中兴通讯股价周二上午在香港盘中最高上涨7%，此前这家中国电信设备制造商发布业绩显示，第三季度净利润同比激增近五倍，得益于算力基础设施和海外业务的快速扩张。
Shares in ZTE rose as much as 7 per cent in Hong Kong on Tuesday morning after the Chinese telecommunications equipment maker posted a nearly fivefold jump in third-quarter profit, driven by rapid expansion in its computing infrastructure and overseas operations.
根据周一晚间发布的交易所公告，截至9月30日止三个月，归属股东净利润达到13.1亿元人民币（约1.963亿美元），同比增长395%。同期营收增长34%至388.1亿元人民币。
Net profit attributable to shareholders reached 1.31 billion yuan (US$196.3 million) for the three months ended September 30, up 395 per cent from a year earlier, according to an exchange filing released on Monday evening. Revenue climbed 34 per cent to 38.81 billion yuan over the same period.
总部位于深圳的公司表示，第三季度算力基础设施、消费者终端和国际销售的激增，帮助抵消了国内电信运营商资本支出下滑的影响。
The Shenzhen-based company said its third-quarter surge in computing infrastructure, consumer terminals and international sales helped counter a slump in capital expenditure by domestic telecoms carriers.
前九个月，算力相关营收激增逾70%，占总营收38%，得益于公司积极向人工智能转型。
For the first nine months, computing-related revenue surged over 70 per cent, accounting for 38 per cent of total sales, supported by an active pivot towards artificial intelligence.
“自2026年初以来，中兴通讯始终将AI作为战略重点，”公司周一在声明中表示。
“Since the beginning of 2026, ZTE has remained focused on AI as a strategic priority,” the company said in a statement on Monday.
在算力板块内，服务器和存储营收增长逾70%，数据中心产品销售激增近130%。
Within the computing segment, revenue from servers and storage climbed more than 70 per cent, while sales of data-centre products surged nearly 130 per cent.
公司表示，九个月期间国际营收增长逾30%，得益于5G网络、光纤升级和AI算力基础设施的全球机遇。家庭和个人终端产品贡献了总营收的23%。
International revenue increased more than 30 per cent during the nine-month period, propelled by global opportunities in 5G networks, fibre upgrades and AI computing infrastructure, the company said. Home and personal terminal products contributed 23 per cent of total revenue.
尽管单季度实现反弹，但受行业周期和产品结构变化影响，毛利率仍承压，中兴通讯表示正在“进一步强化费用管控”。
Despite the quarterly rebound, gross margins remained constrained by industry cycles and shifts in product mix, ZTE said, adding that it was “further strengthening expense discipline”.
这三个月的扭亏为盈与今年早些时候的疲软表现形成对比。前九个月归属股东净利润同比下降23.7%至40.6亿元人民币，尽管营收增长16.2%至1168.4亿元人民币。
The three-month turnaround also contrasts with a weaker performance earlier in the year. For the nine months to end of September, net profit dropped 23.7 per cent year on year to 4.06 billion yuan, even as revenue expanded 16.2 per cent to 116.84 billion yuan.
第三季度经营性现金流增长76%，达到8.416亿元，但由于商品和服务方面的现金支出增加，前三季度累计经营性现金流缩水近60%，降至7.15亿元。
Operating cash flow rose 76 per cent to 841.6 million yuan in the third quarter, though the nine-month tally shrank nearly 60 per cent to 715 million yuan because of higher cash outlays for goods and services.
展望未来，中兴通讯表示，正在优化产品架构，通过计算硬件与网络系统之间更好的协同来降低每token的成本。
Looking ahead, ZTE said it was refining its product architecture to reduce the cost per token through better coordination between computing hardware and network systems.
中兴通讯表示：“人工智能行业的竞争正从扩大算力转向提升整个token处理链的效率。”
“Competition in the AI industry is shifting from expanding computing capacity to improving efficiency across the entire token-processing chain,” ZTE said.