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].

Group 1 - The core viewpoint emphasizes the increasing importance of cybersecurity in the context of rapid AI development, highlighting the role of Green Alliance Technology as a key player in this field [1][2] - Green Alliance Technology has established itself as a "security expert behind giants," providing comprehensive cybersecurity solutions to major industry clients such as telecommunications, banking, and energy sectors [1][2] - The company operates over 50 branches in China, offering a full range of cybersecurity products and services to various industries and enterprise users [1] Group 2 - Green Alliance Technology is actively adapting to the growing cybersecurity challenges posed by AI and large models, with its Tian Shu Laboratory focusing on innovative research to support the company's development in this area [2] - The company maintains a high level of R&D investment, with R&D expenses reaching 416 million yuan in the first three quarters of 2024, and over half of its workforce dedicated to R&D and technical roles [2] - Green Alliance Technology holds more than 500 invention patents and 403 software copyrights, providing over 70 security products that cater to diverse cybersecurity needs across different industries [2] Group 3 - Green Alliance Technology is the first domestic cybersecurity firm to expand internationally, establishing its international business team in 2007 and aligning with the national "Belt and Road" initiative [3] - The company has seen steady growth in Southeast Asia and Latin America, recently obtaining two security service licenses from the Malaysian National Cyber Security Agency (NACSA), making it one of the first companies in Malaysia to hold dual licenses for penetration testing and security operations center [3]

Core Insights - The rapid advancement of AI technology has made cybersecurity increasingly important for protecting personal privacy, corporate assets, and government information [1] - Green Alliance Technology (绿盟科技) is a leading company in the cybersecurity field, providing comprehensive solutions for government and enterprise users [1] AI and Cybersecurity - Green Alliance Technology established eight laboratories in 2014, with a focus on AI research [3] - The company launched its own vertical large model, Fengyunwei, at the Smart Security Conference on September 1, 2023, applying it in various security areas [3] - AI has significantly improved the processing of massive data alerts and logs, achieving a noise reduction rate of over 95% in security operations [3] Security Risks of Large Models - The company is actively researching the security issues associated with large models, including base security, data input/output security, and application security [4] - Green Alliance Technology is collaborating with leading large model vendors to integrate security mechanisms into the design logic of large models [5] Channel Strategy - Since 2019, the company has upgraded its channel strategy, focusing on both direct sales and channel partnerships to expand its market reach [6] - The channel system includes national general agents, strategic partners, and various levels of agents, aiming to serve a wide range of users [6] International Expansion - Green Alliance Technology was one of the first domestic security firms to expand internationally, participating in global security conferences since 2008 [7] - The company has shifted its focus to Southeast Asia and Latin America, establishing a presence in countries like Singapore, Malaysia, and Brazil [7][8] - Domestic business still accounts for the majority of revenue, with a structured approach targeting key industries and local representation in provinces [8]

转自：前瞻产业研究院 行业主要上市公司：绿盟科技(300369)、奇安信(688561)、天融信(002212)、启明星辰(002439)、 三六零(601360)等; 本文核心数据：全球网络安全行业市场规模; 2024年全球网络安全行业市场规模超2400亿美元 网络安全是指对网络系统的硬件、软件及其系统中的数据进行保护，不让其因偶然的或者恶意的原因而 遭受到破坏、更改、泄露，系统连续可靠正常地运行，网络服务不中断。2023年全球网络安全行业市场 规模近2200亿美元，近五年行业复合增速为17.85%。初步估算，2024年全球网络安全行业市场增长超 过2400亿美元。 细分市场 网络安全市场主要可以分为网络安全产品和网络安全服务市场，其中网络安全产品又可以分为硬件产品 和软件产品。根据统计，2017年以来全球网络安全行业网络安全产品占比不断提升至2023年占比超过 55%。 产业竞争 随着电子信息产业和互联网产业的快速发展，全球网络安全市场规模和企业营收也普遍保持快速稳定的 增长态势。根据统计，当前全球20家网络安全上市企业中， Palo Alto Networks、Fortinet、 NortonLifeL ...

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 1 二、独立董事年度履职概况 （一）出席董事会及股东大会情况 报告期内，公司共召开 7 次董事会、3 次股东大会。本人作为公司独立董事亲 自出席 7 次董事会和 3 次股东大会，没有缺席、委托他人出席或连续两次未亲自 出席会议的情况。 报告期内，本人出席董事会、股东大会的情况如下： 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 ...