转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）近日，启明星辰发布2025年业绩预告显示，公司预计实现营业收入23 亿元至24.2亿元。2025年公司净利润亏损，但第四季度业绩已展现出企稳向好的韧性，公司经营性净现 金流约2.9亿元，同比增长约190%，连续三个季度保持净流入态势。 公告显示，利润空间收窄主要源于毛利额的显著下滑。为把握重点行业的安全能力建设机遇，启明星辰 前瞻性地承担了科研类重大项目。因此类项目前期资源投入整体较高，因而对公司整体毛利水平产生阶 段性影响。 报告期内，网络安全市场需求仍待复苏，启明星辰表示，由于部分下游行业客户网络安全支出收紧，公 司整体业务与经营业绩产生阶段性压力。然而随着市场需求逐步筑底，公司第四季度收入降幅已呈现环 比收窄的积极信号。 面对外部挑战，启明星辰表示公司积极优化业务布局，着力培育新兴增长点，稳步推动业务结构调整。 公司在"AI+安全"技术方向，基于"安星人工智能安全运营系统"打造多智能体协同防御体系，实现威胁 全生命周期精准管控；在工业互联网安全方向，打造"京津冀产业协同与工业互联网网络安全平台"，构 建"六位一体"工业安全防护体系；在个人隐私保护方 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to ongoing challenges in the cybersecurity market and a tightening of spending from downstream industry clients [1][2]. Financial Performance Summary - The company anticipates a negative net profit for the period from January 1, 2025, to December 31, 2025, with financial data not yet audited by external accountants [1]. - The operating cash flow has turned positive year-on-year, achieving approximately 290 million yuan, a growth of about 190%, indicating strong cash reserves of around 4.6 billion yuan [8]. Revenue Changes - The company has shown signs of stabilization in the fourth quarter, with a narrowing revenue decline as market demand begins to recover [3]. - Collaboration with China Mobile has shifted from scale expansion to quality improvement, with a focus on strategic business areas such as cloud security [4]. Profit Changes - A significant decline in gross profit is the main factor affecting profit margins, attributed to lower revenue and high upfront costs from major research projects [5][7]. - The company has implemented cost reduction and efficiency improvement measures, successfully reducing operational costs despite the challenges faced [6][7]. Strategic Initiatives - The company is focusing on technological innovation in emerging security fields, maintaining high R&D investment to develop advanced security capabilities [9]. - Three growth curves are being developed: solidifying core cybersecurity business, focusing on new energy areas like AI and data security, and exploring personal and family digital security markets [11].

Core Viewpoint - Qimingxingchen Information Technology Group Co., Ltd. (hereinafter referred to as "Qimingxingchen") expects to achieve operating revenue of 2.3 billion to 2.42 billion yuan in 2025, despite being in a loss position, showing signs of stabilization and improvement in Q4 performance [1] Group 1: Financial Performance - In 2025, Qimingxingchen anticipates operating net cash flow of approximately 290 million yuan, representing a year-on-year increase of about 190%, with three consecutive quarters of net inflow [1] - The company has experienced a significant decline in gross profit, primarily due to reduced revenue and high upfront resource investments in major research projects, which have pressured current costs and overall gross profit levels [2] - The balance of accounts receivable at the end of the period decreased compared to the beginning, and the sales collection efficiency has significantly improved, contributing to sustained year-on-year growth in operating cash flow [3] Group 2: Market and Business Strategy - The cybersecurity market demand is still recovering, with some downstream industry clients tightening their cybersecurity spending, creating temporary pressure on Qimingxingchen's overall business and operating performance [1] - Qimingxingchen is actively optimizing its business layout, focusing on technological innovation and nurturing emerging growth points while steadily promoting business structure adjustments [1] - The company is enhancing collaboration with China Mobile, entering a phase of structural optimization and quality improvement, with a focus on cloud security and strategic business expansion in the government and enterprise market [2] Group 3: Innovation and Growth - Qimingxingchen maintains a high level of R&D investment intensity, focusing on developing high-quality security capabilities in line with national strategic emerging industries [4] - The company is planning three growth curves: solidifying the basic market with compliance-driven cybersecurity and trusted computing businesses, driving new momentum in emerging fields like "AI + security," and cultivating new markets in personal and family digital security [4] - The management expresses confidence in long-term development, aiming to leverage digital transformation and cybersecurity upgrade opportunities to create sustainable value for investors [5]