Zhi Tong Cai Jing·2025-10-30 02:14Core Insights - The company reported a revenue of 100.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.63% [2] - The net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [2] - In Q3 alone, the company achieved a revenue of 28.97 billion yuan, a 5% year-on-year increase, but the net profit dropped by 88% to 264 million yuan [2] Revenue and Profit Analysis - The decline in profit is attributed to a decrease in high-margin operator business revenue, which has a lower proportion in the overall revenue structure, shifting towards lower-margin computing power business [2] - The company is facing short-term performance pressure due to a downturn in operator demand and the impact of revenue recognition timing [2] Long-term Strategy and Developments - The long-term strategy focusing on the second curve of computing power development remains unchanged [2] - The company has made significant breakthroughs in its full-stack computing power layout, including: 1. Development of self-researched DPU (Dinghai series) and high-capacity switching chips (Lingyun and Tianyi series), enabling large-scale high-performance interconnection of domestic GPU cards [2] 2. Entry into core business scenarios of major domestic internet companies and leading enterprises in finance and electricity, including Alibaba, Tencent, ByteDance, Baidu, and JD.com [2] 3. Creation of an orthogonal super-node system aimed at high-performance training and inference, supporting the establishment of super-large clusters with over 10,000 cards [2]