Core Viewpoint - YunSai ZhiLian is a significant player in the smart city sector in China, providing core software and hardware products and comprehensive solutions, with a differentiated advantage in technology and resource integration [1] Group 1: Business Performance - In Q3 2025, YunSai ZhiLian achieved a revenue of 4.599 billion yuan, ranking 5th out of 102 in the industry, significantly above the industry average of 1.712 billion yuan and median of 419 million yuan, but still far behind the top competitors [2] - The net profit for the same period was 161 million yuan, ranking 12th in the industry, exceeding the average net profit of 26.43 million yuan and median of -7.1992 million yuan, yet still trailing behind the leaders [2][6] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 39.00%, an increase from 30.82% year-on-year, and above the industry average of 31.94%, indicating rising debt pressure [3] - The gross profit margin was 16.66%, down from 19.59% year-on-year and significantly lower than the industry average of 41.71%, suggesting a need for improvement in profitability [3] Group 3: Management and Shareholder Structure - The controlling shareholder is Shanghai Yidian (Group) Co., Ltd., with the actual controller being the Shanghai State-owned Assets Supervision and Administration Commission [4] - The general manager, Jiang Xiaoyong, has a rich background in technology and management, previously holding positions in related companies [4] Group 4: Shareholder Changes - As of February 3, 2017, the number of A-share shareholders decreased by 47.11% to 75,700, while the average number of circulating A-shares held per account increased by 215.68% [5] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in shareholdings [5] Group 5: Future Outlook - West Securities projects revenues for 2025 to 2027 at 6.434 billion yuan, 7.516 billion yuan, and 8.818 billion yuan, with year-on-year growth rates of 14.4%, 16.8%, and 17.3% respectively, maintaining a "buy" rating [6] - Guosheng Securities anticipates revenues of 6.489 billion yuan, 7.593 billion yuan, and 8.943 billion yuan for the same period, with net profits expected to rise correspondingly [7]

公司点评 | 云赛智联 积极参与"上海算力"建设，助力数字化转型 业绩摘要：2025 年前三季度，公司实现营业收入 45.99 亿元（YoY+15%）， 实现归母净利润 1.45 亿元（YoY-8%），实现扣非归母净利润 1.23 亿元 （YoY-11%）。其中，2025Q3 单季度实现营业收入 14.67 亿元（YoY+31%）， 实现归母净利润 0.50 亿元（YoY+12%）。 公司积极参与"上海算力"建设，为上海人工智能产业提供高品质的智算中 心和高质量的智能运维服务，参股企业上海智能算力科技有限公司已形成万 卡规模的智能算力供应。目前，公司运营的松江智算中心（一期）通过"5A 级算力性能等级认证"，入选"上海市十大算力新质先锋案例"，被中国信通 院授予"可信算力大市场入网入市证书"。 公司已连续第五年承接上海市大数据中心数据运营服务，子公司上海南洋万 邦软件技术有限公司荣获"2025 数据要素 X 数据治理影响力企业"奖。公 司正在积极参与公共数据授权运营，探索数据流通领域的业务和数据要素的 应用场景。 公司持续强化云服务的全国布局，积极开拓出海业务。作为微软、阿里、华 为等知名云厂商的合作伙伴，公 ...