亚信安全科技股份有限公司（以下简称"公司"） 拟于 2025 年 2 月 14 日 15 时召开 2025 年第一次临时股东大会，本次会议采用现场投票和网络投票相结 合的投票方式。具体内容详见公司于 2025 年 1 月 24 日在上海证券交易所网站（w ww.sse.com.cn）披露的《亚信安全科技股份有限公司关于召开 2025 年第一次临 时股东大会的通知》（公告编号：2025-010）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东大会网络投票提示服务，委托上证信息通过智能短信等形式，根据股 权登记日的股东名册主动提醒股东参会投票。投资者可在收到智能短信后，根据 提示信息（使用手册下载链接：https://vote.sseinfo.com/i/yjt_help.pdf） 直接参与投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投 票平台进行投票。 证券代码：688225 证券简称：亚信安全 公告编号：2025-012 亚信安全科技股份有限公司 关于股东大会开设网络投票提示服务的公告 本公 ...

证券代码：688225 证券简称：亚信安全 公告编号：2025-011 亚信安全科技股份有限公司 重要内容提示： 关于股东权益变动达到1%的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次权益变动为亚信安全科技股份有限公司（以下简称"公司"）股东南 京安融企业管理合伙企业（有限合伙）（以下简称"南京安融"）、南京安 宸企业管理合伙企业（有限合伙）（以下简称"南京安宸"）、广州亚信铭 安投资中心（有限合伙）（以下简称"广州铭安"）、广州亚信安宇投资中 心（有限合伙）（以下简称"广州安宇"）、天津亚信毅信技术咨询合伙企 业（有限合伙）（以下简称"天津毅信"）履行此前披露的减持股份计划 所致，不触及要约收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对公 司治理结构及未来持续经营产生重大影响。 本次权益变动后，股东南京安融、南京安宸、广州铭安、广州安宇、天 津毅信及其一致行动人南京亚信乐信企业管理中心（有限合伙）（以下 简称"南京乐信"）、南京亚信君信企业管理中心（有限合伙）（以下简称 " ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][16] Core Views - The company is a leader in the identity and endpoint security sector, recognized as a top player in China's cybersecurity software market. The acquisition of AsiaInfo Technology is expected to create significant synergies and enhance its market position [3][4] - The company has adjusted its 2024 net profit forecast to 0.11 billion yuan (previously 0.15 billion yuan) while increasing the 2025-2026 net profit forecasts to 2.31 billion yuan and 2.98 billion yuan respectively [3][4] - The company is entering a new growth phase, with a projected revenue of 31.1 to 42.6 billion yuan for 2024, and a significant turnaround in profitability driven by the recovery of its cybersecurity business and the successful consolidation of AsiaInfo Technology [4][5] Financial Summary - The company reported a revenue of 1.721 billion yuan in 2022, which decreased to 1.608 billion yuan in 2023, but is expected to increase to 3.711 billion yuan in 2024, representing a year-on-year growth of 130.8% [7] - The net profit attributable to the parent company is forecasted to recover from a loss of 291 million yuan in 2023 to a profit of 11 million yuan in 2024, and further to 231 million yuan in 2025 [7][12] - The gross margin is projected to decline from 52.8% in 2022 to 45.3% in 2024, before slightly recovering to 42.2% in 2026 [7][12] Business Performance - The cybersecurity business is expected to see a revenue growth of approximately 14% to 19% year-on-year in 2024, with an increasing proportion of standardized product revenue and improved efficiency in solution-based services [5][6] - The integration of AsiaInfo Technology is anticipated to enhance operational capabilities and market opportunities, particularly in the telecommunications sector and AI applications [6][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is expected to achieve a turnaround in net profit for 2024, with a forecasted net profit of approximately 8.5 to 12.75 million, driven by a growth in its core security business, which is projected to grow by 14% to 19% year-on-year [1][8] - The integration of Aisino Technology is anticipated to significantly enhance revenue and profit elasticity in 2025, with the company expected to benefit from its strong demand in manufacturing, finance, and energy sectors [2][3] - The company's core products, including next-generation endpoint security and cloud security, are expected to see substantial growth, contributing significantly to revenue [1][2] Financial Performance Summary - For 2024, the company is projected to achieve revenue between 3.11 billion and 4.26 billion, with a net profit turnaround to approximately 8.5 million to 12.75 million [1][8] - The revenue forecast for 2024-2026 has been adjusted to 3.698 billion, 10.258 billion, and 10.979 billion respectively, with net profit estimates of 0.11 billion, 2.24 billion, and 3.35 billion [3][12] - The company is expected to maintain a positive growth trend in 2024, with a significant increase in revenue and profit due to the merger and operational improvements [3][12] Key Financial Metrics - The projected operating revenue for 2024 is 3.698 billion, reflecting a 130% increase from 2023 [4] - The net profit for 2024 is expected to be 11 million, a significant recovery from a loss of 291 million in 2023 [4] - The company's PE ratio is projected to be 698 for 2024, decreasing to 34 and 23 for 2025 and 2026 respectively [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is expected to achieve a turnaround in net profit for 2024, with a forecasted net profit of approximately 8.5 to 12.75 million, driven by a growth in its core security business, which is projected to grow by 14% to 19% year-on-year [1][8] - The company’s revenue for 2024 is estimated to be between 3.11 to 4.26 billion, with a significant increase in revenue growth in Q4, exceeding 20% [1][8] - The merger with AsiaInfo Technology is anticipated to enhance revenue and profit, with adjusted revenue forecasts for 2024-2026 significantly increased [3][12] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 3.698 billion, a 130% increase from 2023, while net profit is expected to be 11 million, marking a recovery from a loss of 291 million in 2023 [4][12] - The company’s gross margin is expected to improve due to a higher proportion of standardized product revenue and efficiency gains in solution-based services [1][2] Business Development - The company has successfully completed compatibility testing for its new generation endpoint security product with HarmonyOS NEXT, positioning itself as a key security partner [2] - The company has launched a self-developed secure browser in collaboration with ByteDance's Feishu, enhancing its product offerings in the trusted workspace segment [2] Market Position - The company’s core products, including next-generation endpoint security and cloud security, are experiencing rapid growth, contributing significantly to revenue [1][2] - The company is expected to gain market share in the endpoint security segment, particularly as the overall industry faces a downturn [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve operating revenue of 3,474 million yuan in 2024, representing a year-on-year growth of 116% [2][3] - The company is projected to turn profitable in 2024 with a net profit attributable to shareholders of 12 million yuan, recovering from a loss of 291 million yuan in 2023 [2][3] - The company is focusing on enhancing its network security business, with expected revenue growth of 14-19% in this segment for 2024 [3] Summary by Sections Financial Performance - In 2022, the company reported operating revenue of 1,721 million yuan, which decreased to 1,608 million yuan in 2023, a decline of 7% [2] - The forecast for operating revenue is 10,377 million yuan in 2025 and 10,902 million yuan in 2026, indicating significant growth [2] - The net profit for 2024 is expected to be 12 million yuan, a substantial recovery from the -291 million yuan in 2023 [2][3] Profitability Metrics - The company's gross margin is projected to improve, with a forecast of 49.9% in 2024 and 50.0% in 2025 [4] - The net profit margin is expected to turn positive in 2024, reaching 6.8% [4] Valuation Ratios - The P/E ratio is forecasted to be 644.6 in 2024, decreasing to 37.9 in 2025 and further to 24.9 in 2026 [2][4] - The P/B ratio is expected to stabilize around 3.5 in 2025 and 3.2 in 2026 [2][4] Strategic Developments - The company completed a significant asset restructuring with AsiaInfo Technology in November 2024, which is expected to enhance its performance and create synergies [3] - The strategic focus on AI and data-driven technologies is anticipated to boost revenue contributions from core products and innovative business lines [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company expects significant revenue growth in 2024, with projected revenue between 3.11 billion to 4.26 billion yuan, representing a year-on-year increase of 93.40% to 164.91%. The net profit attributable to shareholders is forecasted to be between 8.50 million to 12.75 million yuan, marking a turnaround from losses [1] - The acquisition of AsiaInfo Technology is expected to enhance both revenue and profit, with the consolidation effect starting from November 9, 2024. The company aims to develop a dual strategy of "security + digitalization" to extend and enhance its product lines, with synergistic effects anticipated to become more evident in 2025 [1] - The company's original network security business is projected to achieve a revenue growth of 14% to 19% in 2024, despite a general industry slowdown. The focus on high-value customer segments and the increase in standardized product revenue are contributing to this growth [2] - Cost control measures have shown significant results, with a reduction in R&D and management expenses, while sales expenses have increased but yielded positive outcomes in revenue growth. The net cash flow from operating activities is expected to improve significantly in 2024 [3] Financial Summary - The company forecasts revenues of 3.65 billion, 9.95 billion, and 10.56 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.12 billion, 1.80 billion, and 2.77 billion yuan for the same years [4][5] - The earnings per share (EPS) is expected to recover from a loss of 0.73 yuan in 2023 to 0.03 yuan in 2024, and further to 0.45 yuan and 0.69 yuan in 2025 and 2026 respectively [5] - The company’s total assets are projected to grow from 3.40 billion yuan in 2023 to 6.52 billion yuan in 2026, indicating a strong growth trajectory [10]

证券代码：688225 证券简称：亚信安全 公告编号：2025-008 亚信安全科技股份有限公司 关于制定《外汇套期保值业务管理制度》的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 亚信安全科技股份有限公司（以下简称"公司"）于2025年1月23日召开第二 届董事会第十八次会议，审议通过了《关于制定<外汇套期保值业务管理制度>的 议案》。现将有关情况公告如下： 为进一步完善公司治理结构，提升公司规范运作水平，保护投资者合法权益， 公司根据《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第1号——规范运作》及相关法律、 法规、规范性文件的规定，结合公司实际情况制定《外汇套期保值业务管理制度》， 本制度自董事会审议通过之日起生效。 特此公告。 亚信安全科技股份有限公司董事会 2025年1月24日 ...

中国国际金融股份有限公司 关于亚信安全科技股份有限公司 控股子公司开展外汇套期保值业务的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为亚信 安全科技股份有限公司（以下简称"亚信安全"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管规则适用 指引第 1 号——规范运作》《科创板上市公司持续监管办法（试行）》等法律、 法规的要求，对亚信安全控股子公司亚信科技控股有限公司及亚信科技控股有限 公司合并报表范围内的子公司（以下简称"亚信科技"）开展外汇套期保值业务 的事项进行了认真、审慎的核查，核查情况如下： 一、交易情况概述 为有效规避和防范汇率风险，提高外汇资金使用效率，合理降低财务费用， 公司于2025年1月23日召开第二届董事会第十八次会议、第二届监事会第十五次 会议，审议通过《关于2025年度控股子公司开展外汇套期保值业务的议案》。公 司控股子公司亚信科技拟于2025年度开展外汇套期保值业务，品种具体包括远期 业务、掉期业务（货币掉期、利率掉期）、互换业务（货币 ...

亚信安全科技股份有限公司 关于2025年度控股子公司开展外汇套期保值业务的 可行性分析报告 一、公司开展外汇套期保值业务的背景及目的 在外汇环境不稳定、汇率波动较为频繁的背景下，为有效防范外币汇率波动 带来的风险，合理降低财务费用，亚信安全科技股份有限公司（以下简称"公司"） 的控股子公司亚信科技控股有限公司及亚信科技控股有限公司合并报表范围内 子公司（以下简称"控股子公司"）拟开展外汇套期保值业务。上述业务遵循合 法、谨慎、安全和有效原则，不做投机性、套利性的交易操作。 二、公司开展外汇套期保值业务的基本情况 公司控股子公司拟于2025年度开展外汇套期保值业务，品种具体包括远期业 务、掉期业务（货币掉期、利率掉期）、互换业务（货币互换、利率互换）、期权 业务（外汇期权、利率期权）及其他外汇衍生产品业务。公司控股子公司境内开 展外汇套期保值业务的交易场所为经国家外汇管理总局和中国人民银行批准、具 有相应外汇套期保值业务经营资格的金融机构，境外开展外汇套期保值业务的交 易场所为具有外汇衍生品业务经营资质的金融机构。 公司控股子公司拟开展的外汇套期保值业务的外币包括但不限于港币、美元 等，授权期限内预计在任一时点 ...