Zheng Quan Shi Bao Wang·2025-10-28 11:41Core Insights - The company, Qimingxingchen, reported its third-quarter results, highlighting its adaptability to market trends and focus on enhancing operational resilience and development quality in the cybersecurity industry [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.548 billion yuan, with a comprehensive gross margin increase of 7 percentage points year-on-year [2]. - The third quarter saw a nearly 16 percentage point increase in comprehensive gross margin compared to the same period last year [2]. - The net cash flow from operating activities increased by 443 million yuan, representing a 75% year-on-year growth, maintaining positive inflow for two consecutive quarters [2]. - The company has over 4.2 billion yuan in cash reserves and no interest-bearing debt, positioning it among the industry leaders in financial strength [2]. Strategic Collaborations - The company is deepening its strategic collaboration with China Mobile, which is accelerating the conversion of technological achievements into market expansion [2][4]. - The company’s large model application firewall (MAF) was selected as the sole cybersecurity vendor for a major internet company's large model security system, showcasing its leading technological strength in AI application security [3]. Technological Innovation - The company is actively pursuing cutting-edge technologies, including quantum computing, and is integrating quantum key distribution technology into its VPN products [4]. - In collaboration with China Mobile, the company won four out of seven first prizes in the 5G application security competition, demonstrating its capabilities in 5G-A and AI integration across various application scenarios [4]. Market Positioning - The company is focusing on high-margin project opportunities and optimizing its business structure to enhance the core value of its security products and services [2]. - It is committed to maintaining a long-term development strategy while pursuing sustainable and high-quality growth [4].