2 1 Shi Ji Jing Ji Bao Dao·2025-10-30 00:46Core Viewpoint - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of the year, marking an 11.6% year-on-year increase, while net profit fell by 32.69% to 5.322 billion yuan [1] Financial Performance - The decline in revenue from operator networks was influenced by reduced investment in communication infrastructure by domestic operators, with domestic market revenue decreasing while international market revenue increased [2] - The government and enterprise business saw a significant revenue increase of 130%, while consumer business revenue remained stable [2] - Capital expenditure by the three major operators is expected to decline in the first half of 2025, with a noted shift towards increased investment in computing power [2] Strategic Shift - ZTE is transitioning towards a "connectivity + computing power" strategy, focusing on consolidating its domestic base while actively investing in future technologies such as intelligent computing and high-speed network access [3] - The company has segmented its business into four main areas: network, computing power, home, and personal, with computing power now accounting for 25% of revenue [3] Growth in Computing Power Segment - Revenue from computing power increased by 180% year-on-year, with server and storage revenue growing by 250% and data center product revenue increasing by 120% [4] - ZTE's self-developed DPU chips and high-capacity switching chips are facilitating the large-scale interconnection of domestic GPU cards, with its intelligent computing servers being adopted by major domestic internet and financial companies [4] Market Reaction - As of October 29, ZTE's A-share price fell by 6.46%, closing at 46.2 yuan per share, with a market capitalization of 221 billion yuan [5]