内容概要：WAF作为保障Web应用安全的基础性核心产品，一直以来都是企业网络安全防护体系、信任 体系构建的重要组成部分。云WAF就是基于云端的web应用防火墙，不需要用户安装，只需要把域名进 行解析到相关地址，就能使用云waf的防护功能。相比传统WAF，云WAF具有弹性扩展、高效防护、简 化部署、智能学习等显著优势。近年来，随着中国云计算市场的日益成熟，云WAF作为保护用户业务 安全免受各类网络威胁的重要产品，已经成为云上租户的首选，云WAF也在整体WAF市场中占据越来 越重要的地位。数据显示，2024年，中国云WAF市场规模达到19.5亿元，同比增长24.2%。互联网服 务、金融、政府为云WAF主要应用领域，同时随着越来越多的在线业务的开展，在线教育、在线医疗 等领域也成为了云WAF服务的主要需求方。随着企业在云环境中对WAF防护的需求不断提升，国内主 要云服务商加大了对Web安全的投入。与此同时，众多网络安全技术厂商也积极与云服务商展开合作， 陆续推出云WAF产品，力图在竞争激烈的云WAF市场中占据有利位置。目前，云WAF参与企业较多， 阿里云、华为云、中国电信、腾讯云、中国移动等厂商为市场主要玩家，占据 ...

Group 1 - The company, Tianrongxin, provides various cloud services including internet exposure detection, website security monitoring, threat intelligence analysis, cloud anti-DDoS, cloud WAF, and cloud EDR through its MSS security management platform and security cloud service platform [1] - The company is deepening its "AI + security" innovation practice by integrating AI technology into asset management, detection and protection, threat response, and strategy optimization, enhancing the detection and response capabilities against security threats through automation and intelligence [1] - In the field of quantum technology, the company has applied research results such as quantum password communication, quantum password authentication, quantum password signing, and quantum key generation to products like VPNs, bastion hosts, server password machines, and signature verification servers [1]

Core Viewpoint - Wangsu Technology Co., Ltd. reported a revenue of 2.351 billion yuan for the first half of 2025, reflecting a year-on-year growth of 2.19%, with net profit increasing by 25.33% to 373 million yuan, indicating strong operational capabilities and a solid business foundation [1] Group 1: Financial Performance - The company achieved a gross profit of 786 million yuan, up 7.71% year-on-year [1] - The net profit attributable to shareholders reached 373 million yuan, marking a 25.33% increase [1] - The non-recurring net profit was 261 million yuan, showing a growth of 22.53% year-on-year [1] Group 2: Business Segments - The company disclosed its security business revenue for the first time, which amounted to 645 million yuan, representing a year-on-year growth of 13.96% [1] - The growth in revenue and net profit is attributed to the performance of the newly disclosed security business and steady development in overseas markets [1] Group 3: Security Business Development - Wangsu's security brand has evolved since 2011, launching key products like Cloud Anti-D and Cloud WAF, and has undergone a brand upgrade in 2021 with a 1 billion yuan investment [2] - The security business has introduced a comprehensive security assessment service covering multiple dimensions, including model output security and data security [2][3] - The company was recognized as a leader in the IDC MarketScape for SASE services in China, highlighting its industry authority [2] Group 4: Edge AI Platform - The company upgraded its edge AI platform, creating a four-layer capability matrix that includes edge AI gateways and applications [4] - A new lightweight edge cloud host was launched, designed for various business scenarios such as AI proxy search and cross-border e-commerce [4] Group 5: International Expansion - The company is actively expanding into overseas markets, particularly in Southeast Asia and the Middle East, to drive business growth [5] - A subsidiary was established in Dubai to enhance local service capabilities and adapt to regional market demands [5]

Core Insights - The company reported a revenue of 2.351 billion yuan for the first half of 2025, representing a year-on-year growth of 2.19% [1] - The gross profit reached 786 million yuan, with a year-on-year increase of 7.71% [1] - The net profit attributable to shareholders was 373 million yuan, showing a significant year-on-year growth of 25.33% [1] - The company disclosed its security business revenue for the first time, which amounted to 645 million yuan, reflecting a growth of 13.96% [1] - The growth in revenue and net profit indicates the company's solid core business foundation and operational capabilities [1] Security Business Development - The security brand, launched in 2011, has introduced key products such as Cloud Anti-D and Cloud WAF, which have been validated in the market [2] - In 2021, the company upgraded its security brand and announced a 1 billion yuan investment, promoting a "systematic proactive security" concept [2] - The security business has released a deep assessment service for large models, covering multiple dimensions of security, aiding enterprises in building AI application ecosystems [2][3] - The company was recognized as a leader in the IDC MarketScape for Chinese intelligent security access services in 2025 [2] Edge AI Platform Advancement - The company upgraded its edge AI platform, focusing on a four-layer capability matrix: resources, models, services, and applications [4] - New products include the edge AI gateway and lightweight edge cloud host, designed to facilitate AI deployment and meet light computing needs [4] - The company is expanding its overseas market presence, particularly in Southeast Asia and the Middle East, to enhance local service capabilities [4]

Group 1: Company Overview and Strategy - The company has maintained a unique equity structure and management mechanism since October 2020, focusing on continuous innovation in various fields such as data security and AI+ security [3] - The company aims to become a leading provider of network security and intelligent computing solutions in China, embracing new technology directions [3] Group 2: Market Predictions and Growth - According to IDC, the Chinese cybersecurity market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [4] - The overall ICT market in China is expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [4] Group 3: Product Development and Sales Performance - The company has actively developed new products in emerging security fields, including IoT and cloud security, and has launched several innovative products [5] - As of April 2025, the company reported sales of over 2 million yuan for its intelligent computing integrated machine, with a target to exceed 100 million yuan in sales for the year [5] Group 4: Financial Performance - The company reported a net profit of 83.01 million yuan for 2024, recovering from a loss of 371.40 million yuan in 2023 [7][8] - The company anticipates a pre-loss of 65 to 75 million yuan for the first quarter of 2025, attributing this to seasonal business cycles [8][10] Group 5: Challenges and Future Outlook - The cybersecurity industry faces short-term demand pressures due to macroeconomic factors, but long-term support from policies and technological innovations is expected [6] - The company is focused on improving operational efficiency, reducing costs, and enhancing product quality to drive profitability and sustainable growth [10][12]