奇安信前三季度亏损6亿多元，大幅压缩费用研发投入下降近两成

Core Insights - Qi Anxin Technology Group Co., Ltd. reported a revenue of 2.839 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.72%, while the net profit attributable to shareholders was -617 million yuan [1] - In Q3, the company achieved a revenue of 1.096 billion yuan, with a year-on-year increase of 18.22%, and a net profit of 153 million yuan, marking a turnaround from loss to profit [1] - The report indicated that the fair value changes and gains from the disposal of financial assets and liabilities amounted to 334 million yuan [1] Financial Performance - The total expenses (sales, R&D, and management) were significantly reduced by 257 million yuan year-on-year [2] - R&D investment for the first three quarters was 835 million yuan, down 19.67% year-on-year, accounting for 29.41% of revenue, a decrease of 8.93 percentage points compared to the same period last year [2] - In Q3, R&D investment was 245 million yuan, down 24% year-on-year, representing 22.37% of revenue, a decline of 12.54 percentage points year-on-year [2] Government Support and Client Composition - The company received government subsidies totaling 40.3 million yuan in the first three quarters, with 17.22 million yuan recognized in Q3 [2] - Revenue composition for enterprise clients, government clients, and judicial clients was 69.58%, 21.17%, and 9.25%, respectively [2] Shareholding Structure - As of September 30, 2025, China Electric Investment Holdings Co., Ltd. held 23.19% of shares, making it the largest single shareholder, surpassing CEO Qi Xiangdong's 21.92% stake [2] - Ningbo Meishan Free Trade Port Area Anyuan Chuangzhi Equity Investment Partnership (Limited Partnership) held 7.8% of shares [2]