安博通预计2025年续亏超1亿元，战略转型及项目交付延期拖累业绩

Core Viewpoint - Anbotong is expected to continue its losses in 2025, with a projected net profit loss of between 114 million to 165 million yuan, reflecting ongoing challenges during its strategic transition to an AI-driven security and computing ecosystem [1][2]. Financial Performance - The company anticipates a revenue decline of 19.65% to 27.25% in 2025, with expected revenues between 536 million to 592 million yuan, primarily due to changes in revenue structure and delays in major project deliveries [1][2]. - In 2024, Anbotong reported a net profit loss of 119 million yuan, a significant decrease of 1107.04% year-on-year, attributed to slower industry growth and increased credit impairment losses exceeding 100 million yuan [3]. Strategic Transition - Anbotong is transitioning from traditional network security to an "AI + security + computing" model, which has led to increased costs and operational challenges [4][5]. - The company has established a subsidiary focused on computing technology and is collaborating with major firms like Huawei to enhance its ecosystem [4]. Cost Pressures - In 2024, sales expenses surged by 122.45% to 222 million yuan, driven by investments in global channels and supply chain for AI computing; management and R&D expenses also saw significant increases [5]. - The industry is facing a common challenge of slowing growth in traditional businesses while new ventures have yet to become profitable, leading to squeezed profit margins [5][6]. Industry Context - The software industry is experiencing widespread losses, with several companies, including Shanshi Network and Aerospace Hongtu, also forecasting negative net profits for 2025 [7]. - Common challenges in the industry include a slowdown in macroeconomic growth, increased investment in technology transitions, and intensified market competition leading to price wars [7].