事件描述 首都在线发布2025 年三季度报告，公司Q3 单季度实现营收2.97 亿，同比减少12.52%；实现归母净利 润-0.28 亿，同比增长47.55%；实现扣非归母净利润-0.39 亿，同比增长31.85%，利润端明显缩亏，营收 端结构逐步向高质量业务主动调整。年初至今经营性活动现金流净额实现0.87 亿元，同比下降 49.77%。费用端较去年同期除销售费用率提升外，研发费用率和管理费用率均下降，销售/管理/研发费 用率分别为6.02%/11.34%/5.17%。 事件评论 风险提示 1、下游需求不及预期的风险； 2、国家产业政策调整的风险； 3、智算云及IDC 投资规划不及预期的风险。 营收主动性结构调整，经营质量不断提升。公司核心业务分为IDC 业务和云计算业务，云计算业务包含 计算云（GPU）和智算云（GPU）。近年来，受国内互联网市场增速放缓、运营商政策调整等因素影 响，传统IDC 行业发展承压。公司对IDC 业务进行战略调整，聚焦高功率智算中心建设，强化AIDC 业 务战略布局。同时，策略性缩减低毛利传统IDC业务，以提升整体经营质量。公司Q3 单季度毛利率为 11.91%，同比去年明显改善 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a Q3 revenue of 297 million, a year-on-year decrease of 12.52%. However, the net profit attributable to the parent company was -28 million, showing a year-on-year increase of 47.55%. The non-recurring net profit attributable to the parent company was -39 million, with a year-on-year increase of 31.85%, indicating a significant reduction in losses and a proactive adjustment towards high-quality business [2][5] - The company's main business includes cloud services, communication network services, IDC services, and comprehensive solutions, with a strong operational capability expected to benefit from the increasing demand for reasoning computing power as AI applications gradually take off [2][5] - The company is focusing on high-power intelligent computing center construction and strategic adjustments to its IDC business, aiming to enhance overall operational quality [12] Financial Performance - As of Q3 2025, the company's cash flow from operating activities was 87 million, a year-on-year decrease of 49.77%. The gross profit margin for Q3 was 11.91%, an improvement of 5.53 percentage points year-on-year [5][12] - The company’s usage rights assets increased by 202.25% year-on-year to 161 million, while lease liabilities rose by 256.06% to 128 million, indicating accelerated infrastructure construction [12] - The company expects net profits attributable to the parent company to be -150 million, -70 million, and 50 million for the years 2025, 2026, and 2027 respectively [12] Strategic Developments - The company is enhancing its global layout and strengthening domestic core node construction, with new data centers in Huailai and Wuhu expected to create a nationwide intelligent computing network [12] - A strategic cooperation framework agreement was signed with the government of Yulin City, focusing on building a heterogeneous computing power adaptation center and fostering a computing power ecosystem [12] - The company aims to act as an enabler of intelligent computing, expanding global business and building an open ecosystem [12]

Group 1 - The company’s AI Infra platform is built on Kubernetes, designed as an enterprise-level inference system project [2] - The platform optimizes resource scheduling and achieves adaptive scaling capabilities, providing efficient, low-cost, and scalable solutions for large model deployments [2] - Currently, the platform supports nearly 10,000 card-level inference task scheduling capabilities [2]

Core Viewpoint - Capital Online's stock price has shown a significant increase of 49.82% year-to-date, despite recent fluctuations in trading performance [2]. Group 1: Stock Performance - As of November 20, Capital Online's stock price rose by 2.06% to 20.84 CNY per share, with a trading volume of 1.95 billion CNY and a turnover rate of 2.43%, resulting in a total market capitalization of 10.48 billion CNY [1]. - Year-to-date, the stock has increased by 49.82%, with a slight rise of 0.63% over the last five trading days, but a decline of 3.43% over the last 20 days and 5.87% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Capital Online reported a revenue of 926 million CNY, representing a year-on-year decrease of 12.05%. The net profit attributable to shareholders was -99.41 million CNY, showing a year-on-year increase of 32.11% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 20.57 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Capital Online was 65,700, a decrease of 25.68% from the previous period, while the average circulating shares per person increased by 34.76% to 5,961 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 8.25 million shares, an increase of 4.72 million shares from the previous period [3].

Core Viewpoint - The company, Capital Online (300846.SZ), confirmed that its main business does not currently involve collaboration in the field of space computing power [1]. Group 1: Company Business Overview - The company provides cloud services, communication network services, IDC services, and comprehensive solutions to various industries [1]. - The services offered are designed to meet the computing power and network service needs of different industries during their digital transformation process [1]. Group 2: Space Computing Power Inquiry - An investor inquired about the company's involvement in space computing power-related collaborations [1]. - The company clarified that it does not engage in the space computing power sector at this time [1].

Core Viewpoint - The company, Capital Online (300846.SZ), focuses on providing cloud services, communication network services, IDC services, and comprehensive solutions to various industries, addressing their digital transformation needs for computing power and network services. The company does not currently engage in space computing services [1]. Group 1 - The main business of the company includes general computing and intelligent computing cloud services [1]. - The company aims to meet the service demands of different industries during their digital transformation processes [1]. - The company’s current operations do not involve any space computing-related fields [1].

Core Points - Tianyang Technology announced the acquisition of shares in Beijing Capital Online Technology Co., Ltd. [1] - The company will acquire 24,815,140 shares from the controlling shareholder Qu Ning, representing 4.93% of Capital Online's total share capital, at a price of 17.60 RMB per share, totaling approximately 436.75 million RMB [1] - Additionally, the company will acquire 392,430 shares from the shareholder Nanjing Yunzhi Tuo Venture Capital Partnership, representing 0.08% of Capital Online's total share capital, at the same price per share, totaling approximately 6.91 million RMB [1] - The share transfer has been completed, with the registration date being November 14, 2025 [1]

证券代码：300846 证券简称：首都在线 公告编号：2025-104 北京首都在线科技股份有限公司 关于控股股东、实际控制人及公司股东协议转让 部分公司股份完成过户登记的公告 公司控股股东、实际控制人曲宁先生、股东南京云之拓创业投资合伙企业 及受让方天阳宏业科技股份有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、本次协议转让的基本情况 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： 1.北京首都在线科技股份有限公司（以下简称"公司"或"首都在线"） 控股股东、实际控制人曲宁先生及公司股东南京云之拓创业投资合伙企业（有 限合伙）（以下简称"南京云之拓"）于2025年9月18日分别与天阳宏业科技 股份有限公司（以下简称"天阳宏业"）签署了《股份转让协议》，曲宁先 生及公司股东南京云之拓拟分别通过协议转让的方式，向天阳宏业合计转让其 持有的25,207,570股公司无限售条件流通股股份，占公司目前总股本的5.01%， 转让价格为17.6元/股，交易总金额为443,653,232元。其中，曲宁先生转让 24,815,140股，占公 ...

Core Viewpoint - The announcement details a share transfer agreement where the controlling shareholder and another shareholder of the company will transfer a total of 25,207,600 shares, representing 5.01% of the company's total equity, to Tianyang Hongye at a price of 17.6 yuan per share, totaling 444 million yuan [1] Group 1: Share Transfer Details - The controlling shareholder Qu Ning will transfer 24,815,100 shares, accounting for 4.93% of the total equity, for a transaction amount of 437 million yuan [1] - The other shareholder Nanjing Yunzhi Tuo will transfer 392,400 shares, representing 0.08% of the total equity, for a transaction amount of 6.9068 million yuan [1] - Tianyang Hongye, the acquirer, commits to not reducing its holdings of the acquired shares within 12 months after the completion of the transfer [1]

Core Points - The company held a shareholder meeting on November 14, 2025, with no proposals being rejected or modified [1][2] - The meeting respected the interests of small and medium investors by conducting separate voting for them [2][4] Meeting Details - The meeting was held on November 14, 2025, at 14:50, with network voting available from 9:15 to 15:00 [3] - The location of the meeting was at the company's conference room in Beijing [4] - The meeting was conducted by the board of directors, with Chairman Qu Ning presiding [4] Attendance - A total of 356 shareholders attended, representing 145,197,695 shares, which is 28.8723% of the total voting shares [5] - Among them, 7 shareholders attended in person, representing 142,174,095 shares (28.2711%) [6] - 349 shareholders participated via online voting, representing 3,023,600 shares (0.6012%) [7] - 350 small and medium shareholders attended, representing 3,029,800 shares (0.6025%) [8] Voting Results - The proposal to increase the use of temporarily idle self-owned funds for cash management was approved with 143,977,895 votes in favor (99.1599%) [12] - The proposal to change registered capital and amend the company’s articles of association received 144,603,295 votes in favor (99.5906%) [14] - The proposal to reappoint the accounting firm was approved with 144,607,295 votes in favor (99.5934%) [16] Legal Opinion - The meeting was witnessed by lawyers from Beijing King & Wood Mallesons, confirming that the procedures complied with relevant laws and regulations [18]