Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 47.12 CNY [2][8]. Core Views - The company reported a revenue of 1.742 billion CNY for the first half of 2025, a year-on-year decline of 2.30%. The net profit attributable to shareholders was a loss of 770 million CNY, an improvement from a loss of 820 million CNY in the same period last year [2][8]. - The company has shown significant improvements in efficiency, with a reduction in total expenses (R&D, sales, and management) by 14.37% year-on-year, amounting to 1.530 billion CNY [2][8]. - The company is actively integrating AI into its products, achieving notable results with various AI-enabled offerings [2][8]. - The company has accelerated its international expansion, securing significant contracts in overseas markets, including a project with a state-owned bank and a rail transit system [2][8]. Financial Summary - For 2025, the company is projected to achieve revenues of 4.612 billion CNY, with a growth rate of 6.0% [4][9]. - The net profit is expected to narrow to a loss of 320 million CNY in 2025, with further improvements anticipated in subsequent years, potentially turning profitable by 2027 [4][9]. - The company's total assets are projected to increase from 14.867 billion CNY in 2024 to 15.727 billion CNY by 2027 [9][4]. - The company’s debt-to-equity ratio is expected to rise from 31.5% in 2024 to 42.7% in 2027, indicating a potential increase in leverage [9][4].

Core Viewpoint - The report emphasizes the importance of "threat intelligence" in the context of increasing cybersecurity threats, shifting from passive to proactive security strategies, and highlights the need to clarify its definition and scope within the broader cybersecurity industry [1][2]. Market Overview - The report provides a comprehensive analysis of the current state of the threat intelligence market in China, including market size, growth trends, and key players such as 微步在线. It examines both supply and demand sides, assessing the capabilities and market shares of major threat intelligence vendors [1][2][36]. Development Insights - Future trends in the threat intelligence industry are explored, focusing on three main areas: international expansion of intelligence services, the impact of AI large models, and the integration of vulnerability intelligence. The report analyzes how these trends may reshape the industry landscape and create potential market opportunities [2][68][75]. Background on Cyber Threats - Cyber threats are on the rise globally, with an increase in both the number of attackers and the frequency of attacks. Reports indicate a 76% increase in the number of victims of large-scale ransomware attacks, with the technology, consulting, and financial sectors being the most targeted [3][7]. Corporate Perspective - As digital transformation accelerates, companies face increasing cybersecurity risks. The number of IoT connections is expected to grow from 16 billion in 2023 to 40 billion by 2033, leading to more vulnerabilities and longer patching times for critical software [7][10]. Policy Perspective - The government is actively promoting enhanced cybersecurity measures across enterprises, shifting from passive to proactive defense strategies. This includes the need for advanced detection and response capabilities to mitigate potential threats [10]. Definition of Threat Intelligence - Threat intelligence is defined as the collection and analysis of data to identify threats, attack vectors, and malicious actors. It can be categorized into tactical, operational, and strategic intelligence, each serving different roles in cybersecurity defense [13][19]. Value of Threat Intelligence - The report highlights that threat intelligence enhances proactive defense capabilities and overall security operations for enterprises. It enables organizations to anticipate threats and share information across departments, thereby maximizing security resources [19]. Comparison of Domestic and International Development - The development trajectory of the threat intelligence industry in China mirrors that of international markets but lags in maturity and speed due to its later start. Differences in product integration and usage levels are noted, with domestic firms still catching up to their international counterparts [22][25]. Product Commercial Models - The domestic market primarily utilizes threat intelligence through direct data consumption or integration with security monitoring products. Various models exist, including standardized API interfaces and threat intelligence platforms [26]. Product Capabilities and Vendor Competitiveness - Key product capabilities include accuracy, richness, and timeliness of threat intelligence. Vendor competitiveness is driven by data collection and analysis capabilities, with a focus on utilizing big data and AI technologies [29]. Vendor Characteristics - Major vendors in the threat intelligence space are differentiating their offerings based on their unique data sources, service experiences, and business characteristics. The report outlines the capabilities of several leading firms, including 微步在线 and 奇安信 [32][34]. Market Size and Growth - The threat intelligence market in China experienced a temporary decline due to the pandemic, with a projected market size of 1.61 billion yuan in 2024, reflecting a slight decrease from 2023. However, long-term growth is expected as security needs and product integration continue to rise [36][37]. Competitive Landscape - The market is characterized by low concentration, with leading firms like 微步在线, 腾讯安全, and 奇安信 actively expanding their product offerings and enhancing their competitive positions. Innovation and competition are anticipated to drive future industry dynamics [40]. Threat Intelligence Solutions - Various companies are developing comprehensive threat intelligence solutions, leveraging advanced technologies to enhance detection and response capabilities. For instance, 微步在线's NGTIP platform focuses on proactive threat detection through multi-source log analysis [44][47]. Emerging Trends - The report identifies two key emerging trends: the international expansion of threat intelligence services and the integration of AI large models to enhance operational efficiency and broaden application scenarios [68][72]. Additionally, the increasing focus on vulnerability intelligence is highlighted as a critical area for improving enterprise security [75].

Core Viewpoint - The report emphasizes the growing importance of "threat intelligence" in the context of increasing cybersecurity threats, shifting from passive to proactive security strategies [1][2][3] Market Overview - The report provides a comprehensive analysis of the current state of the threat intelligence market in China, including market size, key players, and future trends [1][2][37] - It highlights the significant growth in cyber threats, with a 76% increase in the number of victims of large-scale ransomware attacks and a 102% increase in attack frequency in certain industries [3][6] Development Insights - Future trends in the threat intelligence industry are explored, focusing on three main areas: international expansion of intelligence, AI large models, and vulnerability intelligence [2][70][74] - The report discusses the evolution of threat intelligence in compliance, technology, and application, indicating potential market opportunities [2] Background on Cyber Threats - The global landscape of cyber threats is characterized by an increase in both the number of attackers and the frequency of attacks, with significant impacts on various industries [3][6][11] - The digital transformation of enterprises is expanding their exposure to cyber threats, necessitating more comprehensive and timely protective measures [6][11] Threat Intelligence Definition and Value - Threat intelligence is defined as a high-level capability that enhances the proactive and timely defense of security products, allowing for real-time collection and analysis of global threat information [16][19][22] - The value of threat intelligence lies in its ability to improve proactive defense capabilities and enhance overall security operations for enterprises [22] Comparison of Domestic and International Development - The development trajectory of the threat intelligence industry in China is similar to that of overseas markets, but it lags in speed and maturity due to a later start [24] - Differences in security needs have led to variations in the integration of threat intelligence products between domestic and international markets [24] Business Models in China's Threat Intelligence Industry - The market primarily utilizes two approaches: direct application and consumption of threat intelligence data and platforms, and integration with security monitoring and response products [27] - The report outlines three types of pure intelligence products and various integration methods that form comprehensive products [27] Product Capabilities and Competitiveness - Key product capability indicators include accuracy, richness, and timeliness, while vendor competitiveness is driven by data and technology [30] - The ability to collect and analyze security big data is identified as a core competitive advantage for companies in the threat intelligence sector [30] Characteristics of Major Vendors - Major vendors in the threat intelligence space are differentiated by their foundational data, service experience, and business characteristics, leading to unique product capabilities [33] - The report provides a comparative analysis of five major vendors, highlighting their strengths and market positions [35] Market Size and Growth - The threat intelligence market in China experienced a short-term decline due to the pandemic, with a projected market size of 1.61 billion yuan in 2024, reflecting a slight decrease from 2023 [37][38] - The report anticipates a steady growth phase for the industry, driven by increasing security demands and product integration [38][41] Competitive Landscape - The market is characterized as low-concentration and oligopolistic, with leading firms like 微步在线, 腾讯安全, and 奇安信 establishing competitive advantages through differentiated capabilities [41] - The integration of new technologies such as AI and big data into threat intelligence is expected to drive competition and innovation in the industry [41] Vendor Solutions - Major vendors like 微步在线, 奇安信, and 腾讯安全 offer comprehensive threat intelligence solutions, leveraging advanced technologies to enhance security measures [45][58] - These solutions include various products and services aimed at improving threat detection, response, and overall security posture for enterprises [48][55][61]