| 证券代码:688030 | | --- | | 转债代码:118007 | 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 年第一季度业绩说明会 ●会议召开时间：2025 年 6 月 4 日（星期三）下午 16：00 至 17：00 关于召开 2025 年第一季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 证券简称：山石网科 公告编号：2025-042 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 ●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 5 月 27 日（星期二）至 6 月 3 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 山石网科通信技术股份有限公司（以下 ...

Core Viewpoint - The article discusses the challenges and transformations in the cybersecurity industry, particularly in the context of AI technology, highlighting the shift towards AI-driven security solutions and the competitive landscape among cybersecurity firms [2][4]. Group 1: Industry Challenges - Qi Anxin, a leading cybersecurity firm, reported a loss exceeding 1.3 billion yuan in 2024, reflecting the "red ocean" dilemma faced by the cybersecurity industry due to market saturation, price competition, and tightening client budgets [2][5]. - The cybersecurity sector, which previously thrived on compliance-related demands, is now experiencing a peak in growth, prompting major firms to seek new opportunities for the next decade [2][4]. - The industry is witnessing a significant shift as clients increasingly develop in-house security capabilities, reducing their reliance on external cybersecurity services [4][11]. Group 2: AI Integration and Opportunities - The emergence of AI technology has led to a new phase of competition where both attackers and defenders utilize AI, creating a "cat-and-mouse game" in cybersecurity [2][10]. - The introduction of generative AI has significantly lowered the cost of attacks by 75%, necessitating a reconfiguration of defense systems and presenting new market opportunities for cybersecurity firms [7][11]. - Three key incremental market opportunities for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and the growth of cloud-native security solutions [7][8]. Group 3: Market Dynamics and Future Outlook - The cybersecurity market is becoming increasingly saturated, with product homogenization and a singular business model limiting growth potential [7][8]. - Major cybersecurity firms are launching vertical AI models to integrate their security products and data, aiming for systematic delivery to clients [10]. - The balance between technological innovation and risk management will be crucial for cybersecurity firms to thrive in the evolving landscape shaped by AI [11].

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].

| | | 证券代码：688030 证券简称：山石网科 公告编号：2025-040 转债代码：118007 转债简称：山石转债 1 / 2 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。 特此公告。 重要内容提示： ●截至 2025 年 5 月 14 日，"山石转债"转股价格已触发向下修正条款。经 山石网科通信技术股份有限公司（以下简称"公司"）董事会决定，本次不向下 修正"山石转债"转股价格。 一、转股价格触发修正条件 根据相关规定及《山石网科通信技术股份有限公司向不特定对象发行可转换 公司债券募集说明书》的约定，在本次发行的可转换公司债券存续期间，当公司 股票在任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价 格的 85%时，公司董事会有权提出转股价格向下修正方案并提交公司股东大会表 决。 二、本次不向下修正"山石转债"转股价格 截至 2025 年 5 月 14 日，"山石转债"转股价格已触发向下修正条款。鉴于 "山石转债"距离到期日尚早，公司董事会和管理层从公平对待所有投资者的角 度出发，综合考虑公司的 ...

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 2024 年年度股东大会会议资料 2025 年 5 月 1 / 39 山石网科通信技术股份有限公司 2024 年年度股东大会会议资料目录 | 山石网科通信技术股份有限公司 2024 年年度股东大会会议须知 | 3 | | --- | --- | | 山石网科通信技术股份有限公司 2024 年年度股东大会会议议程 | 5 | | 议案一、《关于公司 2024 年年度报告及摘要的议案》 | 7 | | 议案二、《关于公司 2024 年度董事会工作报告的议案》 | 8 | | 议案三、《关于公司 年度监事会工作报告的议案》 2024 | 17 | | 议案四、《关于公司 年度财务决算及 年度财务预算的议案》 22 2024 2025 | | | 议案五、《关于公司 2024 年度利润分配方案的议案》 | 30 | | 议案六、《关于公司董事 2025 年度薪酬标准的议案》 | 31 | | 议案七、《关于公司监事 2025 年度薪酬标准的议案》 | 32 | | 议案八、《关于未弥补亏损达到实收股本总额三分之一的议案》 33 | | | 议案 ...

证券代码：688030 证券简称：山石网科 公告编号：2025-039 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 关于"山石转债"预计满足转股价格修正条件 的提示性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意山石网科通信技术股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕4025 号）同意 注册，山石网科通信技术股份有限公司（以下简称"公司"）于 2022 年 3 月 22 日向不特定对象共计发行 2,674,300 张可转换公司债券，每张面值为人民币 100 元，按面值发行，本次发行总额为人民币 26,743.00 万元，可转换公司债券期限 为自发行之日起六年。 经上海证券交易所自律监管决定书[2022]101 号文同意，公司 26,743.00 万元 可转换公司债券于 2022 年 4 月 21 日起在上海证券交易所挂牌交易，债券简称 "山石转债"，债券代码"118007"。 根据相关规定及 ...

Core Points - The company reported a revenue of 158 million yuan for the first quarter of 2025, representing a year-on-year increase of 4.58% [3] - The net profit attributable to shareholders was a loss of 74.41 million yuan, which is a reduction in loss by 1.32% compared to the previous year [3] - The company focused on cost control and efficiency improvement, resulting in a 12.26% decrease in period expenses and a 21.27 percentage point decline in the expense ratio [3] Financial Data - The first quarter financial report was not audited [3] - The company aims to transform organizational adjustments and operational efficiency improvements into performance growth through four key strategies: "key industries," "platform switching," "over 100 million production lines," and "brand transformation" [3] - The report indicates that the company has not recognized any non-recurring gains or losses that are significant [4] Shareholder Information - The company will hold its 2024 annual general meeting on May 22, 2025, with a combination of on-site and online voting [14][18] - The meeting will allow shareholders to vote on various proposals, including reports from independent directors [16][18] - Shareholders must register for the meeting by providing necessary documentation, and the registration deadline is May 21, 2025 [26]

证券代码：688030 证券简称：山石网科 公告编号：2025-038 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 关于召开2024年年度股东大会的通知 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 22 日 14 点 00 分 召开地点：苏州市高新区景润路 181 号山石网科 1 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 22 日 至2025 年 5 月 22 日 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 / 6 股东大会召开日期：2025年5月22日 本次股 ...

一、监事会会议召开情况 证券代码：688030 证券简称：山石网科 公告编号：2025-037 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 第三届监事会第三次会议决议公告 本公司监事会及全体监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。 山石网科通信技术股份有限公司（以下简称"公司"或"山石网科"）第三 届监事会第三次会议（以下简称"本次会议"）于 2025 年 4 月 24 日以现场会议 结合电话会议方式召开，本次会议通知及相关材料已于 2025 年 4 月 14 日以电子 邮件方式送达公司全体监事。本次会议应参会监事 3 人，实际参会监事 3 人。本 次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、法规、 规章、规范性文件和《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监事会议事规则》的有关规定。 表决结果：3 票同意；0 票反对；0 票弃权。 1 / 2 具体内容详见公司于 2025 年 4 月 25 日刊登在上海证券交易所网站 （www. ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 158 million, representing a year-on-year increase of 4.58% compared to CNY 151 million in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 74.41 million, a slight improvement from a loss of CNY 75.40 million in the previous year, indicating a decrease in loss by 1.32%[4]. - The net cash flow from operating activities was negative CNY 119.15 million, a significant decline from negative CNY 10.71 million in the same period last year[3]. - Total revenue for Q1 2025 was ¥158,002,030.06, an increase of 4.0% compared to ¥151,082,170.00 in Q1 2024[19]. - Net loss for Q1 2025 was ¥74,938,286.85, slightly improved from a net loss of ¥75,860,136.04 in Q1 2024[20]. - The company reported a total comprehensive loss of ¥74,896,153.85 in Q1 2025, slightly better than the loss of ¥75,847,770.99 in Q1 2024[21]. - The company incurred a net loss of 41,508,747.77 RMB in the latest quarter, compared to a net loss of 36,083,223.05 RMB in the same period last year, indicating a worsening financial performance[31]. - The company reported a total profit loss of 41,372,297.06 RMB for the quarter, compared to a loss of 35,107,770.37 RMB in the previous year[31]. Assets and Liabilities - Total assets decreased by 4.69% to CNY 1.89 billion from CNY 1.99 billion at the end of the previous year[4]. - The company's total assets decreased to ¥1,892,291,667.81 in Q1 2025 from ¥1,985,452,032.75 in Q1 2024, a reduction of approximately 4.7%[17]. - Total liabilities decreased to ¥1,044,128,015.02 in Q1 2025 from ¥1,062,404,328.58 in Q1 2024, a decline of about 1.7%[17]. - The total liabilities increased to CNY 714,805,234.23 from CNY 679,121,663.81, reflecting a rise in financial obligations[29]. - The company's total equity decreased to CNY 965,355,506.95 from CNY 1,006,852,152.25, indicating a reduction in shareholder value[29]. Research and Development - Research and development expenses totaled CNY 87.66 million, up 4.25% from CNY 84.09 million year-on-year, accounting for 55.48% of operating revenue[4]. - Research and development expenses increased to ¥87,663,183.44 in Q1 2025 from ¥84,088,141.17 in Q1 2024, reflecting a growth of 3.2%[20]. - Research and development expenses for Q1 2025 were CNY 55,433,931.77, slightly up from CNY 54,008,235.09 in Q1 2024, indicating continued investment in innovation[30]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,829[10]. - The largest shareholder, Shenzhou Cloud Technology Co., Ltd., holds 23,357,932 shares, accounting for 12.96% of total shares[10]. - The total number of shares held by the top 10 shareholders includes 12,604,505 shares held by 360 Digital Security Technology Group, representing 6.99%[10]. - The company has no shares under pledge, marking a stable shareholder structure[10]. - The company has not reported any significant changes in shareholder relationships or agreements[11]. Cash Flow and Financing - The net cash flow from financing activities was CNY 65,160,504.59, an increase from CNY 44,332,099.10 in the previous period, suggesting improved financing conditions[25]. - Cash inflow from financing activities in Q1 2025 was 194,000,000.00 RMB, significantly higher than 50,000,000.00 RMB in Q1 2024[33]. - The company reported a net cash flow from investing activities of CNY 52,363,060.47, a recovery from -CNY 65,419,592.57 in the previous period[24]. - The company generated a net cash flow from investing activities of 59,234,763.67 RMB in Q1 2025, recovering from a negative cash flow of -93,760,467.77 RMB in Q1 2024[33]. Operational Strategies - The company aims to focus on "key industries," "platform switching," "over 100 million production lines," and "brand transformation" as its four major operational strategies for 2025[4].