Topsec(SZ:002212) Sou Hu Cai Jing·2025-12-26 16:07Group 1: Industry Overview - The Chinese firewall industry has a high market concentration, with Huawei holding a market share of 28% and H3C at 22%, leading to a combined CR2 market share of approximately 50% [3] - The industry has seen significant growth in market size, projected to reach $2.8 billion by 2024, driven by the digital transformation of enterprises and the increasing complexity of network boundaries [8] Group 2: Company Insights - Huawei and Tianrongxin entered the market relatively early, with Tianrongxin established in 1985 and Huawei having a registered capital exceeding 41 billion yuan [1] - Huawei's firewall products utilize an embedded Emulator microkernel and AI security detection algorithms, achieving a 95% detection rate for unknown threats, which has contributed to its market leadership [3] Group 3: Historical Development - The evolution of firewalls has progressed from simple packet filtering in 1989 to advanced AI-based threat detection models introduced by Huawei in 2018, addressing the challenges posed by advanced persistent threats (APTs) [6]