当大模型浪潮席卷全球，中国通信产业链正经历一场从「万物互联」到「万物智联」的质变。浩瀚深度 (688292)，这家以网络可视化技术护航互联网发展的「隐形冠军」，正在AI革命中不断巩固其在既有业 务中的领先地位，重新定义自己的座标。 构建云网边端安一体化AI引擎在浩瀚深度董事长张跃看来，AI的本质是生产力范式的颠覆：「传统互 联网解决连接问题，而『AI+』的核心在于理解与决策。由此，价值创造从流量竞争转向决策效率与可 信协同的竞争，产业逻辑也随之从『应用驱动』转向『数据-模型-场景』闭环，企业组织向AI原生进 化。」 「过去的网络可视化是『摄像头』和『红绿灯』，现在则升级为『智能中枢』。」张跃如此比喻AI带 来的变革。目前，浩瀚深度通过机器学习分析流量行为，实现了安全防护从被动响应到主动预测——如 同在高速公路关卡精准拦截隐患包裹，而非等待威胁抵达用户终端。据悉，目前由浩瀚深度开发的数字 内容深度伪造安全检测系统，已经成功通过了中国信息通信研究院的深度合成鉴伪检测能力评估，成为 首批获得此认证的企业之一。 基于多年在行业的深耕，浩瀚深度以「赋能」与「守护」双轮驱动战略卡位新周期，即通过注入云—网 —边—端一体化 ...

Core Viewpoint - The financial performance of Haohan Deep (688292) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges ahead for the company [1] Financial Performance Summary - Total revenue for the first half of 2025 was 154 million yuan, a decrease of 34.95% year-on-year [1] - Net profit attributable to shareholders was 2.53 million yuan, down 92.58% year-on-year [1] - Gross margin improved to 65.27%, an increase of 21.95% year-on-year, while net margin fell to -0.56%, a decrease of 103.87% year-on-year [1] - The total of selling, administrative, and financial expenses reached 56.23 million yuan, accounting for 36.58% of total revenue, up 117.09% year-on-year [1] Key Financial Metrics - Earnings per share dropped to 0.02 yuan, a decline of 90.91% year-on-year [1] - Cash flow from operating activities showed a slight improvement, with a net cash flow of -0.03 yuan per share, an increase of 34.6% year-on-year [1] - The company’s total assets included 406 million yuan in cash, a significant increase of 117.79% year-on-year [3] Changes in Financial Items - The issuance of convertible bonds raised 354.29 million yuan, impacting cash and trading financial assets [3][11] - Accounts receivable decreased by 12.28% to 168 million yuan [1] - Significant increases in interest expenses were noted due to the issuance of convertible bonds, with financial expenses rising by 361.17% [9] Business Strategy and Future Outlook - The company aims to leverage the "Digital China" strategy and the opportunities presented by the AI industry revolution, focusing on enhancing its capabilities in digital security and data processing [15][19] - Haohan Deep is actively involved in the development of AI solutions, including the Haohan Morning Star AI model and digital content forgery detection systems [18] - The company is expanding its market presence in the financial sector through partnerships, such as with UnionPay Data, to enhance AI-driven financial services [21][22] Industry Position and Competitive Advantage - The company has established a strong foundation in data infrastructure and vertical market understanding, which positions it well for future growth in the data element market [16] - Haohan Deep is recognized as a leader in network visualization and AI forgery detection, contributing to national-level public internet security initiatives [19]

Core Viewpoint - Beijing Haohan Data Technology Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025, indicating challenges in the software and information technology service industry despite overall industry growth [3][4][7]. Company Overview and Financial Indicators - The company’s revenue for the first half of 2025 was approximately 153.71 million yuan, a decrease of 34.95% compared to the same period in the previous year [3]. - The total profit for the period was a loss of approximately 6.47 million yuan, a decline of 118.38% year-on-year [3]. - The net profit attributable to shareholders was approximately 2.53 million yuan, down 92.58% from the previous year [3]. - The company’s total assets increased by 34.55% to approximately 1.63 billion yuan compared to the end of the previous year [3]. Industry Development - The software and information technology service industry in China is experiencing steady growth, with software business revenue reaching 705.85 billion yuan in the first half of 2025, a year-on-year increase of 11.9% [7]. - The industry is characterized by rapid technological updates, high product added value, and a wide range of applications, making it a foundational and strategic sector for national development [7][8]. - The industry faces high entry barriers due to the need for specialized technical personnel and continuous innovation [8][9]. Market Opportunities - The network visualization market is expected to grow significantly, driven by the rapid development of the internet and the implementation of the "Broadband China" strategy [11][12]. - The demand for network visualization is increasing due to the explosion of data traffic and the need for enhanced network management and optimization [15][16]. - The integration of 5G technology and advancements in artificial intelligence are expected to further propel the growth of the network visualization industry [14][15]. Information Security Market - The information security industry in China is rapidly growing, with a projected market size approaching 400 billion yuan by 2026, driven by increasing digitalization and regulatory support [17][18]. - The market is expected to see significant growth in cloud security and IoT security, as these areas become critical due to rising security threats [18][20]. - The introduction of artificial intelligence in information security is enhancing threat detection and response capabilities, although it also presents new challenges [20][21].