启明星辰(002439) - 2022 Q4 - 年度财报

Financial Performance - Revenue for 2022 was 4,436,909,155.32 yuan, a 1.16% increase compared to 2021[13] - Net profit attributable to shareholders in 2022 was 626,054,862.96 yuan, a decrease of 27.33% compared to 2021[13] - Operating cash flow in 2022 was -11,046,050.67 yuan, a significant decrease of 103.48% compared to 2021[13] - Total assets at the end of 2022 were 10,002,085,275.55 yuan, an increase of 11.93% compared to the end of 2021[13] - Q4 2022 revenue was 2,268,538,084.11 yuan, the highest among all quarters[16] - Q4 2022 net profit attributable to shareholders was 875,636,591.09 yuan, a significant recovery from losses in previous quarters[16] - Non-recurring gains and losses in 2022 totaled 104,969,540.83 yuan, an increase from 2021[17] - Revenue for 2022 reached 4.44 billion yuan, a year-on-year increase of 1.16%[55] - Net profit attributable to shareholders was 626 million yuan, a year-on-year decrease of 27.33%[55] - R&D expenses increased by 11.00% year-on-year, while management expenses decreased by 2.94% and sales expenses increased by 5.38%[55] - New business segments (cloud security, data security 2.0 & 3.0, industrial digital security, security operations) generated 1.88 billion yuan in revenue, accounting for 42.42% of total revenue, with cloud security revenue growing by 41.32% and data security 2.0 & 3.0 revenue growing by 40.56%[55] - Gross profit margin remained stable at 62.66%[55] - Revenue from the Northeast region decreased by 43.87%, while revenue from the South China region increased by 14.03%[56] - Direct sales accounted for 73.92% of total revenue, with a year-on-year increase of 3.01%[56] - Revenue from the security products segment was 2.96 billion yuan, accounting for 66.64% of total revenue, with a year-on-year increase of 1.02%[56] - Revenue from the security operations and services segment was 1.45 billion yuan, accounting for 32.77% of total revenue, with a year-on-year increase of 1.52%[56] - Inventory increased by 16.24% year-on-year to 153.36 million yuan[61] - Material costs for information network security increased by 12.92% to 1,238,126,029.82 yuan, accounting for 74.73% of operating costs[63] - Labor and manufacturing costs for information network security increased by 5.97% to 406,418,599.58 yuan, accounting for 24.52% of operating costs[63] - Total operating costs increased by 11.07% to 1,656,906,294.65 yuan[63] - The company's net cash flow from operating activities in 2022 was -11,046,050.67 yuan, a decrease of 103.48% compared to the previous year[79] - The company's net cash flow from investing activities in 2022 was -252,152,571.26 yuan, a decrease of 130.23% compared to the previous year[79] - The company's net cash flow from financing activities in 2022 was 252,916,838.99 yuan, an increase of 210.49% compared to the previous year[79] - The company's net profit in 2022 was 626,626,997.48 yuan, while the net cash flow from operating activities was -11,046,050.67 yuan, resulting in a significant difference of 637,673,048.15 yuan[80] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (tax included) for the 2022 fiscal year[3] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002439[7] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and media outlets such as "Securities Times," "China Securities Journal," and "Securities Daily"[10] - The company's annual report is available at the board of directors' office[5] - The company implemented the 2021 profit distribution plan, with a cash dividend of RMB 2.00 per 10 shares, totaling RMB 190,520,707.60, accounting for 100% of the total profit distribution[157] - The total distributable profit for the year was RMB 243,491,479.43[157] - The company completed the initial grant of restricted stock under the 2022 Restricted Stock Incentive Plan, granting 19,623,400 shares to 973 incentive recipients at a price of RMB 12.24 per share[160] - The company granted 4,689,600 shares of restricted stock to 202 incentive recipients under the reserved portion of the 2022 Restricted Stock Incentive Plan at a price of RMB 12.215 per share[161] - The company granted 300,000 shares of restricted stock to senior executive Zhang Yuan under the 2022 Restricted Stock Incentive Plan[163] - The total number of shares held by the first employee stock ownership plan is 577,465 shares, accounting for 0.06% of the company's total share capital[165] - The second employee stock ownership plan holds 1,486,915 shares, accounting for 0.16% of the company's total share capital[165][167] - The third employee stock ownership plan holds 1,694,508 shares, accounting for 0.18% of the company's total share capital[165][167] - The second employee stock ownership plan reduced its holdings by 4,900 shares through centralized bidding transactions during the reporting period[167] - The third employee stock ownership plan reduced its holdings by 152,200 shares through centralized bidding transactions and disposed of 2,278,476 shares through non-trading transfers during the reporting period[167] - The total cost of the third employee stock ownership plan is RMB 140,586,270.72, with amortization costs of RMB 34,502,857.65 in 2022[168][169] - The first and second employee stock ownership plans participated in the 2021 profit distribution and attended the company's 2022 temporary shareholders' meetings[168] Cybersecurity Industry Trends - The cybersecurity industry is expanding due to digital transformation and is expected to reach a market size of hundreds of billions[19] - Data security is becoming as important as basic network security, with significant growth potential[19] - The company's cybersecurity solutions are adapting to China's unique digital scenarios and regulatory requirements[19] - The "14th Five-Year Plan" for Digital Economy Development emphasizes enhancing cybersecurity protection capabilities, improving data security assurance levels, and effectively preventing various risks[20] - The 20th National Congress of the Communist Party of China highlights the need to strengthen national security systems, including cybersecurity, data security, and personal information protection[20] - The National Integrated Government Big Data System Construction Guide aims to establish a secure and standardized government big data system by 2023, with further improvements by 2025[20] - The Opinions on Building Data Infrastructure Systems to Better Utilize Data Elements focus on safeguarding national data security and promoting efficient data circulation[21] - Industry-specific cybersecurity guidelines and "14th Five-Year" plans have been issued for sectors like telecommunications, finance, energy, and transportation, driving cybersecurity demand[22] - The construction of the State-owned Assets Cloud (Guoziyun) has spurred rapid growth in the cloud security market, emphasizing data security for state-owned assets[22] - AI advancements, such as ChatGPT, raise concerns about data privacy, AI code security, and new cybersecurity threats[22] - AI models pose risks of privacy data leakage, especially with large-scale training data, increasing the potential for sensitive information exposure[23] - AI-driven automation lowers the barrier for cyberattacks, enabling more sophisticated phishing, malware generation, and other threats[23] - AI empowers cybersecurity by enabling threat detection, vulnerability mining, and intelligent security operations, improving efficiency and reducing manual intervention[23] - Ransomware attack incidents increased by 13% year-over-year in 2022, surpassing the total of the past five years[24] Company Operations and Strategy - The company's registered address is located at No. 8, Northeast Wangxi Road, Haidian District, Beijing, with a postal code of 100193[7] - The company's legal representative is Wang Jia[7] - The company's website is www.venustech.com.cn, and the email for investor relations is ir_contacts@venustech.com.cn[7] - The company's financial report is audited by ShineWing Certified Public Accountants (Special General Partnership)[12] - The company's board secretary is Zhang Yuan, and the securities affairs representative is Liu Jing[8] - The company's registered address has undergone historical changes, with the latest change in June 2007 to its current location[7] - The company has a total of 6,903 employees as of the end of 2022, an increase of 316 compared to the previous year, with technical staff accounting for 64.5% and sales staff accounting for 19.8%[37] - The company has established nearly 70 business branches across China, with a nationwide channel and after-sales service system, covering over 100 cities and industries[37] - The company's products have maintained the top market share in China for multiple years, including data security (since 2015), database security auditing and protection (since 2014), and industrial firewalls (since 2018)[40] - The company has invested in nearly 50 startups in the same industry through equity investment, venture incubation, and joint ventures, fostering a healthy ecosystem[37] - The company has achieved compatibility and mutual recognition with Kirin Software for over 70 security products, covering areas such as boundary security, application security, and data security[41] - The company's security management and situational awareness platform has completed compatibility testing with Huawei Cloud's public cloud platform (Kunpeng) and obtained Kunpeng technical certification[41] - The company's "Smart Hydropower Station 5G Application Security Construction Project" was selected as a pilot demonstration project for innovative 5G + industrial internet security applications by the Ministry of Industry and Information Technology[42] - The company's subsidiaries, Beijing Venustech and Beijing Wangyuxingyun, won five honors in the CNVD 2021 Annual Awards, including "Technical Support Unit" and "Outstanding Contribution Unit for Original Vulnerability Discovery"[42] - The company has established a scientific and professional information security talent training system through customized courses, online education platforms, and simulation exercises[37] - The company has participated in the drafting of key industry standards and guidelines, including the "Data Security Law" implementation reference and the "2021 Cybersecurity Independent Innovation Research Report"[41] - The company's "Power Monitoring System Network Security Defense System and Situation Awareness Key Technology and Application" project won the third prize of the "Science and Technology Progress Award" from the State Grid Corporation of China[43] - The company's Wuxi City Big Data Center passed the "Data Security Capability Maturity Model (Level 3) Certification," becoming the first government scenario in China to achieve DSMM Level 3 certification[43] - The company won three major awards at the 2022 IT Market Annual Conference: "New Generation Information Technology Innovation Product," "Digital Innovation Practice Case," and "New Generation Information Technology Leading Enterprise"[43] - The company was recognized as a market leader in the "IDC MarketScape: China Zero Trust Network Access Solutions" 2022 vendor assessment[43] - The company's "Wuxi City Big Data Center Security System Construction Project" was selected as a special recommendation case for internet-driven economic and social digital transformation[44] - The company won three major awards at the CSDN 2022 China Developer Influence Annual Awards: "Venustech New Smart City Security Operation Service Solution," "Venustech Data Security Circulation Solution," and "Venustar Cloud Political and Legal Committee Big Data Center Security Construction Solution"[44] - The company's Data Security Governance Management Platform (DSMP) received authoritative recommendation from IDC[44] - The company signed strategic cooperation agreements with Inspur and Beijing Digital Certification Co., Ltd., aiming to deepen cooperation in product and industry resource integration[45] - The company's VenusEye Threat Intelligence Center focuses on high-value intelligence production and application, integrating threat intelligence, security products, security platforms, and operational services[47] - The company's next-generation threat detection and defense technologies include attack chain reconstruction, full traffic analysis forensics, encrypted traffic detection, and deception defense technologies[47] - AI security analysis technology: Applied AI to identify potential malicious behaviors, using supervised learning to train models for detecting abnormal traffic and non-normal business behaviors. The company's AI security analysis and empowerment platform, based on the ModelOps architecture, standardizes the modeling process and delivers AI model capabilities directly to users[49] - UEBA behavior analysis technology: Embedded in other security products or combined with cutting-edge technologies, it provides data support for tracking suspicious threats by correlating users, devices, and applications in real-time. It continuously extracts features and builds behavior session combinations and user profiles to detect hidden relationships[49] - Parallel simulation technology: Built a highly realistic network and business simulation environment using virtualization, cloud computing, AI, and digital twin technologies, integrating advanced attack and defense strategies and resources[49] - Big data AI platform - PanGu platform: The company's fourth-generation underlying architecture platform, supporting million-level EPS distributed correlation analysis engine, combining distributed computing framework with Flink for complex event processing[50] - High-performance network traffic processing technology: Supports hundreds of Gbps traffic detection scenarios, with FPGA-assisted acceleration improving overall detection performance by more than 3 times[50] - Data security scenario: Introduced the Data Oasis framework, addressing security issues in data collection, transmission, storage, usage, and destruction, and participating in the valuable data circulation, sharing, and trading in the big data field[51] - Industrial internet security scenario: Developed a comprehensive industrial control security system covering over 200 industrial protocols and vulnerabilities, achieving full industry scenario coverage for critical infrastructure industrial control systems[52] - 5G+Industrial internet scenario: Provides deep detection capabilities for 5G edge access, network slicing, signaling storms, and abnormal signaling[52] - IoT security scenario: Achieved a three-dimensional IoT security protection architecture for cloud, edge, and end, with lightweight device node identification, authentication, and trusted control technologies[52] - Financial information technology risk management: Established a financial information technology risk measurement index system, gradually realizing automated risk warning and continuous management[53] - The company established 9 new subsidiaries in 2022, including Yancheng Venustech Information Security Technology Co., Ltd. and Xinjiang Xintou Xingchen Technology Co., Ltd[65] - The top 5 customers accounted for 28.69% of total annual sales, with the largest customer contributing 11.87% of total sales[67] - The top 5 suppliers accounted for 30.68% of total annual procurement, with the largest supplier contributing 10.97% of total procurement[68] - R&D expenses increased by 11.00% to 938,738,029.57 yuan, primarily due to increased employee compensation[69] - The company focused on six core cybersecurity technology categories in 2022, including native security technology and DICT scenario technology[70] - Data security governance platform version 3.0 released, enhancing data security risk perception and prediction capabilities with UEBA system[71] - Privacy computing products and platforms developed, including differential privacy-based data masking and federated learning systems[71] - Cloud security management platform iterated with CSMA network security mesh architecture, supporting multi-resource pool and cascading management[71] - AI security R&D and operation integrated platform developed, improving AI application lifecycle management and security model construction[72] - PanGu R&D platform completed, supporting rapid product iteration and development with modular architecture[72] - Commercial cryptography application support system platform subsystem development completed, focusing on high-efficiency cryptographic operations[72] - EDR new version released, enhancing cloud host protection and industrial host system coverage[72] - The number of R&D personnel increased by 21.83% to 3,002 in 2022, with the proportion of R&D personnel rising to 43.49% of the total workforce[74] - R&D investment in 2022 reached 947.61 million yuan, a year-on-year increase of 11.34%, accounting for 21.36% of total revenue[76] - The company completed the development of a network space anti-mapping system, which includes four subsystems and is capable of countering network space mapping[75] - The next-generation application security (BOT protection) product was developed, featuring dynamic token, dynamic verification, dynamic obfuscation, and dynamic encapsulation technologies[73] - The company successfully developed a specialized line guardian system for telecom operators, which has been piloted in some provinces of China Mobile[73] - The company's cybersecurity range platform and supporting application subsystems were completed, supporting national-level range projects and several industry-leading user projects[73] - The company's R&D personnel with a bachelor's degree increased by 24.13% to 2,171, while those with a master's degree increased by 7.96% to 244[74] - The company's R&D personnel under the age of 30 increased by 27.81% to 1,549, while those aged 40 and above increased by 30.38% to 309[74] - The company's capitalised R&D investment increased by 7.78% to 86.42 million yuan, accounting for 9.12% of total R&D investment[76] - The company developed a comprehensive vulnerability scanning product, which includes container scanning, website security monitoring, and configuration change monitoring features[75] - The company's R&D capitalization amount for the Cloud Security Management Platform v5.0.260.5.1.0 is 9,623,913.82 yuan, and the project has been completed[77] - The R&D capitalization amount for the Tianyue Database Audit V6.0.17.8 project is 9,897,174.31 yuan, and the project has been completed[77] - The R&D capitalization amount for the Tianquan Full Traffic Analysis and Forensics System 7030 is 10,962,941.46 yuan, and the project is still in progress[77] - The R&D capitalization amount for the Security Management and Situational Awareness Platform v3.0.500.5.1.0 is 11,830,