中经记者 许璐 李晖 北京报道 近日，杭州阿里创业投资有限公司（以下简称"阿里创投"）再度抛出对安恒信息（688023.SH）的减持 计划。根据公告，阿里创投现持有安恒信息总股本的5.1969%，计划合计减持不超过公司总股本的1%， 此次减持后将退出5%以上重要股东行列。 值得注意的是，根据安恒信息近日发布的2025年业绩预告，公司已连续4年亏损，但经营亏损有所收 窄。 在业内人士看来，政策驱动下，数据安全、AI安全等新兴领域需求爆发，企业需优先投入技术研发以 抢占市场，导致短期利润承压。 高毛利率下 盈利迟迟未至 成立于2007年的安恒信息，于2019年登陆科创板，是国内较早聚焦数据安全与隐私计算的安全厂商之 一。公司主营业务涵盖网络信息安全产品研发、销售及服务，产品包括数据安全管理平台、恒脑安全垂 域大模型、防火墙及安全托管运营服务（MSS）等。所涉及的领域包括政务、金融、运营商、能源 等。 从股权结构看，安恒信息当前持股5%以上股东有两位：董事长范渊持股12.86%，阿里创投持股约 5.2%。事实上，自2024年以来，阿里创投已三度减持，持股比例由10.14%一路降至目前水平。若此次 减持完成，其将不再 ...

证券日报网讯1月23日，安恒信息在互动平台回答投资者提问时表示，公司积极把握人工智能大模型技 术的重大发展机遇，在已发布恒脑安全垂域大模型的基础上，进一步升级恒脑安全智能体平台，该平台 以恒脑安全垂域大模型为底座，结合安恒自研智能体框架，具备零代码和低代码创建智能体能力，内置 各类数据转换、安全分析、安全数据、安全知识等专用插件，支持通过MCP协议对接外部资源和服 务，任何经过简单培训的服务人员可基于业务场景需求快速构建智能体。公司积极推进现有安全产品的 智能化改造，依托恒脑智能体开发平台孵化出告警研判和降噪智能体、恶意邮件检测智能体、API安全 智能体、终端数据防泄漏智能体等数百个安全智能体，以上各种智能体已分批与安全产品进行深度融 合，包括AiLPHA态势感知产品、AiSort产品、AiLog产品和API安全产品等，在效能和效果上均有数十 倍的提升，极大地提升了产品的核心竞争力。此外，公司还深度聚焦人工智能大模型技术的安全应用与 风险防控，解决AI自身安全问题。 ...

Core Viewpoint - The cybersecurity industry in China is experiencing significant growth and transformation, driven by advancements in technologies such as artificial intelligence, quantum communication, and 6G, alongside a shift from compliance-driven to risk-driven security needs [1][4][7]. Market Growth and Trends - The global cybersecurity market is projected to reach $216.8 billion in 2024, with a year-on-year growth of 12.3% [1]. - China's cybersecurity market is expected to grow from $11.2 billion in 2024 to $17.8 billion by 2029, reflecting a compound annual growth rate (CAGR) of 9.7% over five years [1]. - Global cybersecurity IT investments are forecasted to increase from $244.4 billion in 2024 to $416.2 billion by 2029, with a CAGR of 11.2% [2]. Industry Development and Challenges - The cybersecurity industry in China is transitioning from pure market expansion to a focus on high-quality and sustainable development, influenced by digital transformation and improved regulations [2]. - The number of new cybersecurity companies in China has been increasing, with 30 publicly listed firms by mid-2025, and 12 of 24 analyzed companies projected to achieve revenue growth in 2024 [4]. - The market share of leading cybersecurity firms is declining, while mid-tier and small enterprises are gaining ground, indicating a shift in competitive dynamics [4]. Standardization and Governance - China is advancing its cybersecurity standards framework, which includes developing standards for software supply chain security and data classification, to support healthy industry growth [3]. - The establishment of standards is crucial for the governance of emerging technologies, such as artificial intelligence, providing compliance baselines and technical references [3]. Collaboration and Innovation - Industry stakeholders are encouraged to collaborate to enhance the cybersecurity ecosystem, focusing on key areas like chip technology and artificial intelligence [5]. - The integration of AI in cybersecurity is rapidly evolving, with companies deploying AI-driven solutions to improve operational efficiency and threat response [6]. Emerging Threats and Opportunities - The rise of AI technologies presents both opportunities and risks, as they can be exploited for sophisticated cyberattacks while also enhancing defensive capabilities [7]. - Experts emphasize the need for a comprehensive security framework that incorporates AI capabilities into security management and operational practices to effectively counter evolving threats [7].

Core Insights - The conference emphasized the integration of data and AI in enhancing the security industry, highlighting the importance of these elements for high-quality industrial development [1][3][12] Group 1: AI and Security - The company presented its DAS strategy, asserting that security is foundational for industrial development in the digital economy, with AI and data integration reshaping the security industry's technology and service boundaries [3][6] - The "Heng Brain" model, developed by the company, has evolved from version 1.0 to 3.0, showcasing capabilities in data governance, vulnerability analysis, and threat tracing, thus creating a comprehensive intelligent protection system [5][6] - AI technology has demonstrated significant effectiveness, achieving a 300% increase in operational efficiency and over 90% data noise reduction in API security monitoring, with a case study showing a reduction in risk alerts from 3,675 to 1,110 [5] Group 2: Data Utilization - The transition from "cherry freedom" to "data freedom" is seen as essential for the digital economy, with the company focusing on platforms that ensure data security while maximizing its circulation value [7][9] - The company has improved processing efficiency by 30 times in data classification and grading, addressing industry pain points related to static results and high manual review thresholds [7] - The company has participated in various pilot projects for trusted data spaces across multiple cities, utilizing privacy computing and blockchain technologies to ensure secure data circulation in sectors like healthcare and finance [9] Group 3: Service Innovation - The company is innovating its service model by establishing a cloud-based MSS service system that emphasizes proactive defense and dynamic operations, aiming for a threat response time of under 5 minutes [10] - The integration of AI into security services has led to a 70% increase in process efficiency for penetration testing and a 90% reduction in the complexity of security operation processes [10] - The company has played a crucial role in securing major events through technological innovation, reinforcing its commitment to building a secure digital world [10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated significant improvements in operational quality and efficiency, with a clear performance inflection point driven by AI product innovations [2][4] - The core product lines, particularly in data security and managed security services (MSS), have shown robust growth, with new AI-driven products contributing to this expansion [3][4] - The financial forecasts for 2025-2027 have been adjusted upwards, reflecting a recovery in demand within the cybersecurity sector [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.043 billion, a year-on-year decrease of 5.87%, while the net profit attributable to shareholders was a loss of 198 million, significantly narrowing from a loss of 360 million in 2023 [1] - For Q1 2025, the company reported revenue of 311 million, marking a year-on-year increase of 10.8%, with a net loss of 111 million, also a significant improvement from the 200 million loss in Q1 2024 [1] - The company’s expense ratios for sales, management, and R&D have decreased significantly, indicating effective cost control measures [2] Product and Market Development - The company’s AI strategy has led to substantial growth in key product areas, with data security new product contracts increasing over 40%, and MSS revenue growing by more than 25% year-on-year [3] - The introduction of new AI-driven products and platforms is expected to create new growth opportunities, enhancing the company's competitive position in the cybersecurity market [4]