Core Insights - Tianrun Technology has been recognized as one of the "Top 100 Geographic Information Enterprises by 2025" and has received multiple awards, showcasing its strong capabilities in technology development and engineering practice [1][2] - The second China Surveying and Geographic Information Conference focused on the integration of surveying technology with AI and big data, providing new ideas for digital transformation across various industries [1][2] Group 1 - Tianrun Technology showcased a comprehensive ecosystem solution covering the entire industry chain from data collection to smart city applications during the second China Surveying and Geographic Information Technology and Beidou Application Expo [2] - The company is a leader in the spatiotemporal information field, continuously promoting the integration of surveying technology with new-generation information technologies, which aids in digital transformation across industries [2] - The ongoing policy support for the construction of a realistic three-dimensional China and the large-scale application of Beidou presents new development opportunities for the geographic information industry [2] Group 2 - Tianrun Technology aims to enhance its brand influence and demonstrate its forward-looking layout in technology innovation and market expansion through the conference [2] - The company plans to deepen technological integration, strengthen industry collaboration, and actively expand into international markets through its Hong Kong subsidiary [2] - With the rapid development of emerging industries like digital twins and low-altitude economy, Tianrun Technology is expected to benefit from the industry's high prosperity cycle, creating long-term value for investors [3]

Core Viewpoint - Tianrun Technology has shown significant business expansion and improvement in cash flow, indicating a robust operational recovery despite still being in a loss position [1][2] Financial Performance - For the first nine months of 2025, Tianrun Technology achieved operating revenue of 106 million yuan, a year-on-year increase of 64.73% [1] - In the third quarter alone, the revenue reached 36.09 million yuan, reflecting a substantial year-on-year growth of 101.43% [1] - The net cash flow from operating activities improved significantly, with a net cash flow of 6.43 million yuan compared to a negative 27.74 million yuan in the same period last year, marking a 123.16% increase [1] Profitability - The company is still in a loss position, but the loss has narrowed significantly, with the net profit attributable to shareholders decreasing by 35.51% year-on-year [1] - The net profit after excluding non-recurring gains and losses decreased by 30.48% compared to the previous year [1] Research and Development - Research and development expenses increased to 22.29 million yuan, representing an 88.58% year-on-year growth, highlighting the company's emphasis on technological innovation [1] - The contract liabilities reached 35.45 million yuan, a 159.65% increase from the beginning of the period, indicating a strong order backlog that supports future performance [1] Business Strategy - As a high-tech enterprise focused on geographic information system development and application, Tianrun Technology is enhancing its traditional business advantages while increasing its R&D efforts [2] - The improvement in operating cash flow and the expansion of business scale are laying a solid foundation for the company's future performance enhancement [2]

Core Viewpoint - Tianrun Technology (920564.BJ) reported strong financial performance in its Q3 2025 report, with multiple key indicators showing significant improvement, including net profit [1] Financial Performance - The company's revenue for the first three quarters reached 106 million yuan, a year-on-year increase of 64.73%, marking the highest growth rate for the same period since 2022 [2] - Operating cash flow turned positive, with a net cash flow of 6.4258 million yuan, up 123.16% year-on-year, achieving the best level in the past five years [2] - In Q3 alone, cash flow net exceeded 38 million yuan, a dramatic increase of 1135.23% compared to nearly -3.7 million yuan in the same period last year [2] - The gross profit margin for the first three quarters was 43.76%, the highest level in the past five years [2] Research and Development - Tianrun Technology has significantly increased its R&D investment, with R&D expenses for the first three quarters reaching 22.286 million yuan, surpassing the total for the entire previous year, and representing an 88.58% increase year-on-year [5] - The R&D expense ratio approached 21%, the highest level in the past five years [5] - The company has focused on enhancing its capabilities in spatial information data processing and developing intelligent application service scenarios based on big data [6] Future R&D Directions - Key R&D goals include breakthroughs in multi-source heterogeneous remote sensing data fusion technology and the development of spatial big data analysis models [6] - The company aims to deepen the application of artificial intelligence in remote sensing image interpretation and monitoring, improving accuracy and efficiency through deep learning algorithms [6] - Further development of digital twin technology is planned to create high-precision 3D modeling platforms for urban and regional applications [6]

Core Points - Tianrun Technology has once again won the bid for the "New Territories Aerial Survey and Visualization 3D Digital Map Update Service" project in Hong Kong, reinforcing its role as a key digital infrastructure provider in the city's smart city development [1] - The company has previously undertaken multiple tasks in the 3D digital map field in Hong Kong, showcasing its market competitiveness and business advantages in digital twin and spatiotemporal information technology [1] - The 3D digital map serves as the core digital foundation for Hong Kong's smart city initiatives, with Tianrun Technology responsible for critical project components and technical support, successfully completing 3D map construction in various regions [1] - The company has established a unified high-resolution urban spatial information framework and developed a shared publishing platform, continuously providing data update services to enhance the digital twin foundation of Hong Kong's smart city [1] Industry Insights - Through systematic technical practices, Tianrun Technology aids Hong Kong in addressing governance challenges posed by high-density urban development, while also validating a replicable technical implementation path for the industry [2] - The project integrates a "people-centered" approach with cutting-edge technology practices, becoming a benchmark case for smart city construction [2] - Following this bid win, the company plans to further promote comprehensive updates and system optimization of spatiotemporal data, providing real-time and detailed digital infrastructure support across various fields such as urban planning, land management, project development, environmental assessment, transportation logistics, spatial analysis, and cultural tourism [2]

Core Points - Tianrun Technology has successfully won the bid for the "New Territories Aerial Survey and Visualization 3D Map Update Service" project in Hong Kong, showcasing its strength and market recognition in the field of digital twin and spatiotemporal information technology [2] - The 3D digital map is a core digital foundation for Hong Kong's smart city construction, with Tianrun Technology previously completing multiple high-quality 3D map construction tasks using advanced technologies such as aerial photography, LiDAR, and real-world 3D modeling [2] - The company has established a unified high-resolution urban spatial framework and developed a shared publishing platform, providing continuous and stable data update services, thereby solidifying the digital twin foundation for Hong Kong's smart city [2] - The Hong Kong 3D digital map project is a successful example of integrating "human-centered philosophy" with "technological innovation practice," having won the "Seoul Tech-InnovaCity Silver Award" at the 3rd Seoul Smart City Conference in September 2025 [3] - Tianrun Technology aims to further optimize and update spatiotemporal data based on the 3D digital map project results, providing refined digital foundations for urban planning, land management, project development, environmental assessment, traffic logistics management, spatial analysis, and cultural tourism [3] - The company plans to continue deepening technological innovation to provide a solid digital foundation and key support for smart city construction, collaborating with various parties to create an intelligent, efficient, and sustainable digital city model [3]

Core Insights - Tianrun Technology (920564) has successfully won the bid for the "New Territories Aerial Survey and Visualization 3D Map Update Service" project in Hong Kong, showcasing its strength and market recognition in the field of digital twin and spatiotemporal information technology [2][3] - The 3D digital map is a core digital foundation for Hong Kong's smart city construction, with Tianrun Technology having previously completed multiple high-quality 3D digital map construction tasks using advanced technologies such as aerial photogrammetry, LiDAR, and real-scene 3D modeling [2] - The project exemplifies the successful integration of "human-centered philosophy" and "technological innovation practice" in smart city construction, having won the "Seoul Tech-InnovaCity Silver Award" at the 3rd Seoul Smart City Conference in September 2025 [2] Project Details - The new bid will build upon the existing 3D digital map project results to achieve comprehensive updates and optimizations of spatiotemporal data, providing a more refined digital foundation for urban planning, land management, project development, environmental assessment, traffic logistics management, spatial analysis, and cultural tourism [3] - The company aims to deepen technological innovation to provide a solid digital foundation and key support for smart city construction, collaborating with various parties to create an intelligent, efficient, and sustainable digital city model [3]

关于取得发明专利证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 陕西天润科技股份有限公司（以下简称"公司"）于 2025 年 9 月 12 日收到 由国家知识产权局颁发的一项《发明专利证书》。具体情况如下： 发明名称：多源地名数据自动化质检系统及方法 证券代码：430564 证券简称：天润科技 公告编号：2025-108 陕西天润科技股份有限公司 专利号：ZL 2025 1 0368648.2 授权公告日：2025 年 9 月 12 日 授权公告号：CN 119903196 B 二、对公司的影响 该发明专利可用于多源地名数据自动化质检，能有效解决同名异地、同地异 名等问题，进一步提升相关数据质量与整合效率。上述发明专利证书的取得体现 了公司的科技创新及自主研发能力，有利于保护公司知识产权，有助于提升公司 综合竞争力，对公司未来的经营发展具有积极意义。 三、备查文件 《发明专利证书》（证书号第 8248600 号） 陕西天润科技股份有限公司 董事会 2025 年 9 月 15 日 ...

Core Insights - The remote sensing surveying service industry in China is experiencing continuous growth due to the expanding application fields of geographic information and increasing demand for remote sensing data from downstream industries. The market size is projected to reach 23.6 billion yuan in 2024, representing an 8.8% year-on-year increase [1][7]. Industry Overview - Remote sensing surveying involves using sensors mounted on ground, aerial, and space platforms to gather electromagnetic wave signals for mapping terrain or specialized topics. The services can be categorized into ground, aerial, and space remote sensing surveying [3]. Industry Policies - A series of policies have been issued to promote the development of the remote sensing surveying service industry, including the August 2023 document aimed at enhancing the transformation and upgrading of the surveying and geographic information sector [4]. Industry Chain - The upstream of the remote sensing surveying service industry includes satellite manufacturing, aircraft manufacturing, drone manufacturing, and ground equipment manufacturing. The midstream consists of the remote sensing surveying services, while the downstream encompasses applications in autonomous driving, urban planning, traffic management, environmental monitoring, and resource investigation [5]. Industry Development - The rapid development of China's remote sensing satellite industry is evident, with the country launching over 160 remote sensing satellites in 2023, surpassing the United States for the first time. This growth supports the geographic information industry [6]. Competitive Landscape - The remote sensing surveying service industry is characterized by a large number of participants and a fragmented competitive landscape. The market has seen increased participation from private enterprises, with listed companies such as Aerospace Hongtu and Surveying and Mapping Co. entering the market [8]. Future Trends - The demand for smart city construction is expected to surge, driving the need for remote sensing surveying services for urban 3D modeling and underground pipeline digitization [10]. - Data processing in the remote sensing surveying service industry is becoming more intelligent and precise, leveraging technologies like artificial intelligence and big data [12]. - Data security and compliance requirements are becoming increasingly stringent, necessitating enhanced local data processing capabilities to ensure data safety [13].

开源证券股份有限公司关于陕西天润科 技股份有限公司的 2025年半年度持续督导 跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交 易 所 股 票 上 市 规 则 》 等 有 关 法 律 法 规 、 规 范 性 文 件 等 的 规 定, 开源证券作为陕西天润科技股份有限公司(以下简称"天润 科技")的保荐机构,负责天润科技的持续督导工作,并出 具 2025 年半年度持续督导跟踪报告。 二、发现的问题及采取的措施 在本持续督导期间,保荐机构和保荐代表人未发现天润 科技存在重大问题。 三、公司及股东承诺履行情况 公司、实际控制人或控股股东、董监高等在向不特定合 格 投资 者公开发行 股票并在北交所上市时所做出的相关承 诺,在本督导期内正常履行,没有出现违反承诺的现象。 公司、激励对象在实施股权激励计划时做出的相关承 一、持续督导工作概述 报告期内,保荐机构根据规定开展持续督导工作,包括 但不限于审阅公司信息披露文件、督导公司建立健全并有效 执行规则制度、募集资金使用监督、督导公司规范运作、现 场核查、发表专项意见、其他保荐工作等。具体如下: | 序号 | 工作内容 | 持续督导工作情况 | | --- | ...

Market Overview - On August 27, the IT services sector declined by 0.64%, with Bohui Technology leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Top Performers - Key gainers in the IT services sector included: - Kaiyin Cloud (688228) with a closing price of 113.70, up 20.00% [1] - *ST Yunchuang (835305) at 18.15, up 17.10% [1] - Yuntian Lifi (688343) at 92.50, up 13.32% [1] - Zhongke Chuangda (300496) at 76.65, up 11.69% [1] - Other notable gainers included Danghong Technology (688039), Yanshan Technology (002195), and Qiming Information (002232) with increases ranging from 10.00% to 11.69% [1] Underperformers - Major decliners included: - Bohui Technology (688004) at 23.98, down 8.61% [2] - Tianrun Technology (430564) at 27.47, down 8.28% [2] - Junyi Digital (301172) at 25.76, down 6.90% [2] - Other significant losers included Aerospace Hongtu (688066) and Zhuoyi Information (688258) with declines of 6.67% and 6.42% respectively [2] Capital Flow - The IT services sector experienced a net outflow of 39.95 billion yuan from institutional investors and 7.92 billion yuan from retail investors, while retail investors saw a net inflow of 47.87 billion yuan [2][3] - Notable capital flows included: - Yanshan Technology (002195) with a net inflow of 23.84 million yuan from institutional investors [3] - Other companies like Dazhi Technology (600589) and Donghua Software (002065) also saw varying degrees of net inflows and outflows [3]