启明星辰信息技术集团股份有限公司 投资者关系管理制度 2025年12月 | 第一章 总则 | 2 | | --- | --- | | 第二章 投资者关系管理的目的、原则和内容 | 2 | | 第三章 投资者关系管理的总体要求 | 3 | | 第四章 投资者关系管理的形式和要求 4 | | | 第五章 投资者说明会 | 5 | | 第六章 接受调研 | 6 | | 第七章 互动易平台 | 7 | | 第八章 投资者关系管理的组织和实施 8 | | | 第九章 附 则 | 8 | 第一章 总 则 第一条 为进一步完善公司治理结构，规范公司投资者关系工作，加强对启明 星辰信息技术集团股份有限公司(下称"公司")与投资者和潜在投资者(下称"投资 者")之间的沟通，加深投资者对公司的了解和认同，促进公司和投资者之间长期、 稳定的良好关系，提升公司的诚信度、核心竞争能力和持续发展能力，实现公司价 值最大化和股东利益最大化，根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 ...

启明星辰信息技术集团股份有限公司 募集资金管理制度 2025年12月 | 第一章 | 总 则 2 | | --- | --- | | 第二章 | 募集资金专户存储 2 | | 第三章 | 募集资金使用 3 | | 第四章 | 募集资金用途变更 7 | | 第五章 | 募集资金管理与监督 8 | | | 第六章 责任追究 9 | | 第七章 | 附 则 10 | 第一章 总 则 第二章 募集资金专户存储 第五条 公司应当审慎选择商业银行并开设募集资金专项账户（以下简称"专 户"），募集资金应当存放于经董事会批准设立的专户集中管理，专户不得存放非 募集资金或者用作其他用途。 公司存在两次以上融资的，应当分别设置募集资金专户。超募资金也应当存 放于募集资金专户管理。 第六条 公司应当在募集资金到位后一个月内与保荐机构或者独立财务顾问、 2 第一条 为加强启明星辰信息技术集团股份有限公司(以下简称"公司")募集 资金的管理，规范募集资金的使用，切实保护投资者的利益，根据《中华人民共 和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》、中国证券 监督管理委员会《首次公开发行股票注册管理办法》《上市公司监管 ...

启明星辰信息技术集团股份有限公司 战略委员会工作细则 2025年12月 | 第一章 总 则 2 | | --- | | 第二章 构 成 2 | | 第三章 职责与权限 2 | | 第四章 决策程序 3 | | 第五章 议事规则 3 | | 第六章 附 则 4 | 第一章 总 则 第一条 为适应启明星辰信息技术集团股份有限公司(以下简称"公司")战略发 展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策 科学性，提高重大投资决策的效益和决策的质量，完善公司治理结构，根据《中华 人民共和国公司法》(以下简称"《公司法》")、中国证券监督管理委员会《上市 公司治理准则》等有关法律、行政法规、规范性文件和《启明星辰信息技术集团股 份有限公司章程》(以下简称"《公司章程》")的规定制定本工作细则。 第二条 董事会战略委员会是董事会下设立的专门工作机构，主要负责对公司长 期发展战略和重大投资决策进行研究并提出建议。 第二章 构 成 第三条 战略委员会成员由三名董事委员组成，设主任委员一名。 第四条 战略委员会任期与董事会一致，委员任期届满，连选可以连任。期间如 有委员不再担任公司董事职务，自动失去委 ...

2025年12月 启明星辰信息技术集团股份有限公司 提名委员会工作细则 | 第一章 总 则 2 | | --- | | 第二章 构 成 2 | | 第三章 职责与权限 2 | | 第四章 决策程序 3 | | 第五章 议事规则 3 | | 第六章 附 则 4 | 第一章 总 则 第一条 为进一步规范启明星辰信息技术集团股份有限公司(以下简称"公司") 董事和高级管理人员的组成，完善公司治理结构，根据《中华人民共和国公司法》 (以下简称"《公司法》")、中国证券监督管理委员会《上市公司治理准则》《上市 公司独立董事管理办法》等有关法律、行政法规、规范性文件和《启明星辰信息技 术集团股份有限公司章程》(以下简称"《公司章程》")的规定制定本工作细则。 第二条 董事会提名委员会是董事会下设的专门工作机构，主要负责研究董事、 高级管理人员的选择标准和程序，并向董事会提出建议。 第二章 构 成 第三条 提名委员会成员由三名董事委员组成，其中两名为独立董事委员。 第四条 提名委员会设主任委员一名，由独立董事委员担任。 第五条 提名委员会任期与董事会一致，委员任期届满，连选可以连任。期间如 有委员不再担任公司董事职务，自动 ...

Market Overview - The A-share market experienced a volatile session, with the ChiNext Index initially rising by 2.21% before a significant drop in the afternoon, leading to both the ChiNext and Shenzhen Composite Index closing in the red [1] - A total of 11 companies announced shareholder reduction plans, with 7 planning to reduce their holdings by more than 1% [1] Shareholder Reduction Trends - Notable companies involved in the reduction include Zhongman Petroleum and Yidelong, both of which have seen significant stock price increases recently [1] - Yidelong's stock price rebounded from a low of 12.38 yuan to a high of 56.30 yuan, marking a maximum increase of 355%. A major shareholder plans to reduce 3.2 million shares, accounting for 2% of total shares, expecting to cash out approximately 116 million yuan [2] - Zhongman Petroleum's stock price increased from 5.83 yuan to 26.66 yuan over five years, a maximum increase of 357%. However, the company reported a 32.18% decline in net profit for Q3, prompting shareholders to plan a reduction of up to 13.87 million shares, or 3% of total shares, with an expected cash-out of 323 million yuan [3] Broader Market Implications - The trend of shareholder reductions is not isolated, with significant reductions totaling over 380 billion yuan in the first eight months of 2025, and a 62% year-on-year increase in the first two weeks of August alone [3] - The primary drivers of these reductions are not retail investors but rather company insiders, with controlling shareholders and actual controllers accounting for 40.3% of the reductions [3] - Sectors with the highest reduction activity include electronics, pharmaceuticals, and new materials, which collectively account for over 42% of the reductions [3] Sector-Specific Insights - In the technology sector, 106 companies announced major shareholder reduction plans since September, with the electronics industry being the most affected [5] - Notable examples include Lanke Technology, where shareholders announced a reduction of 11.45 million shares, potentially cashing out around 3.29 billion yuan after a 75.18% increase in stock price [5] - Other companies like Zhongji Xuchuang and Anda Intelligent also saw significant shareholder reductions despite their stock price increases, indicating a trend of insiders cashing out at high valuations [5][7] Market Behavior and Patterns - Historical data indicates that stock prices tend to drop following shareholder reduction announcements, with a probability exceeding 50% for declines shortly after such announcements [9] - The timing of reductions shows a clear seasonal pattern, with the highest number of reductions occurring in December, followed by September and November [9] - Venture capital firms have also become significant players in this reduction wave, with over 80 companies involved since August, collectively cashing out over 10 billion yuan [11]

Core Insights - The AI industry is undergoing a significant revolution, comparable to the Industrial Revolution, requiring a long-term perspective for observation [2] - The China Securities Artificial Intelligence Theme Index (930713) has shown positive performance, with notable increases in constituent stocks [1][3] Group 1: Market Performance - As of November 28, 2025, the China Securities Artificial Intelligence Theme Index (930713) rose by 0.65%, with key stocks like Xinyi Technology (300502) increasing by 4.17% and Hengxuan Technology (688608) by 4.13% [1] - The AI Artificial Intelligence ETF (512930) also saw a rise of 0.64%, with the latest price at 2.06 yuan [1] Group 2: Industry Development - The National Energy Administration has initiated a "Artificial Intelligence + Energy" pilot program, focusing on eight major scenarios and 37 key tasks to enhance the integration of AI in the energy sector [1] - CITIC Construction Investment Securities expresses optimism regarding the demand for AI computing power and applications, highlighting the need for significant investment in AI models for commercial realization [2] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index (930713) accounted for 63.29% of the index, including companies like Zhongji Xuchuang (300308) and Cambricon Technologies (688256) [3] - The AI Artificial Intelligence ETF closely tracks the China Securities Artificial Intelligence Theme Index, which includes 50 companies involved in providing resources, technology, and application support for AI [2]

Core Viewpoint - The Chinese firewall market is experiencing rapid growth, driven by the digital transformation of enterprises and increasing network security demands, with the market size expected to reach $2.8 billion by 2024 [15]. Industry Overview - Firewalls are essential network security devices that monitor, filter, and control network traffic based on predefined security policies, serving as the first line of defense against cyber threats [1]. - Firewalls can be categorized into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls, with NGFW integrating multiple security functions for improved performance [1][2]. Industry Chain Analysis - The firewall industry chain consists of upstream hardware components (chips, hard drives, etc.), midstream firewall products, and downstream application sectors including government, finance, telecommunications, and energy [5]. - Key upstream hardware companies include Loongson Technology and Huawei, while midstream product suppliers include Huawei, Sangfor, and Hillstone Networks [5]. Industry Development History - The firewall industry has evolved from simple packet filtering in 1989 to advanced AI firewalls that utilize machine learning for threat detection, addressing complex cyber threats [7]. Policy Background - The Chinese government emphasizes the importance of network security in its "14th Five-Year Plan," establishing a solid policy foundation for the firewall industry [9]. Market Size and Growth - The Chinese firewall market is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.9% from 2025 to 2030, reaching approximately $3.7 billion by 2030 [25]. Competitive Landscape - The firewall industry is concentrated in Beijing and Guangdong, with major players like Qihoo 360 and Sangfor located in these regions, facilitating collaboration and resource sharing [17][21]. - The market features numerous participants, with competition and cooperation occurring simultaneously among various companies [20]. Future Trends and Predictions - The industry is shifting towards intelligent firewalls and adapting to new architectures, with AI and machine learning becoming core upgrade directions [23]. - The market is also seeing a transition from product sales to service-oriented models, such as "Firewall as a Service," which lowers initial costs for small and medium enterprises [24].

Group 1 - The announcement is related to the public notice period set from November 26, 2025, to December 5, 2025 [1] - Contact information provided includes an email address for inquiries [1]

Core Viewpoint - The company, Qimingxingchen Information Technology Group Co., Ltd., has been recognized for its outstanding performance in the ESG (Environmental, Social, and Governance) field, receiving multiple awards and ratings that highlight its commitment to sustainable development and digital security [1][2][4]. Group 1: ESG Recognition and Awards - Qimingxingchen was awarded the title of "ESG Pioneer Enterprise" at the ESG China 8th Beijing Responsibility Exhibition, marking its second consecutive year of recognition in the ESG domain [1]. - The company also received accolades such as being listed among the "Top 100 ESG Listed Companies" by CCTV and achieving an A rating in the China Securities ESG rating [1]. - For six consecutive years, Qimingxingchen has received the highest A rating for information disclosure from the Shenzhen Stock Exchange, indicating its strong governance transparency [4]. Group 2: ESG Management Framework - The company has established a comprehensive ESG management framework that covers decision-making, execution, and supervision, ensuring robust institutional support for sustainable development [4]. - A Sustainable Development Guidance Committee has been set up as the highest decision-making body for ESG initiatives, supported by an execution committee and a permanent office [4]. - In 2024, Qimingxingchen will implement a dual materiality assessment method that incorporates financial perspectives into its ESG topic importance evaluation [4]. Group 3: Environmental Responsibility - Qimingxingchen integrates low-carbon principles into its daily operations, achieving a significant reduction of 676.825 tons of CO2 emissions in 2024 through energy-saving technologies and green office practices [5]. - The company provides green solutions that leverage its cybersecurity technology to support the digital and low-carbon transformation across various industries [5]. Group 4: Technological Innovation and Social Value - The company emphasizes the integration of ESG principles into its technological innovations, particularly in the "AI + Security" domain, establishing a comprehensive security technology matrix [6][7]. - Qimingxingchen has launched the "Jiutian・Taihe Security Model," which integrates core industry data resources to enhance security capabilities [7]. - The company has developed 116 cloud security products that provide lifecycle protection for cloud data and applications, addressing security challenges in data circulation [7][8]. Group 5: Industry Leadership and Future Outlook - Qimingxingchen is actively involved in various emerging sectors, including industrial internet and satellite internet, ensuring the safety of new infrastructure through innovative products [8]. - The company's technological advancements not only represent self-innovation but also transform AI into a new productive force in the security field, enhancing proactive defense capabilities [8]. - As ESG becomes a crucial component of corporate competitiveness, Qimingxingchen's achievements in this area provide valuable insights for sustainable development in China's tech industry [8].

Summary of Key Points from the Earnings Call Industry Overview - **Industry**: Cybersecurity - **Key Companies**: DBAPP, QAX, Venustech Core Insights and Arguments Demand and Earnings Recovery - Demand pressure persists in the cybersecurity sector, but earnings recovery is driven by cost control measures implemented by companies like DBAPP and QAX. DBAPP's revenue grew by 6% year-over-year (y-o-y) in 3Q25, while QAX's revenue increased by 18% y-o-y, supported by demand recovery from downstream industries such as telecom and defense [2][12][37] - Venustech experienced a contraction in revenue and earnings in 3Q25 due to a decline in government business and exits from low-margin projects [2][3] Financial Performance - DBAPP's net loss narrowed by 80% y-o-y in 3Q25, attributed to effective expense control [12] - QAX's net profit reached RMB153 million in 3Q25, up 143% y-o-y, despite a decline in gross margin to 52% due to pricing pressure [37][38] - Venustech's share price declined by 4% year-to-date, contrasting with DBAPP and QAX's share price increases of 34% and 42%, respectively [2] Future Outlook - The overall recovery timeline for cybersecurity spending remains uncertain, but further downside is limited due to a low base and increased adoption of cloud and AI technologies, which are expected to boost demand for data security and managed security services [2] - Employee reductions and expense control measures in cybersecurity firms are anticipated to gradually reduce net losses and drive earnings recovery [2] Earnings Revisions - DBAPP's revenue estimates for 2025-27 were lowered by 2-3% due to muted traditional cybersecurity demand, while earnings were raised by 6-7% due to stricter expense control [3] - QAX's revenue estimates were raised by 4-5% for 2025-27 following a revenue beat in 3Q25, but earnings for 2026 were lowered by 143% due to a low base effect [3] - Venustech's revenue and earnings estimates were also lowered due to weaker demand from government sectors [3] Investment Ratings and Target Prices - **DBAPP**: Maintained a Buy rating with a target price (TP) of RMB71.00, reflecting strong expense control and a leading position in data and cloud security [4][25] - **QAX**: Maintained a Hold rating, with the TP raised to RMB36.00 from RMB32.80, indicating a cautious outlook despite recent revenue growth [4][49] - **Venustech**: Hold rating maintained with an unchanged TP, reflecting concerns over its performance [4] Additional Considerations - **Regulatory Environment**: Favorable policies supporting cybersecurity and data security have been released since October 2022, which may drive better downstream demand [29][54] - **Competition**: Intense competition in the cybersecurity field may pressure prices and margins, particularly in a weak demand environment [29][54] - **Macroeconomic Risks**: A weaker-than-expected macroeconomic environment could lead to reduced cybersecurity spending from downstream clients [29] Financial Metrics - DBAPP's 3Q25 revenue was RMB472 million, with a gross profit of RMB278 million, reflecting a 10% increase y-o-y [13] - QAX's 3Q25 revenue was RMB1,096 million, with a gross profit of RMB566 million, showing a 14% increase y-o-y [39] This summary encapsulates the key points from the earnings call, focusing on the performance and outlook of the cybersecurity industry and the specific companies involved.