2016年以来，中国工业安全领域在法规与技术双重驱动下实现了快速发展。一方面，《网络安全法》与等保2.0将工控安全纳入强制合规，这加速了产品部 署;另一方面，工业互联网与智能制造的融合扩大了攻击面，促使防护理念从单点式迈向系统化的纵深防御。这两大趋势共同推动了行业的全面成长。 而受益于这一产业趋势，且已发展成为行业龙头的天地和兴已开始冲击资本市场。智通财经APP观察到，1月30日，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（601066）国际、东方证券国际为其联席保荐人。 据弗若斯特沙利文报告显示，若按市场份额计，天地和兴于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约为8.4%。 而从业绩来看，尽管天地和兴在2023年至2024年实现了营收从4.74亿元至7.27亿元的显著增长，但其盈利指标并未同步改善，同期经调整净利润反而从 7023.5万元降至5540.3万元，呈现出了"增收不增利"的窘境。至2025年前三季度，天地和兴的收入为4.39亿元，同比增长22.19%，经调整净利润扭亏为盈录 得41 ...

Core Viewpoint - The rapid development of China's industrial safety sector since 2016 is driven by regulatory and technological advancements, with the company Tian Di He Xing emerging as a market leader and preparing for an IPO [1] Group 1: Industry Trends - The implementation of the Cybersecurity Law and the second version of the classification and grading system for cybersecurity has made industrial control security compliance mandatory, accelerating product deployment [1] - The integration of industrial internet and smart manufacturing has expanded the attack surface, prompting a shift from point-based protection to a systematic defense approach [1] Group 2: Company Overview - Tian Di He Xing submitted its IPO application to the Hong Kong Stock Exchange on January 30, with a projected market share of approximately 6.7% in China's industrial cybersecurity market by 2024, and about 8.4% in the energy sector [1] - The company has experienced significant revenue growth from 474 million RMB in 2023 to 727 million RMB in 2024, but its adjusted net profit decreased from 70.2 million RMB to 55.4 million RMB during the same period, indicating a "growth without profit" situation [2] Group 3: Business Development - Established in 2007, the company initially focused on technology promotion and application services in the power industry, later transitioning to a professional security product provider as industrial cybersecurity risks became more apparent [2][3] - A pivotal moment occurred in 2014 when the company undertook a national pilot project for industrial control security, launching its first generation of security products and marking its entry into the industrial cybersecurity sector [3] Group 4: Market Position and Client Base - The company has provided solutions for over 6,000 projects across key industries, with more than 50% of its clients being state-owned enterprises, indicating a strong reliance on government contracts [4] - Revenue from state-owned or state-controlled enterprises has increased significantly, reaching 80.8% by the third quarter of 2025 [4] Group 5: Mergers and Acquisitions - Starting in 2024, the company entered a new phase of growth through strategic acquisitions, including Beijing Bico Measurement and Haibo Electric, expanding its service offerings to energy digitalization and backup power solutions [6] - The company has completed six rounds of financing before its IPO, establishing a robust shareholder structure with significant state-owned enterprise involvement [6] Group 6: Financial Performance and Challenges - Despite revenue growth, the company faced a decline in gross margin from 60.9% in 2023 to 50.4% in 2024, primarily due to high costs associated with new large enterprise projects and lower margins from new business lines [9] - The company has experienced continuous cash outflows from operating activities, with trade receivables rising significantly, indicating potential liquidity challenges [10][11] - The increasing concentration of revenue from a few major clients poses risks to the company's bargaining power and may lead to performance volatility [12] Group 7: Future Outlook - The company's ability to successfully integrate acquired assets and realize their growth potential will be a key determinant of its valuation post-IPO [13]

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].

天地和兴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。根据弗若斯特沙利文的资料，按市场份额计，天地和兴于2024年位居中国工业 网络安全市场第一位。 凭借其行业特定技术与监管知识，天地和兴提供定制化解决方案，满足各行各业企业用户的多样化且不断变化的需求，保护企业用户在整个工业生产过程中 的信息技术及运营技术资产（包括网络、系统、数据、应用及设备）免受攻击，并有效防御网络攻击、破坏和未经授权的访问等安全威胁。天地和兴采用 AI驱动技术以提升企业用户在不同工业场景下的安全防护能力。除提供全面的工业网络安全解决方案外，天地和兴还为能源领域的企业用户提供数智化解 决方案，具备实时状态感知、风险早期预警和流程优化等核心能力。 业绩方面，截至2025年9月30日止9个月，天地和兴录得收益约4.39亿元人民币(单位下同)，同比增长约22.2%；净亏损约9467.2万元，同比收窄约7.9%；经调 整净利润(非国际财务报告准则计量指标)约415.3万元，上年同期则录得亏损约3453.6万元。 財華社 FINE 0 03 - F 1月30日，天地和兴向港交所递交了招股书，计划在主板挂牌上市；由中信建投国际和东方证券 ...