据证券之星公开数据整理，近期安博通（688168）发布2025年中报。截至本报告期末，公司营业总收入 4.29亿元，同比上升123.98%，归母净利润-1.09亿元，同比下降77.53%。按单季度数据看，第二季度营 业总收入1.2亿元，同比下降10.65%，第二季度归母净利润-6015.9万元，同比下降129.3%。本报告期安 博通三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达94.33%。 本次财报公布的各项数据指标表现一般。其中，毛利率88.05%，同比增42.08%，净利率-28.81%，同比 增14.38%，销售费用、管理费用、财务费用总计4.22亿元，三费占营收比98.5%，同比增94.33%，每股 净资产13.21元，同比减13.71%，每股经营性现金流-2.68元，同比减12.8%，每股收益-1.42元，同比减 77.5% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.91亿 | 4.29 Z | 123.98% | | 归母净利润(元) | -6130.76万 | -1 ...

Core Viewpoint - Anbotong's revenue growth is distinct from its peers, driven by new trade business and a significant revenue surge in Q4 of the previous year, alongside a sharp increase in sales expenses due to the introduction of a new AI security business [1][3]. Revenue Performance - In 2024, Anbotong achieved an annual revenue of 737 million yuan, a year-on-year increase of 34.4%, but reported a net loss of 119 million yuan, a decline of 1107.0% [3]. - The Q1 revenue for 2025 reached 308 million yuan, marking a staggering year-on-year growth of 444.91%, yet the net profit remained negative at -48.68 million yuan [3]. - The Q4 revenue for 2024 was 439 million yuan, accounting for 59.57% of the total annual revenue, which is significantly higher than previous years [5][6]. Business Segmentation - The revenue breakdown by product shows that the AI security segment generated 259 million yuan with a gross margin of 67.44%, while the security gateway and management segments had gross margins of 55.15% and 79.08%, respectively [4]. Sales Expenses - Anbotong's sales expenses have surged, with the sales expense ratio increasing from 18% in 2023 to 89% in Q1 2025, primarily due to channel consulting fees directed towards a mysterious company, referred to as Company C [8][11]. - In 2024, total sales expenses amounted to 222 million yuan, with 135 million yuan allocated to consulting fees for Company C, which specializes in information and communication infrastructure [11]. Industry Context - The cybersecurity industry is experiencing a transformation, with a projected market size of 72.1 billion yuan in 2024, reflecting a slowdown in growth from 9.6% in 2023 to 3.8% [12]. - The competitive landscape is increasingly concentrated, with the top 10 companies holding 46.8% of the market share, leading to challenges for smaller firms [12]. Strategic Developments - Anbotong's strategic upgrade aims to leverage AI in cybersecurity, creating a synergy between technology, market expansion, and ecosystem partnerships with major players like Huawei and Inspur [13]. - The company is focusing on a dual-track strategy to enhance its capabilities in resource management and AI-driven scheduling, with plans for strategic acquisitions and internal restructuring [14].