葛卫东投资血亏出局，安恒信息股价跌超80%后阿里系开始减持

Core Viewpoint - The stock performance of Anheng Information, a domestic cybersecurity company listed on the Sci-Tech Innovation Board, has been lackluster, significantly lagging behind the growth of the Sci-Tech 50 Index, primarily due to its continuous losses over the past four and a half years [1][4][18] Financial Performance - Anheng Information has reported a cumulative net loss of over 1.2 billion yuan since 2021, with losses of 795.9 million yuan in 2021, 299 million yuan in 2022, 388 million yuan in 2023, and 208 million yuan in the first half of 2025 [4][6][12] - Despite revenue growth, the company has struggled to achieve profitability, with net profit turning negative in 2021 due to high stock compensation expenses and losses from equity acquisitions [4][6] - The company's revenue increased from 317 million yuan in 2016 to 1.82 billion yuan in 2021, but the net profit shifted from a profit of 287.3 million yuan to a loss [4][6] Market Position and Competition - Anheng Information has faced intense competition in the cybersecurity industry, leading to declining profit margins. The gross margin fell from 68.97% in 2020 to 55.79% in the first half of 2025, while the net margin dropped to -27.04% [6][10] - The introduction of the Data Security Law in 2021 initially boosted demand for cybersecurity services, but the market has since contracted, resulting in fewer projects and increased competition [4][6] Capital Management - The company has maintained a substantial cash reserve, with over 1.238 billion yuan in cash and cash equivalents as of June 30, 2025, despite ongoing operational cash outflows exceeding 650 million yuan [10][12] - Anheng Information has frequently utilized raised funds for financial investments, generating interest income and investment returns, such as 35.27 million yuan in interest income in 2022 [9][10] - The company has also engaged in significant borrowing, with short-term and long-term debts increasing post-IPO, leading to rising financial costs [7][10] Shareholder Actions - Following a significant drop in stock price, major shareholders, including Alibaba's venture capital arm, have begun to reduce their stakes in Anheng Information, raising concerns about the company's future and its strategic partnerships [13][16][18] - The stock price has plummeted over 80% from its peak of 289 yuan per share, leading to substantial losses for investors, including prominent figures like Ge Weidong [13][15][18]