Core Points - Company has been recognized as a national-level "specialized and innovative" small giant enterprise by the Ministry of Industry and Information Technology [1] - The certification is valid for three years, indicating a strong endorsement of the company's capabilities and innovation [1] Summary by Category Company Recognition - Company has successfully passed the national-level review for "specialized and innovative" small giant enterprises as per the announcement from the Beijing Municipal Bureau of Economy and Information Technology [1] - The public notice period for the announcement has concluded, confirming the company's status [1] Certification Details - The company has received the national-level "specialized and innovative" small giant enterprise certificate from the Ministry of Industry and Information Technology [1] - The certificate is valid for a duration of three years, which reflects the company's commitment to innovation and specialization in its field [1]

Core Points - Capital Online Technology Co., Ltd. has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology of China [1] - The certification is valid for three years, indicating the company's compliance with national standards for innovation and specialization [1] Company Summary - The company has successfully passed the review for the seventh batch of specialized and innovative small giant enterprises in Beijing [1] - The announcement of the certification comes after the public notice period issued by the Beijing Municipal Bureau of Economy and Information Technology has concluded [1]

证券代码：300846 证券简称：首都在线 公告编号：2025-105 北京首都在线科技股份有限公司 关于公司通过国家级专精特新"小巨人"企业复核 并完成公示的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特此公告。 近日，公司收到国家工业和信息化部（以下简称"工信部"）颁发的国家级专精特 新"小巨人"企业证书，有效期为 3 年。 二、对公司的影响 专精特新"小巨人"企业是工业和信息化部为贯彻落实中共中央办公厅、国务院办 公厅《关于促进中小企业健康发展的指导意见》有关要求，经各省级主管部门推荐报送、 工信部组织专家评审及社会公示等流程而评选产生的专注于细分市场、创新能力强、市 场占有率高、掌握核心关键技术、质量效益优的排头兵企业。 公司此次复核通过国家级专精特新"小巨人"企业，是工信部对公司专业化、精细 化、特色化、新颖化的认可，也是对公司研发创新能力、业务发展规模等方面的肯定， 有利于提高公司核心竞争力和在行业内的影响力，对公司的发展将产生积极影响。 此后，公司将继续秉承专精特新"小巨人"企业的专业化、精细化、特色化、新颖 化精神，不断强化公司的自主创新 ...

Core Insights - The company reported a Q3 revenue of 297 million, a year-on-year decrease of 12.52%, while the net profit attributable to shareholders was -28 million, an increase of 47.55% year-on-year, indicating a significant reduction in losses on the profit side [1] - The company is actively adjusting its revenue structure towards high-quality business, with a notable improvement in gross margin to 11.91%, up 5.53 percentage points year-on-year [2] Financial Performance - For the year-to-date, the net cash flow from operating activities was 87 million, a decline of 49.77% year-on-year [1] - The company’s expenses showed a mixed trend, with an increase in sales expense ratio to 6.02%, while R&D and management expense ratios decreased to 5.17% and 11.34% respectively [1] Strategic Adjustments - The company is focusing on high-power intelligent computing center construction and strategically reducing low-margin traditional IDC business to enhance overall operational quality [2] - As of Q3 2025, the company’s right-of-use assets increased by 202.25% to 161 million, and lease liabilities rose by 256.06% to 128 million, indicating accelerated infrastructure development [2] Growth Potential - The company’s asset disposal income increased by 513.46% year-on-year, reflecting strong operational and management capabilities [2] - The company is expanding its global layout and strengthening domestic core node construction, with new data centers in Huailai and Wuhu, contributing to a nationwide intelligent computing network [3] Collaborative Initiatives - A strategic cooperation framework agreement was signed with the government of Yulin City, focusing on building a domestic heterogeneous computing adaptation center and fostering talent development [3] - The company aims to act as an enabler in intelligent computing, expanding global business and constructing an open ecosystem [3]

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]