证券日报网讯12月18日，天融信（002212）在互动平台回答投资者提问时表示，公司2018年开始在量子 计算领域进行投入和布局，投资安徽问天量子并与其达成战略合作，公司已将量子密码通信、量子密码 认证、量子密码签名、量子密钥生成等研究成果应用于VPN、堡垒机、服务器密码机、签名验签服务器 等产品中，可为量子通信、量子计算等相关场景提供安全防御。 ...

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]

Core Viewpoint - The company has been investing in quantum computing since 2018, establishing strategic partnerships and applying research outcomes to various security products [1] Group 1: Investment and Strategic Partnerships - The company began its investment and layout in the quantum computing field in 2018 [1] - It invested in Anhui Wentiang Quantum and established a strategic cooperation with them [1] - In 2025, the company formed a strategic partnership with Xintong Quantum to enhance security products [1] Group 2: Application of Research Outcomes - The company has applied its research results in quantum cryptography, including quantum password communication, authentication, signing, and key generation, to products such as VPNs, bastion hosts, and signature verification servers [1] - The company is promoting deep adaptation of its security products with Xintong Quantum's quantum security service platform [1] - It is conducting application pilot projects with provincial and municipal mobile companies, aiming to create standardized implementation plans based on pilot experiences for large-scale replication in various industries [1]

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]

Summary of Ziff Davis Conference Call Company Overview - **Company**: Ziff Davis (NasdaqGS: ZD) - **History**: Established over a century ago, originally focused on eFax services, diversified into digital media, software, and subscription data assets over the last decade [3][4] - **Business Structure**: Divided into five reportable segments: 1. **Tech and Shopping**: Brands include PCMag, CNET, RetailMeNot, focusing on consumer communities and e-commerce 2. **Gaming and Entertainment**: Includes IGN Entertainment and Humble Bundle, serving the gaming community 3. **Everyday Health**: Focuses on health and wellness, connecting pharma with consumers and professionals 4. **Connectivity**: Brands like Ookla and Ekahau, serving the broadband community 5. **Cybersecurity and MarTech**: Subscription and licensing services for marketing and cybersecurity [4][5] Financial Performance and Strategy - **Intrinsic Value vs. Share Price**: There is a perceived gap between the intrinsic value of Ziff Davis's businesses and its public share price, prompting a focus on capital allocation and stock buybacks [10][16] - **Stock Buyback Program**: Increased allocation of capital to stock buybacks, with approximately 3.6 million shares repurchased year-to-date, utilizing 80-85% of free cash flow [135][136] - **M&A Activity**: Seven acquisitions completed in 2025, with a focus on enhancing existing businesses rather than large-scale purchases [146][148] Market Dynamics and Growth Opportunities - **Conglomerate Discount**: The company acknowledges a conglomerate discount affecting its valuation, with hopes that the new five-segment reporting will help clarify the value of each division [18][35] - **Health and Wellness Growth**: The Everyday Health segment is experiencing double-digit revenue growth with high EBITDA margins, driven by connections between pharma advertisers and consumer health communities [40][55] - **Cybersecurity and MarTech Recovery**: This segment returned to growth in Q3 2025, with improvements in both the VIPRE business and consumer privacy services [84][86] Challenges and Considerations - **Traffic Dependency**: Approximately 35% of revenue is web traffic dependent, with half of that from search, raising concerns about future revenue stability as search dynamics evolve [112][114] - **Market Adaptation**: The company is aware of the changing landscape in digital media and search algorithms, which can impact revenue generation [127][129] Future Outlook - **Value Creation Focus**: The company aims to create shareholder value through disciplined capital allocation and enhancing business performance [154][156] - **Continued M&A Interest**: Ziff Davis remains open to considering transactions that could unlock value, especially if significant gaps in valuation are identified [37][39] This summary encapsulates the key points discussed during the Ziff Davis conference call, highlighting the company's structure, financial strategies, market dynamics, and future outlook.

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。 ...

Stop Using Your VPN—Feds Warn iPhone And Android UsersVPNs have operated largely under the radar for years, but now governments are taking an interest. These anonymity masks promise to hide your online activity and access restricted content. They’re unlikely to survive unscathed. https://t.co/avkqYYH2DQ ...

Google Issues VPN Warning—Check This List Before Installing Any AppsAs tens of millions of iPhone and Android users install VPNs for the first time, Google warns that “threat actors distribute malicious applications disguised as legitimate VPN services.” Many of these apps “impersonate trusted enterprise and consumer VPN brands,” making it even harder for smartphone users to stay safe. https://t.co/DjAbZsFiO5 ...

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]

VPN Ban—iPhone And Android ‘Privacy Nightmare’ Is Coming TrueThe latest privacy technology in the legislative crosshairs is VPNs. These secure tunnels route web traffic to and from devices via third-party servers. Their use is now surging, driven largely by porn bans and age verification checks, where users can pretend to be in different countries to skirt around new laws and internet policing. https://t.co/T41lCFtIpV (Photo: Getty Images) ...