证 券 研 究 报 告 奇安信-U（688561）2025 年半年报点评 强推（维持） 提质增效效果显著， "AI+"持续赋能 目标价：47.12 元 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 17.42 亿元， 同比下滑 2.30%；归母净利润亏损 7.7 亿元，上年同期亏损 8.2 亿元；归母 扣非净利润亏损 7.7 亿元，上年同期亏损 8.54 亿元。 评论： | | | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：胡昕安 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,349 | 4,612 | 4,940 | 5,299 | | 同比增速(%) | -32.5% | 6.0% | 7.1% | 7.3% | | 归母净利润(百万) | -1,379 | -320 | -57 | 142 | | 同比 ...

Core Insights - The company reported a steady improvement in operational quality with a revenue of 1.742 billion yuan for the first half of 2025, and a year-on-year net profit growth of 6.16% [1] - The total expenses (sales, R&D, and management) decreased significantly by 257 million yuan, leading to a 12.38 percentage point reduction in expense ratio [1] - The company established a specialized cash collection management organization to enhance cash flow, achieving a sales collection of 1.034 billion yuan in Q2, a year-on-year increase of 8% [1] Revenue Structure - The company focused on core clients, with enterprise clients contributing 78.74% to the main business revenue, followed by government and judicial clients at 14.54% and 6.72% respectively [2] - Key industries such as energy, finance, telecommunications, and special sectors accounted for over 50% of the company's main business revenue [2] - The company successfully secured major contracts in various sectors, including a significant project with a state-owned bank overseas valued at over 20 million yuan [2] Product Development and Innovation - The company saw a 6% year-on-year growth in new orders, with cloud and big data security growing over 24%, and industrial internet security increasing by over 61% [3] - New product launches included "Qianxin Cloud Mirror" and a next-generation network asset attack surface management system [3] - The integration of AI technology into product development has led to over 90% usage of AI code assistants among R&D personnel, with AI-generated code accounting for 5% of total code [3]

Group 1 - Qihoo 360 has won a bid for a network training ground project in a city in South China, with a project scale exceeding 10 million yuan [1] - The products included in the bid are Tianqing, JiaoTu, and NGSOC (Situation Awareness and Security Operation Platform) [1]

7月16日，由全景网组织，平安证券参与的上市公司价值发现之旅厦门站，探访央企科技龙头国投智能 （300188）（300188）顺利举行。本次活动通过实地调研、高管对话及深度交流，解码这家数字经济领 域领军企业如何以AI大模型为引擎，在新基建浪潮中构建增长新动能。 平安证券厦门部总经理潘锋，厦门部专家投顾邓新发，国投智能股份副总经理、董事会秘书高碧梅，总 会计师柳杨出席本次活动，平安证券高净值客户及媒体代表52人共同参与。 金融赋能科技：立体化价值发现新范式 活动伊始，平安证券厦门部总经理潘锋与国投智能副总经理、董事会秘书高碧梅分别发表致辞。 潘锋表示，此次采用"实地考察+高管对话"的创新调研模式，有效构建了上市公司与投资者的立体化沟 通渠道，他重点介绍了平安证券3.0服务体系的最新进展。 "我们正着力打造'专业买手+配置顾问'的双重服务角色，为高净值客户提供全生命周期的财富管理解决 方案。未来，平安证券会坚持以客户为中心，持续为高端客户提供专业、有价值的贴心服务。"潘锋强 调。 高碧梅则向投资者展示了国投智能的技术硬实力，取证标杆产品"取证魔方"累计销售额突破10亿元；公 共安全大模型"天擎"成为首批通过网信 ...

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].