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]

Core Insights - Several publicly listed cybersecurity companies reported third-quarter earnings, with some achieving revenue growth or reduced losses in the first three quarters of the year. Embracing AI technology and exploring diverse business scenarios are key strategies for these companies to enhance quality and drive transformation [1][2]. Exploring Diverse Scenarios - Companies like 360 achieved revenue of 6.068 billion yuan, an 8.18% year-on-year increase, while net losses narrowed to 122 million yuan from 579 million yuan, a reduction of approximately 78.93% [2]. - Green Alliance Technology reported revenue of 1.28 billion yuan, a slight increase year-on-year, with net losses of 196 million yuan, a reduction of 39.85% [2]. - Companies are expanding into new markets such as satellite internet and industrial control to explore incremental growth opportunities [2]. - Shengbang Security is focusing on low-altitude economy and satellite internet, winning contracts in these new sectors [2]. - The number of vessels using satellite internet in the marine sector surged from 500 in 2022 to 75,000 recently, while the number of aircraft adapted for satellite use is expected to grow from 160 in 2024 to 2,000 in 2025 [2]. AI-Driven Industry Transformation - AI has become a mainstream tool for efficiency in the cybersecurity industry, with 97% of surveyed companies using or planning to deploy AI-enabled solutions [4]. - 87% of industry experts expect AI to enhance efficiency, and 80% report that AI has improved their team's productivity [4]. - Companies like Qi An Xin are leveraging AI to enhance detection accuracy and reduce costs, with over 90% usage of AI code assistants [4]. - The AISOC intelligent operation model has been shown to reduce average threat detection and assessment times while improving alert recognition rates [4]. Continuous Investment in Innovation - Companies are investing in technology innovation to enhance competitiveness, with Shengbang Security's R&D expenditure reaching 66.65 million yuan, a 22.98% increase year-on-year, accounting for 42.90% of revenue [8]. - Qi An Xin's R&D investment totaled 835 million yuan, representing 29.41% of revenue, focusing on proactive defense and privacy computing [8]. - The rapid development of large models is reshaping the cybersecurity landscape, accelerating the implementation of proactive defense systems [7].