证券代码：002419 证券简称：天虹股份 天虹数科商业股份有限公司投资者关系活动记录表 编号：2025-07 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他 2025 年度深圳辖区上市公司投资者网上集体接待日 ☑ | | 参与单位名称及 | 网络远程参与"2025 年度深圳辖区上市公司投资者网上集体接待日"活动的投资者 | | 人员姓名 | | | 时间 | 2025 年 11 月 20 日 15:40-17:00 | | 地点 | "全景路演"网站（https://rs.p5w.net）、微信公众号（全景财经）、全景路演 APP | | 上市公司接待人 | 黄国军（董事、总经理）、曾泉（独立董事）、陈卓（副总经理、总会计师、董事会秘 | | 员姓名 | 书） | | | 1.天虹股份近些年业绩和股价一直处于低迷状态，公司对今后的发展有没有新的战 略，或者公司今后发展的方向 | | | 您好！公司坚定转型发展，大力发展新质生产力，推动传统零售转型升级，形成数 | ...

Core Insights - The successful financial recognition of data assets by Huayang Group marks a significant milestone in the coal industry, being the first of its kind in China [1] - The "Debt Collection Management Decision Analysis Dataset" has improved collection efficiency and reduced bad debt risk for Huayang Group [2] - The establishment of a management framework for data resource recognition and operation aims to transition data asset recognition from pilot projects to regular practice [2] Group 1 - Huayang Group, in collaboration with Shanxi Data Exchange Center, has completed the financial confirmation of data assets, showcasing industry leadership [1] - The data asset registration certificate was awarded to Huayang Group for the compliance registration of the "Debt Collection Management Decision Analysis Dataset" [1] - The data resource management framework emphasizes a collaborative mechanism covering the entire lifecycle from project initiation to ongoing management [2] Group 2 - Shanxi Data Exchange Center aims to enhance its service capabilities and build a business ecosystem centered on data asset management and financial innovation [3] - The center plans to leverage Shanxi's energy and computing resources to promote data compliance and security, contributing to the development of a national data factor market [3] - The transition of data from a cost to an asset is crucial for unlocking its value in the context of a growing digital economy [2]

Core Viewpoint - The implementation of the "Interim Regulations on Accounting Treatment of Enterprise Data Resources" marks a significant step towards the market-oriented allocation of data assets, with Huayang Group leading the way in the coal industry by completing the first data asset registration in the sector [1] Group 1: Company Actions - Huayang Group has successfully completed the compliance registration of the "Receivables Management Decision Analysis Data Set" on June 30, becoming the first coal enterprise to do so [1] - The company received the "Data Asset Registration Certificate" and, with the support of Shanxi Data Exchange, initiated a comprehensive process including data inventory, ownership identification, quality assessment, cost aggregation, and value analysis [1] - This process led to the formal inclusion of data resources in the financial statements, establishing a complete closed-loop from compliance registration to financial reporting [1] Group 2: Industry Impact - The "Receivables Management Decision Analysis Data Set" focuses on improving the efficiency of receivables collection and reducing bad debt risks through in-depth data analysis and application [1] - This initiative not only aids internal management decisions but also confirms the assetization of data resources, representing the first financial recognition of data assets in the national coal industry [1] - The successful registration and assetization of data resources by Huayang Group serve as a leading example and demonstration for the industry [1]

Core Insights - The process of data asset disclosure among A-share listed companies has slowed down, with only 101 companies reporting a total data asset scale of 2.971 billion yuan in the 2025 Q3 reports, compared to a much higher growth rate of 78.80% in 2024 [1][2] - The focus has shifted from merely disclosing data assets to improving the quality and management of these assets, indicating a maturation of the market [3][4] Group 1: Data Asset Disclosure Trends - In 2024, 91 A-share listed companies completed data asset disclosure, totaling 2.081 billion yuan, with a quarterly average growth rate of 78.80% [2] - By 2025, the quarterly average growth rate of companies disclosing data assets dropped to 3.57%, with 93, 100, and 101 companies reporting in Q1, Q2, and Q3 respectively [2][3] - The majority of data asset disclosures are concentrated among state-owned enterprises and major telecommunications companies, with the three major operators accounting for 60.15% of the total disclosed data asset scale [3] Group 2: Challenges and Opportunities - The challenges for companies in disclosing data assets have shifted from "whether to disclose" to "how to disclose efficiently and in compliance," focusing on valuation standards, regulatory compliance, and data governance [3][4] - Despite the slowdown, the long-term demand for data assetization remains strong, supported by ongoing policy incentives and a growing recognition of data's strategic value among enterprises [4][5] Group 3: Recommendations for Companies - Companies are encouraged to recognize the strategic value of data and integrate data asset management into their annual plans and performance assessments [6] - Establishing a comprehensive data governance framework and a dedicated data management department is essential for effective data asset management [6] - Collaboration among service providers, industry associations, and policymakers is crucial to address challenges in valuation, compliance, and to promote best practices [5][6]

Core Viewpoint - The company reported a net profit of 43.11 million yuan for the first three quarters of 2025, representing a 10.58% increase year-on-year, and a net profit of 38.36 million yuan after deducting non-recurring gains and losses, which is a 22.86% increase compared to the same period last year [3]. Financial Data - The company confirmed that the quarterly report is true, accurate, and complete, with no false records or major omissions [2][11]. - The third-quarter financial report for 2025 has not been audited [3][8]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. Shareholder Information - The company has a total of 60,380,560 shares, and it plans to distribute a cash dividend of 4.00 yuan per 10 shares to all shareholders [12]. Board Meeting - The company's board of directors held its 19th meeting on October 28, 2025, where several key resolutions were passed, including the approval of the third-quarter report and the profit distribution plan [10][11][12]. - The meeting was attended by all six directors, and the resolutions were passed unanimously [10][11]. Other Important Matters - The board approved the establishment of a management system for departing directors and senior management to ensure governance stability and protect shareholder rights [14].

Group 1 - The core viewpoint of the news is that the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" issued by multiple national ministries will create multiple strategic opportunities for the company, including increased transportation demand and expansion of high-end product transportation and international business [1][2] - The company anticipates that the implementation of the plan, along with related policies, will gradually release new production capacity in the domestic petrochemical industry, which is expected to boost the domestic chemical transportation market [1][2] - The company is positioned as a leading player in liquid chemical shipping in China and aims to establish long-term partnerships with new capacity projects to secure more transportation business [1][2] Group 2 - The emphasis on increasing the supply of high-end chemical products in the plan is viewed as a development opportunity for the company, which has a fleet characterized by "large-scale, youthfulness, greenness, and high-end" features [2] - The company has seen an increase in its foreign trade revenue, which rose to 42% in the first half of the year, despite fluctuations in international freight rates [2] - The company plans to have 11 vessels with a total deadweight tonnage of 209,100 tons operational by the end of 2027, representing a 171% increase in capacity to meet the needs of Chinese enterprises going global and international chemical trade [2] Group 3 - The company follows a "1+2+1" development strategy focused on expanding domestic coastal liquid hazardous goods transportation while also exploring new energy transportation and deepening international shipping [3] - The company locks in basic revenue through a high proportion of COA contracts and time-charter models in the domestic market, while flexibly adjusting capacity based on global freight trends and regional demand in the international market [3] - The company has implemented a data-driven and AI-smart transformation in its operations, enhancing operational efficiency and safety management through the deployment of an AI-based shipping model [3]

Core Insights - Data is recognized as the fifth production factor, with its value extraction process being more complex than traditional production factors due to its non-competitive, replicable, and infinite growth characteristics [1] - The development of a market for data elements is increasingly reliant on a clear policy framework and implementation pathways, with local data trading institutions and data merchants becoming central to this evolution [1][2] - The domestic data element market is expected to grow at a compound annual growth rate (CAGR) of approximately 20.26%, surpassing 300 billion yuan by 2028 [6] Current Status of the Data Element Industry - The data element market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] - The digital economy's core industries are becoming significant drivers of the overall economic system, with the digital economy scale growing from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, doubling in six years [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are crucial for the circulation of data element value [4] - The introduction of the "Data Twenty Articles" policy has initiated the gradual improvement of the data element rights system, which is essential for efficient data value circulation [11] Market Size Estimation - The domestic data element industry is projected to reach approximately 200 billion yuan by 2025 and exceed 300 billion yuan by 2028, with data processing and analysis being the largest segment [6] Data Value Chain Circulation - The establishment of a data value circulation system is supported by advanced technology capabilities and regulatory compliance [8] - The data asset registration process is critical for ensuring the rights and interests of data participants, with a focus on public data as a core resource [13] Data Asset Capitalization - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with the implementation of relevant regulations starting in 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility and customization [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by the integration of data elements [31] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [34] Trends - The construction of high-quality data sets is becoming a key factor in advancing the artificial intelligence industry, with a focus on systematic data collection and processing [39] - The establishment of trusted data spaces is essential for ensuring the safe circulation and high-value application of data elements, with plans for over 100 such spaces by 2028 [42]

Core Viewpoint - Yiyun Information has been recognized for its leading role in the standardization of data asset management, showcasing its commitment to digital innovation and application [1] Group 1: Company Initiatives - Yiyun Information adheres to national and group standards to promote the standardized practice of data asset management [1] - The company has developed a "Data Asset Steward" product that integrates various functions such as data asset identification, value assessment, accounting, and disclosure reporting [1] - This product provides a comprehensive professional tool for enterprises to manage their data assets [1] Group 2: Future Focus - Yiyun Information plans to continue focusing on technological innovation and practical applications in various scenarios [1] - The company aims to deepen the application of cutting-edge technologies such as big data and artificial intelligence, expanding the breadth of its services [1] - Yiyun Information intends to contribute more practical examples for the construction of a digitally strong province [1]

Summary of Medical Data Asset Circulation and Trading Industry Overview - The focus is on the medical data circulation and trading industry in China, particularly in Beijing and Shanghai, with a pilot program initiated by the Beijing Health Commission and Economic and Information Technology Bureau [1][2]. Key Points and Arguments - **Pilot Programs and Expansion**: In 2023, six municipal hospitals in Beijing began data sharing trials, with plans to expand to 22 hospitals in 2024. Shanghai's Guo'er Hospital will follow in 2025 [2]. - **Government Support**: The Ministry of Finance's "Pilot Program for Digital Asset Management" emphasizes the management of data assets, including registration, authorization, and revenue distribution [2]. - **Market Demand**: Major AI companies are actively purchasing medical data to train models, with a notable case of an AI company developing a surgical planning product using data from a chest hospital [2][4]. - **High Willingness from Private Institutions**: Private medical institutions, including testing centers and specialty hospitals, show a strong willingness to engage in data trading, provided that patient privacy is protected through anonymization [5][6]. - **Data Demand Sources**: Key demand sources for medical data include AI companies, research institutions, pharmaceutical/device developers, and marketing agencies, with significant interest from leading internet firms [5][6]. - **Compliance and Anonymization**: Ensuring compliance is critical, requiring patient consent and anonymization of data before external circulation. Third-party data exchanges are used to maintain transparency and legality [7][12]. - **CT Imaging Data Demand**: There is a strong demand for CT imaging data for model training, with applications categorized into B2B (hospital services) and B2C (individual users) [3][8]. - **Challenges in Data Circulation**: The industry faces challenges such as varying levels of hospital information technology, lack of internal revenue mechanisms, and the need for technical service providers [11][12]. - **Future Market Potential**: The medical data circulation and trading industry is expected to grow significantly, driven by increasing hospital digitalization and supportive policies [13][14]. - **Cross-Border Data Transactions**: There is potential for cross-border data transactions, particularly with foreign pharmaceutical companies interested in purchasing data from Chinese hospitals [15][16]. - **Pricing Models**: A pricing model for hospital data has been developed in collaboration with Tsinghua University, relying on market references for data valuation [18]. Additional Important Content - **Data Standardization**: The lack of unified data standards poses a challenge for data integration across hospitals, necessitating the establishment of anonymization protocols and standards [11][12]. - **Role of Data Trading Platforms**: Platforms like the Beijing Stock Exchange facilitate data circulation by managing transactions and ensuring compliance with regulations [21]. - **Inclusion of Rural Data Resources**: Smaller hospitals are less likely to provide data but may serve as buyers of AI diagnostic products, indicating a shift in their role within the data ecosystem [22][23].

Core Insights - Data is recognized as the fifth production factor, with its value extraction process being more complex than traditional production factors due to its non-competitive, replicable, and infinite growth characteristics [1] - The development of a market-oriented system, represented by local data trading institutions and data merchants, is becoming the core driver for the growth of the data factor market [1][2] - The establishment of a clear policy framework and implementation path is crucial for enhancing the value of data elements, aiming for a well-functioning ecosystem of data supply and usage [1][4] Current Situation Analysis - The data factor market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] - The digital economy's core industries are becoming significant drivers for the overall economic development in China, with the data factor market expected to grow at a compound annual growth rate (CAGR) of approximately 20.26% to exceed 300 billion by 2028 [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are essential for the circulation of data factor value [4] Market Size Calculation - China's digital economy has grown from 27.2 trillion in 2017 to 53.9 trillion in 2023, with a CAGR of about 12.07% [6] - The data processing segment, focusing on data processing and analysis, is expected to become the largest sub-industry within the data factor market, reaching approximately 144 billion by 2028 [6] Data Value Chain Circulation - The establishment of a data ownership system based on the "Data Twenty Articles" is crucial for ensuring efficient circulation of data value [11] - Data registration is essential for asset ownership division and promoting data value release, with a "1+3" policy framework guiding public data resource management [13] - The data valuation policy framework is becoming more refined, with public data resource quantification standards emerging as important benchmarks [16] Capitalization of Data Assets - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with regulations coming into effect in 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility and customization [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion by 2028, driven by the integration of diverse data [30][31] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [34] - The healthcare sector's data element scale is expected to grow steadily, with a CAGR of about 23.69%, emphasizing the importance of data compliance and security [36] Trends - High-quality data sets are becoming key to driving the artificial intelligence industry, with a shift from "single-point breakthroughs" to "holistic development" [39][40] - The construction of trusted data spaces will be crucial for ensuring the circulation and high-value application of data elements [42]