FII(SH:601138) Zhong Guo Zheng Quan Bao·2025-11-24 15:13Core Viewpoint - Industrial Fulian issued a clarification statement denying rumors about lowering its fourth-quarter performance targets and adjustments from major clients, asserting that operations are proceeding as planned and customer demand remains strong [2][5]. Financial Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, with net profit surpassing 10 billion yuan for the first time, reaching 10.37 billion yuan, a growth of 62.04% [8]. - For the first three quarters of the year, the company achieved revenue of 603.93 billion yuan, up 38.4% year-on-year, and net profit of 22.49 billion yuan, an increase of 48.52% [8]. - The company's revenue and net profit for the first three quarters are close to last year's total, marking a historical high for the same period [8]. Business Segments - The AI server business showed significant growth, with cloud computing revenue increasing over 65% year-on-year in the first three quarters and over 75% in Q3, driven by the demand for AI cabinet products [8]. - Revenue from cloud service providers increased by over 150% year-on-year in the first three quarters, with Q3 revenue more than doubling compared to the previous year [8]. - The GPU AI server segment saw revenue growth exceeding 300% year-on-year in the first three quarters, with a quarterly increase of over 90% and a year-on-year increase of over five times [8][9]. Market Reaction - On November 24, Industrial Fulian's stock price fell by 7.8% to 55.94 yuan per share, with a total market capitalization of 1.11 trillion yuan, despite a cumulative increase of 165.29% year-to-date [5].