北信源去年净利润同比转亏 拟进一步加码“安全即时通信+AI”

Core Viewpoint - Despite increasing policy emphasis on cybersecurity, Beixin Source (300352.SZ) experienced a significant decline in performance for 2024, with revenue dropping by 24.31% and a net loss of 145 million yuan [1][2]. Financial Performance - In 2024, Beixin Source reported revenue of 517 million yuan, a decrease of 24.31% year-on-year [2]. - The company's net profit attributable to shareholders turned into a loss of 145 million yuan, contrasting with previous years of profitability [1][2]. - The overall gross margin fell from 74.76% in 2023 to 55.59% in 2024, reflecting a nearly 20 percentage point decline [2]. - Revenue from government clients decreased from 39.43% in 2023 to 34.77% in 2024, with a year-on-year decline of 33.25% [2]. - Revenue from the financial sector also saw a decline of 28.31% [2]. - Operating costs increased by 33.19%, with significant rises in costs associated with government (67.17%), military (134.42%), and financial clients (13.51%) [2]. Dividend Policy - As of December 31, 2024, Beixin Source reported an accumulated deficit of 407 million yuan and announced that it would not distribute cash dividends or issue bonus shares for the year [3]. Fundraising and Investment Plans - Beixin Source plans to raise up to 477 million yuan through a private placement, targeting projects related to "Xinyuan Mixin Security AI Base" and "Intelligent Emergency Response Platform" [4]. - The total investment for these projects is approximately 555 million yuan [4]. - The "Xinyuan Mixin" is designed for government, military, and state-owned enterprise clients, offering a secure instant communication platform with various functionalities [5][6]. Market Positioning - Beixin Source emphasizes that its "Xinyuan Mixin" product has superior confidentiality and business capacity compared to other instant messaging products from major internet companies [6]. - The company plans to expand into the consumer market by developing standardized product forms to meet individual user needs for communication security and privacy protection [6].