Zheng Quan Ri Bao·2025-12-16 08:11Group 1 - The core viewpoint of the article highlights that ZTE Corporation's revenue and cost dynamics are significantly impacted by the decline in domestic telecom operators' investment in communication infrastructure, leading to a net increase in operating costs exceeding revenue growth [1] - For the first three quarters of 2025, the company's operating revenue increased by 10.48 billion yuan year-on-year, while operating costs rose by 16.14 billion yuan, indicating a challenging revenue environment [1] - The company experienced a rapid growth in revenue from server and computing power products, although the gross margin for these products is lower than that of communication network products, contributing to the overall increase in operating costs [1] Group 2 - Cash payments for purchasing goods and accepting services increased by 18.83 billion yuan year-on-year, primarily for procurement of raw materials and services necessary for project delivery and product production [1] - The raw materials and services, aside from those transferred to operating costs, were accounted for as inventory, indicating a strategic focus on managing supply chain and production needs [1]