（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，2025年前三季度公司实现毛利率 61.8%，体现了公司产品与服务的强大市场竞争力。去年以来出现亏损，主要源于两方面因素：一方 面，公司在融入中国移动体系后，积极布局新兴技术领域，主动加大对AI安全、数据安全、量子计算 等前沿领域的研发投入，这部分战略性支出短期内影响了利润；另一方面，传统网络安全业务短期内增 速受限，相关产品和服务增长承压，也对利润产生了影响。目前，公司管理层正全力推动与中国移动的 深度协同，优化业务结构，并已看到现金流改善等积极迹象。为构筑长期技术壁垒和增长动能，公司仍 将坚持科技自主创新，随着新质安全需求的增长和协同效应的释放，公司利润将逐渐改善。 ...

证券日报网讯1月6日，启明星辰（002439）在互动平台回答投资者提问时表示，公司始终秉持战略导向 与精益运营的原则，动态优化组织架构以适配长远发展。在员工规模方面，基于业务发展需要，公司近 年来实施了精准的降本增效措施，员工数在每年的年度报告中予以披露。公司成为中国移动（600941） 的网信安全专业子公司后，致力于与中国移动强大的销售与服务网络进行深度融合与能力互补，启明星 辰的专业安全能力正通过中国移动覆盖全国的体系，更高效地触达更广泛的客户群体。公司高度重视产 品智能化程度与易用性，重视技术创新与产品体验，已将人工智能技术深度应用于产品研发。例如公司 的安星智能体，能够在安全运营中显著提升安全分析的自动化水平和响应效率。公司将持续迭代产品， 致力于为客户提供更智能、更便捷的安全解决方案。公司将根据中长期发展战略，紧抓AI安全、数据 安全等新质生产力发展机遇，持续优化人力资源配置，深化与中国移动的战略协同，并不断提升产品与 服务的智能化、易用性水平。 ...

证券日报网讯1月6日，启明星辰（002439）在互动平台回答投资者提问时表示，网络安全行业虽然短期 面临传统业务增速受限、产品和服务承压的挑战，但长期来看，网络安全与信息化应用、业务场景融合 将产生高质量创新安全能力，这方面的需求愈发旺盛，公司坚信网络安全产业韧性强、潜力大，长期向 好的基本面不变。公司也在持续深化与中国移动（600941）的战略协同，在"AI+安全"、云安全、5G安 全等新赛道积极布局，并与中国移动一起拓展政府、企业、个人及家庭用户。今年以来，公司与中国移 动着力提升关联交易的项目质量，突出安全产品的价值，提升关联交易的整体毛利率水平，因此也主动 放弃一些低毛利的项目导致关联交易额同比有所下降。新任董事长上任后，公司正全力深化与中国移动 的战略协同，并前瞻性开拓人工智能(AI)安全新赛道，并将积极把握市场机遇、推动迈向高质量发展。 ...

证券日报网讯 1月6日，启明星辰（002439）在互动平台回答投资者提问时表示，公司始终重视市值管 理工作，已制定并审议通过《市值管理办法》，系统性推进市值管理各项工作。一是持续提升信息披露 质量，公司连续六年获深交所信息披露考评A级；二是持续加强投资者关系管理，通过业绩交流 会、"互动易"、投资者热线等多渠道与投资者保持沟通；三是与中国移动（600941）积极研究并持续评 估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措。作为中国 移动专责网信安全子公司，公司将深入探索多维度、多手段的市值管理方法，积极响应国资委和中国移 动对央企控股上市公司市值管理的相关要求，努力提升公司价值，提振投资者信心。 ...

证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司现已制定并审议通过了《市 值管理办法》，系统性推进市值管理各项工作。在具体实践中，公司的市值管理聚焦于提升主营业务竞 争力、优化公司治理、持续提升信息披露质量、强化投资者关系以及通过稳健的现金分红政策回报股东 等多个维度。公司相信，扎实的经营业绩和清晰的发展战略是支撑市值的根本。股份回购是市值管理的 工具之一，其决策需要综合考量市场环境、监管规则、公司财务状况、未来资金需求及长期战略规划等 多重因素。公司管理层将持续关注资本市场动态，在合法合规、有利于公司长远发展的前提下，审慎研 究包括回购在内的各类价值提升工具。公司重视每一位投资者的声音，并将通过业绩说明会、互动平台 等多种渠道持续加强与资本市场的沟通，传递公司价值。 （编辑 丛可心） ...

（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司正全力以赴，从短期业绩改 善、中长期战略深化以及增强投资者信心三个维度采取系统性措施。公司全力推动与中国移动的战略协 同，聚焦AI安全、云安全等新赛道以培育新增长点，拓展个人与家庭新客群。同时严格执行降本增 效，加强应收账款管理以改善现金流，优化经营改善基本面。另外，公司也与中国移动积极研究并持续 评估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措，力求推 动公司价值回归合理区间。 ...

证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司始终重视市值管理工作，已 制定并审议通过《市值管理办法》，系统性推进市值管理各项工作。一是持续提升信息披露质量，公司 连续六年获深交所信息披露考评A级；二是持续加强投资者关系管理，通过业绩交流会、"互动易"、投 资者热线等多渠道与投资者保持沟通；三是与中国移动积极研究并持续评估包括分红、回购增持等方 案，以便适时推出符合公司发展和全体股东长远利益的回报举措。投资者热线电话在公司官网投资者关 系专栏-公司资讯，公司的年度报告、半年度报告中均有披露。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月6日，启明星辰在互动平台回答投资者提问时表示，公司目前经营正常，现金流充 裕，资产负债结构健康，按照既定战略开展主营业务，持续深化与中国移动的战略协同，强化科技创 新，持续推进提质增效。在市值管理方面，公司力求高质量信披、加强投资者沟通、积极研究并持续评 估包括分红、回购增持等方案，以便适时推出符合公司发展和全体股东长远利益的回报举措。 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The domestic information technology application innovation (信创) industry is rapidly developing, driven by both policy and market forces, with a market size of 20,961.9 billion yuan in 2023, reflecting a year-on-year growth of 25.6% [1][22] - The 信创 industry encompasses IT infrastructure, basic software, application software, and information security, forming a complete industrial chain and ecosystem [1][16] - The strategic layout of the 信创 industry is characterized by a "2+8+N" model, focusing on key sectors such as government, finance, telecommunications, energy, and education [1][28] - The growth drivers for the 信创 industry include economic factors, technological advancements, and security concerns, particularly in response to external pressures on high-tech sectors [1][25] Summary by Sections 1. Policy and Market Dynamics - The 信创 industry is supported by a comprehensive policy framework that includes top-level design, special support, and standard regulations [22] - The market for traditional cybersecurity in China has grown steadily from 47.8 billion yuan in 2019 to 69.4 billion yuan in 2023, with a CAGR of 9.77% [2][38] - The 信创 security market is projected to grow from approximately 5 billion yuan in 2023 to 16.6 billion yuan by 2027, with a CAGR of 35% [2][66] 2. 信创 Security Overview - 信创 security is a comprehensive security assurance system aimed at ensuring stability and safety against threats such as viruses and data breaches through domestic software and hardware products [2][61] - The distribution of 信创 security products is primarily in endpoint security, boundary security, and security management, with boundary security products accounting for the largest share at 29.9% [3][78] 3. Key Companies in the Industry - Notable companies in the 信创 security sector include Qi An Xin, Inspur, and Sangfor, which are actively developing and adapting their products to meet the needs of the 信创 environment [3][69] - The report highlights the importance of collaboration between security vendors and 信创 enterprises to enhance the security capabilities of the 信创 ecosystem [86] 4. Future Outlook - The 信创 security market is expected to see significant growth, driven by the need for enhanced security measures and the integration of AI technologies [88] - The industry is moving towards a more integrated and systematic approach to security solutions, adapting to various application scenarios and enhancing product performance [84][83]

Core Insights - The Chinese video exchange system industry is entering a new phase of development driven by technology, with a market size projected to reach approximately 12.865 billion yuan in 2024, reflecting a year-on-year growth of 5.27% [1][8]. Industry Overview - Video exchange systems (MTP) are integrated hardware and software systems that ensure secure video transmission across networks through device authentication, signal filtering, and one-way transmission mechanisms, supporting high reliability in public safety and emergency command scenarios [4][1]. Industry Chain - The upstream of the video exchange system industry consists of video user authentication servers (TMS), video access authentication servers (UMS), and security isolation gateways (GAP) [4]. - The midstream includes system integration and equipment manufacturing, while the downstream applications span video surveillance, intelligent transportation, emergency command, public safety, remote conferencing, data sharing, and smart services [4]. Market Size - The market for video exchange systems in China is expected to grow significantly, driven by the explosion of 5G-A/6G, ultra-high-definition, and immersive video applications, evolving from a simple audio-video connection tool to a key infrastructure for digital transformation [1][8]. Key Companies' Performance - The industry is characterized by a competitive landscape where major players like Huawei lead with end-to-end solutions and 5G/AI integration, while specialized companies like Qiming Star focus on video IoT security [9][10]. - Guangha Communication has reported a revenue of 332 million yuan in the first three quarters of 2025, marking a year-on-year increase of 41.90% [10]. - Xingtong New Science and Technology has achieved a revenue of 91 million yuan in the same period, reflecting a growth of 31.99% [11]. Industry Development Trends 1. The transition to IP-based technology and cloud-network integration is reducing system wiring complexity and costs, with standards like NDI and SMPTE ST 2110 becoming mainstream [13]. 2. AI integration is transforming video exchange systems from mere transmission channels to intelligent hubs capable of real-time analysis and insights [14]. 3. The national strategy for information technology innovation is driving the restructuring of the industry towards self-sufficiency and ecological reconstruction, leading to a more diversified competitive landscape [15][16].