富士康工业互联网股份有限公司 信息披露暂缓与豁免业务管理制度 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第二章 暂缓、豁免信息的范围 第四条 公司应当披露的信息存在法律、法规、规章或者规范性文件规定的 暂缓、豁免情形的，可以无须向上海证券交易所申请，由公司自行审慎判断暂缓 或豁免披露，并接受上海证券交易所对信息披露暂缓、豁免事项的事后监管。 第五条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 1 暂缓、豁免事项的范围原则上应当与公司股票首次在证券交易所上市时保持 一致，在上市后拟增加暂缓、豁免披露事项的，应当有确实充分的证据。 第六条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称"国家秘密"），依法豁免披露。 第一章 总则 第一条 为规范富士康工业互联网股份有限公司（以下简称"公司"）的信息 披露暂缓与豁免行为，保证公司及相关信息披露义务人依法合 ...

Core Insights - Industrial Fulian reported a strong performance in Q3 2025, with revenue reaching 243.17 billion yuan, a year-on-year increase of 42.81%, and net profit surpassing 10 billion yuan for the first time, reaching 10.37 billion yuan, up 62.04% year-on-year, both setting new historical highs for the company [1] - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan, a 38.4% increase year-on-year, and net profit of 22.49 billion yuan, up 48.52% year-on-year, nearing last year's total [1] Revenue Growth Drivers - The growth in performance is attributed to the continuous expansion of the AI server market, large-scale delivery of next-generation AI cabinet products for ultra-large data centers, and strong demand for AI computing power, which has led to a steady increase in market share among major clients [1] - The cloud service provider business performed exceptionally well, driving overall revenue growth, while operational efficiency continued to improve, with total expenses growing at a slower rate than revenue [1] Cloud Computing Business - The cloud computing segment saw significant growth, with revenue increasing by over 65% year-on-year in the first three quarters of 2025, and a more than 75% increase year-on-year in Q3 alone [2] - The cloud service provider business accounted for 70% of the cloud computing revenue in the first three quarters, with a year-on-year growth of over 150%, and a more than 2.1 times increase in Q3 [2] - AI-related business experienced remarkable growth, with revenue from GPU AI servers for cloud service providers increasing by over 300% year-on-year in the first three quarters, and a more than 90% quarter-on-quarter growth in Q3, along with a year-on-year increase of over five times [2] Telecommunications and Mobile Network Equipment - The precision components business benefited from the launch of new AI smart terminal products, leading to increased customer demand and sustained growth [2] - In the switching equipment sector, driven by the growing demand for AI, Q3 saw a year-on-year growth of 100%, with 800G switches experiencing a year-on-year increase of over 27 times [2]

证券代码：601138 证券简称：工业富联 公告编号：临 2025-078 号 富士康工业互联网股份有限公司 关于取消监事会暨修订公司章程及部分公司治理制度 的公告 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法律责任。 富士康工业互联网股份有限公司（以下简称"公司"）2025 年 10 月 29 日召开的 第三届董事会第二十八次会议审议通过了《关于富士康工业互联网股份有限公司取消 监事会暨修订<公司章程>的议案》和《关于修订富士康工业互联网股份有限公司部分 治理制度的议案》，现将有关情况公告如下： 一、 取消监事会情况 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程指引》 等相关法律法规、规范性文件的规定，为进一步规范和完善公司治理结构，公司将取 消监事会及监事设置，原按《中华人民共和国公司法》规定由监事会行使的职权将由 董事会审计委员会行使，《富士康工业互联网股份有限公司监事会议事规则》等监事 会相关制度相应废止，并对《富士康工业互联网股份有限公司章程》（以下简称"《公 司章程》"）及相关制度进行修订。 在公司 ...

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 243,171,777 thousand, representing a year-on-year increase of 42.81%[4] - The total profit for the period was CNY 12,220,755 thousand, up 70.43% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 10,373,411 thousand, reflecting a 62.04% increase year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached RMB 603.93 billion, a 38.4% increase from RMB 436.37 billion in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was RMB 26.30 billion, up 57.8% from RMB 16.66 billion in 2024[22] - Net profit attributable to shareholders for the first three quarters of 2025 was RMB 22.49 billion, representing a 48.7% increase compared to RMB 15.14 billion in 2024[23] - The total comprehensive income for the first three quarters of 2025 was RMB 21.38 billion, up from RMB 14.17 billion in 2024, reflecting a growth of 50.9%[23] - Basic earnings per share for Q3 were CNY 0.52, a 62.50% increase compared to the same period last year[4] - Basic earnings per share for the first three quarters of 2025 were RMB 1.13, compared to RMB 0.76 in the same period of 2024, indicating a 48.7% increase[23] Business Segments - The cloud computing business saw revenue growth exceeding 65% year-to-date, with Q3 alone showing over 75% growth, driven by AI server demand[6] - The communication and mobile network equipment business experienced significant growth, with switch sales increasing by 100% year-on-year in Q3, particularly 800G switches growing over 27 times[7] - The company reported a significant increase in GPU AI server revenue, with a year-on-year growth of over 300% for the first three quarters[6] Assets and Liabilities - The company's total assets increased by 40.88% year-on-year, reaching CNY 447,338,382 thousand[5] - Total current assets as of September 30, 2025, amount to 400,729,564 thousand RMB, up from 274,008,125 thousand RMB as of December 31, 2024, indicating a growth of approximately 46%[17] - Total liabilities increased to RMB 285.47 billion in 2025 from RMB 164.39 billion in 2024, reflecting a significant rise in financial obligations[19] - Total equity attributable to shareholders rose to RMB 161.53 billion in 2025, compared to RMB 152.69 billion in 2024, indicating a growth of 5.6%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was negative CNY 4,140,570 thousand, a decline of 199.73%[4] - The company reported a net cash flow from operating activities of RMB -4.14 billion for the first three quarters of 2025, compared to RMB 4.15 billion in the same period of 2024[24] - Net cash flow from investing activities was -$7,282,794, an increase of 17.6% compared to -$6,194,489 in the previous period[25] - Cash inflow from financing activities totaled $85,498,380, a decrease of 17.7% from $103,980,104 year-over-year[25] - Net cash flow from financing activities was $33,056,564, a significant improvement compared to -$24,739,427 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 476,358[14] - The largest shareholder, China Galaxy Enterprise Limited, holds 7,293,115,611 shares, representing 36.726% of total shares[14] - The company has no significant changes in the shareholding structure of the top 10 shareholders compared to the previous period[15] Research and Development - Research and development expenses for the first three quarters of 2025 were RMB 7.61 billion, slightly higher than RMB 7.13 billion in 2024, showing continued investment in innovation[22] Inventory and Cash Management - Cash and cash equivalents increased to 93,776,940 thousand RMB from 72,433,675 thousand RMB, reflecting a growth of about 29.5%[17] - Inventory surged to 164,664,271 thousand RMB, compared to 85,265,717 thousand RMB, marking an increase of approximately 93%[17] - Short-term borrowings rose significantly to 85,835,230 thousand RMB from 35,991,796 thousand RMB, representing an increase of about 138%[18]

证券代码：601138 证券简称：工业富联 公告编号：2025-079 富士康工业互联网股份有限公司 关于召开2025年第二次临时股东大会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 召开的日期时间：2025 年 11 月 24 日 14:50 召开地点：广东省深圳市南山区高新技术产业园区南区科苑大道与学府路交 汇处高新区联合总部大厦 52 层 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关规定执行。 (七) 涉及公开征集股东投票权 不适用 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年11月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) ...

Core Viewpoint - Industrial Fulian (601138.SH) reported strong financial performance for Q3 2025, driven by the expansion of the AI server market and robust demand from cloud service providers [1] Financial Performance - Q3 2025 revenue reached 243.17 billion yuan, a year-on-year increase of 42.81% [1] - Net profit attributable to shareholders for Q3 was 10.37 billion yuan, up 62.04% year-on-year [1] - For the first three quarters of 2025, total revenue was 603.93 billion yuan, reflecting a 38.40% year-on-year growth [1] - Net profit attributable to shareholders for the first three quarters was 22.49 billion yuan, an increase of 48.52% year-on-year [1] Market Drivers - The growth in performance is primarily attributed to the continuous expansion of the AI server market [1] - Large-scale delivery of AI cabinet products for hyperscale data centers contributed significantly to revenue growth [1] - Strong demand from cloud service provider customers has accelerated the growth of the cloud computing business, with high-growth products like AI servers and switches showing outstanding performance [1]

证券代码：601138 证券简称：工业富联 公告编号：临 2025-076 号 富士康工业互联网股份有限公司 第三届监事会第二十三次会议决议公告 本公司监事会及全体监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法律责任。 富士康工业互联网股份有限公司监事会 二〇二五年十月三十日 会议审议通过了下列议案： 一、关于《富士康工业互联网股份有限公司 2025 年第三季度报告》的议案 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）及指定媒体 披露的《富士康工业互联网股份有限公司 2025 年第三季度报告》。 特此公告。 富士康工业互联网股份有限公司（以下简称"公司"）监事会于 2025 年 10 月 17 日以书面形式发出会议通知，于 2025 年 10 月 29 日在深圳市富士康龙华园区会议室 以现场结合通讯方式召开会议并作出本监事会决议。会议应出席监事 3 名，实际出席 监事 3 名。会议由监事会主席张占武主持召开，会议召开符合法律法规、《富士康工 业互 ...

Core Viewpoint - Industrial Fulian (601138.SH) reported significant revenue and profit growth in Q3 2025, driven by the expanding AI server market and strong demand from cloud service providers [1] Financial Performance - Q3 2025 revenue reached 243.17 billion yuan, a year-on-year increase of 42.81% [1] - Net profit attributable to shareholders for Q3 2025 was 10.37 billion yuan, up 62.04% year-on-year [1] - Cumulative revenue for the first three quarters of 2025 was 603.93 billion yuan, reflecting a 38.40% year-on-year growth [1] - Net profit attributable to shareholders for the first three quarters was 22.49 billion yuan, representing a 48.52% increase year-on-year [1] Market Drivers - The growth in performance is primarily attributed to the continuous expansion of the AI server market [1] - Large-scale delivery of AI cabinet products for ultra-large data centers contributed significantly to revenue [1] - Strong demand from cloud service provider customers has accelerated the growth of the cloud computing business, with high-growth products like AI servers and switches performing exceptionally well [1]

Core Insights - Industrial Fulian reported a 49% year-on-year increase in net profit for the first three quarters of 2023, driven by strong demand in the AI server market and significant growth in cloud computing services [1] Financial Performance - In Q3 2023, the company achieved operating revenue of 243.17 billion yuan, a year-on-year increase of 42.81% [1] - The net profit attributable to shareholders for Q3 was 10.37 billion yuan, reflecting a year-on-year growth of 62.04% [1] - For the first three quarters, total operating revenue reached 603.93 billion yuan, up 38.40% year-on-year [1] - Cumulative net profit attributable to shareholders for the first three quarters was 22.49 billion yuan, marking a 48.52% increase year-on-year [1] Business Growth Drivers - The growth in performance is primarily attributed to the expansion of the AI server market and the large-scale delivery of AI cabinet products for hyperscale data centers [1] - Strong demand from cloud service providers has significantly boosted the cloud computing business [1] - High-growth products such as AI servers and switches have shown outstanding performance [1] Switch Business Performance - The switch business experienced remarkable growth, with a year-on-year increase of 100% in Q3 [1] - Specifically, the 800G switch saw a staggering year-on-year growth of over 27 times in Q3 [1]

Reported Industry Investment Rating - Not provided in the content Core Views of the Report - As of 3Q2025, there were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter, with a total fund size of 3.79 trillion yuan [3][8]. - In 3Q2025, the equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds increased slightly, and the positions in the Hong Kong stock market continued to rise. The equity positions were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. The Hong Kong stock positions were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter [3]. - The concentration of individual stocks and industries increased slightly. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter [3]. - In terms of heavy - position sectors, in A - share market, the heavy - position stocks of active equity funds increased their positions in the technology sector by 11.36 pct compared with the previous quarter. In the Hong Kong stock market, the heavy - position stocks increased their positions in the consumer and pharmaceutical sectors by 3.23 pct and 2.37 pct respectively compared with the previous quarter [3]. - In terms of A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, with increases of 2.77 pct, 2.00 pct, and 1.79 pct respectively [3]. - In terms of Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, with increases of 4.80 pct, 1.34 pct, and 1.00 pct respectively [3]. - In 3Q2025, the top three A - shares with the largest active increase in positions compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 282.41 billion yuan, 77.17 billion yuan, and 71.51 billion yuan respectively. The top three Hong Kong stocks with the largest active increase in positions were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 170.28 billion yuan, 26.99 billion yuan, and 18.13 billion yuan respectively [3]. Summary by Relevant Catalogs 1. Scale and Quantity Analysis - As of 3Q2025, the scale of active equity funds increased. There were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter. The total scale was 3.79 trillion yuan, an increase of 619.566 billion yuan or 19.54% from the end of the previous quarter [8]. - The fund issuance market was hot. In 3Q2025, 111 new active equity funds were established, with a combined issuance share of 5.611 billion shares, a 53.33% increase from the end of the previous quarter [9]. - In terms of fund scale distribution, in 3Q2025, the proportion of active equity funds with a scale of less than 100 million yuan was 77.96%. The proportion of funds with a scale of less than 200 million yuan decreased by 3.58 pct, while the proportions of funds with scales of 200 - 1000 million yuan, 1000 - 5000 million yuan, 5000 - 10000 million yuan, and over 10000 million yuan increased by 0.98 pct, 1.78 pct, 0.60 pct, and 0.22 pct respectively [13]. 2. Position Analysis - In 3Q2025, the stock positions of active equity funds increased. The equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. These positions were at relatively high historical levels [16]. - The Hong Kong stock positions of active equity funds increased slightly. The Hong Kong stock positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter. The number of funds allocating to Hong Kong stocks also increased [17]. 3. Heavy - Position Stock Concentration Analysis - In 3Q2025, the concentration of individual stocks and industries in active equity funds increased. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter, indicating an increase in risk preference [20]. 4. Heavy - Position Stock Sector Analysis - In the A - share market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, manufacturing, and cyclical sectors, accounting for 39.33%, 23.35%, and 13.58% respectively. The technology sector saw an increase in positions, while the consumer, financial real - estate, pharmaceutical, cyclical, and manufacturing sectors saw a decrease in positions [24]. - In the Hong Kong stock market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, consumer, and pharmaceutical sectors, accounting for 41.25%, 17.70%, and 15.79% respectively. The consumer, pharmaceutical, and cyclical sectors saw an increase in positions, while the technology, manufacturing, and financial real - estate sectors saw a decrease in positions [28]. 5. Heavy - Position Stock Industry Analysis 5.1 Active Equity Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, while the top three industries with the largest active decrease in positions were banking, home appliances, and national defense and military industry [30][32][33]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, while the top three industries with the largest active decrease in positions were media, consumer services, and communication [36][37]. 5.2 Performance - Excellent and Hundred - Billion Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were electronics, communication, and computer, accounting for 41.21%, 38.05%, and 8.45% respectively. The top three industries with the largest active increase in positions were computer, machinery, and automobile, while the top three industries with the largest active decrease in positions were electronics, media, and power equipment and new energy [40]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were electronics, pharmaceuticals, and food and beverage, accounting for 21.86%, 16.77%, and 13.12% respectively. The top three industries with the largest active increase in positions were communication, computer, and basic chemicals, while the top three industries with the largest active decrease in positions were transportation, electronics, and pharmaceuticals [40][41]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were commerce and retail, media, and electronics, accounting for 34.84%, 34.56%, and 24.14% respectively. The top three industries with the largest active increase in positions were commerce and retail, comprehensive finance, and non - ferrous metals, while the top three industries with the largest active decrease in positions were communication, home appliances, and pharmaceuticals [43]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were media, commerce and retail, and pharmaceuticals, accounting for 26.93%, 17.75%, and 12.36% respectively. The top three industries with the largest active increase in positions were commerce and retail, electronics, and pharmaceuticals, while the top three industries with the largest active decrease in positions were media, communication, and consumer services [43]. 6. Heavy - Position Individual Stock Analysis 6.1 Heavy - Position Individual Stock Market Value Analysis - In 3Q2025, the top three A - shares in terms of absolute market value of heavy - position allocation of active equity funds were CATL, Xinyisheng, and Zhongji Innolight, with market values of 67.31 billion yuan, 53.801 billion yuan, and 49.594 billion yuan respectively. The top three A - shares in terms of allocation market value ratio were Novartis Pharma - U, Aerospace South Lake, and Baili Tianheng, with the proportion of shares held accounting for 24.37%, 23.43%, and 23.29% of the tradable shares respectively [46]. - The top three Hong Kong stocks in terms of absolute market value of heavy - position allocation of active equity funds were Tencent Holdings, Alibaba - W, and SMIC, with market values of 65.575 billion yuan, 47.603 billion yuan, and 26.714 billion yuan respectively. The top three Hong Kong stocks in terms of allocation market value ratio were Sino Biopharm, Goldwind Science & Technology, and Kelun Botai Biopharm - B, with the proportion of shares held accounting for 11.75%, 10.73%, and 10.04% of the tradable shares respectively [47]. 6.2 Heavy - Position Individual Stock Active Position - Adjustment Analysis - In 3Q2025, the top three A - shares with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 28.241 billion yuan, 7.717 billion yuan, and 7.151 billion yuan respectively. The top three A - shares with the largest active decrease in positions were Shenghong Technology, Midea Group, and CATL, with decreases of 14.111 billion yuan, 7.982 billion yuan, and 7.262 billion yuan respectively [50]. - The top three Hong Kong stocks with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 17.028 billion yuan, 2.699 billion yuan, and 1.813 billion yuan respectively. The top three Hong Kong stocks with the largest active decrease in positions were Tencent Holdings, Xiaomi Group - W, and Meituan - W, with decreases of 7.926 billion yuan, 7.612 billion yuan, and 5.077 billion yuan respectively [52].