FII(SH:601138) 经济观察报·2025-11-24 14:32Core Viewpoint - Industrial Fulian's stock price has experienced significant volatility, dropping over 30% from its peak, resulting in a market value loss exceeding 500 billion yuan within a short period [1][3]. Financial Performance - For the first three quarters of 2023, Industrial Fulian reported a revenue of 603.93 billion yuan, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of 22.49 billion yuan, up 48.52% year-on-year [3]. Stock Market Reaction - On October 29, following the release of its quarterly report, Industrial Fulian's stock price surged over 9%, closing at 80.8 yuan per share, with a market capitalization reaching 1.6 trillion yuan, a historical high [3]. - On November 24, the stock price fell to 54.61 yuan per share, marking a decline of 9.99% by midday, and ultimately closing at 55.95 yuan, down 7.80% for the day, with trading volume exceeding 18.7 billion yuan [2]. Market Speculation and Response - A circulating rumor suggested that Nvidia would enter the server market, leading to a potential downward revision of Industrial Fulian's revenue expectations for Q4 2025, which contributed to the stock's decline [3][4]. - Industrial Fulian issued a clarification stating that the rumors regarding a downward adjustment of Q4 performance targets were unfounded, asserting that operations and customer demand remained strong [4][5]. Management's Outlook - During a quarterly earnings call, management expressed confidence in ongoing projects and customer demand, indicating that the company had not adjusted its performance expectations despite market speculation [5][6]. - Analysts have deemed the rumors about Nvidia's market entry as unreliable, emphasizing that such a move would not align with Nvidia's profit strategy [6]. Industry Context - Other companies in the computing power sector also experienced stock price declines during the same period, with notable drops including 10.96% for Zhongji Xuchuang, 28.64% for Xinyi Sheng, and 23.74% for Tianfu Communication [6].