2 1 Shi Ji Jing Ji Bao Dao·2025-10-23 13:40Core Insights - The domestic computing industry is transitioning from "technical breakthroughs" to "scaled applications," as indicated by increasing orders, rising inventory, and growing sales returns [1][6][8] Financial Performance - Haiguang Information reported Q3 revenue of 4.026 billion yuan, a year-on-year increase of 69.6%, and a net profit of approximately 760 million yuan, up 13.04% [1][2] - The company generated a net cash flow from operating activities of 2.255 billion yuan in the first three quarters, a significant increase of 465.64% [2] - Cambricon achieved Q3 revenue of 1.727 billion yuan, a staggering year-on-year growth of 1332.52%, with a net profit of 567 million yuan, recovering from a loss of 194 million yuan in the same period last year [2][3] Inventory and Contracts - Haiguang's inventory at the end of Q3 was 6.502 billion yuan, reflecting strategic stockpiling to meet market demand [2] - Cambricon's inventory was 3.729 billion yuan, with contract liabilities of 79.61 million yuan, indicating strong order demand [3] Market Dynamics - Major domestic orders from companies like China Unicom and ICBC highlight the increasing adoption of domestic computing solutions, with over 90.9% of the procurement budget allocated to domestic computing servers [6][8] - The collaboration between leading AI model manufacturers and domestic chip companies is enhancing the performance and deployment of AI applications [6][8] Ecosystem Development - The growth of the domestic computing industry is attributed to systemic ecosystem development, with companies like Haiguang fostering collaboration across the supply chain [7][8] - Haiguang has established an open innovation chain involving over 6,000 partners, facilitating the development of 15,000 software and hardware adaptations [7][8]