根据市场公开信息及4月15日披露的机构调研信息，知名私募聆泽投资近期对1家上市公司进行了调研， 相关名单如下： 1）迪普科技 （上海聆泽投资管理有限公司参与公司业绩说明会&线上会议） 调研纪要：迪普科技介绍了公司在人员配置与产品规划方面的策略，强调向有业务基础和资金支撑的行 业投入资源，控制人员增长确保收入质量增长。公司利用I技术提高自动化效率、处理非结构化数据， 已在运营商、公安视频网安全等行业获得合作机会。公司深耕的价值行业需求相对旺盛，高性能安全产 品及与智算结合的网络产品需求向好。2024年经营活动现金流表现良好，公司重视现金流，严格信用政 策，代理商销售占比较高，发货前先结清货款，应收账款节奏较好。公司基于'贡献&分享'的核心价值 观制定员工持股计划，主要参与者是骨干员工和干部。基础网络解决方案已能满足客户需求，智算中心 相关网络产品陆续发布，推进节奏符合预期。 机构简介： 上海聆泽投资管理有限公司核心团队具有多年投资经验，对投资风险亦认识深刻、控制良好。投研工作 方面，在自有团队基础上，对接近 10 家头部券商机构资源；公司运作方面，合规管理严谨，客户服务 优质。公司坚持"诚信、专业、共赢"，大比 ...

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around the cybersecurity industry and a specific company, referred to as "Deep" or "Deep Technology" [1][2][4]. Core Points and Arguments 1. **Impact of AI on Cybersecurity**: The integration of AI is significantly influencing the cybersecurity landscape, affecting all stakeholders including users and suppliers. Deep is embracing AI development and has launched related solutions [2][4]. 2. **Sales Structure**: Deep's sales structure is evenly divided among three main sectors: telecommunications operators, government, and other industries such as finance and energy, each accounting for approximately one-third of total sales [3]. 3. **Market Demand**: There is a strong demand for cybersecurity solutions, particularly in data protection and security against data breaches. Deep is focusing on enhancing its technological defenses in response to increasing threats [4][22]. 4. **Project Cycles**: The project cycles for overseas markets are generally longer than those in domestic markets, which affects the speed of business development [5]. 5. **Revenue and Profit Trends**: Deep has reported a decline in both revenue and profit margins, but maintains a resilient operational performance. The company aims to improve product competitiveness and operational efficiency [1][12]. 6. **Government Sector Performance**: The government sector has shown stable performance without significant changes, and Deep is focusing on projects with good repayment capabilities [10][11]. 7. **Product Development**: Deep is committed to continuous innovation and product capability enhancement, particularly in AI and cybersecurity solutions [5][15]. 8. **Market Competition**: Deep faces competition from various international cybersecurity firms, particularly in the U.S. market. The company is working on strategies to penetrate these markets effectively [16][17]. 9. **Cost Management**: Deep is focused on controlling costs while enhancing product performance, which is seen as a competitive advantage [12][24]. 10. **Future Outlook**: The company anticipates that profit growth will outpace revenue growth in the long term, driven by improved operational efficiency and strategic project management [19][24]. Other Important but Possibly Overlooked Content 1. **AI Integration**: The integration of AI technologies is not only enhancing product capabilities but also improving operational efficiencies across various departments [20][21]. 2. **Focus on Domestic Sales**: A significant portion of Deep's sales is concentrated in the domestic market, with a strong emphasis on new product categories that align with local demands [14][15]. 3. **Long-term Strategy**: Deep's long-term strategy includes a cautious approach to growth, emphasizing quality over quantity in project selection and execution [24][25]. 4. **Employee Growth and Efficiency**: The company has expanded its workforce significantly, which has led to increased operational costs. However, there is a focus on improving employee efficiency to balance this growth [19][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction and operational challenges faced by Deep in the evolving cybersecurity landscape.

Company Overview - The company has implemented a counter-cyclical expansion strategy in 2023, achieving preliminary goals of revenue growth and profit improvement [2] - Future plans include maintaining strategic focus to drive revenue growth and profit enhancement despite macroeconomic challenges [2] Product Strategy - Focus on strengthening core products such as high-performance firewalls and anti-DDoS solutions, while continuously innovating and enhancing product performance [2] - Investment in markets with solid business foundations and financial support, particularly in telecommunications, finance, and energy sectors [2] AI Integration - The company leverages AI to enhance its product offerings, applying AI technologies in network security, big data analysis, and DDoS protection, thereby improving product effectiveness [2] - Development of comprehensive AI solutions, including AI integrated machines and advanced security services, to boost core competitiveness [2] Financial Performance - In 2024, the company reported a revenue of CNY 1.155 billion, a year-on-year increase of 11.68%; net profit reached CNY 161 million, up 27.26% [2] - The cash flow from operating activities for 2024 was CNY 328 million, reflecting a significant increase of 160.69% [2] - For Q1 2025, revenue was CNY 279 million, marking a 9.57% year-on-year growth [2] Personnel and Product Planning - The company allocates resources to markets with strong business foundations, ensuring quality revenue growth through controlled personnel expansion [3] - Continuous investment in advantageous products expected to contribute to performance growth, with a focus on enhancing product performance and integration with business scenarios [3] AI Product Development - The company emphasizes practical applications of AI to enhance automation efficiency and manage unstructured data, with ongoing exploration in penetration testing and vulnerability verification [3] - Active participation in AI-related market opportunities, particularly in telecommunications and public safety sectors [3] Market Demand and Cash Flow Management - The company observes strong demand in key industries, particularly in large intelligent computing centers, which supports the need for high-performance security products [3] - Effective cash flow management and credit policies have led to improved cash flow performance in 2024, with a focus on timely collection of accounts receivable [3] Employee Stock Ownership Plan - The company has established an employee stock ownership plan based on the core values of "contribution & sharing," aimed at enhancing organizational vitality and combat effectiveness [3]

Core Viewpoint - Dipu Technology has launched a 2025 employee stock ownership plan (draft) without company-level performance assessments, which is atypical compared to most employee stock plans. Despite a rebound in net profit for 2024, the first quarter of 2025 saw a decline in profits. Meanwhile, northbound funds have significantly increased their holdings in Dipu Technology [1][2][3]. Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan aims to raise a total of 28.18 million yuan, with shares purchased at 8.90 yuan per share from the company's repurchased stock [1]. - Both the 2024 and 2025 employee stock ownership plans do not include company-level performance assessments, only individual performance evaluations for participants [2]. - Employees participating in both the 2024 and 2025 plans may receive dual incentives if they meet personal performance criteria [2]. Group 2: Financial Performance - In 2024, Dipu Technology reported revenue of 1.155 billion yuan, a year-on-year increase of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [3]. - Despite the growth in 2024, net profit remains significantly lower than peak levels, with 2021 net profit at 309 million yuan, and 2022 and 2023 at 150 million yuan and 127 million yuan, respectively [3]. - In Q1 2025, the company achieved revenue of 279 million yuan, a year-on-year increase of 9.57%, but net profit fell by 16.60% to approximately 30.6 million yuan [3]. Group 3: Operational Challenges - Dipu Technology's gross margin decreased from 71.45% in 2021 to 67.28% in 2024, and net margin fell from 30.02% to 13.96% during the same period [4]. - The increase in sales expenses is attributed to a rapid growth in sales personnel, with sales expenses rising from 285 million yuan in 2021 to 429 million yuan in 2024 [4]. - The company's inventory has also increased significantly, from 206 million yuan in 2021 to 350 million yuan in 2024, indicating a need for improved inventory management [4][5]. Group 4: Market Position and Investment Trends - Dipu Technology is a leading provider of comprehensive network security products and solutions, serving various sectors including telecommunications, government, finance, and healthcare [4]. - Northbound funds have been actively increasing their holdings in Dipu Technology, with significant acquisitions occurring after September 2024, making Hong Kong Central Clearing Limited the sixth largest shareholder with a 1.70% stake [6]. - The company has a strong cash position, with over 2.9 billion yuan in cash and financial assets as of Q1 2025, and no short-term or long-term debt [6].

杭州迪普科技股份有限公司 2025 年员工持股计划管理办法 第一章 总则 第一条 为规范杭州迪普科技股份有限公司（以下简称"迪普科技"或"公司"） 2025 年员工持股计划（以下简称"本员工持股计划"或"员工持股计划"或"本计 划"）的实施，根据《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》"）、中国证券监督管理委员会 （以下简称"中国证监会"）《关于上市公司实施员工持股计划试点的指导意见》 （以下简称"《指导意见》"）、《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》（以下简称"《自律监管指引》"）等有关法律、行政 法规、规章、规范性文件和《杭州迪普科技股份有限公司章程》、《杭州迪普科技股 份有限公司 2025 年员工持股计划（草案）》（以下简称"《员工持股计划（草 案）》"）之规定，特制定本管理办法。 第二章 员工持股计划的制定 第二条 员工持股计划遵循的基本原则 （一）依法合规原则 公司实施员工持股计划，严格按照法律、行政法规的规定履行程序，真实、准确、 完整、及时地实施信息披露。任何人不得利用员工持股计划进行内幕交易、操 ...

杭州迪普科技股份有限公司 综上所述，董事会认为公司实施本持股计划符合《指导意见》及《自律监管指引》等 相关规定。 特此公告。 杭州迪普科技股份有限公司 董事会 2.本持股计划内容符合《指导意见》及《自律监管指引》等有关法律、行政法规及规 范性文件的规定，程序合法、有效； 3.公司审议本持股计划相关议案的决策程序合法、有效，不存在损害公司及全体股东 利益的情形，不存在摊派、强行分配等方式强制员工参与本持股计划的情形； 4.公司监事会对本持股计划名单进行了核实，认为本持股计划拟定的持有人符合《指 导意见》及《自律监管指引》等相关法律法规、规范性文件规定的持有人条件，符合本持 股计划规定的持有人范围，其作为本持股计划持有人的主体资格合法、有效； 5.实施本持股计划有利于建立和完善劳动者与所有者的利益共享机制，实现公司、股 东和员工利益的一致性，进一步建立健全公司长效激励机制，充分调动员工的主动性、积 极性和创造性，吸引和保留优秀管理人才和业务骨干，推动公司稳定、健康、长远发展。 董事会关于公司2025年员工持股计划(草案)的合规性说明 杭州迪普科技股份有限公司（以下简称"公司"）根据《公司法》《证券法》《关于上 市 ...

杭州迪普科技股份有限公司 2025 年员工持股计划 （草案）摘要 杭州迪普科技股份有限公司 证券代码：300768 证券简称：迪普科技 杭州迪普科技股份有限公司 2025 年员工持股计划（草案）摘要 二〇二五年四月 声 明 本公司及全体董事成员保证本员工持股计划及其摘要内容真实、准确和完整，不 存在虚假记载、误导性陈述或重大遗漏。 1 杭州迪普科技股份有限公司 2025 年员工持股计划（草案）摘要 风险提示 一、本次员工持股计划需经公司股东会批准后方可实施，本次员工持股计划能否获 得公司股东会批准，存在不确定性。 二、有关本次员工持股计划具体的资金来源及规模、持有标的股票规模、参加对 象等均属初步方案，能否实施完成存在不确定性。 三、本员工持股计划相关协议尚未签订，能否签订存在不确定性。 四、本员工持股计划遵循依法合规、自愿参与、风险自担原则，若员工认购金额较 低时，本员工持股计划存在无法成立的风险；若员工认购资金不足，本员工持股计划存 在低于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意投资 风险。 六、本员工持股计划实施后，公司全部有效的员工持股计划持有的股票总数累 ...

证券代码：300768 证券简称：迪普科技 杭州迪普科技股份有限公司 2025 年员工持股计划 （草案） 杭州迪普科技股份有限公司 二〇二五年四月 杭州迪普科技股份有限公司 2025 年员工持股计划（草案） 声 明 二、有关本次员工持股计划具体的资金来源及规模、持有标的股票规模、参加对 象等均属初步方案，能否实施完成存在不确定性。 三、本员工持股计划相关协议尚未签订，能否签订存在不确定性。 四、本员工持股计划遵循依法合规、自愿参与、风险自担原则，若员工认购金额较 低时，本员工持股计划存在无法成立的风险；若员工认购资金不足，本员工持股计划存 在低于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意投资 风险。 本公司及全体董事成员保证本员工持股计划及其摘要内容真实、准确和完整，不 存在虚假记载、误导性陈述或重大遗漏。 1 杭州迪普科技股份有限公司 2025 年员工持股计划（草案） 风险提示 一、本次员工持股计划需经公司股东会批准后方可实施，本次员工持股计划能否获 得公司股东会批准，存在不确定性。 2 杭州迪普科技股份有限公司 2025 年员工持股计划（草案） 特别提示 本部分 ...

杭州迪普科技股份有限公司 监事会关于公司2025年员工持股计划相关事项的核查意见 杭州迪普科技股份有限公司（以下简称"公司"）监事会根据《公司法》《证券法》 《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）及《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》（以下简称"《自 律监管指引》"）等有关法律、行政法规及规范性文件和《公司章程》的规定，结合公司实 际情况，经认真审阅相关会议资料，监事会对公司2025年员工持股计划（以下简称"本持 股计划"）相关事项发表核查意见如下： 1.公司不存在《指导意见》及《自律监管指引》等法律法规、规范性文件规定的禁止 实施员工持股计划的情形； 2.公司充分征求公司员工对本持股计划相关事宜的意见，董事会及其下设薪酬与考核 委员会结合相关意见拟定《公司2025年员工持股计划（草案）》等相关文件，公司监事会 认为制定程序合法、有效。本持股计划内容符合《指导意见》等法律、法规及规范性文件 的规定； 3.公司审议本持股计划相关议案的决策程序合法、有效，不存在损害公司及全体股东 利益的情形，不存在摊派、强行分配等方式强制员工参与本持股计划的 ...

杭州迪普科技股份有限公司 2024年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《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》以及《深圳证券交易所 创业板上市公司自律监管指南第 2 号——公告格式》的相关规定，本公司就 2024 年度 募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 (一)实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意杭州迪普科技股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2021〕616 号）核准，公司向特定对象发行人民币普通 股（A 股）29,242,293 股，发行价格为 34.71 元/股，募集资金总额为 1,014,999,990.03 元，扣除承销商发行费用人民币 10,149,999.90 元，减除其他与发行权益性证券直接相 关的外部费用人民币 1,437,874.03 元，实际募集资金净额为 1,003,412,116.10 元。上 述募集资金于 2021 年 ...