南方财经8月27日电，安博通（688168.SH）近日公布了2025年半年度报告。公司实现营业收入4.29亿 元，同比增长123.98%，主要得益于安全人工智能业务的突破性增长；净利润亏损1.09亿元，同比扩大 77.52%。 期间销售费用激增至3.62亿元，同比飙升739.30%，占营收比重达84.38%，主要因新业务拓展中渠道咨 询费增加所致；然而研发费用为0.63亿元，同比下降12.32%，其中研发人员从上期207人下降到105人。 值得注意的是，中报发布前，公司董事会秘书但晨女士因个人原因于8月21日辞职，不再担任任何职 务，其持有的1.9万股股份未变。董事长钟竹代行董秘职责。 2025年，公司战略升级为AI时代安全算力生态构建者，重点拓展安全人工智能品类，包括算力网关、 异网异构编排调度平台、超静音液冷智算一体机等新产品，并推出以鲁班安全大模型为核心的AI交付 架构。 ...

据证券之星公开数据整理，近期安博通（688168）发布2025年中报。截至本报告期末，公司营业总收入 4.29亿元，同比上升123.98%，归母净利润-1.09亿元，同比下降77.53%。按单季度数据看，第二季度营 业总收入1.2亿元，同比下降10.65%，第二季度归母净利润-6015.9万元，同比下降129.3%。本报告期安 博通三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达94.33%。 本次财报公布的各项数据指标表现一般。其中，毛利率88.05%，同比增42.08%，净利率-28.81%，同比 增14.38%，销售费用、管理费用、财务费用总计4.22亿元，三费占营收比98.5%，同比增94.33%，每股 净资产13.21元，同比减13.71%，每股经营性现金流-2.68元，同比减12.8%，每股收益-1.42元，同比减 77.5% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.91亿 | 4.29 Z | 123.98% | | 归母净利润(元) | -6130.76万 | -1 ...

长江商报奔腾新闻记者徐佳 在全力开拓新业务的过程中，安博通(688168.SH)实控人向私募机构转让股份。 对于本次交易的目的，钟竹方面称主要是出于自身资金需求，白龙马3号则是基于对安博通经营基本面 及未来发展预期的认可，拟协议受让安博通部分股份。 同日安博通发布半年报，2025年上半年，公司实现营业收入4.29亿元，同比增长123.98%；归属于上市 公司股东的净利润(净利润，下同)亏损1.09亿元、扣除非经常性损益后的净利润亏损1.1亿元，同比分别 下降77.53%、76.03%。 长江商报奔腾新闻记者注意到，这已是安博通连续一年半业绩亏损。作为中国网络安全的核心系统、产 品与安全服务提供商，安博通专注网络安全核心技术和底层平台的研究、开发、销售及技术服务。2019 年9月，安博通在科创板上市。 2024年，安博通曾实现营业收入7.37亿元，同比增长34.37%；净利润和扣非净利润分别亏损1.19亿元、 1.22亿元，同比均由盈转亏。粗略计算，近一年半时间内，安博通的净利润和扣非净利润累计已分别亏 损2.28亿元、2.32亿元。 对于上半年业绩再次亏损，安博通表示，报告期内，公司聚焦战略发展方向，全力推进 ...

Core Insights - The company reported a significant revenue increase of 124% year-on-year, reaching 429 million yuan in the first half of 2025 [1] - The company achieved a reduction in operating costs by 29.62%, indicating effective cost control measures [1] - The company made notable advancements in its strategic focus on "security, computing power, and AI" [1] Financial Performance - Revenue for the first half of 2025 was 429 million yuan, marking a 124% increase compared to the previous year [1] - The per capita output reached 1.56 million yuan [1] Product Development and Innovation - The company successfully developed five core products that were included in the China Academy of Information and Communications Technology's "AI + Cybersecurity Product Capability Map" [1] - New AI-related products such as "Compliance Intelligent Agent" and "Security Detection Intelligent Agent" were launched [1] - The company achieved breakthroughs in key technology areas including zero trust architecture, data security, and cloud security [1] Strategic Partnerships and Global Expansion - The company signed cooperation agreements with multiple international institutions, indicating progress in its global expansion strategy [1]

Core Viewpoint - Anbotong's revenue growth is distinct from its peers, driven by new trade business and a significant revenue surge in Q4 of the previous year, alongside a sharp increase in sales expenses due to the introduction of a new AI security business [1][3]. Revenue Performance - In 2024, Anbotong achieved an annual revenue of 737 million yuan, a year-on-year increase of 34.4%, but reported a net loss of 119 million yuan, a decline of 1107.0% [3]. - The Q1 revenue for 2025 reached 308 million yuan, marking a staggering year-on-year growth of 444.91%, yet the net profit remained negative at -48.68 million yuan [3]. - The Q4 revenue for 2024 was 439 million yuan, accounting for 59.57% of the total annual revenue, which is significantly higher than previous years [5][6]. Business Segmentation - The revenue breakdown by product shows that the AI security segment generated 259 million yuan with a gross margin of 67.44%, while the security gateway and management segments had gross margins of 55.15% and 79.08%, respectively [4]. Sales Expenses - Anbotong's sales expenses have surged, with the sales expense ratio increasing from 18% in 2023 to 89% in Q1 2025, primarily due to channel consulting fees directed towards a mysterious company, referred to as Company C [8][11]. - In 2024, total sales expenses amounted to 222 million yuan, with 135 million yuan allocated to consulting fees for Company C, which specializes in information and communication infrastructure [11]. Industry Context - The cybersecurity industry is experiencing a transformation, with a projected market size of 72.1 billion yuan in 2024, reflecting a slowdown in growth from 9.6% in 2023 to 3.8% [12]. - The competitive landscape is increasingly concentrated, with the top 10 companies holding 46.8% of the market share, leading to challenges for smaller firms [12]. Strategic Developments - Anbotong's strategic upgrade aims to leverage AI in cybersecurity, creating a synergy between technology, market expansion, and ecosystem partnerships with major players like Huawei and Inspur [13]. - The company is focusing on a dual-track strategy to enhance its capabilities in resource management and AI-driven scheduling, with plans for strategic acquisitions and internal restructuring [14].

Core Viewpoint - Beijing Anbotong Technology Co., Ltd. (Anbotong) has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide clarifications on internal control issues and new business developments, particularly in the field of AI security [1][3][8]. Group 1: Internal Control and Financial Performance - Anbotong's internal control audit report highlighted issues related to the management of its subsidiary, Henan Anbotong Software Technology Co., Ltd., which has been affected by the death of its legal representative, leading to operational disruptions [3][4]. - The subsidiary has reported no revenue over the past three years, with total assets of 316,900 yuan and a net loss of 43,100 yuan in 2024, indicating a significant operational decline [4][5]. - The company has established a special team to address these internal control deficiencies and plans to complete necessary rectifications by the end of 2025 [6][7]. Group 2: New Business Developments - Anbotong has launched a new AI security business, generating revenue of 259 million yuan with a gross margin of 67.44% during the reporting period [8][9]. - The AI security business includes products such as AI security software platforms, AI hardware components, and the construction of secure computing infrastructure, indicating a strategic expansion into the AI sector [9][10][11]. - The company aims to leverage its existing technology and market position to capture growth in the AI security market, which is projected to experience significant demand due to increasing cybersecurity threats [20][21][22]. Group 3: Customer and Supplier Dynamics - The concentration of Anbotong's top five customers and suppliers has increased significantly, with the top customers accounting for 53.78% of sales and suppliers for 78.88% of purchases, indicating a shift in the customer base due to the new AI business [28][29]. - The company has maintained stable relationships with its previous top customers while integrating new clients from its AI security business, ensuring no significant customer loss [29][30]. - Anbotong's procurement strategy is diversified, allowing it to mitigate risks associated with supplier dependency and ensuring a stable supply chain [31][32]. Group 4: Financial Metrics and Expenses - Sales expenses have surged by 122.45% to 222.2 million yuan, primarily due to channel consulting fees aimed at supporting the new AI business [33][34]. - Management expenses increased by 55.78% to 108 million yuan, driven by higher employee compensation and operational costs associated with business expansion [33][36]. - The company has implemented measures to ensure the legitimacy and compliance of its sales and management expenses, with thorough auditing processes in place [38][40].