启明星辰信息技术集团股份有限公司 2025 年半年度报告全文 启明星辰信息技术集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 启明星辰信息技术集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人袁捷、主管会计工作负责人王志勇及会计机构负责人(会计主 管人员)石桂君声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。敬请广大投资者注意投资风险。 公司存在产品销售季节性风险、国家各项产业支持政策风险、运营管理 风险、信用风险、开展新业务不达预期的风险，敬请广大投资者注意投资风 险。详细内容见本报告"第三节 管理层讨论与分析 十、公司面临的风险和 应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

Core Viewpoint - The information security equipment industry is experiencing robust growth driven by the acceleration of digital transformation and increasing demand for security solutions in various sectors, including government, finance, and telecommunications [1][14]. Industry Overview - Information security equipment includes hardware and software tools designed to protect computer systems, networks, and data from security threats, ensuring confidentiality, integrity, and availability [4]. - Key types of information security equipment include firewalls, intrusion detection systems, antivirus software, data encryption devices, and access control devices [4]. Industry Development History - The development of China's information security equipment industry has gone through four stages: local development before 1995, entrepreneurial development from 1995 to 2001, orderly development from 2002 to 2015, and high-quality development from 2016 to present [6]. - The current high-quality development phase is marked by the introduction of national cybersecurity strategies and laws, expanding the focus to include cloud protection, data security, and personal information protection [6]. Industry Chain - The upstream of the information security equipment industry chain consists of hardware and software suppliers, while the midstream includes research, design, manufacturing, and marketing [8]. - The downstream demand primarily comes from sectors with high information sensitivity, such as government, military, finance, telecommunications, and energy [8]. Market Size and Growth - The market size of China's information security equipment industry is projected to reach approximately 744.34 billion yuan in 2024, with hardware accounting for 391.18 billion yuan and software for 353.16 billion yuan [1][14]. - The industry is expected to enter a higher quality development phase driven by technological innovation and market demand [1][14]. Key Companies - Major companies in the information security equipment industry include Sangfor Technologies, Qihoo 360, Hillstone Networks, Tianrongxin, DP Technology, NSFOCUS, and others [2][16]. - Qihoo 360's revenue from security products is projected to be 2.653 billion yuan in 2024, focusing on network security solutions for government and enterprise clients [20]. Industry Trends - The industry is moving towards digitalization, with a focus on data lifecycle security and the integration of new security solutions such as encryption technology and privacy computing [22]. - The rise of networked environments, driven by 5G and IoT, is leading to a more complex threat landscape, necessitating collaborative and systematic security approaches [23]. - The integration of artificial intelligence in security devices is enhancing automated response capabilities and improving threat detection and prevention [24].

通过天眼查大数据分析，启明星辰信息技术集团股份有限公司共对外投资了10家企业，参与招投标项目 151次，知识产权方面有商标信息157条，专利信息324条，此外企业还拥有行政许可9个。 来源：金融界 启明星辰最新一期业绩显示，截至2025一季报，公司营业总收入6.41亿元、同比减少30.54%，归属净利 润159.71万元，同比增长101.41%，扣非净利润5147.11万元，同比减少7.47%，流动比率3.835、速动比 率3.583、资产负债率15.85%。 天眼查商业履历信息显示，启明星辰信息技术集团股份有限公司，成立于1996年，位于北京市，是一家 以从事软件和信息技术服务业为主的企业。企业注册资本121140.0205万人民币，实缴资本5690万人民 币。公司法定代表人为袁捷。 金融界消息 截至2025年8月22日收盘，启明星辰（002439）报收于17.13元，上涨2.15%，换手率 5.71%，成交量41.40万手，成交金额7.03亿元。 资金流向方面，今日主力资金净流入5032.31万元，占比成交额7.15%。其中，超大单净流入2812.96万 元、占成交额4.0%，大单净流入2219.35万元 ...

Investment Rating - The report does not explicitly state an investment rating for the industrial firewall industry Core Insights - The industrial firewall has become a core security device in key industries such as electricity and petrochemicals, playing a crucial role in addressing network threats like ransomware and APT attacks, ensuring production continuity and the stable operation of critical infrastructure [7][43] - The market for industrial firewalls in China is characterized by a clear tiered competitive landscape, with Qiming Star holding a market share of 35.9%, followed by challengers like Venustech, Tianrongxin, and Qihoo 360, while companies like Sixiangyun are in the follower tier [8][53] Summary by Sections Industry Overview - The research aims to systematically deconstruct the industrial firewall ecosystem, revealing its strategic value as a network security infrastructure and providing a decision-making framework for the industry to grasp the wave of digital security upgrades [3] Industry Applications - Industrial firewalls are primarily applied in three scenarios within industrial control systems: inter-layer security protection (50%), intra-layer network security (30%), and device-level protection (20%) [21][26] Market Competition Landscape - The competitive landscape of the industrial firewall market in China is clearly tiered, with Qiming Star leading with a market share of 35.9%, while Venustech, Tianrongxin, and Qihoo 360 are in the challenger tier [8][53] Industry Analysis - The demand for industrial firewalls is driven by new factory deployments, economic benefits from renewable energy projects, equipment upgrades, domestic substitution policies, compliance requirements, and the expansion of enterprise needs [61][67] - The development trends in the industrial firewall sector include a shift towards multi-protocol deep detection and AI empowerment, enhancing defense efficiency against network threats [68][72]

Group 1 - The company Kevin Education (002659) signed a strategic cooperation agreement with Loongson Technology in 2023 to deepen collaboration in the education sector, focusing on the cultivation of talent in integrated circuits and information technology innovation applications [1] - In November 2023, the company, along with Loongson Technology, Qihoo 360 (002439), and Baidu, signed a school-enterprise cooperation agreement at Zhengzhou Shengda Economic Management College to jointly establish the "Shengda Emerging Technology Modern Industry College" [1]

格隆汇8月7日丨启明星辰(002439.SZ)于投资者互动平台表示，公司海外业务目前还没有出口欧盟国 家。 ...

Group 1 - The tobacco sector saw an increase of 1.53%, ranking 8th among concept sectors, with 32 stocks rising, including a limit-up for Kain Co., and significant gains for Huichen Co., Xiangyi Rongtong, and Qiming Star, which rose by 8.32%, 6.01%, and 4.45% respectively [1][2] - The tobacco sector experienced a net inflow of 239 million yuan from main funds, with 16 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Qiming Star with a net inflow of 137 million yuan [2][3] - Kain Co., Zhongke Information, and Guanhao High-tech had the highest net inflow ratios at 32.04%, 13.49%, and 13.09% respectively [3][4] Group 2 - The top gainers in the tobacco sector included Qiming Star, Zhongke Information, Kain Co., and Huichen Co., with respective daily gains of 4.45%, 4.33%, 9.96%, and 8.32% [3][4] - The stocks with the largest declines included Yuanwanggu, Yaxiang Co., and Changrong Co., which fell by 4.24%, 2.35%, and 2.11% respectively [1][5] - The overall market performance showed a mixed trend with various sectors experiencing both gains and losses, indicating a diverse investment landscape [2][5]

Core Insights - The stock price of Qimingxingchen (启明星辰) closed at 16.65 yuan on August 1, 2025, with a 4.45% increase and a turnover rate of 10.2% [1] - The company reported a total revenue of 641 million yuan for Q1 2025, a year-on-year decrease of 30.54%, while net profit attributable to shareholders was 1.60 million yuan, a year-on-year increase of 101.41% [1] Financial Performance - Total revenue for Q1 2025: 6.41 billion yuan, down 30.54% year-on-year [1] - Net profit attributable to shareholders: 159.71 million yuan, up 101.41% year-on-year [1] - Non-recurring net profit: 514.71 million yuan, down 7.47% year-on-year [1] - Current ratio: 3.835, quick ratio: 3.583, debt-to-asset ratio: 15.85% [1] Market Activity - Main capital inflow on the reporting day was 162 million yuan, accounting for 13.35% of the total transaction amount [1] - Large orders saw a net inflow of 62.42 million yuan, representing 5.16% of the total transaction amount [1] - Small orders experienced a net outflow of 124.05 million yuan, accounting for 10.25% of the total transaction amount [1] Company Overview - Qimingxingchen Information Technology Group Co., Ltd. was established in 1996 and is based in Beijing, primarily engaged in software and information technology services [2] - The company has invested in 10 enterprises and participated in 145 bidding projects [2] - The company holds 157 trademark registrations and 324 patents, along with 9 administrative licenses [2]

Core Insights - The stock price of Qimingxingchen (启明星辰) closed at 15.92 yuan on July 30, 2025, down by 1.79% with a turnover rate of 3.42% and a trading volume of 247,800 hands, amounting to 397 million yuan in transaction value [1] Financial Performance - For Q1 2025, the company reported total operating revenue of 641 million yuan, a year-on-year decrease of 30.54% - The net profit attributable to shareholders was 1.5971 million yuan, showing a year-on-year increase of 101.41% - The non-recurring net profit was 51.4711 million yuan, down by 7.47% year-on-year - The current ratio stood at 3.835, the quick ratio at 3.583, and the debt-to-asset ratio at 15.85% [1] Company Overview - Qimingxingchen Information Technology Group Co., Ltd. was established in 1996 and is located in Beijing, primarily engaged in software and information technology services - The registered capital is 12,114 million yuan, with paid-in capital of 56.9 million yuan - The legal representative of the company is Yuan Jie [1] Investment and Intellectual Property - The company has made investments in 10 enterprises and participated in 145 bidding projects - It holds 157 trademark registrations and 324 patent registrations, along with 9 administrative licenses [2]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于沪深300指数5%以上) [23] Core Views - The report maintains a positive outlook on the global computing power industry, supported by strong capital expenditures from tech giants like Meta, which plans to invest hundreds of billions in AI [4][6] - The performance forecast for the first half of 2025 shows an improving trend among listed companies in the computing sector, with significant reductions in losses for software development and IT services compared to the previous year [9][10] Summary by Sections Industry News and Commentary - Nvidia will resume sales of H20 in China, and Meta is set to invest significantly in AI, indicating robust support for the global AI computing power industry [5][6] - As of July 20, 2025, 76 A-share listed companies in the computing sector have released performance forecasts, showing a collective reduction in losses compared to the previous year [9] Performance Forecasts - The computing sector's listed companies are expected to report a total net profit of -2.354 billion (取业绩预告上下限的中值), a significant improvement from -4.059 billion in the same period last year [9][10] - By segment, the computing equipment sector is expected to report a net profit of 248 million, down 74.22% year-on-year, while software development and IT services are expected to show substantial reductions in losses [10] Key Company Announcements - Notable companies such as Taiji Co., Qiming Information, and Hengsheng Electronics have announced their performance forecasts for the first half of 2025, with varying results in profitability and revenue [11][13] - For instance, Hengsheng Electronics expects a net profit of approximately 251 million, a year-on-year increase of about 740.95% [11] Market Performance Review - The computing industry index rose by 2.12% last week, outperforming the CSI 300 index by 1.03 percentage points [14][16] - As of the last trading day, the computing industry had a P/E ratio of 54.2, with 235 out of 359 A-share stocks in the sector experiencing price increases [16] Investment Recommendations - The report suggests focusing on several sectors within the computing industry, including the Xinchuang sector, Huawei supply chain, AI sector, financial IT sector, and low-altitude economy, with specific company recommendations for each [19]