致：远江盛邦安全科技集团股份有限公司 北京市康达律师事务所（以下简称"本所"）接受远江盛邦安全科技集团股份有限 公司（以下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东会（以下 简称"本次会议"）。 法律意见书 北京市康达律师事务所 关于远江盛邦安全科技集团股份有限公司 康达股会字【2025】第 0228 号 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》、《远江盛邦安全科技集团股份有限公司章程》（以下简称"《公司章程》"） 等规定，就本次会议的召集和召开程序、召集人和出席人员的资格、表决程序以及表决 结果发表法律意见。 关于本法律意见书，本所及本所律师谨作如下声明： （1）在本法律意见书中，本所及本所律师仅就本次会议的召集和召开程序、召集 人和出席人员的资格、表决程序以及表决结果进行核查和见证并发表法律意见，不对本 次会议的议案内容及其所涉及的事实和数据的完整性、真实性和准确性发表意见。 （2）本 ...

| | | （%） | | （%） | | | --- | --- | --- | --- | --- | --- | | 普通股 | 40,401,374 | 100.0000 0 | 0.0000 | 0 0.0000 | | | 审议结果：通过 | | | | | | | 表决情况： | | | | | | | | 同意 | 反对 | | 弃权 | | | 股东类型 | | 比例 | | 比例 | | | 票数 | | 比例（%） 票数 | | 票数 | | | | | （%） | | （%） | | | 普通股 | 40,401,374 | 100.0000 0 | 0.0000 | 0 0.0000 | | | 审议结果：通过 | | | | | | | 表决情况： | | | | | | | | 同意 | 反对 | | 弃权 | | | 股东类型 | | 比例 | | 比例 | | | 票数 | | 比例（%） 票数 | | 票数 | | | | | （%） | | （%） | | | 普通股 | 40,401,374 | 100.0000 0 | 0.0000 | 0 0.0000 | | | ...

Group 1 - Company completed a C1 round financing of several tens of millions, led by Rongyi Investment and followed by Hefei Baohe Venture Capital [1] - Company was established in May 2017 and focuses on zero trust security technology, with over 200 employees, more than 60% of whom are in R&D [2] - Company provides security solutions for various industries, serving over a thousand clients, and its core product has been recognized in international reports for three consecutive years [2] Group 2 - The financing will be used to enhance zero trust security service capabilities, expand the national channel network, and integrate industry resources [3] - Company aims to transition from a rapidly growing innovative enterprise to a leading professional and platform-based zero trust security company [3] - Rongyi Investment highlighted the company's strong technical capabilities and market performance in the zero trust security field, as well as its involvement in setting national and industry standards [4] Group 3 - The investment reflects the industry's high attention to the zero trust security sector, with government departments actively promoting related technology innovation and application [5] - The continuous innovation and market expansion capabilities of the company are recognized by investors, indicating confidence in the industry's future prospects [5]

Core Insights - Cyera, a cybersecurity firm, has completed a $500 million funding round, achieving a valuation of $6 billion, nearly doubling from $3.4 billion at the end of 2023 [2]. Funding Details - The $500 million funding round was led by Lightspeed, Greenoaks, and Georgian, with participation from existing investors Accel, Sequoia Capital, and Sapphire Ventures [2]. - The company was founded in 2021 by former Israeli military cloud security officers Yotam Segev and Tamar Bar-Ilan, with offices in New York and Tel Aviv [2]. Business Impact - Cyera claims to enhance enterprises' data breach prevention capabilities and risk assessment levels, with notable clients including AT&T and DocuSign [2]. - The enthusiasm from investors in the cybersecurity sector is fueled by Alphabet's acquisition of Israeli startup Wiz for $32 billion earlier this year, indicating a trend towards more acquisitions or IPOs in the security startup space [2].

Core Viewpoint - The rapid development of AI technology has led to increasingly complex threats in cybersecurity, giving rise to new forms of attacks such as AI-driven phishing and deepfake scams, necessitating a shift towards AI-based defense mechanisms [2][3][4][24]. Group 1: AI-Driven Cybersecurity Threats - Generative AI is reshaping the precision of online scams, enabling attackers to create personalized phishing emails by training AI models on publicly available social data, significantly increasing the success rate of attacks [4]. - Deepfake technology has advanced to the point where attackers can impersonate individuals in video calls, leading to significant financial losses, as demonstrated by a case where a financial officer was tricked into transferring 3.8 million yuan [4]. - Automated attacks and vulnerability exploitation have become more prevalent, with AI enabling rapid scanning of system vulnerabilities and executing zero-day attacks, as evidenced by a massive DDoS attack that caused millions in losses [5]. Group 2: AI in Cyber Defense - The industry consensus is shifting towards using AI to combat AI-driven threats, marking a transition in security paradigms [7]. - Current defensive strategies can be categorized into three main areas: AI model security enhancement, industry-specific defensive applications, and macro-level government and international collaboration [8]. - AI model security focuses on strengthening the inherent safety of models, with companies like Anthropic developing classifiers to prevent AI from generating harmful content [9]. Group 3: Industry Applications and Innovations - Industry-specific applications are emerging, such as financial institutions utilizing AI risk control models to build anti-fraud barriers and open-source ecosystems employing intelligent vulnerability hunting technologies for rapid threat response [10]. - Companies like Cisco are showcasing solutions that can intercept sensitive data queries in real-time, enhancing compliance and management [10]. - The introduction of AI security assistants, such as Microsoft's Security Copilot, demonstrates the potential for AI to assist security teams in detecting and responding to threats more efficiently [13]. Group 4: Advanced AI Security Solutions - The "Wuxiang" security AI product represents a significant advancement, transitioning from passive response to autonomous decision-making in threat detection and response [15][25]. - This system employs a dual-engine architecture to ensure dynamic correction capabilities during complex tasks, significantly reducing response times from days to minutes [16][22]. - The ability of "Wuxiang" to autonomously analyze alerts and generate comprehensive attack reports showcases its effectiveness in enhancing operational efficiency and accuracy in cybersecurity [17][23]. Group 5: Future of Cybersecurity - The evolution of AI technology presents dual challenges, with attackers leveraging AI for automated and personalized attacks while defenders must innovate to enhance detection and response capabilities [24]. - The emergence of high-level AI security systems is expected to fundamentally reshape the cybersecurity landscape, emphasizing the need for organizations to seize this opportunity for transformation [27].

Core Viewpoint - The report emphasizes the growing importance of "threat intelligence" in the context of increasing cybersecurity threats, shifting from passive to proactive security strategies [1][2][3] Market Overview - The report provides a comprehensive analysis of the current state of the threat intelligence market in China, including market size, key players, and future trends [1][2][37] - It highlights the significant growth in cyber threats, with a 76% increase in the number of victims of large-scale ransomware attacks and a 102% increase in attack frequency in certain industries [3][6] Development Insights - Future trends in the threat intelligence industry are explored, focusing on three main areas: international expansion of intelligence, AI large models, and vulnerability intelligence [2][70][74] - The report discusses the evolution of threat intelligence in compliance, technology, and application, indicating potential market opportunities [2] Background on Cyber Threats - The global landscape of cyber threats is characterized by an increase in both the number of attackers and the frequency of attacks, with significant impacts on various industries [3][6][11] - The digital transformation of enterprises is expanding their exposure to cyber threats, necessitating more comprehensive and timely protective measures [6][11] Threat Intelligence Definition and Value - Threat intelligence is defined as a high-level capability that enhances the proactive and timely defense of security products, allowing for real-time collection and analysis of global threat information [16][19][22] - The value of threat intelligence lies in its ability to improve proactive defense capabilities and enhance overall security operations for enterprises [22] Comparison of Domestic and International Development - The development trajectory of the threat intelligence industry in China is similar to that of overseas markets, but it lags in speed and maturity due to a later start [24] - Differences in security needs have led to variations in the integration of threat intelligence products between domestic and international markets [24] Business Models in China's Threat Intelligence Industry - The market primarily utilizes two approaches: direct application and consumption of threat intelligence data and platforms, and integration with security monitoring and response products [27] - The report outlines three types of pure intelligence products and various integration methods that form comprehensive products [27] Product Capabilities and Competitiveness - Key product capability indicators include accuracy, richness, and timeliness, while vendor competitiveness is driven by data and technology [30] - The ability to collect and analyze security big data is identified as a core competitive advantage for companies in the threat intelligence sector [30] Characteristics of Major Vendors - Major vendors in the threat intelligence space are differentiated by their foundational data, service experience, and business characteristics, leading to unique product capabilities [33] - The report provides a comparative analysis of five major vendors, highlighting their strengths and market positions [35] Market Size and Growth - The threat intelligence market in China experienced a short-term decline due to the pandemic, with a projected market size of 1.61 billion yuan in 2024, reflecting a slight decrease from 2023 [37][38] - The report anticipates a steady growth phase for the industry, driven by increasing security demands and product integration [38][41] Competitive Landscape - The market is characterized as low-concentration and oligopolistic, with leading firms like 微步在线, 腾讯安全, and 奇安信 establishing competitive advantages through differentiated capabilities [41] - The integration of new technologies such as AI and big data into threat intelligence is expected to drive competition and innovation in the industry [41] Vendor Solutions - Major vendors like 微步在线, 奇安信, and 腾讯安全 offer comprehensive threat intelligence solutions, leveraging advanced technologies to enhance security measures [45][58] - These solutions include various products and services aimed at improving threat detection, response, and overall security posture for enterprises [48][55][61]

Financial Performance - In 2024, the company achieved revenue of CNY 60,136.10 million, remaining stable compared to the previous year [8] - The net profit attributable to shareholders was CNY 1,830.30 million, a decrease of 51.22% year-on-year [11] - The overall gross margin for 2024 was 29.81%, down from 32.10% in 2023, reflecting a decline of 2.29 percentage points [11] Cash Flow and Accounts Receivable - The net cash flow from operating activities in 2024 was CNY 28,130.8 million, a year-on-year decrease of 34.72% [2] - Prepayments decreased by 31.98% year-on-year due to reduced payments as project progress advanced [2] - Accounts receivable increased by CNY 561.11 million, primarily due to some clients opting for bank acceptance bills for settlement [3] Research and Development - In 2024, the company invested CNY 56,008.1 million in R&D, accounting for 9.31% of total revenue [3] - The company launched Managed Security Services (MSS) to provide comprehensive security monitoring and management [3] Market and Industry Trends - The global shift towards AI-driven industrial revolution is expected to create new security application scenarios and demands [6] - By 2025, it is predicted that 60% of enterprises will adopt MSS to replace some internal security functions [3] Strategic Initiatives - The company is focusing on cost optimization and enhancing operational efficiency to counteract market challenges [12] - It aims to deepen collaboration with telecom operators and cloud service providers to expand its market presence [20] International Business - In 2024, overseas revenue reached CNY 34,082.3 million, representing a 15% increase year-on-year [14] - The company has established 76 global network nodes to support the international operations of Chinese enterprises [19] Customer Segmentation - The top five customer industries in 2024 included manufacturing (23.45%), information transmission, software and IT services, wholesale and retail, and finance [16] - The company is actively enhancing brand recognition and market presence through participation in industry reports and collaborations with telecom operators [12] Future Outlook - The company plans to continue investing in R&D and expanding its product offerings to meet evolving market demands [5] - It aims to leverage its strengths in cloud security and network integration to support enterprises in their digital transformation [24]

Core Viewpoint - The article discusses the challenges and transformations in the cybersecurity industry, particularly in the context of AI technology, highlighting the shift towards AI-driven security solutions and the competitive landscape among cybersecurity firms [2][4]. Group 1: Industry Challenges - Qi Anxin, a leading cybersecurity firm, reported a loss exceeding 1.3 billion yuan in 2024, reflecting the "red ocean" dilemma faced by the cybersecurity industry due to market saturation, price competition, and tightening client budgets [2][5]. - The cybersecurity sector, which previously thrived on compliance-related demands, is now experiencing a peak in growth, prompting major firms to seek new opportunities for the next decade [2][4]. - The industry is witnessing a significant shift as clients increasingly develop in-house security capabilities, reducing their reliance on external cybersecurity services [4][11]. Group 2: AI Integration and Opportunities - The emergence of AI technology has led to a new phase of competition where both attackers and defenders utilize AI, creating a "cat-and-mouse game" in cybersecurity [2][10]. - The introduction of generative AI has significantly lowered the cost of attacks by 75%, necessitating a reconfiguration of defense systems and presenting new market opportunities for cybersecurity firms [7][11]. - Three key incremental market opportunities for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and the growth of cloud-native security solutions [7][8]. Group 3: Market Dynamics and Future Outlook - The cybersecurity market is becoming increasingly saturated, with product homogenization and a singular business model limiting growth potential [7][8]. - Major cybersecurity firms are launching vertical AI models to integrate their security products and data, aiming for systematic delivery to clients [10]. - The balance between technological innovation and risk management will be crucial for cybersecurity firms to thrive in the evolving landscape shaped by AI [11].

化融合创新、协同互补，提高资源的利用率和效率，并以"产 品+AI"为重点探索方向，把握发展机遇。感谢您的关注！ 2.公司未来在应收账款管理方面有什么措施来降低坏账 的风险？ 答：尊敬的投资者您好，公司高度重视应收账款管理工作， 通过建立专项工作小组等方法加大应收账款的催收力度，并适 时制定严格的回款考核制度，加强对账期较长的应收账款的催 收和清理工作，持续改善应收账款情况，最大限度地降低坏账 风险。谢谢您的关注！ 3.贵司海外营收略有下降，请问在海外市场有什么竞争优 势？ 答：投资者您好，作为网络安全领域领军企业，经过 20 年 的积累与发展，公司及公司产品在行业内拥有较高知名度。公 司业务覆盖网络安全、公共安全、信息安全、运营商网络资源 安全、终端安全、5G 数据安全、工业互联网安全等众多领域， 服务对象涵盖政府、运营商、大型工业企业等，具有丰富的技 术开发和项目实施经验，为拓展海外同类客户提供成熟案例支 撑。未来，公司将紧抓国家网络安全战略和"一带一路"的发 展机遇，深挖客户需求，在巩固原有市场的同时，积极开辟新 的市场领域。感谢关注！ 4.任子行已连续多年亏损了，是不是很快就 ST？ 答：尊敬的投资者您 ...

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].