Core Viewpoint - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and strengthen its position in AI and computing power sectors [1][2]. Group 1: Company Strategy - The company aims to leverage international capital market resources to diversify its financing channels and improve overall strength [1]. - The H-share issuance is part of the company's strategy to solidify its industry leadership [1]. Group 2: Regulatory Process - The H-share listing plan must be approved by the company's board and shareholders, and is subject to regulatory approval from the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission [2]. - There is significant uncertainty regarding the approval and implementation of the H-share listing [2].

Core Viewpoint - The company, Runjian Co., has obtained an AA+ credit rating and plans to issue up to RMB 6 billion in non-financial corporate debt financing tools in the interbank bond market [1] Group 1 - The company intends to issue various types of debt instruments, including short-term financing bonds and medium-term notes [1] - The funds raised will primarily be used to meet the capital needs for the company's computing power and other business investments [1] - The construction of the Wuxiang Cloud Valley Intelligent Computing Center is progressing steadily, with a positive outlook for future developments [1]

（文章来源：每日经济新闻） 利通电子（603629.SH）11月7日在投资者互动平台表示，总体上看算力业务已经发展成公司的重要主 业，是公司未来的主要利润贡献源泉。目前在执行的算力云服务合同期限都在36个月以上。 每经AI快讯，有投资者在投资者互动平台提问：三季度看公司算力租赁业务是否预示着步入正轨，按 月回款规模越来越大形成持续稳定的收入？公司是不是都是签的3年及以上的合同 ...

Core Insights - The company has successfully transformed its business in the computing power sector, with total signed orders exceeding 2.4 billion yuan [1] - The company has completed the delivery and deployment of related computing power servers [1] - The company invested in Future Partner Robotics (Shenzhen) Co., Ltd., acquiring a 40% stake, and the latter has launched a series of intelligent robot products [1]

Company Overview - The company has successfully transformed its computing power business, with total signed orders exceeding 2.4 billion CNY [2] - The company has delivered and deployed related computing power servers [2] Computing Power Business - The main service model involves purchasing GPU modules and assembling servers, followed by installation and ongoing operational support [5] - The company expects that projects delivered in the early stages will enter the billing cycle, positively impacting future performance [5] Robotics Development - The company holds a 40% stake in Future Partner Robotics (Shenzhen) Co., Ltd., which has launched a series of smart robot products [3] - The primary market entry point for the robotics business is through telecommunications operators, leveraging long-term partnerships for standardized and scalable product solutions [3] Accounts Receivable - As of the end of Q3, the company has a significant amount of accounts receivable, primarily from telecommunications operators, with a low likelihood of bad debts due to their strong financial status [4] AI Product Offerings - The company is developing smart hardware and AI-enabled modules, with current AI platforms targeting health care and home applications [6] - Specific products include an AI smart blood pressure monitor designed for elderly care and an AI smart alarm clock for home use, featuring interactive and educational functionalities [6]

Core Viewpoint - ZTE Corporation's Q3 2025 financial report reveals a significant decline in net profit despite a modest revenue increase, raising concerns about its future performance and market sentiment [1][4][10]. Revenue Performance - In Q3 2025, ZTE achieved revenue of 28.97 billion yuan, a year-on-year increase of 5.1%, but below market expectations; cumulative revenue for the first three quarters reached 100.52 billion yuan, up 11.6% [1][2]. - The company's revenue breakdown shows network, government enterprise, and consumer businesses contributing 50%, 25%, and 25% respectively [2]. Business Transition - ZTE is undergoing a strategic transformation focusing on AI servers, data centers, and consumer electronics, shifting from a "connectivity" model to a "connectivity + computing" model [3]. - The government enterprise business has seen rapid growth, with a 130% increase in the first three quarters, while computing business revenue grew by 180% [3]. Profitability Concerns - The net profit for Q3 2025 was only 260 million yuan, a drastic decline of 87.8%, with a non-recurring net profit dropping to -230 million yuan [4][5]. - The decline in profitability is attributed to a shift in business structure leading to lower overall gross margins, with computing business margins around 8% compared to over 50% for traditional operator business [5][6]. Market Reaction - Following the disappointing earnings report, ZTE's stock price fell by 6.5% on October 29 and continued to decline by 3% the next day, reflecting negative market sentiment [1][10]. - The stock had previously surged over 40% since August, driven by significant orders and strategic shifts, but the recent earnings drop has led to a reevaluation of its valuation [9][10]. Future Outlook - The company's ability to maintain its AI narrative hinges on technological breakthroughs and commercialization in its chip subsidiary, which are crucial for overcoming current profitability challenges [11][12]. - The market is increasingly focused on short-term performance and profitability, moving away from speculative narratives, which places additional pressure on ZTE's AI transition [11][13].

Core Viewpoint - ZTE Corporation's stock has declined nearly 5% following the release of its Q3 earnings report, indicating significant challenges in profitability despite revenue growth [1] Financial Performance - For the first three quarters, ZTE reported revenue of 100.52 billion yuan, an increase of 11.63% year-on-year [1] - Net profit for the same period was 5.322 billion yuan, a decrease of 32.69% year-on-year [1] - In Q3 alone, the company achieved revenue of 28.97 billion yuan, up 5% year-on-year, but net profit dropped to 264 million yuan, down 88% year-on-year [1] Market Analysis - Huatai Securities attributes the profit decline primarily to a decrease in high-margin operator business revenue, which has reduced its proportion in the overall revenue structure, shifting towards lower-margin computing services [1] - Jefferies' report indicates that ZTE's projected revenue, core operating profit, and net profit for Q3 2025 are expected to grow by 5%, but with declines of 115% and 88% respectively, significantly below market expectations [1] - The gross margin has decreased from 40% to 26% year-on-year, leading to a 33% decline in gross profit, attributed to delays in telecom equipment delivery and weak telecom demand [1] Future Outlook - Jefferies anticipates an improvement in gross margin for Q4, but overall, with Chinese telecom operators further cutting capital expenditures, high-margin telecom revenue may see a double-digit decline in 2025 [1] - There is no indication that new business areas, such as servers and switches, will provide sufficient offset to these declines [1]

Core Viewpoint - Lituo Electronics (603629.SH) reported significant growth in its Q3 2025 financial results, with substantial increases in both revenue and net profit compared to the previous year [1] Financial Performance - Q3 revenue reached 946 million, representing a year-on-year increase of 57.09% [1] - Net profit attributable to shareholders for Q3 was 165 million, showing a remarkable year-on-year growth of 1432.90% [1] - For the first three quarters, total revenue amounted to 2.463 billion, up 65.18% year-on-year [1] - Net profit attributable to shareholders for the first three quarters was 216 million, reflecting a year-on-year increase of 309.76% [1] Business Drivers - The performance improvement is primarily attributed to the growth in computing power business profits [1] - The manufacturing segment's losses have narrowed, achieving profitability in Q3 [1] - Recognition of fair value change gains from Fulede (301297) also contributed to the financial results [1]

Core Viewpoint - The company has announced its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has also established a joint venture company named Carbon Nest New Material Technology (Tengzhou) Co., Ltd. [7][10][8] Financial Data Summary - The third-quarter financial report for 2025 has not been audited [3] - The company reported a revenue of 17.407 million yuan from its computing power business, accounting for 6.24% of the main business revenue, with costs amounting to 9.8892 million yuan [10] Shareholder Information - The company guarantees the accuracy of the quarterly report and the financial information provided by its management team [2][6] Joint Venture Establishment - The joint venture, Carbon Nest New Material Technology (Tengzhou) Co., Ltd., has been registered with a capital of 100 million yuan and focuses on high-performance fibers and composite materials [8] Board Meeting and Resolutions - The sixth board meeting was held on October 28, 2025, where the third-quarter report was approved unanimously by all attending directors [14]

Core Insights - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.6% [1] - The net profit attributable to shareholders reached 5.32 billion yuan, achieving growth despite a decline in domestic operator infrastructure investment, driven primarily by explosive growth in computing power business and global expansion [1] Revenue Breakdown - The computing power revenue surged by 180% year-on-year, accounting for 25% of total revenue, with server and storage business growth reaching 250% and data center products increasing by 120% [1] - The enterprise business revenue doubled, growing by 130% year-on-year, while the home and personal business accounted for 25% of total revenue [1] Market Position - ZTE's cloud terminal maintained a leading market share of 44.5% in the domestic market, and overseas mobile activations increased by over 25% [1] R&D Investment - The company invested 17.81 billion yuan in research and development, representing 18% of its revenue, and successfully developed self-researched DPU chips to achieve efficient interconnection of domestic GPU clusters [1]