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].

Core Insights - The company, Geling Deep Vision, reported a significant revenue increase of 453.28% for Q3 2025, with revenue reaching 51.76 million yuan [1] - Despite the revenue growth, the company incurred a net loss of 47.49 million yuan in Q3 2025 [1] - For the first three quarters of 2025, the company achieved a total revenue of 94.43 million yuan, reflecting a year-on-year growth of 55.33%, while the net loss amounted to 127 million yuan [1]

格隆汇10月28日丨格灵深瞳(688207.SH)发布三季报，2025年前三季度实现营业总收入9422.9万元，同比 增长55.33%；归属母公司股东净利润-1.27亿元，较上年同期亏损减少1028.09万元；基本每股收益为-0.5 元。 ...

（记者 王晓波） 每经AI快讯，格灵深瞳（SH 688207，收盘价：15.72元）10月28日晚间发布三季度业绩公告称，2025年 前三季度营收约9423万元，同比增加55.33%；归属于上市公司股东的净利润亏损约1.27亿元；基本每股 收益亏损0.5元。 截至发稿，格灵深瞳市值为41亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ ...

Revenue and Profitability - The company's revenue for the third quarter reached ¥51,756,141.04, representing a year-on-year increase of 453.28%[2] - The total profit for the quarter was -¥50,391,692.51, with a net profit attributable to shareholders of -¥47,487,918.52[2] - Total operating revenue for the first three quarters of 2025 reached ¥94,228,971.38, a significant increase from ¥60,664,318.37 in the same period of 2024, representing a growth of approximately 55.4%[18] - The net loss for the first three quarters of 2025 was ¥130,960,033.96, slightly improved from a net loss of ¥137,506,031.44 in 2024, indicating a reduction in losses of approximately 4.0%[19] - The company’s total comprehensive loss for the first three quarters of 2025 was -¥131,130,977.47, compared to -¥137,313,122.61 in 2024, showing an improvement of about 4.5%[19] Research and Development - Research and development (R&D) expenses amounted to ¥38,782,435.30, accounting for 74.93% of the revenue, a decrease of 419.44 percentage points compared to the previous year[3] - The company is focused on optimizing R&D project efficiency, leading to a reduction in R&D personnel costs despite increased revenue[7] - Research and development expenses for the first three quarters of 2025 were ¥106,827,338.47, down from ¥140,013,513.48 in 2024, showing a decrease of about 23.5%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,117,956,769.88, down 8.62% from the end of the previous year[3] - The company reported a total asset value of ¥2,117,956,769.88 as of the end of the reporting period, compared to ¥2,317,640,088.10 in the previous year, indicating a decrease of approximately 8.6%[16] - Total liabilities decreased to ¥147,311,829.13 in 2025 from ¥221,928,465.91 in 2024, representing a reduction of about 33.5%[16] - The company's equity attributable to shareholders decreased to ¥1,914,680,749.26 from ¥2,036,129,040.93, reflecting a decline of approximately 6.0%[16] Cash Flow - The cash flow from operating activities for the year-to-date was -¥165,684,781.75, indicating increased cash outflows for purchases and services[2] - The net cash flow from operating activities for the first three quarters of 2025 was -¥165,684,781.75, compared to -¥118,682,760.45 in the same period of 2024, indicating a decline in cash flow[22] - The company reported a total cash outflow from operating activities of ¥267,869,476.30 for the first three quarters of 2025, compared to ¥240,052,759.17 in 2024, indicating an increase in cash outflow[22] - Cash inflow from investment activities totaled ¥2,138,263,719.33 in the first three quarters of 2025, down from ¥3,607,281,183.84 in 2024, reflecting a decrease of about 40.7%[23] - The net cash flow from investment activities was -¥5,029,257.34 for the first three quarters of 2025, compared to -¥226,124,083.02 in the same period of 2024, showing an improvement in cash flow[23] - The net cash flow from financing activities was -¥10,235,770.33 in the first three quarters of 2025, compared to -¥25,973,743.24 in 2024, indicating a reduction in cash outflow[23] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at ¥238,028,698.13, down from ¥522,648,496.97 at the end of the same period in 2024[23] Shareholder Information - The top shareholder, Tianjin Deep Vision Intelligent Technology Center, holds 16.90% of the shares, totaling 43,765,884 shares[10] - The company has not reported any changes in the shareholding structure of the top 10 shareholders due to margin trading activities[11] - The company has not disclosed any other significant relationships or actions among its major shareholders[11] Market Strategy - The company is focusing on market expansion and business diversification, particularly in smart finance and urban management sectors[12] - The framework contract with Agricultural Bank is set to expire in September 2025, prompting the company to actively pursue project opportunities[12] - The company aims to improve customer concentration issues by deepening its market penetration in various sectors[13] - The company reported a revenue growth of 135.52% from clients other than Agricultural Bank, with this segment accounting for nearly 90% of total revenue in the first three quarters of 2025[12][13] Earnings Per Share - The basic earnings per share for the quarter was -¥0.19, and the diluted earnings per share was also -¥0.19[3] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.50, slightly improved from -¥0.53 in the same period of 2024[20] Other Financial Information - Non-recurring gains and losses for the quarter totaled ¥3,589,533.24, with significant contributions from government subsidies and asset disposals[5] - Other income for the first three quarters of 2025 was reported at ¥997,069.96, down from ¥5,154,140.48 in 2024, a decrease of approximately 80.7%[18] - The company did not report any net profit from the merged entity prior to the merger, with both periods showing a net profit of 0[20] - The company is not applying new accounting standards for the first time in 2025[24]