Core Viewpoint - The company announced the resignation of its board secretary, Tang Yan, due to personal reasons, effective immediately upon submission of the resignation report [1] Group 1 - The resignation of Tang Yan means he will no longer hold any position within the company after stepping down as board secretary [1] - The company has appointed its vice president and financial officer, Shang Xihe, to temporarily assume the duties of the board secretary for a period not exceeding three months [1] - The company will expedite the selection process for a new board secretary and fulfill its information disclosure obligations in accordance with relevant regulations [1]

Core Points - The company announced the resignation of its board secretary, Ms. Tang Yan, due to personal reasons [1] - Ms. Tang will not hold any other positions within the company after her resignation [1] - Her resignation is effective immediately upon delivery to the board [1] Company Management - Ms. Tang did not hold any shares in the company at the time of her resignation [1] - There are no unfulfilled commitments that she was required to perform [1] - The responsibilities she managed have been properly handed over according to the company's departure management system [1] Interim Management - Until a new board secretary is appointed, the duties will be temporarily assumed by Mr. Shang Xihe, the company's vice president and financial officer [1] - The interim period for Mr. Shang's role will not exceed three months [1]

证券代码：688030 证券简称：山石网科 山石网科通信技术股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 11 月 1 / 7 山石网科通信技术股份有限公司 2025 年第三次临时股东大会会议资料目录 | 山石网科通信技术股份有限公司 | 2025 年第三次临时股东大会会议须知 3 | | --- | --- | | 山石网科通信技术股份有限公司 | 2025 年第三次临时股东大会会议议程 5 | | 议案一、《关于续聘公司 2025 | 年度审计机构的议案》 7 | 2 / 7 山石网科通信技术股份有限公司 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东会规则》以及《山石网科通信技术股份有限公司章程》（以下简 称"《公司章程》"）、《山石网科通信技术股份有限公司股东大会议事规则》等相 关规定，特制定 2025 年第三次临时股东大会须知。 3 / 7 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东 及股东代理人的发言，在 ...

Core Insights - Company has been recognized in Gartner's "Voice of the Customer" report for Network Detection and Response (NDR) for three consecutive years, indicating strong market recognition of its long-term investment in this field [1] Group 1: Company Recognition - Company has been included in Gartner's annual report, which aggregates peer insights for technology and service buyers [1] - The CTO and co-founder of the company stated that the continuous inclusion in the report reflects the high market recognition of the company's efforts in NDR [1] Group 2: Technology and Services - The company's NDR solution utilizes advanced AI detection engines and threat intelligence to conduct continuous and in-depth analysis of network traffic [1] - The solution helps clients quickly identify, trace, and respond to potential threats [1]

Core Insights - The company reported a year-on-year revenue growth of 1.91% for the first three quarters of 2025, indicating stable revenue performance [1] - The net profit attributable to the parent company showed a year-on-year reduction in losses by 4.89%, reflecting an improving trend in financial performance [1] - The overall reduction in losses for the year will depend on the changes in industry demand and the company's operational situation in the fourth quarter [1]

Core Viewpoint - The company has developed its own ASIC security-specific chips, which are intended for use in its firewall and other security hardware products [1] Group 1 - The ASIC security chips are designed and developed independently by the company [1] - The company's firewall and security products are applicable to clients' core network boundaries and data center exits [1]

Core Viewpoint - The company has developed its own ASIC security chips, which are intended for use in its firewall and other security hardware products [1] Group 1 - The ASIC security chips are designed and developed independently by the company [1] - The company's firewall and security products are applicable to clients' core network boundaries and data center exits [1]

Core Viewpoint - The stock price of Hillstone Networks has experienced fluctuations, with a recent decline of 2.17% on November 5, 2023, despite a year-to-date increase of 25.16% [1][2]. Company Overview - Hillstone Networks, established on July 20, 2011, and listed on September 30, 2019, is located in Suzhou High-tech Zone, Jiangsu Province. The company specializes in innovative technologies in the network security field, offering a comprehensive range of products and services including boundary security, cloud security, data security, and internal network security [2]. - The revenue composition of Hillstone Networks includes 75.09% from boundary security products, 18.93% from other security products, 5.09% from cloud security products, and 0.88% from other supplementary services [2]. Financial Performance - For the period from January to September 2025, Hillstone Networks achieved a revenue of 719 million yuan, reflecting a year-on-year growth of 1.91%. However, the net profit attributable to the parent company was a loss of 72.84 million yuan, which represents a year-on-year increase of 4.89% in losses [2]. - As of September 30, 2023, the number of shareholders for Hillstone Networks was 7,642, an increase of 10.67% from the previous period, while the average circulating shares per person decreased by 9.64% to 23,584 shares [2]. Dividend Information - Since its A-share listing, Hillstone Networks has distributed a total of 51.03 million yuan in dividends, with no dividends paid in the last three years [3].

Summary of the Conference Call for 山石网科 Company Overview - **Company**: 山石网科 - **Industry**: Cybersecurity and Data Security Services Key Points and Arguments Financial Performance - For the first three quarters of 2025, 山石网科 achieved revenue of 719 million yuan, a slight increase of 2% year-on-year [3] - The net loss attributable to shareholders was approximately 72.84 million yuan, a reduction in loss of about 5% year-on-year [3] - The gross margin for the main business was around 71%, maintaining an industry-leading position [3] - Sales expenses decreased by approximately 20% year-on-year, while R&D expenses decreased by about 4% [3] - Overall expense ratio decreased by 9 percentage points year-on-year [3] Business Growth - Data security and service business grew by 77% year-on-year, becoming the second growth curve for the company [2] - Boundary security business line maintained stable growth with a year-on-year increase of 6% [4] - The company aims to achieve sales of over 1 billion yuan within three years [5] Key Industry Performance - Key industries such as finance and telecommunications performed exceptionally well, exceeding overall average growth rates [7] - Major projects in the finance sector included significant contracts with Agricultural Bank of China and Postal Savings Bank [7] - The telecommunications sector secured five new major projects this year [7] Strategic Initiatives - The implementation of the new cybersecurity law is expected to shift enterprises from passive compliance to proactive construction, creating opportunities in the cybersecurity market [2][10] - The company is leveraging AI technology to transition from passive defense to proactive defense, positioning AI as the core engine of cybersecurity [10][11] - The dual A strategy (AISC liberating computing power and AI liberating human resources) is being employed to integrate AI into products [12] International Expansion - A new R&D center was established in Hong Kong to enhance local market penetration and expand into Southeast Asia [13][14] - Revenue from overseas regions grew by over 30% year-on-year, with government institutions becoming major clients [4][14] Future Outlook - The revised cybersecurity law, effective January 1, 2026, is expected to increase demand for cybersecurity products and gradually restore budgets [15] - The company anticipates a cautious optimism for the fourth quarter of 2025, with a focus on key industries and business lines [16][17] - Strategic goals for 2026 include achieving profitability and expanding overseas business to 20-25% of total revenue [21] Cost Control and Efficiency - The company has implemented measures to enhance cost control and sales collection management, resulting in a 9% decrease in expense ratio [18][19] - Specific measures include optimizing supply chain management and enhancing the efficiency of sales personnel [18][20] Challenges and Resilience - Despite challenges in the current economic environment, the cybersecurity industry remains crucial and resilient [23] - The company is confident in its ASIC chip strategy, which is expected to support further development [23] Development Phases - The company plans to enter an adjustment and optimization phase from 2023 to 2025, followed by a phase of surpassing development from 2026 to 2028 [24] Investor Expectations - The company hopes investors will continue to support its transformation journey, emphasizing the advantages of its core technologies, particularly the ASIC chip [25][26]

Core Insights - Several cybersecurity companies reported revenue growth or reduced losses in Q3 2023, driven by diversification into new business scenarios and the adoption of AI technology [1] Group 1: Revenue Growth and Loss Reduction - 360 achieved revenue of 6.068 billion yuan in the first three quarters, an increase of 8.18% year-on-year, while net losses narrowed to 122 million yuan from 579 million yuan, a reduction of approximately 78.93% [1] - Green Alliance Technology reported revenue of 1.28 billion yuan, a slight increase compared to the previous year, with net losses of 196 million yuan, a year-on-year reduction of 39.85% [1] - Companies are exploring new markets such as satellite internet and industrial control to drive revenue growth [1] Group 2: AI Integration and Innovation - AI has become a key efficiency booster in the cybersecurity industry, with 97% of surveyed companies using or planning to deploy AI-enabled cybersecurity solutions [3] - Fortinet's report indicates that 87% of industry experts expect AI to enhance efficiency, while 80% of respondents noted improvements in team productivity due to AI [3] - Companies like Green Alliance Technology are focusing on AI security, data security, and practical defense, integrating intelligent capabilities into traditional security products [4] Group 3: Investment in R&D and Technology - Shengbang Security's R&D investment reached 66.65 million yuan in the first three quarters, a year-on-year increase of 22.98%, accounting for 42.90% of revenue [6] - Qi An Xin's R&D investment totaled 835 million yuan, representing 29.41% of revenue, focusing on proactive defense and privacy computing [6] - Companies are continuously investing in technology innovation to enhance competitiveness and adapt to industry trends [6]