TANSUN(SZ:300872) Zhong Guo Jing Ying Bao·2025-09-04 05:25Core 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].