Core Insights - The company, Qimingxingchen, reported its third-quarter results, highlighting its adaptability to market trends and focus on enhancing operational resilience and development quality in the cybersecurity industry [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.548 billion yuan, with a comprehensive gross margin increase of 7 percentage points year-on-year [2]. - The third quarter saw a nearly 16 percentage point increase in comprehensive gross margin compared to the same period last year [2]. - The net cash flow from operating activities increased by 443 million yuan, representing a 75% year-on-year growth, maintaining positive inflow for two consecutive quarters [2]. - The company has over 4.2 billion yuan in cash reserves and no interest-bearing debt, positioning it among the industry leaders in financial strength [2]. Strategic Collaborations - The company is deepening its strategic collaboration with China Mobile, which is accelerating the conversion of technological achievements into market expansion [2][4]. - The company’s large model application firewall (MAF) was selected as the sole cybersecurity vendor for a major internet company's large model security system, showcasing its leading technological strength in AI application security [3]. Technological Innovation - The company is actively pursuing cutting-edge technologies, including quantum computing, and is integrating quantum key distribution technology into its VPN products [4]. - In collaboration with China Mobile, the company won four out of seven first prizes in the 5G application security competition, demonstrating its capabilities in 5G-A and AI integration across various application scenarios [4]. Market Positioning - The company is focusing on high-margin project opportunities and optimizing its business structure to enhance the core value of its security products and services [2]. - It is committed to maintaining a long-term development strategy while pursuing sustainable and high-quality growth [4].

2、本次计提资产减值准备的类别及金额 本次计提信用减值损失和资产减值损失的资产项目主要为应收款项、存货、 长期应收款等，经测试公司2025年1-9月计提信用减值损失人民币3,614.57万元， 计提各项资产减值损失合计人民币-123.26万元，具体明细如下表： 证券代码：002439 证券简称：启明星辰 公告编号：2025-059 启明星辰信息技术集团股份有限公司 关于公司2025年1-9月计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第六届董事会第十二次会议，审议通过了《关于公司 2025 年 1-9 月计 提资产减值准备的议案》。根据《深圳证券交易所股票上市规则》《企业会计 准则》及公司会计政策、会计估计等相关规定，对截至 2025 年 9 月 30 日相关 资产计提了减值准备。现将具体情况公告如下： 一、本次计提资产减值准备情况概述 1、本次计提资产减值准备的原因 根据财政部《企业会计准则第 8 号——资产减值》《企业会计准则第 22 号 ...

表决结果：同意3票，反对0票，弃权0票。 经全体监事认真审核，监事会认为：董事会编制和审核《2025年第三季度报 告》的程序符合有关法律、行政法规、规范性文件及《公司章程》的相关规定， 报告内容能够真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、 证券代码：002439 证券简称：启明星辰 公告编号：2025-058 启明星辰信息技术集团股份有限公司（以下简称"公司"）第六届监事会第 十次会议于2025年10月28日在公司会议室以现场会议和通讯表决结合的方式召 开。本次会议通知及会议资料于2025年10月18日以电子邮件方式送达至全体监事。 本次监事会会议的应出席监事3人，实际出席监事3人，各监事均亲自出席，无委 托出席和缺席情况，会议由监事会主席李昕女士主持。本次会议符合相关法律、 行政法规、规范性文件及《启明星辰信息技术集团股份有限公司章程》（以下简 称"《公司章程》"）的有关规定。经出席会议的监事认真审核并进行表决，形成 决议如下： 一、审议通过了《关于公司2025年1-9月计提资产减值准备的议案》 表决结果：同意3票，反对0票，弃权0票。 经核查， 公司本次计提资产减值准备事项符合《企业会计 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-057 《关于公司 2025 年 1-9 月计提资产减值准备的公告》详见指定信息披露媒 体巨潮资讯网（www.cninfo.com.cn）和《证券时报》《中国证券报》《证券日报》。 二、审议通过了《关于公司<2025 年第三季度报告>的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经董事会认真审议，认为公司《2025 年第三季度报告》的编制和审核程序 符合有关法律、行政法规、规范性文件及《公司章程》的相关规定，报告内容能 够真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、误导性陈述 或者重大遗漏。 公 司 《2025 年 第 三季 度 报 告》 详 见 指定 信 息 披露 媒 体 巨潮 资 讯 网 启明星辰信息技术集团股份有限公司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）第六届董事会第十 二次会议于 2025 年 10 月 28 日在公司会议室以现场会议和通讯表决结合的方式 召开 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥415,106,802.30, a decrease of 44.82% year-on-year, and a total revenue of ¥1,547,688,828.48 for the year-to-date, down 33.46% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥122,406,453.15 for Q3 2025, a decline of 339.96% year-on-year, with a year-to-date net profit of -¥215,756,497.77, down 2.71%[5]. - The company's operating revenue for the first nine months of 2025 was 154,768.88 million, a decrease of 77,835.79 million or 33.46% compared to 232,604.67 million in the same period of 2024[19]. - The net profit attributable to shareholders was -21,575.65 million, reflecting a decline of 568.26 million or 2.71% from -21,007.39 million in the previous year[19]. - The company reported a net profit margin decline, reflecting the impact of reduced revenue and increased costs[28]. - The company reported a net loss of ¥219,060,804.47, compared to a net loss of ¥215,394,318.80 in the previous period, indicating a slight increase in losses[29]. - Operating profit was reported at -¥246,045,797.46, an improvement from -¥309,353,006.32 in the previous period[29]. - The company reported a total comprehensive loss of ¥220,283,180.74, compared to a loss of ¥215,710,302.07 in the previous period[29]. Profitability and Margins - The company's gross margin improved by 7 percentage points year-on-year, with a Q3 gross margin increase of nearly 16 percentage points, indicating a focus on high-margin projects[7]. - The weighted average return on equity was -1.09% for Q3 2025, reflecting ongoing challenges in profitability[5]. - The gross profit margin improved by 7 percentage points year-on-year, with operating costs reduced by 460 million, resulting in a smaller decrease in gross profit compared to revenue[19]. - Basic and diluted earnings per share were both -0.1775 yuan, a decrease of 0.0075 yuan or 4.41% from -0.1700 yuan in the previous year[19]. - Basic and diluted earnings per share were both reported at -¥0.1775, compared to -¥0.1700 in the previous period[29]. Cash Flow and Liquidity - Operating cash flow for the first three quarters increased by ¥443 million, a growth of 75%, with cash reserves exceeding ¥4.2 billion and no interest-bearing debt[8]. - The net cash flow from operating activities increased by 44,253.62 million or 75.04%, reaching -14,718.01 million compared to -58,971.63 million in the same period last year[19]. - Cash flow from operating activities showed a net outflow of -¥147,180,105.72, compared to -¥589,716,281.61 in the previous period, reflecting a significant reduction in cash burn[31]. - Total cash and cash equivalents at the end of the period stood at ¥731,816,102.78, down from ¥2,143,184,921.66 at the end of the previous period[33]. - The company generated ¥2,344,875,467.44 in cash inflows from operating activities, a decrease from ¥2,450,195,978.03 in the previous period[31]. - Cash outflows for operating activities totaled ¥2,492,055,573.16, down from ¥3,039,912,259.64 in the previous period, indicating improved cash management[31]. - Investment activities resulted in a net cash outflow of -¥947,911,879.58, compared to -¥1,757,355,385.65 in the previous period, showing a reduction in investment losses[31]. Assets and Liabilities - The total assets at the end of the reporting period were ¥13,163,809,191.38, a decrease of 4.46% from the end of the previous year[5]. - Total assets decreased to ¥13,163,809,191.38 from ¥13,778,075,142.42, a decline of 4.5%[26]. - Total liabilities decreased to ¥1,959,965,592.51 from ¥2,207,983,606.31, a reduction of 11.2%[26]. - Non-current assets increased to ¥6,309,891,335.68 from ¥5,375,688,599.36, an increase of 17.3%[25]. - Cash and cash equivalents decreased to ¥746,535,287.28 from ¥1,964,231,160.39, a decline of 62.0%[24]. - Accounts receivable decreased to ¥4,423,655,362.39 from ¥4,732,428,490.33, a reduction of 6.5%[24]. - Inventory increased to ¥600,799,182.11 from ¥463,009,920.76, an increase of 29.7%[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 94,870, with no preferred shareholders[20]. - The largest shareholder, China Mobile Capital Holdings, held 23.37% of the shares, totaling 283,109,667 shares[20]. - The company completed the repurchase and cancellation of 6,969,171 restricted shares, accounting for 0.57% of the total share capital before the cancellation[22]. Strategic Initiatives - The company has developed a "three-piece set + three services + three bases" product matrix for AI application security, achieving a 90% improvement in threat detection efficiency and a 99.9% noise reduction rate in alerts[10]. - The company has collaborated with China Mobile on four projects related to 5G-A technology, winning four first prizes in a national competition, showcasing its capabilities in 5G application security[11]. - The "Data Oasis" product line has been expanded, with a recent win of a national-level project for data flow security supervision in the healthcare sector, enhancing data safety compliance[12]. - The company aims to deepen existing business and explore emerging market opportunities, maintaining a long-term development strategy for sustainable growth in Q4 2025[14]. - The company focused on optimizing its business structure, emphasizing high-margin projects to enhance revenue quality despite the revenue pressure[19]. - Research and development expenses were ¥607,624,744.79, slightly decreased from ¥628,692,988.19, indicating a focus on maintaining R&D investment[28].

Core Viewpoint - On October 23, 2023, Qiming Star's stock rose by 1.92% with a trading volume of 217 million yuan, indicating a mixed sentiment in the market regarding the company's performance and financing activities [1]. Financing Summary - On the same day, Qiming Star had a financing buy-in amount of 20.94 million yuan and a financing repayment of 25.02 million yuan, resulting in a net financing outflow of 4.08 million yuan [1]. - As of October 23, the total financing and securities lending balance for Qiming Star was 774 million yuan, with the financing balance at 764 million yuan, accounting for 5.35% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, Qiming Star repaid 5,700 shares and sold 2,100 shares on October 23, with a selling amount of 32,300 yuan, while the securities lending balance was 9.37 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of securities lending [1]. Business Performance Summary - As of June 30, 2023, Qiming Star had 95,200 shareholders, an increase of 5.45% from the previous period, with an average of 7,615 circulating shares per person, a decrease of 5.17% [2]. - For the first half of 2023, Qiming Star reported an operating income of 1.133 billion yuan, a year-on-year decrease of 28.03%, while the net profit attributable to the parent company was -93.35 million yuan, showing a year-on-year increase of 48.78% [2]. Dividend and Shareholding Summary - Since its A-share listing, Qiming Star has distributed a total of 886 million yuan in dividends, with 518 million yuan distributed over the past three years [3]. - As of June 30, 2023, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the second-largest shareholder with 20.82 million shares, a decrease of 17.13 million shares from the previous period, while Southern CSI 500 ETF increased its holdings by 1.28 million shares to 10.81 million shares [3].

Core Points - The company announced a change in the representatives for its stock issuance project, appointing Mr. Huang Duo and Mr. Lu Xingyu as the new sponsors [2] Group 1 - The announcement was made on the evening of October 15 [2] - The stock issuance is directed towards specific investors [2] - The change in representatives is part of the company's ongoing financial activities [2]

证券代码：002439 证券简称：启明星辰 公告编号：2025-055 启明星辰信息技术集团股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）于近日收到中信 建投证券股份有限公司（以下简称"中信建投"）发来的《关于变更启明星辰信 息技术集团股份有限公司向特定对象发行股票保荐代表人的函》。中信建投作为 公司向特定对象发行股票项目的保荐机构，原指定王志宇先生和黄多先生为该项 目的保荐代表人，持续督导期为 2024 年 1 月 5 日至 2025 年 12 月 31 日。原保荐 代表人王志宇先生因个人工作调整原因，无法继续担任该项目的保荐代表人，为 保证持续督导工作的有序开展，中信建投现委派卢星宇先生（简历附后）接替王 志宇先生继续担任公司向特定对象发行股票项目的保荐代表人，履行持续督导工 作的职责，持续督导期至 2025 年 12 月 31 日。 本次变更后，公司向特定对象发行股票项目的保荐代表人为黄多先生和卢星 宇先生。本次保荐代表人变更不会影响中信建投对公司的持续 ...

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Core Viewpoint - The company has not yet initiated collaboration with Yushu Technology, indicating a cautious approach towards partnerships in the AI sector [1] Group 1: Company Developments - The company is actively monitoring advancements in embodied intelligence, which is a significant direction for AI technology implementation [1] - The company emphasizes the importance of addressing challenges related to social governance and ethical safety in AI development [1] Group 2: Industry Focus - The company is committed to enhancing research in AI application safety, aiming to ensure that artificial intelligence technology serves society in a safe and reliable manner [1]