Core Viewpoint - The stock of Deepin Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 99.19% but a recent decline in the last 5, 20, and 60 trading days [1] Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, representing a year-on-year growth of 10.62%. The net profit attributable to shareholders was -80.56 million yuan, showing an increase of 86.10% compared to the previous year [2] Stock Market Activity - As of December 2, the stock price of Deepin Technology was 114.21 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 0.61%. The total market capitalization stood at 48.04 billion yuan [1] - The stock has seen a net inflow of 6.60 million yuan from main funds, with significant buying and selling activities recorded [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Deepin Technology was 30,900, an increase of 11.92% from the previous period. The average number of circulating shares per person was 9,008, a decrease of 10.65% [2] - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, major shareholders included Hong Kong Central Clearing Limited, which held 12.95 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders also saw reductions in their holdings [3]

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has shown a significant increase of 105.66% year-to-date, with a recent trading price of 117.92 CNY per share, reflecting a strong performance in the information security sector [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion CNY, representing a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was -80.56 million CNY, which is an increase of 86.10% compared to the previous year [2]. Stock Market Activity - As of November 26, the stock price increased by 2.03% during trading, with a total market capitalization of 49.6 billion CNY. The trading volume was 1.08 billion CNY, with a turnover rate of 0.34% [1]. - The stock has experienced a net outflow of 49,600 CNY in principal funds, with significant buying and selling activities from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares per shareholder, a decrease of 10.65% [2]. - The company has distributed a total of 297 million CNY in dividends since its A-share listing, with 47.07 million CNY distributed over the past three years [3]. Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.9537 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders include Wan Jia You Xuan and Yi Fang Da Chuang Ye Ban ETF, both of which have also reduced their holdings [3].

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has shown significant volatility, with a year-to-date increase of 99.08%, but recent trading indicates a decline in the short term [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.56 million yuan, although this represents an 86.10% improvement compared to the previous year [2]. Stock Market Activity - As of November 24, the stock price of Deepin Technology was 114.15 yuan per share, with a market capitalization of 48.158 billion yuan. The stock experienced a trading volume of 207 million yuan and a turnover rate of 0.67% [1]. - The stock has seen a net outflow of 8.8477 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 30,900, up by 11.92%. The average number of circulating shares per person decreased by 10.65% to 9,008 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Wan Jia You Xuan, both of which have reduced their holdings compared to the previous period [3]. Business Segments - Deepin Technology's main business segments include network security (47.68% of revenue), cloud computing and IT infrastructure (46.36%), and basic networking and IoT (5.96%) [1].

Core Viewpoint - The stock of Deepin Technology has shown significant growth this year, with a year-to-date increase of 113.10%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, representing a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.56 million yuan, although this reflects an improvement of 86.10% compared to the previous year [2]. Stock Market Activity - As of November 18, the stock price of Deepin Technology rose by 2.11% to 122.19 yuan per share, with a trading volume of 5.92 billion yuan and a turnover rate of 1.78%. The total market capitalization reached 51.55 billion yuan [1]. - The net inflow of main funds was 54.72 million yuan, with large orders accounting for 26.65% of purchases and 20.18% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares held per shareholder, a decrease of 10.65% [2]. - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 12.95 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders include Wanjiayouxuan and E Fund [3].

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 108.52% but a recent decline of 2.00% on November 14, 2023, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.5638 million yuan, although this represents an improvement with an 86.10% increase compared to the previous year [2]. Stock Market Activity - As of November 14, 2023, the stock price was 119.56 yuan per share, with a total market capitalization of 50.44 billion yuan. The trading volume was 1.31 billion yuan, with a turnover rate of 0.39% [1]. - The stock has seen a net outflow of 7.06 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares held per shareholder, a decrease of 10.65% [2]. - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed over the past three years [3]. Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.9537 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders have also reduced their holdings [3].

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first three quarters of 2025, indicating challenges in financial performance amidst ongoing market developments [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.202 billion, a year-on-year decrease of 24.01%, and a net loss attributable to shareholders of 235 million, widening from a loss of 169 million in the same period last year [4]. - In Q3 2025, the company recorded revenue of 376 million, a year-on-year decrease of 46.96%, and a net profit of -171 million, indicating a shift to losses compared to the previous year [4]. Business Segment Performance - The company's intelligent computing cloud business generated revenue of 129 million in the first three quarters of 2025, a year-on-year increase of 7.59%, accounting for 10.73% of total revenue [5]. - The cybersecurity business reported revenue of 1.064 billion, a year-on-year decrease of 26.83%. Q3 revenue was significantly impacted by project delays, although signed and pending orders showed growth [5]. - Revenue growth was observed in the telecommunications and transportation sectors, with increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [5]. Profitability and Cost Control - The company's gross margin has shown a steady increase, with figures of 59.72%, 60.19%, 61.04%, and 63.62% for the years 2022, 2023, 2024, and the first three quarters of 2025 respectively, indicating significant improvement [6]. - Total expenses for marketing, R&D, and management decreased by 11.13% year-on-year in the first three quarters of 2025, with R&D, management, and sales expenses declining by 15.05%, 17.23%, and 6.48% respectively [6]. Strategic Focus Areas - The company is making substantial investments in new fields such as AI + security, intelligent computing cloud, commercial encryption, cloud security, and trusted innovation security, and is transitioning into a harvest phase [7]. - In the AI + security domain, the company is upgrading its Tianwen large model and has launched new products that integrate advanced security features across its core offerings [7][8]. - The intelligent computing cloud product matrix includes hyper-converged, desktop cloud, enterprise cloud, and intelligent computing cloud solutions, while the commercial encryption segment covers 18 mainstream encryption products [8].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced a revenue decline of 24.01% year-on-year in the first three quarters of 2025, with a total revenue of 1.202 billion yuan. The net profit attributable to shareholders was -235 million yuan, widening the loss compared to -169 million yuan in the same period last year [1]. - The company's cloud computing product revenue continues to grow, with a 7.59% year-on-year increase, while the cybersecurity business saw a 26.83% decline. Despite project delays impacting Q3 revenue, signed orders and new bids have shown growth [2]. - The gross margin has been steadily increasing, reaching 63.62% in the first three quarters of 2025, with effective cost control leading to a significant reduction in marketing, R&D, and management expenses [2]. - The company is making significant investments in multiple key areas, including AI+security, intelligent cloud, commercial encryption, cloud security, and trusted innovation security, and is entering a harvest phase [3]. - Revenue forecasts for 2025-2027 are maintained at 3.004 billion, 3.308 billion, and 3.650 billion yuan, respectively, with net profit forecasts of 179 million, 248 million, and 309 million yuan. The current market capitalization corresponds to a PE ratio of 72x, 52x, and 42x for 2025-2027 [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 376 million yuan, a decrease of 46.96% year-on-year, and a net profit of -171 million yuan, indicating a shift to a loss [1]. - The gross margin has improved from 59.72% in 2022 to 63.62% in the first three quarters of 2025, reflecting a positive trend [2]. Product and Market Development - The intelligent cloud business generated 129 million yuan in revenue in the first three quarters of 2025, accounting for 10.73% of total revenue, while the cybersecurity business generated 1.064 billion yuan [2]. - The company has completed significant investments in new fields and is now transitioning to a phase of revenue generation [3]. Profitability and Valuation - The report projects a significant recovery in net profit, with a forecasted growth rate of 115.96% for 2025 compared to 2024 [4]. - The company’s valuation metrics indicate a PE ratio that is expected to decrease from 72 in 2025 to 42 in 2027, suggesting potential for investment [4].

Core Viewpoint - The stock of Deepin Technology has shown significant volatility, with a year-to-date increase of 104.05% and a recent 5-day increase of 11.02%, indicating strong market interest and potential growth in the information security sector [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the company reported a net profit attributable to shareholders of -805.638 million yuan, which is an increase of 86.10% compared to the previous year [2]. Stock Market Activity - As of October 30, the stock price of Deepin Technology was 117.00 yuan per share, with a market capitalization of 49.36 billion yuan. The trading volume was 271 million yuan, with a turnover rate of 0.85% [1]. - The company has seen a net outflow of 2.4477 million yuan in principal funds, with large orders accounting for 18.81% of purchases and 17.93% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares per shareholder, a decrease of 10.65% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.9537 million shares, a decrease of 460,400 shares from the previous period [3]. Dividend Distribution - Since its A-share listing, Deepin Technology has distributed a total of 297 million yuan in dividends, with 47.0074 million yuan distributed over the past three years [3].

Core Viewpoint - Tianrongxin's stock has shown significant volatility and performance, with a notable increase in share price and trading activity, indicating investor interest and market dynamics [1][2]. Group 1: Stock Performance - As of October 28, Tianrongxin's stock price increased by 2.17% to 9.87 CNY per share, with a trading volume of 2.73 billion CNY and a turnover rate of 2.43%, resulting in a total market capitalization of 11.641 billion CNY [1]. - Year-to-date, Tianrongxin's stock price has risen by 53.50%, with a 5.00% increase over the last five trading days, a 3.71% decrease over the last 20 days, and a 20.96% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Tianrongxin reported a revenue of 826 million CNY, a year-on-year decrease of 5.38%, while the net profit attributable to shareholders was -64.69 million CNY, showing a year-on-year increase of 68.56% [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Tianrongxin has distributed a total of 456 million CNY in dividends, with 44.2 million CNY distributed over the past three years [3]. - As of June 30, 2025, the number of Tianrongxin shareholders decreased to 74,100, while the average circulating shares per person increased by 7.63% to 15,757 shares [2][3].

Core Viewpoint - Tianrongxin's stock price has experienced fluctuations, with a year-to-date increase of 43.70% but a recent decline in the last five and twenty trading days [1] Financial Performance - As of June 30, 2025, Tianrongxin reported a revenue of 826 million yuan, a year-on-year decrease of 5.38%, while the net profit attributable to shareholders was -64.69 million yuan, an increase of 68.56% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 456 million yuan, with 44.2 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of Tianrongxin shareholders decreased to 74,100, a reduction of 7.13%, while the average circulating shares per person increased by 7.63% to 15,757 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 17.74 million shares (an increase of 4.06 million shares), and Southern CSI 1000 ETF, holding 10.92 million shares (an increase of 2.09 million shares) [3] Stock Market Activity - Tianrongxin's stock price was reported at 9.24 yuan per share, with a market capitalization of 10.898 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on September 2 [1]