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].

证券日报网讯1月27日，启明星辰（002439）在互动平台回答投资者提问时表示，公司于2024年半年度 报告"第三节管理层讨论与分析"的"二、核心竞争力分析"中介绍了相关技术内容。关于AI应用，公司战 略布局"AI+安全"方向，一方面保护AI的应用安全，公司快速推出大模型安全产品矩阵，针对大模型应 用安全风险形成系统性解决方案；另一方面通过AI赋能安全能力，训练优化安全大模型、构建安全智 能体。安星智能体，应用于安全运营、威胁检测、数据安全等产品或服务中，显著提升了产品的能力和 服务的效率。 ...

Core Viewpoint - The company, Qiming Star (启明星辰), focuses on cybersecurity products, security operation services, and solutions, emphasizing areas such as AI+security, data security, cloud security, and basic network information security [1] Group 1 - The company's main business includes cybersecurity products and services [1] - The company has disclosed its operational status in regular reports, indicating no undisclosed significant matters [1]

Core Insights - The firewall industry in China is a critical component of the network security system, serving as the first line of defense for enterprises and individuals. The industry is characterized by a diverse range of listed companies, primarily concentrated in the upstream and midstream segments of the supply chain [1][5]. Group 1: Company Overview - Major companies in the firewall industry include Sangfor (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) [1]. - The highest revenue in the firewall industry for 2024 is projected to be from Lenovo, with revenue reaching 114.77 billion yuan, followed closely by Inspur with the same revenue figure [4]. - The registered capital is highest for NSFOCUS, while Tianrongxin is the oldest company in the industry. Ruijie Networks has the most bidding information, totaling 7,141 entries [8]. Group 2: Revenue and Profitability - In terms of revenue from firewall-related business, Sangfor is expected to generate 3.629 billion yuan in 2024, ranking second in the domestic market for unified threat management. Qihoo 360 follows with an expected revenue of 2.653 billion yuan [9]. - The gross profit margin for representative companies in the firewall industry is projected to be around 60% in 2024, with Sangfor achieving the highest margin at 79.31% and Hillstone Networks at 71.97% [11]. Group 3: Business Layout - The firewall business layout of listed companies shows a combination of regional focus and nationwide outreach, with technological innovation and scenario deepening being key characteristics. Sangfor focuses on South China, covering over 30 countries and regions, while Qihoo 360 is centered in Beijing, targeting government and state-owned enterprises [13][15]. - Companies like Tianrongxin and Venustech are also focusing on specific sectors such as industrial internet and government services, respectively, to enhance their market presence [15]. Group 4: Business Planning - Future business plans for firewall companies emphasize technological iteration and scenario deepening. Sangfor aims to integrate network security with cloud computing and transition to a subscription model by 2026 [17]. - Qihoo 360 plans to allocate 25% of its R&D budget to encryption firewall research, while Tianrongxin is focusing on smart solutions for industrial firewalls [17].

Core Viewpoint - The company, Qiming Star (启明星辰), has been deeply engaged in the cybersecurity field for nearly thirty years and is focusing on the "AI + Security" strategy in the AI large model sector [1] Group 1: Company Strategy - The company is leveraging AI to enhance its security capabilities by training and optimizing its security large models and building intelligent security agents for applications in security operations, threat detection, and data security [1] - The company has rapidly launched a matrix of security products for large models to address application security risks, providing a systematic solution [1]

Core Viewpoint - The company, Qiming Star (启明星辰), is focusing on cybersecurity as its main business, with strategic layouts in "AI + Security" and quantum security [1] Group 1: AI + Security - The company is developing security intelligent agents to be applied in security operations, threat detection, and data security products or services [1] - A series of large model security products have been launched to ensure the safety of AI applications, forming a systematic solution [1] Group 2: Quantum Security - The company has upgraded its quantum-resistant encryption system, integrating post-quantum cryptographic algorithms and quantum key distribution technology [1] - Successful implementations of these technologies have been achieved in critical information infrastructure sectors such as finance and telecommunications [1] Group 3: Collaboration and Future Outlook - The company is collaborating with Huawei on vulnerability research and other security-related projects [1] - As new productive forces develop, the company acknowledges the increasing complexity and severity of cybersecurity challenges and aims to continuously track new security demands while focusing on technological innovation [1]

Core Viewpoint - Qiming Star (启明星辰) is leveraging national strategic opportunities by focusing on technological iterations and new scenario demands in the security field, while actively exploring innovations in emerging areas such as commercial aerospace and artificial intelligence [1] Group 1: Company Focus - Qiming Star is a subsidiary of China Mobile (中国移动) dedicated to cybersecurity [1] - The company is committed to ongoing research in security technologies and solutions [1] Group 2: Industry Trends - The company is actively exploring technological innovations in emerging fields like commercial aerospace and artificial intelligence [1] - There is a strong emphasis on adapting to new demands in the security sector [1]

Core Viewpoint - The company, Qihoo 360 (启明星辰), has experienced fluctuations in performance due to changes in the external market environment and strategic R&D investments in new technology areas [2] Group 1: Company Strategy and Performance - The company is currently focusing on deepening strategic collaboration with China Mobile (中国移动) under the leadership of Chairman Yuan Jie [2] - The company aims to accelerate its layout in new sectors such as AI security and cloud security to solidify its long-term healthy development foundation [2] - As it enters the new development phase of the "14th Five-Year Plan," the company will actively respond to national strategies and closely monitor industry trends and market development opportunities [2] Group 2: Innovation and Business Optimization - The company is committed to technological innovation, optimizing its business layout, and enhancing operational quality and efficiency [2]

Core Viewpoint - The company, Qihoo 360 (启明星辰), has experienced fluctuations in performance due to changes in the external market environment and strategic investments in new technology areas. The company is focusing on deepening strategic collaboration with China Mobile and accelerating its layout in AI security and cloud security sectors to ensure long-term healthy development [1]. Group 1 - The company is currently facing performance volatility influenced by external market changes and strategic R&D investments in new technology fields [1]. - Under the leadership of Chairman Yuan Jie, the company is committed to enhancing strategic collaboration with China Mobile [1]. - The company aims to accelerate its entry into new sectors such as AI security and cloud security, which are seen as essential for its long-term development [1]. Group 2 - As the company enters the "14th Five-Year Plan" phase, it plans to actively respond to national strategies and closely monitor industry trends and market opportunities [1]. - The company emphasizes the importance of technological innovation, optimizing its business layout, and improving operational efficiency [1].

证券日报网讯 1月19日，启明星辰（002439）在互动平台回答投资者提问时表示，公司始终重视投资者 回报和市值管理，已制定并审议通过《市值管理办法》，持续加强信息披露质量，并通过业绩说明 会、"互动易"平台及投资者咨询电话等多渠道与投资者保持沟通。针对股价表现，公司正研究并持续评 估相关可行方案，力求在符合公司发展战略和全体股东利益的前提下适时推出具体举措。虽然公司业绩 面临短期挑战，但通过深化与中国移动（600941）战略协同、聚焦AI安全等创新方向、强化回款管理 等措施，正积极推动基本面改善。 ...