Core Viewpoint - The article discusses the strategic transition of 山石网科 (ShanShi Network Technology) towards the development and mass production of ASIC security chips, which is a key component of its "Double A Strategy" (ASIC + AI) aimed at enhancing its product offerings and market position in the cybersecurity industry [1][2]. Group 1: ASIC Chip Development - 山石网科 has entered the preparation stage for mass production of its ASIC security chip, with plans to switch all products to the ASIC platform by 2025 [1]. - The ASIC chip, built on a 28-nanometer process, is expected to reduce hardware dependency on CPUs and play a crucial role in integrating both domestic and international markets [2]. - The company initiated its ASIC R&D strategy in 2021, successfully completed a single wafer run in October 2024, and anticipates limited market entry in Q4 of this year, with large-scale launch expected in Q1 to Q2 of next year [2]. Group 2: Market Position and Growth Potential - 山石网科 has transformed from a traditional boundary security vendor to a comprehensive security service provider with 57 products across 10 categories, becoming the third company to launch ASIC security chips after NetScreen and Fortinet [2]. - The company aims to achieve an incremental revenue of approximately 80 million to 100 million yuan annually in the financial and internet sectors through optimized product and market strategies [2]. - The cloud firewall market is projected to grow from $2.208 billion in 2021 to $10.334 billion by 2028, with a compound annual growth rate of 24.67%, highlighting the growth potential for 山石网科 in this sector [1]. Group 3: Strategic Goals and Market Outlook - The cybersecurity industry has shifted from single products to systematic services, emphasizing that security is a systemic issue rather than a singular one [3]. - 山石网科's management team aims to align its commercial value with its technological capabilities through the "Double A" strategy, focusing on maintaining existing customer purchases while expanding into new markets [3]. - The company has set 2023 to 2025 as an adjustment period to gradually reduce losses, with 2026 to 2028 designated as a transition period aimed at achieving profitability through increased market share and profit margins [4].

Group 1 - The company, 山石网科, announced the launch of ASIC security dedicated chips and is entering the mass production preparation stage [1] - The company plans to complete the transition to the ASIC platform for all products by 2025 [1] - 山石网科 becomes the third network security company to launch ASIC security dedicated chips, following NetScreen and Fortinet [1]

Core Viewpoint - The company has launched a new ASIC & AI strategic product line, aiming to become one of the top five security vendors in China by 2028, focusing on integrated network security solutions [1] Group 1: Product Launch and Strategy - The company introduced several new products, including next-generation firewalls and AI-driven security systems, as part of its ASIC & AI strategy [1] - The core strategy is "ASIC as the foundation, AI as the guide," which aims to drive the next generation of network security [5] - The company plans to complete the mass production of its self-developed 28nm ASIC chips by October 2023, with a full platform switch expected by mid-2024 [4][5] Group 2: Technological Innovation - The successful one-time tape-out of the ASIC chip is attributed to the company's innovative technology roots, with a history dating back to its founding by alumni from Tsinghua University [3] - The ASIC chip project, named "Venus," has been developed in four years, making the company the third globally to use ASIC chips for firewall and data encryption [4] - The new architecture design and fully domestic production process have significantly improved the performance of domestic firewalls, particularly in critical infrastructure sectors like finance and energy [4] Group 3: Market Position and Future Outlook - The company has seen a 40% year-on-year increase in profitability in its Hong Kong and Macau operations, with significant breakthroughs in government and financial sectors [9] - The strategic partnership with Digital China has enhanced the company's sales efficiency by approximately 90% and allowed for a more focused industry strategy [9] - The company anticipates a significant increase in market share and profitability following the launch of its ASIC products, with a strategic adjustment period from 2023 to 2025 and a growth phase from 2026 to 2028 [9] Group 4: AI Integration and Security Ecosystem - The company is leveraging AI technology to enhance its security operations, creating intelligent defense systems that improve efficiency and risk management [8] - The "Security AI" strategy aims to reshape the security ecosystem, covering device operation, data security, and security operations [8] - Approximately 10% of the company's research and development efforts are currently driven by AI, indicating a strong commitment to integrating AI into its product offerings [8]

Group 1 - Company announced the launch of ASIC security dedicated chips and is preparing for mass production, aiming to complete the transition to the ASIC platform for all products by 2025, which is a key part of the "Dual A Strategy" (ASIC + AI) [1] - The cloud firewall market is expected to grow from $2.208 billion in 2021 to $10.334 billion by 2028, with a compound annual growth rate of 24.67%, highlighting the company's position as a representative vendor in Gartner's security visionary quadrant [1] - The company has transformed from a traditional boundary security vendor to a comprehensive security service provider with 57 products across 10 categories, becoming the third network security company to launch ASIC security dedicated chips [2] Group 2 - The ASIC chip, built on a 28nm process, is expected to reduce hardware dependency on CPUs and is crucial for integrating both domestic and international markets [2] - The company aims to achieve an incremental revenue of approximately $8 million to $10 million annually in the financial and internet sectors through optimized product and market strategies [2] - The company has set 2023 to 2025 as an adjustment period to gradually reduce losses, with 2026 to 2028 designated as a transition period to achieve profit growth through market share increase and profit margin expansion [3]

Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order during the meeting [1] - Only shareholders, their proxies, company directors, supervisors, senior management, invited lawyers, and designated personnel are allowed to attend the meeting [1][2] - Shareholders and their proxies must register at least half an hour before the meeting and present required documentation [1][2] Group 2 - The meeting will announce the number of attending shareholders and their voting rights before allowing any latecomers to participate [2] - Shareholders have the right to speak, inquire, and vote, but must adhere to the meeting's agenda and time limits for speaking [2][3] - The meeting will utilize both on-site and online voting methods, with results to be announced in a company resolution [3][4] Group 3 - The agenda includes a proposal to lower the conversion price of the "Shan Stone Convertible Bond" due to specific market conditions [4][5] - The proposal is based on the condition that the stock price has been below 85% of the conversion price for at least 15 out of 30 trading days [4][5] - The board of directors seeks authorization to handle the necessary adjustments related to the bond conversion price [5]

Summary of Key Points Core Viewpoint - The announcement provides an update on the convertible bonds issued by Hillstone Network Technology Co., Ltd., detailing the conversion status and the overall performance of the "Hillstone Convertible Bonds" as of June 30, 2025. Group 1: Convertible Bond Issuance Overview - Hillstone Network Technology Co., Ltd. issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total value of RMB 26,743.00 million, each with a face value of RMB 100 [2]. - The bonds were listed on the Shanghai Stock Exchange on April 21, 2022, under the name "Hillstone Convertible Bonds" and code "118007" [2]. - The initial conversion price was set at RMB 24.65 per share, which was adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. Group 2: Conversion Status - As of June 30, 2025, a total of RMB 226,000 has been converted into company shares, resulting in 9,204 shares, which represents 0.0051% of the total shares issued before conversion [1][3]. - The total amount of unconverted convertible bonds as of the same date is RMB 267,204,000, accounting for 99.9155% of the total issuance [1][3]. - No bonds were converted into shares during the quarter from April 1, 2025, to June 30, 2025, with a conversion quantity of 0 shares [1][3]. Group 3: Share Capital Changes - The total share capital remained unchanged at 180,232,658 shares as of June 30, 2025, with no new shares issued from the convertible bond conversions [3].

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 年第二次临时股东大会会议资料 2025 年 7 月 1 / 7 山石网科通信技术股份有限公司 2025 年第二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 年第二次临时股东大会会议须知 3 2025 | | --- | | 山石网科通信技术股份有限公司 2025 年第二次临时股东大会会议议程 5 | | 议案一、《关于向下修正"山石转债"转股价格并授权办理相关事宜的议案》 7 | 2 / 7 山石网科通信技术股份有限公司 2025 年第二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 年第二次临时股东大会须知。 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人 ...

证券代码：688030 证券简称：山石网科 公告编号：2025-049 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 可转债转股结果暨股份变动公告 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。 1 / 3 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，公司本次发行的"山石转债"自 2022 年 9 月 28 日起可转换为公司股份，初始转股价格为 24.65 元/股。因实施 2021 年年度权益 分派，转股价格自 2022 年 6 月 21 日起调整为 24.52 元/股，具体内容详见公司于 2022 年 6 月 15 日刊登在上海证券交易所网站（www.sse.com.cn）的《山石网科 通信技术股份有限公司关于 2021 年年度权益分派调整可转债转股价格的公告》 （公告编号：2022-043）。 二、可转债本次转股情况 "山石转债"的转股期自 2022 年 9 月 28 日起至 2028 年 3 月 21 日止。自 2025 年 4 月 1 ...

Core Viewpoint - Hillstone Networks Co., Ltd. has issued convertible bonds totaling RMB 267.43 million, with a focus on enhancing its financial position and supporting growth initiatives in the cybersecurity sector [2][3][11]. Group 1: Bond Issuance Overview - The company issued 2,674,300 convertible bonds with a face value of RMB 100 each, raising a total of RMB 26,743,000 [3][11]. - The bonds have a six-year term, from March 22, 2022, to March 21, 2028, with a tiered interest rate starting at 0.4% in the first year and increasing to 2.8% by the sixth year [3][4]. - The bonds are listed on the Shanghai Stock Exchange under the name "山石转债" (Hillstone Convertible Bonds) [3][11]. Group 2: Financial Performance - For the fiscal year 2024, the company reported revenue of approximately RMB 996.59 million, a 10.06% increase from RMB 901.04 million in 2023 [19]. - The net loss attributable to shareholders narrowed to approximately RMB 137.21 million from RMB 239.81 million in the previous year, indicating improved financial health [19]. - The company’s total assets decreased by 14.50% to RMB 922.50 million, while net assets attributable to shareholders decreased by 7.20% to RMB 1,985.45 million [19]. Group 3: Use of Proceeds - The proceeds from the bond issuance will be allocated to various projects, including the construction of a security operation center and research and development initiatives [15][20]. - As of December 31, 2024, the company had utilized RMB 163.22 million of the raised funds, with a remaining balance of RMB 105.16 million [20]. - The company plans to adjust the allocation of funds based on project needs and timelines, ensuring effective use of the raised capital [15][20]. Group 4: Credit Rating - The company has maintained a credit rating of A+ from the rating agency, with a stable outlook as of the latest reports [16][17]. - However, the outlook was adjusted to negative in 2024, reflecting potential challenges in maintaining financial stability [17].

证券代码：688030.SH 证券简称：山石网科 可转债代码：118007.SH 可转债简称：山石转债 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 受托管理事务报告 （2024 年度） 债券受托管理人 1 | 重要声明 1 | | | --- | --- | | 目录 2 | | | 第一章 | 受托管理的公司债券概况 3 | | 第二章 | 受托管理人履行职责情况 13 | | 第三章 | 发行人 2024 年度经营和财务情况 15 | | 第四章 | 发行人募集资金使用情况及专项账户运作情况核查情况 18 | | 第五章 | 增信机制、偿债保障措施执行情况及有效性分析 23 | | 第六章 | 债券持有人会议召开情况 25 | | 第七章 | 本期债券本息偿付情况 26 | | 第八章 | 发行人偿债意愿和能力分析 27 | | 第九章 | 募集说明书中约定的其他义务 28 | | 第十章 | 重大事项 29 | | 第十一章 | 与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应 | | 对措施 30 | | （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层 ...