证券代码：688225 证券简称：亚信安全 亚信安全科技股份有限公司 二〇二五年六月 目 录 亚信安全科技股份有限公司 《科创板股票上市规则》 "）《亚信安全科技股份有限公司章程》 （以下简称 "《公司章程》"）以及《亚信安全科技股份有限公司股东大会议事规则》等有关规 定，特制定本会议须知： 一、为保证本次会议的严肃性和正常秩序，除出席会议的股东、董事、监事、 高级管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人 员进入会场。 二、出席会议的股东或其代理人须在会议召开前15分钟到达会议现场办理签 到手续，并按规定出示证券账户卡、身份证明文件或营业执照复印件（加盖公章）、 授权委托书等证明文件，经验证通过后方可出席会议。 三、本次大会现场会议于2025年6月23日下午14:00正式开始，会议开始后， 由会议主持人宣布现场出席会议的股东人数及其所持有表决权的股份总数，在此 之后进入会场的股东无权参与现场投票表决。 为维护亚信安全科技股份有限公司（以下简称"公司"）全体股东的合法权 益，保障股东在本次股东大会期间依法行使权利，确保股东大会的正常秩序和议 事效率，根据《中华人民共和国公司法》 （以下 ...

日本电信运营商KDDI与日本电气公司（NEC）将在网络安全业务方面展开合作。 ...

2025 年 5 月 6 日 公司研究 控费提质驱动净利扭亏，"安全为基，智算为擎，信创为锚"助公司发展 ——天融信（002212.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年度报告，2024 年公司实现营收 28.20 亿元，同比减 少 9.73%；实现归母净利润 0.83 亿元，同比扭亏。Q424 公司实现营收 12.38 亿元，同比下降 16.15%；实现归母净利润 2.52 亿元，同比扭亏。 云计算构筑第二增长曲线。分产品看，2024 年，公司云计算业务实现收入 2.56 亿元，同比增长 10.09%；网络安全业务实现收入 25.50 亿元，同比减少 11.49%。 分客户所在行业看，2024 年，公司政府及事业单位客户实现收入 12.76 亿元， 同比减少 10.58%；国有企业客户实现收入 8.65 亿元，同比减少 3.34%。 毛利率连续三年增长，控费提质效果明显。公司 2024 年毛利率同比增长 0.85 个百分点，由 2022 年的 59.72%提升至 2024 年的 61.04%。公司持续积极应对 行业和市场发展态势，深化实施增效提质战略。2024 年营销、研发、管理三 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.55 CNY, indicating a potential upside from the current price of 7.19 CNY [6]. Core Views - The company has shown resilience by achieving a turnaround in profitability, with a net profit of 0.83 billion CNY in 2024, compared to a loss in the previous year. However, revenue is expected to decline in Q1 2025, with estimates between 3.20 to 3.40 billion CNY, reflecting a year-on-year decrease of 19% to 24% [2][3]. - The company is focusing on enhancing operational efficiency and quality, leading to an increase in gross margin by 0.85 percentage points in 2024 and over 10 percentage points in Q1 2025 [2][3]. - The cloud computing segment is anticipated to become a new growth driver, with a 10.09% increase in revenue in 2024, while the cybersecurity business faced a decline of 11.49% [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 28.20 billion CNY, down 9.73% year-on-year, with a net profit of 0.83 billion CNY, marking a return to profitability [2][3]. - The Q1 2025 revenue forecast indicates a decline, with expected figures between 3.20 to 3.40 billion CNY, but the net loss is projected to narrow to between -0.75 to -0.65 billion CNY [2]. Business Segments - The cybersecurity business generated 25.50 billion CNY in revenue in 2024, while the cloud computing segment reached 2.56 billion CNY, showing a significant growth trajectory [3][4]. - The company has been actively managing project quality and focusing on high-repayment projects, which has contributed to the improved gross margin [3]. Strategic Initiatives - The company is strategically positioning itself in the cloud computing space, particularly in areas such as hyper-convergence and intelligent computing cloud platforms, which are expected to drive future growth [4][10]. - The launch of new products, including the intelligent computing cloud platform and integrated computing machines, aims to enhance the company's offerings and support clients in their digital transformation [4][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY, respectively, with net profits expected to grow to 1.68 billion CNY by 2025 [11][12].