Core Insights - The Chinese cybersecurity industry market size is projected to exceed 95 billion yuan in 2024, following a market size of over 85 billion yuan in 2023, with a compound annual growth rate (CAGR) of 18.94% over the past five years [1][3]. Market Segmentation - The cybersecurity market can be divided into cybersecurity products and cybersecurity services, with cybersecurity software products accounting for over 50% of the market share in 2023, and cybersecurity software products alone making up more than 30% of the overall market size [3]. Industry Competition - The Chinese cybersecurity industry has established several leading domestic companies, including 360, Anheng Information, and Qi An Xin, which have a broad product layout. Popular product areas include firewalls, endpoint management, and vulnerability scanning [5].

Core Viewpoint - The company, Tianrongxin Technology Group Co., Ltd., is set to hold an online performance briefing for the 2024 fiscal year to enhance investor understanding of its operational performance [1][2]. Group 1: Announcement Details - The online performance briefing will take place on April 19, 2025, and will be accessible through the investor relations interactive platform [1]. - Key personnel attending the briefing include the Chairwoman and General Manager, Ms. Li Xueying, along with other executives and independent directors [1]. Group 2: Investor Engagement - The company is actively soliciting questions from investors prior to the briefing to ensure relevant and targeted communication [2]. - Investors can submit their questions via email or by scanning a QR code to access a dedicated question collection page [2].

1、投资者可于 2025 年 5 月 26 日（星期一）17:00 前将问题发送至公司邮 箱：ir@topsec.com.cn。 2、投资者可于 2025 年 5 月 26 日（星期一）17:00 前访问 http://ir.p5w.net/zj/， 或扫描下方二维码，进入问题征集专题页面。 证券代码：002212 证券简称：天融信 公告编号：2025-028 天融信科技集团股份有限公司 关于召开 2024 年度网上业绩说明会的公告 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"）于 2025 年 4 月 19 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》披露了《2024 年年度报告》及《2024 年年度报告摘要》（公告编号： 2025-009）。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司定于 2025 年 5 月 27 日（星期二）下午 15:00-16:00 在全景网举办 2024 年度网上业绩说明会。 本次年度业绩说明会将 ...

Core Viewpoint - The legal opinion letter from Beijing Jincheng Tongda Law Firm confirms that Tianrongxin Technology Group Co., Ltd. is qualified to implement the "Striver" Phase II Employee Stock Ownership Plan (ESOP) in compliance with relevant laws and regulations [2][5][8] Group 1: Company Qualification - Tianrongxin is a legally established and listed joint-stock company on the Shenzhen Stock Exchange, with a registered capital of 1,179,453,879 RMB [2][4] - The company has been in continuous operation since its establishment on August 30, 1985, and holds a valid business license [2][4] Group 2: Legality and Compliance of the ESOP - The ESOP has been developed in accordance with the "Guiding Opinions" and has undergone necessary legal procedures, including proper information disclosure [3][5][8] - Participation in the ESOP is voluntary, with no forced allocation of shares to employees, adhering to the principle of voluntary participation [3][5] - The plan allows participants to bear their own risks and ensures equal rights with other investors [3][5] Group 3: ESOP Structure and Management - The ESOP will involve a maximum of 1,625,090.7 shares, accounting for 1.3778% of the company's total share capital, and will not exceed 10% of the total share capital after implementation [4][5] - The management structure includes a holder meeting and a management committee to oversee daily operations and represent shareholders' rights [4][5] Group 4: Legal Procedures and Shareholder Meeting - The company has completed necessary procedures, including obtaining employee feedback and ensuring compliance with the "Guiding Opinions" [5][6] - The ESOP requires approval from the shareholders' meeting, with related parties required to abstain from voting [6][8] Group 5: Information Disclosure - The company is obligated to disclose relevant documents and decisions made during the board and supervisory meetings regarding the ESOP [8][9] - Ongoing compliance with information disclosure obligations will continue as the ESOP progresses [8][9]

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].

Core Viewpoint - The company has decided to cancel a total of 23,244,776 stock options from its equity incentive plans, which includes options from the 2021 and 2022 plans, affecting a total of 1,396 individuals [1][2]. Summary by Relevant Sections Stock Option Cancellation - The company approved the cancellation of 19,904,426 stock options from the "Fighter" 2022 stock option incentive plan, involving 1,118 recipients [1]. - Additionally, 361,420 stock options from the first batch of reserved grants in the "Fighter" 2022 plan were canceled, affecting 37 recipients [1]. - The second batch of reserved grants in the "Fighter" 2022 plan saw the cancellation of 1,818,861 stock options, impacting 241 recipients [1]. - The cancellation also includes stock options from the "Fighter" first phase (2023 supplement) incentive plan [1]. Compliance and Regulations - The cancellation of stock options is in accordance with the relevant laws and regulations, including the Securities Law of the People's Republic of China and the management measures for equity incentives of listed companies [2].

关于公司股权激励计划部分股票期权注销完成的公告 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"）于 2025 年 5 月 9 日召开第七届董事 会第二十三次会议和第七届监事会第十五次会议，审议通过了《关于注销公司股权激励计划 部分股票期权的议案》，同意公司注销 2021 年股票期权与限制性股票激励计划股票期权 917,472 份，涉及激励对象 329 名；注销"奋斗者"第一期股票期权激励计划（以下简称"'奋 斗者'2022 年期权激励计划"）首次授予股票期权 19,904,426 份，涉及激励对象 1,118 名；注 销"奋斗者"2022 年期权激励计划预留授予（第一批次）股票期权 361,420 份，涉及激励对 象 37 名；注销"奋斗者"2022 年期权激励计划预留授予（第二批次）股票期权 1,818,861 份， 涉及激励对象 241 名；注销"奋斗者"第一期（2023 年增补）股票期权激励计划股票期权 242,597 份，涉及激励对象 24 名。上述事项的具体内容详见公司于 2025 年 5 月 10 日在 ...

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

北京市金杜律师事务所 关于天融信科技集团股份有限公司 注销 2021 年股权激励计划、"奋斗者"2022 年期权激励计划、 "奋斗者"2023 年增补期权激励计划部分股票期权之 法律意见书 本法律意见书的出具已得到公司如下保证： 1. 公司向金杜提供的所有文件资料及所作出的所有陈述和说明均是完整、 真实和有效的，且一切足以影响本法律意见书的事实和文件均已向金杜披露， 而无任何隐瞒或重大遗漏。 1 《上市公司股权激励管理办法（2018 修正）》已经中国证券监督管理委员会《关于修改部分证券期货规 章的决定》（中国证券监督管理委员会令第 227 号，2025 年 3 月 27 日实施）修订，现行有效的部门规章 为《上市公司股权激励管理办法（2025 修正》）。《天融信科技集团股份有限公司 2021 年股票期权与限 制性股票激励计划》《天融信科技集团股份有限公司"奋斗者"第一期股票期权激励计划（完善与修订稿）》 《天融信科技集团股份有限公司"奋斗者"第一期（2023 年增补）股票期权激励计划》系根据当时有效的 《上市公司股权激励管理办法（2018修正）》制定，且目前天融信的公司章程、相关组织机构尚未完全根 据《中华人 ...

证券代码：002212 证券简称：天融信 公告编号：2025-025 一、员工持股计划的持股情况及锁定期 （一）"奋斗者"2022年持股计划 2022年5月9日，公司收到中国证券登记结算有限责任公司深圳分公司出具的《证券 过户登记确认书》，公司开立的"天融信科技集团股份有限公司回购专用证券账户"中 所持有的2,371.90万股公司股票已于2022年5月6日以非交易过户形式过户至"天融信科 技集团股份有限公司－'奋斗者'第一期员工持股计划"专用证券账户。具体内容详见 公司于2022年5月10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《关于"奋斗者"第一期员工持股计划非交易过 户完成的公告》（公告编号：2022-055）。 根据公司《"奋斗者"第一期员工持股计划（完善与修订稿）》的相关规定，"奋斗 者"2022年持股计划所获标的股票分3期解锁，解锁时点分别为自公司公告最后一笔标 的股票过户至员工持股计划名下之日起满12个月、24个月、36个月，每期解锁的标的股 1 票比例分别为33%、33%、34%。其中，第三个解锁期对应的标的股票数量为8, ...