Core Viewpoint - Qingyun Technology's stock has shown significant volatility, with an 85.64% increase year-to-date, but recent trends indicate a decline in the short term [1][2]. Group 1: Stock Performance - On November 11, Qingyun Technology's stock rose by 2.03%, reaching 62.19 CNY per share, with a trading volume of 21.11 million CNY and a turnover rate of 0.72%, resulting in a total market capitalization of 2.979 billion CNY [1]. - Year-to-date, the stock has increased by 85.64%, but it has experienced a 1.61% decline over the last five trading days, a 2.54% increase over the last 20 days, and an 18.76% decline over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 14 times this year, with the most recent appearance on July 23, where it recorded a net purchase of 97.91 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Qingyun Technology reported a revenue of 165 million CNY, reflecting a year-on-year decrease of 22.83%, while the net profit attributable to shareholders was -49.99 million CNY, showing a year-on-year increase of 20.35% [2]. - As of September 30, the number of shareholders decreased by 9.81% to 11,100, while the average circulating shares per person increased by 47.76% to 4,314 shares [2]. Group 3: Business Overview - Qingyun Technology, established on April 17, 2012, and listed on March 16, 2021, is headquartered in Beijing and primarily provides cloud computing products and services [1]. - The company's main revenue sources are cloud services (66.23%), cloud products (33.44%), and other supplementary services (0.33%) [1]. - The company belongs to the computer-IT services sector and is associated with various concepts, including AI, integrated machines, computing power, DeepSeek, and Xinchuang [2].

Core Viewpoint - QingCloud Technology, founded in April 2012 and listed on the Shanghai Stock Exchange in March 2021, is a leading enterprise-level cloud service provider in China, offering differentiated cloud computing services through its self-developed full-stack cloud products and solutions [1] Financial Performance - In Q3 2025, QingCloud's revenue was 165 million yuan, ranking 113th among 131 companies in the industry. The top company, Digital China, reported revenue of 102.365 billion yuan, while the industry average was 2.833 billion yuan [2] - The cloud service business generated 66.23% of total revenue, while cloud products contributed 33.44%. The net profit for the period was -49.6425 million yuan, ranking 101st in the industry [2] Financial Ratios - As of Q3 2025, QingCloud's debt-to-asset ratio was 86.83%, significantly higher than the industry average of 38.93%, indicating substantial debt pressure [3] - The gross profit margin was 29.50%, lower than the previous year's 32.20% and slightly below the industry average of 29.96%, suggesting a need for improvement in profitability [3] Executive Compensation - Chairman Huang Yunsong's salary for 2024 was 937,200 yuan, a slight decrease from 939,200 yuan in 2023. General Manager Lin Yuan's salary increased to 992,000 yuan from 973,800 yuan in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.81% to 11,100, while the average number of circulating A-shares held per shareholder increased by 47.76% to 4,314.76 [5]

Core Viewpoint - The company, Dongfang Guoxin, focuses on providing enterprise-level big data, artificial intelligence, and cloud computing products and services primarily within China, with no exports of products to the United States [1] Group 1 - The company emphasizes its commitment to closely monitor policy changes and develop responsive strategies [1]

Core Viewpoint - Dongfang Guoxin (300166.SZ) focuses on providing enterprise-level big data, artificial intelligence, and cloud computing products and services primarily within China, with no exports of products to the United States [1] Group 1 - The company emphasizes its commitment to monitoring relevant policy changes and will develop responsive strategies accordingly [1]

Core Viewpoint - Qingyun Technology experienced a decline of 1.87% in stock price on August 26, with a trading volume of 301 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On August 26, Qingyun Technology had a financing buy-in amount of 36.85 million yuan and a financing repayment of 34.11 million yuan, resulting in a net financing buy of 2.74 million yuan [1]. - As of August 26, the total financing and securities lending balance for Qingyun Technology was 248 million yuan, which represents 6.46% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The financing balance of 248 million yuan exceeds the 90th percentile level over the past year, suggesting a heightened interest in leveraging among investors [1]. Securities Lending Summary - On August 26, there were no shares repaid or sold in securities lending, resulting in a selling amount of 0 yuan [1]. - The securities lending balance was also 0 shares, which is significantly above the 90th percentile level over the past year, indicating a lack of short-selling activity [1]. Company Overview - Beijing Qingyun Technology Group Co., Ltd. was established on April 17, 2012, and listed on March 16, 2021, focusing on providing cloud computing products and services [1]. - The company's main revenue sources are cloud services (53.48%) and cloud products (46.48%), with other income contributing a minimal 0.04% [1]. Financial Performance - For the period from January to March 2025, Qingyun Technology reported an operating income of 47.01 million yuan, a year-on-year decrease of 37.02% [2]. - The net profit attributable to the parent company was -22.90 million yuan, reflecting a significant year-on-year decline of 201.63% [2]. - As of March 31, the number of shareholders increased to 11,000, up by 83.19%, while the average circulating shares per person decreased by 45.41% to 3,265 shares [2].

Group 1 - The latest stock price of Qingyun Technology-U is 76.68 yuan, up 0.17% from the previous trading day, with an intraday high of 79.99 yuan and a low of 73.21 yuan, resulting in an overall volatility of 8.86% [1] - The company operates in the internet services sector, focusing on cloud computing products and services [1] - On August 12, two block trades occurred, totaling 66,000 shares with a transaction value of 4.0418 million yuan, at a price of 61.24 yuan, which is a discount of 20.14% compared to the closing price [1] Group 2 - In the past three months, the stock has seen a total of nine block trades, with a cumulative transaction value of 29.1287 million yuan [1] - On August 12, there was a net outflow of 18.9937 million yuan in main funds, accounting for 0.52% of the circulating market value [1] - Over the last five trading days, the cumulative net outflow of main funds reached 101 million yuan, representing 2.76% of the circulating market value [1]

Core Insights - In 2024, Qingyun Technology Group reported a revenue of 272 million yuan, a year-on-year decrease of 18.95% [2] - The company experienced a net loss attributable to shareholders of 95.58 million yuan, an increase of 43.70% compared to the previous year [2] - The basic earnings per share were -2.00 yuan [2] Financial Performance - In Q4 2024, Qingyun Technology achieved a revenue of 58.43 million yuan, down 26.12% year-on-year and 15.90% quarter-on-quarter [3] - The net loss for Q4 was 32.99 million yuan, reflecting a year-on-year increase of 29.31% and a quarter-on-quarter decrease of 31.37% [3] - The gross margin for 2024 was 31.66%, up 6.99 percentage points year-on-year [3] - The net margin was -35.24%, an increase of 15.51 percentage points year-on-year [3] Expense Analysis - Total operating expenses for 2024 were 188 million yuan, a decrease of 50.79 million yuan year-on-year [3] - The expense ratio was 69.15%, down 2.02 percentage points year-on-year [3] - Sales expenses decreased by 26.89%, management expenses decreased by 24.85%, and R&D expenses decreased by 21.19% [3] - Financial expenses increased by 126.41% [3] Cash Flow and Financial Health - The net cash flow from operating activities was -34.54 million yuan [4] - As of the end of Q4 2024, the asset-liability ratio was 84.87%, an increase of 13.67 percentage points year-on-year [4]