Core Insights - The firewall market in China is steadily growing, with the market size expected to increase from $1.17 billion in 2016 to $3.02 billion by 2025, and projected to reach $3.156 billion in 2026 [2][7][20] - The growth is driven by policy support, increasing market demand, and technological advancements, particularly with the deployment of 5G, private networks, and industrial internet [2][15] - The rise of edge computing is increasing the demand for lightweight firewalls, and customized firewall products for scenarios like IoT and smart cities are expected to emerge [2][15] Firewall Industry Definition and Classification - A firewall is an access control product that creates barriers between internal networks and insecure external networks, preventing unauthorized access and attacks [3][16] - Firewalls can be categorized based on technology into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls [5][18] - They can also be classified by form into software firewalls, hardware firewalls, and chip-level firewalls [5][18] Current Development Status - The firewall industry is characterized as a critical component of IT infrastructure, acting as a gatekeeper for network security [7][20] - The market is experiencing steady growth due to supportive policies and increasing technological advancements [7][20] Industry Value Chain - The upstream of the firewall industry includes basic hardware (chips, hard drives, network cards, etc.) and basic software (BIOS, operating systems, encryption) [9][22] - The midstream consists of firewall products, while the downstream applications span various sectors including government, finance, telecommunications, energy, education, healthcare, transportation, and aerospace [9][22] Key Companies - Notable listed companies in the firewall sector include Sangfor Technologies (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [2][15]

转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）近日，启明星辰发布2025年业绩预告显示，公司预计实现营业收入23 亿元至24.2亿元。2025年公司净利润亏损，但第四季度业绩已展现出企稳向好的韧性，公司经营性净现 金流约2.9亿元，同比增长约190%，连续三个季度保持净流入态势。 公告显示，利润空间收窄主要源于毛利额的显著下滑。为把握重点行业的安全能力建设机遇，启明星辰 前瞻性地承担了科研类重大项目。因此类项目前期资源投入整体较高，因而对公司整体毛利水平产生阶 段性影响。 报告期内，网络安全市场需求仍待复苏，启明星辰表示，由于部分下游行业客户网络安全支出收紧，公 司整体业务与经营业绩产生阶段性压力。然而随着市场需求逐步筑底，公司第四季度收入降幅已呈现环 比收窄的积极信号。 面对外部挑战，启明星辰表示公司积极优化业务布局，着力培育新兴增长点，稳步推动业务结构调整。 公司在"AI+安全"技术方向，基于"安星人工智能安全运营系统"打造多智能体协同防御体系，实现威胁 全生命周期精准管控；在工业互联网安全方向，打造"京津冀产业协同与工业互联网网络安全平台"，构 建"六位一体"工业安全防护体系；在个人隐私保护方 ...

启明星辰 20260130 摘要 启明星辰面临宏观经济、传统业务放缓及竞争加剧等多重挑战，导致收 入和利润承压，但经营性净现金流同比增长 190%至 2.9 亿元，资金储 备达 46 亿元，为未来发展奠定基础。 公司积极布局 AI 加安全、工业互联网安全、数据安全等新兴领域，构建 三条增长曲线，战略重心从降费增效转向提质增效，结构性重点投入数 据安全，AI 应用安全等领域。 网络安全行业下游客户需求总量下降趋势趋缓，新兴领域如 2C2H 和 SMB 需求增加，与运营商、云厂商及互联网厂商交叉的需求也在增加， 市场呈现 U 型筑底态势。 2026 年网络安全需求结构将发生显著变化，AI 赋能对现有安全产品应 用带来巨大影响，智能体辅助的代码审计服务需求可能增加，客户对体 验、效能和结果展示的需求增加。 启明星辰与中国移动策略调整，聚焦高质量协同合作，云安全拓展取得 成效，但总体关联交易有所下降，未来将深耕云安全、AI 加安全、数据 安全等领域。 Q&A 2025 年启明星辰的经营业绩如何？主要影响因素有哪些？ 2025 年，启明星辰预计营业收入在 23 亿至 24.2 亿元之间，归母净利润亏损 6.1 亿至 5 ...

Summary of Conference Call Notes Industry Overview - The discussion centers around the emerging AI platform, Moltbook, which has attracted over 150,000 AI Agents within three days of its launch, indicating a significant shift towards machine-to-machine interaction in the AI landscape [1][2]. Key Points and Arguments 1. **Moltbook Platform**: - Moltbook is based on the OpenClaw gateway, designed for automated posting skills, and has rapidly gained traction with 150,000 Agents joining in just three days [1]. - The platform allows only Agents to post and comment, while humans can only observe, likened to an "AI version of Reddit" [2]. 2. **Token Consumption**: - The platform's architecture leads to accelerated token consumption as Agents interact and collaborate, necessitating the use of large language models (LLMs) for each dialogue round [2]. - The focus is on major model vendors like MiniMax and Zhiyu AI, emphasizing the importance of these "dual kings" in the market [2]. 3. **Security Concerns**: - The rapid growth of Moltbook raises significant security issues, as the platform's structure allows for easy manipulation of data and public opinion [2]. - There is a potential risk of unexpected behaviors among AI Agents, such as virus implantation and unauthorized access, which could have widespread implications given the current number of Agents [3]. - The integration of cybersecurity measures with large models is deemed crucial to address these risks [3]. Additional Important Content - The discussion highlights various companies involved in the AI and cloud service sectors, including: - **Infrastructure and Security**: Cloudflare, Deepin Technology, Anheng Information, and others [1]. - **Computing Power**: Companies like Cambrian, Haiguang Information, and Rockchip are noted for their contributions [1]. - **Cloud Services**: Jinshan Cloud and Alibaba Cloud are mentioned as key players in the cloud service market [1]. - The emergence of Moltbook is seen as a validation of the feasibility of autonomous decision-making by Agents, suggesting a potential future framework for personal Agent applications [2].

证券代码：002439 证券简称：启明星辰 启明星辰信息技术集团股份有限公司投资者关系活动记录表 编号：2026-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | | 安-华创证券有限责任公司；马宗铠-东北证券股份有限公司；刘聪颖-中邮证券 | | | 苏仪-中泰证券股份有限公司；李铭姌-中国国际金融股份有限公司；孙诗洋-中 国国际金融股份有限公司；李楚涵-中信建投证券股份有限公司；魏宗-国泰海 通证券股份有限公司；库宏垚-国信证券股份有限公司；桂杨-兴业证券股份有 | | | 限公司；孟灿-国金证券股份有限公司；耿军军-国元证券股份有限公司；胡昕 | | | 有限责任公司；陈昭旭-中邮证券有限责任公司；张令泓-中银基金管理有限公 | | | 司；孔文彬-中国人保资产管理有限公司；刘颖飞-平安银行股份有限公司；冯 | | | 皓琪-西部利得基金管理有限公司；周昊-东兴基金管理有限公司；魏巍-中信期 | | 活动 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to ongoing challenges in the cybersecurity market and a tightening of spending from downstream industry clients [1][2]. Financial Performance Summary - The company anticipates a negative net profit for the period from January 1, 2025, to December 31, 2025, with financial data not yet audited by external accountants [1]. - The operating cash flow has turned positive year-on-year, achieving approximately 290 million yuan, a growth of about 190%, indicating strong cash reserves of around 4.6 billion yuan [8]. Revenue Changes - The company has shown signs of stabilization in the fourth quarter, with a narrowing revenue decline as market demand begins to recover [3]. - Collaboration with China Mobile has shifted from scale expansion to quality improvement, with a focus on strategic business areas such as cloud security [4]. Profit Changes - A significant decline in gross profit is the main factor affecting profit margins, attributed to lower revenue and high upfront costs from major research projects [5][7]. - The company has implemented cost reduction and efficiency improvement measures, successfully reducing operational costs despite the challenges faced [6][7]. Strategic Initiatives - The company is focusing on technological innovation in emerging security fields, maintaining high R&D investment to develop advanced security capabilities [9]. - Three growth curves are being developed: solidifying core cybersecurity business, focusing on new energy areas like AI and data security, and exploring personal and family digital security markets [11].

本报讯 （记者李乔宇）1月29日晚间，启明星辰信息技术集团股份有限公司（以下简称"启明星辰"）发 布了2025年度业绩预告，启明星辰预计实现营业收入23亿元至24.2亿元。2025年公司处于亏损状态，但 第四季度业绩已展现出企稳向好的韧性。2025年，启明星辰预计经营性净现金流约2.9亿元，较上年同 期增长约190%，且已连续三个季度保持净流入态势。 2025年，网络安全市场需求仍待复苏，部分下游行业客户网络安全支出收紧，对启明星辰整体业务与经 营业绩带来阶段性压力。面对外部挑战，启明星辰积极优化业务布局，聚焦科技创新，着力培育新兴增 长点，稳步推动业务结构调整。启明星辰持续推进降本增效与精细化资金管理，显著增强了业务的造血 能力，充足的资金储备也为企业长期健康发展奠定了坚实基础。 经营性现金流持续保持同比增长 公告显示，启明星辰利润空间收窄主要源于毛利额的显著下滑。除了收入下滑的主要影响，为把握重点 行业的安全能力建设机遇，启明星辰前瞻性地承担了科研类重大项目。此类项目通常伴随较高的前期资 源投入，导致当期成本承压，进而对整体毛利水平产生阶段性影响。尽管短期内盈利水平受到挑战，但 这些战略性投入有助于启明星 ...

Core Viewpoint - The company, Qi Ming Xing Chen, forecasts a significant increase in revenue for the fiscal year 2025, but also anticipates a larger net loss compared to the previous year [1] Financial Performance - The projected operating revenue for 2025 is between 2.3 billion and 2.42 billion yuan [1] - The net loss attributable to shareholders is expected to be between 540 million and 610 million yuan, compared to a loss of 226 million yuan in the same period last year [1] - The net profit, excluding non-recurring gains and losses, is projected to be a loss of between 448 million and 558 million yuan [1]

Core Viewpoint - The company expects a net profit attributable to shareholders of the listed company to be between -610 million and -540 million yuan for the fiscal year 2025, indicating a challenging financial outlook due to market conditions [1] Group 1: Financial Performance - The projected net profit for 2025 is estimated to be between -610 million and -540 million yuan, reflecting a significant loss [1] - The company is facing pressure on overall business and operating performance due to tightened cybersecurity spending from downstream industry clients [1] Group 2: Market Conditions - The demand for cybersecurity in the market is still awaiting recovery, contributing to the financial challenges faced by the company [1] Group 3: Strategic Response - In response to external challenges, the company is actively optimizing its business layout and focusing on technological innovation to cultivate new growth points [1] - The company is steadily promoting business structure adjustments while continuing to implement cost reduction and efficiency enhancement measures, significantly improving its operational capabilities [1]

Financial Projections - The company expects a net profit in the range of -61,000 to -54,000 thousand yuan for 2025, compared to -22,629.89 thousand yuan in the same period last year [4]. - Operating revenue is projected to be between 230,000 and 242,000 thousand yuan, down from 331,516.73 thousand yuan year-on-year [4]. - The net cash flow from operating activities is expected to be approximately 290 million yuan, representing a year-on-year increase of about 190% [10]. Operational Performance - The company has maintained a positive operating cash flow for three consecutive quarters, indicating strong financial health [7]. - The decline in gross profit is attributed to reduced revenue and increased costs from significant R&D projects, impacting overall profitability [9]. - The company has successfully reduced operational costs through refined management practices, despite challenges in revenue and gross profit margins [9]. Strategic Focus - The company is focusing on technological innovation in emerging security fields, including AI-driven security solutions and personal privacy protection devices [11]. - Collaboration with China Mobile is being enhanced, with a focus on optimizing structure and improving quality in their joint business efforts [8]. - The company plans to develop three growth curves: solidifying core cybersecurity business, focusing on new energy in AI and data security, and exploring personal digital security markets [11]. - The management expresses confidence in long-term growth opportunities driven by digital transformation and cybersecurity upgrades [12].