本报讯 （记者李乔宇）11月20日至11月21日，由中国企业改革与发展研究会、责任云研究院主办的 ESG中国·第八届北京责任展开幕式暨《企业社会责任蓝皮书（2025）》发布会在北京召开。启明星辰 信息技术集团股份有限公司（以下简称"启明星辰"）凭借在环境、社会及治理（ESG）领域的系统性实 践与突出成效，在大会上荣获"ESG先锋企业"称号，标志着公司继2024年第七届责任展获评"ESG科创 先锋企业"后，其ESG表现再次获得权威认可。 这并非启明星辰近期在ESG领域获得的唯一奖项。此前，启明星辰还获评央视"中国ESG上市公司央企 先锋100（2025）"；在中证ESG评级中获得A类评级。不久前，深圳证券交易所完成对深市上市公司 2024-2025年度信息披露工作评价，启明星辰再次荣获最高评级A（优秀），这也是该公司自2019年以 来连续第六年获此殊荣。 作为中国移动通信集团有限公司（以下简称"中国移动"）专责网信安全专业子公司，启明星辰全面贯 彻"总体国家安全观"，发挥国资央企"科技创新、产业控制、安全支撑"三大作用，肩负起中国移动"安 全核心技术攻坚者、安全产品服务引领者、安全运营体系支撑者"三大角色，勇当 ...

交易所数据显示，三六零（601360.SH）11月24日盘中表现强势，截至13：40，当前价格13.87元，涨幅 9.99%，成交额50.40亿元，换手率5.45%。当日开盘后短暂下探至12.50元，随后震荡反弹，上午冲高至 13.32元；午后延续强势，13：07起加速上涨，临近13：30后维持高位，整体呈现震荡上行走势，大部分 时间运行在均价线上方，上攻动能持续。 | 分时 五日 日K 周K 月K 5分 15分 30分 60分 | | | | 五档盘口 | | 明细 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 最新:13.87 涨跌额:1.26 涨跌幅:+9.99% | | 均价:13.20 2025-11-24 13:42 | | 委比 +100.00% | | 委差 172.24万 | | | 13.87 | | | 9.99% | | | | | | | | | | 英5 | 1 | | 1 | | 13.45 | | | 6.66% | 卖4 | - | | 22 | | 13.03 | | | 3.33% | 卖3 | -- | ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 6-month target price of 12.78 CNY, compared to the current stock price of 10.12 CNY [6]. Core Insights - The company experienced significant revenue and profit declines in Q3 2025, with a revenue of 3.76 billion CNY, down 46.96% year-on-year, and a net profit of -1.71 billion CNY, a decrease of 568.00% year-on-year [1]. - The decline in revenue and gross margin in Q3 2025 is attributed to temporary project disruptions, with project progress in Q3 2025 lagging behind that of Q3 2024 [2]. - The company has formed a strategic partnership with Xintong Quantum to enhance its quantum security offerings, applying research results in various products and achieving practical success in national network communication projects [3]. - The company is expanding its AI and security product offerings through a "standard products + platform + services" model, including new products based on large models and customized services [4]. - The company is expected to gradually recover in revenue throughout the year, with projected revenues of 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY for 2025, 2026, and 2027, respectively [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 12.02 billion CNY, a year-on-year decrease of 24.01%, and a net profit of -2.35 billion CNY, down 39.10% year-on-year [1]. - The projected financials indicate a return to profitability with net profits of 1.68 billion CNY, 2.40 billion CNY, and 2.98 billion CNY for 2025, 2026, and 2027, respectively [11]. - The company’s revenue growth rate is expected to improve from -11.8% in 2023 to 6.9% in 2025, with a net profit margin projected to reach 5.6% by 2025 [13].

Core Insights - The company reported a revenue of 5.125 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.62% with a net profit attributable to shareholders of -0.081 billion yuan [1] - In Q3 2025, the company achieved a revenue of 2.116 billion yuan, a year-on-year increase of 9.86%, and a net profit attributable to shareholders of 0.147 billion yuan, reflecting a significant growth of 1097.40% [1] - The company's gross margin stood at 60.94%, slightly down by 0.53 percentage points compared to the same period last year, while the decrease in expense ratio contributed to improved profit performance [1] Financial Performance - The net cash flow from operating activities for the first three quarters was 0.013 billion yuan, showing a substantial improvement year-on-year [1] - The company’s adjusted net profit (excluding non-recurring items) for Q3 was 0.123 billion yuan, marking a year-on-year increase of 3276.12% [1] Market Position - The company maintained a stable industry position, ranking first in the overall hyper-converged market and full-stack hyper-converged market in China for H1 2025 according to IDC [1] - In Q2 2025, the company was also ranked first in the application delivery market in China [1] - The company received top rankings in various categories during the 2025 Cybersecurity Awareness Week Technology Summit, including "AI-based automated analysis and response for cybersecurity" and "noise reduction for cybersecurity alert logs" [1] Product Development - The company launched the AI Coding platform CoStrict, aimed at enhancing end-to-end R&D efficiency and shortening overall development cycles for enterprises [2] - The new generation AICP computing platform is compatible with various mainstream GPUs and open-source models, improving activation efficiency [2] - The company continues to advance in AI and security, providing large model safety solutions [2] Investment Outlook - The company is expected to perform well in the cybersecurity and cloud computing sectors, with projected EPS for 2025, 2026, and 2027 being 0.87, 1.25, and 1.74 yuan respectively, maintaining a "buy" rating [2]

Core Insights - The World Internet Conference's Artificial Intelligence Committee held its 2025 plenary meeting in Wuzhen, Zhejiang, where 360 Group's Chief Scientist, Pan Jianfeng, was elected as the Deputy Chairman, highlighting the company's commitment to AI and security [1][3]. Group 1: Committee Formation and Objectives - The Artificial Intelligence Committee is the first specialized and regular branch of the World Internet Conference, established in 2024, aiming to promote international cooperation in AI through standardization, safety governance, and industry advancement [2]. - The committee's first membership included over 190 experts from international organizations, think tanks, research institutions, and the industry, with 360 Group's founder Zhou Hongyi serving as the only entrepreneur on the committee [2]. Group 2: Pan Jianfeng's Contributions - Pan Jianfeng's election as Deputy Chairman reflects recognition of his expertise and the industry's acknowledgment of 360's ongoing efforts in AI and security [3]. - He has introduced the brain-like partitioned collaborative CoE model architecture and led the development of a secure large model, addressing high costs associated with large model deployment through the open-source RL-LoRA framework [3]. Group 3: Industry Impact and Future Plans - 360 aims to enhance the AI ecosystem globally by sharing technology to accelerate industry upgrades and developing a "human-machine collaboration" intelligent defense system for government and enterprise clients [6]. - The company plans to utilize its large model defender to help enterprises detect and mitigate potential security risks associated with large models, thereby supporting industry governance [6]. - Pan Jianfeng emphasized the committee's role in fostering international collaboration and the importance of building a safe and trustworthy AI ecosystem, with a report on global AI standards set to be released during the 2025 conference [7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced a significant decline in revenue, with a 24.01% year-on-year decrease, totaling 1.202 billion yuan for the first three quarters of 2025. The net profit attributable to the parent company was -235 million yuan, with a gross margin of 63.62% [1][2] - The company is strategically investing in the quantum security field, having started its initiatives in 2018. It has developed various quantum communication technologies that are being applied in significant national network communication projects [3] - The company has launched a comprehensive product and solution system in key areas, including AI and cloud security, which has begun to show results from prior investments [2][3] Financial Summary - For the first three quarters of 2025, the company reported a revenue of 1.202 billion yuan, with a net profit of -235 million yuan. The gross margin was 63.62%, and the sales expense ratio was 51.81% [1] - The company’s revenue from its intelligent computing cloud products reached 129 million yuan, accounting for 10.73% of total revenue [2] - The financial forecast predicts net profits of 164 million yuan, 237 million yuan, and 316 million yuan for 2025, 2026, and 2027 respectively [3][4] Industry Performance - The report indicates that the telecommunications and transportation sectors showed growth, with year-on-year increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [2] - The company’s stock has shown a 49% absolute return over the past 12 months, outperforming the market [8]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first three quarters of 2025, indicating challenges in financial performance amidst ongoing market developments [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.202 billion, a year-on-year decrease of 24.01%, and a net loss attributable to shareholders of 235 million, widening from a loss of 169 million in the same period last year [4]. - In Q3 2025, the company recorded revenue of 376 million, a year-on-year decrease of 46.96%, and a net profit of -171 million, indicating a shift to losses compared to the previous year [4]. Business Segment Performance - The company's intelligent computing cloud business generated revenue of 129 million in the first three quarters of 2025, a year-on-year increase of 7.59%, accounting for 10.73% of total revenue [5]. - The cybersecurity business reported revenue of 1.064 billion, a year-on-year decrease of 26.83%. Q3 revenue was significantly impacted by project delays, although signed and pending orders showed growth [5]. - Revenue growth was observed in the telecommunications and transportation sectors, with increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [5]. Profitability and Cost Control - The company's gross margin has shown a steady increase, with figures of 59.72%, 60.19%, 61.04%, and 63.62% for the years 2022, 2023, 2024, and the first three quarters of 2025 respectively, indicating significant improvement [6]. - Total expenses for marketing, R&D, and management decreased by 11.13% year-on-year in the first three quarters of 2025, with R&D, management, and sales expenses declining by 15.05%, 17.23%, and 6.48% respectively [6]. Strategic Focus Areas - The company is making substantial investments in new fields such as AI + security, intelligent computing cloud, commercial encryption, cloud security, and trusted innovation security, and is transitioning into a harvest phase [7]. - In the AI + security domain, the company is upgrading its Tianwen large model and has launched new products that integrate advanced security features across its core offerings [7][8]. - The intelligent computing cloud product matrix includes hyper-converged, desktop cloud, enterprise cloud, and intelligent computing cloud solutions, while the commercial encryption segment covers 18 mainstream encryption products [8].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced a revenue decline of 24.01% year-on-year in the first three quarters of 2025, with a total revenue of 1.202 billion yuan. The net profit attributable to shareholders was -235 million yuan, widening the loss compared to -169 million yuan in the same period last year [1]. - The company's cloud computing product revenue continues to grow, with a 7.59% year-on-year increase, while the cybersecurity business saw a 26.83% decline. Despite project delays impacting Q3 revenue, signed orders and new bids have shown growth [2]. - The gross margin has been steadily increasing, reaching 63.62% in the first three quarters of 2025, with effective cost control leading to a significant reduction in marketing, R&D, and management expenses [2]. - The company is making significant investments in multiple key areas, including AI+security, intelligent cloud, commercial encryption, cloud security, and trusted innovation security, and is entering a harvest phase [3]. - Revenue forecasts for 2025-2027 are maintained at 3.004 billion, 3.308 billion, and 3.650 billion yuan, respectively, with net profit forecasts of 179 million, 248 million, and 309 million yuan. The current market capitalization corresponds to a PE ratio of 72x, 52x, and 42x for 2025-2027 [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 376 million yuan, a decrease of 46.96% year-on-year, and a net profit of -171 million yuan, indicating a shift to a loss [1]. - The gross margin has improved from 59.72% in 2022 to 63.62% in the first three quarters of 2025, reflecting a positive trend [2]. Product and Market Development - The intelligent cloud business generated 129 million yuan in revenue in the first three quarters of 2025, accounting for 10.73% of total revenue, while the cybersecurity business generated 1.064 billion yuan [2]. - The company has completed significant investments in new fields and is now transitioning to a phase of revenue generation [3]. Profitability and Valuation - The report projects a significant recovery in net profit, with a forecasted growth rate of 115.96% for 2025 compared to 2024 [4]. - The company’s valuation metrics indicate a PE ratio that is expected to decrease from 72 in 2025 to 42 in 2027, suggesting potential for investment [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 1.202 billion yuan for the first three quarters of 2025, a year-on-year decrease of 24.01%, and a net profit attributable to shareholders of -235 million yuan, down 39.10% year-on-year. In Q3 alone, revenue was 376 million yuan, down 46.96% year-on-year, with a net profit of -171 million yuan, a staggering decline of 568% [1]. - Despite the overall revenue decline, the company's "Intelligent Computing Cloud" segment is expected to grow by approximately 10% for the full year, with continued growth anticipated in the following year [1][3]. - The company has established a strategic partnership with Xintong Quantum to enhance its quantum security offerings, integrating quantum communication technologies into its products [2]. - The AI + Security strategy is being actively advanced, with the company developing new products and services that leverage AI capabilities, including a new product for large model security [3]. Financial Summary - The projected revenues for 2025-2027 are 2.974 billion yuan, 3.136 billion yuan, and 3.448 billion yuan, respectively, with net profits expected to be 136 million yuan, 214 million yuan, and 271 million yuan [4][5]. - The company is expected to achieve a net profit margin improvement, with a projected EPS of 0.12 yuan in 2025, increasing to 0.23 yuan by 2027 [5][6].

Core Viewpoint - Tianrongxin Technology Group Co., Ltd. reported a decline in revenue for Q3 2025 compared to the same period last year, primarily due to slower project progress, but remains optimistic about achieving annual performance targets and growth in key sectors [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.202 billion yuan, with Q3 revenue at 377 million yuan [1]. - The operator industry revenue grew by 13.14% year-on-year, while the transportation industry revenue increased by 18.73% [1]. - The company's expenses decreased from 14.42 billion yuan in 2023 to 12.14 billion yuan in 2025, reflecting effective cost control [2]. Product Performance - The revenue from intelligent computing cloud products reached 129 million yuan, accounting for 10.73% of total revenue, with a year-on-year increase of 7.59% [2]. - The contribution of intelligent computing cloud revenue to total revenue has been increasing, with proportions of 7.43%, 9.06%, and 10.73% from 2023 to 2025 [2]. Strategic Initiatives - The company is focusing on enhancing quality and efficiency, with a consistent increase in gross margin from 60.19% in 2023 to 63.62% in 2025 [2]. - Significant investments have been made in new fields such as basic network security, commercial encryption, and AI-driven security solutions, with a notable increase in revenue contribution from domestic security adaptations [3]. Market Outlook - The company anticipates a rebound in the cybersecurity industry after a period of decline, expecting new growth opportunities to emerge [3].