Core Viewpoint - The company reported stable revenue growth in Q1 2025, with a narrowing of losses compared to the previous year [1][4]. Financial Performance - Q1 2025 revenue reached 364 million yuan, a year-on-year increase of 1.84% [1]. - The net profit attributable to shareholders was -102 million yuan, a 32.14% reduction in losses compared to Q1 2024 [1]. - The non-recurring net profit was -108 million yuan, with a 30.41% reduction in losses year-on-year [1]. - Gross margin stood at 55.73%, a decrease of 4.76 percentage points compared to the previous year [1]. Cost Management - The company has implemented cost control measures starting in 2024, leading to a reduction in total operating expenses to 357 million yuan, down 4.8% year-on-year [2]. - Selling expenses were 173 million yuan, a decrease of 4.27% [2]. - R&D expenses were 133 million yuan, down 5.39% [2]. - Management expenses were 51 million yuan, a reduction of 5.95% [2]. Strategic Initiatives - The company is focusing on the "AI + Security" sector, launching the Fengyunwei AI security capability platform, which integrates various models and knowledge bases to enhance security operations and responses [2]. - The AI-Scan product was introduced for assessing risks associated with large models, covering key technologies for security throughout the AI lifecycle [2]. Market Outlook - The company is expected to benefit from the acceleration of Agent deployment driven by open-source models like DeepSeek and Qwen3 [3]. - Revenue forecasts for 2025-2027 have been adjusted to 2.583 billion, 2.792 billion, and 3.148 billion yuan respectively, with net profit forecasts revised to 7 million, 64 million, and 116 million yuan [4].

Core Viewpoint - The company reported significant revenue growth and improved operational quality in 2024, with a focus on technological innovation and AI integration in security products [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.358 billion yuan, a year-on-year increase of 40.29% [1][2]. - The net profit attributable to shareholders was -365 million yuan, reflecting a year-on-year improvement of 62.66% [1]. - The company reported a gross margin of 53.80%, an increase of 7.65 percentage points compared to the previous year [2]. Group 2: Revenue Breakdown - Revenue from security products reached 1.137 billion yuan, up 45.16% year-on-year [2]. - Revenue from security services was 865 million yuan, growing by 18.40% [2]. - Revenue from third-party products surged to 355 million yuan, marking a 112.82% increase [2]. - Revenue from government and public sector clients was 639 million yuan, up 46.61% [2]. - Revenue from energy and enterprise clients reached 735 million yuan, a growth of 52.74% [2]. Group 3: Cost Management and Cash Flow - The company effectively controlled costs, with total expenses for sales, management, and R&D amounting to 1.578 billion yuan, a decrease of 6.85% year-on-year [3]. - Operating cash flow increased significantly to 136 million yuan, a growth of 167.2% [3]. Group 4: Technological Advancements - The company made notable progress in APT detection, monitoring, and capture technologies, as well as breakthroughs in supply chain and cloud-native security [3]. - New products launched in the data security field include an integrated data security gateway and an API risk monitoring and auditing system [3]. - The company has adapted its products to various CPU and operating systems, enhancing its capabilities in the domestic innovation sector [3]. Group 5: AI Integration and Service Growth - The company launched the Fengyunwei AI security capability platform, integrating various AI models and tools for enhanced security management [4]. - The AI-Scan product was introduced for risk assessment in large model software supply chains [4]. - The AI+SOC Eagle Eye security operation center improved detection and response times by over 50%, with more than 70% of attacks being automatically assessed [4]. - Data security-related orders grew by over 100% in 2024, driven by the integration of AI in services [4]. Group 6: Industry Outlook - The network security industry is showing signs of recovery, with ongoing demand from downstream sectors [5]. - The company is expected to continue its quality improvement strategy and technological innovation, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025-2027 [5].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1274 | -0.1878 | 32.16 | -0.2296 | | 每股净资产（元） | 3.09 | 3.26 | -5.21 | 4.37 | | 每股公积金(元) | 1.58 | 1.57 | 0.64 | 1.64 | | 每股未分配利润(元) | 0.11 | 0.51 | -78.43 | 1.70 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.64 | 3.57 | 1.96 | 3.29 | | 净利润(亿元) | -1.02 | -1.5 | 32 | -1.81 | | 净资产收益率(%) | -4.08 | -5.62 | 27.4 | -5.09 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27296.92万股，累计占流通股比： 34.1 ...

Financial Performance - The company's revenue for Q1 2025 was ¥363,543,374.36, representing a 1.84% increase compared to ¥356,985,933.63 in the same period last year[4] - The net profit attributable to shareholders was -¥101,868,672.07, an improvement of 32.14% from -¥150,109,796.26 year-over-year[4] - The basic earnings per share improved by 32.16% to -¥0.1274 from -¥0.1878 in the previous year[4] - Net profit for the current period was -¥101,870,497.14, an improvement compared to -¥150,300,148.46 in the previous period, indicating a reduction in losses of approximately 32.2%[29] - The total comprehensive income for the current period was -¥100,478,758.66, an improvement from -¥149,757,388.74 in the previous period, showing a reduction in comprehensive losses of approximately 32.9%[29] Cash Flow - The net cash flow from operating activities increased by 92.16% to ¥51,744,309.86, up from ¥26,927,422.23 in the previous year[13] - Operating cash flow for the period was ¥51,744,309.86, an increase of 92.3% compared to ¥26,927,422.23 in the previous period[31] - Total cash inflow from operating activities was ¥601,666,772.65, slightly down by 1.1% from ¥608,240,486.23 in the previous period[31] - Cash outflow from operating activities decreased to ¥549,922,462.79 from ¥581,313,064.00, reflecting a reduction of 5.4%[31] - The net cash flow from investing activities showed a significant outflow of -¥59,681,596.51, a 1237.97% increase compared to -¥4,460,608.77 in the previous year[14] - Cash inflow from financing activities was ¥104,477,711.42, down by 55.8% from ¥236,345,064.70 in the previous period[32] - Net cash flow from financing activities showed a significant decline to -¥120,934,630.18 from a positive ¥18,967,679.58[32] - The ending cash and cash equivalents balance decreased to ¥389,888,065.36 from ¥733,984,342.74, a drop of 47.1%[32] - The company received ¥20,208,404.43 in tax refunds, a substantial increase of 263.5% compared to ¥5,554,883.76 in the previous period[31] Assets and Liabilities - Total assets decreased by 5.10% to ¥4,378,380,104.70 from ¥4,613,581,963.76 at the end of the previous year[4] - The company's total liabilities decreased to ¥1,912,890,860.02 from ¥2,067,016,687.27, a decline of about 7.48%[25] - The company's equity attributable to shareholders decreased by 3.18% to ¥2,466,136,518.95 from ¥2,547,210,725.69[4] - The company's total current liabilities amounted to ¥1,467,974,149.37, down from ¥1,631,523,713.80, a decrease of approximately 10.03%[24] - Cash and cash equivalents decreased from 521,458,546.21 yuan to 394,473,086.23 yuan, a decline of about 24.29%[21] - Accounts receivable decreased from 1,030,247,590.74 yuan to 969,871,984.90 yuan, a decrease of approximately 5.85%[21] - Inventory decreased from 77,605,414.54 yuan to 50,272,134.19 yuan, a reduction of about 35.24%[23] - The company reported a total of 2,210,056,238.81 yuan in current assets, down from 2,436,003,730.84 yuan, a decrease of approximately 9.27%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period was 43,795[16] - The largest shareholder, Shen Jiyi, holds 10.04% of shares, totaling 80,250,145 shares[16] - The company has a total of 1,080,959.00 shares under lock-up due to management regulations[19] - The top 10 shareholders do not participate in margin trading or securities lending activities[17] Research and Development - The company reported a significant increase in research and development expenditures, with a 383.55% rise to ¥48,165,817.32 due to new capitalized projects[9] - Research and development expenses were ¥133,302,677.15, down from ¥140,892,648.60, reflecting a decrease of about 5.4%[28] Financial Costs - The company reported a financial cost of -¥4,022,379.67, compared to ¥4,352,661.21 in the previous period, indicating a significant improvement in financial expenses[28] Other Information - The company did not conduct an audit for the first quarter report[34]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company has shown significant recovery in operational quality, with a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29% [2]. - The company reported a net profit attributable to shareholders of -365 million yuan in 2024, which is a 62.66% improvement compared to the previous year [2]. - The company has focused on expanding its "AI + Security" product line, with notable growth in orders for security services [3]. Financial Performance - In 2024, the company achieved a revenue of 2.358 billion yuan, with a breakdown showing security products generating 1.137 billion yuan (up 45.16%), security services at 865 million yuan (up 18.40%), and third-party products at 355 million yuan (up 112.82%) [2]. - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, indicating a significant recovery in operational quality [2]. - The company managed to reduce total expenses by 6.85% year-on-year, with sales, management, and R&D expenses amounting to 1.578 billion yuan [2]. - Operating cash flow increased by 167.2% year-on-year, reaching 136 million yuan in 2024 [2]. Product and Technology Development - The company has made significant advancements in various technology fields, including APT detection and monitoring, and has launched several innovative products in data security [2][3]. - The introduction of the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" model risk assessment product highlights the company's commitment to integrating AI into its security offerings [3]. - The company has successfully adapted its products to various domestic CPU and operating systems, enhancing its competitiveness in the domestic market [2]. Future Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025, 2026, and 2027 respectively, reflecting a recovery in profitability [5].

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - In 2024, the company achieved a significant revenue increase of 40.29% year-on-year, reaching 2.358 billion yuan, while the net profit attributable to shareholders saw a substantial reduction in losses to -365 million yuan [2][3]. - The gross margin improved to 53.8%, an increase of 7.65 percentage points year-on-year, and the net cash flow from operating activities turned positive at 136 million yuan [2]. - The revenue growth was driven by strong performance in the energy, enterprise, and government sectors, with notable increases in revenue from financial services, telecommunications, energy, and government sectors [2]. - The company is focusing on expanding its "AI + Security" product matrix, integrating advanced AI technologies into its security operations, which has significantly enhanced operational efficiency [3]. Financial Summary - The company reported a revenue of 2.358 billion yuan for 2024, a 40.29% increase from the previous year, with projections for 2025, 2026, and 2027 at 2.603 billion yuan, 2.851 billion yuan, and 3.100 billion yuan respectively [4]. - The net profit attributable to shareholders is forecasted to improve to 20 million yuan in 2025, 60 million yuan in 2026, and 134 million yuan in 2027, reflecting a significant recovery trajectory [4]. - The gross margin is expected to remain stable, with projections of 54.7% in 2025, 54.9% in 2026, and 55.0% in 2027 [4]. Market Data - The company's stock closed at 6.81 yuan, with a 12-month price range between 4.73 and 9.68 yuan [5]. - The total market capitalization is approximately 5.443 billion yuan [5].

Core Viewpoint - In 2024, the company reported a revenue of 2.358 billion yuan, a year-on-year increase of 40.29%, while the net profit attributable to shareholders was a loss of 365 million yuan, showing a reduction in losses [2] Group 1: Financial Performance - The company achieved an operating income of 2.358 billion yuan in 2024, reflecting a 40.29% year-on-year growth [2] - The net profit attributable to shareholders was a loss of 365 million yuan, indicating a reduction in losses compared to the previous year [2] - The net cash flow from operating activities turned positive at 136 million yuan [2] Group 2: Market Trends and Strategic Focus - The information security industry is experiencing a slow recovery in client investment, with the company focusing on its core business and aligning with industry trends [2] - The company launched the AI+SOC Eagle Eye Security Operations Center, enhancing detection and response times by over 50% and achieving automatic judgment for over 70% of attacks [2] - The company reported over 50% growth in orders for its Internet Exposure Management Service (EASM) and a renewal rate exceeding 70% [3] Group 3: Product and Service Development - The company is focusing on stable demand sectors such as telecommunications, finance, and energy, while expanding its product offerings including RSAS, WAF, ISOP, NF, and CDG [3] - In the financial sector, the company has seen rapid growth in revenue from its Xinchuang products, while also securing projects in government sectors for emergency warning and data security [3] - The company is investing in AI, data security, and other emerging technologies, with ongoing research in areas like APT detection, supply chain security, and cloud-native security [4]

Investment Rating - The investment rating for the company is maintained as "Buy" [11] Core Views - The company achieved a revenue of 2.358 billion RMB in 2024, representing a year-on-year growth of 40.29%, and narrowed its net loss to 364.81 million RMB, a reduction of 62.66% compared to the previous year [1] - The operating cash flow for 2024 was 136 million RMB, a significant improvement from a negative cash flow of 202 million RMB in 2023, attributed to enhanced collection efforts [1] - The company is expected to further improve its operational quality and profitability in 2025, leading to an upgraded revenue forecast for 2025 and 2026 by 13% and 11% respectively [5] Financial Performance - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, with security product revenue reaching 1.137 billion RMB, up 45.16% [2] - The company’s expenses for sales, management, and R&D decreased significantly, indicating effective cost control [2] - The projected revenue for 2025 is 2.708 billion RMB, with a net profit forecast of 114.82 million RMB, marking a significant turnaround from previous losses [7] Product Development - The company has been focusing on AI security, launching several innovative products including the SecLLM model and the AI security capability platform in 2024 [3] - The AI+SOC Eagle Eye Security Operations Center has shown improvements in detection and response times by over 50% [3] - The company has released or upgraded over 60 products in 2024, with many achieving high market share and rapid order growth [4] Market Position and Valuation - The target price for the company is set at 10.17 RMB, reflecting a price-to-sales ratio of 3.0 times for 2025 [5][8] - The company’s market capitalization is approximately 5.387 billion RMB, with a closing price of 6.74 RMB as of April 22 [8] - The company is positioned favorably within the industry, with its data security business recognized in the IDC leader quadrant [4]

绿盟科技集团股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为绿盟科技集团股份有限公司（以下简称公司）的独立董事，2024 年度， 本人严格按照《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》"）《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相 关法律、法规、规范性文件的规定以及《公司章程》《独立董事工作制度》的有关 规定和要求，忠实、勤勉、尽责的履行职责，积极了解公司的生产经营状况，按时 出席公司股东大会、董事会、独立董事专门委员会及各专业委员会会议，认真审议 各项议案，有效保证了董事会决策的科学性和公司运作的规范性，切实维护了公司 和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履行独立董事职责情 况汇报如下： 一、独立董事的基本情况 2024 年度，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。本人履历如下： 李春红，女，1974 年生，中国国籍，无境外永久居留权，高级会计师。1997 年毕业于首都经济贸易大学，获得学 ...

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