Topsec(SZ:002212) Zheng Quan Shi Bao Wang·2025-10-31 07:45Core Viewpoint - Tianrongxin (002212) reported a decline in revenue for Q3 2025 compared to the same period last year, primarily due to slower project progress, but showed growth in specific sectors and maintained cost control measures [2][3]. Revenue Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.202 billion yuan, with Q3 revenue at 377 million yuan [2]. - Revenue from the operator sector grew by 13.14% year-on-year, while the transportation sector saw an 18.73% increase [2]. - The company's smart cloud product revenue reached 129 million yuan, accounting for 10.73% of total revenue, marking a year-on-year increase of 7.59% [3]. Cost Control and Profitability - Total expenses for the first three quarters decreased from 14.42 billion yuan in 2023 to 12.14 billion yuan in 2025, reflecting an 11.13% reduction [3]. - Gross profit margins improved from 60.19% in 2023 to 63.62% in 2025, indicating a positive trend in revenue quality [3]. New Business Development - The smart cloud segment is expected to grow by approximately 10% in 2025, contributing to the company's revenue growth [3]. - The company has made significant investments in new fields such as basic network security, commercial encryption, and AI-driven security solutions, with revenue contributions from these areas increasing over time [4]. Market Outlook - The revision of the Cybersecurity Law and the initiation of the "14th Five-Year Plan" are anticipated to drive a new wave of security infrastructure development starting in 2026 [4]. - There is a noticeable increase in demand from downstream sectors such as operators, energy, and transportation, which may further boost the network security industry [4].