Core Viewpoint - Qi Anxin Group is enhancing its independent innovation in the field of cybersecurity, providing solutions for government and enterprises, and contributing to the advancement of China's cybersecurity technology [1]. Group 1: Company Overview - Qi Anxin is a private enterprise focused on cybersecurity, symbolized by a large "data tiger talisman" made of LEGO, representing the fusion of traditional Chinese security wisdom and contemporary security concepts [1]. - The company emphasizes "data-driven security" as its core technological philosophy [1]. Group 2: Product Innovations - The "Tianqing" terminal security management client is a significant innovation, offering an "integrated" security solution that combines various security and management functions into one client, improving management efficiency for large enterprises [5][6]. - The Tianqing system has helped China Unicom manage over 400,000 terminal devices, significantly enhancing security management efficiency and reducing security investment costs by over 70% [6]. Group 3: Technological Advancements - The Tianqing system has maintained an average of one major technological update per year since its launch, ensuring high-level security [7]. - The system employs "zero trust network access" technology to dynamically assess the risk of network connections, enhancing terminal security [8]. Group 4: AI Integration - Qi Anxin is integrating AI into its cybersecurity products, exemplified by the QAX-GPT security robot system, which enhances threat assessment and automated penetration testing [9]. - The AISOC product, described as a "safety operation co-pilot," incorporates AI into the entire security operation process, significantly improving operational efficiency [10]. Group 5: Talent Development - Qi Anxin is actively involved in talent cultivation through partnerships with universities, having jointly trained over 80 master's and doctoral students in cybersecurity [12]. - The company has established training bases in various cities to cultivate cybersecurity and data security talents, having trained over 15,000 professionals to date [13].

Group 1 - The major shareholder, China Electronics Technology Group (Chengdu) Cybersecurity Equity Investment Fund Partnership (Limited Partnership), plans to reduce its stake in the company by up to 23.9793 million shares, which represents 3% of the total share capital [1]

Core Viewpoint - The company has decided to cancel a total of 23,244,776 stock options from its equity incentive plans, which includes options from the 2021 and 2022 plans, affecting a total of 1,396 individuals [1][2]. Summary by Relevant Sections Stock Option Cancellation - The company approved the cancellation of 19,904,426 stock options from the "Fighter" 2022 stock option incentive plan, involving 1,118 recipients [1]. - Additionally, 361,420 stock options from the first batch of reserved grants in the "Fighter" 2022 plan were canceled, affecting 37 recipients [1]. - The second batch of reserved grants in the "Fighter" 2022 plan saw the cancellation of 1,818,861 stock options, impacting 241 recipients [1]. - The cancellation also includes stock options from the "Fighter" first phase (2023 supplement) incentive plan [1]. Compliance and Regulations - The cancellation of stock options is in accordance with the relevant laws and regulations, including the Securities Law of the People's Republic of China and the management measures for equity incentives of listed companies [2].

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]

Core Viewpoint - The article emphasizes the transformation of digital security from individual privacy protection to a core variable for industrial upgrading and corporate innovation ecosystems, driven by advancements in artificial intelligence and the formation of a data element market [1]. Group 1: Digital Security Landscape - The 12th China International Police Equipment Expo showcased various digital security practices, including quantum key distribution terminals and AI-based deepfake detection systems, highlighting the evolving landscape of the digital security industry [1][3]. - Digital security strategies have escalated to become a national security barrier and a cornerstone for social stability, reflecting the shift from passive defense to proactive immunity systems [1][2]. Group 2: Regulatory Framework - Recent years have seen a surge in policy initiatives and stringent enforcement in China's digital security governance, establishing a legal framework through laws such as the Cybersecurity Law and the Data Security Law [1][2]. - The transition from "passive accountability" to "proactive risk management" is a significant strategic shift, emphasizing preemptive measures against security threats [2]. Group 3: Technological Innovations - Emerging technologies like blockchain, privacy computing, and quantum computing are driving the iterative upgrade of digital security technologies, enhancing data security during processing and ensuring authorized access [4]. - The integration of AI with big data platforms is transforming public safety and resource allocation, enabling a shift from experience-driven to data-driven policing [3][4]. Group 4: Industry Implications - The application of advanced security technologies, such as zero-trust architecture and multi-dimensional regulatory networks, is enhancing the overall protective capabilities of digital security in China [2]. - The rise of large AI models is reshaping the competitive landscape of the security industry by automating threat detection and response processes [3].

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 线上参与深信服 2024 年度业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 14 日 15:00-16:30 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 董事长、总经理：何朝曦 | | 公司接待人员 | 副董事长、副总经理：熊武 | | 姓名 | 副总经理、财务总监、董事会秘书：蒋文光 | | | 独立董事：叶钦华、曾斌、钱镇 | | | 一、公司董事长何朝曦先生汇报公司 2024 年度市值管理工作推进情况 | | | 各位投资者及股东下午好！现在由我向各位股东及投资者汇报公司 2024 | | | 年市值管理工作的推进情况： | | | 一、专注主业，稳健经营。2024 年，公司实现营业收入 75. ...

Financial Performance - In 2024, the company achieved an operating revenue of 7.52 billion CNY and a net profit attributable to shareholders of 197 million CNY, with a net cash flow from operating activities of 812 million CNY, maintaining stable operating performance year-on-year [2] - The company completed a second round of stock repurchase in April 2024, repurchasing 3.5277 million shares for approximately 200 million CNY [2] - A total cash dividend of 20.7532 million CNY was distributed in June 2024 [2] Investor Relations and Communication - The company published 166 announcement documents in 2024 and has been rated A-level for information disclosure by the Shenzhen Stock Exchange for five consecutive years [2] - Multiple channels for investor communication were utilized, including performance briefings, shareholder meetings, and interactive platforms [2] Market Outlook and Strategy - The cybersecurity market is currently in a downturn but is expected to see sustained demand growth due to digitalization and compliance-driven developments [4] - The company anticipates increased demand for cybersecurity solutions in 2025, driven by accelerated digital transformation and AI innovations [5] Business Development and Focus Areas - The company plans to focus on key product lines and XaaS (Anything as a Service) business for sustainable growth, integrating AI with cybersecurity and cloud computing [6] - The XaaS strategy has shown significant results, and the company aims to enhance annual recurring revenue and customer satisfaction [7] - Key products include network security and cloud computing, with a strong emphasis on new business areas such as AI computing platforms and security GPT [8] Talent Acquisition and M&A Strategy - The company recognizes the importance of talent and aims to attract young high-potential individuals, particularly in AI [12] - The company is open to mergers and acquisitions to accelerate business progress and acquire key talent, having established an industry fund for investment in startups [12]

Core Insights - Persona, a San Francisco-based company founded in 2018, focuses on ensuring user identity authenticity and provides identity verification software to over 3,000 businesses, including notable clients like OpenAI, LinkedIn, Etsy, Reddit, DoorDash, and Robinhood [1][2] - The company recently completed a $200 million Series D funding round, led by Ribbit Capital and Founders Fund, bringing its valuation to $2 billion and total funding to $417 million [2] Company Overview - Persona's identity verification process, known as "flows," is customizable based on client needs, user risk levels, and specific use cases [3] - The verification methods include uploading government-issued ID photos, selfies, and live detection processes to confirm user identity [1][3] Client Applications - OpenAI uses Persona to screen millions of ChatGPT and API users from 225 countries, preventing high-risk individuals from accessing its models [4] - Coursera employs Persona for identity verification of 168 million users across 200 countries, adapting the verification process based on course type [4] - DoorDash utilized Persona for background checks on new delivery personnel during the pandemic [4] Industry Challenges - The rise of AI has introduced new challenges in online security, with reports indicating that U.S. companies face annual losses of $18 billion to $31 billion due to AI attacks [7] - The report also highlights that malicious bots account for 37% of online activity, while benign bots represent 14% of automated traffic [7] Competitive Landscape - Persona competes with established players like Clear Secure and Jumio, as well as newer entrants like Worldcoin, which uses biometric devices for identity verification [11][12] - The increasing threat of deepfakes is creating more opportunities for companies like Persona that specialize in analyzing online risk signals [12] Future Vision - Persona aims to develop a system where AI agents are registered for identification, while human users can have personalized identity profiles based on their online behavior [13] - The company envisions a user-controlled identity system that balances privacy with convenience, allowing users to manage their personal information [14]

Regulatory Actions - The State Administration for Market Regulation and other departments have interviewed major food delivery platforms like JD, Meituan, and Ele.me regarding competition issues, emphasizing compliance with laws and regulations to ensure fair competition and protect consumer rights [1][1][1] Company Developments - Neta Auto's associated company, Hozon New Energy Automobile Co., has been filed for bankruptcy examination, indicating potential financial distress within the company [2] - Meituan's food delivery service Keeta is set to enter the Brazilian market, with plans to invest $1 billion over the next five years [1][1][1] - Xiaomi's SU7 Ultra has faced backlash from hundreds of owners demanding refunds due to discrepancies between promotional claims and actual product performance [4][4][4] Market Trends - The price of gold jewelry has dropped below 1,000 yuan per gram, with significant declines reported across major brands [4][4][4] - The price of crayfish has plummeted by nearly 50%, with wholesale prices dropping from over 40 yuan per kilogram to around 18 yuan [5][5][5] Financial Performance - JD reported a first-quarter net profit of 12.8 billion yuan, a year-on-year increase of 43.4% [14] - Fortinet's first-quarter revenue reached $1.54 billion, reflecting a year-on-year growth of 13.8% [13] - Huya's first-quarter total revenue was 1.51 billion yuan, with a non-GAAP net profit of 24 million yuan [15] Strategic Partnerships - Apple is collaborating with startup Synchron to develop a new brain-computer interface aimed at assisting disabled individuals [5] - Amazon has resumed its partnership with FedEx for large item deliveries, marking a significant return to collaboration after a previous split [9][9][9]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative price increase deviation exceeding 12% over three consecutive trading days [1] - The company conducted necessary verifications regarding the abnormal price fluctuations and confirmed that there are no undisclosed significant matters affecting the stock price [1] - The board of directors stated that there are no significant undisclosed matters or ongoing negotiations that should be disclosed according to the Shenzhen Stock Exchange regulations [1] Group 2 - The company has been subject to delisting risk warnings due to its operating income falling below 300 million yuan, leading to a change in its stock name to "*ST Guohua" and a trading limit of 5% [2] - The company has designated specific media outlets for information disclosure, emphasizing the importance of rational investment and risk awareness for investors [2]