工业富联Q3财报：单季净利首次突破百亿 同比增长62.04%

Core Insights - Industrial Fulian reported a strong performance in Q3 2025, with revenue reaching 243.17 billion yuan, a year-on-year increase of 42.81%, and net profit surpassing 10 billion yuan for the first time, reaching 10.37 billion yuan, up 62.04% year-on-year, both setting new historical highs for the company [1] - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan, a 38.4% increase year-on-year, and net profit of 22.49 billion yuan, up 48.52% year-on-year, nearing last year's total [1] Revenue Growth Drivers - The growth in performance is attributed to the continuous expansion of the AI server market, large-scale delivery of next-generation AI cabinet products for ultra-large data centers, and strong demand for AI computing power, which has led to a steady increase in market share among major clients [1] - The cloud service provider business performed exceptionally well, driving overall revenue growth, while operational efficiency continued to improve, with total expenses growing at a slower rate than revenue [1] Cloud Computing Business - The cloud computing segment saw significant growth, with revenue increasing by over 65% year-on-year in the first three quarters of 2025, and a more than 75% increase year-on-year in Q3 alone [2] - The cloud service provider business accounted for 70% of the cloud computing revenue in the first three quarters, with a year-on-year growth of over 150%, and a more than 2.1 times increase in Q3 [2] - AI-related business experienced remarkable growth, with revenue from GPU AI servers for cloud service providers increasing by over 300% year-on-year in the first three quarters, and a more than 90% quarter-on-quarter growth in Q3, along with a year-on-year increase of over five times [2] Telecommunications and Mobile Network Equipment - The precision components business benefited from the launch of new AI smart terminal products, leading to increased customer demand and sustained growth [2] - In the switching equipment sector, driven by the growing demand for AI, Q3 saw a year-on-year growth of 100%, with 800G switches experiencing a year-on-year increase of over 27 times [2]