Sou Hu Cai Jing·2025-09-02 07:21Group 1 - The core viewpoint of the report is that Guoyuan Securities has given a "buy" rating for Tianrongxin (002212.SZ) based on its performance and growth potential [1] - The company's operating revenue has slightly decreased, but it has significantly reduced its losses in profit [1] - The growth of the intelligent computing cloud business is supported by domestic computing hardware [1] - The company is strategically focusing on rapidly growing industries, with state-owned enterprises driving the development of the Xinchuang business [1] Group 2 - Risks identified include fluctuations in raw material prices and supply, seasonal revenue and profit volatility due to downstream industry procurement characteristics, talent loss, and changes in tax incentive policies [1]