Core Viewpoint - The company is actively focusing on the "Aerospace Computing Power" sector, with existing technological reserves in satellite internet security and various network security solutions implemented domestically and in countries along the "Belt and Road" initiative [1] Group 1: Satellite Internet Security - The company has developed a satellite application service platform and satellite remote sensing system as part of its network security solutions [1] - These solutions have been successfully implemented in multiple countries along the "Belt and Road" [1] Group 2: Intelligent Computing Cloud - The company is investing in and establishing a presence in the intelligent computing cloud sector [1] - It has launched a series of products including the intelligent computing cloud platform and integrated computing machine [1] - These offerings provide customers with high-performance and secure integrated infrastructure solutions for intelligent computing [1]

Core Viewpoint - Tianrongxin has completed its product technology layout and possesses a comprehensive and mature product advantage, indicating a gradual release process for output and a focus on enhancing marketing and channel development to better reach customers and implement business strategies [1] Group 1 - The company has established a complete and mature product advantage in its technology layout [1] - There will be a gradual process for the output of products, suggesting a strategic approach to market introduction [1] - The company aims to strengthen industry segmentation and channel expansion in its marketing efforts [1]

Core Viewpoint - Tianrongxin Technology Group Co., Ltd. announced a share repurchase plan to enhance employee stock ownership and incentivize staff [2] Group 1: Share Repurchase Plan - The company will hold its seventh board meeting on February 1, 2024, to review the share repurchase proposal [2] - The board approved the use of self-owned funds for the share repurchase through centralized bidding [2] - The total number of shares repurchased by July 30, 2024, was 11,232,400 shares, accounting for 0.9523% of the company's total share capital at that time [2] Group 2: Implementation and Purpose - As of November 12, 2025, all repurchased shares have been transferred to the company's employee stock ownership plan [2] - The purpose of the repurchased shares aligns with the initial plan for employee stock ownership and incentive programs [2]

Core Points - Tianrongxin announced the transfer of 800,000 shares to its employee stock ownership plan, representing 0.0678% of the company's total equity [1] Group 1 - On November 13, 2025, Tianrongxin received a confirmation from China Securities Depository and Clearing Corporation Limited Shenzhen Branch regarding the transfer of shares [1] - The shares were transferred from Tianrongxin's repurchase special securities account to the "Striver" Phase II employee stock ownership plan account [1] - The transfer occurred on November 12, 2025, through a non-trading transfer method [1]

Investment Rating - The report maintains an "Outperform" rating with a target price of RMB 13.09 [4][9]. Core Insights - The company is experiencing short-term pressure on performance due to project disturbances affecting Q3 revenue, with a revenue of RMB 1.20 billion for the first three quarters of 2025, down 24.01% YoY, and a net loss of RMB 235 million, an increase of RMB 66 million YoY [10]. - Despite the challenges, the company has a stable order book and an optimistic outlook for the year, with growth expected in the AI and cloud computing sectors [4][10]. - The intelligent cloud segment is emerging as a second growth curve, contributing RMB 129 million in revenue for the first three quarters, accounting for 10.73% of total revenue, with an expected annual growth rate of 10% [11]. - The company has made significant progress in quantum security and computing, launching products like quantum VPN and zero-trust solutions, which have gained recognition in key sectors such as government and finance [12]. Financial Summary - The company's total revenue for 2023 is projected at RMB 3,124 million, with a decline of 11.8% YoY, followed by an expected recovery to RMB 3,056 million in 2025, representing an 8.3% growth [3]. - The net profit for 2023 is forecasted to be a loss of RMB 371 million, with a turnaround expected in 2024 to a profit of RMB 83 million, and further growth to RMB 154 million by 2025 [3]. - The earnings per share (EPS) are expected to improve from -0.31 RMB in 2023 to 0.13 RMB in 2025 [3]. Business Segmentation - The cybersecurity product revenue is expected to decline by 11% in 2024 but recover with an 8% growth in 2025 [6]. - The cloud computing business is projected to grow by 10% annually, with a revenue of RMB 255.64 million in 2024 [6]. - Other business segments are expected to see a significant increase, with a projected growth of 35% in 2024 [6].

关于"奋斗者"第二期员工持股计划预留部分 非交易过户完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 天融信科技集团股份有限公司（以下简称"公司"）分别于 2025 年 5 月 8 日、2025 年 5 月 26 日、2025 年 7 月 7 日、2025 年 10 月 27 日召开公司第七届董事会第二十二次 会议、第七届监事会第十四次会议、2025 年第二次临时股东会、第七届董事会第二十四 次会议及第七届董事会第二十六次会议，审议通过了《关于公司<"奋斗者"第二期员 工持股计划（草案）>及其摘要的议案》《关于调整公司"奋斗者"第二期员工持股计划 受让价格的议案》《关于公司"奋斗者"第二期员工持股计划预留份额分配的议案》等 相关议案。具体内容详见公司分别于 2025 年 5 月 9 日、2025 年 5 月 27 日、2025 年 7 月 8 日、2025 年 10 月 28 日在巨潮资讯网（www.cninfo.com.cn）及《中国证券报》《上海 证券报》《证券时报》《证券日报》披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》 ...

证券代码：002212 证券简称：天融信 公告编号：2025-062 天融信科技集团股份有限公司 已回购股份处理公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、天融信科技集团股份有限公司（以下简称"公司"）于 2024 年 2 月 1 日召开第 七届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议 案》，公司董事会同意使用自有资金以集中竞价交易方式回购公司股份（以下简称"2024 年回购事项"），用于公司后续实施股权激励计划或员工持股计划。截至 2024 年 7 月 30 日，2024 年回购事项实施完毕，公司累计回购股份数量 11,232,400 股，占公司当时总股 本的 0.9523%。 2、截至 2025 年 11 月 12 日，公司已将前述回购股份 11,232,400 股以非交易过户形 式过户至公司员工持股计划对应的专用证券账户。至此，2024 年回购事项的已回购股份 已经全部处理完成，其用途与回购方案的拟定用途不存在差异。 一、2024 年回购事项的实施情况 2024 年回购事项的回购资金总额为不低 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 13.09 CNY [6][13]. Core Views - The company faced short-term pressure on performance due to temporary project delays, but has maintained a stable order book and is expected to achieve optimistic annual results with high-quality development [2][13]. - The company's revenue for the first three quarters of 2025 was 1.202 billion CNY, a year-on-year decrease of 24.01%, with a net profit attributable to the parent company of -235 million CNY, indicating an expanded loss [13]. - The company is strategically positioning itself in the quantum security and quantum computing sectors, having made significant progress and launched products like quantum VPN, which enhances communication performance and reduces customer costs [13]. Financial Summary - Total revenue for 2023 is projected at 3,124 million CNY, with a decline of 11.8% year-on-year, while a recovery is expected in 2025 with an estimated revenue of 3,056 million CNY, reflecting an 8.3% increase [4][14]. - The net profit for 2023 is forecasted at -371 million CNY, with a significant recovery anticipated in 2024, reaching 83 million CNY [4][14]. - The company’s earnings per share (EPS) is expected to improve from -0.31 CNY in 2023 to 0.25 CNY by 2027 [4][14]. Business Segments - The intelligent computing cloud segment is expected to grow significantly, with projected revenue of 1.29 million CNY in the first three quarters of 2025, accounting for 10.73% of total revenue, and an annual growth rate of approximately 10% [13]. - The company’s key industries, such as telecommunications and transportation, showed year-on-year growth of 13.14% and 18.73%, respectively, contributing to a stable business foundation [13]. - The quantum computing sector has seen the launch of several products and partnerships, indicating a forward-looking strategy that aligns with industry trends [13].

Macro Research - The monetary policy framework continues to emphasize "appropriate monetary policy" and "maintaining reasonable growth in financial aggregates," with a shift towards combining counter-cyclical and cross-cyclical adjustments, reflecting the requirements of the 14th Five-Year Plan [1][2][3] - The central bank's focus is transitioning from merely short-term counter-cyclical support to a more forward-looking layout that optimizes efficiency and structural adjustments to better serve long-term economic goals [3][4] Strategy Research - The technology manufacturing sector remains highly prosperous, with rising prices in memory chips and an improved outlook for the lithium battery supply chain due to tight supply and demand [4][5] - Real estate demand is weak, with a significant decline in passenger vehicle sales, while coal demand has improved, leading to a substantial price increase [4][5] Energy Equipment and New Energy Research - The future expansion of the capacity pricing mechanism for energy storage is expected to enhance the economic viability of storage solutions across more provinces, significantly boosting demand in 2026 [8][9] - The introduction of a compensation standard for energy storage in Inner Mongolia at 0.28 yuan/kWh is anticipated to stimulate storage demand [10][25] Agriculture Research - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co. performing exceptionally well [11][12][14] - The pet industry is experiencing a shift towards higher quality and more emotional consumption behaviors, indicating a trend of pet products becoming more integrated into family life [14][12]

证券日报网讯天融信（002212）11月12日在互动平台回答投资者提问时表示，公司第三季度收入下滑主 要受暂时性项目进展扰动影响，最新情况显示项目进展已提速，且从订单情况看，目前已签订单加中标 未签订单金额同比已基本持平。 ...