北京东方通科技股份有限公司 2025 年半年度报告全文 北京东方通科技股份有限公司 【2025 年 8 月 27 日】 北京东方通科技股份有限公司 2025 年半年度报告全文 公司董事会、监事会及除以下存在异议声明的董事、监事、高级管理人员 外的其他董事、监事、高级管理人员均保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 董事、监事、高级管理人员异议声明 姓名 职务 内容和原因 公司 2025 年 4 月 14 日已被中国证监会以 "涉嫌定期报告等财务数据存在虚假记载" 立案，以及审计机构对公司 2024 年度财务报 告出具了无法表示意见的审计报告、对内控 审计报告为否定意见、对关联方资金占用报 程贤权 独立董事 告为保留意见。在有权部门对涉案事项最终 认定前，公司 2025 年半年度报告及其摘要等 有关议案中的相关事实及财务数据，本人作 为外部独立董事，不具备有效核验手段及时 间、精力对其真实性、准确性、完整性作出 明确判断。 公司因涉嫌定期报告存在虚假记载被证监会 牛忠党 独立董事 立案，尚无最终结论，无法判断涉案事项可 能对半年报产生的影响。 ...

Core Viewpoint - The company is actively tracking trends in the Xinchuang industry while maintaining its traditional advantages and adhering to national policies, focusing on product system improvement and innovation [1] Group 1: Product Strategy - The company has 21 products included in the 2024 Xinchuang Phase IV catalog, indicating a strong presence in the market [1] - The company is primarily focused on traditional confidentiality products, which may limit its competitiveness against emerging competitors like Deepin and Qiming Star [1] Group 2: Market Dynamics - The penetration rate of Xinchuang in the party and government sectors has exceeded 70%, suggesting limited growth potential in the county market [1] - The shift of central state-owned enterprises towards proactive security construction presents both challenges and opportunities for the company [1] Group 3: Future Outlook - The company is committed to continuous technological innovation and product iteration to enhance its market competitiveness [1] - The company is developing comprehensive solution capabilities across network security, data security, and security services, aligning with industry technology trends and customer needs [1]

《商道创投网》创业家会员·本轮融资用途是什么？ 辰尧科技CEO程旗保表示：本轮资金将聚焦三大方向——持续加码零信任架构与终端安全空间的核心 算法研发；把大模型能力引入策略引擎，实现自适应策略与攻击面管理的智能化升级；同时扩充交付与 生态团队，深耕金融、政务场景，携手伙伴共建国产可信生态。 《商道创投网》2025年7月26日从官方获悉：北京辰尧科技有限公司（简称"辰尧科技"）近日完成了由 国投美亚基金独家投资的数千万元Pre-A轮融资，曼巴资本担任本轮融资顾问。 《商道创投网》创业家会员·单位简介 辰尧科技2021年成立于北京，专注"零信任+终端安全空间"双轮驱动，以轻量化虚拟化技术在手机、PC 等设备内构建"安全沙箱"，并通过双层加密通道实现"端-云"细粒度访问控制，为金融、政务、公安、 军队等客户提供移动办公、远程运维场景下的数据与业务一体化防护，已落地千万级终端。 《商道创投网》创投家会员·本轮投资原因是什么？ 国投美亚基金合伙人表示：混合办公与数据跨境流动已成刚需，辰尧团队兼具终端安全与零信任15年经 验，产品已在高安全门槛行业规模化落地，技术壁垒和场景验证兼备；基金看好其"端-云-数"一体化平 台在信 ...

Core Viewpoint - Tianrongxin, a leading cybersecurity company, is expected to significantly reduce its losses in the first half of 2025, with projected revenues of 800 million to 850 million yuan and a net loss of 60 million to 70 million yuan, indicating a strong improvement in profitability [1] Group 1: Financial Performance - The company anticipates a year-on-year revenue growth of over 8% in the second quarter, suggesting it may have achieved profitability during this period [1] - Tianrongxin's gross margin has increased by over 4 percentage points year-on-year, while total sales, R&D, and management expenses have decreased by 13% compared to the previous year [1] Group 2: Strategic Initiatives - The company is advancing its "AI + Security" strategy, with significant upgrades to its Tianwen large model, transitioning from "rule-driven" to "intelligent decision-making" for cybersecurity defense [1] - Tianrongxin has successfully passed tests for its large model security gateway, receiving the first "Large Model Security Protection Fence Product Certification (Enhanced Level)" from the Ministry of Public Security [1] Group 3: Future Goals and Collaborations - The company's strategic goal for the next decade is to become a leading provider of cybersecurity and intelligent computing cloud solutions in China [2] - In March, Tianrongxin began a comprehensive partnership with Huawei to develop an intelligent computing integrated machine based on the Kunpeng architecture, aiming to support the digital transformation of critical industries in China [2] - The intelligent computing integrated machine is expected to generate over 100 million yuan in sales this year, with future cloud computing business goals targeting at least half the output of the security segment over the next 3-5 years [2] Group 4: Technological Developments - Tianrongxin is involved in research and application of technologies related to stablecoins, blockchain, zero trust, privacy computing, and commercial cryptography [2] - The company is participating in key infrastructure security projects for digital currency and cross-border payment in the financial industry [2]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The report focuses on the implementation and usage of the Qi'an Tianxin (Zero Trust) client for device information reporting, emphasizing the importance of maintaining accurate device data and the process for users to log in and manage their device information effectively [1][17][24]. Summary by Sections User Login and Access - Users must install the Qi'an Tianxin client on their computers to access the device information reporting platform [1]. - The installation process involves downloading the client from a specified URL and following prompts to complete the installation [2][6][8]. Device Information Maintenance - The report outlines the steps for maintaining unit information, including asset limits and uploading data authenticity commitment letters [26][28]. - Users can add devices by selecting from a device tree or searching for specific devices, with options to import data using a template [30][33]. Data Entry and Management - Users can edit device information and utilize features such as continuous addition for similar devices [36]. - The report includes functionalities for querying, editing, and managing device data, ensuring comprehensive oversight of device statuses [37][39]. Survey Summary Statistics - The report provides an overview of the data collection process, including completion rates and details of submissions from various organizations [40][44]. Common Issues - The report mentions common system errors, typically related to network issues, and suggests refreshing the page to resolve these problems [45].

Core Viewpoint - Zscaler's stock price has been on an upward trend over the past six months, driven by market sentiment and other factors, despite a deteriorating short-term outlook and weak leading indicators [1][2][16] Financial Performance - In Q2, Zscaler generated $648 million in revenue, a 23% year-over-year increase, although below the expected 25% growth [12] - The annual recurring revenue (ARR) at the end of the quarter was $2.7 billion, also reflecting a 23% year-over-year growth [12] - The remaining performance obligation (RPO) grew 28% year-over-year to $4.615 billion, while total calculated billings increased 18% to $743 million [12] - The company expects Q3 revenue to be between $665 million and $667 million, representing a year-over-year growth of 20-21% [12] Customer Growth and Retention - Zscaler saw a strong net customer increase in Q2, with the number of customers generating $100,000 in annual revenue growing by 19% and those generating $1 million growing by 28% [14] - The net retention rate improved to 115% in Q2, indicating a recovery in customer retention [14] Market Position and Strategy - Zscaler continues to promote its zero-trust model, questioning the advantages of SD-WAN and most SASE architectures, focusing on reducing attack surfaces and eliminating lateral threat propagation [4] - The upcoming device refresh cycle presents an opportunity for Zscaler to convert customers from traditional architectures [4] - The company is expanding its offerings from user protection to workloads, OT devices, and B2B users [6] Product Development and AI Integration - Zscaler views artificial intelligence as a tailwind for demand and product development, particularly in data security [10] - The company has launched AI analytics solutions, with the ACV of its AI analytics product line nearly doubling year-over-year in Q2 [10] Sales and Operational Efficiency - Zscaler has shifted to a customer-centric sales model, which initially led to sales personnel turnover but is now stabilizing with improved productivity [11] - The company is expected to continue increasing the number of sales representatives, which should support growth in the near term [11] Competitive Landscape - Zscaler faces significant competition in the SASE market, and its ability to leverage the device refresh cycle will be crucial for its architecture and customer perception [1][4] - The company is actively promoting the benefits of its zero-trust approach to attract new customers [4] Challenges and Outlook - Despite the overall improvement in investor confidence towards SaaS companies, Zscaler acknowledges that the environment remains challenging [1] - The demand environment for 2025 appears to be deteriorating, contrasting with expectations for stability or improvement in 2024 [2] - Zscaler's growth rate is slowing, but the company still has substantial long-term growth opportunities [6][19]