针对网络安全行业的现状以及未来发展趋势，袁捷董事长给出了自己的看法：一方面，传统网络安全业 务增速受限、相关产品和服务增长承压；另一方面，高质量网络安全能力的供给需求愈发旺盛。总体 看，网络安全产业的发展动能是充足的，其韧性强、潜力大、长期向好的基本面没有变，产业长期向好 的趋势不变。 (原标题：启明星辰（002439）披露半年报投资者交流袁捷董事长首次亮相) 8月28日晚，启明星辰(002439.SZ)发布了最新的投资者关系活动记录表，启明星辰新任董事长袁捷首次 参与此次机构投资者交流活动。恰逢国务院发布关于深入实施"人工智能+"行动的意见，本次交流活动 吸引众多投资机构关注。 新任董事长阐述行业趋势及公司战略机遇 多家机构就《意见》对网安行业的影响与启明星辰进行交流。启明星辰也做了相应的解读，该《意见》 对经济形势有根本性拉动，明确新生产力方向，提升经济量质构效，其提出的六个重点领域将延伸出网 络安全需求，对经济多个方向起到指引作用。《意见》可能使人工智能成为新的生产力要素，与数据要 素交互作用，拉动经济高质量发展。《意见》提出的智能终端和智能体覆盖度量化指标，对产业是极大 利好，启明星辰也将受益。 袁捷 ...

Core Viewpoint - The performance meeting held by Qimingxingchen Information Technology Group Co., Ltd. focused on the company's operational performance in the first half of 2025, industry development trends, and strategic planning [1] Group 1: Operational Performance - In the first half of 2025, the company achieved operating revenue of 1.133 billion yuan; net profit attributable to shareholders was -93.35 million yuan; and the net profit after deducting non-recurring gains and losses was -164 million yuan [2] - The company implemented measures to enhance operational quality, resulting in a comprehensive gross profit margin increase of 3.4 percentage points year-on-year, a 3.93% decrease in accounts receivable, and a 68.8% year-on-year increase in operating cash flow [2] - Research and development investment accounted for 37.7% of revenue, an increase of 3.64 percentage points compared to the same period last year [2] Group 2: Industry Trends and Strategic Measures - The chairman noted that while traditional cybersecurity business growth is limited, the demand for high-quality cybersecurity capabilities is increasing, indicating a long-term positive trend in the industry [3] - The company aims to deepen strategic collaboration with China Mobile, transforming from a "cybersecurity leader" to a "security infrastructure provider" and expanding into new markets [3] - The company views the State Council's opinion on implementing "Artificial Intelligence +" as a significant strategic opportunity for structural growth in the cybersecurity industry [3] Group 3: Future Outlook - The company expects to maintain its current gross profit margin for the year, with anticipated increases in related transaction amounts and positive growth trends in AI security business in the third and fourth quarters [4]

Group 1 - The core viewpoint of the article is that Qimingxingchen (启明星辰) has conducted an investor survey, revealing significant insights into its business operations and financial performance [1] - For the first half of 2025, Qimingxingchen's revenue composition shows that information network security accounts for 99.05% of total revenue, while other businesses contribute only 0.95% [1] - As of the report date, Qimingxingchen's market capitalization stands at 21.2 billion yuan [1]

Core Viewpoint - The recent financial report of Qiming Star (启明星辰) indicates a significant decline in revenue while showing improvements in profitability metrics such as gross margin and net margin [1]. Financial Performance - Total revenue for the first half of 2025 was 1.133 billion yuan, a decrease of 28.03% year-on-year [1]. - The net profit attributable to shareholders was -93.35 million yuan, an increase of 48.78% year-on-year [1]. - In Q2 2025, total revenue was 492 million yuan, down 24.47% year-on-year, with a net profit of -94.95 million yuan, a decline of 37.44% year-on-year [1]. - Gross margin improved to 59.91%, up 6.01% year-on-year, while net margin was -8.52%, an increase of 28.04% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 512 million yuan, representing 45.17% of revenue, an increase of 19.05% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.08 yuan, an increase of 48.87% year-on-year [1]. - Operating cash flow per share was -0.13 yuan, an increase of 68.59% year-on-year [1]. - The company's net asset per share was 9.35 yuan, a decrease of 0.94% year-on-year [1]. Business Evaluation - The company's net margin last year was -6.86%, indicating low added value in products or services [3]. - The median Return on Invested Capital (ROIC) over the past decade was 13.84%, with the worst year being 2024 at -2.44% [3]. - The company has had a generally good financial history, with only one loss year since its IPO [3]. Strategic Insights - The new chairman, Yuan Jie, is focusing on establishing the company as a world-class cybersecurity firm and enhancing its collaboration with China Mobile [4]. - The company aims to strengthen its research and development capabilities and improve service quality to support China Mobile's digital initiatives [4]. - The emphasis is on making cybersecurity a core competency to drive the overall upgrade of the domestic cybersecurity industry [4].

Financial Performance - The company achieved a revenue of CNY 1.133 billion in the first half of 2025, with a net profit attributable to shareholders of -CNY 93.35 million and a non-recurring net profit of -CNY 164 million [2] - The comprehensive gross margin increased by 3.4 percentage points year-on-year due to a higher proportion of high-margin products [2] - Accounts receivable decreased by 3.93% compared to the beginning of the period, and operating cash flow increased by 68.8% year-on-year [2] Strategic Measures - The company focused on improving operational quality by strictly controlling project order quality and enhancing cash flow management, resulting in a 38.9% increase in collections in the second quarter [2] - The collaboration with China Mobile was deepened, reducing the scale of low-margin integration projects while increasing revenue and order volume from self-sourced business [3] - R&D investment as a percentage of revenue rose to 37.7%, an increase of 3.64 percentage points year-on-year, emphasizing the commitment to technological innovation [3] Market Trends and Opportunities - The network security industry is experiencing a transformation, with traditional business growth slowing while demand for high-quality security capabilities is increasing [5][6] - The recent government policy on "Artificial Intelligence+" is expected to create significant growth opportunities in the AI security sector, with projected investments in AI security expected to account for 5% to 15% of overall policy-driven investments [15][17] - The company is well-positioned to benefit from the integration of AI in security applications, with over 30% of current projects involving AI elements [22] Future Outlook - The company anticipates a continued upward trend in gross margin, supported by ongoing quality control of orders and a focus on high-margin projects [19] - The expected upper limit for related transactions with China Mobile in 2025 is CNY 1.95 billion, with a goal to increase the quality and volume of these transactions in the second half of the year [20] - The company aims to leverage its strategic partnership with China Mobile to expand into new markets, including personal and family markets, and enhance its service offerings [10][23]

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [7]. Core Views - The company's performance is under short-term pressure, but operational quality continues to improve, with opportunities for growth driven by deep collaboration with China Mobile and the AI wave [3][4]. - The company achieved a revenue of 1.133 billion yuan in H1 2025, a year-on-year decrease of 28.03%, while the net profit attributable to shareholders was -93 million yuan, a year-on-year increase of 48.78% [4][5]. - The overall gross margin improved to 59.91% in H1 2025, up 3.4 percentage points year-on-year, driven by a higher proportion of high-margin products [5]. Financial Performance Summary - Revenue Forecast: The company is projected to generate revenues of 3.315 billion yuan in 2024, 3.413 billion yuan in 2025, and 4.074 billion yuan in 2027, with a growth rate of -26% in 2024 and a recovery to 13% by 2027 [3][6]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be -226 million yuan in 2024, 81 million yuan in 2025, and 274 million yuan in 2027, reflecting a significant recovery [3][6]. - Earnings Per Share (EPS): The EPS is forecasted to be -0.19 yuan in 2024, 0.07 yuan in 2025, and 0.23 yuan in 2027 [6]. Market Position and Strategy - The company is a leading player in the cybersecurity sector, leveraging resources from China Mobile to expand its presence in government and enterprise security scenarios [5]. - The company has maintained the number one market share in 19 product categories, including data security and industrial internet security, while other products rank among the top in the market [5]. - The collaboration with China Mobile focuses on enhancing personal and family security markets, with innovative products like "Dedicated Line Guardian" to meet digital transformation security needs [5].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Qiming Star Technology, indicating a decline in revenue and a significant net loss in the first half of 2025 [2][3] - As of August 27, Qiming Star Technology's stock price fell by 1.80%, with a trading volume of 876 million yuan, and a net financing outflow of 7.75 million yuan [1] - The company's financing balance reached 819 million yuan, accounting for 5.15% of its market capitalization, which is above the 60th percentile of the past year [1] Group 2 - For the first half of 2025, Qiming Star Technology reported an operating income of 1.133 billion yuan, a year-on-year decrease of 28.03%, while the net profit attributable to shareholders was a loss of 93.35 million yuan, but this represented a 48.78% increase compared to the previous period [2] - 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 June 30, 2025, the number of shareholders increased to 95,200, while the average circulating shares per person decreased by 5.17% to 7,615 shares [2]

Core Insights - The article emphasizes the strategic importance of IoT security as a comprehensive system that ensures data confidentiality, integrity, and availability across the entire IoT ecosystem, driven by national policies and market demands [1][6][8]. Industry Overview - IoT security is defined as a system that protects IoT devices, communication networks, cloud platforms, and application services from various threats, ensuring data confidentiality, integrity, and availability [2][3]. - The Chinese IoT industry has surpassed 4 trillion yuan, with an average annual growth rate exceeding 17%, driven by "new infrastructure" and "dual carbon" goals [1][8]. Market Size and Growth - The market size for IoT security is projected to grow from 28 billion yuan in 2020 to 46.3 billion yuan in 2024, with expectations to exceed 51 billion yuan by 2025, reflecting a compound annual growth rate of 12%-15% [1][9]. Competitive Landscape - The IoT security industry in China is characterized by a fragmented market, with leading companies like Qihoo 360 and Deep Technology holding less than 20% of the overall market share, while small and medium enterprises dominate 75% of the market [1][10][12]. - Major players include Qihoo 360, Deep Technology, and Tianmao Information, with Qihoo 360 leading the boundary security market with a 21.2% market share [1][10][12]. Industry Trends - Future trends indicate a shift towards a collaborative development model where technology, application scenarios, and ecosystems work together, with a focus on zero trust and AI integration to enhance security capabilities [1][14][15]. - The demand for security solutions in industrial IoT, smart cities, and rural markets is expected to create a market worth hundreds of billions, with specific needs for device identity authentication and data encryption [1][14][15]. Policy and Regulatory Framework - The Chinese government has introduced several policies to establish a comprehensive IoT security standard system by 2025, which includes over 30 industry standards across various categories [1][6][8].

财报体检工具显示： 据证券之星公开数据整理，近期启明星辰（002439）发布2025年中报。截至本报告期末，公司营业总收 入11.33亿元，同比下降28.03%，归母净利润-9335.0万元，同比上升48.78%。按单季度数据看，第二季 度营业总收入4.92亿元，同比下降24.47%，第二季度归母净利润-9494.72万元，同比下降37.44%。本报 告期启明星辰盈利能力上升，毛利率同比增幅6.01%，净利率同比增幅28.04%。 本次财报公布的各项数据指标表现一般。其中，毛利率59.91%，同比增6.01%，净利率-8.52%，同比增 28.04%，销售费用、管理费用、财务费用总计5.12亿元，三费占营收比45.17%，同比增19.05%，每股净 资产9.35元，同比减0.94%，每股经营性现金流-0.13元，同比增68.59%，每股收益-0.08元，同比增 48.87% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.74亿 | 11.33亿 | -28.03% | | 归母浄利润（元） | -1.82 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.133 billion yuan and a net profit growth of 48.78% year-on-year, indicating strong operational performance and improved key metrics [1] - The company is actively pursuing AI-driven security solutions, aligning with government initiatives to integrate digital technology with manufacturing and market advantages, and has launched a new safety protection track for large model applications [2][3] - The company has increased its R&D investment to 37.67% of revenue, up by 3.64 percentage points from the previous year, which supports rapid innovation and product iteration [4] Financial Performance - In the first half of 2025, the company achieved an operating income of 1.133 billion yuan and a net profit growth of 48.78% compared to the same period last year [1] - The company's gross profit margin and accounts receivable metrics have shown continuous improvement, with positive operating cash flow in the second quarter [1] Strategic Initiatives - The company is implementing the "AI+" action plan, optimizing its security large model and intelligent systems, and has developed a collaborative model for security operations, threat detection, and data security [2][3] - The company has launched a systematic large model security product matrix and has successfully executed several benchmark projects, positioning itself to capitalize on new opportunities in the security industry [3] R&D and Innovation - The company emphasizes rapid innovation driven by R&D investments, with a focus on weekly product iterations to meet market demands [4] - The launch of the DeepSeek R1 model has spurred interest in AI applications, leading to heightened attention on security issues from regulators and users [4] Market Outlook - The global market for AI-driven cybersecurity solutions is projected to reach 16.13 billion USD in 2024 and 43.16 billion USD by 2031, with a compound annual growth rate (CAGR) of 15.3% from 2025 to 2031 [5][6] - The company aims to be a leading force in national cybersecurity strategy, focusing on technological innovation and building a robust security framework to support the development of a digital China [6]