Core Viewpoint - Zhimi Intelligent, established in 2011 and listed in 2022, focuses on AI infrastructure, edge computing, and IoT, with applications in education, finance, and healthcare [1] Financial Performance - For Q3 2025, Zhimi Intelligent reported revenue of 2.973 billion yuan, ranking 9th in the industry, with a year-on-year growth of 6.89% [2][6][7] - The net profit for the same period was 242 million yuan, ranking 10th in the industry, with a year-on-year increase of 59.3% [2][6][7] - The main business segments include terminal products (1.043 billion yuan, 53.57%), ICT infrastructure (307 million yuan, 15.78%), intelligent computing (298 million yuan, 15.31%), and industrial IoT (145 million yuan, 7.46%) [2] Profitability and Debt - As of Q3 2025, the asset-liability ratio was 57.49%, higher than the industry average of 34.38% [3] - The gross profit margin was 22.32%, which is below the industry average of 34.46% but improved from 17.76% in the previous year [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.30% to 48,800, with an average holding of 2,442.64 shares [5] - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, with some changes in holdings compared to the previous period [5] Business Highlights - The subsidiary Tengyun Zhican achieved revenue of 298 million yuan in H1 2025, focusing on AIGC lifecycle services [6] - New product launches include the HAT computing rental cloud platform and the Edge AI Box product series [6][7] - Significant progress was made in humanoid robotics with key clients [6][7] Future Projections - Revenue projections for 2025 to 2027 are 4.735 billion, 5.565 billion, and 6.454 billion yuan, respectively, with net profits expected to be 254 million, 483 million, and 716 million yuan [6][7]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 66.81 CNY, compared to the current stock price of 55.67 CNY as of October 29, 2025 [5]. Core Insights - The company has embraced AI comprehensively and made significant progress in embodied intelligence, securing major clients [1]. - For the first three quarters of 2025, the company achieved revenue of 2.973 billion CNY, a year-on-year increase of 6.89%, and a net profit attributable to shareholders of 131 million CNY, up 59.3% year-on-year [1]. - The third quarter of 2025 saw a revenue of 1.026 billion CNY, a decrease of 6.08% year-on-year, but the net profit attributable to shareholders increased by 13.67% to 29 million CNY [1][2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.973 billion CNY, with a net profit of 131 million CNY, and a non-recurring net profit of 108 million CNY, reflecting increases of 59.3% and 54.28% respectively year-on-year [1]. - For Q3 2025, the company recorded a revenue of 1.026 billion CNY, with a net profit of 29 million CNY, and a non-recurring net profit of 20 million CNY [1]. Business Segments - The company's subsidiary, Tengyun Zhican, has maintained high growth, achieving a revenue of 298 million CNY and a net profit of 162 million CNY in the first half of 2025, with significant demand and successful new client acquisitions [2]. - The company is focusing on AI hardware and software products for cloud and edge computing, providing comprehensive AI computing services [3]. Product Development - The company launched the generative AI BOX and embodied intelligence controllers, achieving significant client progress in humanoid robotics [4]. - The company has introduced a cloud platform for AI computing resource leasing, addressing key demands in fragmented scenarios [3]. Future Projections - The company is expected to benefit from the AI infrastructure wave, with projected revenues of 4.735 billion CNY, 5.565 billion CNY, and 6.454 billion CNY for 2025, 2026, and 2027 respectively, alongside net profits of 254 million CNY, 483 million CNY, and 716 million CNY [9].

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]

Summary of the Conference Call for Zhiwei Intelligent (智维智能) Industry Overview - The company is affected by delays in high-performance server tenders, but traditional businesses like industry terminals and ICT infrastructure are expected to remain stable. Server business has growth potential driven by storage servers [2][4] - Domestic internet companies' capital expenditure has surpassed 100 billion, indicating strong global computing power market demand, with the domestic market likely to maintain or even revise upward capital expenditure [2][5] - Domestic chips are primarily used in the general innovation field, with NVIDIA's high-performance computing servers focused on training, while domestic chips emphasize inference [2][6] Company Performance - For the first three quarters, Zhiwei Intelligent reported revenue of less than 3 billion, with a net profit of 131 million, reflecting a revenue growth rate of 6.89% and a net profit growth rate close to 60% [4] - The third-quarter revenue was 1.03 billion, a year-on-year decline, mainly due to the focus on advantageous and high-growth potential businesses, optimizing less promising market segments [4] - The company’s net profit for the third quarter was less than 30 million, impacted by downstream clients delaying tenders due to high-performance server upgrades [4] Market Trends - The global computing power market can be observed through the CAPEX outlook of the four major CSPs in North America, with domestic internet companies benefiting from capital expenditure [5][6] - The computing power leasing market is difficult to assess due to frequent tenders from internet companies, but some competitors have announced procurement of high-performance servers, indicating a robust demand [6][8] Strategic Initiatives - The company is considering entering the domestic card OEM or server assembly business to address market opportunities arising from the US-China trade dispute and NVIDIA's limited graphics card supply [2][7] - Zhiwei Intelligent has made breakthroughs in humanoid robotics, collaborating with leading domestic clients, with products based on various platforms [2][9] Financial Insights - The impact of rising storage prices on the company's gross margin is limited, as high-performance servers primarily use HBM storage, which has seen price declines [3][16] - Storage costs constitute a small portion of total costs, with CPU or GPU being the largest cost items in traditional OEM businesses [18] Future Outlook - The company anticipates that the tendering process will resume in the fourth quarter, with strong procurement demand from internet companies expected to continue [14][15] - The company plans to disclose more data on the robot controller business by the end of the year, as investor interest in this area is high [12] Product Pricing - Different controller pricing reflects performance differences and application needs, with average prices ranging from 1,000-1,500 yuan for RK3,588 to around 35,000-40,000 yuan for SoC controllers [10] Operational Efficiency - The computing power charging business operates on a make-to-order basis, with a quick turnaround from winning bids to delivery, enhancing operational efficiency [25] Conclusion - Zhiwei Intelligent is navigating challenges in the high-performance server market while exploring new opportunities in domestic card OEM and humanoid robotics, with a focus on maintaining stable revenue streams and optimizing its product offerings in response to market demands.

Market Overview - On October 24, the computer equipment sector rose by 2.05%, led by Aerospace Intelligence [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Aerospace Intelligence (300455) saw a closing price of 19.76 with a significant increase of 19.98% and a trading volume of 311,100 shares, amounting to a transaction value of 614 million [1] - Weihong Co., Ltd. (300508) closed at 31.98, up 12.61%, with a trading volume of 94,300 shares [1] - Dahua Intelligent (002512) closed at 4.46, up 10.12%, with a trading volume of 672,500 shares [1] - Other notable performers include Langke Technology (300042) with an 8.93% increase and a closing price of 33.18, and Jiayuan Technology (301117) with a 7.96% increase and a closing price of 43.25 [1] Capital Flow - The computer equipment sector experienced a net inflow of 1.494 billion in main funds, while retail funds saw a net outflow of 575 million [2] - The main funds' net inflow for Zhongke Shuguang (603019) was 914 million, accounting for 12.96% of the total, while retail funds had a net outflow of 578 million [3] - Dahua Intelligent (002512) had a main fund net inflow of 139 million, representing 46.50% of the total, with retail funds experiencing a net outflow of 64.93 million [3]

Core Viewpoint - Shenzhen Zhimi Intelligent Technology Co., Ltd. reported a decline in revenue for Q3 2025, while net profit showed growth, indicating mixed financial performance amidst strategic advancements in AI technology [1][2]. Financial Performance - Q3 revenue was 1.026 billion yuan, a decrease of 6.08% year-on-year [2]. - Net profit attributable to shareholders was 29.24 million yuan, an increase of 13.67% year-on-year [1][2]. - For the first three quarters, total revenue reached 2.973 billion yuan, up 6.89% year-on-year, while net profit attributable to shareholders was 131 million yuan, reflecting a significant increase of 59.3% [1][2]. AI and Robotics Development - The company is actively embracing AI technology, focusing on cloud, edge, and endpoint solutions in its product planning [2]. - In the cloud AI sector, Zhimi Intelligent offers comprehensive AI computing power lifecycle services and has launched the HAT computing power leasing cloud platform to address core issues such as resource scarcity and low utilization [2]. - In the edge AI domain, the company has introduced a full-stack product series using chips like NVIDIA Jetson and Rockchip [2]. - The company achieved significant progress in humanoid robotics, marking a breakthrough from 0 to 1 with its robot control systems [3].

Core Viewpoint - The company, Zhiwei Intelligent (智微智能), is actively developing a product line of brain control units based on core chip platforms such as Nvidia Jetson, Intel Ultra, and Rockchip, aimed at various applications in robotics [1] Group 1: Product Development - The company has launched brain control units that can be applied in industrial robots, AGV/AMR mobile robots, service robots, and humanoid robots [1] - The company has achieved mass production and delivery in the fields of industrial robots and mobile robots [1] - Testing and integration with certain humanoid robot clients are currently underway [1]

Core Viewpoint - The company reported a revenue of 2.973 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.89%, while the net profit attributable to shareholders increased by 59.30% to 131 million yuan, indicating a strong performance despite short-term pressures from strategic adjustments and investments in innovation [3][18]. Financial Performance - The company achieved a revenue of 2.973 billion yuan in the first three quarters, with a year-on-year increase of 6.89% [3]. - The net profit attributable to shareholders reached 131 million yuan, reflecting a significant year-on-year growth of 59.30% [3]. - The company has initiated a comprehensive shift towards enhancing the contribution of high-value businesses, focusing on AI integration across cloud, edge, and endpoint sectors [3]. Strategic Initiatives - The company is actively upgrading its existing product lines and focusing resources on innovative products within core sectors, which may exert short-term pressure on performance but aims to establish a healthier and more competitive business portfolio [3]. - In the AI cloud sector, the company launched the HAT computing rental cloud platform, addressing key issues of resource scarcity and low utilization rates, with steady growth in registered users [3]. - The company introduced a full-stack product series in the edge AI sector, utilizing various chip technologies to meet diverse AI application needs [4]. Asset Impairment - The company reported a total asset impairment provision of 53.8017 million yuan as of the end of the third quarter, which will reduce the net profit attributable to shareholders by 45.6722 million yuan [19][20]. - The impairment provision includes a significant loss of 48.9257 million yuan related to inventory, which represents over 30% of the company's audited net profit from the previous fiscal year [19][20]. Shareholder Information - The company completed the repurchase and cancellation of 10,148 shares of restricted stock due to performance targets not being met [9]. - A total of 176 million shares held by major shareholders will be released from restrictions on August 15, 2025, representing approximately 69.89% of the total share capital [10]. - The company disclosed plans for share reductions by certain senior management and major shareholders, with specific timelines and amounts outlined [11].

Core Viewpoint - The company reported a revenue of 2.973 billion yuan for the first three quarters, representing a year-on-year growth of 6.89%, while the net profit attributable to shareholders reached 131 million yuan, showing a significant increase of 59.30% [1] Financial Performance - Revenue for the first three quarters: 2.973 billion yuan, up 6.89% year-on-year [1] - Net profit attributable to shareholders: 131 million yuan, up 59.30% year-on-year [1] Strategic Focus - The company is actively promoting the transition from old to new growth drivers to seek long-term competitive advantages [1] - There is a focus on upgrading existing product lines and concentrating resources on innovative products in core sectors [1] - The company acknowledges that these proactive investments and adjustments may exert short-term pressure on performance but are essential for building a healthier and more competitive business portfolio [1] Future Direction - The next focus will be on enhancing the contribution of high-value businesses [1] - The company plans to fully embrace AI+ and concentrate on product planning in three main areas: cloud, edge, and terminal [1]

Core Insights - The company reported a revenue of 2,972,959,655.39 yuan for the first three quarters of 2025, representing a year-on-year growth of 6.89% [1] - The net profit attributable to shareholders of the listed company was 130,947,962.01 yuan, showing a significant year-on-year increase of 59.30% [1] Financial Performance - Revenue for the first three quarters of 2025: 2,972,959,655.39 yuan, up 6.89% year-on-year [1] - Net profit for the same period: 130,947,962.01 yuan, up 59.30% year-on-year [1]