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]

Core Viewpoint - The recent research conducted by Hongcheng Investment on a listed company highlights significant developments in the company's technology and partnerships, indicating potential growth opportunities in the market [1] Group 1: Company Developments - The company, Shanshi Network Technology, is set to conduct its first tape-out of ASIC chip technology, with a successful outcome potentially leading to the launch of a firewall product featuring this technology in 2024 [1] - The company has released the DeepSeek large model application integrated machine solution, aiming to provide users with a one-stop service capability of "computing power + large model + security applications" [1] - Shanshi Network Technology has established strong partnerships with major domestic cloud service providers, including Huawei Cloud, Tianyi Cloud, Alibaba Cloud, and Inspur Cloud [1] Group 2: Institutional Overview - Hongcheng Investment was founded in April 2015 by Zhang Tao and several peers, with a complementary work experience and knowledge structure among the founders [1] - The long-term vision of the company is to create an attractive platform for excellent fund managers through a substantial partnership culture, aiming to generate long-term stable returns for the general public investors [1] - The company culture emphasizes openness, equality, sharing, and inclusiveness [1]

Group 1: Haitai Ruisheng - Haitai Ruisheng is expected to achieve a revenue growth of 69.54% in the first half of 2025, driven by significant growth in computer vision, natural language, and intelligent voice businesses [1] - The contributions from computer vision and natural language businesses are 40% and 14% respectively, while the growth of intelligent voice is more moderate [1] - The company has established partnerships with Huawei for the Ascend integrated machine and is involved in the Shaanxi Smart Cultural Tourism project, becoming an important data supplier for China Mobile [1] - Haitai Ruisheng has formed joint ventures in Chengdu, Changsha, and Baoding, and signed agreements in Hohhot to expand collaborations in over ten cities including Shanghai and Guangzhou [1] - The company is also expanding overseas by acquiring a delivery base in the Philippines and establishing subsidiaries in Hong Kong, the US, and other regions, while promoting its presence in Japan, South Korea, and the EU [1] - In the field of embodied intelligence, Haitai Ruisheng is co-building a data training ground and has launched an engineering service platform [1] - The core competitive advantages include dual-mode service products, a robust technology platform, supply chain management, and data security compliance capabilities [1] Group 2: Shanshi Network Technology - Shanshi Network Technology is set to conduct its first ASIC chip technology tape-out, with the potential to launch a firewall product featuring ASIC chip technology in 2024 if successful [2] - The company has released the DeepSeek large model application integrated machine solution, aiming to provide users with a one-stop service capability of "computing power + large model + security applications" [2] - Shanshi Network Technology has established strong partnerships with domestic cloud service providers including Huawei Cloud, Tianyi Cloud, Alibaba Cloud, and Inspur Cloud [2] Group 3: Institutional Overview - Sicheng Investment, established in 2007, has a registered capital of 30 million yuan and is a regular member of the Asset Management Association of China [2] - The firm focuses on equity investments and adheres to a "high-quality growth" investment philosophy, balancing returns and risks across its product offerings [2] - Sicheng Investment has received numerous industry awards and has engaged in long-term asset management collaborations with various large financial institutions since its inception [2]

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]

Core Viewpoint - The financial performance of the company, 山石网科, shows a mixed trend with a slight increase in revenue but continued losses, indicating challenges in profitability and cash flow management [1][9][12]. Financial Performance Summary - Total revenue for the first half of 2025 reached 417 million yuan, a year-on-year increase of 9.46% [1]. - The net profit attributable to shareholders was -76.56 million yuan, improving by 4.31% compared to the previous year [1]. - The gross profit margin decreased to 69.26%, down 5.00% year-on-year, while the net profit margin improved to -18.72%, an increase of 11.52% [1]. - The company reported a significant increase in accounts receivable, which reached 1.03 billion yuan, accounting for 103.38% of total revenue [1]. Cash Flow and Debt Management - Operating cash flow per share was -0.70 yuan, a decrease of 79.89% year-on-year, indicating cash flow challenges [1][11]. - The company’s total liabilities increased, with interest-bearing debt rising to 608 million yuan, a 37.75% increase [1]. - The company has a low cash flow to current liabilities ratio, with cash and cash equivalents at 225 million yuan, highlighting liquidity concerns [11]. Business Model and Strategy - The company is focusing on a "technology + ecosystem" business model to improve profitability and stabilize revenue growth [12]. - There is an emphasis on optimizing personnel and restructuring the organization to enhance operational efficiency [12][14]. - The company is actively expanding its market presence in the financial sector and exploring opportunities in new industries such as energy and overseas markets [13]. Expense Management - Total selling, general, and administrative expenses accounted for 46.58% of revenue, a decrease of 21.57% year-on-year, indicating improved cost management [1][14]. - The company has implemented measures to reduce expenses while enhancing productivity, with sales personnel productivity increasing significantly [14].

Group 1 - The core transaction involved 220,000 shares of 山石网科, with a total transaction value of 4.1426 million yuan, representing 2.49% of the total trading volume on that day [1] - The transaction price was 18.83 yuan, which is a 12.7% discount compared to the market closing price of 21.57 yuan [1]

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].

格隆汇8月26日丨山石网科(688030.SH)发布中报，2025上半年实现营业总收入4.17亿元，同比增长 9.46%；归属母公司股东净利润-7655.72万元，较上年同期亏损减少345.16万元；基本每股收益为-0.4248 元。 ...

山石网科通信技术股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方案的半年度评估 报告 为贯彻落实科创板上市公司"提质增效重回报"专项行动的倡议，推动山石 网科通信技术股份有限公司（以下简称"公司"、"山石网科"）持续优化经营、 规范治理，重点提升公司发展质量，助力提振信心、稳定资本市场预期并积极回 报投资者，公司于 2025 年 3 月 28 日发布了 2025 年度"提质增效重回报"专项 行动方案（以下简称"行动方案"）。 该行动方案旨在通过持续加强自身价值创造能力，切实履行上市公司的责任 和义务，回报投资者信任，维护公司在资本市场的形象，共同促进资本市场平稳 健康发展。2025 年上半年，行动方案主要实施举措的进展及成效情况如下： 一、聚焦经营主业、提升核心竞争力 1、持续构建"科技+生态"模式，聚焦盈利能力修复 2025 年，公司持续构建"科技+生态"的合作模式，充分发挥公司强产品、 强技术的竞争优势，以"平台切换""重点行业""过亿产线""品牌转型"作为 2025 年度四大硬仗，同时加强对成本费用的管控及组织架构的动态调整，努力 把技术、服务、组织和生态的升级成果转化为收入和利润的增 ...