various fields, which is crucial for students' understanding of the intersection between their studies and real-world technology [7][9] Group 2 - Students experienced hands-on applications of high-tech innovations, such as AI voice imitation technology and virtual imaging, which enhanced their understanding of the practical implications of their academic knowledge [4][5][6] - The event provided students with insights into how emerging technologies can address societal issues, such as the use of technology to assist elderly individuals in case of falls, demonstrating the potential for technology to improve quality of life [7][8] - The integration of AI in various fields, including biomedicine, was emphasized, with students exploring the potential for AI to enhance their future careers and research opportunities [8][9]

Core Viewpoint - The article emphasizes the importance of strengthening the role of enterprises in technological innovation within Jiangsu Province, as highlighted by the proposal from the Jiangsu Provincial Committee of the Democratic Progressive Party [1]. Group 1: Proposal and Research - The proposal focuses on enhancing the status of enterprises as the main body of technological innovation in the province [1]. - A field investigation was conducted at Asim Technology (Nanjing) Co., Ltd. and Jiangsu Nioao Optoelectronic Technology Co., Ltd. to understand their current work situation [1]. Group 2: Government and Committee Actions - The provincial government departments, including the Provincial Department of Science and Technology and the Provincial Department of Industry and Information Technology, provided updates on the handling of the proposal [1]. - Committee members offered suggestions on how to reinforce the role of enterprises in technological innovation during the meeting [1]. Group 3: Strategic Importance - The article highlights the need to deeply understand and implement General Secretary Xi Jinping's important discourse on strengthening the role of enterprises in technological innovation [1]. - It stresses the significance of focusing on key areas such as technology decision-making, R&D investment, research organization, and the transformation of scientific achievements [1]. Group 4: Future Directions - There is a call for deeper integration of industry, academia, and research led by enterprises to enhance the conversion and industrialization of technological achievements [1]. - The article advocates for active research and suggestions to support high-quality development and the reform of the education and technology talent system [1].

Core Viewpoint - The 2025 China Mobile Global Partner Conference showcased the collaboration between AsiaInfo Technology and China Mobile, highlighting advancements in AI-native RAN base stations and digital ontology platforms, emphasizing the integration of communication and AI technologies [1][17][19]. Group 1: Event Overview - The conference took place from October 10 to 12, focusing on "Carbon-Silicon Symbiosis and Co-creating the AI+ Era" [1]. - AsiaInfo Technology, as a strategic partner of China Mobile, presented its products and services, including "network, data, intelligence, and security" [1][5]. - Key leaders from various sectors, including government and industry associations, attended the event, enhancing networking opportunities [2][6]. Group 2: Strategic Collaboration - AsiaInfo Technology has been collaborating with China Mobile since 1999, marking 26 years of partnership that has evolved from communication support systems to empowering various industries through ICT technology [5][24]. - The partnership has established a model of industry collaboration and complementary advantages in China [5]. Group 3: Product Launches - The AI-native RAN base station product was launched, designed to enhance the integration of communication and AI capabilities, enabling dynamic sharing of computing power and intelligent services within wireless networks [19]. - The digital ontology platform was introduced, capable of abstracting raw data into semantic models for real-time business data processing, facilitating simulation and automated decision-making [20]. Group 4: Industry Applications - AsiaInfo Technology showcased its capabilities in various sectors, including communication, energy, transportation, and government, demonstrating its comprehensive digital transformation services [24][26]. - The company has developed a full-cycle service support system for large model applications, addressing the needs of vertical industries [24]. Group 5: Future Directions - The collaboration between AsiaInfo Technology and China Mobile is expected to expand with the continuous innovation of AI and big data technologies, contributing to the digital transformation of industries in China [27]. - AsiaInfo Technology aims to enhance its role in China Mobile's digital transformation initiatives, supporting business capability upgrades and operational improvements [27].

Group 1 - The "2025 Second Hydrogen Industry Conference (CHIF2nd)" was held on October 10 in Shanghai, aiming to gather global experts to discuss the latest trends, technological challenges, and solutions in the hydrogen industry, promoting high-quality development [1] - According to Guotai Junan, hydrogen energy is seen as a key tool for reducing carbon dioxide emissions in the industrial sector and will become crucial for energy transition, attracting capital market attention to the hydrogen sector [1] - The hydrogen industry chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with nearly 100 hydrogen-related listed companies in the A-share market [1] Group 2 - Huayuan Securities indicates that with declining electricity prices, rising carbon prices, policy support, and increasing orders for green fuels, the construction rate of green hydrogen projects is expected to gradually increase [2] - The upstream electrolyzer industry is anticipated to move out of the "involution" phase, with a recommendation to focus on companies like Huadian Technology and Huaguang Huaneng [2] - As the cost of green hydrogen decreases, its penetration in transportation and industrial sectors is expected to improve, with recommendations to pay attention to fuel cell-related companies such as Guohong Hydrogen Energy, Guofu Hydrogen Energy, and Reformed Energy [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 亞信科技控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01675 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000,000 | HKD | 0.0000000125 | HKD | | 10,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 800,000,000,000 | HKD | 0.0000000125 | HKD | | 10,000 | 本月底法定/註冊股本總額： H ...

Summary of the Conference Call for AsiaInfo Technology Company and Industry Overview - **Company**: AsiaInfo Technology - **Industry**: AI and Cloud Computing, specifically focusing on large model applications and cloud services Key Points and Arguments 1. **Recognition as Alibaba Cloud Capability Center**: AsiaInfo Technology has been recognized as a capability center by Alibaba Cloud, highlighting its strong position in the industry as the only company without an equity partnership to receive this honor [2][3] 2. **Successful Project Delivery**: Since June 2023, AsiaInfo has completed approximately 300 projects in collaboration with Alibaba, achieving a success rate exceeding 90% and high customer satisfaction, indicating a positive market trend [2][4] 3. **Expansion of Business Scope**: The designation as a capability center allows AsiaInfo to expand its services beyond large model application delivery to include installation, operation, and maintenance of intelligent computing centers and integrated machine services [6][13] 4. **Breakthroughs in Energy Sector**: AsiaInfo has made significant progress in applying large models within the energy sector, successfully implementing projects with major entities like State Grid and Sinopec, and is responsible for many scenarios outlined in the National Development and Reform Commission's guidelines [7][8] 5. **Future Growth Projections**: The company anticipates a surge in business opportunities in 2025, with weekly new opportunities equivalent to the total from the previous half-year and monthly opportunities surpassing the entire previous year [9][14] 6. **International Expansion Strategy**: AsiaInfo is pursuing an international strategy by collaborating with national sovereign large models, starting with Malaysia, and plans to replicate successful domestic cases abroad [10][11] 7. **Collaboration with NVIDIA**: The partnership with NVIDIA aims to implement Omniverse physical AI in smart factories, enhancing production efficiency for manufacturing clients [4][12] 8. **Revenue and Order Growth**: For 2025, AsiaInfo targets total order revenue between 200 million to 300 million yuan, with a significant increase in orders expected in the second half of the year [14][20] 9. **SaaS Product Development**: AsiaInfo is developing SaaS products aimed at small and medium enterprises, such as bidding and marketing assistants, to broaden its customer base and improve profitability [21] Additional Important Insights 1. **High Customer Retention**: The company reports a high repurchase rate, with many clients entering long-term service agreements after initial project deliveries, reflecting strong customer satisfaction [8][14] 2. **Competitive Landscape**: AsiaInfo emphasizes the importance of technological capability and sustained investment in the competitive landscape of AI large models, particularly in relation to Alibaba Cloud's independent technology development [18][19] 3. **Profit Margins**: The gross profit margin for AI application projects varies, with initial phases around 20% and increasing to over 30% in later stages as trust and understanding of the industry deepen [20] 4. **Focus on High-Potential Markets**: The company plans to concentrate on high-potential markets and vertical industries, particularly in energy, communication, and transportation, to enhance operational effectiveness and achieve breakeven [9][16] This summary encapsulates the critical insights and developments discussed during the conference call, providing a comprehensive overview of AsiaInfo Technology's current status and future outlook in the AI and cloud computing industry.