本报讯 （记者丁蓉）7月11日晚，天融信科技集团股份有限公司（以下简称"天融信"）发布2025年半年 度业绩预告。公司预计上半年营业收入8亿元至8.5亿元，预计归属于上市公司股东的净利润同比增长 65.98%至70.84%。第二季度单季营业收入预计同比增长超8%。 今年上半年，天融信进一步加强市场营销工作，优化营销布局，增强市场渗透力。同时，公司充分发挥 自身核心竞争优势，积极优化市场竞争策略，强化项目筛选机制，收入质量持续提升，毛利率同比增长 超4个百分点。 公司持续深化内部管理，不断强化费用管控力度，在保证运营效率的同时，有效控制成本支出。今年上 半年，销售费用、研发费用及管理费用三项费用均实现同比下降，三项费用总额同比减少超过13%。 天融信深化"AI+安全"战略布局，抢占大模型应用安全市场。公司始终坚持技术创新的发展战略，持续 完善产品体系与解决方案，不断提升核心竞争力。今年上半年，公司天问大模型迎来重大升级，升级检 测引擎、引入智能体专家、支持多元化基座大模型，全面提升智能防守能力，实现网络安全防御从"规 则驱动"向"智能决策"的跃迁。 分析人士认为，在政策驱动下，大模型深入场景、加速向垂直领域渗透 ...

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]

作为亚太地区历史悠久、规格高、辐射广、影响力深远的AI+安全双域盛会，ISC.AI 2025今日正式开启招商通道。大会将于8月6 日至7日在北京国家会议中心举办，全球政要、行业领袖、专家学者齐聚，共同探讨AI与安全融合的新趋势，破解智能时代安全 挑战，构建数智安全生态共同体。现诚邀AI、数字安全领域优秀企业成为大会伙伴，共赴科技盛宴！ 抢占新风口，洞见 AI+ 安全新趋势 当下，全球大模型技术参数规模已突破百万亿级，AI 正加速渗透至政府、金融、医疗、工业等关键领域，成为驱动科技进步与 经济增长的核心引擎。然而，在技术狂飙的背后，大模型安全漏洞呈指数级增长，使AI与安全步入共生共荣的新纪元。 在此背景下，ISC.AI 2025 精准把握行业脉搏，聚焦"AI+安全"新风口，搭建集技术研讨、产业落地、生态共建于一体的全球化 平台，助力企业在新赛道抢占先机。 五大资源扶持 助力企业稳占 C 位 加入ISC.AI 2025的企业，将优先获得平台五大资源扶持，实现"品牌声量、资源链接、商业转化" 的多维跃升，在产业变革中稳 占C位： | 合作等级 | 展位规格 | 原价 | 早鸟价 | 立省 | | --- | --- ...

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]

当AI技术赋能攻防双方时，安全对抗变成了AI对抗AI的"猫鼠 游戏"——你用AI，我也用AI，你强我也强。网络安全厂商们 找到了未来的方向，但还需要试炼方法论。 作者：冯雨晨 封图：图虫创意 "网络安全厂商们基本是做的B端合规业务，产品同质化严重，大家用C端的思维去做B端，厂商们 靠低价抢占市场。"徐安称。 一家广东头部网络安全厂商的客户经理肖静向经济观察报举例："一个产品行业里给渠道最低报价 2000元，但有同行给终端客户就直接报价800元，哪怕利润为0元也要做这单。" "内卷的结果是，最后谁都没有利润"，从业8年的肖静感叹。 "网安一哥"奇安信（688561.SH）2024年巨亏超13亿元，映射网络安全行业面临的"红海"困境。 市场饱和、价格内卷、客户预算吃紧等难题已经冲击网安行业一线。项目变少了，是几家头部网络 安全厂商员工的共同感受。 过去约十年的时间，在网络安全合规相关要求密集出台的大背景下，政企主动或被动地重视网络安 全建设，网络安全行业在合规业务的春风中曾经有过"黄金时代"。 如今增长面临见顶，头部网络安全厂商都在寻找新机会攻占下一个十年。 几乎和2023年初人工智能正式大爆发同频，国内头部的网 ...

市场饱和、价格内卷、客户预算吃紧等难题已经冲击网安行业一线。项目变少了，是几家头部网络安全 厂商员工的共同感受。 "网安一哥"奇安信（688561.SH）2024年巨亏超13亿元，映射网络安全行业面临的"红海"困境。 过去约十年的时间，在网络安全合规相关要求密集出台的大背景下，政企主动或被动地重视网络安全建 设，网络安全行业在合规业务的春风中曾经有过"黄金时代"。 如今增长面临见顶，头部网络安全厂商都在寻找新机会攻占下一个十年。 几乎和2023年初人工智能正式大爆发同频，国内头部的网络安全厂商纷纷下注大模型，奇安信发布"Q- GPT"、绿盟科技（300369）（300369.SZ）发布"风云卫"、天融信（002212）（002212.SZ）发布"天 问"，等等。"AI+安全"，成为网安公司们理想中决定未来的答案。 但当AI技术赋能攻防双方时，安全对抗变成了AI对抗AI的"猫鼠游戏"——你用AI，我也用AI，你强我 也强。网络安全厂商们找到了未来的方向，但还需要试炼方法论。 "利润为0也要做这单" "技术流"徐安在网络安全行业从业近20年，见证了行业高速发展的黄金时代。现在，他明显感受到了行 业正在"降温"。 ...

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 10 年 月 日 安恒信息（688023.SH） 业绩拐点明确，AI 新品打开发展空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,170 | 2,043 | 2,154 | 2,373 | 2,725 | | 增长率 yoy（%） | 9.6 | -5.9 | 5.4 | 10.2 | 14.8 | | 归母净利润（百万元） | -360 | -198 | 62 | 135 | 193 | | 增长率 yoy（%） | -41.9 | 45.0 | 131.5 | 116.5 | 43.4 | | EPS 最新摊薄（元/股） | -3.52 | -1.93 | 0.61 | 1.32 | 1.89 | | 净资产收益率（%） | -14.3 | -8.0 | 2.3 | 4.9 | 6.6 | | P/E（倍） | -13.7 | -24.9 | 79.1 | 36.5 | ...

公司代码：601360 公司简称：三六零 三六零安全科技股份有限公司 二〇二五年五月 目 录 议案九：关于部分募投项目结项并将节余募集资金永久补充流动资金及部分募投项目调 会议议程 一、会议时间、地点及投票方式 （1）网络投票系统：上海证券交易所股东大会网络投票系统 （2）网络投票起止时间：自 2025 年 5 月 16 日至 2025 年 5 月 16 日。采用 上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召 开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议议程 授权代表人数及其代表的股份数； 由于本次股东大会实行现场投票与网络投票相结合的表决方式，网络投票表 决结果在 2025 年 5 月 16 日下午 15:00 收市后才能统计。公司将在网络投票结束 后依据现场投票和网络投票的表决结果汇总形成股东大会决议，并及时在上海证 券交易所网站予以公告，请各位股东及股东代表及时查阅。 注意事项 一、本次股东大会按照法律、法规、有关规定和《三六零安全科技股份有限 公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Views - The company is focused on improving operational efficiency and restoring profitability, achieving a turnaround in 2024 with a net profit of 0.83 billion yuan, despite a revenue decline of 9.73% [2][3]. - The company is expanding into cloud computing and intelligent computing infrastructure, enhancing its profit margins and market competitiveness [2][3]. Financial Performance Summary - **Revenue**: The company reported revenues of 3,124 million yuan in 2023, projected to decline to 2,820 million yuan in 2024, before recovering to 3,114 million yuan in 2025, with a growth rate of 10.4% [1][3]. - **Net Profit**: The company experienced a net loss of 371 million yuan in 2023, but is expected to achieve a net profit of 83 million yuan in 2024 and 130 million yuan in 2025, reflecting a significant recovery [1][3]. - **Gross Margin**: The gross margin improved by 0.85 percentage points in 2024 and is projected to increase further by 10.15 percentage points in the first quarter of 2025 [2]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from -0.31 yuan in 2023 to 0.07 yuan in 2024, and further to 0.11 yuan in 2025 [1][3]. Market and Business Strategy - The company is actively responding to industry trends and market conditions by maintaining marketing investments and exploring new business opportunities, particularly in integrated machine solutions [3]. - The report highlights the company's strategic focus on enhancing revenue quality and controlling costs, which has led to improved profitability despite declining revenues [2][3].