本报讯 （记者丁蓉）7月11日晚，天融信科技集团股份有限公司（以下简称"天融信"）发布2025年半年 度业绩预告。公司预计上半年营业收入8亿元至8.5亿元，预计归属于上市公司股东的净利润同比增长 65.98%至70.84%。第二季度单季营业收入预计同比增长超8%。 今年上半年，天融信进一步加强市场营销工作，优化营销布局，增强市场渗透力。同时，公司充分发挥 自身核心竞争优势，积极优化市场竞争策略，强化项目筛选机制，收入质量持续提升，毛利率同比增长 超4个百分点。 公司持续深化内部管理，不断强化费用管控力度，在保证运营效率的同时，有效控制成本支出。今年上 半年，销售费用、研发费用及管理费用三项费用均实现同比下降，三项费用总额同比减少超过13%。 天融信深化"AI+安全"战略布局，抢占大模型应用安全市场。公司始终坚持技术创新的发展战略，持续 完善产品体系与解决方案，不断提升核心竞争力。今年上半年，公司天问大模型迎来重大升级，升级检 测引擎、引入智能体专家、支持多元化基座大模型，全面提升智能防守能力，实现网络安全防御从"规 则驱动"向"智能决策"的跃迁。 分析人士认为，在政策驱动下，大模型深入场景、加速向垂直领域渗透 ...

Core Viewpoint - Tianrongxin, a leading cybersecurity company, is expected to significantly reduce its losses in the first half of 2025, with projected revenues of 800 million to 850 million yuan and a net loss of 60 million to 70 million yuan, indicating a strong improvement in profitability [1] Group 1: Financial Performance - The company anticipates a year-on-year revenue growth of over 8% in the second quarter, suggesting it may have achieved profitability during this period [1] - Tianrongxin's gross margin has increased by over 4 percentage points year-on-year, while total sales, R&D, and management expenses have decreased by 13% compared to the previous year [1] Group 2: Strategic Initiatives - The company is advancing its "AI + Security" strategy, with significant upgrades to its Tianwen large model, transitioning from "rule-driven" to "intelligent decision-making" for cybersecurity defense [1] - Tianrongxin has successfully passed tests for its large model security gateway, receiving the first "Large Model Security Protection Fence Product Certification (Enhanced Level)" from the Ministry of Public Security [1] Group 3: Future Goals and Collaborations - The company's strategic goal for the next decade is to become a leading provider of cybersecurity and intelligent computing cloud solutions in China [2] - In March, Tianrongxin began a comprehensive partnership with Huawei to develop an intelligent computing integrated machine based on the Kunpeng architecture, aiming to support the digital transformation of critical industries in China [2] - The intelligent computing integrated machine is expected to generate over 100 million yuan in sales this year, with future cloud computing business goals targeting at least half the output of the security segment over the next 3-5 years [2] Group 4: Technological Developments - Tianrongxin is involved in research and application of technologies related to stablecoins, blockchain, zero trust, privacy computing, and commercial cryptography [2] - The company is participating in key infrastructure security projects for digital currency and cross-border payment in the financial industry [2]

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

网络安全与智算云双轮驱动，持续深化AI 与安全融合：公司构建了以自主可控与人工智能为核心， NGTOS、智算云和天问大模型为基石的网格化产品体系，能够快速响应市场变化。2024 年，天问大模 型、智算云平台融入NGTNA2.0，赋能全线安全产品，提升了安全知识的产出效率，展现了公司在技术 上的持续创新能力。 网安基本盘稳固，云安全与新兴场景业务增长显著：2024 年，公司云计算业务实现营业收入2.56 亿 元，同比增长10.09%。公司通过将安全能力原子化，推出了一系列云安全产品，如云原生防火墙、 SASE、CNAPP 等，同时在车联网、工业互联网、物联网等新兴场景中推出了多款安全产品，展示了公 司在新兴领域的市场机会和业务扩展能力。 风险提示：应收账款回收风险、技术创新及新产品开发风险、宏观需求不及预期风险、核心人员流失风 险、行业竞争加剧风险、总大项目建设及运营风险。 注重股东回报，经营提质增效。2024 年度现金分红及回购总额超1 亿，积极回馈股东：报告期内，公司 2024 年度累计现金分红总额为4420 万元（含税），加上以集中竞价交易方式回购公司股份支付的总金 额近6000万元（不含交易费用），合计 ...

本报讯 （记者丁蓉）4月28日晚间，天融信科技集团股份有限公司（以下简称"天融信"）披露2025年一 季报。报告显示，公司第一季度实现营业收入3.36亿元；归属于上市公司股东的净利润同比减亏；毛利 率同比增长10.15个百分点；三项费用同比减少6.83%。 此前举行的业绩说明会上，公司方面人士介绍称智算一体机签订和即将签署的订单规模已经超过2000万 元，预计全年销售额有望过亿元。在智算一体机贡献业绩增量情况下，公司未来3年至5年的云计算业务 目标为产出至少达到安全板块产出的一半，有望进一步拓宽公司未来成长预期。 公司方面此前表示，未来十年的战略发展目标是成为中国领先的网络安全和智算云解决方案提供商。今 年第一季度，公司继续推进提质增效战略，充分发挥自身竞争优势，优化市场竞争策略，加强项目筛选 与取舍，收入质量在上年度好转的基础上继续得到较大幅度的提升。 （编辑 郭之宸） 一季报显示，公司积极推进智算云业务，智算基础设施布局取得里程碑进展。今年第一季度，公司发布 智算云平台和智算一体机，拓展了公司在云计算领域的产品与业务覆盖，加速向智算云领域推进，提升 了盈利空间。目前智算一体机已实现销售，形成软硬一体化的行 ...

Core Viewpoint - Tianrongxin (002212.SZ) reported a revenue of 336 million yuan for Q1 2025, with a year-on-year reduction in net loss by 23.43% and an increase in gross margin by 10.15 percentage points, indicating improved revenue quality and effective cost management [1][2][3] Group 1: Financial Performance - The company achieved total revenue of 336 million yuan in the reporting period [1] - Net profit saw a year-on-year reduction in loss by 23.43% [1] - Gross margin increased by 10.15 percentage points compared to the previous year [1] - Three major expenses decreased by 6.83% year-on-year [1] Group 2: Strategic Development - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [1] - The company is actively promoting its intelligent computing cloud business, achieving significant progress in infrastructure layout [2] - The intelligent computing all-in-one machine is expected to generate over 100 million yuan in sales for the year [2] Group 3: Technological Advancements - The company has made significant breakthroughs in AI technology, integrating AI with security to enhance product competitiveness [2] - The Tianwen large model technology has undergone a leap-forward upgrade, enhancing the efficiency of security knowledge output [2] - A comprehensive AI-driven digital transformation system has been established, improving internal applications and operational support [2] Group 4: Market Outlook - The cybersecurity industry is experiencing short-term pressure due to seasonal revenue characteristics and external macroeconomic factors [3] - The company is building a second growth curve through "cloud computing + intelligent computing" and collaborating with Huawei for new infrastructure initiatives [3] - Increased industry demand is anticipated due to accelerated technological innovation, expanding new scenario requirements, and deepening policy compliance [3]