Core Viewpoint - Tianrongxin's intelligent computing cloud has been successfully applied in various sectors including government, education, healthcare, and scientific research [1] Group 1 - Tianrongxin's intelligent computing cloud is utilized in scenarios such as computing power leasing [1] - The Golden Intelligent Computing Cloud is built on Tianrongxin's intelligent computing cloud for a specific gold research institution, showcasing a fully domestic solution [1]

Group 1 - The company, Tianrongxin, has increased its technological reserves and layout in the fields of digital currency and cross-border payment security since 2020 [1] - The company offers products and solutions in network security, data security, and intelligent cloud computing [1] - Currently, the related software orders represent a small proportion of the company's revenue [1]

Group 1 - The company has developed network security solutions in the commercial aerospace sector, including satellite application service platforms and satellite remote sensing systems, with implementations in China and several Belt and Road Initiative countries [1] - The company's "Belt and Road Satellite Remote Sensing System Network Security Solution" was included in the 2022 collection of practical cases for building a community of shared future in cyberspace [1] - The company has extensive experience in providing network security for national-level aerospace launch missions, supporting various Shenzhou missions and Tiangong space stations [1] Group 2 - The company has participated in the development of over ten cryptographic technology standards, covering areas such as link encryption and identity authentication, enhancing data transmission security [2] - The company has successfully won a bid for a cryptographic security resource pool project from China Star Network Application Research Institute, with a bid amount exceeding 18.82 million yuan, aimed at improving the security and compliance of commercial cryptographic technology for clients [2]

Core Viewpoint - The company is actively expanding its presence in the AI application sector, focusing on AI-enabled security, AI security protection, and AI infrastructure development [1] Group 1: AI-Enabled Security - The company has launched AI versions of its firewall, the Tianwen large model system, and a series of products featuring the built-in product Xiaotian, enhancing the security protection, detection capabilities, and operational efficiency of various products [1] Group 2: AI Security Protection - New products introduced by the company include a large model security gateway, a large model security assessment system, and intelligent content control, which cover the entire lifecycle of security protection for large model applications [1] Group 3: AI Infrastructure Development - The company has released a series of products such as the Intelligent Computing Cloud platform, integrated computing machines, and computing power servers, providing customers with high-performance and secure integrated computing center construction solutions [1]

Core Viewpoint - The company has been actively investing in digital currency and cross-border payment security since 2020, focusing on technology reserves and solutions in these areas [1] Group 1: Company Initiatives - The company has increased its technological reserves and layout in the fields of digital currency and cross-border payment security since 2020 [1] - The company offers products and solutions related to network security, data security, and intelligent cloud computing [1] - There are existing software orders related to these initiatives, although they currently represent a small proportion of the company's revenue [1]

Company Overview - Tianrongxin Technology Group Co., Ltd. is located in Shantou, Guangdong Province, and was established on August 30, 1985. It was listed on February 1, 2008. The company primarily engages in network security, with revenue composition as follows: network security 86.98%, intelligent computing cloud 12.40%, and others 0.63% [1]. Stock Performance - As of January 12, Tianrongxin's stock price increased by 2.10%, reaching 9.73 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 0.93%. The total market capitalization is 11.476 billion CNY [1]. - Year-to-date, Tianrongxin's stock price has risen by 7.28%, with a 5-day increase of 5.99%, a 20-day increase of 11.07%, and a 60-day increase of 3.07% [1]. Financial Performance - For the period from January to September 2025, Tianrongxin reported a revenue of 1.202 billion CNY, a year-on-year decrease of 24.01%. The net profit attributable to shareholders was -235 million CNY, down 39.10% year-on-year [2]. - Since its A-share listing, Tianrongxin has distributed a total of 456 million CNY in dividends, with 44.2017 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of Tianrongxin shareholders reached 118,700, an increase of 60.25% from the previous period. The average number of circulating shares per shareholder decreased by 37.60% to 9,833 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 19.3638 million shares, an increase of 1.6225 million shares from the previous period. The Southern CSI 1000 ETF is the eighth largest, holding 10.7835 million shares, a decrease of 133,000 shares [3]. Industry Classification - Tianrongxin is classified under the Shenwan industry category of computer software development, specifically in horizontal general software. It is associated with concepts such as digital economy, smart city, Huawei Kunpeng, network security, and integrated machine concepts [1].

Group 1 - The company has plans to develop its intelligent computing integrated machine products for commercial aerospace computing applications, including on-board computing deployment and real-time data processing in orbit [1] - The company has established technical reserves and layouts in the fields of commercial aerospace network security and satellite internet security [1] - The company has launched a series of products, including the intelligent computing cloud platform and integrated intelligent computing machines, to provide high-performance and reliable integrated intelligent computing infrastructure solutions for customers [1]

Group 1 - The company is continuously advancing the transformation and upgrading of its primary growth curve in network security business [2] - The company has developed a comprehensive network security business that integrates AI and covers various scenarios including basic networks, industrial internet, vehicle networking, and IoT [2] - The network security services span across multiple industries such as government, telecommunications, finance, energy, education, and healthcare [2]

Core Viewpoint - The company views its intelligent computing cloud (智算云) as a strategic development direction with significant market potential, expected to become a new growth engine for its performance [2] Group 1: Business Growth - The company launched its cloud computing products in 2019, and the revenue from this business has maintained rapid growth, with a five-year compound annual growth rate (CAGR) of 44.76% [2] - By 2024, the cloud computing business is projected to account for 9.06% of the company's total revenue [2] Group 2: Product Development - In February 2025, the company will launch the intelligent computing integrated machine (智算一体机), upgrading its cloud computing business to intelligent computing cloud [2] - The company has released an intelligent computing cloud platform and 17 integrated machines that cater to various performance needs, providing full-stack cloud capabilities for sectors such as government, finance, telecommunications, energy, education, and healthcare [2] Group 3: Application Areas - The intelligent computing cloud has already been implemented in various fields, including government services, education, healthcare, and scientific research [2]

Core Viewpoint - Tianrongxin's stock price has shown significant fluctuations, with a year-to-date increase of 41.37%, despite a recent decline over the past 60 days [1] Group 1: Stock Performance - On December 31, Tianrongxin's stock rose by 2.02%, reaching 9.09 CNY per share, with a trading volume of 183 million CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 10.721 billion CNY [1] - The stock has experienced a net outflow of 770,300 CNY from main funds, with large orders showing a buy of 35.5995 million CNY (19.42%) and a sell of 37.3252 million CNY (20.36%) [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 buy 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, 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 Tianrongxin's shareholders reached 118,700, an increase of 60.25% from the previous period, with an average of 9,833 shares held per shareholder, a decrease of 37.60% [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 from the previous period [3]