制人提供担保或反担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、授信情况及担保或反担保情况概述 北京首都在线科技股份有限公司（以下简称"公司"）于 2025 年 2 月 26 日召开第六届董事会第二次会议和第六届监事会第二次会议，审议通过了《关于 公司及子公司 2025 年度向金融机构申请授信额度并由公司控股股东及实际控制 人提供担保或反担保暨关联交易的议案》，同意公司及子公司 2025 年度拟向银 行、融资租赁公司等金融机构申请授信额度不超过人民币 7 亿元（含 7 亿元）， 公司控股股东、实际控制人曲宁先生为上述授信无偿提供个人无限连带责任担保 或反担保，授信金额、担保金额、期限以相关协议约定为准。本次年度授权的有 效期自董事会审议通过之日起 1 年。 具体内容详见公司于 2025 年 2 月 27 日披露于巨潮资讯网（www.cninfo.co m.cn）的《北京首都在线科技股份有限公司关于公司及子公司 2025 年度向金融 机构申请授信额度并由公司控股股东及实际控制人提供担保或反担保暨关联交 易的公告》（公告编号：2025-022）。 ...

证券代码：300846 证券简称：首都在线 公告编号：2025-091 北京首都在线科技股份有限公司 2025 年第三季度报告披露的提示性公告 北京首都在线科技股份有限公司《2025 年第三季度报告》全文已于 2025 年 10 月 2 4 日在中国证监会指定的创业板信息披露网站（巨潮资讯网 www.cninfo.com.cn）上披 露，敬请投资者查阅。 1 特此公告。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 董事会 2025 年 10 月 24 日 北京首都在线科技股份有限公司 ...

Core Insights - The company reported a third-quarter revenue of 297 million, representing a decline of 12.52% [1] - The net profit for the third quarter was a loss of 28.45 million, down 47.55% [1] - For the first three quarters, the total revenue was 926 million, a decrease of 12.05% [1] - The net profit for the first three quarters showed a loss of 99.41 million, down 32.11% [1]

一、会议召开情况 北京首都在线科技股份有限公司（以下简称"公司"或"首都在线"）第六届董事 会第九次会议于 2025 年 10 月 23 日在公司会议室以现场与通讯相结合的方式召开。会 议通知于 2025 年 10 月 17 日以邮件方式送达各位董事，各位董事确认收悉。本次会议 应出席董事 7 人，实际出席董事 7 人。本次会议由公司董事长曲宁先生主持，公司高级 管理人员列席会议。本次会议的召集、召开、议案审议程序符合《中华人民共和国公司 法》（以下简称"《公司法》"）和《北京首都在线科技股份有限公司章程》（以下简 称"《公司章程》"）等有关规定，会议程序和结果合法有效。 证券代码：300846 证券简称：首都在线 公告编号：2025-090 北京首都在线科技股份有限公司 第六届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 二、会议表决情况 经与会董事审议，以投票表决的方式通过了以下议案： （一）审议通过《关于<公司 2025 年第三季度报告>的议案》 本议案已经 2025 年审计委员会第五次会议审议通过。 表决结果：7 票同意；0 票 ...

Financial Performance - Q3 2025 revenue decreased by 12.52% year-over-year to CNY 297,379,406.84, and year-to-date revenue decreased by 12.05% to CNY 926,437,818.44[5] - Net loss attributable to shareholders for Q3 2025 was CNY -28,453,648.71, a 47.55% increase in loss compared to the same period last year, while year-to-date net loss increased by 32.11% to CNY -99,412,954.64[5] - Basic and diluted earnings per share for Q3 2025 were both CNY -0.0567, reflecting a 47.69% increase in loss per share year-over-year[5] - Total operating revenue decreased to ¥926,437,818.44 from ¥1,053,345,321.10, representing a decline of approximately 12.06% year-over-year[24] - Net profit for the period was a loss of ¥92,288,468.49, compared to a loss of ¥139,486,491.16 in the previous period, showing an improvement of approximately 33.8%[25] - The net loss attributable to the parent company was CNY 104,251,947.40, compared to a net loss of CNY 152,254,768.54 in the previous period, representing a 31.5% improvement[26] - The total comprehensive income for the period was CNY -97,127,461.25, an improvement from CNY -145,307,302.72 year-over-year[26] - The basic and diluted earnings per share were both CNY -0.1983, compared to CNY -0.2970 in the previous period, indicating a reduction in losses per share[26] Assets and Liabilities - Total assets at the end of Q3 2025 increased by 7.51% to CNY 2,101,704,187.46 compared to the end of the previous year[5] - Current assets totaled ¥892,905,118.70, up from ¥834,121,335.73, reflecting an increase of about 7.0%[22] - The company's total assets reached ¥2,101,704,187.46, compared to ¥1,954,825,570.73, an increase of about 7.5%[22] - Total liabilities rose to ¥1,188,607,739.74 from ¥969,815,049.89, indicating an increase of approximately 22.6%[22] - The company's total equity attributable to shareholders decreased to ¥850,927,200.62 from ¥931,058,960.92, a decline of approximately 8.6%[22] - The company's total liabilities decreased by 42.75% in long-term payables, attributed to timely payments to financing leasing companies[8] Cash Flow - Cash flow from operating activities decreased by 49.77% year-to-date to CNY 87,415,602.00[5] - Cash flow from operating activities generated a net cash inflow of CNY 87,415,602.00, down from CNY 174,037,850.51 in the previous period, reflecting a decrease of 50.2%[29] - Cash inflows from investment activities totaled CNY 235,023,871.46, significantly lower than CNY 653,885,911.48 in the previous period, marking a decline of 64.0%[29] - The net cash outflow from investment activities was CNY -326,233,485.12, compared to CNY -365,972,034.91 in the previous period, showing a slight improvement[29] - Cash flow from financing activities resulted in a net inflow of CNY 162,577,401.16, down from CNY 199,806,355.34 in the previous period, a decrease of 18.7%[29] - The ending cash and cash equivalents balance was CNY 250,939,551.80, down from CNY 353,813,344.99 at the end of the previous period, a decline of 29.1%[30] - The company reported a decrease in cash and cash equivalents, with a balance of ¥261,509,585.73 at the end of the period compared to ¥327,445,103.40 at the beginning[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 65,729[10] - The largest shareholder, Qu Ning, holds 24.09% of shares, totaling 121,003,417 shares, with 90,752,563 shares pledged[10] - The second-largest shareholder, Zhao Yongzhi, holds 3.29% of shares, totaling 16,543,120 shares[10] - The total number of shares with limited sale conditions at the end of the period is 110,464,882 shares[13] - The number of shares held by the top 10 shareholders with unlimited sale conditions totals 30,250,854 shares for Qu Ning[10] - The company has not disclosed any related party relationships among the top shareholders[10] Future Outlook and Strategy - The company plans to hold its first extraordinary general meeting of 2025 on January 9, 2025[14] - The company has announced a performance forecast for the year 2024 on January 23, 2025[14] - The company has confirmed its high-tech enterprise certification again on January 11, 2025[14] - The company reported a significant increase in revenue for the fiscal year 2024, with total revenue reaching CNY 1.5 billion, representing a year-over-year growth of 20%[16] - The company has provided guidance for 2025, projecting a revenue increase of 25% to CNY 1.875 billion, driven by new product launches and market expansion efforts[16] - Investment in research and development for new technologies has increased by 30%, totaling CNY 300 million, focusing on enhancing product features and user experience[16] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[16] - A strategic acquisition of a smaller tech firm was announced, expected to enhance the company's capabilities in artificial intelligence and data analytics[16] - The company has initiated a new strategy to optimize cash management, utilizing idle funds to generate additional returns, with an expected yield of 5%[16] - The board has approved a proposal to not distribute profits for the fiscal year 2024, aiming to reinvest earnings into growth initiatives[16] - The company has established a special fund account for managing raised capital, ensuring compliance with regulatory requirements[16] Government and Regulatory Matters - Non-operating income for the year-to-date period increased by 140.99% due to government subsidies received[9] - The company’s deferred income increased by 1439.53% due to government-issued subsidies and fixed asset investment grants[8] - Interest income for the year-to-date period decreased by 35.17% due to a decline in overall market interest rates[9] Fund Management - The company is in the process of establishing a special account for raised funds and signing a four-party supervision agreement related to the raised funds[18] - The company announced the completion of the implementation of the share reduction plan by shareholder Zhao Yongzhi[18] - The company plans to use part of the idle raised funds to temporarily supplement working capital[18] - The company has frozen part of the special account funds raised in 2021[18] - The company is adjusting the 2023 restricted stock incentive plan related matters[18] - The company has reported on the progress of cash management using idle raised funds and self-owned funds for the first half of 2025[18] - The company has completed the registration of changes in business and obtained a new business license[18] - The company is preparing for the second temporary shareholders' meeting of 2025[18] - The company has announced the results of the first vesting period of the 2023 restricted stock incentive plan[18]

Core Viewpoint - The acceleration of the AI era, particularly in generative AI technology, is driving higher demands for computing power, with a significant focus on video generation and long-text reasoning models [1] Industry Summary - According to IDC, the AI computing power market in China is projected to reach $25.9 billion by 2025, representing a 36.2% increase from 2024, and will further grow to $33.7 billion by 2026, which is 1.77 times the size of the market in 2024 [1] Company Summary - The company is making unprecedented investments in the AI sector, establishing an integrated intelligent computing cloud platform supported by nearly 100 data center nodes across over 50 countries and regions, and integrating more than 20,000 high-performance GPU chips [1] - The company aims to meet the high concurrency computing power demands for training tasks while ensuring low-latency and high-stability cross-border access for efficient interactive reasoning [1] - The strategic focus of the company is on key areas such as domestic chip adaptation, data center operations, computing resource pool construction, and large model adaptation, systematically building advanced AI infrastructure for the future [1]

Industry Overview - The Chinese data center industry is undergoing a transformation from single storage facilities to complex digital infrastructure by 2025, driven by global digital transformation and the "dual carbon" strategy [1] - Three core trends are emerging: explosive demand for computing power, accelerated green transformation, and deepened regional collaboration [1][2][3] Trend 1: Explosive Demand for Computing Power - The market size for intelligent computing driven by generative AI is expected to exceed 1 trillion yuan from 2025 to 2030 [1] Trend 2: Accelerated Green Transformation - The PUE (Power Usage Effectiveness) control is becoming stricter, with the penetration rate of liquid cooling technology expected to rise from 14% in 2024 to 33% in 2025 [2] Trend 3: Deepened Regional Collaboration - The "East Data West Computing" project is promoting the construction of eight major hub nodes, with western data centers accommodating non-real-time computing needs [3] Company Highlights - **ZTE Corporation**: A leader in global communication equipment and computing infrastructure, deeply involved in the "East Data West Computing" project [6] - **Changshan Beiming**: A leader in industrial internet and data centers, leveraging resources from Baowu Group [9] - **Zhongji Xuchuang**: A top global supplier of optical modules with over 45% market share in 800G products [12] - **Cambricon Technologies**: Focused on AI chips and computing services, with significant partnerships for computing power [15] - **Inspur**: A leader in end-to-end liquid cooling solutions, having deployed over 70,000 liquid cooling systems [17] - **Tuo Wei Information**: An AI computing and industry solution provider, participating in national digital infrastructure projects [20] - **Baiwei Storage**: A leading semiconductor storage manufacturer, covering both consumer electronics and data center sectors [23] - **Baosteel**: Transitioning from traditional steel to digital economy, planning large-scale data center clusters [26] - **Hongfa Technology**: An expert in power equipment and energy management for data centers, focusing on green low-carbon technology [29] - **Wanma Technology**: A comprehensive service provider for communication cables and data center infrastructure [32] - **Sida Semiconductor**: A core supplier of power semiconductors and data center power systems [35] - **Capital Online**: An innovator in cloud services and edge computing, establishing a nationwide integrated computing network [38]

Group 1 - Capital Online experienced a decline of 5.04% on October 17, with a stock price of 22.24 CNY per share, a trading volume of 460 million CNY, a turnover rate of 5.17%, and a total market capitalization of 11.171 billion CNY [1] - The company, founded on July 13, 2005, and listed on July 1, 2020, is based in Chaoyang District, Beijing, and specializes in high-performance IDC services and cloud services [1] - The revenue composition of Capital Online includes 49.89% from cloud hosting and related services, 45.83% from IDC services, and 4.28% from other income [1] Group 2 - Jin Xin Fund has one fund heavily invested in Capital Online, specifically the Jin Xin Quantitative Selected Mixed A (002862), which reduced its holdings by 3,200 shares in the second quarter, now holding 111,800 shares, representing 5.28% of the fund's net value [2] - The fund has a current scale of 25.6001 million CNY and has achieved a year-to-date return of 40.2%, ranking 1616 out of 8160 in its category [2] - Over the past year, the fund has returned 43.4%, ranking 1673 out of 8021, and since its inception, it has returned 57.07% [2] Group 3 - The fund manager of Jin Xin Quantitative Selected Mixed A (002862) is Tan Jiajun, who has been in the position for 364 days [3] - The total asset scale of the fund is 811 million CNY, with the best return during Tan's tenure being 36.19% and the worst being 8.99% [3]

Core Viewpoint - The VR-related concept stocks in A-shares have shown an average increase of over 28%, with companies like Changying Precision, Kehua Data, Dongshan Precision, and Lanke Technology seeing their stock prices double this year [1] Group 1: Stock Performance - Four VR concept stocks have released third-quarter earnings forecasts, all indicating growth, including Shobead, Ruixin Micro, Allwinner Technology, and Luxshare Precision [1] - Among the VR concept stocks held by northbound funds at the end of the third quarter, 18 stocks saw an increase in holdings of over 10% [1] Group 2: Fund Inflows - Seven stocks, including Lante Optics, Changxin Technology, Kehua Data, Changying Precision, Bomin Electronics, Capital Online, and Crystal Optoelectronics, experienced a doubling of northbound fund holdings in the third quarter [1] - Among the stocks that received significant northbound fund inflows, 10 stocks saw financing fund increases of over 500 million, with Luxshare Precision, Lanke Technology, Kehua Data, Changying Precision, and Keda Xunfei receiving over 1 billion [1]

Group 1: Event Overview - The 2025 World VR Industry Conference will be held on October 19-20 in Nanchang, organized by the Jiangxi Provincial Government and other local authorities, focusing on the rapid application of VR technology [1] - The theme of the conference is "VR+AI Opens the Intelligent Future," aiming to create a high-end platform for deep integration of technology and industry [1] - The conference will feature five specialized matchmaking sessions and four corporate ecosystem forums, including topics like "AI+VR Integration Innovation" and "Huawei Ecosystem Forum" [2] Group 2: Industry Development in Jiangxi - Jiangxi Province has rapidly developed its VR industry, with a projected revenue of 110 billion yuan in 2024, marking a 9.34% year-on-year growth and a 26-fold increase since 2018 [3] - The province hosts over 400 VR companies, including major players like Huawei, Alibaba, and Lenovo, contributing to a robust industrial ecosystem [3] - The National Virtual Reality Innovation Center has made significant technological breakthroughs since its establishment in 2022, enhancing capabilities in key areas such as 3D reconstruction and gesture tracking [3] Group 3: Stock Market Performance - VR-related stocks in the A-share market have seen an average increase of over 28%, with companies like Changying Precision and Kehua Data doubling their stock prices this year [4] - Four VR concept stocks have released third-quarter earnings forecasts, all indicating significant profit increases, with Shuo Beid expecting a net profit growth of 1258.39% to 1313.24% [5] - Northbound capital has significantly increased its holdings in VR concept stocks, with 18 stocks seeing over 10% increases in shareholding during the third quarter [6]