TFC(SZ:300394) Hua Er Jie Jian Wen·2025-10-29 12:55Core Viewpoint - The company reported significant growth in Q3 2025, driven by the increasing demand for AI and data center construction, with a net profit of 566 million yuan, up 75.68% year-on-year, and revenue of 1.463 billion yuan, up 74.37% year-on-year [1][3]. Financial Performance - Q3 revenue reached 1.463 billion yuan, a 74.37% increase compared to the same period last year [2]. - Net profit for Q3 was 566 million yuan, reflecting a year-on-year growth of 75.68% [2]. - For the first three quarters, total revenue was 3.918 billion yuan, up 63.63% year-on-year, while net profit was 1.465 billion yuan, an increase of 50.07% [3]. Cost and Asset Management - The company's operating costs increased by 88.48% year-on-year, outpacing revenue growth, attributed to sales growth and product mix changes [3]. - Asset impairment losses rose significantly to 33.1 million yuan, a 238.76% increase from the previous year, primarily due to increased inventory write-downs [3]. Capital Expenditure and Future Outlook - Fixed assets grew to 1.114 billion yuan, a 38.52% increase, due to new facilities in Jiangxi and Thailand becoming operational [4]. - "Other non-current assets" surged to 1.057 billion yuan, a 694.29% increase, indicating substantial prepayments for equipment, reflecting preparations for future capacity expansion [4]. - The net cash flow from operating activities for the first three quarters was 1.344 billion yuan, up 50.43% year-on-year [4]. - The company completed a cash dividend distribution of approximately 389 million yuan, highlighting its commitment to shareholder returns [4].