证券日报网讯天阳科技（300872）9月9日在互动平台回答投资者提问时表示，公司仍然聚焦于金融行 业，围绕着金融行业客户寻求新的业务模式及新的增长曲线。 ...

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] - The revenue composition of Tianyang Technology is as follows: technology development 69.43%, technical services 28.56%, consulting services 1.40%, system integration 0.47%, and others 0.13% [1] 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 Market Activity - As of September 9, Tianyang Technology's stock price was 23.50 yuan per share, with a market capitalization of 11.471 billion yuan. The stock has increased by 49.68% year-to-date but has seen a decline of 9.72% 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, Tianyang Technology had 65,100 shareholders, 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]

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].

天阳科技近期发布2025年半年报显示，上半年公司实现总营收9.97亿元，同比增加7.33%，归母净利润 5104万元，同比下降44.01%；经营活动产生的现金流-2.86亿元，同比减少19.48%。与此同时，天阳科 技近期连续收购银行IT外包公司通联金服和智能风控公司魔数智擎，业务版图进一步扩张。 上述业务扩张是否能给公司主营基本面带来增长动力？萨摩耶云科技集团首席经济学家郑磊在接受《中 国经营报》记者采访时表示，逻辑上看，两笔收购或有助于推动公司从"项目型银行IT厂商"向"平台型 金融科技运营商"转型。 中经记者 许璐 李晖 北京报道 近三个月，受跨境支付等概念火热的影响，银行IT解决方案提供商天阳科技（300872.SZ）股价涨幅最 高达到约111%。而业绩面上看，公司营收上升但利润减少，毛利率也出现逐年下滑趋势。 从成本结构来看，人工支出仍是最大开销，2025年上半年占营业成本比重高达95.04%，同比增加 14.89%；直接材料支出同比增幅最大，达到1775.30%。 根据赛迪顾问最新《2024中国银行业IT解决方案市场分析报告》，天阳科技在信用卡业务市场、财资管 理、风险管理、客户关系管理、交易银行 ...

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].