| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 第三届董事会第三十一次会议决议公告 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。 一、董事会会议召开情况 深信服科技股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日以电子邮 件等方式发出会议通知，于 2025 年 9 月 24 日以通讯方式召开第三届董事会第三 十一次会议。本次会议应出席董事 6 名，实际出席董事 6 名。本次董事会会议由 董事长何朝曦先生主持。本次会议的召集和召开符合《公司法》等法律法规、规 范性文件以及《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，以投票表决方式通过了以下决议： (一)审议通过《关于变更注册资本并修订〈公司章程〉及其附件的议案》 根据《公司法》《深圳证券交易所创业板股票上市规则》等有关法律、法规 和规范性文件的规定，结合公司的实际情况，公司拟对《公司章程》及其附件的 部分章节内容进行 ...

Group 1 - The focus is on the information technology self-controllable sector, with the Xinchuang ETF fund (562030) experiencing a mid-session increase of 2.68% and currently up by 1.96% [1] - Among the constituent stocks, Neusoft Group leads with over 6% increase, followed by Chengdu Huami and Kingsoft Office with over 4% gains, and other stocks like Deepin Technology, 360 Security, and CloudWalk Technology also showing upward trends [1] Group 2 - Multiple cybersecurity listed companies are actively investing in AI technology research and development, with Deepin Technology applying large model technology to network security products, creating AI firewalls and other security products [3] - Ant Group has recently launched innovative products and solutions that integrate network security and AI technology, including the gPass framework for smart glasses, which has partnered with brands like Rokid and Xiaomi [3] - Market analysts indicate that the application of AI technology will lead to explosive growth across various industries, but security issues are limiting data circulation [3] Group 3 - Dongguan Securities notes that the Xinchuang industry is steadily advancing according to a "2+8+N" rhythm, transitioning from policy-driven to a dual drive of policy and market [4] - The market scale is expected to grow significantly, with projected growth rates of 17.84% and 26.82% for 2025 and 2026 respectively, and the market is anticipated to exceed 2.6 trillion yuan by 2026 [4] Group 4 - The Xinchuang ETF fund (562030) and its linked funds are designed to passively track the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, application software, and information security [6] - The investment logic for the Xinchuang industry includes international geopolitical disturbances, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [6]

Core Insights - Multiple cybersecurity companies are actively investing in AI technology development, enhancing their product capabilities and operational efficiency [1][2][3] - The integration of AI in cybersecurity is seen as a double-edged sword, presenting both new security risks and opportunities for improved efficiency [1][4] Group 1: Company Developments - Green Alliance Technology plans to launch AI security products, including an AI security integrated machine and a large model security assessment system [1] - North Trust has developed an AI capability platform that integrates large models and development tools, with applications delivered in finance and energy sectors [1][2] - Deepin Technology has incorporated large model technology into its cybersecurity products, including a security GPT and AI firewall, with plans for further investment in AI R&D [2] - Ant Group has released innovative products that combine cybersecurity and AI technology, including a trusted connection framework for smart glasses [2] - Starry Sky Technology's AI model has been applied in security operations and threat detection, significantly enhancing product capabilities [3] - AsiaInfo reported significant growth in AI model applications and deliveries in the first half of the year, focusing on AI model applications, 5G private networks, and intelligent operations [3] Group 2: Industry Trends and Challenges - Gartner's report indicates a shift in focus towards securing AI systems in cybersecurity, with expectations that 60% of large Chinese enterprises will adopt exposure management technology by 2027 [4] - The need for companies to be aware of risks associated with AI model applications, such as prompt injection and model manipulation, is emphasized [4][5] - The importance of supply chain security in AI applications is highlighted, with calls for enhanced version vulnerability management and code security audits [5] - The rapid adoption of AI models is expected to create significant security risks, necessitating a dynamic defense system and cross-departmental collaboration [5][6] Group 3: Recommendations for AI Security - Experts suggest mandatory registration for AI models to identify risks early and ensure comprehensive understanding of their security and usability [6] - Companies are encouraged to conduct compliance assessments and deploy specialized protections, such as AI security barriers, to defend against new types of attacks [6] - Establishing trust through security measures is seen as essential for promoting data flow and maximizing the value of AI applications across various industries [6]

Core Insights - Multiple cybersecurity companies are actively investing in AI technology development, leading to innovative products and solutions in the cybersecurity sector [1][2][3] - The integration of AI in cybersecurity is seen as a double-edged sword, presenting both new security risks and opportunities for efficiency and product enhancement [1][3] Group 1: Company Developments - Green Alliance Technology plans to launch a series of AI security products aimed at protecting large models, including an AI security integrated machine and an AI security fence [1] - North Trust has developed an AI capability platform that integrates large models and tools, which has been deployed in sectors like finance and energy [1][2] - Deepin Technology has incorporated large model technology into its cybersecurity products, including a security GPT and AI firewall, and plans to increase R&D investment in AI [2] - Ant Group has introduced innovative products that merge cybersecurity with AI technology, including a trusted connection framework for smart glasses [2] - Starry Sky Technology's AI model has been applied in security operations and threat detection, enhancing product capabilities and service efficiency [3] - AsiaInfo reported significant growth in AI model applications and deliveries in the first half of the year, focusing on AI model applications, 5G private networks, and intelligent operations as growth engines [3] Group 2: Industry Trends and Challenges - According to Gartner, the focus of cybersecurity in China is shifting towards ensuring the safety of AI, with expectations that by 2027, 60% of large enterprises will adopt exposure management technologies [3][4] - The risks associated with AI model applications include prompt injection and model manipulation, which require careful monitoring and preventive measures [3][4] - The importance of supply chain security in AI applications is emphasized, as vulnerabilities and configuration errors can lead to significant data leaks [4] - The rapid adoption of AI models is likened to the early days of website proliferation, but it also brings a surge in security risks due to the extensive permissions these models may have [4][5] Group 3: Recommendations for AI Security - Experts suggest mandatory registration for AI models to identify risks early and enhance user understanding of their safety and usability [5] - Companies are encouraged to build protective systems for AI applications, including compliance assessments and the deployment of AI security technologies [5] - Establishing trust through security measures is seen as essential for promoting data flow and maximizing the value of AI across various industries [5]

天风证券研报指出，深信服上半年归母净利润为-2.28亿元，同比+61.54%；单2025Q2净利润0.22亿元， 同比+121.3%，自2020年以来首次在Q2实现盈利。公司持续提升内部管理效率，报表持续体现较高质 量。若宏观经济进一步复苏，公司国内业务收入增速有望进一步提升。长期看，"出海+大客户+AI"驱 动，公司新增长曲线正在清晰。该行认为2025年收入有望进一步提速（在海外与大客户需求增长、云业 务+XaaS产品发力等多重驱动下），公司利润弹性有望进一步释放，预计25-27年归母净利润达 4.05/7.44/8.58亿，维持"买入"评级。 ...

Group 1 - The report highlights a transition in the market towards a震荡上行 phase, with a total capital supply of 137.2 billion and a net inflow of 59.8 billion into the market [3][28] - The report indicates that the issuance of equity funds has slightly increased, with the new issuance of equity public funds rising to 428.54 million shares, a change of +2.24% compared to the previous period [28] - The report notes that the net reduction in industrial capital has narrowed, indicating a potential shift in market sentiment [28] Group 2 - The report discusses the performance of the electronics industry, specifically focusing on the company 甬矽电子, which achieved a revenue of 2.01 billion, a year-on-year growth of 23.37%, and a net profit of 30.32 million, a year-on-year growth of 150.45% [11] - The report emphasizes the recovery of the semiconductor industry, driven by the global consumer market and the emergence of AI applications, which has positively impacted the company's revenue [11] - The report mentions that the company has maintained high R&D investment, with 26 new invention patents filed in the first half of 2025, ensuring its competitive edge in advanced packaging technologies [11] Group 3 - The report highlights the performance of the healthcare sector, specifically 华东医药, which reported a revenue of 21.68 billion, a year-on-year increase of 3.39%, and a net profit of 1.81 billion, a year-on-year increase of 7.01% [18] - The report indicates that the pharmaceutical industrial segment has shown strong growth, with a revenue increase of 9.24% in the first half of 2025 [18] - The report notes that the company is set to launch a new innovative drug for ovarian cancer treatment in Q4 2025, which is expected to contribute to future revenue growth [18] Group 4 - The report discusses the coal power sector, specifically浙能电力, which reported a revenue of 35.47 billion, a year-on-year decrease of 11.68%, and a net profit of 3.51 billion, a year-on-year decrease of 10.57% [19] - The report highlights that the decline in coal prices has significantly improved the company's cost structure, with the average coal price dropping to approximately 676 yuan per ton [19] - The report projects that the company's net profit will increase in the coming years, with estimates of 7.93 billion, 8.19 billion, and 8.50 billion for 2025-2027, reflecting a positive outlook for the company [19]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is focusing on building a comprehensive AI stack for private deployment, which is expected to enhance its profitability and operational efficiency [1]. - The company has shown a significant improvement in its financial performance, with a revenue of 3.009 billion yuan in H1 2025, representing a year-on-year increase of 11.16%, and a net profit of -228 million yuan, up 61.54% year-on-year [1]. - The company is experiencing growth in international markets, with H1 2025 international revenue reaching 254 million yuan, a year-on-year increase of 35.33% [2]. - The company has a strong pipeline for future growth driven by large clients and AI capabilities, with the number of MSS/XDR clients reaching 5,500 by H1 2025 [2][3]. Financial Performance - The company reported a revenue of 7.662 billion yuan in 2023, with a projected increase to 8.517 billion yuan in 2025, reflecting a growth rate of 13.26% [5][12]. - The net profit attributable to the parent company is expected to rise from 197.83 million yuan in 2023 to 404.74 million yuan in 2025, indicating a growth rate of 105.59% [5][12]. - The company's operating expenses have been managed effectively, with sales, management, and R&D expense ratios showing improvements [1]. AI Capabilities - The company is developing three foundational AI capabilities: AI infrastructure, AI PaaS, and AI applications, which are expected to enhance its service offerings [3]. - The AI platform AICP is designed to support enterprise-level large models and has shown significant performance improvements in deployment scenarios [3]. - The company has successfully tested its security GPT in over 130 real-world environments, indicating strong market validation for its AI solutions [2][3]. Growth Projections - Revenue projections for the company are set at 8.517 billion yuan for 2025, 9.911 billion yuan for 2026, and 11.153 billion yuan for 2027, with respective growth rates of 13.26%, 16.37%, and 12.53% [5][12]. - The company anticipates further acceleration in revenue growth driven by overseas expansion, large client demand, and cloud business initiatives [3].

Group 1 - A new technology company, Wenzhou Shuxin Technology Co., Ltd., has been established, focusing on multiple AI-related businesses [1] - The legal representative of the new company is Xia Xuchen, and its business scope includes AI infrastructure and technology platforms, IoT application services, AI public service platform consulting, and general AI application systems [1] - The company is jointly held by Shenzhen Shensinfeng Investment Holding Group Co., Ltd., a wholly-owned subsidiary of Deepin Technology (300454) [1]

深信服（300454.SZ）9月18日在投资者互动平台表示，公司于2019年正式发布了企业级分布式存储产品 EDS。根据第三方咨询机构IDC的相关报告，2025年第一季度，公司EDS产品在"中国软件定义存储-文 件存储"市场占有率排名第五。根据内部统计数据，公司EDS产品累计客户已超4000家。2025年上半 年，公司EDS产品聚焦高价值场景、持续推进产品品质提升和方案优化，收入实现较快增长，但由于收 入基数还不大，对公司整体收入增长的拉动作用还不明显。 未来，公司EDS产品将重点聚焦在高性能 统一存储方向，持续推动EDS产品应用于大数据、AI推理等高价值业务场景。关于相关业务的具体进 展，敬请关注公司定期报告、"深信服科技"公众号及视频号所发布的信息。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否有AI存储相关的业务，上半年是不是增 长迅猛？ ...

Core Insights - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Generative AI Safety Development Joint Laboratory aims to enhance the AI industry ecosystem in the region [1] Group 1: Talent Development - The AI talent gap is significant, and the Joint Laboratory will help cultivate more professionals in the field [2] - The laboratory is expected to attract more AI industry talent and facilitate collaboration among government, industry, academia, and research [1][2] Group 2: AI Governance and Compliance - The laboratory will provide a unified AI safety assessment platform, reducing compliance costs and promoting the development of AI applications in the Greater Bay Area [3] - It will explore governance rules for artificial intelligence, particularly addressing the differences in legal and regulatory frameworks for generative AI [3] Group 3: Industry Collaboration - The Joint Laboratory serves as a stabilizing force for the industry, enhancing safety management, risk prevention, and compliance processes across various sectors [4] - It encourages collaboration among enterprises, research institutions, and government bodies to tackle challenges collectively, rather than in isolation [5]