（文章来源：证券日报） 证券日报网讯 9月5日晚间，山石网科发布公告称，公司将于2025年9月17日（星期三）16：00至17：00 召开2025年半年度业绩说明会。 ...

关于召开 2025 年半年度业绩说明会的预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 | 证券代码:688030 | | --- | | 转债代码:118007 | 证券代码：688030 证券简称：山石网科 公告编号：2025-060 转债代码：118007 转债简称：山石转债 山石网科通信技术股份有限公司 三、公司出席人员 重要内容提示： ●会议内容：山石网科通信技术股份有限公司 2025 年半年度业绩说明会 ●会议召开时间：2025 年 9 月 17 日（星期三）下午 16：00 至 17：00 ●会议召开方式：上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/）网络互动 ●投资者可于 2025 年 9 月 10 日（星期三）至 9 月 16 日（星期二）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@hillstonenet.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 一、说明会类型 山石网科通信技术 ...

Group 1: Company Highlights - Lanqi Technology's main products include memory interface chips, server platforms, and consumer electronics chips, primarily used in data centers and servers [1] - Shanshi Network Technology plans to conduct its first ASIC chip technology tape-out, aiming to launch firewall products with ASIC technology in 2024; the company has established strong partnerships with major cloud service providers [1] - Zoomlion's market outlook is cautiously optimistic, with a focus on equipment replacement and growth in overseas revenue, particularly in Africa and the Middle East, which saw a year-on-year increase of approximately 15% [1] Group 2: Investment Insights - Lanqi Technology's products are positioned in high-demand sectors, indicating potential growth opportunities in the data center market [1] - Shanshi Network Technology's development of a comprehensive solution combining computing power and security applications may enhance its competitive edge in the cybersecurity market [1] - Zoomlion's commitment to increasing resource investment in Latin America, Africa, and Europe, along with a strong dividend policy, reflects a strategy aimed at long-term stability and growth [1]

根据市场公开信息及9月3日披露的机构调研信息，知名私募泓澄投资近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 公司成立：泓澄投资由张弢和几位同行于2015年4月共同创立。创始人工作经验和知识结构互补。xa0长 期愿景：通过实质性的合伙人文化，构建一个对优秀资金管理者有吸引力的平台，为大众投资人创造长 期稳定的收益。xa0公司文化：开放、平等、共享、包容。xa0 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）山石网科 （北京泓澄投资管理有限责任公司参与公司电话会议） 个股亮点：公司将进行 ASIC 芯片技术的第一次流片，若一次流片成功，公司有望在 2024 年推出载有 ASIC 芯片技术的防火墙产品。；公司发布DeepSeek大模型应用一体机解决方案，致力于为用户提供一 站式"算力+大模型+安全应用"服务能力；公司与华为云、天翼云、阿里云、浪潮云等国内云厂商建立 了良好的合作关系 ...

2）山石网科 （世诚投资参与公司电话会议） 个股亮点：公司将进行 ASIC 芯片技术的第一次流片，若一次流片成功，公司有望在 2024 年推出载有 ASIC 芯片技术的防火墙产品。；公司发布DeepSeek大模型应用一体机解决方案，致力于为用户提供一 站式"算力+大模型+安全应用"服务能力；公司与华为云、天翼云、阿里云、浪潮云等国内云厂商建立 了良好的合作关系 根据市场公开信息及9月3日披露的机构调研信息，知名私募世诚投资近期对2家上市公司进行了调研， 相关名单如下： 1）海天瑞声 （上海世诚投资管理有限公司参与公司分析师会议） 调研纪要：2025年上半年公司收入增长69.54%，主要因计算机视觉、自然语言和智能语音三大业务全 面增长。计算机视觉和自然语言业务占比分别达40%和14%，智能语音增速平缓。公司与华为合作昇腾 一体机整合及陕西智慧文旅项目，成为中国移动重要数据供应商并参与人工智能焕新社区。数据要素方 面，已与成都、长沙、保定成立合资公司，与呼和浩特签署协议，拓展上海、广州等十余地合作。海外 布局方面，并购菲律宾交付基地，在港、新、美设子公司，推进日韩及欧盟落地。具身智能领域，共建 数据训练场并发布 ...

Summary of the Conference Call for 山石网科 (ShanShi Network Technology) Company Overview - **Company**: 山石网科 (ShanShi Network Technology) - **Industry**: Cybersecurity and AI Technology Key Financial Performance - **Revenue Growth**: 2025 H1 revenue reached 4.17 billion CNY, a year-on-year increase of approximately 9.46% [3] - **Gross Margin**: Main business gross margin stood at around 71%, leading in the cybersecurity industry [3] - **Net Profit**: Net loss of 76.55 million CNY, but a year-on-year reduction in loss by 4%, with a 53% reduction in Q2 alone, indicating improved profitability [2][3] Strategic Initiatives - **Double A Strategy**: Implementation of "Double A Strategy" (ASEC and AI) to enhance computing power through self-developed ASIC chips and optimize processes using AI, aiming for profitability recovery [2][6] - **ASIC Chip Development**: Self-developed ASIC chips have entered mass production, with expected testing in Q4 2025, laying the groundwork for entering the 信创 (Xinchuang) market [2][7] - **Channel Sales Growth**: Channel sales contracts reached 154 million CNY, a 53% year-on-year increase, with the number of platinum partners rising to 49 [2][7] Operational Efficiency - **Cost Control**: Overall expenses decreased by 7%, with sales expenses down by 25% and R&D expenses down by approximately 5% [4] - **Productivity Improvement**: Overall employee efficiency improved by about 26%, with AI technology enhancing R&D code efficiency by over 20% [4][12] Market Expansion - **Overseas Market Growth**: Hong Kong market grew by 46% in H1 2025, with a target of 50% growth in overseas business by 2026 [4][21] - **Focus on Southeast Asia and Americas**: Strategic localization efforts in Southeast Asia and the Americas, with a focus on government and financial sectors [22][24] Future Development Plans - **Two-Step Strategy**: A two-phase development strategy focusing on brand transformation and platform switching to ISC hardware platform by Q4 2025 [8][10] - **Data Security Growth Target**: Aiming to achieve sales of 100 million CNY in data security and services within three years [9] AI and Technology Integration - **AI for Process**: Significant improvements in R&D efficiency through AI, with a focus on enhancing internal operations and customer solutions [30][31] - **AI Product Acceptance**: Market acceptance of AI products is still developing, with expectations for rapid growth in the next 5 to 10 years [34][35] Challenges and Outlook - **Profitability Outlook**: Optimistic about Q4 2025 performance, with expectations for significant loss reduction and potential profitability [44][45] - **Impact of AI Policies**: Government policies on AI are expected to positively influence the company's data security business [46] Conclusion 山石网科 is strategically positioned to leverage its technological advancements in ASIC and AI to enhance operational efficiency, expand its market presence, and improve profitability in the coming years. The company's focus on cost control, channel partnerships, and international market growth will be critical to achieving its ambitious targets.

Core Viewpoint - The financial performance of 山石网科 (ShanShi Network Technology) shows a mixed trend with revenue growth but continued net losses, indicating challenges in profitability despite operational improvements. Financial Performance Summary - Total revenue for the first half of 2025 reached 417 million yuan, a year-on-year increase of 9.46% compared to 381 million yuan in 2024 [1] - The net profit attributable to shareholders was -76.56 million yuan, improving by 4.31% from -80.01 million yuan in the previous year [1] - The gross margin decreased to 69.26%, down 5.00% from 72.91% in 2024 [1] - The net margin improved to -18.72%, an increase of 11.52% from -21.16% in 2024 [1] - Total receivables increased significantly to 1.03 billion yuan, a rise of 36.13% from 757 million yuan [1] - The company reported a significant decline in operating cash flow per share, which was -0.70 yuan, down 79.89% from -0.39 yuan [1][2] Operational Insights - The company has implemented a strategy focusing on "technology + ecology" to improve its business model and reduce losses, aiming for stable revenue growth and significant loss reduction in 2025 [4] - The company is actively expanding its market presence in the financial sector, with successful case studies and collaborations, particularly with 神州数码 (Digital China) [5] - The company is also exploring opportunities in the energy sector and enhancing its overseas market strategy, particularly in Hong Kong and Southeast Asia [5] Cost Management and Efficiency - The total expenses as a percentage of revenue decreased to 46.58%, down 21.57% from 59.39% in the previous year, indicating improved cost management [1][7] - The company has seen a 20% increase in sales personnel productivity compared to the same period in 2023, reflecting operational efficiency improvements [7] - The company plans to continue reducing its expense ratio as it expands its product offerings and channel systems [7]

交易性金融资产变动幅度为-100.0%,原因:保本理财产品到期赎回。 据证券之星公开数据整理，近期山石网科（688030）发布2025年中报。截至本报告期末，公司营业总收 入4.17亿元，同比上升9.46%，归母净利润-7655.72万元，同比上升4.31%。按单季度数据看，第二季度 营业总收入2.59亿元，同比上升12.67%，第二季度归母净利润-214.8万元，同比上升53.34%。本报告期 山石网科公司应收账款体量较大，当期应收账款占最新年报营业总收入比达103.38%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率69.26%，同比减5.0%，净利率-18.72%，同比增 11.52%，销售费用、管理费用、财务费用总计1.94亿元，三费占营收比46.58%，同比减21.57%，每股净 资产4.6元，同比减13.96%，每股经营性现金流-0.7元，同比减79.89%，每股收益-0.42元，同比增6.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.81 (Z | 4.17亿 | 9.46% | ...

| 2025-08-27 | 山石网科 | 688030 | 18.83 414.26 | 22 | 广发证券股份有限 | 东吴证券股份有限 I may police project brown Julia while and the places | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 公司总部 | 卖出营业部 公司苏州工业园区 | 8月27日，山石网科大宗交易成交22万股，成交额414.26万元，占当日总成交额的2.49%，成交价18.83元，较市场收盘价21.57元折价12.7%。 ...

Core Viewpoint - The company, Hillstone Networks, reported a revenue of 417 million yuan for the first half of 2025, marking a year-on-year growth of 9.46% despite a slow macroeconomic recovery and intensified industry competition [1][2]. Group 1: Financial Performance - The company achieved a historical high in revenue for the first half of 2025, with 417 million yuan, reflecting a 9.46% increase year-on-year [2]. - The net profit attributable to the parent company was a loss of 76.56 million yuan, but this represented a narrowing of 4.31% compared to the previous year [2]. - The gross margin remained high at 69.26%, although it slightly decreased from the previous year, while the net profit margin increased by 2.44 percentage points year-on-year, indicating improved cost control and operational efficiency [2]. Group 2: Strategic Initiatives - The company has launched a "Dual A Strategy" focusing on self-developed ASIC security chips and AI technology, aimed at enhancing the performance and intelligence of network security products [4][5]. - The ASIC strategy aims to free up CPU computing power and improve the efficiency of security infrastructure, while the AI strategy focuses on automating complex security operations [4]. - The company has entered the mass production phase of its ASIC security chips and is actively preparing for opportunities in various sectors, including finance, energy, education, government, and telecommunications [4]. Group 3: Future Outlook - The company plans to integrate ASIC chip technology and AI capabilities into all products, aiming to redefine its domestic security product matrix and deliver comprehensive solutions characterized by "chip-defined security and AI-driven intelligence" [5].