一图解码：天地和兴赴港IPO 国内工业网络安全行业龙头 收益稳增

Core Viewpoint - Tian Di He Xing has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, positioning itself as a leading provider of industrial cybersecurity and energy digitalization solutions in China, with a projected market share ranking of first in the industrial cybersecurity market by 2024 [3][8]. Group 1: Company Overview - Tian Di He Xing specializes in customized solutions for various industries, protecting IT and OT assets from cyber threats through AI-driven technologies [10][11]. - The company has developed a comprehensive service system focused on major state-owned enterprises, with over 80.8% of its revenue coming from state-owned or state-controlled enterprises [21][22]. Group 2: Financial Performance - For the nine months ending September 30, 2025, Tian Di He Xing reported revenues of approximately 439 million RMB, a year-on-year increase of about 22.2%, and a net loss of approximately 94.67 million RMB, narrowing by 7.9% compared to the previous year [3][24]. - The adjusted net profit for the same period was approximately 4.15 million RMB, compared to a loss of about 34.54 million RMB in the previous year [3][27]. Group 3: Business Segments - The company's revenue is primarily derived from two segments: industrial cybersecurity solutions (95.4%) and energy digitalization solutions (4.6%) [14][15]. - Tian Di He Xing has provided industrial cybersecurity solutions for over 6,000 projects across various sectors, including power, petrochemicals, rail transportation, smart manufacturing, metallurgy, and municipal water supply [18][19]. Group 4: Use of Proceeds - The net proceeds from the IPO are intended for further technology research and development, enhancing production capacity, and expanding commercialization capabilities in domestic and international markets over the next five years [4].