投资者： 尊敬的董秘您好， 近年来香港积极推进数字货币及稳定币监管框架的完善，金融科技与网络 安全需求显著提升。公司近期与中移香港达成战略合作，现就以下问题请教： 香港金管局对稳定币发 行商的合规要求（如数据安全、反洗钱等）催生了大量网络安全需求。公司是否已为香港稳定币相关机 构提供定制化解决方案。公司在港澳市场已部署APT防御、数据防泄漏等产品，这些技术是否可应用于 稳定币的智能合约审计、跨境支付安全等场景 董秘： 您好，公司目前暂未涉及稳定币相关业务，公司也在积极关注稳定币相关的安全风险和应用进 展，感谢您的关注。 截至2025年7月2日收盘，启明星辰(002439)报收于15.54元，下跌1.52%，换手率2.54%，成交量18.46万 手，成交额2.87亿元。 董秘最新回复 投资者： 贵司目前是否涉及稳定币?贵司与稳定币有哪些关联？安全性方面是否有辅助? 董秘： 您好，公司目前暂未涉及稳定币相关业务，公司也在积极关注稳定币相关的安全风险和应用进 展，感谢您的关注。 投资者： 董秘你好，公司有稳定币方面的业务布局吗？ 董秘： 您好，公司目前暂未涉及稳定币相关业务，公司也在积极关注稳定币相关的安全风险和应 ...

智通财经6月20日电，天融信在互动平台表示，公司构建防御、防护、监测、阻断于一体的全链条全方 位"挖矿"专项治理方案，并推出了数据安全运营、数据分类分级、数据隐私保护、数据防泄漏、数据跨 境安全合规等相关产品，可为稳定币相关场景提供安全保障。 天融信：可为稳定币相关场景提供安全保障 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][7]. Core Views - The company reported a revenue of 5.198 billion yuan in 2024, a year-on-year decline of 22.69%, with a net profit attributable to shareholders of -413 million yuan. For Q1 2025, revenue was 640 million yuan, down 8.85%, with a net profit of -80.625 million yuan [3][4]. - Despite short-term performance pressure, the long-term positive trend remains intact. The company is positioned as a leader in the domestic operating system market and is expected to benefit from the national strategy for information technology innovation [3][4]. - The company's self-developed software business showed improvement, with revenue reaching 1.719 billion yuan in 2024, up 5.01% year-on-year, and a gross margin of 77.38%, an increase of 4.49 percentage points [4][5]. - The subsidiary, Kylin Software, continues to lead the Chinese Linux market for 13 consecutive years, with 2024 revenue of 1.438 billion yuan and a net profit of 502 million yuan, reflecting growth from the previous year [4][5]. - The company is enhancing its collaboration across the industry chain, with advancements in its Kylin operating system across various platforms and integration with AI technologies [5]. - The company is also making strides in the tax sector with the successful implementation of the Golden Tax Phase IV project, which significantly reduces transaction costs [5]. Financial Summary - The projected revenues for 2025-2027 are 6.923 billion yuan, 7.855 billion yuan, and 8.915 billion yuan, respectively, with growth rates of 33.2%, 13.5%, and 13.5% [9][10]. - The net profit attributable to shareholders is expected to recover to 127 million yuan in 2025, 255 million yuan in 2026, and 345 million yuan in 2027, with corresponding growth rates of 130.8%, 100.8%, and 35.3% [9][10]. - The report forecasts a PE ratio of 303X for 2025, 151X for 2026, and 112X for 2027, indicating a potential for valuation improvement as profitability returns [6][9].