一、会议召开情况 天融信科技集团股份有限公司(以下简称"公司")第七届监事会第十四次会议于 2025 年 5 月 8 日以通讯表决的形式召开，会议通知于 2025 年 5 月 6 日以直接送达、电子邮件等方 式向全体监事发出，全体监事对会议通知发出时间无异议。公司应出席会议监事 3 名，实际 出席会议监事 3 名。会议由监事会主席曾钦武先生主持，公司部分高级管理人员列席了本次 会议。本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《天 融信科技集团股份有限公司章程》（以下简称"公司章程"）的有关规定。 二、会议审议情况 （一）以 3 票同意，0 票反对，0 票弃权，审议并通过《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》； 经审核，监事会认为： 1、公司不存在《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导 意见》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以 下简称"《监管指引第 1 号》"）等法律、法规、规范性文件规定的禁止实施员工持股计划 的情形； 2、公司实施"奋斗者"第二期员工持股计划（以下简称"本 ...

二、会议审议情况 （一）以 6 票同意，0 票反对，0 票弃权，审议并通过《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》； 证券代码：002212 证券简称：天融信 公告编号：2025-018 天融信科技集团股份有限公司 第七届董事会第二十二次会议决议公告 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。 一、会议召开情况 天融信科技集团股份有限公司（以下简称"公司"）第七届董事会第二十二次会议于 2025 年 5 月 8 日以通讯表决方式召开，会议通知于 2025 年 5 月 6 日以直接送达、电子邮 件等方式向全体董事发出，全体董事对会议通知发出时间无异议。公司应出席会议董事 9 名，实际出席会议董事 9 名。会议由董事长李雪莹女士主持，公司监事及高级管理人员列 席了本次会议。本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司 法》"）和《天融信科技集团股份有限公司章程》（以下简称"公司章程"）的有关规定。 为保证公司"奋斗者"第二期员工持股计划的实施，根据《公司法》《中华人民共和国 证券法》《关于上市公司实施员工持股计 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Viewpoints - The company has focused on improving operational efficiency and restoring profitability, achieving a net profit of 83.01 million yuan in 2024, a significant turnaround from a loss of 371.40 million yuan in the previous year [2][4]. - The company has launched a series of AI-enabled products, including the Intelligent Computing Cloud platform, which enhances its service offerings in high-performance computing and security [2][4]. - Despite a decline in overall revenue, the company has seen improvements in gross margin and cost control, with total expenses decreasing by 10.73% year-on-year [2][3]. Financial Performance Summary - In 2024, the company reported operating revenue of 2.82 billion yuan, a decrease of 9.73% year-on-year, while gross margin increased by 0.85 percentage points [2][3]. - The company forecasts revenue growth for the years 2025 to 2027, with projected revenues of 3.04 billion yuan, 3.26 billion yuan, and 3.47 billion yuan respectively [4][7]. - The net profit is expected to grow significantly, reaching 160.22 million yuan in 2025 and 303.40 million yuan in 2027, reflecting a strong recovery trajectory [4][7]. Industry Analysis - The government and public sector contributed 45.46% of the company's main business revenue, although this segment saw a year-on-year decline of 10.58% [3]. - The energy and healthcare sectors have shown rapid growth, with revenue increases of 22.86% and 17.90% respectively, indicating potential areas for future expansion [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.21 CNY per share [6]. Core Insights - The company reported a revenue of 2.82 billion CNY for 2024, a decrease of 9.73% year-on-year, but achieved a net profit of 83 million CNY, marking a turnaround from losses [1]. - The cloud computing segment is emerging as a second growth curve, with revenue from this business increasing by 10.09% year-on-year to 256 million CNY, while the network security business saw a decline of 11.49% to 2.55 billion CNY [1]. - The company has implemented cost control and quality improvement measures, resulting in a gross margin increase of 0.85 percentage points to 61.04% in 2024 [2]. - The company is focusing on AI integration in its products, enhancing its capabilities in AI security and cloud security, and has signed a memorandum of understanding with Huawei to further its development in this area [3]. Revenue and Profit Forecast - The forecast for net profit has been adjusted downwards for 2025 and 2026 to 179 million CNY and 248 million CNY, respectively, reflecting a reduction of 50.0% and 39.5% [4]. - The projected revenue for 2025 is 3.11 billion CNY, with a growth rate of 10.23%, followed by 3.49 billion CNY in 2026 and 3.92 billion CNY in 2027 [5]. Financial Metrics - The company’s gross margin is expected to remain stable around 59.6% to 61.0% over the next few years, with a projected return on equity (ROE) increasing from 0.9% in 2024 to 3.1% in 2027 [11]. - The price-to-earnings (P/E) ratio is projected to decrease from 102 in 2024 to 28 in 2027, indicating an improving valuation as profitability increases [12].

Core Viewpoint - The company is experiencing a decline in revenue but has turned a profit in net income, with expectations of further losses in the upcoming quarter while aiming for growth in its cloud computing and intelligent computing segments [1][2][5]. Financial Performance - The company achieved a revenue of 2.82 billion yuan in 2024, a decrease of 9.73%, and a net profit of 83 million yuan, marking a return to profitability [1]. - For Q1 2025, the company anticipates a net loss between 65 million and 75 million yuan, with a revenue forecast of 320 million to 340 million yuan, indicating a year-over-year decline of approximately 22% [1]. Business Segments - The cybersecurity business has been significantly impacted by market conditions, with revenues from cybersecurity products at 2.55 billion yuan, down 11.49%, while cloud computing products saw a revenue increase of 10.09% to 256 million yuan [2]. - The company is focusing on the growth of its cloud computing segment, particularly through the launch of its intelligent computing products, which have already secured over 20 million yuan in orders within two months of release [2]. Strategic Partnerships - The company has partnered with Huawei to launch new products, including the intelligent computing machine and the Kunlun-Xinchuang product series, aimed at enhancing application-level technology integration and ecosystem development [3][4]. - This collaboration is expected to accelerate the adoption of domestic chips and operating systems in key industries, while also providing the company with a self-controlled technology platform [3][4]. Future Outlook - The company aims to achieve a revenue target of at least half of its cybersecurity segment's output from its cloud computing business over the next 3-5 years [2]. - Revenue projections for 2025 to 2027 are estimated at 3.03 billion yuan, 3.47 billion yuan, and 3.98 billion yuan, respectively, with net profits expected to grow significantly [5].

据证券之星公开数据整理，近期天融信（002212）发布2025年一季报。根据财报显示，天融信亏损收 窄，商誉占比较高。截至本报告期末，公司营业总收入3.36亿元，同比下降20.45%，归母净利 润-6838.88万元，同比上升23.43%。按单季度数据看，第一季度营业总收入3.36亿元，同比下降 20.45%，第一季度归母净利润-6838.88万元，同比上升23.43%。 本次财报公布的各项数据指标表现一般。其中，毛利率68.29%，同比增17.47%，净利率-20.37%，同比 增4.2%，销售费用、管理费用、财务费用总计2.37亿元，三费占营收比70.66%，同比增10.32%，每股净 资产7.91元，同比增0.19%，每股经营性现金流-0.2元，同比减39.32%，每股收益-0.06元，同比增25.0% 建议关注公司应收账款状况（应收账款/利润已达3032.7%） | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.22 乙 | 3.36 Z | -20.45% | | 归母净利润(元) | -8931 ...

Core Viewpoint - The company reported a decline in revenue for 2024 but achieved profitability, with a focus on improving operational efficiency and quality in response to external pressures [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, while net profit attributable to shareholders was 83 million yuan, marking a return to profitability [1]. - For Q1 2025, the company expects revenue between 320 million to 340 million yuan, a year-on-year decline of 19% to 24%, with net profit projected to be a loss of 75 to 65 million yuan, indicating a narrowing of losses compared to the previous year [1]. - The overall gross margin for 2024 was 61.04%, an increase of 0.85 percentage points year-on-year, with Q1 2025 gross margin expected to rise by over 10 percentage points [2]. Business Segments - The cybersecurity business generated 2.55 billion yuan in revenue for 2024, down 11.49% year-on-year, while the cloud computing segment saw revenue of 256 million yuan, up 10.09% year-on-year [2]. - The company is actively enhancing project quality and managing integrated projects to improve cash flow, which has contributed to the performance of the cloud computing segment [2]. Strategic Focus - The company is prioritizing the development of intelligent computing cloud services, which includes hyper-converged infrastructure, desktop cloud, and intelligent computing cloud platforms [3]. - Since 2015, the company has been focusing on cloud computing R&D, providing comprehensive product solutions to meet enterprise digital transformation needs [3]. - The launch of new products such as the intelligent computing cloud platform and computing power servers aims to support high-performance, secure, and reliable integrated computing center solutions [4]. Future Growth Potential - The intelligent computing cloud is expected to become a new growth driver for the company, facilitating its expansion from cybersecurity to IT infrastructure [4]. - The company has been recognized by Gartner as a key player in hyper-converged infrastructure, indicating its growing influence in the cloud computing market [3]. Investment Outlook - The company is positioned as a leading provider of comprehensive cybersecurity solutions, with growth potential in cloud computing, data security, and AI sectors [5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 3.01 billion, 3.30 billion, and 3.64 billion yuan, respectively, with net profits expected to reach 168 million, 240 million, and 298 million yuan [5].

Core Points - The company reported a revenue of 336 million yuan in Q1 2025, with a year-on-year reduction in net profit loss and a gross margin increase of 10.15 percentage points [1] - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [1] - The company is actively advancing its intelligent computing cloud business, achieving significant progress in infrastructure layout and launching new products [1][2] Financial Performance - Q1 revenue reached 336 million yuan, with a reduction in net profit loss compared to the previous year [1] - Gross margin improved by 10.15 percentage points year-on-year [1] - Three major expenses decreased by 6.83% year-on-year [1] Strategic Development - The company is implementing a quality and efficiency improvement strategy, optimizing market competition strategies, and enhancing project selection [1] - The intelligent computing cloud platform and integrated machine were launched, expanding the company's product and business coverage in the cloud computing sector [1] - The company has signed and is expected to sign orders exceeding 20 million yuan for the intelligent computing integrated machine, with annual sales expected to surpass 100 million yuan [1] Technological Advancements - The company has deepened its artificial intelligence technology layout, creating an "AI + Security" integrated innovation system [2] - Significant breakthroughs were achieved in technology research and development, including upgrades to the Tianwen large model technology [2] - A panoramic large model protection solution was introduced, enhancing the competitiveness of the company's cybersecurity products [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has turned a profit, with its intelligent computing machine achieving commercial success [1]. - The cybersecurity demand has weakened, leading to revenue pressure, but cost control measures have helped the company return to profitability [4]. - The company is actively enhancing its AI product layout and has made significant progress in commercializing its intelligent computing machine [5]. Financial Performance Summary - In 2024, the company reported a revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, and a net profit of 0.83 billion yuan, recovering from a loss of 3.71 billion yuan in the previous year [3]. - The first quarter of 2025 is expected to see revenue between 320 million to 340 million yuan, a year-on-year decrease of 19.43% to 24.17%, with a projected net loss of 0.75 billion to 0.65 billion yuan, but showing growth compared to the previous year's loss [3]. - The company's gross margin reached 61.04% in 2024, an increase of 0.85 percentage points from the previous year, with expectations for further improvement in the first quarter of 2025 [4]. Business Segment Performance - The cybersecurity business generated 2.55 billion yuan in revenue in 2024, down 11.49% year-on-year, while the cloud computing business saw a revenue increase of 10.09% to 256 million yuan [4]. - The intelligent computing machine has generated over 2 million yuan in sales in the first quarter of 2025, with signed and upcoming orders exceeding 20 million yuan [5]. Future Outlook - The company is expected to benefit from macroeconomic recovery and industry policy implementation, with projected EPS for 2025-2027 at 0.14, 0.24, and 0.28 respectively [6][7]. - The company is focusing on quality improvement and efficiency enhancement strategies while actively exploring new business directions in cloud security and computing [6].

Financial Performance - The company reported a basic earnings per share of -0.0600 yuan for Q1 2025, an improvement of 25% compared to -0.0800 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 3.36 billion yuan, representing a decrease of 20.38% from 4.22 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.68 billion yuan, showing a 23.6% improvement from -0.89 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 was -0.73%, an improvement of 23.16% compared to -0.95% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 27,157.33 million shares, accounting for 23.27% of the circulating shares, with a decrease of 2,540.96 million shares compared to the previous period [1] - Notable shareholders include Zheng Zhongnan with 8,492.89 million shares (7.28% of total shares) and Zhongdian Ke (Tianjin) Network Information Technology Partnership with 5,800.00 million shares (4.97% of total shares), both showing no change [2] - Zhang Wenbin increased his holdings by 124.49 million shares, now holding 2,925.32 million shares (2.51% of total shares) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]