10月9日，工业和信息化部、国家标准化管理委员会印发《云计算综合标准化体系建设指南（2025 版）》，通过强化云计算标准化工作顶层设计，加强全产业链标准化工作协同，为推动我国云计算产业 高质量发展提供坚实的技术支撑。 全面赋能实体经济高质量发展。着力完善云计算应用标准体系，通过标准规范技术应用场景、优化业务 流程、保障数据安全，有效破除行业发展障碍，助力培育人工智能即服务、智能体即服务等新业态新模 式，充分激活产业数字化转型潜能，为实体经济提质增效注入强劲动力。 中国信息通信研究院报告显示，2024年，中国云计算市场规模达8288亿元，同比增长高达34.4%。预计 到2030年，规模有望突破3万亿元大关。工信部有关负责人表示，下一步将加强统筹协调，汇聚产学研 用及产业链力量，共建先进适用标准体系；引导企业在全环节对标达标；加快国际标准转化，携手全球 企业共建国际标准。 （文章来源：证券时报） 《指南》明确，到2027年，新制定云计算国家标准和行业标准30项以上，不断健全云计算产业标准体 系。开展标准宣贯和实施推广的企业超过1000家，以标准赋能企业数字化转型升级的成效更加凸显。加 快云计算领域国际标准供给，促 ...

Core Viewpoint - Tianrongxin (002212.SZ) is actively expanding its offerings in the intelligent computing sector, focusing on the development and deployment of integrated computing machines and cloud platforms to meet the growing domestic demand for intelligent cloud solutions [1] Group 1: Product Development - In February 2025, the company plans to launch its integrated intelligent computing machine, having already released the intelligent computing cloud platform and 17 models of integrated machines catering to various performance needs [1] - The integrated machines are designed to provide full-stack cloud capabilities for clients in government, finance, and telecommunications sectors [1] Group 2: Market Application - Tianrongxin's intelligent computing cloud has been successfully implemented in various fields, including government services, education, and healthcare, with current business opportunities nearing 100 million [1] Group 3: Strategic Partnerships - Recently, the company partnered with Huawei to launch a new model of integrated intelligent computing machine based on the Kunpeng and Ascend architecture, addressing the domestic demand for intelligent cloud construction [1] - The revenue from this collaboration is currently at a million-level, representing a small proportion of the overall revenue [1]

Group 1 - The core viewpoint of the article highlights the risks associated with AI servers being vulnerable to cyber attacks, emphasizing the need for a robust cybersecurity defense system [2] - The company has made investments and established a presence in the AI + security and intelligent computing cloud sectors, aiming to support the intelligent transformation of various industries [2] - In the AI + security domain, the company has launched innovative products and services such as AI version firewalls, large model security gateways, large model security assessments, and network data leakage prevention [2] Group 2 - In the intelligent computing cloud sector, the company has introduced products like the intelligent computing cloud platform and integrated intelligent computing machines, achieving a deep integration of "security + computing power" [2] - The intelligent computing cloud products include capabilities for full lifecycle management of intelligent agents, panoramic views of container assets, image vulnerability scanning, model service API control, and sensitive word detection [2] - These offerings are designed to meet the needs of intelligent computing centers, private deployment and training inference of large models, and security protection for large models [2]

Summary of Hui Chen Co., Ltd. Conference Call Company Overview - Hui Chen Co., Ltd. has been operational since 2008, focusing on data, algorithms, and computing power across various sectors including telecommunications, ICT, consumer goods, healthcare, finance, and tobacco [2][3][4] Key Points Industry and Business Model - The company has invested approximately 3 billion yuan in data acquisition since 2011, establishing long-term partnerships with over 2,000 clients [2][3] - The AI business is supported by a robust data foundation, with a focus on model training initiated in Q4 2022 and product launches in June 2023 [2][3] - AI orders are particularly strong in the fast-moving consumer goods (FMCG) sector, where the company has successfully implemented AI Agent solutions to help clients reduce costs and increase revenue [2][3][4] Financial Performance - Current gross margin is around 70%, with net margins between 30% and 40% [4][15] - Major client orders typically exceed 10 million yuan, with an average order size of approximately 4 to 5 million yuan [4][16] - The company anticipates that data procurement costs will exceed 60% of revenue over the next three years, which will help offset AI business costs and improve overall profitability [4][29] AI Business Delivery and Revenue Model - AI services are delivered through an AI Agent matrix, with revenue generated from software and data fees [9][12] - Data usage fees are charged annually, with the second year’s data revenue expected to account for 30%-40% of total income [12][9] - The company emphasizes private deployment for major clients, ensuring data security and efficient delivery through standardized modules [13][8] Market Position and Competition - The FMCG sector is competitive, with the company leveraging its extensive data and operational understanding to maintain an edge over software-focused competitors [25][26] - The entry of large tech firms like BAT poses a challenge, but the company differentiates itself through its expertise in model tuning and client conversion rates [27][28] Future Outlook - The company plans to expand its market presence beyond FMCG into sectors like healthcare and tobacco, where it already has data and client resources [31][32] - New platforms, such as the Smart Computing Cloud and a national-level computing node management platform, have been launched to enhance service offerings [20] Data Governance and Management - Data governance is not a primary focus, but the company utilizes its data and AI platforms for essential data annotation tasks, particularly in the FMCG sector [8][14] - The company collaborates with clients on data governance, ensuring high data quality for effective AI deployment [22] Strategic Goals - The company has set equity incentive targets and believes it can meet its goals in line with industry growth rates [7] - Future gross margins are expected to improve as AI demand and delivery volumes increase, with plans to reflect data asset values more accurately in financial statements [24] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial health, and market positioning within the AI and data sectors.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company reported a slight decline in revenue but significantly reduced its losses, with a 68.56% year-on-year decrease in net profit loss for the first half of 2025 [1]. - The company is focusing on enhancing revenue quality and operational efficiency, leading to a 4.1 percentage point increase in gross margin and a 14.04% reduction in total sales, R&D, and management expenses [1]. - The company's intelligent computing cloud business is growing, contributing 12.40% to total revenue, with a 3.00% year-on-year increase [2]. - Key industries such as finance, telecommunications, energy, and transportation have shown significant growth, with transportation growing by 60.78% year-on-year [3]. - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China, with substantial growth potential in the future [4]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 826 million yuan, a 5.38% decrease year-on-year, while net profit loss was 64.7 million yuan, a 68.56% reduction in loss compared to the previous year [1]. - The company adjusted its revenue forecasts for 2025-2027 to 2.902 billion, 3.111 billion, and 3.314 billion yuan, respectively, with net profit forecasts of 161 million, 224 million, and 304 million yuan [4][7]. - The earnings per share (EPS) are projected to be 0.14, 0.19, and 0.26 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 81.98, 58.79, and 43.40 [4][7].

Core Viewpoint - Tianrongxin reported a net profit attributable to shareholders of -0.64 billion yuan in the first half of the year, but achieved a net profit of 0.04 billion yuan in Q2, indicating a turnaround to profitability in Q2 2025 [1] Group 1: Financial Performance - The company achieved a net profit of 0.04 billion yuan in Q2 2025, marking a significant improvement from the previous period [1] - The net profit attributable to shareholders for the first half of the year was -0.64 billion yuan, highlighting the challenges faced earlier in the year [1] Group 2: Strategic Initiatives - The company is actively promoting quality improvement and efficiency enhancement, which contributed to its turnaround in Q2 2025 [1] - Tianrongxin launched various differentiated solutions, including large model system security protection, integrated security for vehicle-road-cloud, and AI+ industrial network security, driving rapid growth in financial, telecommunications, and energy sectors [1] Group 3: Product Development - In the area of intelligent computing cloud, the company released new versions of its intelligent computing cloud platform, integrated computing machine, and computing power servers, establishing a comprehensive stack of intelligent computing infrastructure [1] - The new infrastructure aims to fully meet the demands of AI training, inference, and big data analysis [1] Group 4: Future Outlook - The company is expected to continue its focus on quality improvement while exploring new avenues such as AI+ security, intelligent computing cloud, and trusted data space [1] - The research report maintains a "recommended" rating for the company, reflecting positive expectations for its future performance [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [5][11]. Core Viewpoints - The company achieved profitability in Q2 2025, driven by improvements in quality and efficiency, alongside a focus on AI+ security, intelligent computing cloud, and trusted data space as new growth areas [3][4]. - The company reported a revenue of 826 million yuan in the first half of 2025, a year-on-year decrease of 5.38%, with a net profit attributable to shareholders of -64 million yuan [1][2]. - In Q2 2025, the company generated revenue of 491 million yuan, reflecting a year-on-year growth of 8.72%, and achieved a net profit of 4 million yuan, marking a return to profitability [1][2]. Revenue and Profit Forecast - Revenue projections for the company are as follows: 3.072 billion yuan in 2025, 3.380 billion yuan in 2026, and 3.758 billion yuan in 2027, with corresponding net profits of 144 million yuan, 240 million yuan, and 336 million yuan respectively [4][8]. - The expected growth rates for revenue are 8.9% in 2025, 10.0% in 2026, and 11.2% in 2027, while net profit growth rates are projected at 73.2%, 66.7%, and 40.4% for the same years [4][8]. Business Segments - The company has developed a comprehensive product matrix covering network security, data security, cloud security, and intelligent computing cloud, integrating AI technology into its security practices [2][3]. - The network security segment generated revenue of 719 million yuan in the first half of 2025, a decline of 6.41% year-on-year, while the intelligent computing cloud segment achieved revenue of 102 million yuan, a growth of 3% [2][3]. - The company is enhancing its capabilities in trusted data space, focusing on secure data circulation and value creation, particularly in critical infrastructure sectors such as telecommunications and energy [3].

Group 1 - The company has adjusted its net profit forecasts for 2025-2026 to 187 million and 257 million yuan, down from previous estimates of 351 million and 462 million yuan, with a new forecast for 2027 at 301 million yuan [1] - The current stock price corresponds to a PE ratio of 64.0, 46.6, and 39.8 for 2025-2027, reflecting the company's strategic positioning in cloud security, AI, and data security [1] - In Q2, the company achieved a revenue of 491 million yuan, a year-on-year increase of 8.72%, and turned a profit with a net profit of 3.6953 million yuan, marking a significant recovery from previous losses [2] Group 2 - The company is focusing on enhancing its cybersecurity and intelligent computing cloud business by integrating AI technologies, which improves threat detection accuracy and reduces false alarm rates [3] - The introduction of innovative products such as AI security gateways and intelligent computing platforms aims to capture new market opportunities and create a second growth curve [3] - The company reported a 4.1 percentage point increase in gross margin due to ongoing quality improvement strategies, while total expenses for sales, R&D, and management decreased by 14.04% year-on-year [2]

Core Viewpoint - Tianrongxin announced its financial performance related to its intelligent computing cloud products, indicating a steady growth in revenue over the past three years [1] Financial Performance Summary - In the first half of 2023, the revenue from intelligent computing cloud products was 73.23 million yuan, accounting for 7.29% of total revenue, with a year-on-year increase of 3.00% [1] - In the first half of 2024, the revenue reached 99.44 million yuan, representing 11.39% of total revenue, showing a significant year-on-year increase of 35.80% [1] - For the first half of 2025, the revenue is projected to be 102 million yuan, which will account for 12.40% of total revenue, indicating a continued growth trend [1]

Group 1 - Tianrongxin's stock closed at 10.15 yuan on August 22, with a limit-up increase of 9.97% and a total net inflow of 1.61 billion yuan from main funds, accounting for 15.95% of total trading volume [1][2] - The stock's limit-up was driven by several factors, including the commercialization of the Intelligent Computing Cloud platform and the Tianwen large model, which improved sales and gross margins [1] - The company made breakthroughs in digital currency security construction, participating in multiple cross-border payment and digital currency infrastructure projects for financial clients [1] Group 2 - Tianrongxin's product line covers 294 models and has obtained over 3,100 compatibility certifications, with large-scale applications in nearly 30 industries, including government and finance [1] - The AI security strategy has been upgraded, with the Tianwen large model completing dual record-filing with the Cyberspace Administration and establishing a systematic protection plan [1] - The company's net loss for the first half of 2025 narrowed by 68.56% year-on-year, indicating significant improvement in operational efficiency [1] Group 3 - In the past five days, the stock has seen fluctuations in fund flows, with main funds showing a net inflow on August 22, while retail investors experienced a net outflow of 60.81 million yuan [2] - The stock is categorized under domestic chips, DeepSeek concept stocks, and tax reform concept stocks, with respective increases of 3.75%, 3.69%, and 2.97% on the same day [4]