新华日报记者 何玥颐 2025年11月13日，中国算力平台（江苏）暨江苏省一体化算力调度监测平台（以下简称"江苏省一 体化算力调度监测平台"）在南京正式上线。这是全国首个省市一体化算力调度监测平台。 据悉，该平台是在省发展改革委、省工信厅、省数据局和省通信管理局指导下，由省数据集团承 建。平台的正式上线以及与长三角部分城市的互联互通，标志着江苏在国家"东数西算"战略与数据要素 市场化配置改革的宏大棋盘上落下关键一子，为推动战略性资源统起来、用起来、活起来，加快构建全 国统一算力要素市场贡献"江苏智慧"。 一键下单，算力可"网购" 算力，作为推动人工智能发展的核心动力，能否"用得上、用得起、用得好"，是衡量区域数字竞争 力的关键指标，更是检验全国统一大市场建设成效的关键标尺。 省数据局党组成员、副局长王万军指出，江苏省一体化算力调度监测平台让算力这一关键生产要素 在更大范围内畅通流动，提供标准化的"服务"，最终为构建全国统一算力大市场夯实基础。 横向协同，长三角率先"组网"。发布会现场，上海超级计算中心主任李根国、浙江省新型互联网交 换中心副总经理宗胜、安徽省芜湖市大数据公司董事长胡蓉，与江苏省数据集团副总经理 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 net profit continues to show high growth, with a significant increase in profitability driven by improved business structure. The advertising sector is expected to maintain high growth due to increased traffic in the esports arena, while the cloud business is anticipated to begin commercial operations [3][4] - For the first three quarters of 2025, the company achieved revenue of 1.509 billion yuan (up 8.04% year-on-year) and a net profit attributable to shareholders of 324 million yuan (up 52.59% year-on-year). Q3 revenue was 498 million yuan (down 15.4% year-on-year, up 15.3% quarter-on-quarter), with a net profit of 162 million yuan (up 39.0% year-on-year, up 84.3% quarter-on-quarter) [3][4] - The company expects net profits for 2025-2027 to be 368 million yuan, 490 million yuan, and 627 million yuan respectively, with corresponding P/E ratios of 43.7, 32.9, and 25.7 times [3] Financial Performance Summary - For Q1-Q3 2025, the gross margin was 45.3% (up 3.6 percentage points year-on-year), with a net profit margin of 23.1% (up 6.3 percentage points year-on-year). The Q3 gross margin was 58.5% (up 15.3 percentage points year-on-year) [3][4] - The company has established over 300 cloud edge computing rooms by the end of 2023, serving more than 500,000 terminals, indicating strong infrastructure for cloud services [4] - The projected revenue for 2025 is 2.291 billion yuan, with a year-on-year growth of 24.5%, and the projected net profit is 368 million yuan, reflecting a year-on-year growth of 46.2% [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1 2025, with revenue of 578 million yuan, representing a year-on-year increase of 40.25% and a quarter-on-quarter increase of 30.43%. The net profit attributable to the parent company was 73 million yuan, up 37.48% year-on-year and 85.06% quarter-on-quarter [4] - The growth is primarily driven by the performance of the online advertising and value-added services, benefiting from the recovery in the esports service industry and increased marketing activities in the gaming sector [4] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 330 million yuan, 407 million yuan, and 490 million yuan respectively, with corresponding EPS of 0.48, 0.60, and 0.72 yuan [4] Financial Performance - In Q1 2025, the company demonstrated effective cost control, with a sales expense ratio of 4.26%, management expense ratio of 8.48%, and R&D expense ratio of 5.43%, all showing year-on-year declines [5] - Financial income turned positive, with a gain of 1.49 million yuan compared to a loss of 7.83 million yuan in the same period last year, attributed to returns from financial products and structured deposits [5] Business Development - The company is accelerating its cloud computing business, having established over 300 edge computing rooms by the end of 2024, serving more than 700,000 cloud terminals, a year-on-year increase of 21.1% [6] - The edge computing services leverage idle computing power from internet cafes for AI inference, graphic rendering, and cloud gaming, offering significant cost advantages and low latency [6] - The development of AI applications and cloud gaming is expected to drive continued growth in demand for edge computing services [6]