奇安信(688561) - 2025 Q2 - 季度财报

Important Notice This section highlights significant risks faced by the company during the reporting period, including unprofitability, performance decline, and financial risks, with a statement of responsibility from management Significant Risk Warning The company faces multiple significant risks, including unprofitability, performance decline, and financial challenges, which could adversely impact operations Risk of Sustained Losses The company reported a net loss of CNY 773 million and an accumulated undistributed loss of CNY 5.073 billion during the period - During the reporting period, the company's net profit was -CNY 773 million, net profit attributable to shareholders of the listed company was -CNY 770 million, and accumulated undistributed profit was -CNY 5.073 billion[3] - First-half losses were primarily due to revenue concentration in the second half, evenly distributed expenses, macroeconomic factors, government fiscal impacts, and intense industry price competition[3] - The company continues to invest heavily in R&D, products, and services, maintaining high R&D expenditures with uncertain prospects for profitability[3] Risk of Performance Decline or Loss The company's operating revenue is influenced by macroeconomic conditions, industrial policies, market competition, technology, and product promotion - In H1 2025, operating revenue decreased by 2.30% to CNY 1.742 billion, with net profit attributable to shareholders narrowing to -CNY 770 million compared to H1 2024[4] - The company's operating revenue is influenced by macroeconomic conditions, industrial policies, industry competition, technology R&D, product market promotion, and sales factors[4] - Failure to develop and expand new markets in a timely manner, or if revenue does not grow as planned, may lead to sustained losses and reduced growth potential[4] Financial Risks The company faces financial risks including high R&D investment, declining gross profit margins, and persistent tight cash flow Risk of High R&D Investment to Operating Revenue and Continuous Capital Demand The cybersecurity industry's technological evolution, closely tied to IT, necessitates continuous adoption of new technologies, resulting in high R&D expenditures - The technological development of the cybersecurity industry is closely related to the IT industry, requiring continuous adoption of new technologies, which leads to the company's R&D expenditures remaining at a high level[5] - Significant R&D investment is still required when there are major changes in attack-defense roles, models, or technologies[5] Risk of Declining Gross Profit Margin Declining gross profit margin is primarily due to intensified price competition, shifts in revenue mix towards cybersecurity services, and incomplete channel reforms - During the reporting period, the company's gross profit margin was 52.68%, a year-over-year decrease of 4.40 percentage points[5] - The decline in gross profit margin is mainly due to intensified industry price competition, changes in revenue structure (increased proportion of cybersecurity services), and channel reforms not yet fully effective[5][6] - Future cybersecurity projects of a system integration nature may involve third-party hardware procurement, which typically has relatively lower gross profit margins[6] Risk of Persistent Tight Cash Flow The company's cash flow remains in a net outflow state, with tight internal funds, potentially leading to insufficient operating capital - As the business scale expands, the proportion of government and enterprise accounts receivable to operating revenue increases, negatively impacting the company's cash flow operations[6] - The company's cash flow is currently in a continuous net outflow state, with relatively tight self-owned funds, which may lead to insufficient production and operating capital[6] - During the reporting period, the company's net profit was -CNY 773 million, net profit attributable to shareholders of the listed company was -CNY 770 million, and accumulated undistributed profit was -CNY 5.073 billion, primarily due to revenue concentration in the second half with evenly distributed expenses, macroeconomic factors, industry competition, and continuous R&D investment[3] 2025 H1 Key Loss Data | Metric | Amount (CNY billion) | | :--- | :--- | | Net Profit | -0.773 | | Net Profit Attributable to Parent Company Shareholders | -0.770 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-recurring Gains and Losses | -0.770 | | Accumulated Undistributed Profit (as of June 30, 2025) | -5.073 | - In H1 2025, operating revenue was CNY 1.742 billion, a year-over-year decrease of 2.30%; net profit attributable to shareholders of the listed company was -CNY 770 million, with the loss narrowing compared to H1 2024[4] 2025 H1 Operating Revenue and Net Profit Comparison | Metric | H1 2025 (CNY billion) | Year-over-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1.742 | -2.30 | | Net Profit Attributable to Parent Company Shareholders | -0.770 | Narrowed loss | - During the reporting period, the company's gross profit margin was 52.68%, a year-over-year decrease of 4.40 percentage points, primarily due to intensified industry price competition, an increased proportion of cybersecurity services, and the impact of channel reforms[5] Gross Profit Margin Change | Metric | H1 2025 | Year-over-year Change (percentage points) | | :--- | :--- | :--- | | Gross Profit Margin | 52.68% | -4.40 | Definitions This section defines common terms used in the report, including company names, related parties, government bodies, industry jargon, financial units, and reporting periods, ensuring consistent understanding - "Qi An Xin" and "the Company" refer to Qi An Xin Technology Group Co., Ltd[12] - Key industry terms such as APT (Advanced Persistent Threat), SOAR (Security Orchestration, Automation and Response), SaaS (Software as a Service), and SD-WAN (Software-Defined Wide Area Network) are explained[12] - The reporting period is defined as January 1, 2025, to June 30, 2025[12] [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8