天融信（002212.SZ）2025 年中报点评 二季度扭亏为盈，智能网安+智算云筑牢增长基座 2025 年 08 月 26 日 ➢ 事件：近日，天融信发布 2025 年半年度报告。2025 年上半年，公司实现 营业收入 8.26 亿元，同比下降 5.38%，归母净利润-0.64 亿元。 ➢ 公司贯通研发、生产、销售全链条，形成了覆盖网络安全、数据安全、云安 全及智算云的全栈产品矩阵： ➢ AI+安全：安全方案精准契合多元业务场景。2025 年上半年，公司网络安 全业务实现收入 7.19 亿元，同比下降 6.41%。公司持续将 AI 技术融入安全实 践，已形成以 NGTOS 基础软件平台、CPU+GPU 异构硬件平台、天问大模型与 智算云平台为核心的 AI-Native 技术栈，实现威胁检测精度提升、告警误报率下 降及未知威胁对抗能力增强，带动产品附加值与市占率双升；同时以 AI 替代重 复性运营作业，显著提升人效与盈利水平。面向多种差异化场景，公司推出大模 型系统安全防护、车路云一体化安全、AI+工业网络安全等解决方案，实现安全 能力与业务场景深度耦合，驱动金融、运营商、能源等细分场景同比高速增长。 ➢ 智 ...

通用计算机设备 天融信（002212.SZ） 增持-A(维持) 二季度收入实现正增长，一体机成为新增长点 2025 年 8 月 25 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 8 | 25 | | | 日 | 月 | | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 10.23 | | | | 年内最高/最低（元）： | | 11.17/3.99 | | | | | 流通 股/总股本（亿 A | | 11.67/11.79 | | | | | 股）： | | | | | | | 流通 A 股市值（亿）： | | | 119.37 | | | | 总市值（亿）： | | | 120.66 | | | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.06 | | 摊薄每股收益(元)： | | | -0.06 | | 每股净资产(元)： | | | 7.91 | | 净资产收益率(%)： | | | -0.70 ...

[Table_Title] 利润端大幅减亏，AI+云计算驱动发展 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 天融信(002212.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportDate] 2025 年 8 月 25 日 [Table_S 事件：天融信发布 ummary] 2025 年半年度报告，公司 2025 年上半年实现营收 8.26 亿元，同比下降 5.38%；实现归母净利润-0.65 亿元，同比增长 68.56%；实 现扣非净利润-0.77 亿元，同比增长 64.57%；单 2025Q2 来看，公司实现营 收 4.91 亿元，同比增长 8.72%；实现归母净利润 0.04 亿元，同比增长 103.17%；实现扣非净利润-0 ...

点击注册小程序 查看完整报告 报告摘要 事件： 公司发布2025年半年度报告，2025年上半年公司实现营收8.26亿元，同比减少5.38%；实现归母净利润-0.65亿 元，同比亏损收窄（上年同期为-2.06亿元）。2025Q2公司实现营收4.91亿元，同比增长8.72%；实现归母净利 润370万元，同比扭亏。 云计算升级为智算云，行业布局成果凸显 分产品看，2025年H1，公司智算云业务实现收入1.02亿元，同比增长3.0%，占营收比重增长至12.4%；网络安 全业务实现收入7.19亿元，同比减少6.4%。分客户所在行业看，2025年上半年公司重点布局行业营收均保持双 位数增长，运营商、金融、能源、交通行业收入同比分别增长25.3%、19.5%、32.4%、60.8%。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客 ...

2025 年 8 月 22 日 公司研究 智算云构筑第二增长曲线，盈利能力改善持续 ——天融信（002212.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，2025 年上半年公司实现营收 8.26 亿元， 同比减少 5.38%；实现归母净利润-0.65 亿元，同比亏损收窄（上年同期为-2.06 亿元）。2025Q2 公司实现营收 4.91 亿元，同比增长 8.72%；实现归母净利润 370 万元，同比扭亏。 云计算升级为智算云，行业布局成果凸显。分产品看，2025 年 H1，公司智算云 业务实现收入 1.02 亿元，同比增长 3.0%，占营收比重增长至 12.4%；网络安 全业务实现收入 7.19 亿元，同比减少 6.4%。分客户所在行业看，2025 年上半 年公司重点布局行业营收均保持双位数增长，运营商、金融、能源、交通行业收 入同比分别增长 25.3%、19.5%、32.4%、60.8%。 毛利率稳步增长，增效提质战略效果持续。公司 2025 年上半年毛利率同比增长 4.1 个百分点，从 2022 年的 59.72%提升至 2025 年 H1 的 67.41%，公司毛利 率提 ...

证券代码：002212 证券简称：天融信 天融信科技集团股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（投资者交流会） 参与单位名称 及人员姓名 本次线上会议在线参会人员 48 人，详细名单信息请参阅文末附表。 因本次投资者关系活动采取线上会议形式，部分参会者无法签署调研承 诺函。但在交流活动中，我公司严格遵守相关规定，保证信息披露真实、准 确、及时、公平，没有发生未公开重大信息泄露等情况。 时间 2025 年 8 月 21 日 16:00-17:30 地点 天融信科技集团股份有限公司会议室 形式 线上会议 上市公司 接待人员姓名 李雪莹：董事长、总经理 孔继阳：董事、副总经理、财务负责人 吴亚飚：董事、副总经理 彭韶敏：副总经理、董事会秘书 孙 嫣：证券事务代表 寇增杰：高级副总裁（产品线） 马腾辉：副总裁（市场中心） 1 一、公司情况介绍 1、主要经营数据 2025 年上半年，营业收入 8.26 亿元，同比下降 5.38%；毛利率增长 4.1 个百分点；三项费用总额同比减 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8] Core Views - The company has shown significant recovery in profitability and rapid growth in its cloud computing business, with a projected revenue increase from 30.66 billion yuan in 2025 to 36.61 billion yuan in 2027, alongside a substantial reduction in net losses [3][5] - The company is focusing on enhancing its "AI + Security" model and has launched new products in its intelligent computing cloud platform, which is expected to improve its market position and operational efficiency [5][6] Financial Summary - For the first half of 2025, the company reported total revenue of 826 million yuan, a year-on-year decrease of 5.38%, but with notable growth in specific sectors such as finance (19.52% growth) and transportation (60.78% growth) [5] - The company achieved a gross margin of 67.41% in H1 2025, an increase of 4.1 percentage points year-on-year, indicating improved operational efficiency [5] - The forecast for 2025-2027 includes a net profit of 1.69 billion yuan in 2025, increasing to 3.24 billion yuan by 2027, reflecting a strong recovery trajectory [3][5]

Core Insights - The rise of generative AI technology in cybersecurity is described as a "double-edged sword," presenting both opportunities and risks [2][5] - The global AI security market is projected to reach $134 billion by 2030, with a compound annual growth rate (CAGR) of 27.6% from 2023 to 2030 [3] Group 1: AI Empowering Cybersecurity - AI is enhancing traditional cybersecurity products and improving operational efficiency, particularly in threat detection and response [3] - Key areas where AI is applied include malware detection, attack traffic detection, user and entity behavior analysis, and encryption traffic analysis [3] Group 2: AI Inherent Security - The emergence of AI models, data, and systems creates new security challenges, including threats to model integrity, data privacy, and system security [4] - AI model security concerns include threats to training integrity, testing integrity, and robustness [4] Group 3: AI Derivative Security Issues - The misuse of AI can lead to significant security risks, including accidents caused by AI system errors and the potential for an arms race in AI weaponry [5] - Regulatory measures are being implemented globally to address AI misuse, with China introducing guidelines for generative AI service management and content identification [5]

Performance Forecast - The company expects a net profit attributable to shareholders of 15 million to 20 million yuan, a significant increase of 152.62% to 167.73% compared to a loss of 33.0881 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 10 million and 15 million yuan, reflecting an increase of 128.17% to 142.26% compared to a loss of 35.4981 million yuan last year [1] - Basic earnings per share are anticipated to be between 0.10 yuan and 0.13 yuan, compared to a loss of 0.22 yuan per share in the previous year [1] Reasons for Performance Change - The company's performance improvement is primarily driven by strong demand for AI integrated machines from government and enterprise clients, leading to rapid growth in cloud computing and private cloud products [1][2] - The "AI + Security" business has benefited from the large-scale procurement of communication security management products and the promotion of new law enforcement technology products, resulting in significant revenue growth [1] - The overall expenses have decreased year-on-year despite the addition of share-based payment expenses, contributing to a substantial increase in gross profit [1] Non-Recurring Gains and Losses - The impact of non-recurring gains and losses on the company's profit is estimated to be around 5 million yuan, mainly from investment income during the reporting period [2]

Core Viewpoint - Company 360 (601360.SH) continues to report losses, but signs of a turning point are emerging as it anticipates reduced losses in the upcoming quarters [1][4]. Financial Performance - For the first half of 2025, the company expects a net profit attributable to shareholders of approximately -320 million to -240 million yuan, and a non-net profit of about -340 million to -250 million yuan, indicating ongoing losses [1][4]. - Compared to the same period last year, the losses are expected to decrease, with a significant possibility of turning profitable in the second quarter of 2025 [2][5]. - In the first quarter of 2025, the company reported an operating income of 1.864 billion yuan, a year-on-year increase of 8.39%, with net losses of 273 million yuan and 282 million yuan for net profit and non-net profit respectively [5]. Sales and Marketing Strategy - The increase in losses is attributed to heightened sales expenses aimed at enhancing product promotion and market influence, with sales expenses reaching 804 million yuan in the first quarter of 2025, a 72.08% increase from the previous year [5][8]. Research and Development Investment - The company has maintained a strong commitment to research and development, with cumulative R&D investments reaching 23.1 billion yuan from 2017 to 2024, and R&D expenditure accounting for 40% of operating income in 2024 [2][9]. - R&D investments have consistently exceeded 3 billion yuan annually from 2021 to 2024, supporting the company's transition and innovation efforts [8][10]. Business Segments and Performance - The company's main business segments include internet advertising and services, smart hardware, internet value-added services, and security, with varying revenue performance across these segments in 2024 [8]. - The revenue from internet value-added services grew by 25.51%, while other segments like smart hardware and security saw significant declines of 35.44% and 27.06% respectively [8]. Strategic Direction - The company is actively pursuing a dual strategy of "AI + Security" to contribute to the development of a modern digital economy, focusing on digital safety and AI-driven solutions [3][10]. - The company has launched various AI products and solutions, enhancing its capabilities in the digital security domain and aiming to support the digital transformation of various sectors [10][11].