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]

中证报中证网讯（王珞）8月26日晚，央企网安龙头启明星辰（002439）披露了2025年半年报，公司上 半年营收11.33亿元，归属于上市公司股东的净利润同比减亏，综合毛利率较上年同期提升3.4个百分 点。 上半年，公司持续加强关键核心技术自主可控，形成全面且多样化的国产化安全产品布局。公司持续完 善"技术-产品-服务"全栈式信创安全解决方案，提升了场景化安全能力，重构了原生化技术体系，持续 推进信创技术创新。同时，公司将AI大模型与安全运营业务深度融合，构建多智能体协同的自主化安 全运营工作流体系，实现了安全能力的多维融合与智能进化，安全运营能力从"人驱动工具"升级为"智 能体驱动业务"。 报告期内，公司依托云智算关键信息基础设施，打造新型网信安全基础设施和能力服务体系，深度融合 运营商级网信原生安全。公司关键信息基础设施原生化的网信安全能力不断迭代升级，为政府、农商、 交通、医疗、教育、金融、公检法等多个行业的云基础设施提供坚实的安全保障。启明星辰集团旗下多 个品牌均成为国内高端企业级客户的首选，启明星辰已经成为工业和信息化部人工智能标准化技术委员 会首批工作组成员单位。作为央企控股的行业龙头企业，启明星 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 22.99 [7][8]. Core Insights - The company reported a revenue of RMB 1.133 billion for the first half of 2025, a year-on-year decline of 28.03%, but the net profit attributable to shareholders improved, with a loss of RMB 0.93 billion, narrowing by 48.78% [1]. - The company is focusing on innovation and new business growth driven by digitalization, while also enhancing operational efficiency, leading to improved gross margins and accounts receivable management [1][2]. - The partnership with China Mobile has led to the launch of new security products, significantly increasing revenue from business customers by over 50% [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 59.91%, up 3.39 percentage points year-on-year, attributed to improved operational efficiency and a higher proportion of high-margin products [2]. - The operating cash flow turned positive in Q2 2025, showing significant improvement from a negative cash flow of RMB 1.62 billion in H1 2025 compared to RMB -5.19 billion in the same period of 2024 [2]. Business Development - The company is enhancing its "AI + Security" business layout, focusing on key industry customer needs and deploying advanced security models in critical sectors such as energy, healthcare, and public safety [4]. - The company has established a comprehensive ecosystem with China Mobile, integrating cloud, network, data, and endpoint solutions to expand into personal and family security markets [3]. Profit Forecast and Valuation - The revenue projections for 2025-2027 are RMB 3.714 billion, RMB 4.164 billion, and RMB 4.670 billion, respectively, with a target price based on a 7.5x PS ratio [5].

每经AI快讯，启明星辰（SZ 002439，收盘价：17.23元）8月27日发布公告称，公司第六届第十一次董 事会会议于2025年8月26日在公司会议室以现场会议和通讯表决结合的方式召开。会议审议了《关于公 司<2025年半年度报告>及其摘要的议案》等文件。 2025年1至6月份，启明星辰的营业收入构成为：信息网络安全占比99.05%，其他业务占比0.95%。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） ...

Core Viewpoint - Qiming Star Technology Group Co., Ltd. (hereinafter referred to as "Qiming Star") reported a significant improvement in key financial metrics for the first half of 2025, including a revenue of 1.133 billion yuan and a reduction in net loss attributable to shareholders, indicating a solid foundation for stable development in the upcoming year [1] Financial Performance - In the first half of 2025, Qiming Star achieved an operating income of 1.133 billion yuan, with a year-on-year reduction in net loss attributable to shareholders [1] - The gross profit margin and accounts receivable indicators showed continuous improvement, particularly with positive operating cash flow in the second quarter [1] Technological Advancements - Qiming Star has been enhancing its core technological competitiveness by rapidly developing new products and exploring new business models, which has stimulated technological innovation [1] - The company optimized the Taihe security large model and built a collaborative intelligent body, Anxing, leveraging high-quality security datasets and computational resources from China Mobile [1] AI Applications - The Anxing intelligent body has been applied in security operations, threat detection, threat intelligence, and data security, significantly improving product capabilities and service efficiency [2] - Qiming Star launched a systematic large model security product matrix and implemented several benchmark projects, addressing security risks associated with large model applications [2] R&D Investment - As a leading enterprise controlled by a central state-owned enterprise, Qiming Star's ample financial reserves provide a solid foundation for resisting short-term fluctuations and support ongoing investments in future directions [3] - In the first half of 2025, R&D investment accounted for 37.67% of revenue, an increase of 3.64 percentage points compared to the same period last year, broadening the technological moat [3]