Core Viewpoint - The latest quarterly report from Keda Xunfei shows significant growth in revenue and profit, driven by advancements in AI technology and its industrial application [1][2]. Financial Performance - Keda Xunfei achieved a revenue of 6.078 billion yuan in Q3 2025, representing a year-on-year increase of 10.02% [4]. - The net profit attributable to shareholders reached 172.25 million yuan, a remarkable increase of 202.40% compared to the previous year [4]. - The net profit excluding non-recurring items was 26.24 million yuan, up 76.5% year-on-year [4]. - Operating cash flow showed strong performance with a net amount of 895 million yuan, reflecting a growth of 25.19% [6]. Business Operations - The report indicates that the two core profit indicators demonstrate the company's improved profitability in its main business [5]. - For the first three quarters of 2025, total revenue reached 16.99 billion yuan, a 14.41% increase year-on-year, with a net loss of 0.67 billion yuan, significantly narrowing the loss by 80.6% compared to the previous year [8][9]. AI Technology and Market Position - Keda Xunfei's advancements in AI large models have become a key driver for revenue growth, with significant progress in core technology, product deployment, and ecosystem development [13]. - The "Xunfei Spark" model has undergone critical upgrades, outperforming competitors in various capabilities, including mathematics and translation [14][15]. - The company has secured the highest number and amount of bids for large model projects in the industry, with Q3 bids totaling 545 million yuan, surpassing the combined total of the second to fifth competitors [16]. Research and Development - Keda Xunfei continues to increase its R&D investment, planning to raise up to 4 billion yuan through the issuance of A-shares to fund the development of the Spark education model and computing platform [18][19]. Ecosystem Growth - The AI ecosystem is showing strong growth, with 690,000 new developers added for large models and a total of 1.22 million ecosystem developers [17].