Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10]. Core Views - The company's revenue performance for the year is impacted by weak downstream demand, while collaboration with China Mobile continues to deepen [1][5]. - In 2024, the company achieved a revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%, and a net profit attributable to shareholders of -226 million yuan, a year-on-year decrease of 130.53% [4][10]. - The company is focusing on strategic collaboration with China Mobile, enhancing product offerings in AI security, cloud security, and data security, which are expected to drive future growth [6][10]. Financial Performance Summary - In 2024, the company's revenue from security products was 1.905 billion yuan, down 26.12% year-on-year, while revenue from security operations and services was 1.383 billion yuan, down 27.20% year-on-year [5]. - The gross margin for 2024 was 58.77%, an increase of 1.00 percentage points compared to the previous year [5]. - The company’s R&D expenses reached 852 million yuan in 2024, a year-on-year increase of 4.6% [5]. - The net profit margin for 2024 was -6.86%, a decrease of 23.27 percentage points year-on-year [5]. Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 0.25, 0.32, and 0.40 for the years 2025, 2026, and 2027, respectively [10]. - Corresponding price-to-earnings (P/E) ratios for these years are estimated at 61.00, 47.19, and 37.94 [10].

Core Viewpoint - China Mobile's acquisition of Qihoo 360 (002439.SZ) has led to disappointing financial results, with a significant revenue decline and the company's first annual loss recorded [1][2]. Financial Performance - In 2024, the company reported total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44% [2][9]. - The net profit attributable to shareholders was -226 million yuan, marking a shift from profit to loss for the first time since its listing [2][3]. - The company has experienced a cumulative cash flow deficit of 719 million yuan over three years from 2022 to 2024 [6]. Business Segments - The two core business segments, security products and operational services, both saw significant declines, with security product revenue at 1.905 billion yuan (down 26.12%) and operational services revenue at 1.383 billion yuan (down 27.2%) [9][7]. - Despite some growth in specific areas like cloud security and trusted security services, the overall revenue decline was not mitigated [7][9]. Strategic Challenges - The company faced challenges due to increased R&D investments, which rose by 14.95% to 980 million yuan, accounting for 29.56% of total revenue [3]. - Investment income and fair value changes decreased by approximately 352 million yuan (after tax), negatively impacting net profit [3]. Market Reaction - Since China Mobile's acquisition, the company's stock price has dropped nearly 40%, with a significant decline observed from the acquisition date [1][12]. - As of April 16, 2025, the stock closed at 15.18 yuan per share, below the acquisition price of 14.35 yuan [12]. Regulatory Issues - The company's subsidiary, Beijing Qihoo 360 Information Security Technology Co., Ltd., has faced procurement qualification suspensions due to alleged violations, impacting its operational capabilities [9][12].

Group 1: Innovation Ecosystem in Xiong'an New Area - The Xiong'an New Area is witnessing rapid development in industries such as artificial intelligence, robotics, and the metaverse, with a focus on collaborative innovation [1][2] - The R&D investment intensity in the Beijing-Tianjin-Hebei region has increased from 3.22% in 2013 to 4.27% in 2023, surpassing the national average by 1.62 percentage points [1] - Over 140 companies have settled in the Xiong'an New Area's Zhongguancun Science Park, including industry leaders and high-growth tech firms, creating a "class Zhongguancun" innovation ecosystem [2] Group 2: Technological Advancements and Applications - Zhaofu (Xiong'an) Technology Co., Ltd. has developed internationally leading nuclear radiation multi-modal smart wearable devices, showcasing the potential of the innovation ecosystem [2] - Huahui Chip Technology Group has created the world's first real-time hyperspectral imaging chip, with over 50 patented products serving more than 600 research institutions and enterprises [3][4] - The "Smart Ultrasound Remote Consultation System" developed by It Si Technology has been deployed in hospitals, enhancing remote medical consultations [4] Group 3: Industrial Collaboration and Development - Beijing Jingdiao Technology Group has established a three-region manufacturing model, significantly increasing production efficiency and output of precision machine tools [6] - The Xiong'an New Area is evolving from being an "executor" to a "co-creator" in industrial chains, with over 150 companies signed in the Xianghe Robot Town [7] - The region is focusing on deep collaboration in technology transfer and industrialization, with a total of 467 technology contracts worth 14.492 billion yuan signed in Langfang [7] Group 4: Policy and Strategic Recommendations - There is a need for unified policy coordination among Beijing, Tianjin, and Hebei to facilitate talent mobility and enhance the economic effects of technology transfer [8][9] - The integration of traditional industry upgrades and emerging industry cultivation is reshaping the development landscape of the Beijing-Tianjin-Hebei region [8] - Emphasis on both technological innovation and industrial innovation is crucial for injecting new momentum into regional industrial development [9]

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around the cybersecurity industry and a specific company, referred to as "Deep" or "Deep Technology" [1][2][4]. Core Points and Arguments 1. **Impact of AI on Cybersecurity**: The integration of AI is significantly influencing the cybersecurity landscape, affecting all stakeholders including users and suppliers. Deep is embracing AI development and has launched related solutions [2][4]. 2. **Sales Structure**: Deep's sales structure is evenly divided among three main sectors: telecommunications operators, government, and other industries such as finance and energy, each accounting for approximately one-third of total sales [3]. 3. **Market Demand**: There is a strong demand for cybersecurity solutions, particularly in data protection and security against data breaches. Deep is focusing on enhancing its technological defenses in response to increasing threats [4][22]. 4. **Project Cycles**: The project cycles for overseas markets are generally longer than those in domestic markets, which affects the speed of business development [5]. 5. **Revenue and Profit Trends**: Deep has reported a decline in both revenue and profit margins, but maintains a resilient operational performance. The company aims to improve product competitiveness and operational efficiency [1][12]. 6. **Government Sector Performance**: The government sector has shown stable performance without significant changes, and Deep is focusing on projects with good repayment capabilities [10][11]. 7. **Product Development**: Deep is committed to continuous innovation and product capability enhancement, particularly in AI and cybersecurity solutions [5][15]. 8. **Market Competition**: Deep faces competition from various international cybersecurity firms, particularly in the U.S. market. The company is working on strategies to penetrate these markets effectively [16][17]. 9. **Cost Management**: Deep is focused on controlling costs while enhancing product performance, which is seen as a competitive advantage [12][24]. 10. **Future Outlook**: The company anticipates that profit growth will outpace revenue growth in the long term, driven by improved operational efficiency and strategic project management [19][24]. Other Important but Possibly Overlooked Content 1. **AI Integration**: The integration of AI technologies is not only enhancing product capabilities but also improving operational efficiencies across various departments [20][21]. 2. **Focus on Domestic Sales**: A significant portion of Deep's sales is concentrated in the domestic market, with a strong emphasis on new product categories that align with local demands [14][15]. 3. **Long-term Strategy**: Deep's long-term strategy includes a cautious approach to growth, emphasizing quality over quantity in project selection and execution [24][25]. 4. **Employee Growth and Efficiency**: The company has expanded its workforce significantly, which has led to increased operational costs. However, there is a focus on improving employee efficiency to balance this growth [19][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction and operational challenges faced by Deep in the evolving cybersecurity landscape.

4月14日晚，启明星辰（002439）(002439.SZ)发布了2025年一季度业绩预告及2024年度报告，2025年一 季度毛利率同比明显改善，毛利率提升8个百分点，一季度实现盈利突破，为全年稳健经营与高质量发 展奠定基础。 积极拥抱AI时代聚力打造AI安全大模型及智能体的场景化应用 2025年，作为国内全面接入DeepSeek的头部网安厂商，启明星辰在一个月内连续推出了大模型应用安 全产品"新三件套"、大模型应用安全服务组合，以及《大模型深度应用安全基座》系列白皮书。借力 DeepSeek，启明星辰掀起了一场效率革命：威胁检测从人工分析的小时级压缩至分钟级，漏洞修复周 期从30天缩至7天，90%高频攻击实现30秒自动闭环。 取得这样成绩的背后，是启明星辰以周为周期实现产品迭代闭环，是公司一季度精准锚定AI大模型驱 动的安全产业新赛道，在大模型安全业务构建中抢占战略先机。公司通过"赋能安全"与"护航安全"双轮 驱动，迅速形成行业标杆落地案例。报告显示，一季度启明星辰大模型安全产品已经在医疗、公安等高 敏感场景实现标杆项目落地，成功将技术先发优势转化为行业示范效应。 实际上，自2024年以来伴随着新质生产力 ...

人类首次用AI智能体发起的网络攻击或正在现身。 今年2月成功在我国举办的某项重要体育赛事背后，一场网络安全较量暗流涌动。360集团（下文称"三 六零（601360）"）等网络安全机构开展的网络攻击溯源调查，首次锁定了发起攻击的个人。 据悉，针对此次赛事的攻击，妄图破坏、干扰赛事正常进行，以及通过攻击关键信息基础设施制造混乱 并窃取敏感情报。 三六零创始人周鸿祎表示，溯源攻击者是全世界公认的难题。攻击者会采取多种手段掩盖身份，例如此 次赛事攻击中，在中国周边国家购买大量跳板IP，每个IP只用一次，还会故意留下虚假线索误导溯源方 向。 据悉，面对AI黑客，即AI攻击智能体，三六零打造了安全专家智能体"AI红客"，将三六零顶级安全专 家的能力复制到AI智能体对抗AI黑客。 周鸿祎表示，AI红客同样可以不眠不休、反应迅速，而且可以无限复制，可以此应对AI时代的大规模 网络攻击。 据了解，在过去十几年间，三六零已经发现了56个APT（高级持续性威胁）组织，占国内所有发现APT 总数的98%以上。一些国家级黑客组织对我国关键基础设施、科研单位、政府机构进行长达十余年的网 络潜伏渗透和攻击。 此前三六零披露过美国情报机构对 ...

Group 1 - The core viewpoint of the articles emphasizes the collaboration between the Guangxi government and Qi Anxin Group to accelerate artificial intelligence security cooperation aimed at the ASEAN market [1][2] - The Guangxi government is committed to implementing national security strategies and leveraging opportunities from the national AI capability construction plan to enhance AI innovation cooperation with ASEAN [1] - Qi Anxin Group expresses confidence in the development potential of Guangxi as a gateway for cooperation with ASEAN and plans to invest in AI security, industrial development, and digital initiatives in the region [2] Group 2 - The establishment of the China-ASEAN AI Innovation Cooperation Center and the AI Security Research Institute is a key focus for both parties, aiming to enhance practical cooperation in AI security, cybersecurity, data security, and talent cultivation [1][2] - The 22nd China-ASEAN Expo and Summit will be a platform to showcase AI themes and promote new heights of cooperation with ASEAN [1] - The meeting included participation from various leaders and executives from both the Guangxi government and Qi Anxin Group, indicating a strong commitment to collaboration [2]

Financial Performance - The company reported a basic earnings per share of -0.1900 yuan for 2024, a decrease of 124.05% compared to 0.7900 yuan in 2023 [1] - The total revenue for 2024 was 33.15 billion yuan, down 26.45% from 45.07 billion yuan in 2023 [1] - The net profit for 2024 was -2.26 billion yuan, a decline of 130.5% from 7.41 billion yuan in 2023 [1] - The return on equity for 2024 was -1.93%, a significant drop of 120.02% from 9.64% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 17,046.21 million shares, accounting for 23.49% of the circulating shares, which is a decrease of 2,497.16 million shares from the previous period [2] - Hong Kong Central Clearing Limited holds 5,638.60 million shares, representing 7.77% of the total share capital, with a reduction of 1,847.95 million shares [3] - Wang Jia remains unchanged with 5,456.29 million shares, accounting for 7.52% of the total share capital [3] - Abu Dhabi Investment Authority is a new entrant among the top shareholders, holding 628.64 million shares, which is 0.87% of the total share capital [3] Dividend Policy - The company has not declared any dividend distribution or capital increase for the current period [3]

本次活动由山东省国家安全厅主办，旨在通过科技安全教育，加深民众对国家安全的认识理解，探索新 时代国家安全教育的创新实践。来自科技企业、高校及科研院所等机构的多位专家学者参会，通过主题 演讲、圆桌对话等形式，围绕"科技安全"议题展开研讨。 日，"新时代 新科技 新安全"第十个全民国家安全教育日暨科技安全主题活动举行。山东省国家安全厅 供图 其中，360集团创始人周鸿祎以《数字安全网络战与AI带来的安全问题》为题进行主题演讲。他认为， 数字化发展越快，安全挑战越大，网络攻击呈现国家机器化和专业集团化特点。 中新网北京4月14日电 (记者 张素)今年4月15日是第10个"全民国家安全教育日"。近日，"新时代 新科技 新安全"第十个全民国家安全教育日暨科技安全主题活动在尼山讲堂举行。 4月10 本次活动设有企业家圆桌对话环节。与会企业家表示，科技安全是新时代的"万里长城"，企业家是夯土 筑墙的"工匠"。安全不仅在于技术掌控，更在于凝聚人心，要激发人性中的"大我"精神，进而实现技术 突破与产业创新的真正跃迁。 还有与会专家认为，中华优秀传统文化蕴含着丰富的智慧与价值观，可以助力培养战略科学家，滋养科 技工作者的内心，让 ...

报告共计：96页 《中国数据安全市场研究报告（2025）》由赛博英杰出品，深入剖析了中国数据安全市场的发展状况，涵盖政策法规、市场规模、行业需求、技术产品以及 供给侧等多个关键领域。 - 政策法规与市场规模：政策法规体系不断完善，从《数据安全法》到《个人信息保护法》等相继出台，数据跨境流动监管升级，各行业法规标准有序推 进，推动数据安全产业稳步成长。在此背景下，数据安全市场规模逆势增长，2024年首次突破百亿，达到118亿元，4年增长近200%，复合增长率30.9%，且 未来3 - 5年有望持续高于网络安全市场规模增长率。 - 行业数据安全建设：不同行业数据安全建设呈现差异。政务行业，数据局领航建设，浙江、广东示范先行，数据安全服务跃居专项首位；金融行业，政策 细化，大型金融机构和中小型金融机构建设现状不同，银行建设增速放缓，保险行业反弹，数据脱敏等专项项目增长明显；运营商行业，工信部推动加强数 据安全基线建设，运营商内部要求高，数据安全管控平台和服务采购体量领先；医疗行业，整体处于初级阶段，三甲医院引领，安全服务采购量持续增长。 - 技术与产品发展：AI、隐私计算等技术在数据安全领域广泛应用。AI+数据分类 ...