Topsec(SZ:002212) Zheng Quan Shi Bao Wang·2025-10-29 12:50Core Viewpoint - Tianrongxin (002212) reported a strong performance in Q3 2025, with significant revenue growth and a focus on strategic projects in various sectors, including quantum technology and AI governance [2][3]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.202 billion yuan, with Q3 revenue reaching 376 million yuan [2]. - The gross margin remained stable year-on-year, while total operating expenses decreased by 11.13% [2]. - R&D expenses fell by 15.05%, management expenses decreased by 17.23%, and sales expenses dropped by 6.48% [2]. Project Wins and Order Backlog - Tianrongxin secured multiple projects worth millions, including several ten-million-level projects across various industries such as government, finance, education, and energy [2]. - The company has a robust order backlog, which is expected to support long-term performance [2]. Business Growth Areas - The company's intelligent computing cloud business is showing growth, with its revenue contribution increasing from 7.43% in 2023 to a projected 12.40% in the first half of 2025 [2]. - This segment is anticipated to become a new growth driver for the company's performance [2]. Strategic Initiatives - The company has been investing in quantum technology since 2018, collaborating with Anhui Wentiang Quantum, a pioneer in quantum information technology [3]. - Tianrongxin has developed products for AI governance, including a large model security gateway and data security monitoring systems, enhancing its market position [3]. - The company received the first enhanced-level certification for its large model security gateway from the Ministry of Public Security, improving its capabilities in managing AI-related security risks [3].