6 2 wide Tac 2 1 1 TELY A 根据报告披露，各核心指标增长主要源于三大因素： 10月17日，腾景科技发布2025年第三季度报告。报告显示，公司本季度及年初至报告期末经营业绩稳步增长，营业收入、利润总额、净利润等核心指标均实 现同比提升，研发投入持续加大，经营活动现金流净额增幅超120%，同时股东结构稳定，资产规模进一步扩大。 本报告期（第三季度），公司实现营业收入162,253,874.81元，较上年同期增长34.83%；利润总额32,103,763.66元，同比增幅41.49%；归属于上市公司股东 的净利润27,213,666.02元，同比增长20.11%；归属于上市公司股东的扣除非经常性损益的净利润26,646,645.53元，同比提升19.52%。 年初至报告期末（1-9月），公司累计实现营业收入425,131,074.76元，同比增长28.11%；利润总额74,181,286.67元，同比增幅29.47%；归属于上市公司股东 的净利润63,802,495.35元，同比增长15.00%；归属于上市公司股东的扣除非经常性损益的净利润61,271,390.30元，同比提升14.96%。 ...

Core Viewpoint - Tengjing Technology (688195.SH) reported a significant increase in revenue and net profit for Q3 2025, driven by the demand for AI computing power and growth in the optical communication components market [1] Financial Performance - The company's operating revenue for Q3 2025 reached 162 million yuan, representing a year-on-year growth of 34.83% [1] - The net profit attributable to shareholders was 27.21 million yuan, showing a year-on-year increase of 20.11% [1] Market Drivers - The growth in revenue is primarily attributed to the increasing demand for AI computing power, which has positively impacted the optical communication sector [1] - The company has been actively expanding its business and product delivery in the optical communication field, contributing to revenue growth [1] - High growth in the high-end optical module business for semiconductor equipment and a recovery in customer demand in the industrial laser sector also supported revenue increases [1]

Financial Performance - The company reported a total revenue of 263 million yuan for the first half of 2025, representing a year-on-year increase of 24.29% [1] - The net profit attributable to shareholders reached 36.59 million yuan, up 11.47% year-on-year [1] - In Q2 2025, total revenue was 150 million yuan, with a year-on-year growth of 27.23% [1] - The net profit for Q2 was 23.55 million yuan, reflecting a year-on-year increase of 9.2% [1] - The gross margin improved to 37.5%, an increase of 1.63% year-on-year, while the net margin decreased to 14.45%, down 4.39% year-on-year [1] Financial Ratios - The company's accounts receivable reached 171 million yuan, accounting for 246.04% of the net profit, indicating a significant amount of receivables relative to profit [1][3] - The total of selling, administrative, and financial expenses was 29.85 million yuan, which is 11.36% of revenue, an increase of 9.69% year-on-year [1] - The return on invested capital (ROIC) for the previous year was 6.46%, indicating average capital returns [1] Cash Flow and Assets - The company reported cash and cash equivalents of 96.37 million yuan, a decrease of 42.68% year-on-year [1] - The operating cash flow per share was 0.34 yuan, reflecting a year-on-year increase of 34.16% [1] - The net asset value per share increased to 7.26 yuan, up 2.96% year-on-year [1] Business Model and Strategy - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [2] - The company is focusing on the optical communication sector, expanding its product range and business scale, while also venturing into high-end optical modules for semiconductor equipment and biomedical applications [4]