Core Viewpoint - The A-share market experienced a decline in November, with the Shanghai Composite Index falling by 1.67%, ending a six-month upward trend. However, on November 28, the market saw a rebound with all indices closing in the green, particularly driven by the commercial aerospace sector [2]. Group 1: Market Performance - The Shanghai Composite Index ended November with a cumulative drop of 1.67%, marking the end of a six-month rising streak [2]. - On November 28, all A-share indices closed positively, indicating a market rebound [2]. Group 2: Sector Highlights - The commercial aerospace sector showed significant activity, with stocks such as Qianzhao Optoelectronics and Aerospace Hanyu hitting the daily limit of 20% increase. Other stocks like Galaxy Electronics, Leike Defense, and Aerospace Development also saw similar gains [2]. - The recent developments in the commercial aerospace industry have been catalyzed by events such as the "Smartly Drawing the Stars - Space Data Center Construction Work Promotion Meeting," where plans were announced to build a large-scale data center system in the 700-800 km twilight orbit, aiming to transfer massive AI computing power to space [2]. Group 3: Key Developments - The first flight information of China's reusable rocket "Zhuque-3" has garnered market attention, as it is expected to be the first operational reusable launch vehicle in the country [2]. - The launch cost of Zhuque-3 is targeted to be below 20,000 yuan per kilogram, comparable to SpaceX's Falcon 9, which costs approximately 3,000 USD per kilogram. This cost reduction is anticipated to alleviate satellite capacity bottlenecks and accelerate the closure of the industry chain [2].

天润科技（920564）今日上涨13.90%，全天换手率23.58%，成交额2.30亿元，振幅20.80%。龙虎榜数据 显示，机构净买入185.41万元，营业部席位合计净买入574.73万元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交6775.93万元，其中，买入成交额为 3768.03万元，卖出成交额为3007.90万元，合计净买入760.13万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买五，买入金额360.20万元，卖出金 额174.79万元，合计净买入185.41万元。 近半年该股累计上榜龙虎榜5次，上榜次日股价平均跌5.96%，上榜后5日平均跌12.86%。（数据宝） 天润科技11月28日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国信证券股份有限公司深圳互联网分公司 | 1438.93 | 195.64 | | 买二 | 国金证券股份有限公司深圳分公司 | 691.69 | 837.94 | | ...

Group 1 - Aerospace Development reached a trading limit increase in the afternoon [1] - Companies such as Qianzhao Optoelectronics, Galaxy Electronics, and Leike Defense also saw their stocks previously hit the trading limit [1] - Other companies including Tianrun Technology, Yaguang Technology, Hongda Electronics, and Bidding Shares experienced stock price increases exceeding 10% [1]

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 ...