Core Viewpoint - The company held its 2024 Annual General Meeting on May 13, 2025, with a combination of on-site and online voting, ensuring compliance with legal and regulatory requirements [1][2][7] Meeting Details - The meeting took place at the company's headquarters in Beijing, with a total of 581 participants representing 476,760,487 shares, accounting for 39.56% of the total shares [2][3] - The meeting was convened by the sixth board of directors and presided over by the chairwoman, Wei Bing [2] Voting Results - The voting results showed a high level of agreement on various proposals, with the majority of votes in favor, such as 99.4702% for one proposal and 99.4849% for another [3][4][5][6] - Small shareholders participated actively, with 88.3139% voting in favor of one proposal, indicating strong support from this group [5][6] Legal Compliance - The legal opinion provided by Beijing Jincheng Tongda & Neal Law Firm confirmed that the meeting's procedures and voting results were in accordance with the Company Law and relevant regulations [7]

启明星辰信息技术集团股份有限公司 2024 年度股东大会的 北京金诚同达律师事务所 关于 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于启明星辰信息技术集团股份有限公司 2024 年度股东大会的 法律意见书 金证法意[2025] 字 0512 第 0437 号 致：启明星辰信息技术集团股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受启明星辰信息技术集团 股份有限公司（以下简称"启明星辰"或"公司"）的聘请，指派本所律师出席 公司 2024 年度股东大会（以下简称"本次股东大会"）并对会议的相关事项出 具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《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 ...

启明星辰信息技术集团股份有限公司（以下简称"公司"）2024年度股东大 会于2025年5月13日14：00在北京市海淀区东北旺西路8号中关村软件园21号楼启 明星辰大厦会议室以现场表决与网络投票相结合的方式召开。本次会议通知已于 2025年4月15日以公告形式发出。 证券代码：002439 证券简称：启明星辰 公告编号：2025-035 启明星辰信息技术集团股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示 1．本次股东大会未出现否决、修改或新增议案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 3．公司，王佳、严立夫妇与中移资本于2022年6月17日签署了《投资合作协 议》、于2022年9月30日签署了《投资合作协议之补充协议》、于2023年8月4日签 署了《投资合作协议之补充协议（三）》，王佳、严立夫妇与中移资本于2022年9 月30日签署了《表决权放弃协议之补充协议》、于2023年8月4日签署了《表决权 放弃协议之补充协议（三）》，约定自上市公司股东大会审议通过本次发行事项之 日起，王佳 ...

Core Insights - The industrial information security industry in China is experiencing rapid growth, with the market size projected to reach approximately 28.734 billion yuan in 2023 and around 39.152 billion yuan in 2024, driven by increasing awareness of information security and the rise of cyber threats [1][10] - The demand for industrial information security spans various sectors, including electricity, petrochemicals, manufacturing, and transportation, highlighting the critical need for security measures in these industries [10] Industry Definition and Classification - Industrial information security refers to the protection of information during industrial operations, encompassing industrial control systems (ICS), industrial internet, and industrial IoT, aimed at ensuring confidentiality, integrity, and availability of industrial production processes [2][4] Industry Chain Analysis - The industrial information security industry chain includes upstream hardware suppliers, software technology providers, and network infrastructure providers, with midstream solution providers and system integrators, and downstream industrial users and regulatory bodies [4] Development History - The industry has evolved through three stages: passive foundation, independent breakthroughs, and ecological restructuring, transitioning from policy-driven compliance to technology-led initiatives [6] Current Industry Status - The number of registered companies in the industrial information security sector has steadily increased, with 106,349 companies registered in 2023, and this trend is expected to continue as demand grows due to initiatives like Industry 4.0 and Made in China 2025 [8] Market Composition - The market composition shows that security hardware accounts for 45%, security software for 30%, and security services for 25%, indicating the significant role of hardware in safeguarding industrial information security [12] Key Companies Analysis - Major players in the industry include Qihoo 360, NSFOCUS, Inspur, and others, each specializing in different aspects of industrial information security, such as comprehensive protection systems, cloud security, and terminal security [14][15] Future Development Trends - Key trends include technological integration, where AI, big data, IoT, and blockchain converge to enhance security measures, and ecological collaboration among manufacturers, software developers, and service providers to create a robust security ecosystem [21][22] Regulatory Impact - Strengthening compliance requirements is significantly influencing the industry, prompting companies to enhance their security measures and invest in compliance with new regulations, thereby raising industry standards [23]

Investment Rating - The report maintains a Cautious industry view for China's IT Services and Software sector [8]. Core Insights - The software industry in China is expected to continue its downtrend, with the bottom yet to be reached [2]. - AI adoption is identified as the sole bright spot, with increasing interest from CIOs leading to larger budgets and tighter timelines for implementation [5][10]. Summary by Sections Industry Overview - Enterprise confidence is struggling to recover, with CIOs' confidence sinking further due to macroeconomic conditions and the impact of tariffs [4][10]. - IT services budgets are stabilizing, while software budgets are deteriorating, indicating a shift in spending priorities [10]. AI Adoption - There is a significant rise in CIO interest in AI, with 71% expecting AI projects to represent a substantial portion of their IT investments in 2025, up from 52% in the previous survey [11][60]. - AI is cannibalizing traditional IT spending, with hardware and IT services gaining budget share at the expense of software [5][14]. Budget Expectations - The 2025 IT budget growth expectation is 5.8%, down from previous projections, with software growth expected to be 4.2% [12][21]. - SOEs are revising down their IT budgets for 2025, while POEs are expected to see a slight increase [42]. Vendor Insights - DeepSeek is recognized as having the best AI product suite, with a significant majority of CIOs favoring it over competitors [82]. - The preference for AI model development vendors has increased, indicating a shift away from traditional hyper-scaler cloud vendors [90]. Spending Trends - The average percentage of IT spending related to AI is projected to rise to 11.2% in 2025, reflecting a growing commitment to AI initiatives [60][75]. - CIOs expect AI to add an average of 4.5% to their IT budgets in 2025, with a notable portion of this funding coming from reallocations within existing budgets [75][79].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 641 million yuan, a year-on-year decline of 30.54%, and a net profit attributable to shareholders of 2 million yuan, indicating a turnaround from losses [2][10] - The decline in revenue is attributed to a challenging network security market environment, while the profit turnaround is due to reduced operating costs, decreased sales and management expenses, and increased investment income [10] - The company is rapidly iterating its AI security product matrix, having completed multiple technical upgrades and established a comprehensive security protection system for large model applications [10] - Long-term outlook remains positive due to effective strategic business layout and successful cooperation with China Mobile, which is expected to help gradually restore performance [10] Financial Summary - Total revenue forecast for 2023 is 4,507 million yuan, with a year-on-year growth of 1.58%, while the forecast for 2024 is 3,315 million yuan, reflecting a decline of 26.44% [1][11] - The net profit attributable to shareholders is projected to be 741.14 million yuan in 2023, with a significant year-on-year increase of 18.37%, but a loss of 226.30 million yuan in 2024 [1][11] - The earnings per share (EPS) is expected to be 0.61 yuan in 2023, dropping to -0.19 yuan in 2024, and recovering to 0.16 yuan in 2025 [1][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 641 million yuan, a year-on-year decline of 30.54%, and a net profit attributable to shareholders of 2 million yuan, indicating a turnaround from losses [2][10] - The decline in revenue is attributed to a challenging network security market environment, with no significant improvement in downstream customer demand [10] - The company has successfully built a comprehensive security product matrix for large model applications, enhancing its offerings in AI security [10] Financial Summary - Total revenue forecast for 2023 is 4,507 million yuan, with a projected decline of 26.44% in 2024, followed by a recovery with growth rates of 12.04%, 12.10%, and 12.16% in the subsequent years [1][11] - The net profit attributable to shareholders is expected to recover from a loss of 226.30 million yuan in 2024 to 194.90 million yuan in 2025, with further increases to 292.24 million yuan in 2026 and 432.73 million yuan in 2027 [1][11] - The latest diluted EPS is projected to be 0.16 yuan in 2025, increasing to 0.24 yuan in 2026 and 0.36 yuan in 2027 [1][11] - The company's total assets are forecasted to grow from 13,778 million yuan in 2024 to 15,498 million yuan in 2027 [11]

Group 1 - The core viewpoint of the articles highlights that Q1 2025 saw Qimingxingchen achieve a net profit of 1.597 million yuan, marking a turnaround from losses, with an 8 percentage point increase in gross margin [1] - The company optimized operational efficiency across the entire chain and managed non-recurring gains and losses, resulting in a 15% reduction in total expenses compared to the same period last year, creating room for profit release throughout the year [1] - In the context of a challenging recovery in the cybersecurity industry, Qimingxingchen achieved a breakthrough through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Group 2 - The company's profitability improvement is attributed to its proactive grasp of AI security strategic opportunities, targeting the new track of the security industry driven by AI large models [2] - Qimingxingchen has launched the "Jiutian·Taihe Security Large Model" and the industry's first full-cycle AI security solution "Anxing Intelligent Body," leveraging the technological foundation of China Mobile's Jiutian large model [2] - The company has accelerated product iteration on a weekly basis since February 6, 2025, completing multiple technological upgrades and establishing a comprehensive security product matrix for large model applications [2][3] Group 3 - Large model application security has become a significant growth area for Qimingxingchen, with key products including large model application firewalls and security proxies, forming a "three-piece set" for large model security [3] - Qimingxingchen deepened collaboration with China Mobile, showcasing innovations in AI application security and data security at the 2025 China Mobile Cloud Intelligence Conference [4] - The company plays a crucial role as a technology innovator and security product service leader for China Mobile, with a sales figure of 1.083 billion yuan from related transactions in 2024, over 70% of which came from collaborative expansion in government and enterprise security business [4] Group 4 - In 2025, Qimingxingchen plans to strengthen business collaboration with China Mobile, expecting to sell approximately 1.95 billion yuan worth of goods to China Mobile and its controlled enterprises [5] - The company has made breakthroughs in commercial models for personal and family smart scenarios, integrating security capabilities into China Mobile's entry-level products like "Mobile Cloud Computer," ensuring user cloud service security [5] - Qimingxingchen emphasizes technological innovation as a core driving force, focusing on improving business quality and deepening strategic collaboration to achieve profitability breakthroughs and demonstrate high-quality development potential [5]

Company Overview - Company announced an earnings briefing on April 28, 2025 [1] - In Q1 2025, the company reported a net profit of 1.597 million yuan, marking a turnaround from losses [2] - The company aims to enhance operational management and reduce costs while focusing on technological innovation [2] Financial Performance - The company's main revenue for Q1 2025 was 641 million yuan, a year-on-year decrease of 30.54% [4] - The net profit attributable to shareholders increased by 101.41% year-on-year [4] - The company reported a gross margin of 58.79% [4] Market Position and Strategy - The company has maintained a leading market share in over 20 product categories for several years [2] - It is focusing on the "I+ security" product matrix to capture new market opportunities [2] - The partnership with China Mobile is expected to drive innovation in cybersecurity technology [2] Industry Outlook - The cybersecurity industry is projected to grow significantly, with China's market expected to increase from 11 billion USD in 2023 to 17.1 billion USD by 2028, reflecting a compound annual growth rate of 9.2% [3] - The industry is driven by policy support and increasing market demand for cybersecurity products and services [3] - The company is positioned to benefit from the growing emphasis on data security amid digital transformation [3]

Group 1: Financial Performance - The company reported a net profit of 1.597 million yuan for Q1 2025, achieving a turnaround from losses [1] - The focus for 2025 includes technology innovation, operational management, and cost reduction to ensure stable and high-quality growth [1] Group 2: Growth Opportunities - The company is targeting new market demands driven by AI large models in the security industry, with several new AI+security products entering the project implementation phase [1] - Collaboration with China Mobile aims to expand new business scales in ToC/ToH sectors, leveraging existing advantages while attracting new customer groups [1] Group 3: Industry Outlook - The network security industry is expected to grow significantly, driven by policy support and increasing market demand [2] - The Chinese network security market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [2]