Core Insights - The company has significantly improved its profitability, maintaining a "Buy" rating based on its financial performance in the first three quarters of 2025 [1] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.824 billion, a year-on-year increase of 15.33%, and a net profit attributable to shareholders of 145 million, up 37.29% year-on-year [1] - For Q3 2025, the company reported revenue of 676 million, a year-on-year growth of 29.86%, and a net profit attributable to shareholders of 58 million, reflecting a substantial year-on-year increase of 90.36% [1] - The company’s gross profit margin reached 37.55% in Q3 2025, an increase of 8.76 percentage points year-on-year, while the net profit margin was 10.56%, up 4.04 percentage points year-on-year [2] Project Development - The company is actively advancing its IDC projects across various regions, with fixed assets amounting to 9.442 billion, a year-on-year increase of 93.99% [2] - As of Q3 2025, the company has made progress in several data center projects, including the fifth building in Langfang and phases two and three in Tianjin [2] - The subsidiary, Aofei New Energy, has obtained a power sales license and developed an AI-based spot trading model to optimize electricity purchasing costs [2] Client Recognition and Business Expansion - The company has established a robust client base in its IDC business, providing services to major internet companies such as Baidu, Kuaishou, and Kingsoft Cloud [3] - Starting in 2023, the company is building a computing power platform and plans to expand its computing power leasing and related equipment sales business to strengthen its market position [3]