Precise(SZ:300442) Zheng Quan Ri Bao Wang·2025-10-30 05:45Core Viewpoint - Runze Technology has demonstrated significant financial growth in the first three quarters of 2025, driven by successful public REIT issuance and strong operational performance [1][2]. Financial Performance - The company achieved operating revenue of approximately 3.977 billion yuan, representing a year-on-year increase of 15.05% [1]. - The net profit attributable to shareholders reached approximately 4.704 billion yuan, showing a substantial year-on-year growth of 210.74% [1]. - Excluding the impact of REITs, the net profit attributable to shareholders for the third quarter was approximately 475 million yuan, with a quarter-on-quarter increase of 5.47% [1]. - The net cash flow from operating activities amounted to 2.764 billion yuan, reflecting a year-on-year increase of 140.05% [1]. Business Model and Strategy - The successful issuance of the South Runze Technology Data Center REIT, which raised 4.5 billion yuan, marks a significant breakthrough in asset securitization for the company [2]. - The company is transitioning from a heavy asset model to a mixed asset operation model, which is beneficial for rapid capital recovery and accelerating new infrastructure development [2][3]. - The REITs platform has optimized the company's capital structure and provided solid financial support for future growth [3]. Industry Context - The "14th Five-Year Plan" emphasizes the need for advanced infrastructure development, including information communication networks and integrated computing networks, which aligns with the company's strategic direction [3]. - The demand for intelligent computing infrastructure is expected to grow, providing Runze Technology with opportunities to leverage its first-mover advantage and optimized asset structure [3].