启明星辰(002439) - 2025 Q2 - 季度业绩预告

Performance Forecast Overview Core Financial Indicators Forecast The company forecasts a year-on-year decline in H1 2025 operating revenue, a significant narrowing of net loss attributable to shareholders, and an improved basic earnings per share, despite an expected expansion of non-recurring net loss H1 2025 Performance Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) (million yuan) | Prior Period (million yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,115 ~ 1,175 | 1,573.70 | | Net Profit Attributable to Shareholders of Listed Company | -103 ~ -73 | -182.25 | | Net Profit After Non-Recurring Items | -183 ~ -153 | -100.33 | | Basic Earnings Per Share (yuan/share) | -0.085 ~ -0.060 | -0.15 | Analysis of Performance Changes The company's performance changes are primarily influenced by external market conditions and internal strategic adjustments, with revenue declining due to industry pressure while profit improved through investment management and operational optimization Revenue Change Analysis Revenue decline is attributed to short-term cybersecurity industry pressure and ongoing China Mobile collaboration, though the company anticipates long-term growth and improved synergy quality - In the short term, the company's revenue experienced a year-on-year decline due to external environmental factors and professional institutions (such as IDC) lowering market growth expectations[7] - In the long term, factors such as new technology drivers, compliance pressure, and data element marketization will promote industrial technology upgrades, positioning the company as a technology leader to benefit preferentially[7] - While related party transactions with China Mobile saw a year-on-year decline, self-procurement business revenue from China Mobile increased year-on-year, indicating potential for improved synergy quality[8] Profit Change Analysis Net profit attributable to shareholders is projected to grow 43% to 60% due to increased investment income, despite an anticipated year-on-year decline in non-recurring net profit from lower revenue and gross margin - Net profit attributable to shareholders is expected to increase by 43% to 60% year-on-year, primarily due to increased investment income and fair value change gains recognized during the reporting period, stemming from managing share price fluctuations of investee listed companies[9] - Despite the company's continuous efforts in cost reduction and efficiency improvement, non-recurring net profit is expected to decline year-on-year due to decreased revenue and gross margin[9] Progress in Technological Innovation and Operational Optimization The company achieved significant progress in technological innovation and operational optimization, with rapid commercialization of AI security products, multiple multi-million yuan data security projects, and improved operational quality including a 2 percentage point gross margin increase and positive Q2 operating cash flow - The company is targeting the new AI security track, with its large model security product matrix rapidly commercialized, achieving doubled contract value in Q2[10] - Leveraging the 'Data Oasis' strategy, the company has implemented several tens of millions of yuan projects in data security, covering full data lifecycle protection and cross-entity circulation scenarios[11] - Operational quality continues to optimize: overall gross margin increased by over 2 percentage points year-on-year, accounts receivable book value decreased from the beginning of the period, and Q2 single-quarter operating cash flow achieved net inflow[11] Other Notes and Risk Warnings Audit Status and Risk Warning The company explicitly states that the financial data in this performance forecast is unaudited, with final figures subject to the H1 2025 report, and advises investors to be aware of investment risks - The financial data related to this performance forecast has not been audited by a certified public accountant[4] - The company advises that this performance forecast is a preliminary result, urging investors to make prudent decisions and be aware of investment risks[12]