Revenue and Profit - The company reported total revenue of 551 million yuan for the first half of 2025, representing a year-on-year increase of 9.59% [2] - However, the net profit attributable to shareholders was only 52.15 million yuan, showing a minimal growth of 0.17% year-on-year, while the non-recurring net profit decreased by 6.0% to 43.48 million yuan [2] Quarterly Performance - In the second quarter, total revenue reached 272 million yuan, with a year-on-year growth of 9.61%, and the net profit attributable to shareholders was 21.55 million yuan, reflecting a significant increase of 40.2% year-on-year [3] - Despite the improved quarterly performance, annual profit growth remains weak [3] Profitability - The company's gross margin was 62.36%, down by 9.02 percentage points compared to the same period last year, and the net margin was 9.47%, a decline of 8.59 percentage points year-on-year [4] - This indicates challenges in cost control, as profit margins have decreased despite revenue growth [4] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 180 million yuan, accounting for 32.67% of revenue, which is a decrease of 16.19% year-on-year [5] - Selling expenses decreased by 3.77% to 185.13 million yuan, while administrative expenses increased by 4.27%, and financial expenses saw a significant drop of 53.71%, mainly due to increased interest income [5] Accounts Receivable and Cash Flow - As of the reporting period, accounts receivable stood at 131 million yuan, representing 81.26% of the latest annual net profit, an increase of 12.27% year-on-year [6] - The operating cash flow per share was -0.15 yuan, a decline of 268.13% compared to the same period last year, indicating significant challenges in cash flow management [6] Industry and Market Position - The global cybersecurity IT investment is projected to grow from 215 billion USD in 2023 to 377 billion USD by 2028, with a compound annual growth rate (CAGR) of 11.9% [7] - The Chinese cybersecurity market is expected to expand from 11 billion USD in 2023 to 17.1 billion USD by 2028, with a CAGR of 9.2% [7] - The company holds a strong market position, ranking among the top four in firewall products for six consecutive years and third in the DDoS hardware security product market [7] Summary - Overall, the company achieved revenue growth in the first half of 2025 but struggled with profit growth, particularly in non-recurring net profit [8] - High accounts receivable and concerning cash flow conditions warrant attention for future improvements [8] - The company maintains a solid market position in the cybersecurity sector and is well-positioned to benefit from the industry's rapid growth [8]

IDC中国网络安全高级市场分析师王一汀表示，2024年，DDoS防护产品和服务市场增速有所放缓。与此同 时，T级DDoS攻击、智能化DDoS攻击、借助DDoS进行勒索等事件层出不穷，用户对于DDoS防护产品的能力 提出了更高的要求。未来，云原生化、智能化、平台化、一体化、服务化的DDoS产品服务将受到用户青睐。 智通财经APP获悉，近年来，分布式拒绝服务(DDoS)攻击的威胁形势日益严峻。IDC全球网络安全服务调研报 告显示，全球35%的CIO认为DDoS攻击缓解对于其组织网络安全防御具有重要意义，其中20%的CIO将持续增 加其在DDoS缓解上的投资。IDC数据显示：2024年，中国公有云抗DDoS市场规模约为23亿元人民币，规模同 比增长5.5%。除国内业务外，各技术服务提供商积极出海，在海外取得了较为喜人的市场结果。其中，中国电 信、阿里云、腾讯云、华为云、网宿安全在激烈的市场竞争中占据了主导地位。 IDC数据显示：2024年，中国抗DDoS硬件安全产品市场规模约为6.8亿元人民币，规模同比增长2%，受多种因 素影响，增速整体放缓。其中，华为、绿盟科技(300369.SZ)、迪普科技(300768.SZ ...