Core Insights - The company reported a revenue of 737 million yuan for 2024, representing a year-on-year growth of 34.37%, but faced a net loss of 119 million yuan [1][2] - In Q1 2025, the company achieved a revenue of 308 million yuan, showing a significant year-on-year increase of 444.91%, but continued to incur losses [1][3] Financial Performance - For 2024, the company’s revenue growth was driven by significant increases in income from security gateways and security services, particularly from new AI security products [2] - The company’s operating cash flow turned positive at 157 million yuan in 2024, despite the net losses [1] - The increase in expenses, particularly in sales (up 122.45%), management (up 55.78%), and R&D (up 26.08%), contributed to the net loss [2] Business Development - The company is focusing on core technology innovation and has made strides in AI security solutions, with several products receiving industry recognition [4] - Strategic partnerships have been established to enhance capabilities in AI and security, including collaborations with major tech firms and participation in industry initiatives [4] Future Outlook - The company is expected to see continued improvement in performance due to the successful rollout of new business lines and enhanced operational efficiency [5] - Revenue forecasts for 2025-2027 have been adjusted upwards, with projected revenues of 814 million yuan, 922 million yuan, and 1.055 billion yuan respectively [5]