证券代码：300369 证券简称：绿盟科技 公告编号：2025-015 绿盟科技集团股份有限公司 关于 2022 年员工持股计划第三个锁定期解锁条件未成就的 （一）本期持股计划批准情况 公司于 2022 年 6 月 2 日召开第四届董事会第七次临时会议和第四届监事会 第三次临时会议，审议通过《2022 年员工持股计划（草案）及摘要》等相关议案； 于 2022 年 7 月 8 日召开 2022 年第一次临时股东大会，审议通过了前述相关议案， 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 （二）本期持股计划实施情况 公司于 2022 年 7 月 25 日收到中国证券登记结算有限责任公司深圳分公司出 具的《证券过户登记确认书》，"绿盟科技集团股份有限公司回购专用证券账户" 所持有的 771.35 万股公司股票已于 2022 年 7 月 22 日以非交易过户的方式过户至 "绿盟科技集团股份有限公司——2022 年员工持股计划"，过户股份数量占当时 公司股本总额的 0.9659%。具体内容详见公司于 2022 年 7 月 25 日在巨潮资讯网 （www.cninfo.com.cn ...

2、持续推进降本增效，Q1 三费均有所降低 1、Q1 营收保持稳定增长，利润同比亏损收窄 公司发布25Q1 季报，实现营业收入3.64 亿元，同比增长1.84%。实现归母净利润-1.02 亿元，同比去年 Q1 亏损收窄32.14%；实现扣非后净利润-1.08 亿元，同比亏损收窄30.41%；毛利率55.73%，同比降低 4.76pct。 考虑国内对于有效需求导致下游客户预算收紧等原因，我们下调此前盈利预测，预计公司25-27 年营收 25.83/27.92/31.48 亿元（原预测25 年36.04亿元），归母净利润0.07/0.64/1.16 亿元（原预测25 年3.82 亿 元），考虑网安行业需求逐步恢复以及受益Agent 加速落地，维持"买入"评级。 2024 年起，公司积极优化组织流程，提质增效，控制费用；着重加大回款考核力度和过程控制，加速 资金回笼。在控费措施下25Q1 三费均不同程度降低，三费总和为3.57 亿元，同比降低4.8%。其中，销 售费用1.73 亿元，同比降低4.27%；研发费用1.33 亿元，同比降低5.39%；管理费用0.51亿元，同比降低 5.95%。 风险提示：市场竞争加剧、 ...

营业收入同比高增，经营质量显著恢复。2024 年实现营收23.58 亿元，同比增长40.29%。分产品看， 2024 年，公司安全产品实现收入11.37亿元，同比增长45.16%；安全服务业务实现收入8.65 亿元，同比 增长18.40%；第三方产品实现收入3.55 亿元，同比增长112.82%。分客户所在行业看，2024 年政府及事 业单位客户实现收入6.39 亿元，同比增长46.61%；能源及企业客户实现收入7.35 亿元，同比增长 52.74%；金融和电信运行商客户收入分别同比增长24.23%、31.34%。公司重点聚焦电信运营商、能源 等需求稳定长期合作的价值客户，紧跟政策导向在央国企国产化领域快速落单，行业端收入增长明显。 2024 年公司毛利率为53.80%，同比增长7.65 个百分点，经营质量显著恢复。 费用控制良好，经营性现金流高增。2024 年，公司提质增效效果明显。 事件：绿盟科技发 布2024年年度报告，公司2024年实现营收23.58亿元，同比增长40.29%；实现归母净 利润-3.65 亿元，同比增长62.66%；实现扣非净利润-3.96 亿元，同比增长60.58%；单2024Q4 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1274 | -0.1878 | 32.16 | -0.2296 | | 每股净资产（元） | 3.09 | 3.26 | -5.21 | 4.37 | | 每股公积金(元) | 1.58 | 1.57 | 0.64 | 1.64 | | 每股未分配利润(元) | 0.11 | 0.51 | -78.43 | 1.70 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.64 | 3.57 | 1.96 | 3.29 | | 净利润(亿元) | -1.02 | -1.5 | 32 | -1.81 | | 净资产收益率(%) | -4.08 | -5.62 | 27.4 | -5.09 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27296.92万股，累计占流通股比： 34.1 ...

Financial Performance - The company's revenue for Q1 2025 was ¥363,543,374.36, representing a 1.84% increase compared to ¥356,985,933.63 in the same period last year[4] - The net profit attributable to shareholders was -¥101,868,672.07, an improvement of 32.14% from -¥150,109,796.26 year-over-year[4] - The basic earnings per share improved by 32.16% to -¥0.1274 from -¥0.1878 in the previous year[4] - Net profit for the current period was -¥101,870,497.14, an improvement compared to -¥150,300,148.46 in the previous period, indicating a reduction in losses of approximately 32.2%[29] - The total comprehensive income for the current period was -¥100,478,758.66, an improvement from -¥149,757,388.74 in the previous period, showing a reduction in comprehensive losses of approximately 32.9%[29] Cash Flow - The net cash flow from operating activities increased by 92.16% to ¥51,744,309.86, up from ¥26,927,422.23 in the previous year[13] - Operating cash flow for the period was ¥51,744,309.86, an increase of 92.3% compared to ¥26,927,422.23 in the previous period[31] - Total cash inflow from operating activities was ¥601,666,772.65, slightly down by 1.1% from ¥608,240,486.23 in the previous period[31] - Cash outflow from operating activities decreased to ¥549,922,462.79 from ¥581,313,064.00, reflecting a reduction of 5.4%[31] - The net cash flow from investing activities showed a significant outflow of -¥59,681,596.51, a 1237.97% increase compared to -¥4,460,608.77 in the previous year[14] - Cash inflow from financing activities was ¥104,477,711.42, down by 55.8% from ¥236,345,064.70 in the previous period[32] - Net cash flow from financing activities showed a significant decline to -¥120,934,630.18 from a positive ¥18,967,679.58[32] - The ending cash and cash equivalents balance decreased to ¥389,888,065.36 from ¥733,984,342.74, a drop of 47.1%[32] - The company received ¥20,208,404.43 in tax refunds, a substantial increase of 263.5% compared to ¥5,554,883.76 in the previous period[31] Assets and Liabilities - Total assets decreased by 5.10% to ¥4,378,380,104.70 from ¥4,613,581,963.76 at the end of the previous year[4] - The company's total liabilities decreased to ¥1,912,890,860.02 from ¥2,067,016,687.27, a decline of about 7.48%[25] - The company's equity attributable to shareholders decreased by 3.18% to ¥2,466,136,518.95 from ¥2,547,210,725.69[4] - The company's total current liabilities amounted to ¥1,467,974,149.37, down from ¥1,631,523,713.80, a decrease of approximately 10.03%[24] - Cash and cash equivalents decreased from 521,458,546.21 yuan to 394,473,086.23 yuan, a decline of about 24.29%[21] - Accounts receivable decreased from 1,030,247,590.74 yuan to 969,871,984.90 yuan, a decrease of approximately 5.85%[21] - Inventory decreased from 77,605,414.54 yuan to 50,272,134.19 yuan, a reduction of about 35.24%[23] - The company reported a total of 2,210,056,238.81 yuan in current assets, down from 2,436,003,730.84 yuan, a decrease of approximately 9.27%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period was 43,795[16] - The largest shareholder, Shen Jiyi, holds 10.04% of shares, totaling 80,250,145 shares[16] - The company has a total of 1,080,959.00 shares under lock-up due to management regulations[19] - The top 10 shareholders do not participate in margin trading or securities lending activities[17] Research and Development - The company reported a significant increase in research and development expenditures, with a 383.55% rise to ¥48,165,817.32 due to new capitalized projects[9] - Research and development expenses were ¥133,302,677.15, down from ¥140,892,648.60, reflecting a decrease of about 5.4%[28] Financial Costs - The company reported a financial cost of -¥4,022,379.67, compared to ¥4,352,661.21 in the previous period, indicating a significant improvement in financial expenses[28] Other Information - The company did not conduct an audit for the first quarter report[34]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company has shown significant recovery in operational quality, with a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29% [2]. - The company reported a net profit attributable to shareholders of -365 million yuan in 2024, which is a 62.66% improvement compared to the previous year [2]. - The company has focused on expanding its "AI + Security" product line, with notable growth in orders for security services [3]. Financial Performance - In 2024, the company achieved a revenue of 2.358 billion yuan, with a breakdown showing security products generating 1.137 billion yuan (up 45.16%), security services at 865 million yuan (up 18.40%), and third-party products at 355 million yuan (up 112.82%) [2]. - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, indicating a significant recovery in operational quality [2]. - The company managed to reduce total expenses by 6.85% year-on-year, with sales, management, and R&D expenses amounting to 1.578 billion yuan [2]. - Operating cash flow increased by 167.2% year-on-year, reaching 136 million yuan in 2024 [2]. Product and Technology Development - The company has made significant advancements in various technology fields, including APT detection and monitoring, and has launched several innovative products in data security [2][3]. - The introduction of the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" model risk assessment product highlights the company's commitment to integrating AI into its security offerings [3]. - The company has successfully adapted its products to various domestic CPU and operating systems, enhancing its competitiveness in the domestic market [2]. Future Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025, 2026, and 2027 respectively, reflecting a recovery in profitability [5].

Group 1 - The core viewpoint emphasizes the increasing importance of cybersecurity in the context of rapid AI development, highlighting the role of Green Alliance Technology as a key player in this field [1][2] - Green Alliance Technology has established itself as a "security expert behind giants," providing comprehensive cybersecurity solutions to major industry clients such as telecommunications, banking, and energy sectors [1][2] - The company operates over 50 branches in China, offering a full range of cybersecurity products and services to various industries and enterprise users [1] Group 2 - Green Alliance Technology is actively adapting to the growing cybersecurity challenges posed by AI and large models, with its Tian Shu Laboratory focusing on innovative research to support the company's development in this area [2] - The company maintains a high level of R&D investment, with R&D expenses reaching 416 million yuan in the first three quarters of 2024, and over half of its workforce dedicated to R&D and technical roles [2] - Green Alliance Technology holds more than 500 invention patents and 403 software copyrights, providing over 70 security products that cater to diverse cybersecurity needs across different industries [2] Group 3 - Green Alliance Technology is the first domestic cybersecurity firm to expand internationally, establishing its international business team in 2007 and aligning with the national "Belt and Road" initiative [3] - The company has seen steady growth in Southeast Asia and Latin America, recently obtaining two security service licenses from the Malaysian National Cyber Security Agency (NACSA), making it one of the first companies in Malaysia to hold dual licenses for penetration testing and security operations center [3]

Core Insights - The rapid advancement of AI technology has made cybersecurity increasingly important for protecting personal privacy, corporate assets, and government information [1] - Green Alliance Technology (绿盟科技) is a leading company in the cybersecurity field, providing comprehensive solutions for government and enterprise users [1] AI and Cybersecurity - Green Alliance Technology established eight laboratories in 2014, with a focus on AI research [3] - The company launched its own vertical large model, Fengyunwei, at the Smart Security Conference on September 1, 2023, applying it in various security areas [3] - AI has significantly improved the processing of massive data alerts and logs, achieving a noise reduction rate of over 95% in security operations [3] Security Risks of Large Models - The company is actively researching the security issues associated with large models, including base security, data input/output security, and application security [4] - Green Alliance Technology is collaborating with leading large model vendors to integrate security mechanisms into the design logic of large models [5] Channel Strategy - Since 2019, the company has upgraded its channel strategy, focusing on both direct sales and channel partnerships to expand its market reach [6] - The channel system includes national general agents, strategic partners, and various levels of agents, aiming to serve a wide range of users [6] International Expansion - Green Alliance Technology was one of the first domestic security firms to expand internationally, participating in global security conferences since 2008 [7] - The company has shifted its focus to Southeast Asia and Latin America, establishing a presence in countries like Singapore, Malaysia, and Brazil [7][8] - Domestic business still accounts for the majority of revenue, with a structured approach targeting key industries and local representation in provinces [8]

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - In 2024, the company achieved a significant revenue increase of 40.29% year-on-year, reaching 2.358 billion yuan, while the net profit attributable to shareholders saw a substantial reduction in losses to -365 million yuan [2][3]. - The gross margin improved to 53.8%, an increase of 7.65 percentage points year-on-year, and the net cash flow from operating activities turned positive at 136 million yuan [2]. - The revenue growth was driven by strong performance in the energy, enterprise, and government sectors, with notable increases in revenue from financial services, telecommunications, energy, and government sectors [2]. - The company is focusing on expanding its "AI + Security" product matrix, integrating advanced AI technologies into its security operations, which has significantly enhanced operational efficiency [3]. Financial Summary - The company reported a revenue of 2.358 billion yuan for 2024, a 40.29% increase from the previous year, with projections for 2025, 2026, and 2027 at 2.603 billion yuan, 2.851 billion yuan, and 3.100 billion yuan respectively [4]. - The net profit attributable to shareholders is forecasted to improve to 20 million yuan in 2025, 60 million yuan in 2026, and 134 million yuan in 2027, reflecting a significant recovery trajectory [4]. - The gross margin is expected to remain stable, with projections of 54.7% in 2025, 54.9% in 2026, and 55.0% in 2027 [4]. Market Data - The company's stock closed at 6.81 yuan, with a 12-month price range between 4.73 and 9.68 yuan [5]. - The total market capitalization is approximately 5.443 billion yuan [5].

Core Viewpoint - In 2024, the company reported a revenue of 2.358 billion yuan, a year-on-year increase of 40.29%, while the net profit attributable to shareholders was a loss of 365 million yuan, showing a reduction in losses [2] Group 1: Financial Performance - The company achieved an operating income of 2.358 billion yuan in 2024, reflecting a 40.29% year-on-year growth [2] - The net profit attributable to shareholders was a loss of 365 million yuan, indicating a reduction in losses compared to the previous year [2] - The net cash flow from operating activities turned positive at 136 million yuan [2] Group 2: Market Trends and Strategic Focus - The information security industry is experiencing a slow recovery in client investment, with the company focusing on its core business and aligning with industry trends [2] - The company launched the AI+SOC Eagle Eye Security Operations Center, enhancing detection and response times by over 50% and achieving automatic judgment for over 70% of attacks [2] - The company reported over 50% growth in orders for its Internet Exposure Management Service (EASM) and a renewal rate exceeding 70% [3] Group 3: Product and Service Development - The company is focusing on stable demand sectors such as telecommunications, finance, and energy, while expanding its product offerings including RSAS, WAF, ISOP, NF, and CDG [3] - In the financial sector, the company has seen rapid growth in revenue from its Xinchuang products, while also securing projects in government sectors for emergency warning and data security [3] - The company is investing in AI, data security, and other emerging technologies, with ongoing research in areas like APT detection, supply chain security, and cloud-native security [4]