证券日报网讯 2月25日，启明星辰在互动平台回答投资者提问时表示，在当前行业普遍面临现金流压力 的背景下，公司现金储备充实，为加大技术投入、把握市场机遇、稳定人才团队提供了强大支撑和坚实 保障，构筑了突出的财务安全边际和战略主动性，使得公司能够围绕网信安全主责主业，积极布 局"AI+安全"、工业互联网安全、数据安全等新兴领域，培育新增长动能，并打造面向个人与家庭数字 安全市场的新产品，拓展新市场空间。公司已明确构建三条增长曲线的发展路径，力争通过持续创新和 业务结构调整，逐步提升长期竞争力和盈利质量。 （编辑 任世碧） ...

转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）近日，启明星辰发布2025年业绩预告显示，公司预计实现营业收入23 亿元至24.2亿元。2025年公司净利润亏损，但第四季度业绩已展现出企稳向好的韧性，公司经营性净现 金流约2.9亿元，同比增长约190%，连续三个季度保持净流入态势。 公告显示，利润空间收窄主要源于毛利额的显著下滑。为把握重点行业的安全能力建设机遇，启明星辰 前瞻性地承担了科研类重大项目。因此类项目前期资源投入整体较高，因而对公司整体毛利水平产生阶 段性影响。 报告期内，网络安全市场需求仍待复苏，启明星辰表示，由于部分下游行业客户网络安全支出收紧，公 司整体业务与经营业绩产生阶段性压力。然而随着市场需求逐步筑底，公司第四季度收入降幅已呈现环 比收窄的积极信号。 面对外部挑战，启明星辰表示公司积极优化业务布局，着力培育新兴增长点，稳步推动业务结构调整。 公司在"AI+安全"技术方向，基于"安星人工智能安全运营系统"打造多智能体协同防御体系，实现威胁 全生命周期精准管控；在工业互联网安全方向，打造"京津冀产业协同与工业互联网网络安全平台"，构 建"六位一体"工业安全防护体系；在个人隐私保护方 ...

启明星辰 20260130 摘要 启明星辰面临宏观经济、传统业务放缓及竞争加剧等多重挑战，导致收 入和利润承压，但经营性净现金流同比增长 190%至 2.9 亿元，资金储 备达 46 亿元，为未来发展奠定基础。 公司积极布局 AI 加安全、工业互联网安全、数据安全等新兴领域，构建 三条增长曲线，战略重心从降费增效转向提质增效，结构性重点投入数 据安全，AI 应用安全等领域。 网络安全行业下游客户需求总量下降趋势趋缓，新兴领域如 2C2H 和 SMB 需求增加，与运营商、云厂商及互联网厂商交叉的需求也在增加， 市场呈现 U 型筑底态势。 2026 年网络安全需求结构将发生显著变化，AI 赋能对现有安全产品应 用带来巨大影响，智能体辅助的代码审计服务需求可能增加，客户对体 验、效能和结果展示的需求增加。 启明星辰与中国移动策略调整，聚焦高质量协同合作，云安全拓展取得 成效，但总体关联交易有所下降，未来将深耕云安全、AI 加安全、数据 安全等领域。 Q&A 2025 年启明星辰的经营业绩如何？主要影响因素有哪些？ 2025 年，启明星辰预计营业收入在 23 亿至 24.2 亿元之间，归母净利润亏损 6.1 亿至 5 ...

证券代码：002439 证券简称：启明星辰 启明星辰信息技术集团股份有限公司投资者关系活动记录表 编号：2026-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | | 安-华创证券有限责任公司；马宗铠-东北证券股份有限公司；刘聪颖-中邮证券 | | | 苏仪-中泰证券股份有限公司；李铭姌-中国国际金融股份有限公司；孙诗洋-中 国国际金融股份有限公司；李楚涵-中信建投证券股份有限公司；魏宗-国泰海 通证券股份有限公司；库宏垚-国信证券股份有限公司；桂杨-兴业证券股份有 | | | 限公司；孟灿-国金证券股份有限公司；耿军军-国元证券股份有限公司；胡昕 | | | 有限责任公司；陈昭旭-中邮证券有限责任公司；张令泓-中银基金管理有限公 | | | 司；孔文彬-中国人保资产管理有限公司；刘颖飞-平安银行股份有限公司；冯 | | | 皓琪-西部利得基金管理有限公司；周昊-东兴基金管理有限公司；魏巍-中信期 | | 活动 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to ongoing challenges in the cybersecurity market and a tightening of spending from downstream industry clients [1][2]. Financial Performance Summary - The company anticipates a negative net profit for the period from January 1, 2025, to December 31, 2025, with financial data not yet audited by external accountants [1]. - The operating cash flow has turned positive year-on-year, achieving approximately 290 million yuan, a growth of about 190%, indicating strong cash reserves of around 4.6 billion yuan [8]. Revenue Changes - The company has shown signs of stabilization in the fourth quarter, with a narrowing revenue decline as market demand begins to recover [3]. - Collaboration with China Mobile has shifted from scale expansion to quality improvement, with a focus on strategic business areas such as cloud security [4]. Profit Changes - A significant decline in gross profit is the main factor affecting profit margins, attributed to lower revenue and high upfront costs from major research projects [5][7]. - The company has implemented cost reduction and efficiency improvement measures, successfully reducing operational costs despite the challenges faced [6][7]. Strategic Initiatives - The company is focusing on technological innovation in emerging security fields, maintaining high R&D investment to develop advanced security capabilities [9]. - Three growth curves are being developed: solidifying core cybersecurity business, focusing on new energy areas like AI and data security, and exploring personal and family digital security markets [11].

本报讯 （记者李乔宇）1月29日晚间，启明星辰信息技术集团股份有限公司（以下简称"启明星辰"）发 布了2025年度业绩预告，启明星辰预计实现营业收入23亿元至24.2亿元。2025年公司处于亏损状态，但 第四季度业绩已展现出企稳向好的韧性。2025年，启明星辰预计经营性净现金流约2.9亿元，较上年同 期增长约190%，且已连续三个季度保持净流入态势。 2025年，网络安全市场需求仍待复苏，部分下游行业客户网络安全支出收紧，对启明星辰整体业务与经 营业绩带来阶段性压力。面对外部挑战，启明星辰积极优化业务布局，聚焦科技创新，着力培育新兴增 长点，稳步推动业务结构调整。启明星辰持续推进降本增效与精细化资金管理，显著增强了业务的造血 能力，充足的资金储备也为企业长期健康发展奠定了坚实基础。 经营性现金流持续保持同比增长 公告显示，启明星辰利润空间收窄主要源于毛利额的显著下滑。除了收入下滑的主要影响，为把握重点 行业的安全能力建设机遇，启明星辰前瞻性地承担了科研类重大项目。此类项目通常伴随较高的前期资 源投入，导致当期成本承压，进而对整体毛利水平产生阶段性影响。尽管短期内盈利水平受到挑战，但 这些战略性投入有助于启明星 ...

Core Viewpoint - The company has been actively developing industrial internet security solutions since 2015, with plans to enhance its offerings through AI integration and a new intelligent operational platform by 2025 [2] Group 1: Company Developments - The company has launched 14 specialized industrial security products, including industrial firewalls and intrusion detection systems [2] - By 2025, the company aims to introduce an intelligent operational entity for industrial security, leveraging its intelligent computing cloud platform [2] Group 2: Future Strategies - The company plans to deepen the integration of artificial intelligence technology with industrial scenarios to improve security capabilities and operational efficiency [2] - Future applications will include industrial security intelligent entities and AI security assistants within industrial enterprises [2]

Core Insights - The article emphasizes the robust growth trajectory of Changyang Technology, driven by its core technological advantages and strategic foresight in the industrial internet security sector [1][2][7] Financial Performance - Changyang Technology has achieved continuous profitability for three consecutive years, with a projected revenue growth rate exceeding 10.9% by 2025 and an expected net profit growth of over 30% [2] - The company has been recognized as a "global unicorn enterprise," highlighting its leading position in the industry [2] Technological Advantages - The company has established significant competitive advantages in core technologies, including protocol-level deep protection capabilities and comprehensive situational awareness and intelligent analysis capabilities [3][4] - Its industrial security situational awareness platform has maintained the largest market share in the industry for three consecutive years, according to a report by CCID Consulting [3] Future Growth Potential - Changyang Technology's growth is supported by its alignment with national strategic planning, particularly in artificial intelligence, renewable energy, and quantum technology [5][6] - The company has developed an "AI security intelligent body" technology that has been applied in various network security detection models and is expected to support significant projects in 2024 [5] - The company is also advancing in quantum technology with the development of a "quantum security testbed system" and has made breakthroughs in zero-trust security protection technology for 5G networks [6]

Core Insights - The digital economy is becoming a crucial driver for innovation and modernization in China, significantly impacting productivity, economic structure, and public welfare [1] - Changyang Technology is a leader in the industrial internet security sector, demonstrating strong performance and a high growth trajectory supported by core technological advantages and strategic foresight [1][2] Financial Performance - Changyang Technology has achieved continuous profitability for three consecutive years, with a revenue growth rate exceeding 10.9% and a net profit growth expectation of over 30% for 2025 [2] - The company has been recognized as a "global unicorn," reflecting its industry-leading position and market validation [2] Technological Advantages - The company has established significant competitive advantages in core technologies, including deep protection capabilities for industrial protocols and comprehensive situational awareness platforms [3][4] - Changyang's industrial security situational awareness system has maintained the largest market share in the industry for three consecutive years [3] Future Growth Potential - Changyang Technology's growth is supported by its alignment with national strategic planning, with specific developments in artificial intelligence, renewable energy, quantum technology, and embodied intelligence [5][6] - The company has initiated the development of a "quantum security testbed system" and has made breakthroughs in quantum password technology for 5G networks [6] Strategic Positioning - The company's ability to integrate solid industrial security technology with national industrial evolution trends is a key factor in its long-term value [7] - Changyang Technology is positioned to lead the future industrial security ecosystem through continuous technological innovation [7]

Core Insights - The 2025 Northeast Academic Seminar on Information Network Security was held in Harbin, focusing on the challenges and advancements in cybersecurity related to artificial intelligence and industrial internet security [1][2]. Group 1: Seminar Overview - The seminar gathered 50 experts from over 20 universities and research institutions to discuss cutting-edge topics such as industrial internet security, AI data privacy, and deep forgery [1][2]. - The event was organized by the Ministry of Public Security's Third Research Institute and co-hosted by several universities and professional committees [5]. Group 2: Key Discussions - Professor Yao Yu from Northeast University presented on the challenges of industrial internet security and shared the "Listening" security capability system, highlighting AI's potential in industrial safety [2]. - Professor Lv Hongwu from Harbin Engineering University discussed the progress of AI-driven traffic classification methods and the challenges of imbalanced traffic, long sequence dependencies, and high labeling costs [2]. - A roundtable discussion addressed topics such as model governance, security evaluation systems, AI content safety, and data security, with experts proposing the establishment of a secure and controllable large model system and the improvement of model security standards [2]. Group 3: Specialized Forums - A sub-forum at Heilongjiang University focused on critical issues in content security and trusted computing, including image authenticity verification, risk assessment of deep forgery, and methods for detecting visual content tampering [5]. - The forum also explored key technologies in federated learning and efficient data structure design for trusted execution environments [5].