Topsec(SZ:002212) 光大证券研究·2025-08-23 00:06Core Viewpoint - The company reported a revenue of 826 million yuan for the first half of 2025, a year-on-year decrease of 5.38%, but the net profit loss narrowed to 65 million yuan from 206 million yuan in the same period last year [4]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 491 million yuan, representing a year-on-year growth of 8.72%, and a net profit of 3.7 million yuan, marking a turnaround from loss [4]. - The gross margin increased by 4.1 percentage points, rising from 59.72% in 2022 to 67.41% in H1 2025, indicating significant improvement in profitability [6]. - The total expenses for marketing, R&D, and management decreased by 14.04% year-on-year, with individual reductions of 12.65%, 15.47%, and 15.42% respectively [6]. Group 2: Business Segments - The intelligent computing cloud business generated 102 million yuan in revenue in H1 2025, a year-on-year increase of 3.0%, accounting for 12.4% of total revenue [5]. - The cybersecurity business reported a revenue of 719 million yuan, a year-on-year decrease of 6.4% [5]. - Revenue from key industries such as telecommunications, finance, energy, and transportation grew significantly, with increases of 25.3%, 19.5%, 32.4%, and 60.8% respectively [5]. Group 3: Product Development - The company launched the DeepSeek security intelligent computing integrated machine in February 2025, followed by several iterative products throughout the year, enhancing its competitive edge in the market [7]. - The intelligent computing cloud products have been tested across over 40 industry clients, including government and telecommunications sectors, showcasing their growing market presence [7]. - The company is advancing its "AI + security" strategy by upgrading its Tianwen large model and introducing new products like the large model security gateway, which integrates advanced threat detection capabilities [9].