Core Viewpoint - The company reported a revenue of 3.009 billion yuan for the first half of 2025, marking an 11.16% year-on-year increase, while the net profit attributable to shareholders was -228 million yuan, a significant increase of 61.54% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.747 billion yuan, reflecting a 4.50% year-on-year growth, and turned a profit with a net profit of 22 million yuan [1] - The company's gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points compared to the same period last year [3] - The operating cash flow improved from -977 million yuan in the previous year to -235 million yuan, primarily due to increased sales receipts and better supply chain management [3] Group 2: Business Segments - The company's network security business generated 1.435 billion yuan in revenue, a slight increase of 2.61% year-on-year, with strategic areas like XDR and MSS showing faster growth [2] - The cloud computing and IT infrastructure business saw a revenue of 1.395 billion yuan, up 26.15% year-on-year, driven by domestic demand and product quality improvements [2] - The basic network and IoT business reported a revenue of 179 million yuan, down 11.62% year-on-year, mainly due to intensified competition in the enterprise wireless market [2] Group 3: Cost Management and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a 6.81% year-on-year decrease in sales, management, and R&D expenses [3] - The net profit margin improved significantly to -7.56%, an increase of 14.31 percentage points compared to the previous year [3] - The company achieved a turnaround in Q2 with a net profit, indicating effective cost management strategies [3] Group 4: Investment Outlook - As a leading player in network security and cloud computing in China, the company is expected to benefit from the surge in AI demand, leading to rapid growth in its cloud business [4] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.23, 1.88, and 2.45 respectively, with corresponding price-to-earnings (PE) ratios of 97.3, 63.8, and 48.9 [4]

Group 1 - The stock price of Tianrongxin closed at 8.22 yuan on August 7, 2025, down by 0.12 yuan, a decrease of 1.44% from the previous trading day [1] - The trading volume on that day was 310,225 hands, with a transaction amount of 255 million yuan [1] - Tianrongxin specializes in the field of cybersecurity, focusing on the research, sales, and services of cybersecurity products, including firewalls, situational awareness, and endpoint security [1] Group 2 - The company recently disclosed a collaboration with Huawei to launch the Tianrongxin Intelligent Computing Integrated Machine (Ascend version), which is powered by Huawei's Ascend AI chip [1] - The Tianrongxin Kunlun Xinchang product series, based on Huawei's Kunpeng architecture, includes 15 categories and 27 products such as firewalls, situational awareness, and hyper-convergence, all equipped with Huawei's Kunpeng processor chip [1] Group 3 - On August 7, the net outflow of main funds was 31.84 million yuan, accounting for 0.33% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 7.48 million yuan, representing 0.08% of the circulating market value [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is recognized as a leading domestic alternative to VMware in the hyper-converged infrastructure (HCI) market, achieving a market share of 20.2% in Q4 2024 and 17.5% for the entire year, making it the top player in China's HCI market [7] - The acquisition of VMware by Broadcom has led to increased costs and customer churn due to higher subscription fees and bundled sales, creating an opportunity for the company to capture market share [7] - The company has developed a competitive edge with its virtualization performance, comprehensive migration tools, and future-proof architecture that supports AI upgrades without requiring significant infrastructure changes [7] - Key clients, including Guojin Securities and Jianghuai Automobile, have successfully migrated their critical operations to the company's solutions, indicating strong market acceptance [7] - The company is expected to benefit from a strategic shift in market sales and organizational structure, with revenue forecasts for 2025 and 2026 adjusted to 82.50 billion and 91.13 billion yuan, respectively [7] Financial Data and Profit Forecast - Total revenue is projected to be 8,250 million yuan in 2025, with a year-on-year growth rate of 9.7% [6] - The net profit attributable to the parent company is expected to reach 372 million yuan in 2025, reflecting an 89.2% increase compared to the previous year [6] - Earnings per share are forecasted to be 0.88 yuan in 2025, with a projected return on equity (ROE) of 3.9% [6]

Core Viewpoint - Huawei successfully held the 2025 Shenzhen government and enterprise commercial market storage product promotion conference, focusing on the theme of "Advanced Storage in Pengcheng, Achieving Good Business" to share the benefits of the digital economy and seize opportunities in the digital age [1] Group 1: Storage Industry Transformation - The explosion of AI data is driving a transformation in the storage industry, with a significant increase in demand for processing unstructured data, marking a critical turning point for intelligent upgrades in storage [3] - Huawei continues to innovate by launching high-performance file storage, hyper-convergence, AI inference platforms, and data backup solutions to help partners seize new opportunities and expand market space [3][6] Group 2: Simplified All-Flash Data Center - Huawei's all-flash data center features "flash storage for all, one step to success," providing high performance, easy deployment, and low-cost storage solutions through full-stack technology integration [5][6] - The focus for 2025 will be on sectors such as healthcare, education, and manufacturing, aiming to create a market space worth billions [6] Group 3: Hyper-Convergence Technology - Hyper-convergence technology is becoming the mainstream model for building IT infrastructure due to its lightweight, efficient, secure, and intelligent management characteristics [8] - Huawei has introduced new virtualization integrated machines and software business models to strengthen its commercial market layout, including the FusionCube 1000V, which meets diverse customer needs from traditional virtualization to hyper-convergence [8] Group 4: Full Flash Transition - The digital transformation towards all-flash storage is accelerating in industries like finance, healthcare, and government, with expectations that by 2027, over 90% of global storage will be all-flash [12] - Huawei's new entry-level storage products, including the OceanStor Dorado series, are designed to facilitate a smooth transition from hybrid flash to all-flash environments [12] Group 5: Storage Management Software - Huawei has upgraded its DME IQ cloud management platform to provide a one-stop operational platform for partners and customers, addressing high delivery costs and service barriers [14] Group 6: Partner Ecosystem and Policies - Huawei emphasizes the importance of a robust partner ecosystem and supportive policies to drive industry progress, focusing on building a fair and sustainable cooperation environment [15] - The company implements a dual-driven approach of "certificate incentives + platform empowerment" to enhance partners' delivery capabilities [17][19]

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 线上参与深信服 2024 年度业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 14 日 15:00-16:30 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 董事长、总经理：何朝曦 | | 公司接待人员 | 副董事长、副总经理：熊武 | | 姓名 | 副总经理、财务总监、董事会秘书：蒋文光 | | | 独立董事：叶钦华、曾斌、钱镇 | | | 一、公司董事长何朝曦先生汇报公司 2024 年度市值管理工作推进情况 | | | 各位投资者及股东下午好！现在由我向各位股东及投资者汇报公司 2024 | | | 年市值管理工作的推进情况： | | | 一、专注主业，稳健经营。2024 年，公司实现营业收入 75. ...

Financial Performance - In 2024, the company achieved an operating revenue of 7.52 billion CNY and a net profit attributable to shareholders of 197 million CNY, with a net cash flow from operating activities of 812 million CNY, maintaining stable operating performance year-on-year [2] - The company completed a second round of stock repurchase in April 2024, repurchasing 3.5277 million shares for approximately 200 million CNY [2] - A total cash dividend of 20.7532 million CNY was distributed in June 2024 [2] Investor Relations and Communication - The company published 166 announcement documents in 2024 and has been rated A-level for information disclosure by the Shenzhen Stock Exchange for five consecutive years [2] - Multiple channels for investor communication were utilized, including performance briefings, shareholder meetings, and interactive platforms [2] Market Outlook and Strategy - The cybersecurity market is currently in a downturn but is expected to see sustained demand growth due to digitalization and compliance-driven developments [4] - The company anticipates increased demand for cybersecurity solutions in 2025, driven by accelerated digital transformation and AI innovations [5] Business Development and Focus Areas - The company plans to focus on key product lines and XaaS (Anything as a Service) business for sustainable growth, integrating AI with cybersecurity and cloud computing [6] - The XaaS strategy has shown significant results, and the company aims to enhance annual recurring revenue and customer satisfaction [7] - Key products include network security and cloud computing, with a strong emphasis on new business areas such as AI computing platforms and security GPT [8] Talent Acquisition and M&A Strategy - The company recognizes the importance of talent and aims to attract young high-potential individuals, particularly in AI [12] - The company is open to mergers and acquisitions to accelerate business progress and acquire key talent, having established an industry fund for investment in startups [12]

2025 年 05 月 08 日 深信服(300454.SZ) 业绩逐步回暖，云计算向 AI 升级 事件概述 公司近期发布 2024 年年报和 2025 年一季报，2024 年公司实现营业 收入 75.20 亿元，同比下降 1.86%，实现归母净利润 1.97 亿元，同 比下降 0.49%。2025 年一季度，公司实现营业收入 12.62 亿元，同比 增长 21.91%，实现归母净利润-2.50 亿元，同比增长 48.93%。公司 业绩有所回暖，云计算业务向 AI 升级，有望带来新的增长点。 云计算业务带动增长，费用管控良好带来业绩弹性 从收入拆分来看，公司 2024 年网络安全业务实现收入 36.29 亿元， 同比下降 6.75%，我们认为主要是受到宏观环境的影响。公司多项产 品依然处于行业前列，且重点培养的 XDR、安全托管服务（MSS）增 长较快，市场份额逐年提升。因此未来若伴随宏观环境的逐渐改善， 公司网安业务仍有弹性。公司 2024 年云计算及 IT 基础设施业务收 入为 33.84 亿元，同比增长 9.51%。根据公司年报披露，2023 年全 年，深信服超融合以 17.5%的市占率，在中国超融合市 ...