21 November 2025 Equity Research Report China Cybersecurity Equities Limited downside to demand; cost control drives earnings recovery Demand pressure persists; earnings recovery due to cost control measures. DBAPP's and QAX's 3Q25 revenue grew 6% and 18% y-o-y, respectively, backed by demand recovery from certain downstream industries (telecom, defense) and growth in new security subsectors. Both companies' recurring net loss narrowed, due to the implementation of expense control measures. Venustech's reve ...