FII(SH:601138) Cai Jing Wang·2025-11-25 01:52Core Viewpoint - Recent rumors regarding Foxconn Industrial Internet Co., Ltd. (Industrial Fulian) suggest a downward revision of AI server cabinet shipment volumes and profits, leading to a 7.8% drop in stock price on November 24. However, the company has denied these claims and confirmed that its fourth-quarter performance remains on track [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 attributable to shareholders of 10.37 billion yuan, up 62.04%, both reaching historical highs for a single quarter [2]. - For the first three quarters, 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 data center AI cabinet product deliveries, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year in the first three quarters [2]. Group 2: Product Development and Market Position - The management indicated that the GB200 product is being shipped smoothly, and the GB300 achieved mass production in Q3, with improving yield rates and testing efficiency [2]. - The company expects that declining unit costs and improved yield rates will positively support gross margins in Q4, maintaining confidence in delivery efficiency as scale and manufacturing processes optimize [2]. - The company emphasizes that short-term stock price fluctuations do not alter its fundamental performance, urging investors to view market rumors rationally [2].