In-Depth Analysis Report of Teamsun Technology (600410)

Now I present to you the complete investment analysis report of Teamsun Technology.

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Based on the latest financial data, Teamsun Technology’s

increased from RMB 848 million in Q2 2025 to RMB 1.214 billion in Q3 2025, representing a [1]. This significant growth indicates an increase in the number of new contracts signed by the company, an expansion in the scale of customer prepayments, and a strong momentum in business expansion.

Time Period	Contract Liability Amount	Quarter-on-Quarter Change
Q2 2025	RMB 848 million	-
Q3 2025	RMB 1.214 billion	+43.16%

It should be noted that the “Advances from Customers” in the Q3 2025 report is RMB 24.4 million, mainly consisting of non-business prepayments such as rental deposits; while the “Contract Liabilities” of RMB 1.214 billion is the core indicator reflecting business order status, representing prepayments for goods and services made by customers[1].

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Indicator	First Three Quarters 2025	Year-on-Year Change	Same Period in 2024
Operating Revenue	RMB 3.172 billion	+6.54%	RMB 2.977 billion
Net Profit Attributable to Shareholders	RMB 358 million	Turned from Loss to Profit	-RMB 214 million
Contract Liabilities	RMB 1.214 billion	Significant Growth	Approx. RMB 650 million

In Q3 2025, the company achieved operating revenue of RMB 910 million, a year-on-year increase of 10.30%; net profit was RMB 97 million, showing a steady growth trend in its business[1][2].

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Business Segment	Revenue Share	Description
Enterprise IT System Solutions	77.45%	Core Business
Cloud Computing Products and Services	21.36%	Growth Business
Other Businesses	1.20%	Supporting Business

1. Rich Customer Resources
   : Serves over 16,000 enterprise customers, covering more than 10 key industries including government and party agencies, finance, education, and manufacturing[3]
2. Global Layout
   : Operates in 40 cities across 18 countries, with 37 global delivery centers and over 7,000 employees[3]
3. Technological Innovation Capability
   : Continuously increases R&D investment, and has launched innovative products such as AI Smart Park Solutions and Intelligent Operation and Maintenance Systems[3]
4. Recently Won Bid
   : In January 2026, the company just won a procurement project from NetsUnion Clearing Corporation, with a bid amount of RMB 50.2008 million[4]

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The company clearly stated in a recent announcement:

[5]. There is a certain degree of speculation in the market classifying the company as a hot AI-related concept.

Although the proportion of AI business is low, the company has a solid foundation for development amid the wave of digital transformation:

• Digital Transformation Demand
  : Enterprise IT service demand continues to grow, with increased investment in cloud computing and big data[3]
• Technological Innovation Achievements
  : The AI Smart Park Solution adopts multi-modal large model technology; the Intelligent Operation and Maintenance System uses a dual-core architecture of “DeepSeek Intelligent Engine + Intel Arc Graphics Card”, reducing local AI inference costs to less than 30% of the original solution[3]
• Industry Application Expansion
  : Enterprise Operation Agents will play a greater role in industries such as finance and energy[3]

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Risk Type	Specific Performance
Cash Flow Pressure	Negative operating cash flow, monetary funds have been unable to fully cover debts for 3 consecutive years[6]
Accounting Treatment	Judged as “aggressive accounting treatment”, with a low depreciation/capital expenditure ratio[7]
Accounts Receivable	Accounts receivable growth rate is higher than operating revenue growth rate, and fund recovery needs improvement[6]
Market Doubts	There are doubts about the inverse relationship between investment income and operating profit, and inflated revenue[6]

• Current price-to-earnings ratio (PE) is 44.89x, which is at a relatively high level[7]
• Price-to-book ratio (PB) is 5.65x[7]
• The stock price has risen by more than 218% in the past year, and there is a risk of pullback[7]

• KDJ indicator shows overbought conditions (K value: 83.9, D value: 79.2)[7]
• RSI indicator is in the overbought zone[7]
• Beta coefficient is -0.16, with low correlation with the market trend[7]

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Period	Price Change
5-Day	+28.32%
1-Month	+41.07%
6-Month	+147.92%
1-Year	+218.38%
3-Year	+344.81%

• Trend Judgment
  : In an uptrend (to be confirmed), trend score: 4.0 points[7]
• MACD
  : Bullish arrangement, no death cross signal[7]
• Key Support Level
  : USD 20.31[7]
• Key Resistance Level
  : USD 24.42[7]
• Next Target Level
  : USD 25.63[7]

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:

• The significant growth in contract liabilities indicates sufficient order reserves, ensuring future revenue growth
• Amid the wave of digital transformation, enterprise IT service demand remains strong
• Rich customer resources and wide industry coverage
• Recently won a large bid from NetsUnion Clearing Corporation, demonstrating market competitiveness

:

• AI business makes limited actual contributions, with significant market speculation
• Negative operating cash flow, financial pressure warrants attention
• Relatively high valuation, with risk of pullback
• There are market doubts about the company’s financial data

As a traditional IT service provider, Teamsun Technology has a certain business foundation and development potential amid the wave of digital transformation. The

indicates that the company has sufficient order reserves, ensuring future performance growth. However, the company’s AI business makes limited actual contributions, the current valuation is relatively high, and there are doubts about its financial status.

: The stock price has risen sharply recently, technical indicators show overbought conditions, and investors are advised to be cautious of short-term pullback risks and avoid chasing highs.

: Continuously track the progress of the company’s AI business implementation, the conversion of contract liabilities into actual revenue, and the improvement of operating cash flow.

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The chart above shows the trends of Teamsun Technology’s contract liabilities, quarter-on-quarter growth rate, operating revenue, and net profit from 2024 to 2025 by quarter. It can be clearly seen from the chart that contract liabilities rose significantly in Q3 2025, and net profit also improved significantly in Q2 and Q3.

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[1] 2025 Q3 Report of Beijing Teamsun Technology Co., Ltd. (https://static.cninfo.com.cn/finalpage/2025-10-29/1224753323.PDF)
[2] Jinling API - Teamsun Technology Financial Data
[3] Caifuhao - “Growth Miracle Amid AI Wave: 10 Rising Stars in 2025 Q3 Reports” (https://caifuhao.eastmoney.com/news/20260111195649337567980)
[4] Sina Finance - “Teamsun Technology (600410): Wins Procurement Project from NetsUnion Clearing Corporation, Bid Amount RMB 50.2008 Million” (https://cj.sina.cn/articles/view/7651844612/1c815e20402001t7jg?froms=ggmp)
[5] Jiemian News - “Six-Consecutive-Limit-Up AI Concept Stock Completes Abnormal Trading Check, to Resume Trading Tomorrow” (https://www.cls.cn/detail/2259373)
[6] Wanlong Securities Network - Risk Warning in Teamsun Technology (600410) Stock Bar (https://m.wlstock.com/hudong/bbsgooddetail.html?stockno=600410&topicId=110225570)
[7] Jinling API - Teamsun Technology Technical Analysis Report