Group 1 - The report highlights that national top-level policies are guiding the rapid development of six key areas in "AI+ applications" as outlined in the State Council's opinion released on August 26, 2025 [2][8] - The six key areas include "AI+" in scientific technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2][8] - By 2027, it is expected that AI will be widely integrated into these six areas, with the application penetration rate of new intelligent terminals exceeding 70% [9] Group 2 - The report identifies 50 representative stocks across A-shares, Hong Kong stocks, and US-listed Chinese companies that are actively engaged in "AI+ applications" within the six key areas [3] - Key recommended stocks include: - Shuanghuan Transmission (002472.SZ) for AI+ industrialization and intelligent robotics - Orbbec (688322.SH) for AI+ hardware - Shengye (6069.HK) for AI+ supply chain finance [3] - Stocks to watch include: - Xindong Company (2400.HK) for AI+ gaming - Huazhu Gaoke (688433.SH) for AI+ intelligent manufacturing - Guodun Quantum (688027.SH) for AI+ quantum technology [3] Group 3 - The report elaborates on the "AI+" scientific technology direction, which includes accelerating scientific discovery processes, driving innovation in technology research and development models, and innovating social science research methods [12][17][24] - Specific companies mentioned in the "AI+" scientific technology sector include: - iFlytek (002230.SZ) focusing on AI core technology and applications in various fields [13] - Zhongke Shuguang (603019.SH) emphasizing AI-driven digital infrastructure [13] - BGI Genomics (688114.SH) integrating AI into life sciences [13] Group 4 - The "AI+" industrial development direction aims to cultivate new intelligent native models and promote the intelligent transformation of traditional industries [28] - Companies highlighted in this sector include: - Daotong Technology (688208.SH) for AI+ automotive diagnostics [30] - Dingjie Smart (300378.SZ) for AI+ manufacturing digitalization [30] - Huichan Co., Ltd. (688500.SH) for AI+ data intelligence [30] Group 5 - The "AI+" consumer quality enhancement direction focuses on expanding service consumption scenarios and improving the quality of life services [49] - Companies in this area include: - Xindong Company (2400.HK) for AI+ gaming [51] - Giant Network (002558.SZ) integrating AI into core gaming products [51] - Perfect World (002624.SZ) utilizing AI tools in game development [51]

Core Insights - The company reported a revenue of 1,466,777,983.40 yuan for the third quarter of 2025, representing a year-on-year growth of 28.92% [1] - The net profit attributable to shareholders of the listed company was 50,195,539.49 yuan, showing a year-on-year increase of 10.81% [1] Financial Performance - Revenue for Q3 2025: 1,466,777,983.40 yuan, up 28.92% year-on-year [1] - Net profit for Q3 2025: 50,195,539.49 yuan, up 10.81% year-on-year [1]

Core Insights - The company reported a revenue of 4.599 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.32% [1] - The net profit attributable to shareholders decreased to 145 million yuan, reflecting a year-on-year decline of 8.28% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 123 million yuan, showing a year-on-year decrease of 10.80% [1]

证券代码：600602 证券简称：云赛智联 编号：临 2025-037 900901 云赛 B 股 云赛智联股份有限公司 十二届二十一次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 云赛智联股份有限公司（以下简称：云赛智联、公司）董事会十二届二十 一次会议书面通知于2025年10月13日发出，并于2025年10月17日以通讯表决方 式召开会议。会议应出席董事6人，实际出席董事6人。会议由公司董事长黄金 刚先生主持，公司高级管理人员列席了本次会议。本次会议符合《公司法》、 《上海证券交易所股票上市规则》和《公司章程》等有关法律、法规的要求， 所做决议合法有效。 会议审议并通过了《云赛智联2025年第三季度报告》。 该报告已经公司董事会审计与合规委员会审议通过。 表决结果：6票赞成，0票反对，0票弃权。 详见同日披露的《云赛智联2025年第三季度报告》。 特此公告。 云赛智联股份有限公司董事会 二〇二五年十月十八日 ...

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides an important notice regarding the responsibility for the report's content and the unaudited nature of the financial statements [Important Notice](index=1&type=section&id=Important%20Notice) This report emphasizes the legal responsibility of the company's board of directors and senior management for the truthfulness, accuracy, and completeness of the quarterly report content, also stating that the quarterly financial statements are unaudited - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[2](index=2&type=chunk)[3](index=3&type=chunk) - The company's principal officer, head of accounting, and head of the accounting department (accounting supervisor) guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3](index=3&type=chunk) - The third-quarter financial statements are unaudited[3](index=3&type=chunk) [Key Financial Data](index=2&type=section&id=I.%20Key%20Financial%20Data) This section presents the company's main accounting data, financial indicators, non-recurring gains and losses, and explanations for significant changes [Main Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20Main%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2025, the company's operating revenue increased by **28.92%** year-on-year, and net profit attributable to parent company shareholders increased by **10.81%**, while year-to-date net profit and non-recurring net profit both declined, and total assets grew by **2.11%** from the end of the previous year Key Financial Indicators Year-on-Year Change (Q3 2025) | Indicator | Amount in Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,466,777,983.40 | 28.92 | | Total Profit | 61,022,358.75 | 17.62 | | Net Profit Attributable to Shareholders of Listed Company | 50,195,539.49 | 10.81 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 41,557,534.09 | -0.62 | | Basic Earnings Per Share (RMB/share) | 0.0367 | 10.88 | | Weighted Average Return on Net Assets (%) | 1.0422 | increased by 0.08 percentage points | Key Financial Indicators Year-on-Year Change (Jan-Sep 2025) | Indicator | YTD Amount as of Reporting Period End (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 4,599,067,824.12 | 13.32 | | Total Profit | 174,100,178.18 | -6.43 | | Net Profit Attributable to Shareholders of Listed Company | 145,209,148.39 | -8.28 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 123,481,550.05 | -10.80 | | Net Cash Flow from Operating Activities | -322,263,230.69 | N/A | | Basic Earnings Per Share (RMB/share) | 0.1062 | -8.29 | | Weighted Average Return on Net Assets (%) | 3.0220 | decreased by 0.35 percentage points | Balance Sheet Status at Reporting Period End | Indicator | Amount at Reporting Period End (RMB) | Change from End of Previous Year (%) | | :--- | :--- | :--- | | Total Assets | 8,062,147,391.28 | 2.11 | | Owners' Equity Attributable to Shareholders of Listed Company | 4,820,905,280.48 | 0.91 | - The company completed the industrial and commercial change procedures on February 5, 2025, for its controlling subsidiary Shanghai Yidian Scientific Instrument Co., Ltd. to acquire **79.1991%** equity of Shanghai Yidian Analytical Instrument Co., Ltd., leading to retrospective adjustment or restatement of financial data[6](index=6&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=4&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **8.64 million RMB**, with a year-to-date cumulative of **21.73 million RMB**, primarily from government grants and gains/losses from disposal of non-current assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount in Current Period (RMB) | YTD Amount as of Reporting Period End (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 95,162.55 | -480,718.86 | | Government Grants Recognized in Current Period Profit/Loss | 9,842,850.28 | 27,075,906.04 | | Other Non-operating Income and Expenses Excluding the Above | 636,300.55 | 525,628.81 | | Less: Income Tax Impact | 1,552,226.67 | 3,925,223.34 | | Minority Interests Impact (After Tax) | 384,081.31 | 545,958.78 | | **Total** | **8,638,005.40** | **21,727,598.34** | [Changes and Reasons for Main Accounting Data and Financial Indicators](index=5&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20Changes%20and%20Reasons%20for%20Main%20Accounting%20Data%20and%20Financial%20Indicators) During the current reporting period, the company did not disclose significant changes or reasons for main accounting data and financial indicators requiring special attention - The company did not disclose changes and reasons for main accounting data and financial indicators[8](index=8&type=chunk) [Shareholder Information](index=5&type=section&id=II.%20Shareholder%20Information) This section details the total number of common shareholders and the shareholding status of the top ten shareholders [Total Number of Common Shareholders and Top Ten Shareholders' Shareholding](index=5&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders'%20Shareholding%20Table) As of the end of the reporting period, the company had **177,748** common shareholders and no preferred shareholders with restored voting rights, with the top two shareholders being state-owned legal entities Shanghai Yidian (Group) Co., Ltd. and Yunsai Information (Group) Co., Ltd., holding **28.03%** and **6.50%** respectively - Total number of common shareholders at the end of the reporting period: **177,748** accounts[9](index=9&type=chunk) - Total number of preferred shareholders with restored voting rights at the end of the reporting period: **0** accounts[9](index=9&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Shanghai Yidian (Group) Co., Ltd. | State-owned Legal Entity | 383,337,947 | 28.03 | | Yunsai Information (Group) Co., Ltd. | State-owned Legal Entity | 88,948,065 | 6.50 | | Hong Kong Securities Clearing Company Limited | Other | 7,400,841 | 0.54 | | Zhang Yijing | Domestic Natural Person | 7,222,740 | 0.53 | | Jin Zhangxian | Domestic Natural Person | 7,000,000 | 0.51 | - Shanghai Yidian (Group) Co., Ltd. holds **100%** of Yunsai Information (Group) Co., Ltd., making them related legal entities[10](index=10&type=chunk) [Other Reminders](index=6&type=section&id=III.%20Other%20Reminders) During the current reporting period, the company did not disclose other significant operating information requiring special attention from investors - The company did not disclose other important operating information for the reporting period that requires investor attention[11](index=11&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section includes the type of audit opinion and the company's unaudited consolidated financial statements for the quarter [Type of Audit Opinion](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E7%B1%BB%E5%9E%8B) The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited[3](index=3&type=chunk)[11](index=11&type=chunk) [Financial Statements](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's unaudited consolidated balance sheet, income statement, and cash flow statement, detailing the financial position and operating results as of September 30, 2025, and for the first three quarters of 2025 [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2025, the company's total assets were **8.06 billion RMB**, a **2.11%** increase from the end of 2024, with total current assets at **4.97 billion RMB**, total non-current assets at **3.09 billion RMB**, total liabilities at **3.14 billion RMB**, and total owners' equity at **4.92 billion RMB** Balance Sheet Key Data (September 30, 2025 vs December 31, 2024) | Item | September 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 8,062,147,391.28 | 7,895,815,288.63 | 2.11 | | Total Current Assets | 4,974,430,365.75 | 4,563,504,565.92 | 9.00 | | Total Non-current Assets | 3,087,717,025.53 | 3,332,310,722.71 | -7.34 | | Total Liabilities | 3,144,242,140.85 | 2,993,683,237.33 | 5.03 | | Total Owners' Equity | 4,917,905,250.43 | 4,902,132,051.30 | 0.32 | - Cash and cash equivalents decreased from **2.27 billion RMB** at the end of 2024 to **1.47 billion RMB** as of September 30, 2025[13](index=13&type=chunk) - Accounts receivable increased from **787 million RMB** at the end of 2024 to **999 million RMB**[13](index=13&type=chunk) - Inventories increased from **1.28 billion RMB** at the end of 2024 to **1.62 billion RMB**[13](index=13&type=chunk) [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2025, the company achieved total operating revenue of **4.60 billion RMB**, a **13.32%** year-on-year increase; net profit was **161 million RMB**, a **3.99%** year-on-year decrease; and net profit attributable to parent company shareholders was **145 million RMB**, an **8.28%** year-on-year decrease Income Statement Key Data (Jan-Sep 2025 vs Jan-Sep 2024) | Item | Jan-Sep 2025 (RMB) | Jan-Sep 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,599,067,824.12 | 4,058,350,551.30 | 13.32 | | Total Operating Costs | 4,444,419,961.30 | 3,894,020,781.31 | 14.13 | | Total Profit | 174,100,178.18 | 186,064,675.76 | -6.43 | | Net Profit | 161,014,676.28 | 167,716,282.90 | -3.99 | | Net Profit Attributable to Parent Company Shareholders | 145,209,148.39 | 158,324,493.88 | -8.28 | | Basic Earnings Per Share (RMB/share) | 0.1062 | 0.1158 | -8.29 | - Other income significantly increased from **16.77 million RMB** in the first three quarters of 2024 to **35.43 million RMB**[17](index=17&type=chunk) - Investment income turned from positive to negative, changing from **14.29 million RMB** in the first three quarters of 2024 to **-5.96 million RMB**[17](index=17&type=chunk) - Research and development expenses decreased year-on-year from **294 million RMB** to **260 million RMB**[17](index=17&type=chunk) [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2025, net cash flow from operating activities was **-322 million RMB**, further deteriorating from **-274 million RMB** in the prior year, while net cash flow from investing activities improved to **-153 million RMB** from **-842 million RMB**, and net cash flow from financing activities was **106 million RMB** compared to **-155 million RMB** in the prior year Cash Flow Statement Key Data (Jan-Sep 2025 vs Jan-Sep 2024) | Item | Jan-Sep 2025 (RMB) | Jan-Sep 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -322,263,230.69 | -273,766,445.26 | | Net Cash Flow from Investing Activities | -153,103,111.75 | -841,658,923.97 | | Net Cash Flow from Financing Activities | 106,389,306.61 | -154,564,602.77 | | Net Increase in Cash and Cash Equivalents | -369,116,019.65 | -1,270,057,255.75 | | Cash and Cash Equivalents at Period End | 1,033,914,393.24 | 837,773,959.79 | - Cash received from sales of goods and services increased by **11.07%** year-on-year[21](index=21&type=chunk) - Cash paid for goods and services increased by **14.60%** year-on-year[21](index=21&type=chunk) - Cash received from disposal of investments significantly decreased from **1.18 billion RMB** to **280 million RMB**, while cash paid for investments also significantly decreased from **1.88 billion RMB** to **300 million RMB**[21](index=21&type=chunk)

Core Insights - The company YunSai ZhiLian reported a revenue of 1.467 billion yuan for Q3 2025, representing a year-on-year growth of 28.92% [1] - The net profit attributable to shareholders for Q3 2025 was 50.1955 million yuan, showing a year-on-year increase of 10.81% [1] - Basic earnings per share for Q3 2025 were 0.0367 yuan [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.599 billion yuan, which is a year-on-year increase of 13.32% [1] - The net profit attributable to shareholders for the first three quarters was 145 million yuan, reflecting a year-on-year decline of 8.28% [1]

Core Viewpoint - YunSai ZhiLian (600602.SH) reported a revenue of 4.599 billion yuan for the first three quarters, reflecting a year-on-year growth of 13.32% while the net profit attributable to shareholders decreased by 8.28% [1] Financial Performance - The company achieved an operating income of 4.599 billion yuan, which is a 13.32% increase compared to the same period last year [1] - The net profit attributable to shareholders was 145 million yuan, showing a decline of 8.28% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 123 million yuan, down 10.80% year-on-year [1] - Basic earnings per share were reported at 0.1062 yuan [1]

Core Viewpoint - YunSai ZhiLian (600602.SH) reported a revenue of 4.599 billion yuan for the first three quarters, reflecting a year-on-year growth of 13.32% [1] - The net profit attributable to shareholders decreased by 8.28% to 145 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 10.80% to 123 million yuan [1] - Basic earnings per share stood at 0.1062 yuan [1] Financial Performance - Revenue for the first three quarters reached 4.599 billion yuan, marking a 13.32% increase year-on-year [1] - Net profit attributable to shareholders was 145 million yuan, down 8.28% compared to the previous year [1] - Net profit after excluding non-recurring items was 123 million yuan, a decline of 10.80% year-on-year [1] - Basic earnings per share recorded at 0.1062 yuan [1]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the third quarter, indicating strong performance despite a decline in net profit for the first three quarters of the year [1] Financial Performance - Third quarter revenue reached 1.467 billion yuan, representing a year-on-year growth of 28.92% [1] - Third quarter net profit was 50.1955 million yuan, showing a year-on-year increase of 10.81% [1] - Revenue for the first three quarters totaled 4.599 billion yuan, reflecting a year-on-year growth of 13.32% [1] - Net profit for the first three quarters was 145 million yuan, which is a year-on-year decline of 8.28% [1]

Core Insights - The company reported Q3 2025 revenue of 1.467 billion yuan, representing a year-on-year increase of 28.92% [1] - Net profit for Q3 2025 was 50.1955 million yuan, showing a year-on-year growth of 10.81% [1] - For the first three quarters of 2025, total revenue reached 4.599 billion yuan, up 13.32% year-on-year [1] - However, net profit for the first three quarters was 14.5 million yuan, reflecting a year-on-year decline of 8.28% [1]