格隆汇12月19日丨天融信(002212.SZ)在互动平台表示，公司暂未涉及L3无人驾驶安全应用。 ...

Core Viewpoint - Tianrongxin's stock has shown a significant increase of 35.61% year-to-date, despite recent declines in the short term [1][2]. Group 1: Stock Performance - As of December 19, Tianrongxin's stock price rose by 2.11% to 8.72 CNY per share, with a total market capitalization of 10.285 billion CNY [1]. - The stock has experienced a slight decline of 0.11% over the last five trading days, 1.25% over the last twenty days, and 11.92% over the last sixty days [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent appearance on October 29, where it recorded a net purchase of 228 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianrongxin reported a revenue of 1.202 billion CNY, reflecting a year-on-year decrease of 24.01%, and a net profit attributable to shareholders of -235 million CNY, down 39.10% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 456 million CNY, with 44.2017 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 118,700, a rise of 60.25%, while the average number of circulating shares per person decreased by 37.60% to 9,833 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 19.3638 million shares, an increase of 1.6225 million shares compared to the previous period [3].

Core Viewpoint - Tianrongxin (002212) has been investing and laying out in the quantum computing field since 2018, indicating a strategic focus on advanced technology and security solutions [1] Group 1: Company Initiatives - The company has invested in Anhui Wentiang Quantum and established a strategic partnership to enhance its capabilities in quantum technology [1] - Research achievements in quantum cryptography, including quantum password communication, authentication, signing, and key generation, have been integrated into various products [1] Group 2: Product Applications - The company's quantum cryptography research is applied in products such as VPNs, bastion hosts, server password machines, and signature verification servers [1] - These products are designed to provide security defenses for scenarios related to quantum communication and quantum computing [1]

Group 1 - The core viewpoint of the article is that Tianrongxin (002212) has clarified the application of its specialized chips in its own products, including firewalls, network isolation, and VPNs, and these chips are not currently sold externally [1] Group 2 - The company stated that its specialized chips are primarily used in proprietary products such as firewalls, network gateways, and VPNs [1]

Core Viewpoint - Tianrongxin stated that it will selectively manage its funds to maximize returns while ensuring operational needs are met [2] Group 1 - The company is focused on achieving maximum returns from its funds through selective financial management [2] - Tianrongxin is committed to balancing operational requirements with investment strategies [2]

Core Insights - The Chinese firewall industry shows stable overall operating conditions among representative listed companies from 2020 to 2024, with average revenue levels expected to remain similar to those in 2020 despite some companies experiencing revenue declines [1] - The average sales gross margin for representative companies in the firewall industry has seen a slight increase from 60.05% in 2020 to 60.31% in 2024, with Tianrongxin showing significant growth from 37.37% to 61.04% during the same period [3] - The inventory turnover rate improved steadily from 2020 to 2021 but saw a significant decline from 2021 to 2023, dropping from 4.89% to 2.79%, before slightly recovering to 3.48% in 2024, indicating marginal improvement in operational capacity [6] - The average asset-liability ratio for listed companies in the firewall industry remained stable from 2020 to 2024, indicating controllable long-term debt repayment capabilities, while short-term liquidity remains sufficient with a current ratio of 2.77% in 2024 [7] Industry Overview - Key listed companies in the Chinese firewall industry include Deepin Technology (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deep Technology (300768.SZ), Ruijie Networks (301165.SZ), Qimingxingchen (002439.SZ), Qihoo 360 (688561.SH), and Green Alliance Technology (300369.SZ) [1] - The overall revenue trend for the firewall industry is stable, with the average revenue of representative companies expected to align closely with 2020 levels by 2024, despite some companies like Tianrongxin and Qimingxingchen experiencing declines [1]

Core Insights - The strategic value of network security testing software is increasingly highlighted amid the deepening digital transformation and rising cybersecurity risks, with the market expected to reach approximately 80 billion yuan in 2024 and continue to expand in 2025 [1][5] - The industry structure is shifting from a hardware-dominated model to one driven by software and services, with security software and services gaining a larger market share, while network security testing software is experiencing significant growth compared to the overall industry [1][5] - The competitive landscape is characterized by a mix of comprehensive vendors and specialized firms, with leading companies focusing on "technology + scenarios + compliance" to drive future development [1][5] Industry Overview - Network security testing software is designed to assess the security of network systems, applications, and related infrastructure, utilizing techniques such as simulated hacking and automated vulnerability scanning to identify potential security risks [2][3] - The software plays a crucial role throughout the entire lifecycle of system development, deployment, and maintenance, generating evaluation reports that include risk levels and remediation suggestions [2][3] Policy Framework - China has established a multi-layered policy framework to support the network security testing software industry, with laws such as the Cybersecurity Law and the Data Security Law providing a solid compliance basis and broad market development space [4][5] Industry Chain - The industry chain is well-defined, with upstream components including high-performance servers and core technologies like AI detection algorithms, while midstream focuses on product development and service provision [4][5] - Downstream demand is concentrated in critical sectors such as finance, government, telecommunications, and energy, driven by compliance requirements and data security needs [4][5] Current Market Analysis - The network security market in China is projected to reach approximately 80.36 billion yuan in 2024 and exceed 94 billion yuan in 2025, reflecting a healthy growth trend [5][6] - The market structure is evolving towards a model driven by software and services, with the share of security services increasing from 20.5% in 2019 to an expected 28% in 2024 [5][6] Competitive Landscape - The industry has formed a diverse competitive landscape, with key players like Qihoo 360, Sangfor, and Venustech leading the market, while specialized firms focus on niche areas such as cloud security and web application protection [6][7] - Companies are increasingly integrating AI and security technologies to enhance detection accuracy and expand market coverage [7][8] Future Development Trends - The industry is expected to evolve towards intelligent technology, standardized compliance, and diversified scenarios, with AI and automation becoming integral to the testing process [8][9] - The tightening of compliance frameworks will drive the adaptation of testing standards and tools to meet both domestic and international requirements [9][10] - The demand for tailored testing solutions in emerging fields such as the Internet of Things and cloud-native environments will lead to a shift towards vertical and integrated product offerings [10]

Core Viewpoint - The company has been investing in quantum computing since 2018, establishing strategic partnerships and applying research outcomes to various security products [1] Group 1: Investment and Strategic Partnerships - The company began its investment and layout in the quantum computing field in 2018 [1] - It invested in Anhui Wentiang Quantum and established a strategic cooperation with them [1] - In 2025, the company formed a strategic partnership with Xintong Quantum to enhance security products [1] Group 2: Application of Research Outcomes - The company has applied its research results in quantum cryptography, including quantum password communication, authentication, signing, and key generation, to products such as VPNs, bastion hosts, and signature verification servers [1] - The company is promoting deep adaptation of its security products with Xintong Quantum's quantum security service platform [1] - It is conducting application pilot projects with provincial and municipal mobile companies, aiming to create standardized implementation plans based on pilot experiences for large-scale replication in various industries [1]

Meeting Overview - The 29th meeting of the 7th Board of Directors of Tianrongxin Technology Group Co., Ltd. was held on December 10, 2025, via telecommunication voting, with all 9 directors present [2] - The meeting was chaired by Chairwoman Li Xueying and complied with the relevant regulations of the Company Law and the company's articles of association [2] Resolutions Passed - The board unanimously approved the proposal to supplement the nomination committee of the board, with 9 votes in favor, 0 against, and 0 abstentions [3] - Director and Deputy General Manager Wu Yabiao submitted his resignation on December 9, 2025, due to adjustments in the company's governance structure, effective immediately upon receipt of the resignation [3][10] - Wu Yabiao will continue to hold relevant positions in the company's wholly-owned subsidiaries after his resignation [3][10] Employee Representative Director Election - To ensure the board's proper operation, the company held the 2025 second employee representative assembly on December 9, 2025, which approved the election of Wu Yabiao as an employee representative director [3][12] - Wu Yabiao's term as an employee representative director will last until the end of the 7th Board of Directors' term [12] Nomination Committee Supplementation - The board agreed to supplement Wu Yabiao as a member of the nomination committee, with his term aligning with that of the 7th Board of Directors, effective from the date of the board's approval [4][12] Background of Wu Yabiao - Wu Yabiao, born in 1971, has held various positions in Tianrongxin since 1997, including Senior Engineer, Chief Engineer, and Deputy General Manager [7][15] - He has been involved in numerous national research and industrialization projects, receiving multiple awards for his contributions [7][15]

证券代码：002212 证券简称：天融信 公告编号：2025-068 天融信科技集团股份有限公司 关于非独立董事、副总经理离任暨选举职工代表董事及补选 董事会提名委员会委员的公告 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。 一、非独立董事、副总经理离任情况 天融信科技集团股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日收到董事、 副总经理吴亚飚先生的辞职报告。因公司治理结构调整，吴亚飚先生向公司董事会申请 辞去公司董事、副总经理职务以及董事会提名委员会委员的职务。吴亚飚先生原定的董 事任期为 2023 年 10 月 20 日至 2026 年 10 月 19 日，副总经理任期为 2023 年 10 月 23 日至 2026 年 10 月 19 日，其辞任自公司收到辞职报告之日生效。辞任后，吴亚飚先生 继续在公司全资子公司及全资孙公司担任相关职务。 吴亚飚先生的辞任未导致公司董事会成员低于法定最低人数。截至本公告披露日， 吴亚飚先生直接持有公司股份 8,201,061 股，不存在应履行而未履行的承诺事项。 二、职工代表董事选举情况 为确保董事 ...