Summary of Key Points from the Earnings Call Industry Overview - **Industry**: Cybersecurity - **Key Companies**: DBAPP, QAX, Venustech Core Insights and Arguments Demand and Earnings Recovery - Demand pressure persists in the cybersecurity sector, but earnings recovery is driven by cost control measures implemented by companies like DBAPP and QAX. DBAPP's revenue grew by 6% year-over-year (y-o-y) in 3Q25, while QAX's revenue increased by 18% y-o-y, supported by demand recovery from downstream industries such as telecom and defense [2][12][37] - Venustech experienced a contraction in revenue and earnings in 3Q25 due to a decline in government business and exits from low-margin projects [2][3] Financial Performance - DBAPP's net loss narrowed by 80% y-o-y in 3Q25, attributed to effective expense control [12] - QAX's net profit reached RMB153 million in 3Q25, up 143% y-o-y, despite a decline in gross margin to 52% due to pricing pressure [37][38] - Venustech's share price declined by 4% year-to-date, contrasting with DBAPP and QAX's share price increases of 34% and 42%, respectively [2] Future Outlook - The overall recovery timeline for cybersecurity spending remains uncertain, but further downside is limited due to a low base and increased adoption of cloud and AI technologies, which are expected to boost demand for data security and managed security services [2] - Employee reductions and expense control measures in cybersecurity firms are anticipated to gradually reduce net losses and drive earnings recovery [2] Earnings Revisions - DBAPP's revenue estimates for 2025-27 were lowered by 2-3% due to muted traditional cybersecurity demand, while earnings were raised by 6-7% due to stricter expense control [3] - QAX's revenue estimates were raised by 4-5% for 2025-27 following a revenue beat in 3Q25, but earnings for 2026 were lowered by 143% due to a low base effect [3] - Venustech's revenue and earnings estimates were also lowered due to weaker demand from government sectors [3] Investment Ratings and Target Prices - **DBAPP**: Maintained a Buy rating with a target price (TP) of RMB71.00, reflecting strong expense control and a leading position in data and cloud security [4][25] - **QAX**: Maintained a Hold rating, with the TP raised to RMB36.00 from RMB32.80, indicating a cautious outlook despite recent revenue growth [4][49] - **Venustech**: Hold rating maintained with an unchanged TP, reflecting concerns over its performance [4] Additional Considerations - **Regulatory Environment**: Favorable policies supporting cybersecurity and data security have been released since October 2022, which may drive better downstream demand [29][54] - **Competition**: Intense competition in the cybersecurity field may pressure prices and margins, particularly in a weak demand environment [29][54] - **Macroeconomic Risks**: A weaker-than-expected macroeconomic environment could lead to reduced cybersecurity spending from downstream clients [29] Financial Metrics - DBAPP's 3Q25 revenue was RMB472 million, with a gross profit of RMB278 million, reflecting a 10% increase y-o-y [13] - QAX's 3Q25 revenue was RMB1,096 million, with a gross profit of RMB566 million, showing a 14% increase y-o-y [39] This summary encapsulates the key points from the earnings call, focusing on the performance and outlook of the cybersecurity industry and the specific companies involved.

Group 1 - The company expects to engage in daily related transactions with China Mobile Group and its controlled enterprises, with a total amount not exceeding 2.2 billion RMB for the year 2026 [1][2] - The company anticipates a maximum daily deposit limit of 800 million RMB with China Mobile Financial Company for financial services in 2026 [2][3] - The board of directors has approved the expected related transactions, which will be submitted for shareholder approval, with related shareholders abstaining from voting [2][12] Group 2 - The expected related transactions include sales of products and services related to information and communication technology, as well as network security products and services [7][12] - The pricing principles for these transactions will follow fair and reasonable market practices, ensuring compliance with market standards [7][12] - The company aims to strengthen its strategic cooperation with China Mobile Group through these transactions, promoting high-quality development and resource sharing [12][14] Group 3 - The company has a good relationship with China Mobile Group, which is a major telecommunications operator with strong financial capabilities [7][12] - The financial services provided by China Mobile Financial Company are expected to enhance the company's financial management and optimize cash flow [12][14] - The independent directors have reviewed and approved the expected related transactions, confirming that they do not harm the interests of the company or its shareholders [13][49]

Group 1 - The core point of the article is that Qiming Star (启明星辰) held its 13th meeting of the 6th board of directors on November 20, 2025, to discuss the proposal for the 4th extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, Qiming Star's revenue composition shows that information network security accounts for 99.05%, while other businesses account for 0.95% [1] - As of the time of reporting, Qiming Star has a market capitalization of 18 billion yuan [1]

证券代码：002439 证券简称：启明星辰 公告编号：2025-063 启明星辰信息技术集团股份有限公司 关于 2026 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 1、日常关联交易概述 （1）销售商品及提供劳务、采购商品及接受劳务的日常关联交易 启明星辰信息技术集团股份有限公司（以下简称"公司"）预计2026年度公 司及下属子公司与关联方中国移动通信集团有限公司（以下简称"中国移动集团"） 及其控制的其他企业发生的销售商品及提供劳务、采购商品及接受劳务类日常关 联交易总金额不超过22亿元。 （2）与中国移动通信集团财务有限公司（以下简称"中移财务公司"）开 展金融服务业务的关联交易 根据公司于2025年与中移财务公司签署《金融服务协议》，公司预计2026 年度公司及其合并报表范围内的下属子公司于中移财务公司存置的每日最高存 款限额不超过人民币8亿元。 公司上述（1）（2）项关联交易预计事项已经于2025年11月20日召开的第六 届董事会第十三次会议审议通过，关联董事袁捷、贾琦、王志勇、陈昌文回避表 决 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-064 启明星辰信息技术集团股份有限公司 关于召开 2025 年第四次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025 年第四次临时股东大会 2、股东大会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 12 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 12 月 12 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-062 启明星辰信息技术集团股份有限公司 第六届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）第六届监事会第 十一次会议于2025年11月20日在公司会议室以现场会议和通讯表决结合的方式 召开。本次会议通知及会议资料于2025年11月10日以电子邮件方式送达至全体监 事。本次监事会会议的应出席监事3人，实际出席监事3人，各监事均亲自出席， 无委托出席和缺席情况，会议由监事会主席李昕女士主持。本次会议符合相关法 律、行政法规、规范性文件及《启明星辰信息技术集团股份有限公司章程》（以 下简称"《公司章程》"）的有关规定。经出席会议的监事认真审核并进行表决， 形成决议如下： 表决结果：同意2票，反对0票，弃权0票，1名关联监事回避表决。 经核查，监事会认为：公司预计的2026年度关联交易是在关联各方平等协商 的基础上按照市场化交易的原则进行的，不存在损害公司及其他股东利益的情形。 公司董事会在审议此议案时，符合有关法律、法 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-061 启明星辰信息技术集团股份有限公司 《关于 2026 年度日常关联交易预计的公告》详见指定信息披露媒体巨潮资 讯网（www.cninfo.com.cn）和《证券时报》《中国证券报》《证券日报》。 以上议案涉及关联交易事项，关联董事袁捷、贾琦、王志勇、陈昌文回避表 决。 本议案已经公司独立董事专门会议审议通过。 本议案尚须提请公司股东大会审议。 二、审议通过了《关于召开 2025 年第四次临时股东大会的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 第六届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）第六届董事会第 十三次会议于 2025 年 11 月 20 日在公司会议室以现场会议和通讯表决结合的方 式召开。本次会议的通知及会议资料已于 2025 年 11 月 10 日以电子邮件形式送 达至全体董事。本次会议应出席董事 9 人，实际出席董事 9 人，各董事均亲自出 席，无委托出席和缺席情况，会议由 ...

中信建投证券股份有限公司关于 启明星辰信息技术集团股份有限公司 2026 年度日常关联交易预计的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为启明星辰信息技术集团股份有限公司（以下简称"公司""上市公司"）的 持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票 上市规则》和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等有关规定，对启明星辰 2026 年度日常关联交易预计情况进行了审慎核查，发 表核查意见如下： 一、日常关联交易基本情况 1、日常关联交易概述 （1）销售商品及提供劳务、采购商品及接受劳务的日常关联交易 公司预计2026年度公司及下属子公司与关联方中国移动通信集团有限公司 （以下简称"中国移动集团"）及其控制的其他企业发生的销售商品及提供劳务、 采购商品及接受劳务类日常关联交易总金额不超过22亿元。 （2）与中国移动通信集团财务有限公司（以下简称"中移财务公司"）开 展金融服务业务的关联交易 根据公司于2025年与中移财务公司签署《金融服务协议》，公司预计2026 年度公司及其合并报表范围内的下属子公司于中移财务公司存置的 ...

公司2026年度与中移财务公司开展金融服务业务的关联交易预计是基于与 其签订的金融服务协议的上限金额预计，拟开展的存款业务本着存取自由的原则， 存款形式合法合规，存款利率定价公允，有利于优化公司财务管理，丰富资金增 值方式，提高资金管理收益，不存在损害公司及公司股东特别是中小股东合法利 益的情形，不会影响公司的独立性，符合相关法律法规的要求。 为此，我们同意将此事项提交公司董事会审议，同时关联董事应按规定回避 表决。 独立董事：张国华、胡一闻、王峰娟 2025 年 11 月 20 日 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等法律、行政法规、中国证券监督管理委 员会行政规章和规范性文件、深圳证券交易所相关规则及规定以及《公司章程》 《独立董事工作制度》等有关规定，启明星辰信息技术集团股份有限公司（以下 简称"公司"）于 2025 年 11 月 20 日召开第六届董事会 2025 年第三次独立董事 专门会议。独立董事认真审阅了拟提交第六届董事会第十三次会议审议的《关于 2026 年度日常关联交易预计的议案》的内容，基于独立客观的原则，对审议事 项 ...

Core Viewpoint - The company, Qihoo 360 Technology Co., Ltd., has experienced a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges in its financial performance [2]. Group 1: Financial Performance - As of September 30, 2025, the company reported a revenue of 1.548 billion yuan, a year-on-year decrease of 33.46% [2]. - The net profit attributable to shareholders for the same period was -216 million yuan, reflecting a year-on-year decrease of 2.71% [2]. Group 2: Shareholder and Market Activity - As of November 17, 2023, the company had a total of 94,900 shareholders, a decrease of 0.39% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.40% to 7,645 shares [2]. - On November 17, 2023, the company had a financing balance of 792 million yuan, accounting for 5.65% of its market capitalization, which is below the 40th percentile level over the past year [1]. Group 3: Stock Trading and Margin Activity - On November 17, 2023, the company had a net margin buy of -6.71 million yuan, with a total financing buy of 24.47 million yuan and a repayment of 31.18 million yuan [1]. - The company’s margin trading balance was 802 million yuan, with a high margin balance of 10.21 million yuan, exceeding the 90th percentile level over the past year [1]. Group 4: Dividend and Institutional Holdings - The company has distributed a total of 886 million yuan in dividends since its A-share listing, with 518 million yuan distributed in the last three years [3]. - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 16.9496 million shares, a decrease of 3.8675 million shares from the previous period [3].