Core Viewpoint - Beijing Tiandi Hexing Technology Co., Ltd., a leading domestic industrial cybersecurity company, has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, but faces significant challenges due to deteriorating cash flow and declining gross margins [5][6]. Group 1: Cash Flow Concerns - The company's cash flow situation is alarming, with net cash flow from operating activities showing negative figures of -83.52 million yuan, -91.63 million yuan, and -159 million yuan from 2023 to the first three quarters of 2025, totaling over 330 million yuan in outflows [6][7]. - As of September 2025, the company's cash and cash equivalents had decreased by 43% to 133 million yuan from 234 million yuan at the end of 2024, indicating severe liquidity pressure [6][7]. - High accounts receivable are a core issue, with trade receivables reaching 1.108 billion yuan and the collection period extending from 414 days in 2023 to 597 days in 2025, suggesting a near two-year cash recovery cycle [6][7]. Group 2: Declining Profitability - Despite revenue growth from 474 million yuan in 2023 to 727 million yuan in 2024, the company's profitability is weakening, with overall gross margin dropping from 60.9% in 2023 to 48.6% in the first three quarters of 2025, a decline of 12.3 percentage points [2][7]. - The decline in gross margin is attributed to an increase in low-margin business, with hardware and software sales gross margin at only 6.2% in the first three quarters of 2025 [2][7]. - Adjusted net profit figures show a decline from 70.24 million yuan in 2023 to 4.15 million yuan in the first three quarters of 2025, with the adjusted net profit margin falling to 0.9% in 2025, indicating shrinking profitability in core operations [7][8]. Group 3: Business Expansion and Risks - The company is attempting to expand into energy digitization and energy storage through acquisitions, but these new businesses have not yet provided effective support, with energy digitization solutions accounting for only 4.6% of revenue in the first three quarters of 2025 [7][8]. - The acquisition of Haibo Electric in 2025 targets the backup energy storage sector, which is highly competitive, raising doubts about the potential for technological synergy [7][8]. - There is a concerning overlap between customers and suppliers, with 15-20 entities acting as both, which could lead to risks of unfair pricing and potential profit transfer [7][8]. Group 4: Industry Outlook and IPO Plans - The industrial cybersecurity industry has a promising outlook, with an expected market size of 29.4 billion yuan by 2029, but the competitive landscape is fragmented [3][8]. - The company holds a market share of 6.7%, slightly above the second-ranked competitor at 6.6%, but its gross margin is significantly lower than comparable companies, reflecting a strategy of sacrificing profit for volume [3][8]. - Over 80% of the company's revenue comes from policy-driven sectors like energy and electricity, making it vulnerable to fluctuations in industry investment or changes in subsidy policies [3][8]. - The IPO proceeds are intended for technology research and market expansion rather than addressing liquidity issues, raising concerns about the company's ability to enhance its cash-generating capabilities [8].

股权方面，天地和兴董事长王小东通过直接及间接控制天津兴远、天津兴辉，合计控制公司34.91%股 权。公司已获江苏现代服务、北京国科、复星重庆等超30家机构投资。 王小东，54岁，董事会主席、执行董事兼提名委员会主席。王小东毕业于东北电力大学电力系统及其自 动化专业。创立公司之前，于1990年代在发电厂及通信公司工作，包括呼伦贝尔电业局及中国联合通信 有限公司渖阳移动通信分公司。2007年8月至2008年8月担任公司总经理。自2008年8月起，担任执行董 事兼董事长。 | 姓名 | | | | 加入本集團之 | 獲委任為董事之 | 高级管理層的 | | --- | --- | --- | --- | --- | --- | --- | | | 年齡 職位 | | 主要曦務與責任 | 日 语 | 日前 | 開後 | | 執行董事 | | | | | | | | 王小東先生 | 54 | 董事長兼 | 本集團戰略發展 | 2007年8月14日 | 2011年10月24日 | 斯 | | (曾用名王束) | | 執行重事 | 規劃 | | | | | 江炳思先生 | 57 | 執行董事兼 | 本集團整體營運 | 20 ...

智通财经APP获悉，据港交所1月30日披露，北京天地和兴科技股份有限公司(简称：天地和兴)向港交所主板递交上市申请，中信建投 国际、东方证券国际为其联席保荐人。根据弗若斯特沙利文的资料，按市场份额计，公司于2024年位居中国工业网络安全市场第一 位，整体市场份额为约6.7%，尤其是于中国工业网络安全市场能源领域的市场份额为约8.4%。 公司简介 招股书显示，天地和兴成立于2007年8月，是中国一家知名的工业网络安全及能源数智化综合解决方案提供商。 收益 于2023年度、2024年度、2024年截至9月30日止九个月、2025年截至9月30日止九个月，公司实现收益分别约4.74亿元(人民币，下 同)、7.27亿元、3.59亿元、4.39亿元。 毛利及毛利率 于2023年度、2024年度、2024年截至9月30日止九个月、2025年截至9月30日止九个月，公司录得毛利分别约2.89亿元、3.66亿元、1.72 亿元、2.13亿元，对应毛利率分别为60.9%、50.4%、47.8%、48.6%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | -- ...