Group 1 - The company emphasizes the importance of market value management and has implemented share buybacks in 2024 and 2025 for cancellation and equity incentives [1] - The company focuses on its core business and operates steadily, prioritizing investors [1] - The company aims to enhance corporate governance, improve operational quality, and elevate information disclosure and investor relations management [1]

Company Overview - Tianyang Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on July 9, 2003. The company was listed on August 24, 2020. Its main business includes technology development, technical services, consulting services, and system integration [1][2]. Financial Performance - For the first half of 2025, Tianyang Technology achieved operating revenue of 999.7 million yuan, representing a year-on-year growth of 7.33%. However, the net profit attributable to shareholders decreased by 44.01% to 51.04 million yuan [2]. - Since its A-share listing, Tianyang Technology has distributed a total of 110 million yuan in dividends, with 42.78 million yuan distributed over the past three years [3]. Stock Performance - As of September 8, Tianyang Technology's stock price was 24.04 yuan per share, with a market capitalization of 11.734 billion yuan. The stock has increased by 53.12% year-to-date but has seen a decline of 13.68% over the past five trading days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on June 16, where it recorded a net purchase of 231 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tianyang Technology was 65,100, an increase of 90.69% from the previous period. The average number of circulating shares per shareholder decreased by 46.14% to 6,257 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the seventh largest shareholder, holding 3.1997 million shares as a new entrant [3].

Core Viewpoint - Tianyang Technology (300872.SZ) has experienced a stock price increase of approximately 111% over the past three months, driven by the popularity of cross-border payment concepts, despite a decline in profits and a downward trend in gross margin [1][2]. Financial Performance - In the first half of 2025, Tianyang Technology reported total revenue of 999.7 million yuan, a year-on-year increase of 7.33%, while net profit attributable to shareholders decreased by 44.01% to 51.04 million yuan [1][2]. - The company's cash flow from operating activities was -286 million yuan, a decrease of 19.48% year-on-year [1]. - Gross margin has declined from 33.07% in 2022 to 24.94% in the 2025 interim report [2]. Revenue Breakdown - Revenue from technology development was 692 million yuan, up 16.92% year-on-year, but operating costs increased by 17.96% [3]. - Revenue from technical services was 285 million yuan, down 10.76%, while consulting services revenue was 13.99 million yuan, down 13.24% [3]. - System integration revenue surged by 473,000 yuan, a significant increase of 1367.62%, but costs rose dramatically, leading to a gross margin of only 4.78% [3]. Accounts Receivable - Accounts receivable reached 1.49 billion yuan in the first half of the year, growing by 30.88%, which is significantly higher than the revenue growth rate [2]. Cost Structure - Labor costs accounted for 95.04% of operating costs in the first half of 2025, increasing by 14.89% year-on-year [4]. - Direct material costs saw the largest year-on-year increase of 1775.30% [4]. Business Expansion - Tianyang Technology is actively expanding its business through acquisitions, including a stake in Tonglian Jinfuw and a controlling interest in Moshuzhijing, with the aim of transitioning from a project-based IT vendor to a platform-based financial technology operator [1][5]. - The acquisition of Tonglian Jinfuw is expected to enhance collaboration in credit card and consumer finance system services, while Moshuzhijing focuses on explainable AI and intelligent risk control [6]. Market Position - Tianyang Technology holds certain advantages in credit card business, cash management, risk management, customer relationship management, and transaction banking [4]. - The bank IT market is expected to see continued growth driven by digital transformation, regulatory compliance, and the application of AI, big data, and blockchain technologies [7].

Group 1 - The company is a partner of Alibaba Cloud and has completed compatibility certification for its key products with Alibaba Cloud and OceanBase database [1] - The company is collaborating with Alibaba Cloud on large model initiatives, utilizing the Alibaba Tongyi Qianwen large model as a foundation [1] - The company and Alibaba Cloud have jointly launched several solutions, including "Exploration Data Middle Platform" and "Tianyang Era Testing Large Model" [1] Group 2 - The collaboration aims to promote the development of "new infrastructure" in China's financial industry and support the digital transformation of the banking sector [1]

Group 1 - The A-share market experienced a pullback in digital currency stocks, with notable declines in several companies [1] - Zhongke Jincai approached the limit down, while Dongxin Peace, Sifang Chuangxin, and Zhongyou Capital fell over 7% [1] - Other companies such as Jingbeifang, Tianrongxin, Xinguodu, Hengbao, Lakala, Hailian Jinhui, Xiongdi Technology, Tianyang Technology, Chutianlong, Changliang Technology, and Cuiwei shares dropped over 5% [1] Group 2 - Zhongke Jincai saw a decline of 9.70%, with a total market value of 14 billion and a year-to-date increase of 125% [2] - Dongxin Peace decreased by 7.61%, with a market capitalization of 16.1 billion and a year-to-date increase of 171.82% [2] - Sifang Chuangxin fell by 7.44%, with a market value of 23.5 billion and a year-to-date increase of 172.59% [2] - Zhongyou Capital dropped by 7.42%, with a market capitalization of 153 billion and a year-to-date increase of 78.65% [2] - Jingbeifang decreased by 6.71%, with a market value of 20.5 billion and a year-to-date increase of 135.63% [2] - Tianrongxin fell by 5.82%, with a market capitalization of 12.4 billion and a year-to-date increase of 63.54% [2] - Other companies also reported declines, with varying market values and year-to-date performance [2]

Company Overview - Tianyang Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on July 9, 2003. The company was listed on August 24, 2020. Its main business includes technology development, technical services, consulting services, and system integration [1][2]. Financial Performance - For the first half of 2025, Tianyang Technology achieved operating revenue of 999.7 million yuan, representing a year-on-year growth of 7.33%. However, the net profit attributable to the parent company was 51.04 million yuan, a decrease of 44.01% year-on-year [2]. - Since its A-share listing, Tianyang Technology has distributed a total of 110 million yuan in dividends, with 42.78 million yuan distributed over the past three years [3]. Stock Performance - As of August 28, Tianyang Technology's stock price was 25.86 yuan per share, with a market capitalization of 12.623 billion yuan. The stock has increased by 64.71% year-to-date, but has seen a decline of 3.18% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on June 16, where it recorded a net purchase of 231 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Tianyang Technology was 65,100, an increase of 90.69% from the previous period. The average number of circulating shares per person was 6,257, a decrease of 46.14% [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the seventh largest shareholder, holding 3.1997 million shares as a new shareholder [3].

国海证券股份有限公司 关于天阳宏业科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国海证券股份有限公司 | 被保荐公司简称：天阳科技 | | --- | --- | | 保荐代表人姓名：张彦忠 | 联系电话：010-88576898 | | 保荐代表人姓名：任伟鹏 | 联系电话：010-88576696 | 一、保荐工作概述 | 项目 | | 工作内容 | | --- | --- | --- | | 1、公司信息披露审阅情况 | | | | （1）是否及时审阅公司信息披露文件 | 是 | | | （2）未及时审阅公司信息披露文件的次数 | 0 | 次 | | 2、督导公司建立健全并有效执行规章制度的 | | | | 情况 | | | | （1）是否督导公司建立健全规章制度（包括 | | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | | 募集资金管理制度、内控制度、内部审计制 | | | | 度、关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | 3、募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | 2 | 次 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 1.0 billion RMB for the first half of 2025, representing a year-on-year growth of 7.3%, while the gross profit decreased by 0.6%. The net profit attributable to shareholders fell by 44.0% to 51 million RMB, primarily due to a reduction in government subsidies [2]. - The second quarter of 2025 saw a revenue of 510 million RMB, a year-on-year increase of 15.6%, with gross profit rising by 34.3% [2]. - The company is focusing on international expansion of its credit card solutions, with its flagship product, CreditXIssuing, already implemented in Hong Kong and several Southeast Asian countries. The company has also established a SaaS cloud service platform for card issuance, acquiring strategic partnerships for risk management [3]. - Revenue projections for 2025 to 2027 are estimated at 1.94 billion, 2.18 billion, and 2.44 billion RMB, with expected growth rates of 10.0%, 12.0%, and 12.0% respectively. Net profit attributable to shareholders is projected to be 80 million, 110 million, and 130 million RMB, with growth rates of 2.2%, 33.9%, and 19.5% [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 1.0 billion RMB, a 7.3% increase year-on-year, while gross profit saw a slight decline of 0.6%. The net profit attributable to shareholders was 51 million RMB, down 44.0% due to reduced government subsidies [2]. - The second quarter revenue reached 510 million RMB, marking a 15.6% increase year-on-year, with gross profit increasing by 34.3% [2]. Business Analysis - The company is prioritizing internationalization in its credit card solutions, with successful implementations of CreditXIssuing in Hong Kong and Southeast Asia. It has also developed a SaaS cloud service platform for various financial services and signed cooperation agreements in markets like Africa and Indonesia [3]. - The company has entered a strategic partnership with SS&C for risk management, gaining exclusive rights to use their software products in mainland China [3]. Profit Forecast and Valuation - Revenue forecasts for 2025 to 2027 are 1.94 billion, 2.18 billion, and 2.44 billion RMB, with growth rates of 10.0%, 12.0%, and 12.0%. Net profit projections are 80 million, 110 million, and 130 million RMB, with respective growth rates of 2.2%, 33.9%, and 19.5% [4].

Group 1 - Tianyang Technology (SZ 300872) announced its third board meeting on August 22, 2025, to review the agenda including the "2025 Semi-Annual Report" and its summary [1] - For the first half of 2025, Tianyang Technology's revenue composition was 99.87% from the software industry and 0.13% from other businesses [1] - As of the report date, Tianyang Technology's market capitalization was 13.2 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 20 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, with 25 job openings highlighting various characteristics [1]

Group 1 - The company Tianyang Technology (300872.SZ) reported a revenue of 999.7 million yuan for the first half of 2025, representing a year-on-year growth of 7.33% [1] - The net profit attributable to shareholders of the listed company was 51.0414 million yuan, showing a year-on-year decline of 44.01% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.1448 million yuan, down 33.59% year-on-year [1] - The basic earnings per share were 0.11 yuan [1]