Topsec(SZ:002212) Xin Lang Cai Jing·2025-10-31 16:09Core Viewpoint - Tianrongxin, a leading company in the domestic cybersecurity industry, has faced challenges in revenue and net profit in 2025, while maintaining a strong debt repayment capability and a competitive gross profit margin [2][3]. Group 1: Company Overview - Tianrongxin was established on August 30, 1985, and listed on the Shenzhen Stock Exchange on February 1, 2008, with its registered office in Shantou, Guangdong Province [1]. - The company specializes in cybersecurity products and services, boasting a comprehensive technical foundation and a full industry chain layout [1]. Group 2: Financial Performance - For Q3 2025, Tianrongxin reported revenue of 1.202 billion yuan, ranking 15th among 35 companies in the industry, significantly lower than the top competitor, iFlytek, which had revenue of 16.989 billion yuan [2]. - The net profit for the same period was -236 million yuan, placing the company 32nd in the industry, far behind the leading company, Kingsoft Office, which reported a net profit of 1.164 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Tianrongxin's debt-to-asset ratio was 13.75%, slightly down from 13.82% year-on-year, well below the industry average of 29.42%, indicating strong debt repayment capability [3]. - The gross profit margin for Q3 2025 was 63.62%, a slight decrease from 63.96% year-on-year, but still above the industry average of 63.59%, reflecting a competitive advantage in profitability [3]. Group 4: Executive Compensation - The chairman and general manager, Li Xueying, received a salary of 1.8 million yuan in 2024, an increase of 826,100 yuan from 2023 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 60.25% to 118,700, while the average number of circulating A-shares held per account decreased by 37.60% to 9,833.14 [5]. - The top circulating shareholder, Hong Kong Central Clearing Limited, held 19.364 million shares, an increase of 1.6225 million shares compared to the previous period [5]. Group 6: Strategic Focus and Future Outlook - Tianrongxin is focusing on core business areas, with significant growth in sectors such as finance, telecommunications, energy, and transportation [6]. - The company is expected to achieve revenues of 3.114 billion yuan, 3.450 billion yuan, and 3.839 billion yuan from 2025 to 2027, with net profits projected at 130 million yuan, 218 million yuan, and 293 million yuan respectively [6].