Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Viewpoints - The company reported a revenue of 3.124 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -356 million yuan, primarily due to the consolidation of Yaxin Technology [8][3]. - The company's security business revenue decreased by 22.8% to 510 million yuan, while the gross margin for the cybersecurity business improved to 59.6%, up 4.7 percentage points year-on-year [8][3]. - The launch of the AI XDR product is expected to drive future growth, with orders already exceeding ten million [2][3]. - The collaboration with Yaxin Technology and other partners in AI model delivery is anticipated to enhance the company's ecosystem [2][3]. Financial Performance Summary - For 2025, the company expects net profits of 158 million yuan, 268 million yuan, and 320 million yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 55, 32, and 26 [4][3]. - The projected revenue growth for 2025 is 153.6%, with a significant increase in operating income expected in the following years [4][3]. - The gross margin is projected to stabilize around 43% from 2025 onwards, indicating a focus on improving operational quality [15][3].

半年度评估报告 为持续贯彻落实科创板上市公司"提质增效重回报"专项行动，亚信安全科 技股份有限公司（以下简称"公司"或"亚信安全"）在对2024年"提质增效重 回报"行动方案落实评估的基础上，于2025年4月29日发布了《"提质增效重回报" 年，公司根据行动方案内容，积极开展和落实各项工作，行动方案主要实施成果 及成效情况如下： 一、精耕主营业务，持续提质增效 亚信安全科技股份有限公司 管控成本费用以实现提质增效。报告期内，公司主营业务由网络安全和数智业务 两大板块构成。2025年上半年，公司整体实现营业收入31.24亿元，归属于上市 公司股东的净利润为-3.56亿元，实现归属于上市公司股东的扣除非经常损益的 净利润-2.52亿元。具体业务分部经营进展如下： （一）网络安全：毛利率达同期最高水平，提质增效举措成效明显。 中国网络安全产业正经历重要的转变，即从"合规驱动"向"需求驱动"过 渡，在这一过程中，结构化需求显著，AI注智、云化转型推动电信运营商、金融、 能源电力、智能制造等关键行业成为安全投入引领者，驱动安全厂商具备更高的 安全技术产品化、工程化水平：一方面安全能力要与行业业务系统及新型ICT基 础设 ...

Core Insights - The integration of AI into cybersecurity is creating more complex and frequent security threats, with global losses from large model security incidents projected to rise from $8.5 billion in 2023 to $14.3 billion in 2024, marking an increase of nearly 70% [2] - AI-assisted attacks are evolving rapidly, with a mutation rate of 93% every 24 hours, indicating a significant challenge for traditional security measures [2] Group 1: AI XDR System - The company proposes the AI XDR (Extended Detection and Response) system as a comprehensive solution to counter AI-driven threats, emphasizing a shift from traditional single-point defenses to a systematic, integrated approach [3] - The AI XDR system is described as a suite or scenario-based solution that integrates threat intelligence, behavior analysis, and automated response capabilities into a cohesive security framework [3] - The system aims to deliver a unified interface and a holistic security solution, moving away from the traditional model of delivering individual components [3][5] Group 2: Implementation and Benefits - The AI XDR system allows for a phased implementation, enabling companies to pilot the system in parts of their operations before full-scale deployment [5] - The system significantly reduces alert volumes and minimizes false positives and negatives, thereby alleviating the pressure on security operations personnel [5] - The transition to a new security paradigm is emphasized, where data-driven insights replace experience-based approaches, allowing for better threat perception and decision-making through AI [5]

Group 1 - The C3 Security Conference held in Nanjing on May 24, 2025, focused on the theme "Security + Intelligence, AI Wins the Future," attracting over 2,000 participants from various industries to discuss new paradigms in digital security [1][2] - The conference featured a main forum, five technical and industry sub-forums, a special event called "C3 Technology Night," and an exhibition area showcasing innovative technological achievements [1] - Notable speakers included industry leaders such as Wei Liang, Deputy Director of the China Academy of Information and Communications Technology, and Liu Xiangyang, Chief Information Security Officer of Midea Group, who discussed challenges in AI technology implementation and the evolution of cybersecurity threats [2] Group 2 - A new generation of systematic cybersecurity products, the AI XDR Linked Defense System, was launched by AsiaInfo Security, emphasizing integrated delivery to address cybersecurity threats [3] - AsiaInfo Security and China Unicom jointly released the "Unified Security Detection and Response Service Platform," along with the TrustOne Harmony version application and the "New Generation Terminal Security Harmony White Paper" [3] - AsiaInfo Security will serve as the exclusive cybersecurity partner for the 12th World Games in Chengdu, set to open on August 7, 2023, and announced the "2025 Cybersecurity Assurance System for the 12th World Games" [3]

Core Insights - The C3 Security Conference highlighted the escalating security risks associated with AI, with global losses from large model security incidents projected to rise from $8.5 billion in 2023 to over $23.5 billion by 2025, indicating a significant increase in AI-related security threats [4][6][10] - AI is exacerbating the asymmetry in cybersecurity, with attackers leveraging open-source tools and AI to enhance their attack methods, while defenders struggle with outdated techniques and resource constraints [5][9] Group 1: AI Security Challenges - The rapid mutation rate of AI-assisted attacks is alarming, with a reported 93% mutation rate every 24 hours in 2024 [4] - The attack efficiency of AI surpasses defensive responses, creating a technological imbalance where attackers can exploit publicly available data for training, while defenders face compliance issues [5][10] - The average time for attackers to breach systems is now 48 minutes, with the fastest recorded at 51 seconds, highlighting the urgency of the threat landscape [9] Group 2: Talent Shortage and Industry Response - There is a significant talent gap in the AI security field, with a shortage of over 300,000 professionals globally, particularly those with expertise in both AI and cybersecurity [10] - Companies are adopting a T-shaped talent development model to address the shortage, emphasizing the need for professionals who possess deep security knowledge and broad AI understanding [10] - The industry consensus is shifting towards a systematic and integrated defense approach, moving away from isolated defenses to a collaborative security matrix [11][12] Group 3: Future of Cybersecurity - The next decade is seen as a golden period for cybersecurity, with a predicted evolution towards cognitive security paradigms and self-supervised security systems by 2030 [13] - The integration of AI into security frameworks is expected to blur the lines between security and intelligence, leading to a new paradigm of "security intelligence" [13]