首破百亿！万亿巨头，分食AI盛宴

Core Viewpoint - Industrial Fulian's net profit for Q3 2025 exceeded 10 billion RMB for the first time, reaching 10.37 billion RMB, a year-on-year increase of 62.04% driven by strong AI business growth [2][14]. Financial Performance - For the first three quarters of 2025, Industrial Fulian reported operating revenue of 603.93 billion RMB, a year-on-year increase of 38.40%, and a net profit attributable to shareholders of 22.49 billion RMB, up 48.52% [7][10]. - The company's Q3 2025 operating revenue was 243.17 billion RMB, reflecting a 42.81% increase compared to the same period last year [8]. AI Demand and Business Growth - The growth in Industrial Fulian's performance is primarily attributed to the expanding AI server market and the large-scale delivery of AI cabinet products for next-generation data centers [14]. - The cloud computing segment saw significant growth, with revenue from AI server business increasing over 65% year-on-year in the first three quarters of 2025, and over 75% in Q3 alone [14]. - The company's switch business experienced a remarkable growth of 100% in Q3 2025, with 800G switches seeing revenue growth of over 27 times [14]. Inventory and Cash Flow - As of the end of Q3 2025, Industrial Fulian's inventory amounted to 164.66 billion RMB, a significant increase from 85.26 billion RMB at the end of Q4 2024, indicating preparations to meet rising AI demand [15][21]. - The net cash flow from operating activities was -4.14 billion RMB, a decline of 199.73% year-on-year, primarily due to increased inventory levels to meet strong customer demand [16][20].