Core Viewpoint - The legal opinion letter from Han Kun Law Offices addresses the failure to meet the vesting conditions for the first vesting period of the 2024 Restricted Stock Incentive Plan of AsiaInfo Security Technology Co., Ltd, resulting in the cancellation of certain restricted stocks [1][12]. Group 1: Approval and Authorization of Cancellation - On April 26, 2024, the company's board of directors approved several resolutions related to the 2024 Restricted Stock Incentive Plan, including the plan's draft and management measures [4]. - The supervisory board also reviewed and approved the relevant resolutions on the same day [5]. - The company announced the solicitation of voting rights from shareholders for the upcoming annual general meeting on May 1, 2024 [6]. Group 2: Specifics of the Cancellation - The company did not meet the performance assessment requirements for the first vesting period, with a reported revenue of 3.595 billion yuan for 2024, which did not meet the required growth rate [9][11]. - Additionally, 30 incentive recipients had left the company, leading to the cancellation of 1.085 million shares of restricted stock that had not yet vested [11]. - In total, 3.22146 million shares of restricted stock granted in the first vesting period will be rendered invalid due to these reasons [11]. Group 3: Conclusion - The legal opinion concludes that the cancellation has received the necessary approvals and complies with relevant regulations, including the Management Measures for Equity Incentives and the Shanghai Stock Exchange's rules [12].

证券代码：688225 证券简称：亚信安全 公告编号：2025-037 亚信安全科技股份有限公司 本公司监事会及监事会全体成员保证公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 监事会认为：根据致同会计师事务所（特殊普通合伙）出具的公司《2024 年度审计报告》，公司实现营业收入35.95亿元。剔除重大资产重组收购标的营业 收入对合并报表的影响后，公司实现营业收入17.10亿元，同比增长6.37%，未达 到公司2024年限制性股票激励计划第一个归属期的公司层面的业绩考核指标，因 此应认定公司2024年限制性股票激励计划第一个归属期不符合归属条件。 表决结果：同意3票，反对0票，弃权0票。 票的议案》 监事会认为：公司本次作废处理部分限制性股票符合有关法律法规及《亚信 安全科技股份有限公司2024年限制性股票激励计划（草案）》的相关规定，不存 在损害股东利益的情况，监事会同意公司此次作废处理部分限制性股票。 表决结果：同意3票，反对0票，弃权0票。 特此公告。 亚信安全科技股份有限公司监事会 一、监事会会议召开情况 事会第十七次会议以现场结合通讯方式召开， ...

Meeting Arrangements - The shareholder meeting is scheduled for June 23, 2025, at 14:00 Beijing time [5][7] - The meeting will be held at Building 11, No. 10 Ke Gu Yi Street, Beijing Economic and Technological Development Zone [5] - Voting will be conducted through a combination of on-site and online methods [4][5] Shareholder Rights and Responsibilities - Shareholders and their proxies have the right to speak, inquire, and vote during the meeting [2][3] - Shareholders must arrive 15 minutes before the meeting to complete registration and present necessary documents [2] - Any disruptions to the meeting may result in removal from the venue [5] Agenda and Proposals - The meeting will review several key proposals, including the 2024 Board of Directors' Work Report, the 2024 Supervisory Board Work Report, and the 2024 Annual Financial Report [7][8] - The company achieved a revenue of 35.95 billion yuan in 2024, with a net profit attributable to shareholders of 9.59 million yuan [8][33] - The company plans to propose a three-year dividend return plan for shareholders from 2025 to 2027 [7] Financial Performance - The company reported a significant increase in revenue of 123.56% compared to the previous year [33] - The net profit for 2024 was 9.59 million yuan, recovering from a loss of 29.11 million yuan in 2023 [33] - The total assets of the company reached 133.70 billion yuan, reflecting a growth of 293.12% year-on-year [33] Corporate Governance - The Board of Directors held 13 meetings in 2024, ensuring compliance with legal and regulatory requirements [9][20] - The Supervisory Board effectively monitored the company's operations and compliance with laws and regulations [30][32] - The company is committed to enhancing its governance structure and improving transparency in information disclosure [21][22]

Group 1 - The company will hold its 2024 Annual General Meeting on June 23, 2025, at 14:00 in Beijing [4][5] - Voting will be conducted through both on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [4][5] - Shareholders must register to attend the meeting, with specific documentation required for both individual and corporate shareholders [5][6] Group 2 - The agenda includes the review of proposals approved by the board and supervisory committee, as well as the annual reports from three independent directors [3][4] - Shareholders must complete voting for all proposals before submission, and duplicate votes will be disregarded [5] - The company has outlined the voting procedures for margin trading and other specific investor categories [4][5]

Core Insights - The Maritime Cybersecurity and Digitalization Conference highlighted the systemic risks associated with satellite security in maritime operations, emphasizing the need for robust safety measures in satellite communications [1] - The company showcased its comprehensive maritime network security solutions, integrating satellite and multi-source communication links to enhance safety and reliability for various maritime applications [2] - Recent reports released by the company provided in-depth analysis of risks in maritime applications and the vulnerabilities of satellite communication links, receiving positive feedback from industry experts [3] Group 1 - The chairman of the company stated that satellite security has evolved from isolated risks to systemic crises, indicating a significant threat to maritime digitalization [1] - The company proposed that maritime safety must ensure satellite communication security while isolating IT and OT systems to meet regulatory requirements [1] - The company's SAT-VLAN intelligent micro-network solution aligns with CSS classification society's 2024 requirements, balancing safety and cost-effectiveness [1] Group 2 - The company's maritime network security solution acts as an intelligent "transport hub" for ship communications, ensuring stable connections for various maritime operations [2] - The solution integrates multiple security features, including firewalls and intrusion detection, effectively creating a "digital firewall" to protect against unauthorized access [2] - The company attracted significant attention at the conference with its comprehensive security mechanisms for maritime digital transformation [2] Group 3 - The conference included forums on maritime network security technology innovation and digital transformation practices, facilitating discussions among industry representatives [3] - The company's recently published reports analyzed the risks in maritime applications and provided a comprehensive overview of global network asset security [3] - The reports received high praise from shipowner representatives and industry experts, contributing valuable theoretical support for maritime digital transformation [3]

Group 1: Investor Relations Activity - The investor relations activity included a site visit and a phone conference discussing the "Important Military Facility Protection Regulations" [2][3] - Over twenty investment firms participated, both in-person and online, including major players like CITIC Securities and Huajin Securities [2] Group 2: Impact of the New Regulations - The "Important Military Facility Protection Regulations" legally define seven categories of critical military facilities, enhancing protection across the military supply chain [3] - The regulations create significant market opportunities in military informationization, equipment informationization, and security informationization [3] Group 3: Market Expansion and Technological Innovation - The regulations require electronic monitoring, identity verification, and access control for military facilities, driving demand for high-precision sensors and anti-jamming communication devices [4] - The emphasis on equipment effectiveness and emergency preparedness will promote the adoption of information management systems throughout the equipment lifecycle [5] Group 4: North Trust's Market Position - North Trust has a 16-year market share leadership in terminal data security, covering over 90% of military group units [7] - The military facility protection market is expected to reach a scale of hundreds of billions, with significant growth anticipated in 2025 as new projects align with the new regulations [7] Group 5: Competitive Advantages - North Trust's core advantages include a proprietary secure communication platform, strong integration capabilities with domestic hardware manufacturers, and comprehensive project experience [9][10] - The company is positioned to provide system-level solutions, differentiating itself from traditional security firms focused on hardware [10] Group 6: Technical Requirements of the New Regulations - The regulations mandate a multi-dimensional protection system, including electronic monitoring and identity verification, which differs fundamentally from traditional security approaches [11] - A proactive defense strategy is required, emphasizing early warning systems and cross-system collaboration for emergency responses [11] Group 7: Collaboration with Huawei - North Trust collaborates with Huawei across various domains, including information security and cloud computing, ensuring compatibility with Huawei's mainstream servers [12][13] - The company's products are designed to operate in diverse network environments, enhancing secure communication and data transmission capabilities [13]

Market Overview - The three major U.S. stock indices declined, with the Nasdaq down over 0.5% [2] - The Dow Jones fell by 244.95 points, or 0.58%, closing at 42098.70 points, while the Nasdaq dropped 0.51% to 19100.94 points, and the S&P 500 decreased by 0.56% to 5888.55 points [2] - The long-term U.S. Treasury yields rose, with the 2-year Treasury yield approaching 4% [2] Company Performance - Nvidia reported strong earnings with revenue of $44.04 billion, a 69% year-over-year increase, surpassing market expectations of $43.31 billion [5] - Net profit for Nvidia grew by 26% to $18.8 billion, with adjusted EPS at $0.96, exceeding the expected $0.93 [5] - The data center segment, including AI chips, saw a 73% increase in sales, reaching $39.1 billion, accounting for 88% of total revenue [5] - Nvidia's gaming segment revenue was $3.8 billion, up 42%, while the automotive and robotics segment revenue grew by 72% to $567 million [5] Stock Buyback and Dividends - Nvidia spent $14.1 billion on stock buybacks during the quarter and paid $244 million in dividends [6] Future Outlook - Nvidia's CEO highlighted strong global demand for the company's AI infrastructure, projecting second-quarter revenue of $45 billion ±2%, while analysts had an average estimate of $45.9 billion [7] - The forecast includes an estimated revenue loss of about $8 billion due to recent export restrictions [7] Other Company Updates - Dick's Sporting Goods saw a 1.7% increase in stock price after reporting first-quarter earnings that exceeded expectations [8] - Okta experienced a significant drop of 16% in stock price, maintaining its full-year outlook but warning of potential risks related to economic uncertainty [9]

Core Viewpoint - The company has announced a cash dividend distribution plan for its shareholders, detailing the amount and conditions for the distribution [1][2][4]. Group 1: Dividend Distribution Plan - The company will distribute a cash dividend of RMB 0.800000 per 10 shares (including tax) to all shareholders based on a total share capital of 643,829,039 shares, excluding 7,985,477 repurchased shares, resulting in a base of 635,843,562 shares [1][2][4]. - The total cash dividend amount to be distributed is RMB 50,867,484.96 (including tax) [1][4]. - The actual cash dividend per share, calculated based on the total share capital, is RMB 0.0790077 per share (including tax) [1][4]. Group 2: Shareholder Rights and Taxation - Shares held in the company's repurchase account (7,985,477 shares) will not participate in this dividend distribution [2][4]. - For Hong Kong market investors and foreign institutions, the cash dividend after tax will be RMB 0.720000 per 10 shares [2]. - The company will not withhold individual income tax for certain shareholders, with tax obligations calculated based on holding periods upon stock transfer [2][3]. Group 3: Key Dates - The record date for the dividend distribution is set for June 5, 2025, and the ex-dividend date is June 6, 2025 [3]. Group 4: Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3].

Core Viewpoint - The credit rating agency has downgraded the long-term credit rating of the company to A and the rating of its convertible bonds to A, with a negative outlook due to ongoing financial losses and high research and development expenditures [1][4][6]. Company Overview - The company, established in July 2011, focuses on boundary security, cloud security, and other security services, with a registered capital of 135 million yuan [11]. - As of March 2025, the company has a total asset of 1.892 billion yuan and equity of 848 million yuan, with a total revenue of 158 million yuan in Q1 2025 [11][12]. Financial Performance - In 2024, the company achieved a total revenue of 997 million yuan, reflecting a year-on-year growth of 10.6% [6][9]. - The company reported a total loss of 144 million yuan in 2024, with a continuous decline in cash flow and increasing accounts receivable, which grew by 21.28% to 962 million yuan [7][9][10]. - The company’s operating cash flow was negative at -90 million yuan in 2024, indicating a lack of effective coverage for short-term debts [9][10]. Market Position - The company ranks fourth in the Unified Threat Management (UTM) market in China and second in the internet industry according to IDC data [6][19]. - The company has a high customer concentration, with the top five customers accounting for 79.82% of total revenue in 2024, which poses a risk of overdue payments [9][10]. Research and Development - The company maintains a strong capability in independent design and development of software and hardware, with R&D expenses constituting approximately 36.1% of total revenue in 2024 [20]. - The company has successfully tested its ASIC security chip, which is expected to enhance its product offerings [20]. Industry Analysis - The global cybersecurity market is projected to reach 216.8 billion USD in 2024, with a year-on-year growth of 12.3% [14]. - The domestic cybersecurity hardware market is expected to decline by 6.5% in 2024, while the software market is anticipated to grow by 5.1% [14][15]. - The industry is undergoing a transition from compliance-driven to value-driven, with increasing demand for data security solutions [18]. Organizational Changes - The company has undergone significant changes in its management team, with the chairman and several senior executives leaving and new appointments made in February 2025 [21]. - The company is optimizing its organizational structure and marketing system, which has led to improved operational efficiency [21].

Core Viewpoint - Anbotong's revenue growth is distinct from its peers, driven by new trade business and a significant revenue surge in Q4 of the previous year, alongside a sharp increase in sales expenses due to the introduction of a new AI security business [1][3]. Revenue Performance - In 2024, Anbotong achieved an annual revenue of 737 million yuan, a year-on-year increase of 34.4%, but reported a net loss of 119 million yuan, a decline of 1107.0% [3]. - The Q1 revenue for 2025 reached 308 million yuan, marking a staggering year-on-year growth of 444.91%, yet the net profit remained negative at -48.68 million yuan [3]. - The Q4 revenue for 2024 was 439 million yuan, accounting for 59.57% of the total annual revenue, which is significantly higher than previous years [5][6]. Business Segmentation - The revenue breakdown by product shows that the AI security segment generated 259 million yuan with a gross margin of 67.44%, while the security gateway and management segments had gross margins of 55.15% and 79.08%, respectively [4]. Sales Expenses - Anbotong's sales expenses have surged, with the sales expense ratio increasing from 18% in 2023 to 89% in Q1 2025, primarily due to channel consulting fees directed towards a mysterious company, referred to as Company C [8][11]. - In 2024, total sales expenses amounted to 222 million yuan, with 135 million yuan allocated to consulting fees for Company C, which specializes in information and communication infrastructure [11]. Industry Context - The cybersecurity industry is experiencing a transformation, with a projected market size of 72.1 billion yuan in 2024, reflecting a slowdown in growth from 9.6% in 2023 to 3.8% [12]. - The competitive landscape is increasingly concentrated, with the top 10 companies holding 46.8% of the market share, leading to challenges for smaller firms [12]. Strategic Developments - Anbotong's strategic upgrade aims to leverage AI in cybersecurity, creating a synergy between technology, market expansion, and ecosystem partnerships with major players like Huawei and Inspur [13]. - The company is focusing on a dual-track strategy to enhance its capabilities in resource management and AI-driven scheduling, with plans for strategic acquisitions and internal restructuring [14].