Core Insights - Tianrongxin Technology Group Co., Ltd. reported a revenue of 2.82 billion yuan and a net profit of 83.01 million yuan for 2024, marking a return to profitability with a gross margin of 61.04% [1] - The company's cybersecurity products generated 2.55 billion yuan in revenue, accounting for 90.42% of total revenue, while cloud computing products contributed 256 million yuan, representing a 10.09% year-on-year growth [1] Group 1 - The company has released over 100 types of cybersecurity products and more than 1,000 product models, maintaining the number one market share in the firewall sector for 25 consecutive years [2] - AI has been integrated into all product lines, with new solutions for data classification, data security integration, and DSMM certification [2] - The company has launched cloud-native firewalls and cloud security resource pools, covering over 30 business scenarios [2] Group 2 - The cloud computing product portfolio has been further enhanced, with solutions for hyper-convergence, desktop cloud, and enterprise cloud tailored for various industries [3] - The intelligent computing cloud platform includes software, hardware, and integrated machines, providing a comprehensive solution for business support and security [3] - The company is focusing on new safety measures across multiple emerging fields, including industrial internet, vehicle networking, and low-altitude economy [2]

Group 1: Tianrongxin - Tianrongxin's sales of intelligent computing integrated machines exceeded 2 million units in Q1 2025, with orders surpassing 20 million, and annual sales expected to exceed 100 million [1] - The intelligent computing integrated machine is based on self-developed cloud computing products, providing a complete platform for intelligent applications, with prices ranging from hundreds of thousands to two million [1] - There is significant growth in demand for security in various sectors, including information security, cloud security, industrial internet security, and vehicle networking [1] - The company has partnered with insurance companies to launch various cybersecurity insurance products, with a business model that includes pre-assessment and post-service [1] - Downstream demand is expected to remain stable in Q1 2024, with high-quality orders remaining steady, indicating positive future business opportunities [1] - Revenue from government sectors is projected to decline in 2024 due to macroeconomic impacts and low-margin project reductions, but stable growth is expected in 2025 [1] - Supply chain impacts are currently minimal, but uncertainties may arise in the future, and the company has prepared in advance [1] - After years of intense competition, some manufacturers are beginning to weaken, which may improve industry competition [1] - AI applications are expanding security boundaries, increasing security demand, and enhancing customer security spending [1] - The workforce is expected to remain stable in 2025, with over 2,000 R&D personnel and a slight increase in sales staff [1] - No goodwill impairment is expected in 2025, while 2023's impairment was due to specific circumstances [1] Group 2: Meinuohua - Meinuohua is in a growth and profit recovery phase for 2024, with overall operations showing steady growth, particularly in the finished drug sector [2] - The raw material sector has achieved market share breakthroughs with multiple new products, while the CDMO sector is progressing smoothly despite international macroeconomic impacts [2] - The company is actively embracing innovation and plans to make it a key strategic focus for future development [2] - Projected revenue for 2024 is 1.373 billion, representing a year-on-year increase of 12.85%, with API business growth at 6.1% and self-operated business growth at 83.52% [2] - TianKang Pharmaceutical's revenue increased by 51%, and the net profit attributable to the parent company reached 66.81 million, up 476.64% year-on-year [2] - Overall gross margin is 32.61%, an increase of 1.74% compared to 2023 [2]

业绩方面，基金调研公司中，6家公司已经公布了一季报，净利润同比增幅最高的是中际旭创、顺络电 子，净利润增长幅度为56.83%、37.02%。公布一季度业绩预告的共有1家。以净利润增幅中值来看，净 利润增幅最高的是天融信，预计净利润中值为-7000.00万元，同比增幅为21.62%。（数据宝） 4月20日基金调研公司一览 昨日基金共对9家公司进行调研，扎堆调研甘源食品、顺络电子、中际旭创等。 证券时报·数据宝统计，4月20日共9家公司被机构调研，按调研机构类型看，基金参与9家公司的调研活 动，其中，10家以上基金扎堆调研公司共6家。甘源食品最受关注，参与调研的基金达39家；顺络电 子、中际旭创等分别获26家、24家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有3家，创业板公司有6家。所属行业来看，基 金调研的公司共涉及5个行业，所属医药生物行业最多，有3家公司上榜；电子、通信等紧随其后，分别 有2家、2家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有3家，分 别是透景生命、甘源食品、天融信等。 市场表现上，基金调研股中，近5日上涨的有 ...

Summary of Tianruixin's Conference Call Company Overview - **Company**: Tianruixin - **Industry**: Cybersecurity and Cloud Computing Key Financial Performance - In 2024, Tianruixin achieved a turnaround in net profit, reporting a significant increase of 15.48% compared to a substantial loss in 2023 [3] - Excluding goodwill impairment, the net profit grew by 105.45%, rising from 26 million yuan in 2023 to 54 million yuan in 2024 [3] - The gross margin improved for three consecutive years, increasing from 59.72% in 2022 to 61.04% in 2024 [3] Revenue and Product Performance - Cloud computing product revenue grew by 10.09% year-on-year, accounting for 9.06% of total revenue, up from 7.43% in 2023 [5] - Revenue from specialized sectors such as special industries, energy, and healthcare increased by 23.09%, 22.86%, and 17.9% respectively, indicating strong competitiveness in niche markets [7] - Firewall products continue to dominate the Chinese cybersecurity hardware market, nearing a 70% market share, highlighting Tianruixin's leadership in this segment [9] Strategic Developments - The Chinese domestic intelligent computing cloud service market is projected to exceed 400 billion yuan by 2029, with Tianruixin accelerating its development in this area [12] - The company secured multiple projects in public health, emergency response, and meteorology, with a total scale exceeding 300 million yuan, showcasing its competitiveness in government sectors [13] Market Trends and Future Outlook - The global cybersecurity spending is expected to grow from 11 billion USD in 2023 to 17.1 billion USD by 2028, with a compound annual growth rate (CAGR) of 9.2% [8] - The intelligent infrastructure construction is driving rapid growth in cloud computing, with the global RDC spending expected to reach 530 million USD in 2024 [10] - The market for intelligent computing is anticipated to grow significantly, with Tianruixin aiming to achieve over 100 million yuan in revenue from its intelligent computing products [24] Personnel and Operational Changes - The total number of employees decreased by 13.93% from 6,153 at the end of 2023 to 5,296 in 2024, with a notable reduction in technical and management staff [6] - The marketing team saw the addition of 384 high-performing personnel while optimizing 503 positions, indicating a focus on enhancing team efficiency [6] Challenges and Risks - The reduction in low-margin integration projects may impact overall revenue despite growth in cloud computing [5] - Increased competition in the cybersecurity market poses risks, particularly as the demand for firewall products continues to rise [9] - The company must navigate potential challenges related to technological innovation and market changes [3] Conclusion - Tianruixin's financial turnaround and strategic focus on cloud computing and intelligent services position it well for future growth, despite facing competitive and operational challenges in the cybersecurity landscape.

Group 1: Financial Performance - In 2024, the company's revenue was 2.82 billion CNY, a decrease of 9.73% year-on-year [3] - The net profit attributable to shareholders was 83.01 million CNY, recovering from a loss of 371.40 million CNY in the previous year [3][4] - Excluding goodwill impairment, the net profit increased by 15.48% year-on-year, and the net profit after excluding non-recurring gains and losses grew by 105.45% [4] Group 2: Revenue Quality and Cost Control - The gross profit margin improved from 59.72% in 2022 to 61.04% in 2024, indicating a continuous enhancement in revenue quality [4] - Total expenses decreased to 1.70 billion CNY in 2024, down 10.73% year-on-year [4] - R&D expenses fell by 16.42%, while management expenses dropped significantly by 40.95% [4] Group 3: Product Performance - Revenue from cybersecurity products was 2.55 billion CNY, accounting for 90.42% of total revenue, a decline of 11.49% [5] - Cloud computing product revenue reached 256 million CNY, representing 9.06% of total revenue, with a growth of 10.09% [5] - The company reduced low-margin projects, contributing to a decrease in overall revenue by approximately 300 million CNY [5] Group 4: Market Trends and Future Outlook - The Chinese cybersecurity market is projected to grow from 11 billion USD in 2023 to 17.1 billion USD by 2028, with a compound annual growth rate (CAGR) of 9.2% [12] - The global ICT market is expected to reach 6.9 trillion USD by 2028, driven by the demand for AI and intelligent infrastructure [12] - The company anticipates a net profit loss of 65 million to 75 million CNY in Q1 2025, with a projected revenue of 320 million to 340 million CNY, reflecting a year-on-year decrease of about 22% [10] Group 5: Strategic Initiatives and Team Optimization - The total number of employees decreased by 13.93% to 5,296 by the end of 2024, with significant reductions in technical and management staff [9] - The company aims to enhance its network security capabilities and AI integration in product offerings [19][20] - The company plans to strengthen its cloud computing segment, targeting to achieve at least half of the revenue from the security segment [22]

Core Viewpoint - Tianrongxin achieved a turnaround in profitability for 2024, despite a decline in total revenue, indicating effective cost control and operational efficiency improvements [2][8]. Group 1: Operating Performance - The total operating revenue for Tianrongxin in 2024 was 2.82 billion yuan, a year-on-year decrease of 9.73%. However, the net profit attributable to shareholders reached 83.01 million yuan, an increase of 122.35% year-on-year. The net profit after deducting non-recurring items was 53.95 million yuan, up 112.94% year-on-year [2]. - In Q4, the total operating revenue was 1.238 billion yuan, down 16.15% year-on-year, but the net profit attributable to shareholders was 252 million yuan, a significant increase of 304.97% year-on-year. The net profit after deducting non-recurring items was 239 million yuan, up 255.73% year-on-year, indicating a strong year-end rebound [3]. Group 2: Financial Indicators - Gross margin was 61.04%, an increase of 1.41% year-on-year. Net margin was 2.95%, up 124.85% year-on-year. The ratio of operating expenses to revenue was 37.43%, an increase of 2.76% year-on-year. Earnings per share were 0.07 yuan, an increase of 122.45% year-on-year [9]. - The net cash flow from operating activities decreased by 49.95% year-on-year, primarily due to tightened procurement budgets from downstream customers, leading to slower collections. Accounts receivable stood at 2.589 billion yuan, representing 3118.44% of profit, indicating significant pressure in accounts receivable management [5]. Group 3: Cost and Expenses - Management expenses decreased by 40.95% year-on-year, attributed to improved management efficiency and reduced share-based payment expenses. Financial expenses decreased by 224.09%, mainly due to reduced amortization of lease liabilities and no borrowing activities. R&D expenses decreased by 16.42%, as the layout of R&D investments was largely completed [10]. Group 4: Industry Outlook and Company Strategy - 2024 marks the 30th anniversary of China's full-function access to the international internet. As one of the earliest established cybersecurity companies in China, Tianrongxin plans to focus on domestic production, industry specialization, service enhancement, and intelligence in its operations. The company aims to become a leading provider of cybersecurity and intelligent cloud solutions by 2025, empowering digital and intelligent transformation across various industries [6].

Core Viewpoint - Tianruixin (002212) reported a net profit increase of 122.35% for 2024, despite a decline in total revenue of 9.73% to 2.82 billion yuan [1][3]. Financial Performance - Total revenue for 2024 was 2.82 billion yuan, down from 3.124 billion yuan in 2023, representing a decrease of 9.73% [3]. - The net profit attributable to shareholders reached 83.01 million yuan, a significant increase of 122.35% compared to a loss of 371 million yuan in 2023 [3]. - The fourth quarter revenue was 1.238 billion yuan, down 16.15% year-on-year, while the net profit for the same period was 252 million yuan, up 304.97% [1]. - Gross margin improved to 61.04%, up 1.41% year-on-year, while net margin was 2.95%, a substantial increase of 124.85% [3]. Cost and Expenses - Total operating expenses (sales, management, and financial expenses) amounted to 1.056 billion yuan, accounting for 37.43% of revenue, an increase of 2.76% year-on-year [3]. - Management expenses decreased by 40.95% due to improved efficiency and reduced share-based payment costs [3]. - Financial expenses saw a significant reduction of 224.09%, attributed to decreased lease liability financing costs and lower interest from borrowing [3]. Cash Flow and Assets - Cash flow from operating activities decreased by 49.95%, primarily due to slower customer payments and reduced cash receipts from sales [3]. - Cash and cash equivalents dropped to 666 million yuan, a decrease of 30.45% from the previous year [3]. - The company's receivables increased by 6.10% to 2.589 billion yuan [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of around 220 million yuan for 2024, indicating that the actual results fell short of expectations [1]. - The average earnings per share for 2025 is projected to be around 0.15 yuan, with an expected net profit of approximately 183 million yuan [4].

Group 1 - The core viewpoint of the news is that Tianrongxin (002212.SZ) has reported its annual results for 2024, highlighting the shareholding structure among institutional investors as of April 18, 2025 [1] - A total of 160 institutional investors disclosed holding Tianrongxin A-shares, with a combined holding of 183 million shares, representing 15.53% of the total share capital [1] - The top ten institutional investors collectively hold 14.00% of the shares, with a decrease of 2.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.35% [2] - A total of 151 new public funds were disclosed during this period, including several major funds such as Huaxia CSI 1000 ETF and GF CSI 1000 ETF [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reported a slight decrease in holdings compared to the previous quarter [2]

Core Viewpoint - The company has proposed a profit distribution plan for the fiscal year 2024, which includes a total cash dividend of 44,201,705.72 yuan, reflecting a commitment to return value to shareholders while considering its financial health and operational needs [2][3][4]. Summary by Sections 1. Meeting Procedures - The company's board of directors held a meeting on April 17, 2025, where the profit distribution proposal for 2024 was approved with 9 votes in favor and no opposition [2]. 2. Profit Distribution Proposal - The company reported a net profit attributable to shareholders of 83,013,165.90 yuan for 2024, with an ending undistributed profit of 2,492,218,935.02 yuan [2]. - The proposed cash dividend is set at 0.20 yuan per share, totaling 23,264,059.44 yuan, based on a total share capital of 1,163,202,972 shares after excluding treasury shares [3][4]. - The total cash dividends and share buybacks for 2024 are projected to reach 104,200,545.72 yuan, exceeding the net profit attributable to shareholders by 125.52% [4]. 3. Cash Dividend Plan Details - The company has already distributed 20,937,646.28 yuan in cash dividends for the first half of 2024, and if the proposal is approved, the total cash dividends for the year will amount to 44,201,705.72 yuan [3][4]. - The company will adjust the cash dividend total if there are changes in the share capital due to various corporate actions [3]. 4. Recent Profit Distribution Indicators - The company has maintained positive net profits over the last three years, with cumulative cash dividends exceeding 30% of the average annual net profit [5]. 5. Reasonableness of the Profit Distribution Proposal - The proposal aligns with relevant laws and regulations, ensuring that it does not compromise the company's liquidity or debt repayment capabilities [6]. - The proposal is deemed reasonable and compliant with industry standards, reflecting the company's operational status and future development plans [6][7]. 6. Supervisory Board Opinion - The supervisory board supports the profit distribution proposal, affirming that it considers the company's financial condition and the interests of all investors [7]. 7. Other Information - The company has facilitated participation in the cash dividend decision-making process for minority shareholders by providing both in-person and online voting options for the upcoming annual general meeting [8].

Financial Performance - The company expects a net loss attributable to shareholders of between 65 million and 75 million yuan, compared to a loss of 89.31 million yuan in the same period last year, indicating a reduction in losses [3]. - Revenue is projected to be between 320 million and 340 million yuan, down from 421.97 million yuan year-over-year [3]. - The gross profit margin increased by over 10 percentage points, and three expenses decreased by more than 6% year-over-year [5]. Product Development and Innovation - The company launched the "Intelligent Computing Integrated Machine" on February 11, 2025, which has already generated sales revenue during the reporting period [5]. - Significant breakthroughs were made in AI technology, with the integration of multiple large model capabilities and the launch of the "Intelligent Computing Cloud Platform" and "Intelligent Computing Integrated Machine" expanding product coverage in cloud computing [6]. - The company has developed a panoramic large model protection solution by integrating large model adversarial training technology with traditional security systems, expanding the application scenarios of its cybersecurity products [6]. Strategic Focus - The company is enhancing its competitive strategy and optimizing project selection, leading to improved revenue quality [6]. - The company emphasizes the importance of prudent decision-making for investors, as the financial data in the earnings forecast is based on preliminary calculations [7].