Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved steady revenue and profit growth in Q1-Q3 2025, with revenue of 4.293 billion yuan (up 8.33% year-on-year) and net profit attributable to shareholders of 422 million yuan (up 12.68% year-on-year). In Q3 2025 alone, revenue reached 1.465 billion yuan (up 6.25% year-on-year) and net profit was 120 million yuan (up 28.73% year-on-year) [6] - The company has upgraded its AI capabilities significantly, launching the Blue Ocean Model 2.0 in mid-2025, which has been applied in various consumer scenarios such as home security and elderly care. The launch of the Qiming AI Smart Lock Y5000FVX Ultra further enhances its AI interaction features [8] - The company is expected to see steady growth in performance due to a clear growth logic across its business segments, supported by hardware matrix and software upgrades [6][8] Financial Performance Summary - For Q1-Q3 2025, the company's gross margin was 43.6% (up 0.7 percentage points), and the net margin was 9.8% (up 0.4 percentage points). In Q3 2025, the gross margin was 43.7% (up 1.7 percentage points) and the net margin was 8.2% (up 1.4 percentage points) [7] - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 575 million yuan, 687 million yuan, and 834 million yuan respectively, with corresponding EPS of 0.73 yuan, 0.87 yuan, and 1.06 yuan [6] Business Highlights - The company has expanded its cloud platform applications, launching 18 functional optimizations in Q3 2025 and introducing AI smart entities for various sectors such as pet care and retail [8] - The company’s total market capitalization is 24.2 billion yuan, with a current stock price of 30.73 yuan, reflecting a PE ratio of 43.1 for 2025 [1][6]

Core Insights - The total margin balance of the STAR Market on October 20 was 246.904 billion yuan, a decrease of 1.14 billion yuan from the previous trading day [1] - The financing balance was 246.045 billion yuan, down by 1.148 billion yuan, while the securities lending balance increased by 0.08 billion yuan to 0.859 billion yuan [1] Individual Stock Performance - On October 20, 215 stocks in the STAR Market experienced net financing inflows, with 13 stocks having net inflows exceeding 20 million yuan [1] - Cambricon Technologies led the net financing inflows with an amount of 368 million yuan, followed by companies such as Lattice Semiconductor, Tuojing Technology, Guodun Quantum, Southern Power Grid Technology, SMIC, and Yingshi Network [1]

Core Insights - The global consumer smart camera market saw a shipment volume of 66.65 million units in the first half of the year, reflecting a year-on-year growth of 2.7% [2] - In China, shipments reached 23.59 million units, with a year-on-year increase of 3.1%, indicating a rising market concentration with the top five manufacturers holding a combined market share of 62.3%, up 4.4 percentage points from the previous year [2] Company Performance - Ezviz maintained the leading position in the Chinese market with a 25.4% share, although its market share did not grow compared to the previous year. Xiaomi, in second place, showed strong growth, increasing its market share by 3.8% to 18.2% [4] - Ezviz's revenue for the first half of 2025 was approximately 2.83 billion yuan, with a net profit of about 302 million yuan, representing year-on-year growth of 9.45% and 7.38% respectively. The revenue from smart home cameras was 1.55 billion yuan, accounting for 54.75% of total revenue [5] - Despite the revenue growth, Ezviz's growth rate has significantly slowed down compared to previous years, with a notable decline in growth capacity [5] Market Dynamics - The global consumer smart camera market is experiencing a slowdown, with a shipment of 137 million units in 2024, reflecting a year-on-year growth of 7.7%, which is a deceleration compared to 2023. The fourth quarter saw only a 1.8% increase in shipments [6] - Ezviz is facing increased competition from Xiaomi, particularly in online channels, where Xiaomi held a 26.4% market share in the e-commerce sector in Q1 2025 [6] - The company is exploring technological upgrades, including the integration of AI and visual technology, and expanding its product matrix to cover various security scenarios [6] Regional Insights - In Q2 2025, global smart camera shipments reached 32.78 million units, showing a slight year-on-year increase of 0.9%. However, markets in Asia-Pacific (excluding China and Japan), the US, and Canada experienced declines [7] - The Latin American market, in contrast, led global growth with a 26% year-on-year increase, presenting new market opportunities for manufacturers including Ezviz [7]

Core Viewpoint - The profitability of YingShi Network (688475.SH) continues to recover, with significant growth in revenue and net profit in the first three quarters of 2025 [2][4][8]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 4.293 billion yuan, a year-on-year increase of 8.33% [2][9]. - Net profit reached 422 million yuan, up 12.68% year-on-year, while the non-net profit was 391 million yuan, reflecting a 6.22% increase [2][9]. - The operating cash flow saw a substantial increase of 289%, with net cash flow from operating activities reaching 510 million yuan, a year-on-year growth of 288.91% [4][12]. Quarterly Growth - The company achieved continuous growth in revenue and net profit across three consecutive quarters in 2025 [11]. - Revenue for Q1 and Q2 was 1.38 billion yuan and 1.447 billion yuan, showing year-on-year growth of 11.59% and 7.48%, respectively [9]. - In Q3, revenue was 1.465 billion yuan, marking a 6.25% increase year-on-year, with net profit of 120 million yuan, up 28.73% [10]. Business Expansion - YingShi Network is actively expanding its domestic and international channels, enhancing its product offerings in smart home solutions and IoT cloud platform services [2][12]. - The company has focused on developing competitive innovative products and services, which has contributed to steady growth in overall business performance [2][12]. International Market Performance - In the first half of 2025, the company's overseas business revenue grew by 25.42%, accounting for 38% of total revenue [3][15]. - The company is strategically expanding its distribution channels, including offline chain KA channels and various types of distributors [14][15]. Product Development - YingShi Network is enhancing its AI capabilities, particularly in smart entry products, with the launch of the self-developed AI facial recognition video lock [15]. - The smart home segment generated 2.256 billion yuan in revenue in the first half of 2025, representing an 8.88% year-on-year increase and accounting for 80.26% of the company's main business revenue [16].

Core Viewpoint - The financial performance of Yingzi Network in Q3 shows steady growth in revenue and net profit, driven by a focus on core strengths and technological innovation [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.293 billion yuan, representing a year-on-year increase of 8.33% [1] - The net profit attributable to shareholders was 422 million yuan, up 12.68% year-on-year [1] - Basic earnings per share reached 0.54 yuan, reflecting a growth of 12.50% year-on-year [1] - In Q3, the revenue was 1.47 billion yuan, an increase of 6.25% compared to the same period last year [1] - The net profit attributable to shareholders for Q3 was 120 million yuan, showing a significant rise of 28.7% year-on-year [1] - The net profit excluding non-recurring items was 93.01 million yuan, up 1.8% year-on-year [1] Strategic Initiatives - The growth in performance is attributed to the company's continuous focus on core advantages and strengthening of technological research and development [1] - The company has been actively launching competitive products and services while enhancing domestic and international channel development [1] - Increased investment in domestic and international markets and optimization of business structure have contributed to building brand influence and market competitiveness of core product lines [1] Product Development - During the reporting period, the company launched the self-developed Yingzi Qiming AI Face Video Lock (Y5000FVX), which integrates AI technology and a personalized AI avatar system [1] - This new product redefines the functionality and interaction experience of smart home entry products, further enhancing the company's competitiveness and profitability in the smart home sector [1]

重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688475 证券简称：萤石网络 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、准确性和完整性依法承担法律责任。 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三）主要会计数 ...

Core Insights - The company reported a revenue of 1,465,385,300.84 yuan for the third quarter of 2025, representing a year-on-year growth of 6.25% [2] - The net profit attributable to shareholders of the listed company was 119,867,357.20 yuan, showing a year-on-year increase of 28.73% [2] Financial Performance - Revenue for Q3 2025: 1,465.39 million yuan, up 6.25% year-on-year [2] - Net profit for Q3 2025: 119.87 million yuan, up 28.73% year-on-year [2]

Performance - Cambrian's Q3 revenue reached 1.727 billion yuan, a year-on-year increase of 1332.52%; net profit was 567 million yuan [1] - Hikvision's Q3 net profit grew by 20.31% year-on-year [5] - Sitaiwei's net profit for the first three quarters is expected to increase by 140% to 169% year-on-year [5] - Northern Heavy Industries anticipates a year-on-year net profit increase of 56.90% to 70.74% for the first three quarters [5] - Jintian's net profit for the first three quarters increased by 104.37% year-on-year [5] - Yingshi Network's Q3 net profit grew by 28.73% year-on-year [5] - Sankeshu's net profit for the first three quarters increased by 81.22% year-on-year, with a proposed dividend of 5 yuan per 10 shares [5] - Pianzaihuang's Q3 net profit decreased by 28.82% year-on-year [5] - Shentong Technology's Q3 net profit surged by 452.62% year-on-year [5] - Huayou Cobalt's net profit for the first three quarters increased by 39.59% year-on-year [5] - Guotou Power's Q3 power generation reached 47.891 billion kWh, a year-on-year decrease of 14.42% [5] - Rongbai Technology reported a Q3 net loss of 135 million yuan [5] - Zijin Mining's Q3 net profit increased by 52.25% year-on-year [5] - Haida Group's net profit for the first three quarters increased by 14.31%, planning to spin off its subsidiary Haida Holdings for a Hong Kong listing [5] Share Buybacks and Reductions - Fujirui plans to repurchase shares worth 10 million to 20 million yuan [3] - Tonghua Dongbao intends to repurchase shares worth 20 million to 40 million yuan [3] - Shenzhen New Star plans to adjust the maximum repurchase price to no more than 30 yuan per share [3] - Sanhua Intelligent Control has raised the maximum repurchase price and extended the implementation period [3] - Dayang Electric has also raised the maximum repurchase price and extended the implementation period [3] - Hunan Baiyin's controlling shareholder plans to reduce its stake by no more than 2% [5] - Shengbang shares' controlling shareholder plans to reduce its stake by no more than 1.28% [5] - Liandong Technology's actual controller plans to reduce its stake by no more than 2.9963% [5] - Juxing Agriculture's shareholder plans to reduce its stake by no more than 2% [5] - Aerospace Engineering's shareholders plan to reduce their stakes by no more than 6% [5] Contracts and Collaborations - Yongmaotai signed a strategic cooperation framework agreement with a leading humanoid robot company [3] - Xinjiang Jiaojian won a construction project worth 556 million yuan [4] - Jingjiawei signed a strategic cooperation agreement with Cangqiong Digital to create a fully domestic integrated solution [3] - Shengshi Technology signed a contract for a project worth 102 million yuan at Hunchun Port [3] - Robotech signed a contract worth approximately 761 million yuan, accounting for about 68.83% of the company's 2024 revenue [3] - Guangdong Construction's subsidiary signed a cooperation framework agreement with the Maoming Binhai New Area Management Committee [3] Mergers and Acquisitions - Jingwei Huikai plans to acquire 100% of Zhongxing System for 850 million yuan, entering the private network communication field [6] - Weigao Blood Purification intends to purchase 100% of Weigao Purui's shares, with stock trading suspended from October 20 [6] - GoerTek terminated its planned acquisition of Mia Precision Technology and Changhong Industrial [6] Financing - Changsha Bank received regulatory approval to issue capital instruments not exceeding 12 billion yuan [6]

智通财经APP讯，萤石网络(688475.SH)发布2025年三季度报告，前三季度，公司实现营业收入42.93亿 元，同比增长8.33%。归属于上市公司股东的净利润4.22亿元，同比增长12.68%。归属于上市公司股东 的扣除非经常性损益的净利润3.91亿元，同比增长6.22%。 ...

Group 1 - The core viewpoint of the article is that Yingzi Network (688475.SH) reported its Q3 2025 financial results, showing positive growth in both revenue and net profit [1] Group 2 - The company's operating revenue for Q3 2025 was 1.465 billion yuan, representing a year-on-year increase of 6.25% [1] - The net profit attributable to shareholders of the listed company was 120 million yuan, reflecting a year-on-year growth of 28.73% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 93.01 million yuan, with a year-on-year increase of 1.78% [1]