Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is experiencing a structural breakthrough through strategic focus and technological innovation, with significant growth in data security, domestic innovation, and Managed Security Services (MSS) despite overall revenue pressure [2] - Cost reduction measures have led to a significant improvement in operational quality, with a 45.01% reduction in net loss year-on-year, and the company achieved positive operating cash flow for the first time since 2021 [3] - AI technology is being leveraged to enhance both product efficiency and management processes, contributing to a notable increase in revenue from AI-related products [4] Revenue Performance - In 2024, the company reported total revenue of 2.04 billion yuan, a year-on-year decrease of 5.87%, with a net loss of 198 million yuan [7] - For Q4 2024, revenue was 898 million yuan, down 6.7% year-on-year, while the net profit was 138 million yuan, a decline of 21.38% [7] - In Q1 2025, the company achieved revenue of 311 million yuan, a year-on-year increase of 10.8%, with a net loss of 111 million yuan [7] Business Segment Performance - The company's data security business saw new product contract amounts increase by over 40%, with specific products like API security and network DLP growing by 200% and 150% respectively [8] - The domestic innovation business benefited from accelerated domestic substitution, with revenue increasing by 78% [8] - The MSS business, empowered by AI, experienced a 25% revenue growth [8] Financial Forecast - The company is projected to achieve revenues of 2.15 billion, 2.27 billion, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 47.25 million, 125.80 million, and 171.55 million yuan [10]

Core Viewpoint - The company has completed the registration change and obtained a new business license, reflecting its updated registered capital and corporate structure [1][2][3] Group 1: Company Information - The company is named Hangzhou Anheng Information Technology Co., Ltd. and is classified as a listed joint-stock company [1] - The legal representative of the company is Zhang Xiaomeng [1] - The registered capital of the company is 102.272396 million RMB [1] Group 2: Corporate Actions - The company held the 10th meeting of the 3rd Board of Directors and the 2nd extraordinary general meeting of shareholders on March 10 and March 26, 2025, respectively, to approve the change in registered capital and the revision of the Articles of Association [1] - The company has completed the necessary registration and filing procedures with the Zhejiang Provincial Market Supervision Administration [1] Group 3: Business Scope - The company's business scope includes network and information security software development, manufacturing and sales of information security equipment, security consulting services, and information system integration services [1] - The company is also involved in internet security services, technical consulting, software development, and various sales activities related to computer hardware and software [1]

关于完成工商变更登记并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杭州安恒信息技术股份有限公司（以下简称"公司"）分别于 2025 年 3 月 10 日、2025 年 3 月 26 日召开第三届董事会第十次会议、2025 年第二次临时股 东大会，审议通过了《关于变更注册资本并修订<公司章程>的议案》。具体情 况详见公司于 2025 年 3 月 11 日在上海证券交易所网站（www.sse.com.cn）披露 的《关于变更注册资本并修订<公司章程>暨通知债权人的公告》。 证券代码：688023 证券简称：安恒信息 公告编号：2025-037 杭州安恒信息技术股份有限公司 依法自主开展经营活动）。许可项目：第一类增值电信业务；第二类增值电信业 务；计算机信息系统安全专用产品销售（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以审批结果为准）。 特此公告。 杭州安恒信息技术股份有限公司董事会 2025 年 5 月 8 日 近日，公司已完成工商变更登记和备案手续，并取得浙江省市场监督管 ...

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Anheng Information (688023.SH) for the first quarter of 2025, highlighting changes in ownership and investment trends [1][2] Group 2 - As of April 30, 2025, a total of 12 institutional investors disclosed holdings in Anheng Information A-shares, with a combined holding of 31.02% of the total share capital, amounting to 31.7203 million shares [1] - The top ten institutional investors collectively hold 31.01% of the shares, with a decrease of 0.91 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings, accounting for 1.17% of the total, while one fund saw a slight decrease in holdings [2] - Three new public funds disclosed their holdings this quarter, while 108 funds were not disclosed compared to the previous quarter [2]

Core Viewpoint - Anheng Information's 2024 annual report reveals a decline in revenue despite a reduction in losses, indicating ongoing market challenges. The company emphasizes the implementation of an AI strategy to enhance product offerings, particularly in data security, MSS, and Xinchuang security sectors [1][10]. Revenue and Profitability - The company achieved a total revenue of 2.043 billion yuan, a year-on-year decrease of 5.87% [1] - The net profit attributable to shareholders was -198 million yuan, a 45.01% improvement from the previous year's loss [1] - The non-recurring net profit was -237 million yuan, reflecting a 38.84% reduction in losses compared to the previous year [1] AI Strategy Implementation - Anheng Information fully embraced an AI strategy in 2024, launching next-generation AI-integrated products across various security domains [4] - The revenue from pure AI products exceeded 17 million yuan, while indirect AI product revenue reached 62 million yuan, totaling over 79 million yuan in AI-related income [4] - Despite significant growth in AI-related revenue, the overall revenue decline indicates that the full implementation of the AI strategy requires more time [4][6] Data Security Business Growth - The data security segment saw a contract value increase of over 40%, with API security contracts soaring by 200% and network DLP products growing by 150% [5] - Anheng Information was recognized as a leading vendor in data classification and ranking by Gartner and ranked third in China's data security software market by IDC [5] - Despite strong performance in data security, overall revenue decline suggests that other business areas did not sufficiently support growth [5][6] MSS Business Performance - The MSS Tianqiong business experienced over 25% revenue growth year-on-year, driven by AI technology integration [7] - The Tianqiong AI security operation platform improved the identification, warning, and handling of security incidents [7] - However, the MSS business's contribution to overall profitability remains limited, with the company still facing a net loss [7] Xinchuang Security and Major Event Support - Xinchuang security business achieved over 78% growth, with comprehensive coverage of various security products [8] - The company maintained a "zero-accident" record in major event security, successfully safeguarding several international events [8] - Despite these achievements, the contribution to overall revenue remains limited, indicating a need for improved profitability [8] Military Corps Strategy - The military corps strategy showed significant revenue growth, with the electric power corps increasing by over 70% and the transportation corps by over 40% [9] - The strategy facilitated vertical management across various sectors, establishing industry benchmarks [9] - However, regional operational quality still requires enhancement, with some areas showing significant improvement while others lag [9]

Core Insights - The event "Zhejiang Night" showcased Zhejiang's advancements in data factor markets and AI innovation, aiming to enhance digital economic cooperation between Zhejiang and Fujian [1][2][4] - Key reports released included the "Dynamic Whole Process Data Infrastructure Security Assurance Report," a trusted data space solution, and a comprehensive security solution for large models, supporting the value release of data factors [1][16][25] Group 1: Digital Economy Development - Fujian and Zhejiang are collaborating to promote digital economic development, with Fujian as the ideological source and Zhejiang as the practical leader of the "Digital China" strategy [2][4] - The event highlighted the importance of cross-regional cooperation in data flow and security, with both provinces sharing a mission to enhance data factor circulation and value [4][6] Group 2: Innovations and Solutions - Anheng Information emphasized its commitment to high R&D investment and technological innovation, contributing to national strategies like "Digital China" and "Belt and Road" [6][14] - The "Trusted Data Space" solution aims to lower the barriers for enterprises to access advanced data infrastructure, integrating privacy computing, blockchain, and AI capabilities [21][23] Group 3: Security and Infrastructure - The "Dynamic Whole Process Data Infrastructure Security Assurance Report" outlines a multi-layered security framework for data value creation, emphasizing AI-driven security measures [23][25] - The report introduces the concept of using AI to counteract threats, highlighting the need for dynamic security in the era of data factors [12][23] Group 4: Local Practices and Case Studies - Hangzhou has pioneered data circulation legislation and established a "data circulation compliance center," promoting data trading and enhancing local data economy [8][10] - Wenzhou's "Data Security Port" has attracted 600 enterprises, achieving a transaction volume exceeding 5 billion, showcasing effective local data infrastructure initiatives [10][12]

证券研究报告 安恒信息 (688023 CH) 25 年经营有望走出底部 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 计算机应用 | 公司发布 2024 年年报，实现营业收入 20.43 亿元，同比下降 5.87%，扣非 净利润-2.37 亿元（23 年同期-3.88 亿元），略低于此前业绩快报（收入 20.45 亿元，扣非净利润-2.20 亿元）。公司 2025 年一季度实现收入 3.11 亿元， 同比增长 10.80%，扣非净利润-1.16 亿元（24 年同期-2.04 亿元）。从业绩 表现来看，公司收入逐步走出底部，盈利端降本增效显著减亏。我们认为未 来网络安全行业与AI技术融合逐步深化，公司在AI安全领域领先布局，2025 年整体盈利能力有望修复，维持买入评级。 三费率大幅下降，现金流显著改善 公司 2024 年毛利率为 60.09%，同比下降 1.69pct，销售/管理/研发费用率 为 37.46%/7.51%/24.11%，同比-4.40pct/-0.99pct/-5.22pct，费用率显著下 ...

Core Insights - Company Anheng Information (688023.SH) reported a total revenue of 2.043 billion yuan for 2024, a decrease of 127 million yuan or 5.87% compared to the same period last year [1] - The company recorded a net profit attributable to shareholders of -198 million yuan, ranking 119th among disclosed peers [1] - Operating cash flow was positive at 161 million yuan [1] Financial Performance - The latest debt-to-asset ratio is 49.83%, ranking 106th among disclosed peers, an increase of 1.34 percentage points year-on-year [3] - The latest gross profit margin stands at 60.09% [3] - Return on equity (ROE) is -7.88%, ranking 102nd among disclosed peers [3] - The diluted earnings per share (EPS) is -1.94 yuan, ranking 131st among disclosed peers [3] - Total asset turnover ratio is 0.41 times, a decrease of 0.03 times or 6.08% year-on-year [3] - Inventory turnover ratio is 3.31 times, ranking 77th among disclosed peers, a decrease of 0.43 times or 11.57% year-on-year [3] Shareholder Structure - The number of shareholders is 9,802, with the top ten shareholders holding 44.5429 million shares, accounting for 43.55% of total equity [3] - The largest shareholder is Fan Yuan with 12.8% ownership [3] Research and Development - Total R&D expenditure is 493 million yuan, ranking 4th in the last 5 years, a decrease of 144 million yuan or 22.61% year-on-year [3] - R&D expenditure as a percentage of revenue is 24.11%, ranking 4th in the last 5 years, a decrease of 5.22 percentage points year-on-year [3]

杭州安恒信息技术股份有限公司 2024 年度独立董事述职报告 2024 年任职期间，本人作为杭州安恒信息技术股份有限公司（以下简称 "公司"或"安恒信息"）的独立董事，严格按照《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司治理准则》和《上市公司独立董事管理办法》等法律法规，以及 《杭州安恒信息技术股份有限公司章程》（以下简称"《公司章程》"）、《杭州安 恒信息技术股份有限公司独立董事工作细则》（以下简称"《独立董事工作细 则》"）等相关规定和要求，在 2024 年度工作中，忠实履行独立董事的职责，充 分发挥独立董事的作用，切实维护了公司和股东尤其是中小股东的利益。现将 2024 年度独立董事工作情况报告如下： 一、 独立董事基本情况 公司第二届董事会由 9 名董事组成，其中 3 名独立董事，占董事人数的三 分之一以上，符合相关法律法规的规定。董事会下设战略和发展委员会、提名 委员会、审计委员会、薪酬与考核委员会四个专门委员会，其中提名委员会、 审计委员会及薪酬与考核委员会独立董事占多数，召集人均由独立董事担任。 2024 年 1 月 31 ...

一、 独立董事基本情况 公司第三届董事会由 9 名董事组成，其中 3 名独立董事，占董事人数的三 分之一以上，符合相关法律法规的规定。董事会下设战略和发展委员会、提名 委员会、审计委员会、薪酬与考核委员会四个专门委员会，其中提名委员会、 审计委员会及薪酬与考核委员会独立董事占多数，召集人均由独立董事担任。 （一）个人工作履历、专业背景以及兼职情况 杭州安恒信息技术股份有限公司 2024 年度独立董事述职报告 2024 年任职期间，本人作为杭州安恒信息技术股份有限公司（以下简称 "公司"或"安恒信息"）的独立董事，严格按照《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司治理准则》和《上市公司独立董事管理办法》等法律法规，以及 《杭州安恒信息技术股份有限公司章程》（以下简称"《公司章程》"）、《杭州安 恒信息技术股份有限公司独立董事工作细则》（以下简称"《独立董事工作细 则》"）等相关规定和要求，在 2024 年度工作中，忠实履行独立董事的职责，充 分发挥独立董事的作用，切实维护了公司和股东尤其是中小股东的利益。本人 自 2024 年 1 月 ...