三未信安 20250822 摘要 公司通过参与香港 Web 3.0 登记平台发布大会和加入标准化协会，推进 区块链技术发展，加强区块链密码机、算法及协议保护手段方面的工作， 并创新抗量子产品及算法。 收购江南天安和科友后，公司在云服务、金融领域形成互补，占据国内 云密码市场 80%以上份额。收购世纪仙城加强物联网端芯片产品布局， 整体业务增长显著。 三未信安在 2025 年上半年有哪些技术投入和市场布局？ Q&A 2025 年上半年，三未信安的整体财务表现如何？ 2025 年上半年，三未信安实现营业收入 1.95 亿元，同比增长 15.19%。增长 的主要原因包括江南天安的并入以及在能源和交通等行业取得了显著业绩。然 而，由于部分下游行业客户节奏或预算的影响，收入增长幅度未达预期。按最 终用户所属行业划分，云厂商、金融和能源三个行业位列前三，分别占总收入 的 24%、23%和 13%，合计占比 60%。按产品大类划分，密码整机和密码系 统仍为核心产品，占比分别为 44%和 26%，但增长最快的是密码服务，同比 增长 37%。公司整体毛利率为 71.45%，较去年同期下降，这主要是由于收购 佳联天形成存货评估增 ...

Group 1: Company Overview and Strategy - The company has maintained a unique equity structure and management mechanism since October 2020, focusing on continuous innovation in various fields such as data security and AI+ security [3] - The company aims to become a leading provider of network security and intelligent computing solutions in China, embracing new technology directions [3] Group 2: Market Predictions and Growth - According to IDC, the Chinese cybersecurity market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [4] - The overall ICT market in China is expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [4] Group 3: Product Development and Sales Performance - The company has actively developed new products in emerging security fields, including IoT and cloud security, and has launched several innovative products [5] - As of April 2025, the company reported sales of over 2 million yuan for its intelligent computing integrated machine, with a target to exceed 100 million yuan in sales for the year [5] Group 4: Financial Performance - The company reported a net profit of 83.01 million yuan for 2024, recovering from a loss of 371.40 million yuan in 2023 [7][8] - The company anticipates a pre-loss of 65 to 75 million yuan for the first quarter of 2025, attributing this to seasonal business cycles [8][10] Group 5: Challenges and Future Outlook - The cybersecurity industry faces short-term demand pressures due to macroeconomic factors, but long-term support from policies and technological innovations is expected [6] - The company is focused on improving operational efficiency, reducing costs, and enhancing product quality to drive profitability and sustainable growth [10][12]