华安证券股份有限公司 关于北京安博通科技股份有限公司 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 （二）保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事 项进行的任何质询和调查。 （三）保荐机构及保荐代表人自愿接受依据中国证监会《证券发行上市保荐 业务管理办法》等有关规定采取的监管措施。 二、保荐机构基本情况 保荐机构名称 华安证券股份有限公司 注册地址 安徽省合肥市滨湖新区紫云路 1018 号 三、上市公司基本情况 以简易程序向特定对象发行股票持续督导保荐总结报告书 华安证券股份有限公司（以下简称"华安证券"）作为北京安博通科技股份 有限公司（以下简称"安博通"或"公司"）2022 年度以简易程序向特定对象 发行 A 股股票的保荐机构，持续督导期至 2024 年 12 月 31 日。 截至本报告签署日，持续督导期限已届满。华安证券根据《证券发行上市保 荐业务管理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等相关规定，出具本保荐总结 ...

华安证券股份有限公司 关于北京安博通科技股份有限公司 2024年度持续督导工作现场检查报告 华安证券股份有限公司（以下简称"华安证券"或"保荐机构"）作为正在履 行北京安博通科技股份有限公司（以下简称"安博通"或"公司"）持续督导工作 的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创 板股票上市规则》《上海证券交易所上市公司自律监管指引第11号—持续督导》 等有关规定，对公司2024年度（以下简称"本持续督导期"）的规范运作情况 进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 华安证券股份有限公司 （二）保荐代表人 金仁杰、王运龙 （三）现场检查时间 2025年3月31日、2025年4月30日、2025年5月6日至2025年5月8日 （四）现场检查人员 金仁杰、王运龙 （五）现场检查内容 公司治理和内部控制情况、信息披露情况、公司的独立性以及与控股股东、 实际控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担 保、重大对外投资、公司经营情况以及承诺履行情况等。 （六）现场检查手段 1、察看公司主要生产经营场所； 2、访谈公司相关人 ...

一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针对 | 保荐机构已建立健全并有效执行了 | | 1 | 具体的持续督导工作制定相应的工作计划 | 持续督导制度，并制定了相应的工 | | | | 作计划 | | | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与安博通签订《保荐协 | | 2 | 前，与上市公司或相关当事人签署持续督导协议， | 议》，该协议明确了双方在持续督 | | | 明确双方在持续督导期间的权利义务，并报上海 | 导期间的权利和义务，并报上海证 | | | 证券交易所备案 | 券交易所备案 | | | 通过日常沟通、定期回访、现场检查、尽职调查 | 保荐机构通过日常沟通、定期或不 定期回访、现场检查等方式，了解 | | 3 | | | | | 等方式开展持续督导工作 | 安博通业务情况，对安博通开展了 | | | | 持续督导工作 | | 4 | 持续督导期间，按照有关规定对上市公司违法违 规事项公开发表声明的，应于披露前向上海证券 | 2024年度安博通在持续督导期间 ...

截至本报告签署日，持续督导期限已届满。华安证券根据《证券发行上市保 荐业务管理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 （二）保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事 项进行的任何质询和调查。 华安证券股份有限公司 关于北京安博通科技股份有限公司 以简易程序向特定对象发行股票持续督导保荐总结报告书 华安证券股份有限公司（以下简称"华安证券"）作为北京安博通科技股份 有限公司（以下简称"安博通"或"公司"）2022 年度以简易程序向特定对象 发行 A 股股票的保荐机构，持续督导期至 2024 年 12 月 31 日。 1 | 法定代表人 | 钟竹 | | --- | --- | | 成立日期 | 2007 年 5 月 25 日 | | 上市日期 | 2019 年 9 月 6 日 | | 注册地址 | 北京市西城区新街口外大街 28 号 C 座 2 ...

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Revenue and Profitability - Company achieved significant revenue growth in Q1 2025, with total revenue reaching 308 million yuan, a year-on-year increase of 444.91% [1] - However, net profit attributable to shareholders was -48.68 million yuan, a year-on-year decline of 38.81%, indicating that despite strong revenue performance, profitability has not improved [1] - The gross margin was 92.06%, up 46.15% year-on-year, showing enhanced profitability in core operations, but the net margin remained at -17.7%, despite a 73.04% year-on-year increase, indicating ongoing challenges in cost control [2] Cost Control - Total selling, administrative, and financial expenses amounted to 306 million yuan, accounting for 99.18% of revenue, with a year-on-year increase of 25.93%, negatively impacting profitability and highlighting the need for better cost structure optimization [3] Cash Flow Situation - Operating cash flow per share was -2.94 yuan, a year-on-year decrease of 152.75%, indicating poor cash flow performance [4] - Cash and cash equivalents stood at 203 million yuan, down 23.20% year-on-year, while accounts receivable decreased by 17.25% to 464 million yuan, suggesting liquidity risks that require close monitoring [4] Asset and Liability Management - Interest-bearing debt was 295 million yuan, a year-on-year decrease of 9.28%, while net asset value per share was 14.06 yuan, down 10.12% year-on-year, indicating a need for improved asset-liability management [5] Business Model and Financing - Company’s performance is primarily driven by equity financing, with a total financing amount of 863 million yuan and total dividends of 52.47 million yuan, resulting in a dividend-to-financing ratio of 0.06, necessitating careful evaluation of the sustainability of this reliance on equity financing [6] Overall Summary - In summary, while the company achieved substantial revenue growth in Q1 2025, losses have also widened, and there are significant pressures on cash flow and cost control. The company needs to optimize its cost structure, enhance profitability, and strengthen cash flow management to ensure sustainable development [7]

Core Viewpoint - Anbotong (688168) reported significant revenue growth in 2024, achieving 737 million yuan, a 34.4% increase year-on-year, but faced substantial net profit losses, raising concerns about its profitability [1][4]. Revenue Growth - The company achieved a revenue of 737 million yuan in 2024, reflecting a strong growth momentum in the cybersecurity sector [4]. - This growth was primarily driven by technological breakthroughs in cybersecurity, data security, and AI security, along with active expansion in overseas markets [4]. - Anbotong International, a wholly-owned subsidiary, successfully initiated procurement and sales of information and communication infrastructure module products in Hong Kong, establishing a new performance growth point [4]. Profitability Challenges - Despite the revenue increase, the net profit attributable to shareholders was -119 million yuan, a decline of 1107.0% year-on-year, while the non-recurring net profit was -122 million yuan, down 2297.9% [1][4]. - The significant losses were attributed to substantial investments in R&D and market expansion, which pressured short-term profits [4]. - Increased provisions for credit impairment losses due to cautious assessments of accounts receivable further exacerbated the decline in net profit [4]. AI Security Strategy - Anbotong has redefined its strategic goals for 2024, aiming to become a builder of a secure computing power ecosystem in the AI era [5]. - The company emphasizes a methodology of "anchoring security, using computing power as a vessel, and AI as a sail," focusing on integrating computing power with security capabilities [5]. - In the intelligent computing field, the company is advancing the localization of computing power centers and has launched a desktop liquid-cooled DeepSeek integrated machine to address noise and layout issues of traditional rack-mounted equipment [5]. Overseas Market Expansion - Anbotong actively expanded into overseas markets in 2024, achieving initial success in the Hong Kong region with its information and communication infrastructure module products [6]. - This expansion not only diversified the company's product matrix but also became a new growth point for performance [6]. - The company plans to increase investment in module product projects and broaden its supply network to meet diverse customer needs [6]. - However, the overseas expansion carries risks, including intense international competition and the need for significant resources in product development, marketing, and customer service [6].

Group 1 - The company is seeking shareholder approval to authorize the board to issue shares through a simplified process to specific investors, with a total financing amount not exceeding RMB 300 million, which is 20% of the net assets at the end of the previous year [1][6] - The shares to be issued are domestic listed ordinary shares (A-shares) with a par value of RMB 1.00 per share, and the number of shares issued will not exceed 30% of the total share capital before the issuance [1][6] - The issuance will be conducted through a non-public offering to no more than 35 specific investors, including qualified institutional investors and other legal entities or individuals [1][2] Group 2 - The pricing of the shares will be based on an inquiry method, with the issue price not lower than 80% of the average trading price over the 20 trading days prior to the pricing date [3][5] - The shares issued will have a lock-up period of six months, extendable to eighteen months for certain investors, and any derived shares from stock dividends or capital increases will also be subject to the same lock-up arrangements [5][6] Group 3 - The funds raised will be used for projects related to the company's main business and to supplement working capital, with a focus on technology innovation and compliance with national industrial policies [6][54] - The company plans to invest in new AI and security products, aiming to enhance operational efficiency and market competitiveness while ensuring investor returns [52][54] Group 4 - The company reported a revenue of RMB 737 million for 2024, representing a year-on-year growth of 34.37%, driven by new AI security products and increased revenue from security gateways and services [52][54] - The company has been recognized in the top 100 cybersecurity companies, ranking 20th in 2024, reflecting its strong development capabilities [53][54] Group 5 - The company has implemented multiple stock incentive plans and profit distribution schemes to enhance investor confidence and align management interests with those of shareholders [60][61] - The company aims to maintain a balance between immediate and long-term shareholder interests, ensuring reasonable profit distribution and enhancing its reputation in the market [62][65]

Core Viewpoint - The company, Beijing Anbotong Technology Co., Ltd., has announced its 2025 action plan aimed at enhancing quality and efficiency while returning value to shareholders, building on the success of its 2024 initiatives and focusing on AI and security integration for sustainable growth [6][20]. Financial Performance - In 2024, the company achieved a revenue of 737 million yuan, representing a year-on-year growth of 34.37%, driven by new AI security products and increased income from security gateways and services [6]. - For the first quarter of 2025, the company reported a revenue of 57 million yuan, an increase of 8.99% compared to the same period last year [6]. - The company’s revenue for the second quarter of 2025 reached 135 million yuan, up 41.45% year-on-year [6]. - The third quarter saw a revenue of 106 million yuan, a decrease of 17.27% year-on-year, while the fourth quarter revenue surged to 439 million yuan, marking a 61.00% increase [6]. Strategic Development - The company is transitioning from being an innovator in network security visualization technology to becoming a builder of AI-era security computing ecosystems, with a focus on integrating AI capabilities into security solutions [7][10]. - In 2024, the company was ranked 20th in the "Top 100 Cybersecurity Companies," reflecting its strong market position and growth potential [7]. - The company plans to continue investing in cutting-edge technology research and development, with R&D expenditures accounting for 21.68% of revenue in 2024 [7]. Cash Management Plan - The company intends to use up to 300 million yuan of temporarily idle self-owned funds for cash management, aiming to enhance fund utilization efficiency and increase shareholder returns [23][24]. - The cash management products will be low to medium risk, with a maximum investment period of 12 months, ensuring liquidity and safety [23][28]. - The decision for cash management was approved by the company's board and will be implemented by the finance department [29][35]. Governance and Investor Relations - The company emphasizes improving its internal governance structure and has conducted multiple board meetings to enhance operational efficiency and transparency [18]. - In 2024, the company engaged in various investor relations activities, including responding to investor inquiries and participating in performance briefings [16][17]. - The company is committed to maintaining a balance between shareholder returns and long-term growth, with plans for a three-year dividend return strategy [15][20].

安博通发布2024年年报， 营业收入7.37亿元，同比增长34.37%；归属于母公司所有者的净亏损1.19亿 元，同比由盈转亏（上年同期盈利1178.38万元）。公司表示，业绩变动的主要原因是，创新业务驱动 营收增长：安全人工智能业务，即智算基础设施业务+ AI安全快速放量。安博通重新锚定2025年战略 新坐标——成为AI时代安全算力生态的构建者。子公司安博通数字能源、上海安博通算力科技贡献千 万级增量。不过减值计提拖累利润，盈利短期受到承压。此外，公司研发投入持续加码，产品体系继续 扩容，年内蝉联"中国 网安产业竞争力50强"及" 专精特新小巨人"称号。 ...