Group 1 - The C3 Security Conference held in Nanjing on May 24, 2025, focused on the theme "Security + Intelligence, AI Wins the Future," attracting over 2,000 participants from various industries to discuss new paradigms in digital security [1][2] - The conference featured a main forum, five technical and industry sub-forums, a special event called "C3 Technology Night," and an exhibition area showcasing innovative technological achievements [1] - Notable speakers included industry leaders such as Wei Liang, Deputy Director of the China Academy of Information and Communications Technology, and Liu Xiangyang, Chief Information Security Officer of Midea Group, who discussed challenges in AI technology implementation and the evolution of cybersecurity threats [2] Group 2 - A new generation of systematic cybersecurity products, the AI XDR Linked Defense System, was launched by AsiaInfo Security, emphasizing integrated delivery to address cybersecurity threats [3] - AsiaInfo Security and China Unicom jointly released the "Unified Security Detection and Response Service Platform," along with the TrustOne Harmony version application and the "New Generation Terminal Security Harmony White Paper" [3] - AsiaInfo Security will serve as the exclusive cybersecurity partner for the 12th World Games in Chengdu, set to open on August 7, 2023, and announced the "2025 Cybersecurity Assurance System for the 12th World Games" [3]

Core Insights - The C3 Security Conference highlighted the escalating security risks associated with AI, with global losses from large model security incidents projected to rise from $8.5 billion in 2023 to over $23.5 billion by 2025, indicating a significant increase in AI-related security threats [4][6][10] - AI is exacerbating the asymmetry in cybersecurity, with attackers leveraging open-source tools and AI to enhance their attack methods, while defenders struggle with outdated techniques and resource constraints [5][9] Group 1: AI Security Challenges - The rapid mutation rate of AI-assisted attacks is alarming, with a reported 93% mutation rate every 24 hours in 2024 [4] - The attack efficiency of AI surpasses defensive responses, creating a technological imbalance where attackers can exploit publicly available data for training, while defenders face compliance issues [5][10] - The average time for attackers to breach systems is now 48 minutes, with the fastest recorded at 51 seconds, highlighting the urgency of the threat landscape [9] Group 2: Talent Shortage and Industry Response - There is a significant talent gap in the AI security field, with a shortage of over 300,000 professionals globally, particularly those with expertise in both AI and cybersecurity [10] - Companies are adopting a T-shaped talent development model to address the shortage, emphasizing the need for professionals who possess deep security knowledge and broad AI understanding [10] - The industry consensus is shifting towards a systematic and integrated defense approach, moving away from isolated defenses to a collaborative security matrix [11][12] Group 3: Future of Cybersecurity - The next decade is seen as a golden period for cybersecurity, with a predicted evolution towards cognitive security paradigms and self-supervised security systems by 2030 [13] - The integration of AI into security frameworks is expected to blur the lines between security and intelligence, leading to a new paradigm of "security intelligence" [13]

Market Performance - The Zhipu AI concept index declined by 3.09%, ranking among the top losers in the concept sector as of May 15 [1] - Within the Zhipu AI sector, stocks such as Aofei Data, Pingzhi Information, and Hongxin Electronics experienced significant declines, while stocks like Tuosida, Guangyun Technology, and Shengtong Co. saw gains of 4.66%, 2.65%, and 0.97% respectively [1] Capital Flow - The Zhipu AI concept sector saw a net outflow of 3.465 billion yuan, with 55 stocks experiencing net outflows and 12 stocks exceeding 100 million yuan in outflows [2] - The stock with the highest net outflow was Changshan Beiming, with a net outflow of 439 million yuan, followed by Aofei Data, Hand Information, and Tianyuan Dike with net outflows of 361 million yuan, 229 million yuan, and 198 million yuan respectively [2] Top Gainers and Losers - Among the top gainers in the Zhipu AI concept, Guangyun Technology led with a net inflow of 36.43 million yuan, followed by Yinsai Group and Mengwang Technology with inflows of 25.39 million yuan and 22.21 million yuan respectively [4] - Conversely, stocks like Aofei Data and Hongxin Electronics faced significant losses, with Aofei Data down by 7.93% and Hongxin Electronics down by 7.24% [3]

一、获得补助的基本情况 亚信安全科技股份有限公司（以下简称"公司"）于近日收到政府补助人民 币2,709,875.85元，属于与收益相关的政府补助。 二、政府补助的类型及对公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事项 并划分补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影 响情况最终以审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风 险。 特此公告。 亚信安全科技股份有限公司董事会 2025年5月10日 证券代码：688225 证券简称：亚信安全 公告编号：2025-032 亚信安全科技股份有限公司 关于获得政府补助的公告 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。 ...

Core Points - The company received a government subsidy of 2.7099 million yuan, which is classified as a revenue-related government grant [1] - The subsidy is unaudited, and the final accounting treatment and impact on the company's profit and loss will be confirmed by the annual audit [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to the parent company was -91 million yuan, indicating a substantial reduction in losses [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The cash flow from the network security business turned positive, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company maintains a leading position in high-barrier sectors such as telecommunications and finance, with a second-place market share in endpoint security and a top-three position in cloud host security [3] - The company is strategically positioned in the AI sector, integrating AI technology with security scenarios, and has established partnerships with major players like Alibaba Cloud and Volcano Engine to deliver end-to-end AI solutions [4] Financial Summary - The company expects revenues of 8.468 billion yuan, 9.313 billion yuan, and 10.534 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 1.02 billion yuan, 1.53 billion yuan, and 2.15 billion yuan for the same years [5] - The 2024 financial performance showed a revenue of 3.595 billion yuan, a year-on-year increase of 123.56%, and a net profit of 10 million yuan, marking a return to profitability [10] - The company’s earnings per share (EPS) is projected to be 0.02 yuan, 0.25 yuan, 0.38 yuan, and 0.54 yuan for 2024, 2025, 2026, and 2027, respectively [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to shareholders was -91 million yuan, indicating a substantial reduction in losses, reflecting improvements in internal business quality and efficiency [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The revenue structure of the network security business continues to optimize, with standardized product revenue growing by 7.4%, increasing its share to 47.3% of total network security revenue, which in turn improved the gross margin by 13.53 percentage points to 61.35% [3] - The company has achieved positive cash flow in its network security business, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company is strategically positioned in high-barrier sectors such as telecommunications and finance, maintaining a leading market share in terminal security and ranking among the top three in cloud host security [3] - The company is actively following AI trends, integrating AI technology with security scenarios, and has established a dual-engine model of "Security + Digital Intelligence" [4] - The financial forecast for 2025-2027 estimates revenues of 8.468 billion, 9.313 billion, and 10.534 billion yuan, with net profits of 102 million, 153 million, and 215 million yuan respectively, reflecting a long-term growth potential driven by structural and efficiency improvements in the network security business and AI integration [5]

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]

中国国际金融股份有限公司 关于亚信安全科技股份有限公司 重大资产购买之2024年度持续督导意见 独立财务顾问 北京市建国门外大街1号国贸大厦2座27层及28层 签署日期：2025年5月 声明和承诺 中国国际金融股份有限公司（以下简称"中金公司"）接受委托，担任亚信 安全科技股份有限公司（以下简称"亚信安全"或"上市公司"或"公司"）重大资 产购买暨关联交易的独立财务顾问（以下简称"本独立财务顾问"）。本独立财 务顾问按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的 态度，出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方已承 诺上述有关资料均为真实、准确和完整的，不存在虚假记载、误导性陈述或者 重大遗漏，并承担因违反上述承诺而引致的个别和连带的法律责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息 披露文件真实、准确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续 督导意见所做出的任何投资决策而产生的相应风险，本独立财务顾问不承担任 何责任。 ...

中国国际金融股份有限公司 2024 年度，公司归属于上市公司股东的净利润为 959.06 万元，扣除非经常性损益 后归属于上市公司股东的净利润为-1,625.66 万元。针对上述情况，中金公司与公司相关 人员进行了沟通，制定了现场检查计划，并于 2025 年 4 月 28 日进行了现场检查。通过 高管访谈、查阅相关公告文件和财务资料等方式对公司经营情况、财务情况以及未来发 展进行了研究，了解公司 2024 年度公司扣除非经常性损益后归属于上市公司股东净利 润为负的主要原因。 二、本次现场检查主要事项及意见 （一）现场核查执行的程序 1、查阅公司 2024 年财务报表及附注，对财务报表及相关经营数据进行审阅、分析； 对公司 2024 年度收入分类情况进行分析，了解公司各品类产品的收入变动原因，并就 各品类产品的毛利率变动情况与公司财务经理进行确认； 2、查阅网络安全行业上市公司 2024 年年度报告或业绩快报，分析公司 2024 年度 业绩表现与同行业可比公司是否存在重大差异；查阅网络安全行业相关研究报告，了解 网络安全行业发展态势； 1 关于亚信安全科技股份有限公司 之 专项现场检查报告 根据《首次公开发行股 ...