Financial Performance - The company achieved a revenue of 2.973 billion yuan in the first three quarters, representing a year-on-year growth of 6.89%[5] - Net profit attributable to shareholders reached 131 million yuan, a significant increase of 59.30% year-on-year[5] - Basic earnings per share increased by 20.00% to 0.12 yuan, while diluted earnings per share also rose by 20.00%[9] - The net profit attributable to shareholders for the period (January to September) was ¥130,947,962.01, an increase of 59.30% compared to ¥82,200,965.84 in the previous period[14] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥108,140,361.27, reflecting a growth of 54.28% from ¥70,094,677.85 in the prior period[14] - Basic earnings per share rose to ¥0.53, up 60.61% from ¥0.33 in the same period last year[14] - Diluted earnings per share increased to ¥0.52, a rise of 57.58% compared to ¥0.33 in the previous year[14] - The net profit for the current period is CNY 242,390,590.91, an increase from CNY 144,130,606.77 in the previous period, representing a growth of approximately 68.3%[30] - The total operating profit for the current period was CNY 289,931,536.25, up from CNY 167,473,410.61, indicating an increase of approximately 73.0%[30] Assets and Liabilities - Total assets at the end of the reporting period amounted to approximately 5.784 billion yuan, reflecting a 12.85% increase compared to the previous year[9] - Total assets reached ¥5,784,202,487.63, compared to ¥5,125,461,460.06, marking an increase of 12.9%[26] - Total liabilities rose to ¥3,325,542,621.32 from ¥2,937,683,538.78, an increase of 13.2%[27] - Shareholders' equity totaled ¥2,458,659,866.31, up from ¥2,187,777,921.28, reflecting a growth of 12.3%[27] Cash Flow - The net cash flow from operating activities showed a drastic decline of 93.75%[9] - The net cash flow from operating activities was ¥57,677,919.37, a significant decrease of 93.75% from ¥923,464,656.86 in the prior period, primarily due to an increase in supplier prepayments[14] - The cash flow from operating activities showed a net increase of CNY 57,677,919.37, down from CNY 923,464,656.86 in the previous period[33] - The cash flow from investing activities resulted in a net outflow of CNY 694,552,044.67, compared to a net outflow of CNY 917,186,321.17 in the previous period[33] - Cash and cash equivalents decreased to ¥784,680,642.83 from ¥1,477,783,251.64, a decline of 46.9%[25] - The cash and cash equivalents at the end of the period decreased to CNY 770,666,148.88 from CNY 870,744,677.50, a decline of about 11.5%[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,839[16] - Major shareholders include Yuan Weiwei with 39.58% and Guo Xuhui with 30.22%, collectively holding 69.80% of the company[18] - The company repurchased and canceled 10,148 shares due to performance assessment not meeting target values[19] - A total of 176,000,000 shares held by controlling shareholders Yuan Weiwei and Guo Xuhui will be released from restrictions on August 15, 2025, representing 69.8888% of the total share capital[20] - Guo Xuhui plans to reduce his holdings by up to 7,500,000 shares, approximately 2.9749% of the total share capital, within three months starting from October 14, 2025[23] Research and Development - The company is focusing on upgrading existing product lines and enhancing contributions from high-value businesses, particularly in the AI+ sector, targeting cloud, edge, and endpoint solutions[5] - Research and development expenses increased to ¥145,765,069.90, compared to ¥134,866,808.86 in the previous period, indicating a growth of 8.5%[29] - In the edge AI sector, the company introduced a full-stack product series utilizing NVIDIA Jetson and other chips, catering to various AI application scenarios[6] - The company launched the generative AI BOX and embodied intelligent controllers, enhancing capabilities for complex AI applications[6] - The company made significant progress in the humanoid robot sector with the launch of the EII-6300 intelligent controller, achieving a breakthrough from 0 to 1[7] Operating Performance - Total operating revenue for the period reached ¥2,972,959,655.39, an increase of 6.9% compared to ¥2,781,257,744.22 in the previous period[29] - Total operating costs amounted to ¥2,658,377,855.73, up from ¥2,587,629,956.53, reflecting a rise of 2.7%[29] - The company reported an investment income of ¥8,434,606.95, compared to ¥3,318,542.83 in the previous period, indicating a significant increase[29] - The company’s investment income from joint ventures and associates was reported at CNY -4,989,527.65, reflecting a loss compared to the previous period[30] - The company’s total assets impairment loss was CNY 48,925,680.83, a decrease from CNY 56,784,586.21 in the previous period[30]

Core Viewpoint - The stock price of Zhimi Intelligent has shown a significant increase of 48.59% year-to-date, with recent fluctuations indicating a mixed performance in the short term [2]. Group 1: Stock Performance - As of October 21, Zhimi Intelligent's stock rose by 2.01%, reaching 54.25 CNY per share, with a trading volume of 1.49 billion CNY and a turnover rate of 2.33%, resulting in a total market capitalization of 13.677 billion CNY [1]. - Year-to-date, the stock has increased by 48.59%, with a slight rise of 0.95% over the last five trading days, a decline of 9.40% over the last 20 days, and a marginal increase of 0.54% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Zhimi Intelligent reported a revenue of 1.947 billion CNY, reflecting a year-on-year growth of 15.29%, while the net profit attributable to shareholders was 102 million CNY, marking an impressive increase of 80.08% [3]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Zhimi Intelligent reached 38,400, an increase of 10.26% from the previous period, with an average of 1,948 shares held per shareholder, down by 7.28% [3]. - The company has distributed a total of 60.0569 million CNY in dividends since its A-share listing [4]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.2326 million shares, a decrease of 1.7431 million shares from the previous period [4].

Core Viewpoint - The company stated that the gross margin of its "intelligent computing business" in the 2025 semi-annual report is relatively high due to the revenue recognition method used by its subsidiary, which applies the net method as per accounting standards [1] Summary by Category - **Company Performance** - The gross margin of the "intelligent computing business" is expected to be high in the 2025 semi-annual report [1] - **Revenue Recognition** - The subsidiary, Tengyun Zhikuan, recognizes part of its operating income using the net method in accordance with accounting standards [1]

Market Overview - On October 13, the computer equipment sector experienced a slight decline of 0.03%, with Zhiwei Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the computer equipment sector included: - Kaleite (301391) with a closing price of 84.00, up 13.84% [1] - Chunzong Technology (603516) at 177.09, up 10.00% [1] - Zhongfu Information (300659) at 15.67, up 8.97% [1] - Conversely, Zhiwei Intelligent (001339) led the decliners with a closing price of 55.81, down 3.94% [2] - Other significant decliners included: - Zhongwei Electronics (300270) at 10.72, down 3.86% [2] - Huijin Shares (300368) at 18.81, down 3.54% [2] Capital Flow - The computer equipment sector saw a net outflow of 770 million yuan from institutional investors, while retail investors contributed a net inflow of 783 million yuan [2][3] - The capital flow for key stocks showed: - China Great Wall (000066) with a net inflow of 3.72 billion yuan from institutional investors [3] - Chunzong Technology (603516) with a net outflow of 635.3 million yuan from retail investors [3]

Market Overview - The computer equipment sector experienced a decline of 2.83% on September 26, with Xuanji Information leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - ST Yingfituo: closed at 2.82, up 4.83% with a trading volume of 197,400 shares and a turnover of 55.38 million [1] - Huijin Co.: closed at 15.90, up 2.91% with a trading volume of 883,600 shares and a turnover of 142.6 million [1] - Major decliners included: - Xuanji Information: closed at 6.47, down 7.70% with a trading volume of 1,914,900 shares and a turnover of 127.5 million [2] - Yimikang: closed at 16.41, down 6.01% with a trading volume of 338,600 shares and a turnover of 56.9 million [2] Capital Flow - The computer equipment sector saw a net outflow of 3.633 billion in main funds, while retail investors contributed a net inflow of 2.477 billion [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2][3] Individual Stock Capital Flow - Huijin Co. had a main fund net inflow of 1.45 billion, but retail investors showed a net outflow of 984.26 million [3] - Xuanji Information experienced a significant net outflow of 1.27 billion from retail investors, indicating a lack of confidence [3]

9月26日，智微智能跌5.03%，截至发稿，报60.96元/股，成交5.61亿元，换手率7.61%，总市值153.68亿 元。 资料显示，深圳市智微智能科技股份有限公司位于深圳市南山区西丽街道兴科路66号乐普大厦东塔23 层，成立日期2011年9月7日，上市日期2022年8月15日，公司主营业务涉及主要从事教育办公类、消费 类、网络设备类、网络安全类、零售类及其他电子设备产品的研发、生产、销售及服务。主营业务收入 构成为：行业终端53.57%，ICT基础设施15.78%，智算业务15.31%，其他7.88%，工业物联网7.46%。 从智微智能十大流通股东角度 数据显示，南方基金旗下1只基金位居智微智能十大流通股东。南方中证1000ETF（512100）二季度新 进十大流通股东，持有股数69.81万股，占流通股的比例为0.93%。根据测算，今日浮亏损失约225.49万 元。 截至发稿，崔蕾累计任职时间6年325天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 145.27%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括 ...

Market Performance - On September 24, the computer equipment sector rose by 0.93% compared to the previous trading day, with Zhongwei Electronics leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Highlights - Zhongwei Electronics (300270) closed at 10.80, with a significant increase of 20.00% and a trading volume of 337,400 shares, amounting to a transaction value of 346 million yuan [1] - Other notable performers included: - Zhongrun Optics (688307) at 38.19, up 8.31% [1] - Zhiwei Intelligent (001339) at 62.10, up 7.44% [1] - Bochu Electronics (688188) at 154.33, up 6.03% [1] - Tongyou Technology (300302) at 18.57, up 4.86% [1] Capital Flow - The computer equipment sector saw a net inflow of 2.906 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.69 billion yuan [2][3] - Major stocks with significant capital flow included: - Inspur Information (000977) with a net inflow of 945 million yuan from institutional investors [3] - Dahua Technology (002236) with a net inflow of 322 million yuan [3] - Hikvision (002415) with a net inflow of 174 million yuan [3]

9月24日，智微智能涨5.16%，截至发稿，报60.78元/股，成交4.58亿元，换手率6.49%，总市值153.23亿 元。 资料显示，深圳市智微智能科技股份有限公司位于深圳市南山区西丽街道兴科路66号乐普大厦东塔23 层，成立日期2011年9月7日，上市日期2022年8月15日，公司主营业务涉及主要从事教育办公类、消费 类、网络设备类、网络安全类、零售类及其他电子设备产品的研发、生产、销售及服务。主营业务收入 构成为：行业终端53.57%，ICT基础设施15.78%，智算业务15.31%，其他7.88%，工业物联网7.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从智微智能十大流通股东角度 数据显示，南方基金旗下1只基金位居智微智能十大流通股东。南方中证1000ETF（512100）二季度新 进十大流通股东，持有股数69.81万股，占流通股的比例为0.93%。根据测算，今日浮盈赚取约208.03万 元。 南方中证1000ETF（5121 ...

Core Viewpoint - The company, Zhiwei Intelligent (智微智能), has developed an intelligent controller that supports major control chips from Intel, Rockchip, and Nvidia Jetson, specifically designed for mobile, industrial, and robotic applications [1] Group 1: Product Features - The intelligent controller offers high-performance processing, high-speed communication, and reliable design features such as efficient heat dissipation and reinforced shock resistance [1] - For instance, the EII-6300 model supports mainstream large language models (LLMs) like Qwen and DeepSeek, as well as hierarchical visual language models (VLMs) such as CLIP, and commonly used visual language action models like OpenVLA [1]

Core Viewpoint - The recent market rally has led to a surge in stock prices, but significant insider selling by major shareholders raises concerns about the underlying health of companies, particularly in the context of information asymmetry in capital markets [1] Group 1: Insider Selling - Zhimi Intelligent Holdings announced a reduction plan by its controlling shareholder and actual controller, Guo Xuhui, citing personal funding needs, with a plan to sell shares over three months starting from September 12, 2025 [2] - Guo Xuhui and Yuan Weiwei, as the actual controllers, hold a combined 176 million shares, representing 69.812% of the total share capital [2] - In August, the company also disclosed a reduction plan involving executives, with three executives holding a total of 188,800 shares, approximately 0.075% of the total share capital [2] Group 2: Financial Performance - The company reported a revenue of 1.947 billion yuan, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 102 million yuan, up 80.08% year-on-year [2] - Despite the apparent strong performance, there are underlying concerns as revenue growth has been declining over the past three quarters, with projected growth rates of 41.41%, 19.35%, and 12.31% for the next three quarters [3] Group 3: Inventory and Financial Discrepancies - The company's inventory increased by 60.22% compared to the beginning of the period, while revenue only grew by 15.29%, indicating a mismatch between inventory growth and revenue [4] - The sales gross margin rose from 19.07% to 24.4%, but the inventory turnover rate decreased from 1.66 times to 1.32 times, highlighting a discrepancy in financial metrics [4][5] Group 4: Business Segment Analysis - The intelligent computing business saw a revenue increase of 146.37% with a gross margin of 84.71%, indicating strong performance in this segment [5] - The company established a subsidiary, Tengyun Intelligent Computing, to provide AIGC high-performance infrastructure products, which is capital-intensive and has a long return cycle [6] Group 5: Prepayment Concerns - The company's prepayments surged by 1,572.29% to 510 million yuan, raising questions about potential funding risks associated with the intelligent computing business [6][7] - The rising asset-liability ratio, which increased from 37.18% to 58.43% over three reporting periods, indicates a growing financial risk [7]