FII(SH:601138) Zhong Guo Ji Jin Bao·2025-10-29 12:50Core Insights - Industrial Fulian's net profit for Q3 2025 exceeded 10 billion RMB for the first time, reaching 10.373 billion RMB, a year-on-year increase of 62.04% [2][4] - The company's stock price rose by 9.20% to 80.80 RMB per share, with a total market capitalization of 1.6 trillion RMB as of October 29 [2] Financial Performance - For the first three quarters of 2025, Industrial Fulian reported operating revenue of 603.93 billion RMB, a year-on-year increase of 38.40%, and a net profit attributable to shareholders of 224.87 billion RMB, up 48.52% [4][10] - The company's operating income for Q3 2025 was 243.17 billion RMB, reflecting a 42.81% increase compared to the same period last year [5] - The basic earnings per share for Q3 2025 was 0.52 RMB, a 62.50% increase year-on-year [5] AI Demand and Business Growth - The growth in Industrial Fulian's performance is primarily driven by the expanding AI server market and the delivery of next-generation AI cabinet products for large-scale data centers [10] - The cloud computing segment saw significant growth, with revenue increasing over 65% year-on-year for the first three quarters of 2025, and over 75% in Q3 alone [10] - The company's switch business experienced a remarkable 100% revenue growth in Q3 2025, with 800G switches seeing revenue increase by more than 27 times [10] Inventory and Cash Flow - As of the end of Q3 2025, Industrial Fulian's inventory amounted to 164.66 billion RMB, a significant increase from 85.27 billion RMB at the end of Q4 2024 [15] - The net cash flow from operating activities for Q3 2025 was -4.14 billion RMB, a decline of 199.73% year-on-year, attributed to increased inventory to meet strong customer demand [11][12]