Group 1 - The core technology of the company is robot perception and control technology [1] - This technology is primarily applied in the field of rail transit operation and maintenance [1]

Group 1 - The MLOps sector experienced a decline of 1.57%, ranking among the top losers in the concept sector as of the market close on November 5 [1][2] - Within the MLOps sector, notable declines were observed in companies such as Keda Technology, Transsion Holdings, and Runhe Software, while Henghua Technology and Geling Deep Vision saw slight increases of 1.69% and 0.18% respectively [1][2] - The MLOps sector faced a net outflow of 865 million yuan in capital, with 15 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 30 million yuan [2] Group 2 - The top net capital outflows in the MLOps sector were led by Runhe Software, which saw a net outflow of 391 million yuan, followed by Keda Technology and Transsion Holdings with outflows of 160 million yuan and 75.9 million yuan respectively [2][3] - The stocks with the highest net inflows included Henghua Technology, Geling Deep Vision, and New Point Software, with inflows of 10.3 million yuan, 2.4 million yuan, and 2.0 million yuan respectively [2][3] - The trading activity in the MLOps sector showed varying turnover rates, with Keda Technology at 24.21% and Runhe Software at 6.71% [3]

Core Insights - Geling Deep Vision, established in August 2013, is a unicorn in the computer vision sector and was listed on the Shanghai Stock Exchange in March 2022, with its headquarters in Beijing [1] Group 1: Business Performance - For Q3 2025, Geling Deep Vision reported revenue of 94.229 million yuan, ranking 125th out of 131 in the industry, significantly lower than the top competitor, Digital China, which had revenue of 102.365 billion yuan [2] - The net profit for the same period was -131 million yuan, placing the company 118th in the industry, far behind the leading competitor, Unisplendour, which reported a net profit of 1.723 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Geling Deep Vision's debt-to-asset ratio was 6.96%, an increase from 5.76% year-on-year, but still well below the industry average of 38.93%, indicating strong solvency [3] - The gross profit margin for the same period was 45.00%, down from 65.20% year-on-year, yet still above the industry average of 29.96% [3] Group 3: Executive Compensation - The chairman, Zhao Yong, received a salary of 1.7516 million yuan in 2024, an increase of 425,000 yuan from the previous year [4] - The general manager, Wu Yizhou, who joined the company in 2024, received a salary of 624,200 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.49% to 15,200, while the average number of shares held per shareholder increased by 40.76% to 17,100 [5] - Among the top ten circulating shareholders, the Huabao Zhongzheng Financial Technology Theme ETF held 3.5176 million shares, an increase of 1.7323 million shares from the previous period [5]

Core Points - The Shanghai Composite Index closed at 3961.62 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares reached 157.92 billion yuan [1] - A total of 259 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3961.62 points, indicating a slight decline of 0.63% [1] - The total trading volume for A-shares today is reported at 157.91 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 259 A-shares have broken through the six-month moving average, with the highest deviation rates observed in stocks such as: - Yatong Precision Engineering (8.20%) - Excellent New Energy (7.57%) - Deyuan Pharmaceutical (7.38%) [1] - Other stocks with smaller deviation rates include: - New Hope - Shanghai Phoenix - Angli Education, which have just crossed the six-month line [1] Notable Stocks and Their Metrics - Top stocks with significant price changes and their metrics include: - Yatong Precision Engineering: +9.76%, turnover rate 31.45%, six-month line 23.27 yuan, latest price 25.18 yuan, deviation rate 8.20% [1] - Excellent New Energy: +9.90%, turnover rate 2.44%, six-month line 45.62 yuan, latest price 49.07 yuan, deviation rate 7.57% [1] - Deyuan Pharmaceutical: +11.83%, turnover rate 8.02%, six-month line 38.03 yuan, latest price 40.84 yuan, deviation rate 7.38% [1]

Core Points - The Shanghai Composite Index is at 3966.25 points, above the six-month moving average, with a decline of 0.52% [1] - A total of 257 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The total trading volume of A-shares today is 115.87 billion yuan [1] - Stocks with the highest deviation rates include: - Yatong Precision Engineering: 8.41% deviation, closing at 25.23 yuan, with a daily increase of 9.98% and a turnover rate of 27.37% [1] - Aorui Technology: 6.91% deviation, closing at 3.56 yuan, with a daily increase of 9.88% and a turnover rate of 8.56% [1] - Zhuoyue New Energy: 6.42% deviation, closing at 48.54 yuan, with a daily increase of 8.71% and a turnover rate of 1.83% [1] Additional Notable Stocks - Other stocks with significant performance include: - Hualan Group: 5.49% deviation, closing at 17.75 yuan, with a daily increase of 7.58% [1] - Wento Holdings: 5.09% deviation, closing at 2.59 yuan, with a daily increase of 5.71% [1] - Stocks with smaller deviation rates that just crossed the six-month line include Southeast Electronics, Meixin Yishen, and Renfu Pharmaceutical [1]

Core Viewpoint - Geling Deep Vision (688207.SH), known as the "first AI computer vision stock" on the Sci-Tech Innovation Board, reported a net loss attributable to shareholders of 47.49 million yuan for Q3 2025, indicating ongoing pressure on profitability despite a significant revenue increase [1][3]. Financial Performance - In Q3 2025, Geling Deep Vision's operating revenue reached 51.76 million yuan, a year-on-year increase of 453.28%. However, this revenue is not impressive when compared to the 70 million yuan range from 2021 to 2023, with a drastic drop to 9.35 million yuan in 2024 [1][3]. - For the first three quarters of 2025, the company reported a total net loss of 127 million yuan, a slight improvement from a loss of 138 million yuan in the same period of 2024 [1]. Cash Flow and Client Structure - The company's operating cash flow remains concerning, with a net outflow of 62.56 million yuan in Q3 2025. This trend of cash outflow has persisted since 2024 [3]. - Geling Deep Vision's financial situation is closely tied to its client structure, with a high concentration of clients in the smart finance and special fields. The company noted a slowdown in product demand due to tightened budgets from clients influenced by the macroeconomic environment [3][4]. Major Clients and Revenue Diversification - In 2024, the Agricultural Bank of China was the largest client, contributing 44.44% of the company's annual revenue. However, by the first three quarters of 2025, revenue from clients other than the Agricultural Bank accounted for nearly 90% of total revenue, indicating a push for business diversification [3][4]. Research and Development Focus - Geling Deep Vision is heavily investing in two major projects: multimodal large model technology and smart energy farms, with expected investments of 368 million yuan and 50.58 million yuan, respectively [4]. - The smart energy farm project aims to utilize AI and controlled photosynthesis technologies for efficient microalgae cultivation, which has raised concerns among investors about potential distractions from core business operations [5]. Workforce and Talent Management - The company has seen a significant reduction in its R&D personnel, decreasing from 318 in the first half of 2024 to 227 in the same period of 2025. The average salary for R&D staff also declined from 189,700 yuan to 178,900 yuan [5]. - Geling Deep Vision has warned that failure to retain key technical talent or attract new talent could lead to risks associated with talent shortages and loss of critical technology personnel [5].

Core Points - The Shanghai Composite Index closed at 4009.81 points, slightly down by 0.16%, with a total trading volume of 202.97 billion yuan [1] - A total of 29 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from their annual moving average include: - Huaihe Energy (5.10%) - Longban Media (3.78%) - China Oilfield Services (3.49%) [1] - Other stocks that have just crossed the annual moving average with smaller deviation rates include: - Fulete - China Railway - China National Heavy Duty Truck [1] Trading Data - The trading data for stocks that broke through the annual moving average on October 30 includes: - Huaihe Energy: +5.95% with a turnover rate of 5.94% - Longban Media: +3.99% with a turnover rate of 3.15% - China Oilfield Services: +4.58% with a turnover rate of 1.43% [1] - Additional stocks with notable performance include: - Guangha Tongxin: +7.41% - Runze Technology: +7.35% - BlueFocus Communication: +9.49% [1]

Core Viewpoint - The article highlights the impressive performance of the RICE model (MVT v1.5) developed by DeepGlint's inspiration team, which has excelled in various visual tasks and received recognition at the ICCV25 conference [2][27]. Summary by Sections MVT Series Overview - The MVT series focuses on enhancing visual semantic representation using large datasets, inspired by DeepGlint's expertise in facial recognition algorithms [5][7]. - MVT v1.0 utilized the advanced CLIP pre-training model for feature extraction from vast image-text datasets, achieving state-of-the-art (SOTA) results in image classification and retrieval tasks [5][7]. RICE Model Development - RICE (MVT v1.5) builds on previous models by understanding the composition of image semantics, recognizing that images often consist of multiple loosely related visual elements [9][27]. - The model incorporates character blocks as semantic information, utilizing SAM for object feature extraction from a dataset of 400 million images, resulting in 2 billion region-level objects clustered into one million semantic categories [9][11]. Training Methodology - Each image in RICE's training process involves learning approximately 10 region-level objects, employing a Region Attention Layer to accelerate model training [11][13]. - The model's architecture uses a classic ViT structure, enhancing the semantic representation of internal visual features as training progresses [13][27]. Experimental Validation - RICE has undergone extensive experimental validation across various downstream tasks, demonstrating superior performance in detection tasks on datasets like COCO and LVIS, as well as Roboflow100 [17][20]. - In multi-modal segmentation tasks, RICE has shown significant improvements using the LLaVA series framework [18][23]. Multi-Modal Applications - RICE serves as a visual encoder in the LLaVA-OneVision-1.5 model, achieving competitive results against other leading models in various benchmarks [25][27]. - The model's compatibility with optical character recognition (OCR) tasks provides a notable advantage in multi-modal applications [23][27]. Future Directions - The MVT series is set to advance to version 2.0, focusing on video encoding, which is seen as a critical step towards achieving artificial general intelligence (AGI) [27].

Core Viewpoint - Geling Deep Vision (688207.SH) reported a decline in institutional ownership in its Q3 2025 report, with a total of 8 institutional investors holding 84.34 million shares, representing 32.57% of the total share capital, a decrease of 1.44 percentage points from the previous quarter [1] Institutional Ownership - As of October 28, 2025, 8 institutional investors disclosed their holdings in Geling Deep Vision, totaling 84.34 million shares, which is 32.57% of the company's total share capital [1] - The institutional investors include Tianjin Deep Vision Intelligent Technology Center, Tianjin Ling Tong Zhongzhi Technology Center, Shenzhen High-tech Investment Group, and others [1] - The overall institutional ownership percentage decreased by 1.44 percentage points compared to the previous quarter [1] Public Fund Holdings - In the current period, 2 public funds increased their holdings, including the E Fund National Robot Industry ETF and the Huabao Zhongzheng Financial Technology Theme ETF, with an increase in holding percentage of 1.77% [1] - A total of 64 public funds did not disclose their holdings in this period, which includes various funds such as E Fund New Normal Mixed Fund and others [1]

Core Viewpoint - The company emphasizes the authenticity and completeness of its quarterly report, ensuring no false records or significant omissions exist, and holds legal responsibility for the report's content [2][3]. Financial Data - The financial statements for the third quarter are not audited, indicating preliminary figures [3][8]. - The company reported significant growth in revenue from clients other than its major client, Agricultural Bank of China, with nearly 90% of revenue coming from other sources, reflecting a year-on-year increase of 135.52% [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the status of major shareholders, although specific figures are not provided [4]. Other Important Information - The company is focusing on market expansion and diversification, particularly in smart finance and urban management sectors, while also exploring opportunities in government services and smart education [5]. - The framework contract with Agricultural Bank of China is set to expire in September 2025, prompting the company to actively pursue project opportunities with the bank [5].