[Special Notice](index=1&type=section&id=%E7%89%B9%E5%88%AB%E6%8F%90%E7%A4%BA) This section provides a special notice on the preliminary and unaudited financial data, emphasizing investment risks [Explanation of Preliminary Accounting Data](index=1&type=section&id=%E5%88%9D%E6%AD%A5%E6%A0%B8%E7%AE%97%E6%95%B0%E6%8D%AE%E8%AF%B4%E6%98%8E) The main financial data for the first three quarters of 2025 contained in this announcement are preliminary and unaudited, requiring investors to be aware of investment risks - The financial data for the first three quarters of 2025 in this report are unaudited preliminary accounting data[3](index=3&type=chunk) [Key Financial Data and Indicators for the First Three Quarters of 2025](index=1&type=section&id=%E4%B8%80%E3%80%812025%E5%B9%B4%E5%BA%A6%E5%89%8D%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) This section outlines the company's key financial data and indicators for the first three quarters of 2025 [Key Financial Data from Consolidated Statements](index=1&type=section&id=%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) In the first three quarters of 2025, the company's total operating revenue increased by 9.49% to 8.804 billion RMB, net profit attributable to shareholders increased by 24.05% to 955 million RMB, and net profit excluding non-recurring gains and losses increased by 66.79% to 742 million RMB, with total assets and shareholders' equity also growing Consolidated Income Statement Highlights | Item | Current Period (RMB) | Prior Year Same Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,804,443,657.63 | 8,041,454,505.76 | 9.49 | | Operating Profit | 1,049,114,544.19 | 1,060,579,570.90 | -1.08 | | Total Profit | 1,039,927,836.56 | 1,059,640,287.49 | -1.86 | | Net Profit Attributable to Shareholders of Listed Company | 954,613,571.32 | 769,521,744.76 | 24.05 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 742,279,423.84 | 445,040,084.08 | 66.79 | | Basic Earnings Per Share | 0.654 | 0.528 | 23.86 | | Weighted Average Return on Net Assets (%) | 4.61 | 4.05 | 0.56 | Consolidated Balance Sheet Highlights | Item | End of Current Period (RMB) | Beginning of Current Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 37,164,068,810.70 | 36,617,491,563.87 | 1.49 | | Total Equity Attributable to Shareholders of Listed Company | 21,043,688,235.13 | 20,402,094,556.36 | 3.14 | | Share Capital | 1,463,115,784.00 | 1,463,203,784.00 | -0.01 | | Net Assets Per Share Attributable to Shareholders of Listed Company | 14.38 | 13.94 | 3.16 | - The opening balance for this reporting period is consistent with the legally disclosed year-end figures of the previous year, based on the company's consolidated financial statements[5](index=5&type=chunk) [Explanation of Operating Performance and Financial Position](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section explains the company's operating performance and financial position, detailing the drivers of its profit growth [Reasons for Performance Growth](index=2&type=section&id=%E4%B8%9A%E7%BB%A9%E5%A2%9E%E9%95%BF%E5%8E%9F%E5%9B%A0) The company's net profit attributable to shareholders and net profit excluding non-recurring gains and losses for the first three quarters of 2025 both achieved significant growth, primarily due to optimized product structure, diverse high-quality solutions, and improved operational efficiency - Net profit attributable to shareholders increased by **24.05%** to **955 million RMB**[6](index=6&type=chunk) - Net profit attributable to shareholders excluding non-recurring gains and losses increased by **66.79%** to **742 million RMB**[6](index=6&type=chunk) - Performance growth is primarily attributed to continuous product structure optimization, provision of diverse high-quality solutions, and enhanced operational efficiency[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E4%B8%89%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This section warns investors about potential discrepancies in preliminary financial data and related investment risks [Data Discrepancy Risk](index=2&type=section&id=%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82%E9%99%A9) The financial data in this report are preliminary and unaudited, potentially differing from the final Q3 report by no more than 20%, requiring investors to be aware of investment risks - The main financial data for the first three quarters of 2025 are preliminary and unaudited by an accounting firm[7](index=7&type=chunk) - Preliminary data may differ from the figures disclosed in the company's 2025 third-quarter report, but the estimated discrepancy will not exceed **20%**[7](index=7&type=chunk) - Investors should be aware of investment risks[7](index=7&type=chunk) [Filed Documents](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%A4%87%E6%96%87%E4%BB%B6) This section details the comparative balance sheets and income statements filed by the company [Details of Filed Documents](index=2&type=section&id=%E6%8A%A5%E5%A4%87%E6%96%87%E4%BB%B6%E8%AF%A6%E6%83%85) The company has filed comparative balance sheets and income statements, signed and sealed by the legal representative, chief accountant, and head of the accounting department, as required - Filed documents include comparative balance sheets and income statements signed and sealed by relevant responsible persons[8](index=8&type=chunk)

Group 1 - The core point of the article is that Zhongke Shuguang (603019) reported its performance for the first three quarters, showing significant growth in both revenue and net profit [1] Group 2 - The total operating revenue for the first three quarters reached 8.804 billion yuan, representing a year-on-year increase of 9.49% [1] - The net profit attributable to shareholders of the listed company was 0.955 billion yuan, reflecting a year-on-year growth of 24.05% [1] - The basic earnings per share stood at 0.654 yuan [1]

中科曙光发布业绩快报，前三季度营业总收入88.04亿元，同比增长9.49%。净利润9.55亿元，同比增长 24.05%。报告期内，公司通过持续优化产品结构、为客户提供多样化、高质量的解决方案，不断提升 运营效率，保持经营业绩增长。 ...

Investment Rating - The report maintains a positive outlook on the computer industry, with a focus on domestic AI applications and edge models [3][9]. Core Insights - DeepSeek's V3.2-Exp enhances long-text efficiency through DSA fine-grained sparse attention, achieving significant improvements in training and inference efficiency while reducing API costs by over 50% [3][9]. - OpenAI's launch of Sora 2 and Apps SDK outlines a business strategy focused on "entry + ecosystem," with Sora 2 allowing users to create AI-generated short videos, achieving over 1 million downloads in its first week despite being invite-only [3][9]. - Figure 03, featuring the Helix architecture, integrates cognition and action in humanoid robots, designed for mass production with a target of 120,000 units over four years, which will drive demand for related technologies [3][9]. Summary by Sections - **DeepSeek V3.2-Exp**: The release focuses on improving long-text processing efficiency with a new attention mechanism, significantly lowering operational costs for developers [3][9]. - **OpenAI Developments**: The introduction of Sora 2 and Apps SDK enhances user interaction with large language models, potentially increasing token consumption and creating new AI application opportunities [3][9]. - **Figure 03 and Helix Architecture**: The humanoid robot's design aims for high precision in tasks, with mass production capabilities that will stimulate demand across various sectors [3][9]. Key Targets - Key investment targets include Wuxi Unicomp Technology Co., Ltd., Kingdee International Software Group, Iflytek, Newland Digital Technology, Autel Intelligent Technology, Hand Enterprise, ArcSoft Corporation, and Hygon Information Technology Co., Ltd. [3][9].

Core Viewpoint - Zhongke Shuguang's stock price increased by 5.04% to 110.82 CNY per share, with a total market capitalization of 162.14 billion CNY, indicating strong market interest in the company [1] Company Overview - Zhongke Shuguang Information Industry Co., Ltd. was established on March 7, 2006, and listed on November 6, 2014. The company is based in Haidian District, Beijing [1] - The main business activities include research, development, manufacturing of high-performance computers, general servers, and storage products, along with software development, system integration, and technical services related to high-end computers [1] - The revenue composition is as follows: IT equipment accounts for 88.79%, software development, system integration, and technical services account for 11.15%, and other sources contribute 0.06% [1] Fund Holdings - According to data, one fund under Founder Fubon has Zhongke Shuguang as a top ten holding. The Founder Fubon Hong Kong-Shenzhen Artificial Intelligence 50 ETF (517800) reduced its holdings by 76,700 shares in the second quarter, now holding 161,600 shares, which represents 4.18% of the fund's net value, ranking as the ninth largest holding [2] - The fund has achieved a year-to-date return of 38.89%, ranking 917 out of 4220 in its category, and a one-year return of 47.63%, ranking 677 out of 3857 [2] Fund Manager Performance - The fund manager, Wu Hao, has a tenure of 7 years and 113 days, with a total asset size of 3.785 billion CNY. The best return during his tenure is 108.47%, while the worst is -33.88% [3] - Co-manager Xu Weijun has a tenure of 4 years and 193 days, managing assets of 541 million CNY, with a best return of 49.84% and a worst return of -30.33% during his tenure [3]

Group 1 - The core point of the news is that Zhongke Shuguang's stock price increased by 5.04% to 110.82 CNY per share, with a trading volume of 4.907 billion CNY and a market capitalization of 162.142 billion CNY as of the report date [1] - Zhongke Shuguang, established on March 7, 2006, and listed on November 6, 2014, specializes in high-performance computing, general servers, and storage products, with 88.79% of its revenue coming from IT equipment [1] - The company also provides software development, system integration, and technical services, contributing 11.15% to its revenue, while other sources account for 0.06% [1] Group 2 - Jiutai Fund has a significant holding in Zhongke Shuguang, with its Jiutai Tianyi Quantitative Value Mixed A Fund (008077) increasing its position by 200 shares to a total of 1,700 shares, representing 6.44% of the fund's net value [2] - The Jiutai Tianyi Quantitative Value Mixed A Fund has achieved a year-to-date return of 31.55%, ranking 2,332 out of 8,161 in its category, and a one-year return of 40.09%, ranking 1,444 out of 8,015 [2] Group 3 - The fund managers of Jiutai Tianyi Quantitative Value Mixed A are Yuan Duowu and Huo Xiao, with Yuan having a tenure of 5 years and 85 days and a best return of 78.5% during his management [3] - Huo Xiao has been managing the fund for 338 days, achieving a best return of 44.26% during his tenure [3]

Investment Rating - The report maintains a positive outlook on the computer industry, emphasizing that artificial intelligence (AI) remains a key focus area [4][9]. Core Insights - NVIDIA plans to invest up to 100 billion USD in OpenAI to support data center development, with a goal to deploy at least 10 GW systems by 2026, which will extend the global AI infrastructure expansion cycle and boost demand for high-end GPUs and advanced packaging [4][9]. - Moore Threads' IPO has been approved, aiming to raise approximately 8 billion RMB for the development of autonomous and controllable AI chips, marking a significant step for domestic GPU manufacturers [4][9]. - Alibaba Cloud has launched the Pangu 128 AI server, which supports 128 AI chips per cabinet and enhances inference performance by about 50%, indicating a shift in focus towards interconnect optimization and efficient systems [4][9]. Summary by Sections Investment Highlights - AI continues to be a primary focus, with significant investments from major players like NVIDIA and OpenAI [4][9]. - The report highlights the approval of Moore Threads' IPO, which will facilitate the development of new AI chip technologies [4][9]. - The launch of Alibaba Cloud's Pangu 128 AI server showcases advancements in high-density and low-latency computing capabilities [4][9]. Key Targets - The report identifies key investment targets in the computer sector, including Wuxi Unicomp Technology, Kingdee International, Iflytek, Newland Digital Technology, Autel Intelligent Technology, Hand Enterprise, ArcSoft Corporation, and Hygon Information Technology [4][9].

Core Insights - The collaboration between Zhongke Shuguang and Huishiwei marks a significant advancement in AI deployment capabilities with the launch of the "Orange Island" V1.5 edge version, transitioning from a "single system" to a "full ecosystem" strategy [1] - The V1.5 version has achieved comprehensive adaptation for Android, enabling cross-platform, multi-chip, and full-ecosystem AI deployment, facilitating broader applications across various industry scenarios [1] - The rapid iteration and superior performance of the "Orange Island" model are supported by a robust domestic computing power foundation provided by Zhongke Shuguang, showcasing a successful integration of domestic computing and models [1] Company Developments - The release of "Orange Island" V1.5 is a milestone for Huishiwei and represents a practical implementation of Changsha's ambition to become a "city of artificial intelligence applications" [1] - As the first domestic visual base model pre-trained on domestic computing power, "Orange Island" exemplifies the forward-looking layout of the AI industry in Changsha and Hunan Province [1]

Market Overview - The Shanghai Composite Index fell by 0.62% on October 14, with 11 sectors experiencing gains, led by the banking and coal industries, which rose by 2.51% and 2.18% respectively. Conversely, the communication and electronics sectors saw declines of 4.98% and 4.64% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 93.616 billion yuan, with 8 sectors witnessing net inflows. The banking sector led with a net inflow of 1.725 billion yuan, followed by the food and beverage sector with a 1.69% increase and a net inflow of 1.174 billion yuan [1] - A total of 23 sectors experienced net capital outflows, with the electronics sector leading at 29.910 billion yuan, followed by the non-ferrous metals sector with 13.214 billion yuan. Other sectors with significant outflows included computers, power equipment, and communications [1] Computer Industry Performance - The computer industry declined by 2.98%, with a net capital outflow of 10.052 billion yuan. Out of 335 stocks in this sector, 36 rose while 296 fell. Notably, 83 stocks had net inflows, with 6 exceeding 50 million yuan. The top inflow was from Zhongdian Xindong, with 309 million yuan, followed by Sifang Jingchuang and Hikvision with 197 million yuan and 165 million yuan respectively [2] - The outflow list for the computer industry included 28 stocks with outflows exceeding 100 million yuan. The largest outflows were from Zhongke Shuguang, China Software, and Keda Xunfei, with outflows of 1.191 billion yuan, 596 million yuan, and 593 million yuan respectively [2][3] Capital Inflow and Outflow Rankings - **Top Inflow Stocks in Computer Industry**: - Zhongdian Xindong: +5.04%, 42.24% turnover, 309.298 million yuan - Sifang Jingchuang: +4.86%, 11.33% turnover, 196.798 million yuan - Hikvision: -0.33%, 1.55% turnover, 165.364 million yuan [2] - **Top Outflow Stocks in Computer Industry**: - Zhongke Shuguang: -8.00%, 5.57% turnover, -1.1905583 billion yuan - China Software: +2.23%, 13.50% turnover, -596.2276 million yuan - Keda Xunfei: -4.55%, 3.97% turnover, -592.8853 million yuan [3]

Market Overview - On October 14, the computer equipment sector declined by 3.04%, with Kaiwang Technology leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the computer equipment sector included: - Zhongwei Electronics (300270) with a closing price of 11.65, up 8.68% [1] - Huijin Co., Ltd. (300368) with a closing price of 68.61, up 5.74% [1] - Xiling Information (300588) with a closing price of 20.22, up 5.04% [1] - Major decliners included: - Kaiwang Technology (301182) with a closing price of 37.15, down 10.57% [2] - Zhongke Shuguang (603019) with a closing price of 105.50, down 8.00% [2] - Yutong Optical (300790) with a closing price of 28.52, down 6.00% [2] Capital Flow - The computer equipment sector experienced a net outflow of 3.036 billion yuan from institutional investors, while retail investors saw a net inflow of 2.121 billion yuan [2][3] - Notable capital flows included: - Hikvision (002415) with a net inflow of 205 million yuan from institutional investors [3] - Huijin Co., Ltd. (300368) with a net inflow of 86.09 million yuan from institutional investors [3] - Yuyin Co., Ltd. (002177) with a net inflow of 50.34 million yuan from institutional investors [3]