Core Viewpoint - Pingao Co., Ltd. is a professional cloud computing and industry information service provider in China, with a full-stack enterprise-level cloud platform and information service capabilities [1] Group 1: Company Overview - Established on January 1, 2003, and listed on the Shanghai Stock Exchange on December 30, 2021, with its registered and office address in Guangzhou, Guangdong Province [1] - The company operates in the IT services sector, specifically in cloud computing and industry information services, targeting multiple industry clients [1] Group 2: Financial Performance - For Q3 2025, Pingao's revenue was 223 million yuan, ranking 102nd out of 131 in the industry, significantly lower than the industry leaders, with the top company, Digital China, reporting 102.365 billion yuan [2] - The net profit for the same period was a loss of 38.2163 million yuan, ranking 96th in the industry, again showing a substantial gap compared to the top performers [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 34.65%, an increase from 29.69% year-on-year, but still below the industry average of 38.93%, indicating relatively low debt pressure [3] - The gross profit margin for Q3 2025 was 28.13%, down from 37.36% year-on-year, and below the industry average of 29.96%, suggesting a need for improvement in profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 23.21% to 7,277, while the average number of circulating A-shares held per shareholder decreased by 18.84% to 8,808.13 [5] - The top ten circulating shareholders saw a change, with Guangfa Technology Innovation Mixed A exiting the list [5] Group 5: Business Outlook - The company is experiencing a phase of bottoming out in performance, with a continuous narrowing of losses; Q1 2025 revenue grew by 49.69% year-on-year, and the proportion of cloud computing revenue in total revenue is expected to rise to 79.74% in 2024 [5] - The launch of the Pingao Intelligent Computing Scheduling Platform is anticipated to drive new growth in AI and intelligent computing business [5] - Forecasts for net profit from 2025 to 2027 are projected at -48 million, -36 million, and -29 million yuan, respectively, indicating a year-on-year reduction in losses of 25.4%, 23.9%, and 20.8% [5]