FII(SH:601138) Sou Hu Cai Jing·2025-11-24 23:40Core Viewpoint - Recent rumors regarding Industrial Fulian's revenue forecast for Q4 2025 have led to significant market reactions, including a stock price drop of 7.8% on November 24, 2023, prompting the company to issue a clarification stating that operations are proceeding as planned and there are no adjustments to revenue targets [1][2]. Group 1: Company Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit of 10.37 billion yuan, up 62.04%, both marking record highs for a single quarter [2]. - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, nearing last year's total figures [2]. - The growth is primarily driven by the expansion of the AI server market, large-scale deliveries of AI cabinet products for data centers, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year [2]. Group 2: Product Development and Operations - Industrial Fulian's GB200 product shipments are progressing smoothly, and the GB300 product has entered mass production in Q3, with improvements in yield and testing efficiency [2]. - The company anticipates that declining unit costs and improved yields will positively impact gross margins in Q4, maintaining confidence in delivery efficiency as manufacturing processes are optimized [2]. Group 3: Market Reactions and Clarifications - Following the rumors about potential revenue adjustments, Industrial Fulian issued a statement confirming that all operations, including product shipments and customer demand, are normal and in line with established plans [1]. - The company has not lowered its profit targets for Q4 and is continuing to develop next-generation products as scheduled [1].