Analysis of the Sustainability of the Impact of Non-Recurring Gains and Losses on Teamsun's Profits

The company’s “earnings” mainly rely on non-recurring items such as stock investments, while the profitability of its main business remains weak, with non-recurring net profit in negative territory for consecutive years.

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Indicator	Amount	Description
Operating Revenue	CNY 4.271 billion	YoY growth of 2.6%
Net Profit	CNY 24 million	Returned to profitability (loss of CNY 221 million in 2023)
Non-Recurring Net Profit	-CNY 41 million	Main business actually in loss
Impact of Non-Recurring Gains and Losses	+CNY 65 million	Mainly from investment income and fair value changes

: The company’s return to profitability in 2024 was , and its main business (after excluding non-recurring gains and losses) was actually in a loss-making state[0][1].

Indicator	Amount	Proportion
Total Profit	CNY 209 million	100%
Fair Value Change Gains	CNY 271 million	129.7%
Non-Recurring Net Profit	-CNY 83 million	Main business in loss

In the first half of 2025, fair value change gains exceeded total profit, indicating that the company’s profits

[2][3].

According to public information, Teamsun’s non-recurring gains and losses mainly come from the following aspects:

Source	Description	Amount/Impact
Fair Value Change Gains	Mainly from the price increase of held shares in Telink Semiconductor (688591.SH)	CNY 271 million in 1H2025
Investment Income	Sale of GD shares by subsidiary ASL, dividends from associated companies	Increased significantly in 2024
Income from Associated Companies	Price increase of Unisplendour shares held by Beijing Guoyan Teamsun Investment	Recognized significant gains in 2024

The company directly holds 17.8619 million shares of Telink Semiconductor, accounting for 7.42% of its total share capital. Telink Semiconductor’s stock price rose from CNY 31.20 per share at the end of 2024 to CNY 47.9 per share at the end of June 2025, bringing considerable investment income to the company[2][3].

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As can be seen from the chart above:

1. 2022-2023
   : The company recorded losses for two consecutive years, with net profit of -CNY 324 million and -CNY 221 million respectively
2. 2024
   : Achieved profitability relying on non-recurring gains and losses, but non-recurring net profit remained negative
3. 2025
   : Fair value change gains became the main source of profit, but the main business still operated at a loss

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Risk Factor	Specific Explanation
Reliance on Stock Investments	Profits mainly come from rising stock prices, which is highly uncertain
Stock Price Volatility Risk	Fluctuations in the stock prices of Telink Semiconductor and other holdings will directly impact the company’s performance
Weak Main Business	Non-recurring net profit has been negative for consecutive years, and business transformation has not yet succeeded
One-Time Income Nature	Stock investment gains and fair value changes are one-time or cyclical income

Year	Net Profit	Non-Recurring Net Profit	Reason for Performance Fluctuation
2020	CNY 131 million	-	Abnormally high operating profit (may include non-recurring gains)
2022	-CNY 324 million	-	Main business loss + asset impairment
2023	-CNY 221 million	-CNY 298 million	Main business loss worsened
2024	CNY 24 million	-CNY 41 million	Returned to profitability relying on non-recurring gains

In the first three quarters of 2025, the company achieved attributable net profit of CNY 358 million, a year-on-year increase of 267.43%. However, this growth

, with limited improvement in non-recurring net profit. The non-recurring net profit in Q3 was CNY 50.0353 million, showing initial signs of improvement in main business profitability, but this still requires further verification[3].

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1. Profit Quality Risk
   : There is a huge gap between the company’s net profit and non-recurring net profit, resulting in low profit quality
2. Performance Volatility Risk
   : Reliance on stock investments leads to performance fluctuations, lacking stability
3. Valuation Risk
   : Current P/E ratio is 44.89x; if non-recurring gains and losses are excluded, the actual valuation is even higher
4. Main Business Risk
   : The IT service business faces fierce competition, with continued pressure on gross profit margins

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The impact of non-recurring gains and losses on Teamsun’s profits is

. The company’s current earnings mainly rely on non-recurring items such as stock investments, while the profitability of its main business has not been fundamentally improved. Investors should focus on the following:

1. The actual progress and profitability of the company’s AI computing power business
2. Whether the main business (non-recurring net profit) can achieve sustained profitability
3. Valuation fluctuation risks of the stock investment portfolio

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[0] Jinling AI - Teamsun Financial Data Analysis (2024 Annual)
[1] Beijing Teamsun Technology Co., Ltd. 2024 Annual Performance Forecast (https://file.finance.qq.com/finance/hs/pdf/2025/01/22/1222388704.PDF)
[2] Sina Finance - Who are the “Stock Gods” among A-share companies? Some have investment floating profits exceeding 62x (https://finance.sina.com.cn/stock/stockzmt/2026-01-09/doc-inhftcfp5849358.shtml)
[3] Eastmoney - Dual-driven by computing power + ecosystem, Teamsun ushers in new opportunities for value revaluation (https://caifuhao.eastmoney.com/news/20260112233144807447190)