转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ);锐捷 网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：全球防火墙市场规模分析;市场规模预测;全球下一代防火墙市场规模分析 1、 全球防火墙市场规模 根据IDC数据，2016-2024全球防火墙市场规模呈现稳步增长的趋势，从2016年的69.24亿美元增长至 2024年的224.15亿美元。其中，2021年全球防火墙市场规模增速最高，高达30.03%。主要原因在于疫情 下远程办公普及，网络安全漏洞急剧暴露，企业为抵御网络黑客攻击、保障内部数据和核心业务安全， 迫切需要升级或新增防火墙设备，从而导致防火墙的采购需求大幅增长。 3、美国下一代防火墙市场发展前景 美国是下一代防火墙核心技术的发源地和迭代前沿阵地，持续占据全球下一代防火墙市场的最大份额。 根据IDC数 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ);锐捷 网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：防火墙行业企业融资事件汇总、产业基金、兼并重组 1、 防火墙行业投融资规模较小 根据IT桔子数据显示，我国防火墙行业投融资事件发生较少，2013-2025年，防火墙行业投资事件数量 均低于20起，2021年投资热度较高。2021年投资事件达到顶峰，全年共发生了16起投融资事件，投资金 额达16.8亿元。2022年开始行业投融资热度开始消退。2024年全年仅发生2起投融资事件，投资金额达 0.8亿元。截至2025年11月17日，我国防火墙行业融资事件发生4起，投资金额为2.1亿元。 2、 投融资轮次集中在天使轮和A轮 从防火墙行业的投资轮次分析，行业投融资轮次以早期为主，主要集中于天使轮和A轮融资。截至20 ...

与高质量发展。作为该奖项的获得者，天融信凭借深耕网络安全行业三十余年的深厚积淀与持续创新能 力，显示出强劲的品牌竞争力。 天融信（002212）创始于1995年，是上市公司中成立最早的网络安全企业，中国第一台商用防火墙的缔 造者，至今已连续25年位居国内防火墙市场占有率第一。多年来，天融信紧跟新技术、新应用、新场景 发展，前瞻布局 AI+安全、数据安全、智算云、信创安全、工业互联网安全、车联网安全等新业务方 向，成为国内自主研发产品品类最全且极少数拥有硬件芯片研发能力的综合型网络安全企业。迈入第四 个"十年"战略发展期，天融信将坚持安全与智算并进，致力于成为中国领先的网络安全与智算云解决方 案提供商，赋能各行业客户数字化、智能化转型升级。 网络安全作为国家安全的重要基石，是保障产业升级发展的核心基础设施。天融信持续加码AI、智算 云等前沿技术在安全领域的应用，以"十五五"规划蓝图为指引，在国产化、行业化、服务化、智能化方 向持续深耕，以技术创新守护数字中国建设，以安全能力赋能新质生产力发展。此次斩获"杰出品牌 奖"，既是行业对天融信过往成就的认可，更是对其未来引领行业安全发展的期许。在第四个"十年"发 展期， ...

Group 1 - The core viewpoint of the article is that Tianrongxin (002212) has clarified the application of its specialized chips in its own products, including firewalls, network isolation, and VPNs, and these chips are not currently sold externally [1] Group 2 - The company stated that its specialized chips are primarily used in proprietary products such as firewalls, network gateways, and VPNs [1]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要上市公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ); 锐捷网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：中国防火墙行业上市企业营业收入;中国防火墙行业上市企业毛利率;中国防火墙行业上 市企业存货周转率;中国防火墙行业上市企业资产负债率等 防火墙行业代表性上市企业情况 前瞻选取深信服、天融信、山石网科、迪普科技、启明星辰、奇安信、绿盟科技等代表性企业经营效益 分析整个行业经营效益。具体情况如下： 中国防火墙行业经营情况：代表性企业整体经营状况稳定 从我国防火墙行业营业收入水平来看，2020-2024年，防火墙行业上市公司营业收入整体呈现稳定的趋 势。其中，虽然天融信和启明星辰5年间营业收入整体下滑，但是2024年中国防火墙行业代表性上市公 司营收均值近似于2020年水平。 中国防火墙行业盈利能力：代表性企 ...

Group 1 - The company has collaborations with leading firms such as Huawei and Alibaba in areas like cybersecurity and data security [2] - Partnerships include joint promotion of domestic security products, smart cloud solutions, vulnerability detection, and compatibility certification [2] - Currently, the revenue from these collaborations constitutes a relatively small proportion of the company's overall revenue [2] Group 2 - The company's firewall, VPN, WAF, and EDR virtualization security products are now available on the Alibaba Cloud marketplace [2] - These products aim to provide cloud security assurance to customers [2]

Core Insights - The Chinese digital industry is entering a new phase of globalization characterized by "ecological, intelligent, and rule-based" development, driven by global economic adjustments and digital technology revolutions [1][4] - By 2025, the outbound strategy will shift from simple replication to "recreation" based on deep local market insights, integrating content innovation with new digital capabilities [1][4] - The outbound landscape is shaped by traditional markets maintaining a strong foundation while emerging markets are seen as growth opportunities, with North America and Western Europe focusing on technology and branding, while Southeast Asia and the Middle East emphasize operational speed [1][9] Outbound Drivers and Current Status - The report highlights the importance of bilateral cooperation agreements, such as the "China-ASEAN Digital Cooperation Plan" and "RCEP," which lower barriers in digital infrastructure, cross-border trade, and data flow [1][7] - The digital economy is experiencing a multi-polar and regionally distinctive development pattern, with different regions exhibiting unique digital ecosystems based on their industrial structures and regulatory environments [12] Key Policy Guidance - The report emphasizes the role of multi-bilateral digital economic cooperation in facilitating cross-border data flow and enhancing the digital trade landscape, which has seen significant growth in volume, increment, and quality [7] Target Market Selection - Traditional markets like North America and Western Europe remain the most popular outbound destinations, with 30.97%, 27.65%, and 27.58% of companies targeting these regions, respectively [9] - Emerging markets such as Southeast Asia and the Middle East are gaining traction due to their rapid economic growth and lower competition, providing vast opportunities for digital service companies [9] Challenges in Overseas Expansion - The outbound journey is fraught with challenges, including geopolitical fluctuations, compliance differences, supply chain vulnerabilities, and a shortage of international talent [13][14] - Companies face difficulties in navigating complex compliance environments, with significant risks associated with data compliance and local regulations [14] Digital Industry Outbound Analysis - The digital product manufacturing sector is witnessing a recovery, with high-end categories like smart hardware making significant strides in international markets [18] - The digital product service sector is transitioning from auxiliary sales to becoming a core component of international strategies, focusing on service innovation and compliance [20][21] Digital Industry Outbound Strategies - Companies are encouraged to adopt top-level design and environmental insights to navigate the complexities of global markets [1][6] - Emphasis is placed on building localized operational capabilities and selecting strategic paths that align with market demands [1][6]

格隆汇11月28日丨天融信(002212.SZ)在投资者互动平台表示，公司防火墙、VPN、WAF、EDR等虚拟 化安全网元产品在阿里云市场上线，可为客户提供云安全保障。 ...

Core Viewpoint - The Chinese firewall market is experiencing rapid growth, driven by the digital transformation of enterprises and increasing network security demands, with the market size expected to reach $2.8 billion by 2024 [15]. Industry Overview - Firewalls are essential network security devices that monitor, filter, and control network traffic based on predefined security policies, serving as the first line of defense against cyber threats [1]. - Firewalls can be categorized into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls, with NGFW integrating multiple security functions for improved performance [1][2]. Industry Chain Analysis - The firewall industry chain consists of upstream hardware components (chips, hard drives, etc.), midstream firewall products, and downstream application sectors including government, finance, telecommunications, and energy [5]. - Key upstream hardware companies include Loongson Technology and Huawei, while midstream product suppliers include Huawei, Sangfor, and Hillstone Networks [5]. Industry Development History - The firewall industry has evolved from simple packet filtering in 1989 to advanced AI firewalls that utilize machine learning for threat detection, addressing complex cyber threats [7]. Policy Background - The Chinese government emphasizes the importance of network security in its "14th Five-Year Plan," establishing a solid policy foundation for the firewall industry [9]. Market Size and Growth - The Chinese firewall market is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.9% from 2025 to 2030, reaching approximately $3.7 billion by 2030 [25]. Competitive Landscape - The firewall industry is concentrated in Beijing and Guangdong, with major players like Qihoo 360 and Sangfor located in these regions, facilitating collaboration and resource sharing [17][21]. - The market features numerous participants, with competition and cooperation occurring simultaneously among various companies [20]. Future Trends and Predictions - The industry is shifting towards intelligent firewalls and adapting to new architectures, with AI and machine learning becoming core upgrade directions [23]. - The market is also seeing a transition from product sales to service-oriented models, such as "Firewall as a Service," which lowers initial costs for small and medium enterprises [24].

Core Viewpoint - Tianrongxin has been investing in ASIC chip research since 2003 and has developed various specialized chips for its products [1] Group 1: Company Developments - The company has released network acceleration chips, network isolation chips, and encryption/decryption chips [1] - These specialized chips are utilized in the company's firewall, network gateway, and VPN products [1] Group 2: Market Situation - The company encourages investors to continuously monitor its information disclosures for updates on market conditions [1]