Core Insights - Multiple cybersecurity companies are actively investing in AI technology development, enhancing their product capabilities and operational efficiency [1][2][3] - The integration of AI in cybersecurity is seen as a double-edged sword, presenting both new security risks and opportunities for improved efficiency [1][4] Group 1: Company Developments - Green Alliance Technology plans to launch AI security products, including an AI security integrated machine and a large model security assessment system [1] - North Trust has developed an AI capability platform that integrates large models and development tools, with applications delivered in finance and energy sectors [1][2] - Deepin Technology has incorporated large model technology into its cybersecurity products, including a security GPT and AI firewall, with plans for further investment in AI R&D [2] - Ant Group has released innovative products that combine cybersecurity and AI technology, including a trusted connection framework for smart glasses [2] - Starry Sky Technology's AI model has been applied in security operations and threat detection, significantly enhancing product capabilities [3] - AsiaInfo reported significant growth in AI model applications and deliveries in the first half of the year, focusing on AI model applications, 5G private networks, and intelligent operations [3] Group 2: Industry Trends and Challenges - Gartner's report indicates a shift in focus towards securing AI systems in cybersecurity, with expectations that 60% of large Chinese enterprises will adopt exposure management technology by 2027 [4] - The need for companies to be aware of risks associated with AI model applications, such as prompt injection and model manipulation, is emphasized [4][5] - The importance of supply chain security in AI applications is highlighted, with calls for enhanced version vulnerability management and code security audits [5] - The rapid adoption of AI models is expected to create significant security risks, necessitating a dynamic defense system and cross-departmental collaboration [5][6] Group 3: Recommendations for AI Security - Experts suggest mandatory registration for AI models to identify risks early and ensure comprehensive understanding of their security and usability [6] - Companies are encouraged to conduct compliance assessments and deploy specialized protections, such as AI security barriers, to defend against new types of attacks [6] - Establishing trust through security measures is seen as essential for promoting data flow and maximizing the value of AI applications across various industries [6]

近日，多家网络安全上市公司公布网络安全领域AI技术应用的新进展。绿盟科技、北信源向记者透露 AI创新成果，深信服、亚信安全等企业相继公布应用AI技术的网络安全产品以及市场应用。 行业专家认为，AI技术应用在带来新型安全风险的同时，也为网络安全行业提升效率、提高产品能力 带来机遇。 ● 本报记者 郑萃颖 蚂蚁集团也于近日发布了融合网络安全与AI技术的创新产品及解决方案。其中，智能眼镜可信连接技 术框架gPass已与Rokid、小米、夸克、雷鸟等智能眼镜品牌合作，率先落地"看一下支付"场景。在大模 型安全方面，蚂蚁集团展示了AIGC滥用检测、深度伪造防御在内的多项解决方案。 另外，启明星辰表示，其开发的安星智能体已经应用于安全运营、威胁检测、数据安全等产品或服务 中，显著提升了产品的能力和服务的效率。亚信安全称，上半年，公司AI大模型应用与交付业务实现 显著增长，未来公司将持续聚焦AI大模型应用与交付、5G专网与应用、数智运营三大增长引擎，加快 签单节奏。 AI应用带来安全新挑战 信息技术咨询公司Gartner的报告显示，中国网络安全的重点正逐步转向保障人工智能的安全，实现业 务转型并加强企业、机构的韧性。 "网 ...

Core Viewpoint - The company is focusing on the strategic layout of "AI + Security" in its core business of cybersecurity, leveraging AI to enhance security capabilities and optimize security models [1] Group 1: AI Empowerment in Security - The company is training and optimizing security large models and building intelligent security agents using AI [1] - The foundation of the security large model is based on China Mobile's Jiutian large model, supported by its powerful computing resources [1] - The company is continuously upgrading the Taihe security large model with high-quality security datasets, significantly improving product capabilities and service efficiency [1] Group 2: AI Application Security - The company is rapidly launching a matrix of large model security products to address security risks associated with large model applications [1] - A systematic solution has been formed to tackle the security risks of AI applications [1] - The company has not participated in the "Liuyun" large model [1]

Group 1 - The core viewpoint of the article highlights the advancements in AI agents, with companies like DeepSeek and China Telecom developing new models to enhance AI capabilities [2] - The company Yingxingshen (启明星辰) has reported progress on its Anxing AI agent, which is already applied in security operations, threat detection, and data security, significantly improving product capabilities and service efficiency [2] - In the "AI agent + security operations" area, the Anxing AI operational system has established a "security intelligent agent collaborative architecture," providing custom agents, knowledge base management, and visual workflow capabilities, enhancing the intelligence level of security operations [2] - The Anxing AI agent is deeply integrated with the XDR system in the "AI agent + threat detection" area, greatly improving the effectiveness of threat hunting, analysis, and defense [2] - The company aims to continuously evolve and innovate the capabilities of the Anxing AI agent to empower more security scenarios [2]

Core Viewpoint - The company has not participated in China Mobile's "Liu Yun" AI logistics model but is focusing on enhancing its own AI capabilities in the cybersecurity domain through collaboration with China Mobile's resources [1] Group 1: Company Strategy - The company is strategically positioning itself in the "AI + Security" direction, leveraging AI to enhance its cybersecurity capabilities [1] - It is training and optimizing a large security model based on China Mobile's Jiutian model, utilizing high-quality security datasets to improve its Taihe security model [1] Group 2: Product Development - The company has developed the Anxing intelligent agent, which is applied in security operations, threat detection, and data security products, significantly improving product capabilities and service efficiency [1] - A matrix of large model security products has been quickly launched to address safety risks associated with AI applications, providing a systematic solution [1]

Core Viewpoint - The company, Qiming Star, emphasizes that its Anxing Intelligent System is primarily designed for cybersecurity scenarios, leveraging self-developed security products and tools to enhance intelligent security operations, threat detection, data analysis, and proactive defense capabilities to address complex threats [1] Group 1 - The Anxing Intelligent System helps users build an AI + security protection system, improving efficiency and capabilities [1] - The company states that its intelligent system does not require adaptation to the Hongmeng Intelligent System in the current application scenarios [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 1.133 billion yuan for the first half of 2025, a year-on-year decline of 28.03%. The net profit attributable to shareholders was a loss of 93 million yuan, an improvement from a loss of 182 million yuan in the same period last year [2][9]. - The company is focusing on integrating AI into its operations, leveraging high-quality security data to enhance its AI models and applications, which has shown significant results in project implementations [9][10]. - The company aims to build a collaborative ecosystem in the cybersecurity sector, aligning closely with China Mobile's operational framework through strategic alliances and technological cooperation [9][10]. Financial Summary - The total revenue forecast for 2025-2027 is projected at 3.237 billion yuan, 3.639 billion yuan, and 4.057 billion yuan, with year-on-year growth rates of -2.4%, +12.4%, and +11.5% respectively [5][10]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 135 million yuan, and further increasing to 275 million yuan and 400 million yuan in 2026 and 2027 respectively, with growth rates of 159.6% and 104.1% [5][10]. - The earnings per share (EPS) are projected to be 0.11 yuan, 0.23 yuan, and 0.33 yuan for 2025, 2026, and 2027 respectively [5][10].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.133 billion yuan and a net profit growth of 48.78% year-on-year, indicating strong operational performance and improved key metrics [1] - The company is actively pursuing AI-driven security solutions, aligning with government initiatives to integrate digital technology with manufacturing and market advantages, and has launched a new safety protection track for large model applications [2][3] - The company has increased its R&D investment to 37.67% of revenue, up by 3.64 percentage points from the previous year, which supports rapid innovation and product iteration [4] Financial Performance - In the first half of 2025, the company achieved an operating income of 1.133 billion yuan and a net profit growth of 48.78% compared to the same period last year [1] - The company's gross profit margin and accounts receivable metrics have shown continuous improvement, with positive operating cash flow in the second quarter [1] Strategic Initiatives - The company is implementing the "AI+" action plan, optimizing its security large model and intelligent systems, and has developed a collaborative model for security operations, threat detection, and data security [2][3] - The company has launched a systematic large model security product matrix and has successfully executed several benchmark projects, positioning itself to capitalize on new opportunities in the security industry [3] R&D and Innovation - The company emphasizes rapid innovation driven by R&D investments, with a focus on weekly product iterations to meet market demands [4] - The launch of the DeepSeek R1 model has spurred interest in AI applications, leading to heightened attention on security issues from regulators and users [4] Market Outlook - The global market for AI-driven cybersecurity solutions is projected to reach 16.13 billion USD in 2024 and 43.16 billion USD by 2031, with a compound annual growth rate (CAGR) of 15.3% from 2025 to 2031 [5][6] - The company aims to be a leading force in national cybersecurity strategy, focusing on technological innovation and building a robust security framework to support the development of a digital China [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 22.99 [7][8]. Core Insights - The company reported a revenue of RMB 1.133 billion for the first half of 2025, a year-on-year decline of 28.03%, but the net profit attributable to shareholders improved, with a loss of RMB 0.93 billion, narrowing by 48.78% [1]. - The company is focusing on innovation and new business growth driven by digitalization, while also enhancing operational efficiency, leading to improved gross margins and accounts receivable management [1][2]. - The partnership with China Mobile has led to the launch of new security products, significantly increasing revenue from business customers by over 50% [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 59.91%, up 3.39 percentage points year-on-year, attributed to improved operational efficiency and a higher proportion of high-margin products [2]. - The operating cash flow turned positive in Q2 2025, showing significant improvement from a negative cash flow of RMB 1.62 billion in H1 2025 compared to RMB -5.19 billion in the same period of 2024 [2]. Business Development - The company is enhancing its "AI + Security" business layout, focusing on key industry customer needs and deploying advanced security models in critical sectors such as energy, healthcare, and public safety [4]. - The company has established a comprehensive ecosystem with China Mobile, integrating cloud, network, data, and endpoint solutions to expand into personal and family security markets [3]. Profit Forecast and Valuation - The revenue projections for 2025-2027 are RMB 3.714 billion, RMB 4.164 billion, and RMB 4.670 billion, respectively, with a target price based on a 7.5x PS ratio [5].

Core Viewpoint - Qiming Star Technology Group Co., Ltd. (hereinafter referred to as "Qiming Star") reported a significant improvement in key financial metrics for the first half of 2025, including a revenue of 1.133 billion yuan and a reduction in net loss attributable to shareholders, indicating a solid foundation for stable development in the upcoming year [1] Financial Performance - In the first half of 2025, Qiming Star achieved an operating income of 1.133 billion yuan, with a year-on-year reduction in net loss attributable to shareholders [1] - The gross profit margin and accounts receivable indicators showed continuous improvement, particularly with positive operating cash flow in the second quarter [1] Technological Advancements - Qiming Star has been enhancing its core technological competitiveness by rapidly developing new products and exploring new business models, which has stimulated technological innovation [1] - The company optimized the Taihe security large model and built a collaborative intelligent body, Anxing, leveraging high-quality security datasets and computational resources from China Mobile [1] AI Applications - The Anxing intelligent body has been applied in security operations, threat detection, threat intelligence, and data security, significantly improving product capabilities and service efficiency [2] - Qiming Star launched a systematic large model security product matrix and implemented several benchmark projects, addressing security risks associated with large model applications [2] R&D Investment - As a leading enterprise controlled by a central state-owned enterprise, Qiming Star's ample financial reserves provide a solid foundation for resisting short-term fluctuations and support ongoing investments in future directions [3] - In the first half of 2025, R&D investment accounted for 37.67% of revenue, an increase of 3.64 percentage points compared to the same period last year, broadening the technological moat [3]