Core Insights - The company reported a Q3 revenue of 297 million, a year-on-year decrease of 12.52%, while the net profit attributable to shareholders was -28 million, an increase of 47.55% year-on-year, indicating a significant reduction in losses on the profit side [1] - The company is actively adjusting its revenue structure towards high-quality business, with a notable improvement in gross margin to 11.91%, up 5.53 percentage points year-on-year [2] Financial Performance - For the year-to-date, the net cash flow from operating activities was 87 million, a decline of 49.77% year-on-year [1] - The company’s expenses showed a mixed trend, with an increase in sales expense ratio to 6.02%, while R&D and management expense ratios decreased to 5.17% and 11.34% respectively [1] Strategic Adjustments - The company is focusing on high-power intelligent computing center construction and strategically reducing low-margin traditional IDC business to enhance overall operational quality [2] - As of Q3 2025, the company’s right-of-use assets increased by 202.25% to 161 million, and lease liabilities rose by 256.06% to 128 million, indicating accelerated infrastructure development [2] Growth Potential - The company’s asset disposal income increased by 513.46% year-on-year, reflecting strong operational and management capabilities [2] - The company is expanding its global layout and strengthening domestic core node construction, with new data centers in Huailai and Wuhu, contributing to a nationwide intelligent computing network [3] Collaborative Initiatives - A strategic cooperation framework agreement was signed with the government of Yulin City, focusing on building a domestic heterogeneous computing adaptation center and fostering talent development [3] - The company aims to act as an enabler in intelligent computing, expanding global business and constructing an open ecosystem [3]