Summary of Key Points from the Conference Call of Qimingxingchen (启明星辰) Company Overview - **Company**: Qimingxingchen (启明星辰) - **Period**: First half of 2025 Financial Performance - **Revenue**: Achieved between 1.115 billion to 1.175 billion RMB, a year-on-year decline due to external environment challenges and market demand adjustments [3] - **Net Profit**: Reported a net loss of between 103 million to 73 million RMB, with a non-recurring net profit loss of between 183 million to 153 million RMB [3] - **Gross Margin**: Increased by over 2 percentage points year-on-year due to strategic focus on high-quality projects and reduction of low-margin integrated projects [2][3] - **Operating Cash Flow**: Significant improvement with positive operating cash flow in Q2, marking the first time since listing that this was achieved in the second quarter [4][22] Strategic Focus and Innovations - **Partnership with China Mobile**: Deep resource integration and strategic collaboration to enhance cloud security and DICT business performance, aiming for improved operational efficiency [2][5] - **R&D Investment**: High-intensity investment in strategic innovation, particularly in AI security and data security, with AI coding improving overall R&D efficiency by over 30% [2][12] - **Product Development**: Launched several new products in AI application security, including a suite of large model application security products, which have already generated significant revenue [10][27] Market Trends and Opportunities - **AI Empowerment**: Future market opportunities are concentrated on AI-enabled customer solutions, focusing on large-scale B2B scenarios while also addressing B2C and B2H markets [3][15] - **Digital China Initiative**: Qimingxingchen plays a crucial role in enhancing network security capabilities in collaboration with China Mobile, addressing new technology challenges [8] - **Data Element Transformation**: Continuous growth in demand for data digitization and elementization, with significant progress in technology innovation and operational quality [17] Challenges and Responses - **External Market Conditions**: The company faces challenges from a downtrend in global cybersecurity spending and adjustments in market demand, as indicated by IDC's revised growth forecasts [3] - **Government Sector Budget Cuts**: The reduction in budgets for government and law enforcement sectors has impacted revenue, but the company is taking measures to strengthen internal sales management and expand collaboration with China Mobile [19][30] Future Outlook - **Market Recovery**: Despite current challenges, there is optimism for recovery in the cybersecurity sector, with expectations for improved performance in the second half of 2025 [24] - **Focus on High-Margin Products**: The strategy includes increasing the proportion of self-developed products and services to enhance overall profitability [21][20] - **Sector-Specific Growth**: Notable growth in the financial and healthcare sectors, with expectations for continued demand in these areas [18][30] Conclusion - **Overall Sentiment**: Qimingxingchen expresses confidence in its future market opportunities and aims to maintain a stable growth trajectory while enhancing its strategic partnerships and product offerings [13][31]

Financial Performance Overview - The company expects to achieve revenue between CNY 1.115 billion and CNY 1.175 billion for the first half of 2025, with a projected net profit attributable to shareholders ranging from -CNY 1.03 billion to -CNY 0.73 billion, and a non-recurring net profit between -CNY 1.83 billion and -CNY 1.53 billion [2][3]. Revenue Decline Factors - Revenue decline is attributed to external environmental challenges and market demand adjustments, with a structural adjustment in the cybersecurity market due to tightened customer budgets [2][3]. - Strategic focus on quality and revenue structure changes led to a reduction in low-margin integration projects, resulting in a decline in related transaction revenue from major clients [3]. Response Measures - The company has accelerated the commercialization of innovative businesses, achieving breakthroughs in AI security and data security, maintaining a leading market share in 30 core products and services [3][4]. - Improved operational quality through strict project order management and enhanced cash flow management, with a projected increase in overall gross margin by over 2 percentage points compared to the previous year [4][19]. Profitability Insights - The net profit attributable to shareholders is expected to grow by 43% to 60% year-on-year, driven by stock price fluctuations of associated listed companies and increased investment income [6]. - Non-recurring net profit has declined due to reduced revenue and gross profit scale, but cost control measures are in place to enhance long-term competitiveness [7]. Strategic Collaboration and Market Expansion - The company aims to deepen strategic collaboration with China Mobile, enhancing the competitiveness of security products and services in the enterprise market [4][8]. - The new chairman emphasizes the mission to build a world-class cybersecurity company and strengthen R&D efforts to support China Mobile's business [8]. Market Trends and Opportunities - The cybersecurity industry is facing pressure, but there are emerging opportunities in AI application security and data security, with significant growth potential in these areas [20][21]. - The company is focusing on high-margin orders and expanding its market reach in sectors like finance and healthcare, while managing low-margin projects [15][16]. Future Outlook - The company anticipates a gradual recovery in market demand, particularly in AI and data sectors, with a focus on enhancing internal procurement from China Mobile [16][18]. - Continued emphasis on cash flow improvement and operational efficiency is expected to support sustainable growth in the second half of 2025 [19].

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Group 1 - The company expects to achieve operating revenue between 1.115 billion and 1.175 billion yuan for the first half of 2025, with a projected net profit growth of 43% to 60% compared to the same period last year [1] - The company has improved its operational quality, with a significant increase in the proportion of high-margin products, leading to a more than 2 percentage point increase in overall gross margin compared to the same period last year [1] - The company has strengthened accounts receivable and cash flow management, resulting in a noticeable increase in operating cash flow and a reduction in accounts receivable at the end of the reporting period [1] Group 2 - The company is focusing on AI security, launching a series of products related to large model application safety, and has seen a doubling in order amounts in the second quarter [2] - The company has successfully implemented several multi-million yuan projects in data security, providing comprehensive lifecycle security protection for clients and enhancing data value through trusted data development [2] - The company is deepening its collaboration with China Mobile, aiming to enhance the quality and efficiency of cooperation, and plans to optimize resource allocation to boost cloud security and DICT collaborative revenue [3] Group 3 - The company is committed to the "Overall National Security Concept" and plays a crucial role in supporting China Mobile's "BASIC6" innovation plan, focusing on integrating cloud, network, and intelligent security capabilities [3] - The company aims to maintain confidence in development and continue to deepen business collaboration with China Mobile, expecting to consolidate competitive advantages and move towards a new stage of high-quality development [3]

7月14日晚，启明星辰(002439.SZ)发布了2025年上半年业绩预告，公司预计实现营业收入11.15亿元至 11.75亿元。面对市场需求转换与增长结构性调整的压力，公司着力提升经营质量并加快创新技术转 化：一方面探索数智化新需求，推动创新业务快速商业化；另一方面强化管理优化经营质量，毛利率、 应收账款等关键指标持续改善，尤其是第二季度经营性净现金流转正，为全年稳健发展奠定基础。 科技创新加速突破创新业务快速推进 大模型安全产品矩阵快速变现。作为国内全面接入DeepSeek的头部网安厂商，公司锚定AI安全新赛 道，一季度以周为周期实现产品迭代闭环，抢发大模型应用安全三件套，在一个月内连续推出了大模型 应用安全产品"新三件套"、大模型应用安全服务组合，以及《大模型深度应用安全基座》系列白皮书。 行业长期发展动能充足 长期发展依然向好 从下游客户需求和安全投入方面来看，网络安全行业短期增长承压，但长期发展动能充足。短期方面， 专业咨询机构担忧网络安全支出不足，不断下调市场增长预期。2025年IDC《全球网络安全支出指南》 （V1版）进一步调低了中国网络安全市场2023年至2028年的复合增长率。报告期内，公司 ...

[Performance Forecast Overview](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) [Core Financial Indicators Forecast](index=1&type=section&id=(II)%20Performance%20Forecast%20Overview) The company forecasts a year-on-year decline in H1 2025 operating revenue, a significant narrowing of net loss attributable to shareholders, and an improved basic earnings per share, despite an expected expansion of non-recurring net loss H1 2025 Performance Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) (million yuan) | Prior Period (million yuan) | | :--- | :--- | :--- | | **Operating Revenue** | 1,115 ~ 1,175 | 1,573.70 | | **Net Profit Attributable to Shareholders of Listed Company** | -103 ~ -73 | -182.25 | | **Net Profit After Non-Recurring Items** | -183 ~ -153 | -100.33 | | **Basic Earnings Per Share (yuan/share)** | -0.085 ~ -0.060 | -0.15 | [Analysis of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) The company's performance changes are primarily influenced by external market conditions and internal strategic adjustments, with revenue declining due to industry pressure while profit improved through investment management and operational optimization [Revenue Change Analysis](index=2&type=section&id=(I)%20Primary%20Reasons%20for%20Revenue%20Changes) Revenue decline is attributed to short-term cybersecurity industry pressure and ongoing China Mobile collaboration, though the company anticipates long-term growth and improved synergy quality - In the short term, the company's revenue experienced a year-on-year decline due to external environmental factors and professional institutions (such as IDC) lowering market growth expectations[7](index=7&type=chunk) - In the long term, factors such as new technology drivers, compliance pressure, and data element marketization will promote industrial technology upgrades, positioning the company as a technology leader to benefit preferentially[7](index=7&type=chunk) - While related party transactions with China Mobile saw a year-on-year decline, self-procurement business revenue from China Mobile increased year-on-year, indicating potential for improved synergy quality[8](index=8&type=chunk) [Profit Change Analysis](index=2&type=section&id=(II)%20Primary%20Reasons%20for%20Profit%20Changes) Net profit attributable to shareholders is projected to grow **43% to 60%** due to increased investment income, despite an anticipated year-on-year decline in non-recurring net profit from lower revenue and gross margin - Net profit attributable to shareholders is expected to increase by **43% to 60%** year-on-year, primarily due to increased investment income and fair value change gains recognized during the reporting period, stemming from managing share price fluctuations of investee listed companies[9](index=9&type=chunk) - Despite the company's continuous efforts in cost reduction and efficiency improvement, non-recurring net profit is expected to decline year-on-year due to decreased revenue and gross margin[9](index=9&type=chunk) [Progress in Technological Innovation and Operational Optimization](index=2&type=section&id=(III)%20Accelerated%20Technological%20Innovation%20and%20Continuous%20Operational%20Optimization) The company achieved significant progress in technological innovation and operational optimization, with rapid commercialization of AI security products, multiple multi-million yuan data security projects, and improved operational quality including a **2 percentage point** gross margin increase and positive Q2 operating cash flow - The company is targeting the new AI security track, with its large model security product matrix rapidly commercialized, achieving **doubled contract value** in Q2[10](index=10&type=chunk) - Leveraging the 'Data Oasis' strategy, the company has implemented several **tens of millions of yuan** projects in data security, covering full data lifecycle protection and cross-entity circulation scenarios[11](index=11&type=chunk) - Operational quality continues to optimize: overall gross margin increased by over **2 percentage points** year-on-year, accounts receivable book value decreased from the beginning of the period, and Q2 single-quarter operating cash flow achieved net inflow[11](index=11&type=chunk) [Other Notes and Risk Warnings](index=1&type=section&id=Other%20Notes) [Audit Status and Risk Warning](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the financial data in this performance forecast is unaudited, with final figures subject to the H1 2025 report, and advises investors to be aware of investment risks - The financial data related to this performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) - The company advises that this performance forecast is a preliminary result, urging investors to make prudent decisions and be aware of investment risks[12](index=12&type=chunk)

启明星辰信息技术集团股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开了第六届董事会第十次会议，审议通过了《关于选举袁捷先生为公司董事 长的议案》，全体董事一致选举袁捷先生为公司第六届董事会董事长。根据《公 司章程》规定，董事长为公司的法定代表人，公司法定代表人相应由魏冰女士变 更为袁捷先生。 公司已于今日完成相关工商变更登记备案手续，获得北京市海淀区市场监督 管理局换发的《营业执照》，法定代表人由魏冰变更为袁捷，其他登记项目未发 生变化。 特此公告。 证券代码：002439 证券简称：启明星辰 公告编号：2025-049 启明星辰信息技术集团股份有限公司 关于公司变更法定代表人并完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司董事会 2025 年 7 月 11 日 ...

Core Points - The company held its sixth board meeting on July 9, 2025, with all nine directors present, confirming compliance with legal and regulatory requirements [1][2][3] - The board elected Mr. Yuan Jie as the chairman of the company with unanimous support [1] - Mr. Yuan Jie was also elected as the chairman of the strategic committee, again with unanimous support [2] - The board approved the "2025 Annual Corporate Management Plan" with unanimous support [3]

证券代码：002439 证券简称：启明星辰 公告编号：2025-048 启明星辰信息技术集团股份有限公司 关于选举公司董事长、战略委员会主任委员的公告 二、补选战略委员会主任委员情况 公司第六届董事会第十次会议审议通过了《关于补选袁捷先生为董事会战略 委员会主任委员的议案》，全体董事一致选举袁捷先生为公司第六届董事会战略 委员会主任委员，任期至本届董事会届满之日止。 补选完成后，公司第六届董事会战略委员会成员如下：袁捷先生（主任委员）、 王佳女士、王志勇先生。 特此公告。 启明星辰信息技术集团股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开第六届董事会第十次会议，选举了公司董事长，并补选了公司第六届董事 会战略委员会主任委员。现将相关情况公告如下： 一、选举董事长情况 公司第六届董事会第十次会议审议通过了《关于选举袁捷先生为公司董事长 的议案》，全体董事一致选举袁捷先生为公司第六届董事会董事长，任期至本届 董事会届满之日止。袁捷先生简历详见附件。 根据《 ...

启明星辰信息技术集团股份有限公司 2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示 1．本次股东大会未出现否决、修改或新增议案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 3．公司，王佳、严立夫妇与中移资本于2022年6月17日签署了《投资合作协 议》、于2022年9月30日签署了《投资合作协议之补充协议》、于2023年8月4日签 署了《投资合作协议之补充协议（三）》，王佳、严立夫妇与中移资本于2022年9 月30日签署了《表决权放弃协议之补充协议》、于2023年8月4日签署了《表决权 放弃协议之补充协议（三）》，约定自上市公司股东大会审议通过本次发行事项之 日起，王佳、严立夫妇自愿、无条件且不可撤销地放弃其合法持有的上市公司 106,122,343股股份对应的表决权，其中王佳女士放弃87,247,953股股份对应的表 决权，严立先生放弃18,874,390股股份对应的表决权。截至本次股东大会股权登 记日，王佳女士有表决权的股份数量为131,003,679股，严立先生有表决权的股份 数量为28, ...