科创、海外市场策略深度报告：科创板2025年三季报分析：盈利持续提升

Overall Dimension: Profitability Turns Positive - The overall revenue of the Sci-Tech Innovation Board (科创板) increased by 7% in Q3 2025, with net profit attributable to shareholders growing by 8% year-on-year, marking an improvement of 3 and 24 percentage points compared to H1 2025 respectively [10][11][12] - The net profit decline for the Sci-Tech 50 index narrowed from -42% in H1 to -19% in Q3, while the Sci-Tech 100 index saw a decrease from 152% to 135%, and the Sci-Tech 200 index improved from 1% to 3% [11][12] Industry Dimension: TMT Performs Well - In terms of profitability, the automotive and TMT sectors led the way, with net profit growth rates of 139%, 131%, 63%, and 56% respectively for automotive, computer, communication, and electronic industries [25][26] - The growth in the computer, communication, and electronic sectors is primarily driven by the rapid development of the AI industry, particularly in the upstream computing power segment [25][26] - The automotive sector's profitability improved due to the rapid growth of Ninebot's electric two-wheeler business, despite the electric equipment sector being a major drag on overall performance [25][26] Economic Outlook: Supply and Demand Continue to Improve - Approximately 80% of industries reported positive capacity expansion rates in Q3 2025, indicating a favorable trend in capacity expansion across the board [28][31] - The order backlog, as indicated by the sum of contract liabilities and advance receipts, showed a year-on-year doubling in industries such as bioproducts, ground weaponry II, and optical optoelectronics, with improvements noted compared to H1 2025 [30][33]