每经AI快讯，有投资者在投资者互动平台提问：请问公司的智算一体机产品是否有针对商业航天算力 应用场景（如星载算力部署、在轨数据实时处理、低轨算力星座搭建等）的布局计划？ 天融信（002212.SZ）1月8日在投资者互动平台表示，公司在商业航天网安、卫星互联网安全等相关领 域已有技术储备和布局，目前公司已推出智算云平台、智算一体机等系列产品，可为客户提供高性能、 安全可靠的一体化智算基础设施建设方案。 （记者 王晓波） ...

瑞财经 吴文婷近日，上海燧原科技股份有限公司(以下简称 "燧原科技") 披露IPO辅导工作完成报告。 当前，辅导对象对本次募集资金投资计划已进行了充分的研究，确定了本次首次公开发行股票并上市募 集资金投资项目的具体用途和规模。 公开资料显示，燧原科技成立于2018年3月，与摩尔线程、沐曦股份、壁仞科技合称为"国产GPU四小 龙"。 据了解，燧原科技于2025年11月1日启动IPO，辅导机构为中信证券股份有限公司。 辅导报告中指出，辅导期开始时，公司募集资金投资项目的投向方案尚未最终确定。辅导小组结合行业 发展情况及未来发展，督促公司积极推进募投项目的各项工作，包括可行性报告论证工作、各项审批流 程办理等，确保募集资金投资项目顺利开展，能够符合公司未来发展需求。 燧原科技专注于人工智能云端算力产品，包括芯片、板卡、智算一体机、液冷算力集群以及配套的软件 系统，为多个行业提供算力支撑。 ...

证券日报网讯12月29日，天融信（002212）在互动平台回答投资者提问时表示，公司智算云平台、智算 一体机等系列产品已在政务、教育、医疗卫生、科研等领域落地应用，公司持续推进更多的行业市场覆 盖。 ...

证券日报网讯12月23日，天融信（002212）在互动平台回答投资者提问时表示，智算云作为公司战略发 展方向，市场空间很大，未来将成为公司业绩增长新引擎。公司自2019年正式推出云计算产品，云计算 业务收入一直保持高速增长，五年复合增长率44.76%，2024年云计算业务占总收入9.06%。2025年2月 公司推出智算一体机，云计算业务升级为智算云，目前已发布智算云平台和覆盖高、中、低训推性能需 求的17款一体机，为政府、金融、运营商、能源、教育、医疗卫生等客户提供从通用算力到智能算力的 全栈云能力，为其业务快速智能化提供平台支撑。目前天融信智算云已在政务、教育、医疗卫生、科研 等领域落地应用。公司2018年开始在量子计算领域进行投入和布局，投资安徽问天量子并与其达成战略 合作。2025年，公司与信通量子达成了战略合作，共同推动"量子+安全"技术创新应用。未来，公司将 持续开展"量子+安全"深度融合，推动量子通信、量子计算等相关场景的落地应用。公司近年来坚持高 质量发展和高质量收入，毛利率持续提升。 ...

Core Viewpoint - Annie Co., Ltd. has signed a share transfer agreement with Beijing Shengshi Tianan Technology Co., Ltd., resulting in Shengshi Tianan becoming the controlling shareholder with a 15.92% voting power in the company [1][6]. Group 1: Share Transfer Details - The share transfer involves Lin Xuxi and Zhang Jie transferring a total of 15.92% of their shares to Shengshi Tianan at a price of 8.361 yuan per share, totaling 772 million yuan (including tax) [1][7]. - After the transfer, the actual controllers of Annie Co. will change from Lin Xuxi and Zhang Jie to Li Ning and Wang Lei [1][6]. Group 2: Company Profiles - Annie Co. specializes in anti-counterfeiting traceability system solutions, copyright services, and business information paper [2][7]. - Shengshi Tianan focuses on integrated solutions for "industry intelligence computing and embodied intelligent applications," providing high-performance computing infrastructure and software development for key sectors like government, healthcare, and education [2][8]. Group 3: Financial Performance and Future Outlook - Shengshi Tianan's revenue for January to November 2025 reached 918 million yuan, with a net profit of 71 million yuan, showing significant growth compared to 284 million yuan in revenue for 2024 [4][10]. - The share transfer is seen as a strategic move by Shengshi Tianan, which recognizes the intrinsic value of Annie Co. and aims to enhance its management and resource allocation for better profitability [3][8]. Group 4: Ownership and Management - Li Ning and Wang Lei collectively control 98.32% of the voting rights in Shengshi Tianan, with Li Ning serving as the general manager responsible for the company's overall development [5][10].

Core Viewpoint - The company is actively focusing on the "Aerospace Computing Power" sector, with existing technological reserves in satellite internet security and various network security solutions implemented domestically and in countries along the "Belt and Road" initiative [1] Group 1: Satellite Internet Security - The company has developed a satellite application service platform and satellite remote sensing system as part of its network security solutions [1] - These solutions have been successfully implemented in multiple countries along the "Belt and Road" [1] Group 2: Intelligent Computing Cloud - The company is investing in and establishing a presence in the intelligent computing cloud sector [1] - It has launched a series of products including the intelligent computing cloud platform and integrated computing machine [1] - These offerings provide customers with high-performance and secure integrated infrastructure solutions for intelligent computing [1]

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents [1]. 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%. The net profit attributable to the parent company was -235 million yuan, down 39.10% year-on-year [2]. - The gross margin remained stable at 63.62% year-on-year, despite the revenue decline due to project delays [3]. - The company is advancing its "Safety + Intelligent Computing" strategy, with a focus on enhancing efficiency and quality [3]. - The intelligent computing cloud platform has been fully adapted to the DeepSeek-V3.2-Exp model, facilitating the application of large models [3]. - The company showcased its integrated security solutions at the Huawei HarmonyOS conference, enhancing its digital security capabilities [3]. - The intelligent computing cloud business has seen applications across various industries, with over 40 industry scenarios currently being tested [3]. - Earnings per share (EPS) are projected to be 0.12, 0.16, and 0.21 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 83.78, 62.92, and 49.22 [3]. Financial Summary - Total revenue for 2023 is projected at 3.124 billion yuan, with a year-on-year growth rate of -11.8%. The net profit attributable to the parent company is expected to be -371 million yuan [4]. - The gross margin is forecasted to improve slightly from 60.2% in 2023 to 62.2% in 2027 [4]. - The return on equity (ROE) is expected to turn positive by 2024, reaching 0.9% and increasing to 2.6% by 2027 [4]. - The company anticipates a gradual recovery in revenue, with projections of 2.954 billion yuan in 2025 and 3.433 billion yuan in 2027 [4].

Core Viewpoint - Shenzhen Zhishang Technology Co., Ltd. plans to acquire 99.8555% equity of Shenzhen Hengyang Data Co., Ltd. The independent financial advisor, Wukuang Securities, has provided a special review opinion addressing key issues related to the target asset's operations and financial status, indicating high reliance on major client Alibaba and a significant decline in gross margin for smart computing products, although the company asserts that the collaboration is sustainable and does not pose significant adverse effects on ongoing operations [1][2]. Group 1: Business Model and Revenue - Hengyang Data focuses on the R&D and sales of smart computing and data processing products, with core products including AI computing clusters and integrated intelligent computing machines. The business model is centered on R&D design, with production mainly outsourced to external manufacturers. Revenue for the years 2023, 2024, and Q1 2025 is projected at 215 million, 455 million, and 178 million respectively, with smart computing product revenue increasing from 32.83% to 91.48% of total revenue [2][4]. - The growth of Hengyang Data's business is heavily dependent on orders from Alibaba and its designated manufacturer, Xinhua San. Sales to Xinhua San amounted to 101 million and 56 million in the last year and the first quarter of 2025, accounting for 33.97% and 30.68% of total revenue [2][4]. Group 2: Financial Performance - Hengyang Data's revenue shows significant volatility, with smart computing product revenue reaching 264 million in 2024, a 271.83% increase from 2023, but dropping to 163 million in Q1 2025. The company attributes this fluctuation to product delivery cycles and customer procurement rhythms [4][6]. - The concentration of customers is notable, with sales to Alibaba increasing from 26.84% in 2023 to 79.81% in Q1 2025. Despite the high dependency on a major client, Wukuang Securities notes that Alibaba, as a leading player in the domestic cloud computing market, plans to invest 380 billion in AI infrastructure over the next three years, suggesting a sustainable partnership for Hengyang Data [4][6]. Group 3: Gross Margin Trends - The gross margin for sales to Alibaba has been declining, with figures of 55.39%, 28.38%, and 9.91% over the reporting periods. This decline is attributed to price adjustments following the transition to large-scale delivery and market competition, aligning with the industry norm of "high initial, stable later" gross margins for customized products [3][4]. - Overall gross margin for Hengyang Data's smart computing business has also decreased from 55.48% to 12.65% during the reporting period. The company anticipates that the launch of new products like NSA.A5 and Beidou Seven Stars 2.0 will alleviate these adverse factors by 2026 [4][6]. Group 4: Production and Supply Chain - Hengyang Data employs a "R&D + sales" business model, outsourcing low-value-added production processes to external manufacturers. The top two suppliers, NationGate and Zhuhai Yibo Technology, accounted for 85.68%, 98.61%, and 98.39% of procurement in the reporting periods [5][6]. - The company maintains that its pricing with suppliers is based on competitive bidding and that it will continue to focus on R&D while outsourcing production. As of March 2025, the company's inventory value stands at 172 million, primarily related to a data application solution project for a major client, which is expected to be delivered within 2025 [5][6].

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for the High-Quality Development of the Intelligent Terminal Industry in Shanghai (2026-2027)", aiming for the overall scale of the intelligent terminal industry to exceed 300 billion yuan by 2027 [5]. Group 1: Industry Development Goals - By 2027, the plan aims to cultivate over three globally influential consumer terminal brands, focusing on artificial intelligence computers, smartphones, and smart glasses [6]. - The plan sets a target of achieving a scale of over 10 million units for artificial intelligence computers, smartphones, and new intelligent terminals [7]. Group 2: Product Focus - The plan emphasizes the development of intelligent glasses, integrated computing machines, and robots, while also promoting the establishment of a cluster for intelligent server terminals [7]. - It highlights the need for the industrialization of core components such as autonomous GPUs and interconnection modules [7]. Group 3: Technological Advancements - The plan aims to accelerate research and development of next-generation mobile communication, quantum computing, and photonic computing technologies [7]. - It promotes collaborative innovation between hardware and software, focusing on optimizing chip architecture and model structures [7]. Group 4: Market Insights - Guotai Junan Securities suggests that large models and generative AI are rapidly transitioning from cloud to consumer terminals, with major companies racing to build integrated AI ecosystems [8]. - Tianfeng Securities anticipates a significant year for edge AI in 2026, highlighting supply chain opportunities and the importance of leading consumer electronics companies in computational breakthroughs [9].

Core Insights - The company Tianrongxin (002212) has integrated its products with the DeepSeek model series, significantly enhancing the competitiveness of its "AI + security" offerings [1] - The company plans to launch products such as the intelligent computing integrated machine and the Tianwen large model, which are compatible with the DeepSeek model by February 2025 [1] - By September 2025, the company's intelligent computing cloud platform will be fully compatible with the latest DeepSeek-V3.2-Exp model version [1]