Core Viewpoint - Nanling Technology is a significant player in the domestic network security and dedicated communication sector, focusing on "cloud intelligence and security" integration services, with a strategic plan for the "14th Five-Year Plan" period to leverage capital market support for technological advancements and growth [1][4]. Group 1: Company Background and Development - Established in 1996, Nanling Technology was one of the first companies in China to engage in dial-up internet services, recognizing early market opportunities [2]. - In 2008, the company became the only private enterprise to obtain an IP-VPN license from the Ministry of Industry and Information Technology, allowing it to focus on dedicated network services [2][3]. - The company went public on the Shenzhen Stock Exchange in 2020, becoming the first A-share listed company in the virtual private network service sector, which has helped it expand its client base among Fortune 500 companies and other large enterprises [3]. Group 2: Technological Innovations and Achievements - Nanling Technology has built a robust backbone network with over 70 self-built nodes across more than 30 cities in China and several countries, establishing partnerships with 66 global operators [4]. - The company launched its self-developed SD-WAN technology in 2021, addressing challenges in multi-tenant operations and integrated network security management, thus promoting domestic SD-WAN's independence and localization [4][5]. - In 2023, the company introduced its self-developed SASE service, becoming one of the early providers of integrated "cloud intelligence and security" services in China, achieving a fourth-place market share in the SASE sector [5]. Group 3: Strategic Focus and Future Directions - The company aims to enhance its "cloud intelligence and security" services by integrating AI technology, which is expected to create a trillion-yuan market in professional fields, with network security and data transmission as foundational elements [6][7]. - Nanling Technology plans to focus on three core strategic directions: continuous innovation through AI, expanding ecological cooperation particularly with state-owned enterprises, and deepening global presence to support Chinese enterprises in international markets [7].

Core Viewpoint - Nanling Technology is a significant player in the domestic network security and dedicated communication sector, having evolved over nearly 30 years to become a benchmark enterprise in the "cloud intelligence and security" integrated service field, with a key focus on leveraging capital market power during the "14th Five-Year Plan" period to drive core technology breakthroughs and growth [1][2]. Company Development - Established in 1996, Nanling Technology was one of the early companies to engage in dial-up internet services in China, recognizing the importance of stable and secure network connections [1]. - In 2008, the company became the only private enterprise to obtain an IP-VPN license, seizing a significant market opportunity as the Ministry of Industry and Information Technology opened applications for dedicated communication services [2]. - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2020, becoming the first A-share listed company in the virtual private network service sector [2]. Technological Advancements - Nanling Technology has built over 70 self-owned nodes covering more than 30 cities in China and several countries, establishing a robust backbone network to support digital transformation and network security upgrades for enterprises [3]. - The company launched its self-developed SD-WAN technology in 2021, addressing challenges in multi-tenant operations and integrated network security management, thus promoting the domestic SD-WAN sector's independence and localization [4]. - In 2023, the company introduced its self-developed SASE service, becoming one of the early providers of integrated "cloud intelligence and security" services in China, with a reported fourth position in the SASE market share [4]. AI Integration and Future Strategy - Nanling Technology is actively promoting AI integration within its "cloud intelligence and security" framework, aiming to enhance SASE services with AI-native architecture for optimized traffic management and proactive protection [5]. - The company emphasizes continuous innovation and the establishment of a collaborative ecosystem with cloud vendors, cybersecurity firms, and telecom operators to drive technological integration and innovation [5]. - Looking ahead, the company aims to focus on three strategic directions: leveraging AI to enhance products and services, expanding ecosystem partnerships particularly with state-owned enterprises, and deepening global presence to support Chinese enterprises in international markets [5].

Core Insights - Nanning Technology is a significant player in China's network security and dedicated communication sector, having evolved from dial-up internet services to a leader in "cloud intelligence and security" integration services over nearly 30 years [1][2] - The "14th Five-Year Plan" period is seen as crucial for the company to leverage capital market resources to advance core technology and achieve substantial growth [1][4] - The company has made significant breakthroughs in areas such as integrated cloud, network, and security architecture, zero-trust security, and AI empowerment, contributing to both its growth and national cybersecurity autonomy [1][5] Company Development - Founded in 1996, Nanning Technology was one of the first companies to engage in dial-up internet services in China, recognizing early market opportunities [2] - In 2008, the company became the only private enterprise to obtain an IP-VPN license, allowing it to focus on dedicated network services [2][3] - The decision to concentrate on core business areas has allowed the company to develop a "specialized and refined" competitive advantage [2] Milestones and Achievements - In 2020, Nanning Technology became the first A-share listed company in the virtual private network service sector, expanding its client base to include numerous Fortune 500 companies [3] - The company has established a robust infrastructure with over 70 self-built nodes and partnerships with 66 global operators, facilitating digital transformation and cybersecurity for enterprises [4][5] Technological Innovations - Nanning Technology emphasizes research and development as a core driver of growth, launching several proprietary technologies and products during the "14th Five-Year Plan" [4][6] - The company introduced self-developed SD-WAN technology in 2021, addressing challenges in multi-tenant operations and integrated network security management [5] - In 2023, the launch of self-developed SASE services positioned the company as a leading provider of integrated "cloud intelligence and security" services in China [5] Strategic Focus - The company aims to leverage AI technology to enhance its product and service offerings, creating a reliable digital foundation for clients [6][7] - Nanning Technology plans to expand its ecosystem partnerships, particularly targeting state-owned enterprises to improve industry solution capabilities [7] - The company is committed to deepening its global presence, enhancing overseas network and service capabilities to support Chinese enterprises in international markets [7]

Core Insights - Nanling Technology (300921) reported a revenue of 270 million yuan and a net profit of 10.22 million yuan for the first half of 2025, marking a year-on-year growth of 66.24% [1] Group 1: Business Performance - The company focuses on three core areas: performance leadership, safety intelligence, and simplified deployment, continuously launching new products and upgrades to meet evolving market demands [1] - The company's digital solutions matrix, which includes "cloud + network + security," serves various industries such as finance, insurance, retail, catering, pharmaceuticals, and manufacturing, gaining recognition from numerous Fortune 500 and well-known domestic enterprises [1] Group 2: Product and Service Development - During the reporting period, Nanling Technology launched Managed Detection and Response (MDR) services, integrating intelligent analysis, assessment, and response capabilities, alongside the upcoming Managed Security Services (MSS) [2] - The company has achieved a comprehensive optimization of its self-developed Secure Access Service Edge (SASE) technology, ranking fourth in the Chinese SASE market according to IDC [2] Group 3: Strategic Partnerships and Ecosystem - Since 2024, the company has initiated an ecosystem cooperation strategy, with over 70 partners, and has been collaborating with major players like China Unicom, China Telecom, China UnionPay, Huawei, and Fortinet to expand market reach and capabilities [2] - The ecosystem cooperation business has seen rapid revenue growth in the first half of 2025 [2] Group 4: Technological Advancements - Nanling Technology leverages its strong R&D capabilities and a robust Managed Service Provider (MSP) system to advance network integration projects with major telecom operators, offering Network as a Service (NaaS), Security as a Service (SaaS), and Monitoring as a Service (MaaS) [3] - The company employs AI technology to enhance product and service capabilities, providing integrated "cloud-intelligent-network-security" services to various industries and AI-related companies [3] - Future plans include deepening SASE exploration and transitioning from cloud-native to AI-native architectures for comprehensive optimization and proactive protection of AI traffic [3]