| 最高 | | | | | 37.300 | 関市 | | | | | | 37.040 | 成交量 | | | | 4555.02萬 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 最低 | | | | | 34.660 | 前收 | | | | | | 39.560 | 成交額 | | | | 16.23億 | | | | | | | 圈 ▲ | 5日 | 日к | 周K | 月K | 季K | 年K | 1分 | 3分 | 5分 | 10分 | 15સ | 30分 | 1小時 | 2小時 | 3小時 | 4小時 | 1月 | 3月 | 今年 | 1年 | 5年 | 全部 | | 37.186 | | | | | | | | | | | | | | | | | | | | | | | | 37.028 | | | | | | | | | | | | ...

Core Viewpoint - ZTE Corporation's stock plummeted over 10% following the release of its Q3 2025 earnings report, indicating market concerns over declining profits despite revenue growth [1] Financial Performance - For the first three quarters of 2025, ZTE reported a revenue of 100.52 billion yuan, an increase of 11.63% year-on-year [1] - The net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [1] - In Q3 alone, the company achieved a revenue of 28.97 billion yuan, a year-on-year increase of 5%, but the net profit dropped significantly by 88% to 264 million yuan [1] Market Analysis - Huatai Securities attributed the profit decline primarily to a decrease in high-margin operator business revenue, which has a lower proportion in the overall revenue structure, shifting towards lower-margin computing services [1] - The company is facing short-term performance pressure due to declining operator demand and revenue recognition timing [1] Strategic Developments - Despite short-term challenges, ZTE's long-term strategy focusing on computing capabilities remains unchanged [1] - The company has made significant progress in its full-stack computing layout, including: 1. Development of self-researched DPU (Dinghai series) and high-capacity switching chips (Lingyun and Tianyi series), enabling large-scale high-performance interconnection of domestic GPU cards [1] 2. Entry into core business scenarios of major domestic internet companies and leading enterprises in finance and power, with a focus on high-performance training and inference systems [1]