<p>该公司已申请在香港上市，为投资者进入中国复杂的工业网络安全领域提供了机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/10091043/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-2-2026_113244_thebambooworks.com_-1024x680.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/10091043/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-2-2026_113244_thebambooworks.com_-1024x680.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<p><strong>关键要点：</strong></p>
<ul>
<li>天地合兴已申请在香港上市，报告去年前三季度收入增长 20%，但仍持续亏损</li>
<li>该工业网络安全公司的股东包括领先的矿业公司紫金矿业和金融医疗集团复星</li>
</ul>
<p>没有人希望自己的系统被黑客攻击，尽管此类攻击正日益成为一种威胁，窃取公司的个人数据，甚至瘫痪企业计算机系统和整个市场。但 <strong>北京天地合兴科技有限公司</strong> 在这一领域找到了舒适的位置，作为工业网络安全的专家。现在，该公司正将其打击犯罪的专业知识带入资本市场，上周提交了 <strong>香港 IPO 申请</strong>。</p>
<p>天地合兴成立于 2007 年 8 月，由现任董事长王晓东创立，他在电力自动化和电信领域拥有 20 年的网络安全专业知识，这两个领域的安全性尤为重要。该公司的投资者来自多个背景，包括领先的黄金和铜生产商紫金矿业以及金融医疗集团复星。与许多中国私营企业一样，王晓东是天地合兴的最大股东，在上市前持有近 22% 的股份。</p>
<p>随着黑客造成的重大安全事件在全球多个工业领域日益普遍，该公司的服务需求最近不断增长。其中一些事件包括对美国核电站的蠕虫攻击和对另一家美国核设施的网络攻击，仅举几例。这些事件暴露了公司工业系统的脆弱性，使政府担心对这些关键基础设施的攻击可能危及国家安全。这对一群新兴的安全专家来说是一个好机会，他们的工作是保护公司并在攻击发生之前修复其脆弱性。</p>
<p>工业网络安全是指应用系统风险管理方法、技术控制措施和分层防御策略来抵御网络攻击。其核心目标是防止对公司或组织的信息技术（IT）和操作技术（OT）资产的威胁和网络攻击，包括其网络、系统、数据、应用程序和设备。</p>
<p>工业网络安全公司帮助保护的工业控制系统通常构成关键基础设施的核心，例如能源和电力网。因此，许多国家已将此类系统纳入其国家战略安全框架。</p>
<p>对工业网络安全需求的高度关注正在推动市场增长，导致快速发展。根据第三方研究，天地合兴的上市文件显示，中国此类服务市场从 2020 年的 41 亿元（约合 5.9 亿美元）在 2024 年翻了一番，年均增长率为 24.2%。预计对阻止日益复杂的黑客攻击的服务需求将使中国市场持续活跃，预计到 2029 年将达到 294 亿元，相当于 2024 年至 2029 年增长 25%。</p>
<h4><strong>碎片化市场的领导者</strong></h4>
<p>天地合兴在 2024 年成为中国最大的工业网络安全企业，占据 6.7% 的市场份额。但这一相对较小的份额凸显出目前没有公司在中国的碎片化市场中占据主导地位。虽然天地合兴是当前的领导者，但其市场份额仅比第二和第三名略高，分别占 6.6% 和 6.2%。</p>
<p>根据其上市文件，天地合兴在去年前三季度的收入同比增长 22.2%，达到 4.39 亿元。公司将这一增长归因于产品线的扩展，包括覆盖更多行业。</p>
<p>公司的主要收入来源包括提供综合解决方案服务、硬件和软件销售以及提供技术服务。综合解决方案服务是公司最大的收入来源，在去年前三季度占其收入的 58.3%。该部门的毛利率达到 72.3%。其毛利总额为 1.85 亿元，占公司总毛利 2.13 亿元的 86.7%——远高于其收入贡献。</p>
<p>尽管毛利率高且收入增长健康，但天地合兴在其上市文件所涵盖的期间内未能实现盈利。公司在 2025 年前三季度亏损 9467 万元，尽管这标志着同比收窄 7.9%。持续的大额亏损部分是由于支出增加，包括去年前三季度行政支出激增 57%。</p>
<p>虽然其行业在网络安全服务需求增长的情况下有望蓬勃发展，但同样重要的是要注意，天地合兴的业务在收入确认方面有些季节性。每年的第四季度通常占其收入的大部分，因为客户通常在年内计划和购买服务，并在最后几个月结算账单。</p>
<h4><strong>备用能源存储收购</strong></h4>
<p>未来扩展的一个潜在来源在于公司新收购的子公司 <strong>烟台海博电气设备</strong>，该公司专注于备份能源存储解决方案，包括电力自动化设备、完整的电源系统和高容量锂电池组。烟台海博利用电池管理系统（BMS）技术，改善电池包装结构，为数据中心、海洋船舶和矿业等专业场景开发解决方案。</p>
<p>随着对 AI 支持的应用程序需求不断增长，电力消耗巨大的数据中心数量也在增加，保护这些设施免受外部威胁将变得越来越重要，为天迪合兴的业务提供了新的增长机会。</p>
<p>公司进军香港资本市场将为投资者提供一个重要的新选择，而该行业目前的选择相对稀缺。少数上市公司包括在深圳上市的 <strong>文思海辉</strong>（002439.SZ），预计在 2024 年亏损后，去年将实现盈利。预计其利润将进一步增长，从 2025 年预测的 5000 万元人民币增长到今年的 1.6 亿元人民币，增幅超过三倍。但即便如此，其预计 2026 年的市盈率（P/E）仍超过 100 倍，表明该公司的估值相当高。</p>
<p>尽管目前对新香港上市公司，尤其是科技股的热情高涨，但如果天迪合兴试图以类似的高估值进行交易首秀，可能会面临获得大幅涨幅的困难。毕竟，该行业的竞争依然激烈，公司尚未展示出持续盈利的路径。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

复星医药

<p>中国的工业网络安全公司天迪恒兴已提交香港 IPO 申请，报告显示收入增长 20%，但仍持续亏损。该公司成立于 2007 年，得到了紫金矿业和复星等主要投资者的支持。由于网络攻击的增加，工业网络安全的需求正在上升，市场预计将显著增长。天迪恒兴在这个分散的市场中占据 6.7% 的份额，但仍面临挑战，包括在 2025 年前九个月亏损 9467 万元，尽管其毛利率较高</p>

<p><em>The company has filed for a Hong Kong IPO, providing an entry for investors into China's complex realm of industrial cybersecurity</em></p>
<div class="lb-trans"><p>该公司已申请在香港上市，为投资者进入中国复杂的工业网络安全领域提供了机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/10091043/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-2-2026_113244_thebambooworks.com_-1024x680.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/10091043/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_10-2-2026_113244_thebambooworks.com_-1024x680.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><p><strong>Key Takeaways:</strong></p>
<div class="lb-trans"><p><strong>关键要点：</strong></p>
</div><ul>
<li>Tiandi Hexing has applied to list in Hong Kong, reporting 20% revenue growth and continued losses in the first nine months of last year</li>
<li>The industrial cybersecurity firm's shareholders include leading miner Zijin and financial and medical conglomerate Fosun</li>
</ul>
<div class="lb-trans"><ul>
<li>天地合兴已申请在香港上市，报告去年前三季度收入增长 20%，但仍持续亏损</li>
<li>该工业网络安全公司的股东包括领先的矿业公司紫金矿业和金融医疗集团复星</li>
</ul>
</div><p>Nobody wants to have their systems hacked, even as such attacks pose a growing menace by robbing companies of personal data and even crippling corporate computer systems and entire markets. But <strong>Beijing Tiandi Hexing</strong> <strong>Technology Co. Ltd.</strong> has found a comfortable place in just that space, positioned as an expert on industrial cybersecurity. Now, the company is taking its crime-busting expertise to the capital markets, with <strong>its submission</strong> for a Hong Kong IPO last week.</p>
<div class="lb-trans"><p>没有人希望自己的系统被黑客攻击，尽管此类攻击正日益成为一种威胁，窃取公司的个人数据，甚至瘫痪企业计算机系统和整个市场。但 <strong>北京天地合兴科技有限公司</strong> 在这一领域找到了舒适的位置，作为工业网络安全的专家。现在，该公司正将其打击犯罪的专业知识带入资本市场，上周提交了 <strong>香港 IPO 申请</strong>。</p>
</div><p>Tiandi Hexing was established in August 2007 by current Chairman Wang Xiaodong, whose cybersecurity expertise comes through two decades of work in power automation and telecommunications – two areas where security is of particular importance. The company's backers over several funding rounds come from a variety of backgrounds, including leading gold and copper producer Zijin Miningand financial and medical conglomerate Fosun. As is often the case with private Chinese companies, Wang Xiaodong is Tiandi Hexing's largest shareholder, with nearly 22% of its stock before the listing.</p>
<div class="lb-trans"><p>天地合兴成立于 2007 年 8 月，由现任董事长王晓东创立，他在电力自动化和电信领域拥有 20 年的网络安全专业知识，这两个领域的安全性尤为重要。该公司的投资者来自多个背景，包括领先的黄金和铜生产商紫金矿业以及金融医疗集团复星。与许多中国私营企业一样，王晓东是天地合兴的最大股东，在上市前持有近 22% 的股份。</p>
</div><p>The company's services are in growing demand lately, as major security incidents caused by hackers have become increasingly common across a range of industrial sectors worldwide. Some of those include a recent worm attack on a U.S. nuclear power plant and a cyberattack on another U.S. nuclear facility, just to name a few. Such incidents expose vulnerabilities in companies' industrial systems, worrying governments that fear attacks on such critical infrastructure could endanger national security. That's been a boon for a rising group of security specialists whose job is to protect companies and fix their vulnerabilities before attacks occur.</p>
<div class="lb-trans"><p>随着黑客造成的重大安全事件在全球多个工业领域日益普遍，该公司的服务需求最近不断增长。其中一些事件包括对美国核电站的蠕虫攻击和对另一家美国核设施的网络攻击，仅举几例。这些事件暴露了公司工业系统的脆弱性，使政府担心对这些关键基础设施的攻击可能危及国家安全。这对一群新兴的安全专家来说是一个好机会，他们的工作是保护公司并在攻击发生之前修复其脆弱性。</p>
</div><p>Industrial cybersecurity refers to the application of systematic risk management methodologies, technical control measures, and layered defense strategies to combat cyberattacks. Its core objective is preventing threats and cyberattacks on a company's or organization's information technology (IT) and operational technology (OT) assets — including its networks, systems, data, applications and equipment.</p>
<div class="lb-trans"><p>工业网络安全是指应用系统风险管理方法、技术控制措施和分层防御策略来抵御网络攻击。其核心目标是防止对公司或组织的信息技术（IT）和操作技术（OT）资产的威胁和网络攻击，包括其网络、系统、数据、应用程序和设备。</p>
</div><p>Industrial control systems that industrial cybersecurity firms help to protect often form the core of critical infrastructure such as energy and power grids. For this reason, many countries have incorporated such systems into their national strategic security frameworks.</p>
<div class="lb-trans"><p>工业网络安全公司帮助保护的工业控制系统通常构成关键基础设施的核心，例如能源和电力网。因此，许多国家已将此类系统纳入其国家战略安全框架。</p>
</div><p>Big attention to the need for industrial cybersecurity is providing a boost to the market, leading to rapid growth. The China market for such services more than doubled from just 4.1 billion yuan ($590 million) in 2020 to 9.6 billion yuan by 2024, growing at an annual rate of 24.2%, according to third-party research in Tiandi Hexing's listing document. Growing demand for services to stop increasingly sophisticated hacker attacks is expected to keep the market in China humming, projected to reach 29.4 billion yuan by 2029, equivalent to 25% growth from 2024 to 2029.</p>
<div class="lb-trans"><p>对工业网络安全需求的高度关注正在推动市场增长，导致快速发展。根据第三方研究，天地合兴的上市文件显示，中国此类服务市场从 2020 年的 41 亿元（约合 5.9 亿美元）在 2024 年翻了一番，年均增长率为 24.2%。预计对阻止日益复杂的黑客攻击的服务需求将使中国市场持续活跃，预计到 2029 年将达到 294 亿元，相当于 2024 年至 2029 年增长 25%。</p>
</div><h4><strong>Leader in a fragmented market</strong></h4>
<div class="lb-trans"><h4><strong>碎片化市场的领导者</strong></h4>
</div><p>Tiandi Hexing was China's largest industrial cybersecurity enterprise in 2024, commanding 6.7% of the market. But that relatively small amount underscores that no company in China currently dominates the fragmented market. While Tiandi Hexing is the current leader, its share is only marginally higher than the second and third players, with 6.6% and 6.2% of the market.</p>
<div class="lb-trans"><p>天地合兴在 2024 年成为中国最大的工业网络安全企业，占据 6.7% 的市场份额。但这一相对较小的份额凸显出目前没有公司在中国的碎片化市场中占据主导地位。虽然天地合兴是当前的领导者，但其市场份额仅比第二和第三名略高，分别占 6.6% 和 6.2%。</p>
</div><p>According to its listing document, Tiandi Hexing's revenue rose by 22.2% year-on-year to 439 million yuan in the first nine months of last year. It attributed the gains to expansion of its product lines, including covering more industries.</p>
<div class="lb-trans"><p>根据其上市文件，天地合兴在去年前三季度的收入同比增长 22.2%，达到 4.39 亿元。公司将这一增长归因于产品线的扩展，包括覆盖更多行业。</p>
</div><p>The company's primary revenue streams come from providing integrated solution services, hardware and software sales, and providing technical services. Integrated solutions services was the company's biggest money-spinner, accounting for 58.3% of its revenue in the first nine months of last year. The segment achieved a gross profit margin of 72.3%. Its gross profit totaled 185 million yuan, or 86.7% of the company's total gross profit of 213 million yuan – far higher than its revenue contribution.</p>
<div class="lb-trans"><p>公司的主要收入来源包括提供综合解决方案服务、硬件和软件销售以及提供技术服务。综合解决方案服务是公司最大的收入来源，在去年前三季度占其收入的 58.3%。该部门的毛利率达到 72.3%。其毛利总额为 1.85 亿元，占公司总毛利 2.13 亿元的 86.7%——远高于其收入贡献。</p>
</div><p>Despite its high margins and healthy revenue growth, Tiandi Hexing failed to turn a profit during the period covered in its listing document. The company lost 94.67 million yuan in the first nine months of 2025, though that marked a 7.9% narrowing year-on-year. The ongoing big losses are partly the result of growing expenses, including a 57% surge in administrative spending in the first nine months of last year.</p>
<div class="lb-trans"><p>尽管毛利率高且收入增长健康，但天地合兴在其上市文件所涵盖的期间内未能实现盈利。公司在 2025 年前三季度亏损 9467 万元，尽管这标志着同比收窄 7.9%。持续的大额亏损部分是由于支出增加，包括去年前三季度行政支出激增 57%。</p>
</div><p>While its sector stands to thrive on growing demand for cybersecurity services, it's also important to note that Tiandi Hexin's business is somewhat seasonal in terms of revenue recognition. The fourth quarter every year typically accounts for the majority of its income, as clients typically plan and purchase services during the year and square up their bills in the final months.</p>
<div class="lb-trans"><p>虽然其行业在网络安全服务需求增长的情况下有望蓬勃发展，但同样重要的是要注意，天地合兴的业务在收入确认方面有些季节性。每年的第四季度通常占其收入的大部分，因为客户通常在年内计划和购买服务，并在最后几个月结算账单。</p>
</div><h4><strong>Backup energy storage acquisition</strong></h4>
<div class="lb-trans"><h4><strong>备用能源存储收购</strong></h4>
</div><p>One potential source for future expansion lies in the company's newly acquired subsidiary, <strong>Yantai Haibo Electrical Equipment,</strong> a specialist in backup energy storage power solutions, encompassing power automation equipment, complete power supply systems, and high-capacity lithium battery packs. Leveraging battery management system (BMS) technology, Yantai Haibo improves battery packaging structures to develop solutions for specialized scenarios such as data centers, marine vessels, and mining operations.</p>
<div class="lb-trans"><p>未来扩展的一个潜在来源在于公司新收购的子公司 <strong>烟台海博电气设备</strong>，该公司专注于备份能源存储解决方案，包括电力自动化设备、完整的电源系统和高容量锂电池组。烟台海博利用电池管理系统（BMS）技术，改善电池包装结构，为数据中心、海洋船舶和矿业等专业场景开发解决方案。</p>
</div><p>As power-hungry data centers multiply to support a growing number of AI-backed applications, securing such facilities from external threats will take on growing importance, providing a new growth opportunity for Tiandi Hexing's business.</p>
<div class="lb-trans"><p>随着对 AI 支持的应用程序需求不断增长，电力消耗巨大的数据中心数量也在增加，保护这些设施免受外部威胁将变得越来越重要，为天迪合兴的业务提供了新的增长机会。</p>
</div><p>The company's move to the Hong Kong capital market will give investors an important new choice from a sector whose current options are scarce. The small number of publicly traded players includes <strong>Venustech Group</strong> (002439.SZ), listed in Shenzhen, which was expected to become profitable last year after losing money in 2024. Its profit is expected to grow further still, more than tripling from a forecast 50 million yuan in 2025 to 160 million yuan this year. But even with such gains, its projected 2026 price-to-earnings (P/E) ratio still exceeds 100 times, indicating the company is quite richly valued.</p>
<div class="lb-trans"><p>公司进军香港资本市场将为投资者提供一个重要的新选择，而该行业目前的选择相对稀缺。少数上市公司包括在深圳上市的 <strong>文思海辉</strong>（002439.SZ），预计在 2024 年亏损后，去年将实现盈利。预计其利润将进一步增长，从 2025 年预测的 5000 万元人民币增长到今年的 1.6 亿元人民币，增幅超过三倍。但即便如此，其预计 2026 年的市盈率（P/E）仍超过 100 倍，表明该公司的估值相当高。</p>
</div><p>Despite the current euphoria towards new Hong Kong listings, especially tech stocks, Tiandi Hexing could have trouble scoring big gains on its trading debut if it tries to value itself similarly high. At the end of the day, competition remains intense in its industry, and the company has yet to show a path to sustained profitability.</p>
<div class="lb-trans"><p>尽管目前对新香港上市公司，尤其是科技股的热情高涨，但如果天迪合兴试图以类似的高估值进行交易首秀，可能会面临获得大幅涨幅的困难。毕竟，该行业的竞争依然激烈，公司尚未展示出持续盈利的路径。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

中国工业网络安全公司申请香港 IPO - 投资者的关键要点