三六零安全科技股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范三六零安全科技股份有限公司（以下简称"公司"） 的内幕信息管理，防范公司内幕信息知情人滥用知情权，泄露公司内幕信息进行 内幕交易，维护信息披露"公开、公平、公正"原则，根据《中华人民共和国证 券法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》 （以下简称"《指引》"）和公司《信息披露事务管理制度》等有关规定，结合 公司实际情况，制定本制度。 第二条 公司董事会应当按照本制度以及上海证券交易所相关规则要求及时 登记和报送内幕信息知情人档案，并保证内幕信息知情人档案的真实、准确、完 整，董事长为主要责任人；董事会秘书为公司内幕信息管理工作具体负责人，负 责办理公司内幕信息知情人的登记入档和报送等事宜。董事长与董事会秘书应当 对内幕信息知情人档案的真实、准确和完整签署书面确认意见。公司证券部协助 董事会秘书进行内幕信息知情人档案登记管理工作。 第三条 公司向内幕信息知情人员以外的人员提供非公开信息，应严格执行 《上市公司信息披露管理办法》《上海证券交易所股票上市规则》等有关规范性 文件以及公司《信息披露 ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 22.01 CNY, compared to the current stock price of 19.42 CNY [5]. Core Viewpoints - The company has demonstrated steady growth in performance, with a reported revenue of 551 million CNY for the first half of 2025, reflecting a year-on-year increase of 9.59%. The net profit attributable to shareholders reached 52 million CNY, a slight increase of 0.17% year-on-year [1]. - The launch of the domestically produced 400G computing switch series, which utilizes domestic CPUs and switching chips, is expected to drive new business growth for the company [1][3]. - The operator sector remains the largest revenue contributor, achieving 157 million CNY in revenue, a year-on-year growth of 16.75%. The financial sector saw significant growth, with an 85.58% increase in revenue to 78 million CNY [2]. Summary by Relevant Sections Financial Performance - The company reported a total revenue of 551 million CNY in the first half of 2025, with a net profit of 52 million CNY [1]. - Revenue breakdown shows that the operator business generated 157 million CNY, the government sector declined by 43.19% to 92 million CNY, while the public utility sector grew by 2.64% to 86 million CNY [2]. Product Development - The newly launched 400G computing switch series supports various data center features and is expected to enhance the company's product portfolio significantly [3]. - The switch series is designed with advanced technologies for efficient network traffic management and high-performance data transmission [3]. Market Outlook - The company is focusing on high-value clients in sectors such as telecommunications, finance, and energy, while gradually expanding into government and enterprise clients [9]. - Revenue projections for 2025, 2026, and 2027 are estimated at 1.28 billion CNY, 1.46 billion CNY, and 1.66 billion CNY, respectively, with net profits expected to reach 189 million CNY, 241 million CNY, and 294 million CNY [9].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.78 CNY over the next six months [5][9]. Core Insights - The company has shown improvement in its Q2 2025 performance, with a revenue of 4.91 billion CNY, reflecting a year-on-year growth of 8.72%. The net profit for Q2 2025 was 0.04 billion CNY, marking a significant increase of 103.17% year-on-year [1][2]. - The strategic focus is shifting towards the "Intelligent Computing Cloud" business, which is expected to drive new growth for the company. This includes the launch of integrated hardware and cloud platforms that combine security and computing capabilities [3][4]. Revenue and Cost Management - In Q2 2025, the company's revenue from the cybersecurity business was 7.18 billion CNY, a decline of 6.41% year-on-year, while the Intelligent Computing Cloud business generated 1.02 billion CNY, growing by 3.00% year-on-year [2]. - The company effectively controlled its expenses, with total R&D, management, and sales expenses decreasing by 14.04% year-on-year to 7.84 billion CNY, contributing to a significant reduction in losses [2]. Future Growth Potential - The company is positioning itself to leverage the trends in AI and computing power demand, aiming to establish a second growth curve through its Intelligent Computing Cloud initiatives [3][4]. - Revenue projections for the company are expected to improve, with estimates of 3.01 billion CNY in 2025, 3.30 billion CNY in 2026, and 3.64 billion CNY in 2027 [9][10].

Summary of the Conference Call for Guotou Intelligent Company Overview - **Company**: Guotou Intelligent - **Date**: August 26, 2025 Key Industry and Company Insights Financial Performance - **Order Amount**: Nearly 700 million yuan, a year-on-year increase of 42% [2][3] - **Revenue**: 558 million yuan, a year-on-year increase of 1.63% [2][3] - **Net Profit**: Non-GAAP net profit attributable to shareholders was -219 million yuan, a year-on-year reduction in losses by 17.83% [3] - **AI Product Revenue**: Approximately 167 million yuan, accounting for 30% of total revenue, marking it as a core growth driver [2][3] Revenue Breakdown by Segment - **Electronic Data Forensics**: Revenue of 206 million yuan, 37.02% of total revenue, with a market share of 61% [2][4] - **Public Safety Big Data**: Revenue of 200 million yuan, 35.83% of total revenue, with a slight decrease in gross margin but achieving the top market share [2][4] - **Digital Government and Enterprise Digitalization**: Revenue of 126 million yuan, a year-on-year increase of 86.62% [2][4] - **Cybersecurity**: Revenue of 25 million yuan, a year-on-year decrease due to project delays [2][4] Regional Revenue Performance - **East and South China**: Revenue of 302 million yuan, 54.21% of total revenue, a year-on-year increase of 25.16% [3] - **Southwest and Northwest**: Revenue of 120 million yuan, 21.76% of total revenue, a year-on-year increase of 18.77% [3] - **Northeast and North China**: Revenue of 109 million yuan, 19.47% of total revenue, a year-on-year decrease of 41.67% due to project delays [3] Strategic Initiatives - **AI Strategy**: Full implementation of the Owen AI strategy, integrating core capabilities into four major product lines [3] - **Innovation Collaboration**: Partnerships with universities and research institutions to focus on cutting-edge areas like large models and intelligent equipment [2][17] - **Cost Management**: Significant cost control measures implemented, including project pre-estimation and risk assessment to address declining gross margins and slow payment collection [2][5][14] Future Outlook - **Market Opportunities**: Expected business opportunities of approximately 6 billion yuan by 2025, with a 35% year-on-year increase in chip orders [2][28] - **Digitalization Growth**: Digitalization business expected to grow by 700% year-on-year [2][28] - **AI Patent Holdings**: Company holds 15% of relevant AI security patents and is involved in national platform construction [2][23] Challenges and Risk Management - **Accounts Receivable Management**: Measures taken to improve collection efficiency, resulting in a 3% year-on-year increase in cash collections [7] - **Asset Impairment**: Increased provisions for impairment due to slower project delivery and payment collection [7] Technological Advancements - **AI Product Development**: Launch of multiple AI products, including the Tianqing Public Safety Model and various intelligent tools for law enforcement [8][26] - **International Expansion**: International product releases covering 33 countries and hosting the 10th International Electronic Data Forensics Expert Forum [4][25] Conclusion - **Strategic Focus**: Guotou Intelligent aims to strengthen its core capabilities in data intelligence and security, enhance AI integration, and build a collaborative digital production system [28]

Summary of the Conference Call for Anbotong Company Overview - **Company**: Anbotong - **Industry**: Cybersecurity and AI Solutions Key Points and Arguments Financial Performance - Anbotong reported a revenue of 429 million yuan in the first half of 2025, representing a year-on-year growth of 123.98% driven by strong performance in the new security AI product line [2][3] - The company expects to maintain an annual gross margin of around 60% for 2025, significantly improved due to the abandonment of low-margin, high-risk projects [21] Strategic Developments - Anbotong has shifted its strategy to focus on high-margin projects, particularly in the AI and cybersecurity sectors, abandoning low-margin government projects [4][13] - The company has established the Luban AI Research Institute and launched the Yicai AI interaction architecture to enhance its influence in the AI security field [3][17] Product Innovations - Anbotong has applied for 24 new patents, received 13 invention patents, and obtained 52 software registrations, indicating a strong commitment to R&D [2][3] - The company has launched several products based on domestic chips, including an all-in-one machine and a liquid-cooled desktop silent all-in-one machine [5][6] Collaborations and Partnerships - Anbotong is collaborating with domestic chip manufacturer Jiangyuan to develop AI computing centers, with ongoing projects in Hubei and plans for deployment in Shandong [5][9] - The company has signed long-term cooperation projects in Japan and is expanding its security business in Malaysia and Indonesia [9] Market Position and Future Outlook - Anbotong is positioning itself as a key player in the integration of AI and cybersecurity, with a focus on enhancing operational efficiency for clients [17][19] - The company is actively exploring opportunities in the low-altitude economy, focusing on computing and network scheduling rather than the aircraft itself [20] Shareholder Developments - The chairman's transfer of approximately 5.6% of shares, locked for 18 months, is viewed positively by the market as it brings in supportive business resources [7][8] Challenges and Risks - The company has faced delays in project approvals, particularly in Shandong, which may impact timelines for revenue generation from certain projects [5][14] - Anbotong's cybersecurity business has seen a decline year-on-year, attributed to the strategic decision to exit low-margin projects [13] International Expansion - Anbotong's Hong Kong branch is handling stablecoin RWA business, which is restricted in mainland China, indicating a strategic move to leverage international markets [9] Future Projections - While the company has achieved over 100% revenue growth in the first half of 2025, uncertainties regarding project execution may affect future guidance [22] Additional Important Information - The company is developing compliance and security detection AI agents to enhance service delivery in various sectors, including medical devices [18] - Anbotong's collaboration with major model manufacturers focuses on project applications rather than direct security needs, indicating a strategic alignment with industry leaders [19]

Core Viewpoint - Qiming Star Technology Group Co., Ltd. (hereinafter referred to as "Qiming Star") reported a significant improvement in key financial metrics for the first half of 2025, including a revenue of 1.133 billion yuan and a reduction in net loss attributable to shareholders, indicating a solid foundation for stable development in the upcoming year [1] Financial Performance - In the first half of 2025, Qiming Star achieved an operating income of 1.133 billion yuan, with a year-on-year reduction in net loss attributable to shareholders [1] - The gross profit margin and accounts receivable indicators showed continuous improvement, particularly with positive operating cash flow in the second quarter [1] Technological Advancements - Qiming Star has been enhancing its core technological competitiveness by rapidly developing new products and exploring new business models, which has stimulated technological innovation [1] - The company optimized the Taihe security large model and built a collaborative intelligent body, Anxing, leveraging high-quality security datasets and computational resources from China Mobile [1] AI Applications - The Anxing intelligent body has been applied in security operations, threat detection, threat intelligence, and data security, significantly improving product capabilities and service efficiency [2] - Qiming Star launched a systematic large model security product matrix and implemented several benchmark projects, addressing security risks associated with large model applications [2] R&D Investment - As a leading enterprise controlled by a central state-owned enterprise, Qiming Star's ample financial reserves provide a solid foundation for resisting short-term fluctuations and support ongoing investments in future directions [3] - In the first half of 2025, R&D investment accounted for 37.67% of revenue, an increase of 3.64 percentage points compared to the same period last year, broadening the technological moat [3]

格隆汇8月26日丨中新赛克(002912.SZ)公布2025年半年度报告，上半年公司实现营业收入2.26亿元，同 比增长34.93%；归属于上市公司股东的净利润-6714.58万元；归属于上市公司股东的扣除非经常性损益 的净利润-7080.71万元；基本每股收益-0.39元。 ...

格隆汇8月26日丨山石网科(688030.SH)发布中报，2025上半年实现营业总收入4.17亿元，同比增长 9.46%；归属母公司股东净利润-7655.72万元，较上年同期亏损减少345.16万元；基本每股收益为-0.4248 元。 ...

Group 1 - The State Council has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," which emphasizes the integration of AI into various sectors of the economy and society, showcasing strong national support for building an intelligent economy and society [1] - The Opinions highlight China's advantages in data resources, complete industrial systems, and broad application scenarios, aiming to accelerate the cultivation of new productive forces and detailed deployment in new models, new formats, and safety governance [1][3] - The company 360 has implemented a "Security + AI" dual strategy, aligning its efforts with the national policy to safeguard the era and define the future through AI [1] Group 2 - According to Zhou Hongyi, large models have transitioned from a phase of disruptive innovation to a "refinement period," where the marginal returns on investment are decreasing, and the cost of deploying these models has significantly dropped, leading to a new era of large-scale commercial applications of AI [2] - The emergence of intelligent agents is seen as a solution to the limitations of large models, enabling them to perform complex tasks autonomously and effectively [2][3] - The Opinions provide strong support for the development of intelligent agents, setting goals for their application rates by 2027 and 2030, and 360 is building an intelligent agent factory to empower businesses with necessary infrastructure and capabilities [3] Group 3 - The Opinions emphasize the importance of security in AI, mentioning "security" 12 times and outlining specific requirements for enhancing security capabilities and creating a new governance framework [3] - The rise of "intelligent agent hackers" poses new challenges in cybersecurity, transforming traditional human-to-human confrontations into human-to-machine conflicts, which increases the asymmetry in network defense [3] - 360 leverages its expertise in the "Security + AI" domain to create a platform that enhances security capabilities and addresses the shortage of cybersecurity talent, effectively countering threats from intelligent agent hackers [4]

Core Viewpoint - The company reported a revenue of 1.133 billion yuan for the first half of 2025, with a net profit growth of 48.78% year-on-year, indicating strong financial performance and effective cash flow management [1]. Group 1: Financial Performance - The company achieved a revenue of 1.133 billion yuan in the first half of 2025 [1]. - The net profit attributable to shareholders increased by 48.78% compared to the same period last year [1]. - The comprehensive gross profit margin improved by 3.4 percentage points year-on-year [1]. - The second quarter saw a strong cash inflow, addressing seasonal cash flow fluctuations [1]. Group 2: Strategic Collaboration with China Mobile - The company is a dedicated subsidiary of China Mobile, focusing on cybersecurity and supporting the national security strategy [1]. - It is actively involved in the "BASIC6" innovation plan of China Mobile, enhancing the integration of cloud and cybersecurity capabilities [1]. - The company collaborates with China Mobile to explore a customer market space exceeding 1 billion users, leveraging China Mobile's extensive user base [4]. Group 3: Technological Advancements - The company is utilizing AI and cloud computing resources from China Mobile to enhance its security solutions, including the development of the Taihe security model [2]. - It has established a comprehensive cloud security framework that improves the efficiency of intelligent computing infrastructure [2]. - The company has released a white paper on low-altitude economic data security, supporting high-quality development in this sector [3]. Group 4: Market Expansion - The company is expanding its personal and family security market offerings, achieving significant revenue and user engagement with its security cloud solutions [4]. - It has tailored security products for enterprise digital transformation needs, addressing network security challenges for businesses [4]. - The company aims to deepen its strategic collaboration with China Mobile to enhance its market presence in consumer-grade security products [4][5].