Original source：风口研摄First published on Unhidea：Original source date：
Key takeaway
SDIC Intelligence’s third-quarter revenue and loss performance improved, but order growth significantly outpaced revenue in the first three quarters. Converting orders into revenue remains key to the subsequent operating recovery.
Orders are accelerating. Why was revenue growth still limited in the first three quarters?
In the first three quarters of 2026, SDIC Intelligence signed 1.236 billion yuan in new orders, up 24.80% year on year; total operating revenue over the same period was 802 million yuan, up just 0.83%. Growth in business acquisition significantly outpaced revenue growth, with new orders and current-period revenue reflecting different stages of operating progress.
At its earnings briefing on 25 October, the company said new orders signed had risen quarter by quarter. Order growth provides a business foundation for future revenue, but the first three quarters show that revenue has yet to grow at the same pace as orders. Order conversion is an important part of understanding the subsequent recovery.
Where was the third-quarter recovery evident, and how far has profitability progressed?
Revenue in the third quarter alone was 316 million yuan, up 33.03% year on year, well above the cumulative 0.83% year-on-year growth rate for the first three quarters. This shows that the revenue improvement was concentrated in the most recent quarter; the single-quarter growth rate cannot be directly extended to the first three quarters as a whole.
In the third quarter, net loss attributable to shareholders of the parent company and net loss excluding non-recurring items narrowed by 42.39% and 45.12% year on year, respectively. The direction of profitability improved, but the company remained in a loss-reduction phase. The concurrent narrowing of the loss excluding non-recurring items provides another basis for assessing the operating recovery.
The company also said gross margin and the quality of collections improved. Taking revenue growth and narrower losses together, the company described the first three quarters as a period of “accelerating orders, single-quarter recovery and structural optimisation”. This assessment came from the company’s business briefing; the materials did not provide brokerage earnings forecasts or valuation conclusions.
How does the AI security strategy connect with existing businesses?
Drawing on its accumulated expertise in data security, cybersecurity and public safety, the company is developing AI security products and solutions for vertical sectors, with a focus on combining AI technology with specific security business scenarios.
Its product direction focuses on data security, content security and risk-control security, addressing risk scenarios such as network vulnerabilities, misuse of AI-generated content and data leaks. This provides specific business links for understanding its AI strategy. The operating recovery figures disclosed cover the company as a whole; no separate breakdown was provided of AI security’s contribution to third-quarter revenue growth.
