Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is expected to achieve a turnaround in net profit for 2024, with a forecasted net profit of approximately 8.5 to 12.75 million, driven by a growth in its core security business, which is projected to grow by 14% to 19% year-on-year [1][8] - The integration of Aisino Technology is anticipated to significantly enhance revenue and profit elasticity in 2025, with the company expected to benefit from its strong demand in manufacturing, finance, and energy sectors [2][3] - The company's core products, including next-generation endpoint security and cloud security, are expected to see substantial growth, contributing significantly to revenue [1][2] Financial Performance Summary - For 2024, the company is projected to achieve revenue between 3.11 billion and 4.26 billion, with a net profit turnaround to approximately 8.5 million to 12.75 million [1][8] - The revenue forecast for 2024-2026 has been adjusted to 3.698 billion, 10.258 billion, and 10.979 billion respectively, with net profit estimates of 0.11 billion, 2.24 billion, and 3.35 billion [3][12] - The company is expected to maintain a positive growth trend in 2024, with a significant increase in revenue and profit due to the merger and operational improvements [3][12] Key Financial Metrics - The projected operating revenue for 2024 is 3.698 billion, reflecting a 130% increase from 2023 [4] - The net profit for 2024 is expected to be 11 million, a significant recovery from a loss of 291 million in 2023 [4] - The company's PE ratio is projected to be 698 for 2024, decreasing to 34 and 23 for 2025 and 2026 respectively [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is expected to achieve a turnaround in net profit for 2024, with a forecasted net profit of approximately 8.5 to 12.75 million, driven by a growth in its core security business, which is projected to grow by 14% to 19% year-on-year [1][8] - The company’s revenue for 2024 is estimated to be between 3.11 to 4.26 billion, with a significant increase in revenue growth in Q4, exceeding 20% [1][8] - The merger with AsiaInfo Technology is anticipated to enhance revenue and profit, with adjusted revenue forecasts for 2024-2026 significantly increased [3][12] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 3.698 billion, a 130% increase from 2023, while net profit is expected to be 11 million, marking a recovery from a loss of 291 million in 2023 [4][12] - The company’s gross margin is expected to improve due to a higher proportion of standardized product revenue and efficiency gains in solution-based services [1][2] Business Development - The company has successfully completed compatibility testing for its new generation endpoint security product with HarmonyOS NEXT, positioning itself as a key security partner [2] - The company has launched a self-developed secure browser in collaboration with ByteDance's Feishu, enhancing its product offerings in the trusted workspace segment [2] Market Position - The company’s core products, including next-generation endpoint security and cloud security, are experiencing rapid growth, contributing significantly to revenue [1][2] - The company is expected to gain market share in the endpoint security segment, particularly as the overall industry faces a downturn [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve operating revenue of 3,474 million yuan in 2024, representing a year-on-year growth of 116% [2][3] - The company is projected to turn profitable in 2024 with a net profit attributable to shareholders of 12 million yuan, recovering from a loss of 291 million yuan in 2023 [2][3] - The company is focusing on enhancing its network security business, with expected revenue growth of 14-19% in this segment for 2024 [3] Summary by Sections Financial Performance - In 2022, the company reported operating revenue of 1,721 million yuan, which decreased to 1,608 million yuan in 2023, a decline of 7% [2] - The forecast for operating revenue is 10,377 million yuan in 2025 and 10,902 million yuan in 2026, indicating significant growth [2] - The net profit for 2024 is expected to be 12 million yuan, a substantial recovery from the -291 million yuan in 2023 [2][3] Profitability Metrics - The company's gross margin is projected to improve, with a forecast of 49.9% in 2024 and 50.0% in 2025 [4] - The net profit margin is expected to turn positive in 2024, reaching 6.8% [4] Valuation Ratios - The P/E ratio is forecasted to be 644.6 in 2024, decreasing to 37.9 in 2025 and further to 24.9 in 2026 [2][4] - The P/B ratio is expected to stabilize around 3.5 in 2025 and 3.2 in 2026 [2][4] Strategic Developments - The company completed a significant asset restructuring with AsiaInfo Technology in November 2024, which is expected to enhance its performance and create synergies [3] - The strategic focus on AI and data-driven technologies is anticipated to boost revenue contributions from core products and innovative business lines [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company expects significant revenue growth in 2024, with projected revenue between 3.11 billion to 4.26 billion yuan, representing a year-on-year increase of 93.40% to 164.91%. The net profit attributable to shareholders is forecasted to be between 8.50 million to 12.75 million yuan, marking a turnaround from losses [1] - The acquisition of AsiaInfo Technology is expected to enhance both revenue and profit, with the consolidation effect starting from November 9, 2024. The company aims to develop a dual strategy of "security + digitalization" to extend and enhance its product lines, with synergistic effects anticipated to become more evident in 2025 [1] - The company's original network security business is projected to achieve a revenue growth of 14% to 19% in 2024, despite a general industry slowdown. The focus on high-value customer segments and the increase in standardized product revenue are contributing to this growth [2] - Cost control measures have shown significant results, with a reduction in R&D and management expenses, while sales expenses have increased but yielded positive outcomes in revenue growth. The net cash flow from operating activities is expected to improve significantly in 2024 [3] Financial Summary - The company forecasts revenues of 3.65 billion, 9.95 billion, and 10.56 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.12 billion, 1.80 billion, and 2.77 billion yuan for the same years [4][5] - The earnings per share (EPS) is expected to recover from a loss of 0.73 yuan in 2023 to 0.03 yuan in 2024, and further to 0.45 yuan and 0.69 yuan in 2025 and 2026 respectively [5] - The company’s total assets are projected to grow from 3.40 billion yuan in 2023 to 6.52 billion yuan in 2026, indicating a strong growth trajectory [10]

证券代码：688225 证券简称：亚信安全 公告编号：2025-003 亚信安全科技股份有限公司 关于使用部分闲置自有资金购买理财产品的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、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。 亚信安全科技股份有限公司（以下简称"公司"）于2025年1月23日召开第二 届董事会第十八次会议及第二届监事会第十五次会议，审议通过《关于使用部分 闲置自有资金购买理财产品的议案》，同意在不影响公司正常经营活动以及确保 资金安全的情况下，公司及子公司拟使用最高额度不超过35亿元（人民币，含本 数，下同）的闲置自有资金进行现金管理，购买安全性高、流动性好、具有合法 经营资格的金融机构销售的投资产品（包括但不限于保本型理财产品、结构性存 款、定期存款、通知存款、大额存单等）。使用期限自股东大会审议通过之日起 12个月内，在不超过上述额度及决议有效期内，资金可循环滚动使用。同时公司 董事会提请股东大会授权公司管理层或具体经办部门在上述额度内行使现金管 理投资决策权并签署相关合同文件，包括但不限于选择优质合作银行、明确现金 管理金额与期间、选择 ...

亚信安全科技股份有限公司 关于2025年度控股子公司开展外汇套期保值业务的 可行性分析报告 一、公司开展外汇套期保值业务的背景及目的 在外汇环境不稳定、汇率波动较为频繁的背景下，为有效防范外币汇率波动 带来的风险，合理降低财务费用，亚信安全科技股份有限公司（以下简称"公司"） 的控股子公司亚信科技控股有限公司及亚信科技控股有限公司合并报表范围内 子公司（以下简称"控股子公司"）拟开展外汇套期保值业务。上述业务遵循合 法、谨慎、安全和有效原则，不做投机性、套利性的交易操作。 二、公司开展外汇套期保值业务的基本情况 公司控股子公司拟于2025年度开展外汇套期保值业务，品种具体包括远期业 务、掉期业务（货币掉期、利率掉期）、互换业务（货币互换、利率互换）、期权 业务（外汇期权、利率期权）及其他外汇衍生产品业务。公司控股子公司境内开 展外汇套期保值业务的交易场所为经国家外汇管理总局和中国人民银行批准、具 有相应外汇套期保值业务经营资格的金融机构，境外开展外汇套期保值业务的交 易场所为具有外汇衍生品业务经营资质的金融机构。 公司控股子公司拟开展的外汇套期保值业务的外币包括但不限于港币、美元 等，授权期限内预计在任一时点 ...

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 控股子公司开展外汇套期保值业务的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为亚信 安全科技股份有限公司（以下简称"亚信安全"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，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》《上海证券交易所科创板上市公司自律监管规则适用 指引第 1 号——规范运作》《科创板上市公司持续监管办法（试行）》等法律、 法规的要求，对亚信安全控股子公司亚信科技控股有限公司及亚信科技控股有限 公司合并报表范围内的子公司（以下简称"亚信科技"）开展外汇套期保值业务 的事项进行了认真、审慎的核查，核查情况如下： 一、交易情况概述 为有效规避和防范汇率风险，提高外汇资金使用效率，合理降低财务费用， 公司于2025年1月23日召开第二届董事会第十八次会议、第二届监事会第十五次 会议，审议通过《关于2025年度控股子公司开展外汇套期保值业务的议案》。公 司控股子公司亚信科技拟于2025年度开展外汇套期保值业务，品种具体包括远期 业务、掉期业务（货币掉期、利率掉期）、互换业务（货币 ...

证券代码：688225 证券简称：亚信安全 公告编号：2025-008 亚信安全科技股份有限公司 关于制定《外汇套期保值业务管理制度》的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、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。 亚信安全科技股份有限公司（以下简称"公司"）于2025年1月23日召开第二 届董事会第十八次会议，审议通过了《关于制定<外汇套期保值业务管理制度>的 议案》。现将有关情况公告如下： 为进一步完善公司治理结构，提升公司规范运作水平，保护投资者合法权益， 公司根据《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》《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》及相关法律、 法规、规范性文件的规定，结合公司实际情况制定《外汇套期保值业务管理制度》， 本制度自董事会审议通过之日起生效。 特此公告。 亚信安全科技股份有限公司董事会 2025年1月24日 ...

亚信安全科技股份有限公司 关于2025年度公司及子公司申请授信额度 及担保的公告 证券代码：688225 证券简称：亚信安全 公告编号：2025-006 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、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。 重要内容提示： 被担保人：亚信安全科技股份有限公司（以下简称"公司"或"亚信安 全")及公司合并报表范围内的子公司（包括新设子公司、已设立的子公司及将 来新纳入合并报表范围内的子公司，以下统称"子公司"）。 本次担保金额及实际担保余额：2025年度公司及子公司担保额度不超过 32亿元（含本数，人民币，下同）。在担保额度内，公司及子公司的担保额度可 以调剂。截至本公告披露日，公司及子公司的对外担保余额为160,073.71万 元。 被担保人未提供反担保，公司无逾期对外担保情形。 本事项已经公司第二届董事会第十八次会议、第二届监事会第十五次会 议审议通过，尚需提交公司股东大会审议。 一、概述 （一）授信及担保事项概述 为了满足公司经营发展需要，综合考虑公司2025年度生产经营安排，公司 及子公司拟向金融机构进行贷款业务并以自身财 ...

| | | | 2025 | 年第一次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 5 | | 议案一：关于《2024 | 年度日常关联交易执行情况及 2025 年年度日常关联交易预计》的议案 7 | | 议案二：关于使用部分闲置自有资金购买理财产品的议案 | 15 | | 议案三：关于 | 2025 年度公司及子公司申请授信额度及担保的议案 16 | | 议案四：关于为董事、监事及高级管理人员继续购买责任险的议案 32 | | 2 亚信安全科技股份有限公司 2025年第一次临时股东大会会议须知 亚信安全科技股份有限公司 2025年第一次临时股东大会 会议资料 二〇二五年二月 1 二、出席会议的股东或其代理人须在会议召开前45分钟到达会议现场办理签 到手续，并按规定出示证券账户卡、身份证明文件或营业执照复印件（加盖公章）、 授权委托书等证明文件，经验证通过后方可出席会议。 三、本次大会现场会议于2025年2月14日下午15:00正式开始，会议开始后， 由会议主持人宣布现场出席会议的股东人数及其所持有表决权的股份总数，在此 之后进入会场的股东无权参与现 ...