Anheng Information 2025 Annual Report Analysis: Operating Cash Flow Increased by 119.16%, R&D Expenses Decreased by 10.84%

Operating Revenue: AI Strategy Drives Steady Growth

In 2025, the company achieved operating revenue of 2.15B yuan, a year-over-year increase of 5.32%. The growth mainly stems from the deep implementation of the AI strategy: on one hand, HengNao Security’s intelligent agent technology empowers core businesses such as data security and MSS security hosting operations, with data security product revenue exceeding a 15% increase and MSS business revenue growth surpassing 35%; on the other hand, the industry group strategy has shown significant results, with contracts in industries like power, finance, and transportation growing rapidly, boosting related business income. Additionally, subscription-based revenue continues to grow steadily, contributing stable incremental revenue.

Net Profit: Significant Loss Reduction, Initial Results in Quality and Efficiency Improvements

During the reporting period, net profit attributable to shareholders of the listed company was -57.4992 million yuan, a decrease in loss of 70.94% compared to the same period last year; net profit after non-recurring gains and losses was -91.5348 million yuan, a reduction of 61.41% year-over-year. The loss reduction is mainly due to the company’s comprehensive efforts to improve quality and efficiency: gross profit margin increased while sales expenses, R&D expenses, and management expenses all decreased, with significant improvements in per capita efficiency. However, the company still remains in a loss state, and ongoing efforts are needed to optimize cost control and enhance profitability.

Earnings Per Share: Improved Alongside Loss Reduction

Basic earnings per share were -0.57 yuan/share, compared to -1.94 yuan/share in the same period last year; non-recurring earnings per share were -0.90 yuan/share, compared to -2.33 yuan/share last year. The improvement in earnings per share roughly matches the reduction in losses, reflecting that as losses narrow, shareholder earnings per share have also increased accordingly.

Cost Control: Multi-Dimensional Optimization, Total Expenses Decrease Year-over-Year

In 2025, the company’s total operating expenses amounted to 1.33B yuan, down 8.30% from 436.9k yuan last year, with various expense categories achieving different levels of optimization:

R&D Investment: Slight Decline in Scale, Continued Deepening of Technical Layout

R&D Expenses

This period’s R&D expenses totaled 439.6 million yuan, down 10.84% year-over-year, mainly due to reductions in R&D personnel wages and stock-based payments. Despite this, R&D investment still accounts for 20.41% of operating revenue, maintaining a high level to ensure the company’s technological competitiveness in core areas such as AI security and data security.

R&D Personnel

As of the end of the reporting period, the company had 790 R&D personnel, a decrease of 180 from 970 last year, with the proportion of R&D staff dropping from 26.91% to 22.47%. R&D personnel wages totaled 384 million yuan, down 10.67% year-over-year; average salary was 436.9k yuan, slightly below last year’s 443.7k yuan. The reduction in R&D staff mainly results from organizational optimization and efficiency improvements, with the core technical team remaining stable, primarily holding bachelor’s degrees (623), master’s degrees (112), and doctoral degrees (4).

Cash Flow: Significant Growth in Operating Cash Flow, Investment and Financing Cash Flows Under Pressure

In 2025, the company’s cash flow showed divergence: operating cash flow performed strongly, while investment and financing cash flows faced pressure:

Risk Warnings: Multi-Dimensional Risks Still Need Vigilance

Core Competitiveness Risks

2. Technology Update and Iteration Risk: Rapid development of cybersecurity technology may lead to the company’s core technologies being overtaken or replaced if it cannot keep pace with technological trends.
3. R&D Failure Risk: Uncertainty exists in developing new technologies and products; R&D failures could impact the company’s competitiveness and performance.
4. Core Technical Talent Loss Risk: Fierce industry talent competition may lead to loss of key technical personnel, affecting R&D progress and technological advantages.

Operational Risks

2. New Market Expansion Risk: Uncertainty in expanding to small and medium-sized enterprise clients and new industries; improper strategies could lead to market expansion failures.
3. Seasonal Performance Fluctuation Risk: Procurement from government and large enterprise clients is concentrated in the second half of the year, causing seasonal fluctuations in performance that may impact stock stability.
4. Data Security Incident Compensation Risk: If clients experience data breaches or cybersecurity incidents, the company may face compensation liabilities, affecting operational results.

Financial Risks

2. Accounts Receivable Risk: As business scales up, accounts receivable may grow; deterioration in client credit could lead to bad debt risks.
3. Tax Incentive Risks: The company benefits from high-tech enterprise income tax preferences; policy changes or loss of qualification could increase tax burdens.
4. Share-based Payment Risks: Future issuance of share-based incentives could lead to significant share-based payment expenses, impacting current and future financial conditions.

Industry and Macro Environment Risks

2. Intensified Industry Competition Risk: Fierce competition in cybersecurity may reduce market share and gross profit margins if the company cannot sustain competitive advantages.
3. Macroeconomic Fluctuation Risks: Economic downturns could impact clients’ IT investment budgets, thereby affecting the company’s business.

Senior Management Compensation: Core Management Maintains Stable Salaries

During the reporting period, the pre-tax compensation of the company’s core management was as follows:

• Chairman Fan Yuan: Total pre-tax salary of 443.7k yuan, generally aligned with company performance and industry standards.
• General Manager Zhang Xiaomeng: Pre-tax salary of 1.615 million yuan, reflecting his key role in operations management.
• Vice Presidents Yuan Mingkun: Pre-tax salary of 1.0006 million yuan; Liu Zile: 950,000 yuan; Li Muhua: 1.0189 million yuan; the team’s compensation correlates with responsibilities.
• CFO Dai Yongyuan: Pre-tax salary of 1.0636 million yuan, consistent with his financial management responsibilities.

Overall, the company’s remuneration system aligns with performance and individual responsibilities, helping attract and retain core management talent and ensuring stable development.

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