杭州安恒信息技术股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 21 日 安恒信息 2024 年年度股东大会 股东大会须知 为保障杭州安恒信息技术股份有限公司全体股东的合法权益，维护股东大 会的正常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开， 根据《中华人民共和国公司法》《杭州安恒信息技术股份有限公司章程》《杭 州安恒信息技术股份有限公司股东大会议事规则》及中国证券监督管理委员会、 上海证券交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工 作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代 表）的合法权益，除出席会议的股东（或股东代表）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入 会场。 三、出席会议的股东（或股东代表）须在会议召开前 20 分钟到会议现场办 理签到手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托 书以及参会回执等，经验证后领取会议资料，方可出席会议。 四、股东（或股东代表）依法享有发言权、咨询权和表决权等各项权益。 如股 ...

Core Insights - The industrial information security industry in China is experiencing rapid growth, with the market size projected to reach approximately 28.734 billion yuan in 2023 and around 39.152 billion yuan in 2024, driven by increasing awareness of information security and the rise of cyber threats [1][10] - The demand for industrial information security spans various sectors, including electricity, petrochemicals, manufacturing, and transportation, highlighting the critical need for security measures in these industries [10] Industry Definition and Classification - Industrial information security refers to the protection of information during industrial operations, encompassing industrial control systems (ICS), industrial internet, and industrial IoT, aimed at ensuring confidentiality, integrity, and availability of industrial production processes [2][4] Industry Chain Analysis - The industrial information security industry chain includes upstream hardware suppliers, software technology providers, and network infrastructure providers, with midstream solution providers and system integrators, and downstream industrial users and regulatory bodies [4] Development History - The industry has evolved through three stages: passive foundation, independent breakthroughs, and ecological restructuring, transitioning from policy-driven compliance to technology-led initiatives [6] Current Industry Status - The number of registered companies in the industrial information security sector has steadily increased, with 106,349 companies registered in 2023, and this trend is expected to continue as demand grows due to initiatives like Industry 4.0 and Made in China 2025 [8] Market Composition - The market composition shows that security hardware accounts for 45%, security software for 30%, and security services for 25%, indicating the significant role of hardware in safeguarding industrial information security [12] Key Companies Analysis - Major players in the industry include Qihoo 360, NSFOCUS, Inspur, and others, each specializing in different aspects of industrial information security, such as comprehensive protection systems, cloud security, and terminal security [14][15] Future Development Trends - Key trends include technological integration, where AI, big data, IoT, and blockchain converge to enhance security measures, and ecological collaboration among manufacturers, software developers, and service providers to create a robust security ecosystem [21][22] Regulatory Impact - Strengthening compliance requirements is significantly influencing the industry, prompting companies to enhance their security measures and invest in compliance with new regulations, thereby raising industry standards [23]

Core Insights - The conference "2025 China Data Valley · West Lake Sword Conference" emphasizes the importance of data flow for enabling various industries and the critical role of data in the AI revolution [2][6] - The lack of high-quality datasets is identified as a significant bottleneck in the deep integration of data and AI, which is essential for advancing from AI to AGI [2][3] Group 1: Data Flow and AI Integration - Data is considered the key element in the AI revolution, akin to fuel for a rocket, highlighting its necessity for intelligent systems [2] - The current limitations in data flow are attributed to security and quality issues, particularly concerning private data that is essential for model application in specific scenarios [3][5] - The industry is exploring synthetic data to address the scarcity of quality data, which affects model performance [3] Group 2: Trusted Data Space - The concept of a trusted data space is proposed as a solution to reconcile the development and utilization of data elements with security protection [6][10] - Trusted data spaces are designed to ensure secure and controllable data flow through a combination of hardware and software solutions, including privacy computing and blockchain technologies [10][11] - The national plan aims to establish over 100 trusted data spaces by 2028, with a focus on creating a comprehensive set of rules and standards for data security [11] Group 3: AI's Role in Data Security - The transition from static to dynamic data security is necessary to address the challenges in data flow, with AI playing a crucial role in this transformation [11][12] - AI technologies can enhance data classification and security by understanding the context and value of data, as well as identifying normal versus abnormal API usage [12] - The integration of AI in data security applications is seen as a significant opportunity for improving data management and protection [12]

Group 1 - The establishment of a quantifiable evaluation system in cybersecurity is essential, emphasizing the integration of AI to drive innovation and high-quality industry development [1][2] - The development of AI agents is categorized into three levels: conditionally autonomous, highly autonomous, and fully autonomous, with a focus on proactive defense and collaborative intelligence sharing [1][2] - The transition from static to dynamic data security is necessary, requiring a deeper understanding of data, business, and behavioral intentions, with security AI agents being the key solution [2][3] Group 2 - The brain-computer interface industry is at a critical stage of technological breakthroughs and regulatory framework development, recognized as a national strategic sector [3] - The conference highlighted significant achievements in data factor marketization, key technological innovations, and industry applications, showcasing the leadership and innovation of Hangzhou High-tech Zone in the digital economy [3][4] - The release of the "Security AI Agent Cube: Maturity Model Evaluation Research Report" introduces a multidimensional maturity assessment framework for security AI agents, aiming to enhance AI applications towards being "trustworthy and controllable" [3]

Group 1 - The 2025 China Digital Valley West Lake Forum opened on May 10, focusing on the integration of data element marketization and artificial intelligence, aiming to inject new momentum into the high-quality development of the digital economy [1][3] - Key discussions included the challenges of data elementization, the need for a data-centered organizational structure, and the establishment of clear legal frameworks for data assets [3][6] - The forum featured multiple sessions, including a main forum and parallel discussions on AI applications, data security, and the role of AI in digital transformation [3][4] Group 2 - A significant initiative was launched to promote the integration of data elements and artificial intelligence, emphasizing institutional, technological, organizational, and ecological innovations [6][9] - The forum highlighted the construction of a trusted data space for the marine economy, which has gathered 277 types of high-quality marine data resources and developed over 40 innovative application scenarios [7][9] - Discussions on the evolution of data security governance emphasized the need for a dynamic data security system to address the increasing scale and speed of data circulation [10][9] Group 3 - The importance of AI in enhancing data security and operational sustainability was underscored, with AI being positioned as a key solution to evolving security challenges [10][4] - The forum also addressed the governance challenges posed by rapid technological advancements, advocating for a balanced approach to innovation and security [10][4] - Strategic collaborations were initiated, including agreements between various institutions to strengthen the digital economy's development [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated significant improvements in operational quality and efficiency, with a clear performance inflection point driven by AI product innovations [2][4] - The core product lines, particularly in data security and managed security services (MSS), have shown robust growth, with new AI-driven products contributing to this expansion [3][4] - The financial forecasts for 2025-2027 have been adjusted upwards, reflecting a recovery in demand within the cybersecurity sector [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.043 billion, a year-on-year decrease of 5.87%, while the net profit attributable to shareholders was a loss of 198 million, significantly narrowing from a loss of 360 million in 2023 [1] - For Q1 2025, the company reported revenue of 311 million, marking a year-on-year increase of 10.8%, with a net loss of 111 million, also a significant improvement from the 200 million loss in Q1 2024 [1] - The company’s expense ratios for sales, management, and R&D have decreased significantly, indicating effective cost control measures [2] Product and Market Development - The company’s AI strategy has led to substantial growth in key product areas, with data security new product contracts increasing over 40%, and MSS revenue growing by more than 25% year-on-year [3] - The introduction of new AI-driven products and platforms is expected to create new growth opportunities, enhancing the company's competitive position in the cybersecurity market [4]

Core Insights - The integration of AI technology into cybersecurity has reached a new stage of intelligent confrontation, with "AI + Security" being the key to breaking through current challenges [1][3] - Anheng Information launched several new products at the "West Lake Sword AI + New Product Launch Conference," including Hengnao 3.0 and AI-driven security solutions tailored for various core scenarios [1][4] Product Developments - Anheng Information introduced Hengnao 3.0, AiLPHA Intelligent Security Operation Platform, AI + SAAS-XDR, and a one-stop platform for AI-driven DevSecOps, marking significant advancements in multi-modal interaction and connectivity [1][4] - The Hengnao 3.0 platform supports MCP protocols and A2A protocols, enabling the intelligent agent to utilize hundreds of plugins, enhancing task execution control and human-machine collaboration efficiency [4] Security Challenges and Solutions - The industry consensus is that general large models face challenges in security scenarios due to a lack of specialized training data, leading to semantic misjudgments in threat analysis [3] - Anheng Information emphasizes the need for "professional intelligent agents" that understand offensive and defensive logic and can dynamically evolve to meet compliance requirements and respond to new threats [3] Government and Industry Applications - Various local governments are launching AI + government applications, which require tailored AI security solutions to address unique industry characteristics and data types [5] - Anheng Information's CTO highlighted the development of a dual-spiral framework that integrates technology and application, focusing on making security smarter and intelligence safer [5] Broader AI Applications - AI is being widely applied across various fields, including natural language processing, computer vision, and healthcare, with the development of large models entering a commercial application phase [6] - The emergence of "hallucination" phenomena in large models raises concerns about content credibility and fairness, necessitating a multi-dimensional approach to ensure safety in AI applications [6]

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 operating cash flow turning positive for the first time since 2021, driven by enhanced collection efficiency and optimized procurement spending [3] - AI technology is being leveraged to enhance both product efficiency and management processes, with direct AI product revenue reaching 17 million and indirect AI-enabled revenue at 62 million, accounting for 3.9% of total revenue [4] Revenue and Profitability - In 2024, the company achieved total revenue of 2.04 billion, a year-on-year decrease of 5.87%, with a narrowed net loss of 198 million [7] - For Q4 2024, revenue was 898 million, down 6.7% year-on-year, while net profit was 138 million, a decline of 21.38% [7] - The first quarter of 2025 saw revenue of 311 million, a year-on-year increase of 10.8%, with a narrowed net loss of 111 million [7] Business Segment Performance - The company's data security business saw new product contract amounts grow over 40%, with API security and network DLP products increasing 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, achieved a revenue growth of 25% [8] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.15 billion, 2.27 billion, and 2.42 billion respectively, with net profit expected to recover to 47 million, 126 million, and 172 million [10]

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]