Core Insights - The Chinese cybersecurity industry market size is projected to exceed 95 billion yuan in 2024, following a market size of over 85 billion yuan in 2023, with a compound annual growth rate (CAGR) of 18.94% over the past five years [1][3]. Market Segmentation - The cybersecurity market can be divided into cybersecurity products and cybersecurity services, with cybersecurity software products accounting for over 50% of the market share in 2023, and cybersecurity software products alone making up more than 30% of the overall market size [3]. Industry Competition - The Chinese cybersecurity industry has established several leading domestic companies, including 360, Anheng Information, and Qi An Xin, which have a broad product layout. Popular product areas include firewalls, endpoint management, and vulnerability scanning [5].

会议召开时间：2025 年 05 月 30 日（星期五）13:00-14:00 证券代码：688561 证券简称：奇安信 公告编号：2025-018 奇安信科技集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 重要内容提示： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 23 日（星期五）至 05 月 29 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@qianxin.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 奇安信科技集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发 布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公 ...

奇安信科技集团股份有限公司 2024 年年度股东大会会议资料 证券代码：688561 证券简称：奇安信 奇安信科技集团股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 / 38 | 一、会议须知 3 | | | --- | --- | | 二、会议基本情况 | 5 | | 三、会议议程 | 5 | | 四、会议议案 | 7 | | 议案一：《关于公司 2024 年年度报告及摘要的议案》 7 | | | 议案二：《关于公司 2024 年度财务决算报告的议案》 8 | | | 议案三：《关于公司 2024 年度利润分配预案的议案》 11 | | | 议案四：《关于公司 2024 年度董事会工作报告的议案》 | 12 | | 议案五：《关于公司 2024 年度监事会工作报告的议案》 | 22 | | 议案六：《关于增加日常关联交易预计的议案》 27 | | | | 29 | | 议案八：《关于为子公司申请综合授信额度提供担保暨关联交易的议案》 | 30 | | 议案九：《关于对子公司申请综合授信额度提供担保的议案》 | 31 | | 议案十：《关于 年度对外捐赠额度的议案》 33 2025 ...

Core Viewpoint - The report emphasizes the growing importance of "threat intelligence" in the context of increasing cybersecurity threats, shifting from passive to proactive security strategies [1][2][3] Market Overview - The report provides a comprehensive analysis of the current state of the threat intelligence market in China, including market size, key players, and future trends [1][2][37] - It highlights the significant growth in cyber threats, with a 76% increase in the number of victims of large-scale ransomware attacks and a 102% increase in attack frequency in certain industries [3][6] Development Insights - Future trends in the threat intelligence industry are explored, focusing on three main areas: international expansion of intelligence, AI large models, and vulnerability intelligence [2][70][74] - The report discusses the evolution of threat intelligence in compliance, technology, and application, indicating potential market opportunities [2] Background on Cyber Threats - The global landscape of cyber threats is characterized by an increase in both the number of attackers and the frequency of attacks, with significant impacts on various industries [3][6][11] - The digital transformation of enterprises is expanding their exposure to cyber threats, necessitating more comprehensive and timely protective measures [6][11] Threat Intelligence Definition and Value - Threat intelligence is defined as a high-level capability that enhances the proactive and timely defense of security products, allowing for real-time collection and analysis of global threat information [16][19][22] - The value of threat intelligence lies in its ability to improve proactive defense capabilities and enhance overall security operations for enterprises [22] Comparison of Domestic and International Development - The development trajectory of the threat intelligence industry in China is similar to that of overseas markets, but it lags in speed and maturity due to a later start [24] - Differences in security needs have led to variations in the integration of threat intelligence products between domestic and international markets [24] Business Models in China's Threat Intelligence Industry - The market primarily utilizes two approaches: direct application and consumption of threat intelligence data and platforms, and integration with security monitoring and response products [27] - The report outlines three types of pure intelligence products and various integration methods that form comprehensive products [27] Product Capabilities and Competitiveness - Key product capability indicators include accuracy, richness, and timeliness, while vendor competitiveness is driven by data and technology [30] - The ability to collect and analyze security big data is identified as a core competitive advantage for companies in the threat intelligence sector [30] Characteristics of Major Vendors - Major vendors in the threat intelligence space are differentiated by their foundational data, service experience, and business characteristics, leading to unique product capabilities [33] - The report provides a comparative analysis of five major vendors, highlighting their strengths and market positions [35] Market Size and Growth - The threat intelligence market in China experienced a short-term decline due to the pandemic, with a projected market size of 1.61 billion yuan in 2024, reflecting a slight decrease from 2023 [37][38] - The report anticipates a steady growth phase for the industry, driven by increasing security demands and product integration [38][41] Competitive Landscape - The market is characterized as low-concentration and oligopolistic, with leading firms like 微步在线, 腾讯安全, and 奇安信 establishing competitive advantages through differentiated capabilities [41] - The integration of new technologies such as AI and big data into threat intelligence is expected to drive competition and innovation in the industry [41] Vendor Solutions - Major vendors like 微步在线, 奇安信, and 腾讯安全 offer comprehensive threat intelligence solutions, leveraging advanced technologies to enhance security measures [45][58] - These solutions include various products and services aimed at improving threat detection, response, and overall security posture for enterprises [48][55][61]

Core Viewpoint - The article discusses the challenges and transformations in the cybersecurity industry, particularly in the context of AI technology, highlighting the shift towards AI-driven security solutions and the competitive landscape among cybersecurity firms [2][4]. Group 1: Industry Challenges - Qi Anxin, a leading cybersecurity firm, reported a loss exceeding 1.3 billion yuan in 2024, reflecting the "red ocean" dilemma faced by the cybersecurity industry due to market saturation, price competition, and tightening client budgets [2][5]. - The cybersecurity sector, which previously thrived on compliance-related demands, is now experiencing a peak in growth, prompting major firms to seek new opportunities for the next decade [2][4]. - The industry is witnessing a significant shift as clients increasingly develop in-house security capabilities, reducing their reliance on external cybersecurity services [4][11]. Group 2: AI Integration and Opportunities - The emergence of AI technology has led to a new phase of competition where both attackers and defenders utilize AI, creating a "cat-and-mouse game" in cybersecurity [2][10]. - The introduction of generative AI has significantly lowered the cost of attacks by 75%, necessitating a reconfiguration of defense systems and presenting new market opportunities for cybersecurity firms [7][11]. - Three key incremental market opportunities for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and the growth of cloud-native security solutions [7][8]. Group 3: Market Dynamics and Future Outlook - The cybersecurity market is becoming increasingly saturated, with product homogenization and a singular business model limiting growth potential [7][8]. - Major cybersecurity firms are launching vertical AI models to integrate their security products and data, aiming for systematic delivery to clients [10]. - The balance between technological innovation and risk management will be crucial for cybersecurity firms to thrive in the evolving landscape shaped by AI [11].

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].

Group 1 - The three major indices opened lower on May 16, with the ChiNext and Shenzhen Composite Index turning positive, while the computer sector showed a low opening followed by a rebound [1] - The Software ETF (159852) closely tracks the CSI Software Service Index, which covers 30 listed companies involved in software development and services, reflecting the overall performance of the software service industry [1] - The People's Bank of China and four other departments held a meeting emphasizing the need for financial management and technology departments to support technological innovation through various policy measures [1] Group 2 - Ping An Securities believes that competition in the global large model field remains intense, maintaining a positive outlook on AI investment opportunities, particularly in areas like OA/ERP/programming/office applications [2] - CITIC Securities notes that after the first quarter reports, market earnings forecasts have been slightly downgraded, with most companies' valuations now at reasonable levels, suggesting to track semiconductor sector opportunities based on potential tariff policy reversals [2] - The semiconductor sector's two main lines of focus include identifying undervalued companies with potential earnings recovery and defensive stocks less affected by tariff policies, particularly in the AI and semiconductor software sectors [2]

Group 1 - The Ministry of Natural Resources will hold a press conference on May 16 to discuss the role of land spatial planning in promoting high-quality urban development [2] - The 2025 Data Security Development Conference will take place from May 16 to 18 in Zhejiang, focusing on marketization of data elements and data security driven by AI [3] - A total of 12 companies will have their restricted shares unlocked today, with a total unlock volume of 116 million shares, amounting to a market value of 2.325 billion yuan [4] Group 2 - 34 companies have disclosed their stock repurchase progress, with 4 companies announcing new repurchase plans and 17 companies having their plans approved by shareholders [5] - The People's Bank of China will have 77 billion yuan of 7-day reverse repos maturing today, with an operation rate of 1.4% [5] - Upcoming data releases include the annualized new housing starts in the US for April and the seasonally adjusted trade balance for the Eurozone for March [6]

Core Viewpoint - Qi Anxin Group is enhancing its independent innovation in the field of cybersecurity, providing solutions for government and enterprises, and contributing to the advancement of China's cybersecurity technology [1]. Group 1: Company Overview - Qi Anxin is a private enterprise focused on cybersecurity, symbolized by a large "data tiger talisman" made of LEGO, representing the fusion of traditional Chinese security wisdom and contemporary security concepts [1]. - The company emphasizes "data-driven security" as its core technological philosophy [1]. Group 2: Product Innovations - The "Tianqing" terminal security management client is a significant innovation, offering an "integrated" security solution that combines various security and management functions into one client, improving management efficiency for large enterprises [5][6]. - The Tianqing system has helped China Unicom manage over 400,000 terminal devices, significantly enhancing security management efficiency and reducing security investment costs by over 70% [6]. Group 3: Technological Advancements - The Tianqing system has maintained an average of one major technological update per year since its launch, ensuring high-level security [7]. - The system employs "zero trust network access" technology to dynamically assess the risk of network connections, enhancing terminal security [8]. Group 4: AI Integration - Qi Anxin is integrating AI into its cybersecurity products, exemplified by the QAX-GPT security robot system, which enhances threat assessment and automated penetration testing [9]. - The AISOC product, described as a "safety operation co-pilot," incorporates AI into the entire security operation process, significantly improving operational efficiency [10]. Group 5: Talent Development - Qi Anxin is actively involved in talent cultivation through partnerships with universities, having jointly trained over 80 master's and doctoral students in cybersecurity [12]. - The company has established training bases in various cities to cultivate cybersecurity and data security talents, having trained over 15,000 professionals to date [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company faced a significant decline in revenue, with a 32.49% year-on-year decrease, resulting in a net loss of 1.379 billion yuan in 2024, primarily due to macroeconomic fluctuations and reduced IT budgets from clients [2][9] - Despite short-term revenue pressures, the company is focusing on cash flow optimization, achieving a cash collection ratio of 109.40% and improving operating cash flow by 436 million yuan year-on-year [2] - The company has implemented effective cost control measures, with total expenses decreasing by 12.66% in 2024, and anticipates profit recovery in 2025 as it continues to refine expense management [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.349 billion yuan, a decrease of 32.49% year-on-year, and a net profit loss of 1.379 billion yuan [9] - The fourth quarter of 2024 saw a revenue of 1.639 billion yuan, down 40.55% year-on-year, with a net profit loss of 203 million yuan [9] - For Q1 2025, the company achieved revenue of 686 million yuan, a slight decline of 2.65%, with a net profit loss of 418 million yuan, indicating a narrowing of losses [9] Strategic Initiatives - The company has introduced a "Four Focus" strategy aimed at steady revenue growth, which includes focusing on core products, key customers, enhancing distributor effectiveness, and expanding into overseas markets [4] - The company plans to leverage AI technologies to enhance its product offerings, particularly in threat detection and security operations [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 4.435 billion, 4.608 billion, and 4.849 billion yuan respectively, with a gradual recovery in net profit expected by 2027 [10] - The company is expected to benefit from improved operational quality and cash flow levels, providing a higher performance elasticity in the long term [10]