山石网科通信技术股份有限公司 2025 年第三季度报告 证券代码：688030 证券简称：山石网科 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 2025 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 ...

Core Insights - The company is undergoing a structural transformation in its overseas strategy, transitioning from a focus on Hong Kong to expanding in Southeast Asia, leveraging its self-developed ASIC security chips to break the long-standing technology monopoly held by foreign firms [1][2][3] Group 1: Strategic Developments - The self-developed ASIC security chips are expected to achieve small-scale shipments in Q4 of this year, targeting high-end clients in finance and telecommunications [1][3] - The company's global vision aims for overseas business to account for a significant portion of profits, with a goal of achieving a balanced profit distribution among domestic, overseas, and OEM businesses over the next three years [1][2] - The shift in focus from primarily serving Chinese financial clients in Hong Kong to a broader client base, with government sectors now becoming the largest customer segment [1][2] Group 2: Market Dynamics - The Hong Kong government's urgent need for supply chain security has created a favorable environment for the company, allowing it to capitalize on this demand as a leading Chinese cybersecurity firm [2] - In Southeast Asia, the company is focusing on high cost-performance products, responding to regional concerns about supply chain security amid geopolitical tensions [2][3] - The company plans to deepen cooperation in three key areas in Hong Kong: government, finance, and critical infrastructure, while expanding its market presence in Southeast Asia and exploring potential in Europe and the Middle East [2] Group 3: Technological Advancements - The self-developed ASIC security chips are a crucial tool for the company to break the overseas monopoly, with four years invested in R&D leading to expected mass production in Q4 [3][5] - The company emphasizes the importance of developing its own hardware to meet the specific performance needs of security scenarios, as general-purpose chips are insufficient for high-demand applications [4][5] - The introduction of AI technology alongside ASIC chips forms a "Double A Strategy," enhancing data processing efficiency and reducing the need for human monitoring of security alerts [5][6] Group 4: Competitive Landscape - The company is positioned as one of the few globally capable of producing high-end network security ASIC chips, alongside Fortinet, with no other domestic competitors currently able to match this capability [5] - The ASIC product line is expected to open new market opportunities, particularly in the low-end commercial market, which has been challenging to penetrate [6] - The company aims to redefine competition in the cybersecurity industry through technological innovation rather than homogeneous competition [6]

Core Viewpoint - Shanshi Network Technology is set to break the overseas monopoly with its self-developed ASIC security chip, which will begin small-scale shipments in Q4 2023, and is implementing a "dual A strategy" combining AI technology to enhance its market position and expand overseas operations [1][3]. Group 1: Company Strategy - The company aims to increase its overseas business share, targeting a balanced profit distribution among domestic, overseas, and OEM operations within three years [1][2]. - Shanshi Network Technology's overseas expansion strategy includes deepening cooperation in Hong Kong's government, financial, and critical infrastructure sectors, while focusing on high-cost performance products in Southeast Asia [2][3]. Group 2: Product Development - The self-developed ASIC security chip is a key tool for Shanshi Network Technology to overcome the long-standing dominance of foreign manufacturers in the high-end market [3][4]. - The company has invested four years in the development of the ASIC chip, with plans for mass production starting in Q1 2024, targeting high-end clients in finance and telecommunications [3][5]. Group 3: Market Positioning - The company has shifted its focus in Hong Kong from primarily serving financial clients to also addressing the growing demand from the government sector, which has become its largest customer [2][5]. - In Southeast Asia, the company is leveraging its high cost-performance advantage to attract clients, especially in light of recent geopolitical tensions that have heightened the focus on supply chain security [2][6]. Group 4: Technological Innovation - The "dual A strategy" integrates ASIC technology to enhance computational power and AI to reduce human resource requirements, improving efficiency in monitoring and responding to network security threats [6][5]. - The company aims to redefine competition in the network security industry by focusing on technological innovation rather than homogeneous competition, inspired by successful market strategies of established players like Fortinet [6].

峰会亮点纷呈，山石网科分别与泰国航空工业有限公司、大昌行集团有限公司签署战略合作协议；香港 研发中心正式成立，聚焦亚太威胁情报中枢构建、"亚洲范式"安全产品研发、AI+RWA安全三大目标， 成为国际业务技术创新引擎。 专题演讲环节，泰国航空工业、香港警务处相关负责人及行业专家围绕国防网络安全、网络犯罪应对、 数据安全趋势等分享见解。山石网科高管介绍了公司全球市场布局与信创解决方案优势，强调以"自主 可控"技术为关键基础设施及数字化转型提供全场景安全保障。 本次峰会通过主题演讲、圆桌讨论及18个合作伙伴展位展示，充分彰显山石网科技术实力与产业影响 力。在"双A战略"指引下，山石网科正加速海外市场拓展，稳步迈入国际化发展新阶段。 近日，由山石网科通信技术股份有限公司(以下简称"山石网科")主办、香港网络安全专业协会协办的"大 湾区及东南亚网络安全研讨峰会"在中国香港举行，以"智链湾区，芯聚亚太"为主题，近300名全球行业 专家、政府领导及合作伙伴齐聚，共同探讨网络安全技术创新与生态构建。 山石网科董事长兼CEO叶海强在致辞中提到，公司成立18周年暨上市6周年之际，已入选Gartner远见者 象限，业务覆盖全球60 ...

每经记者｜黄鑫磊 每经编辑｜魏文艺 作为国际金融中心和创新科技中心，香港的关键基础设施涵盖机场、地铁、电力、金融系统等关乎民生 的核心领域。近年来，随着地缘冲突频发和技术垄断风险加剧，香港特区政府对网络安全的重视程度持 续提升。今年3月，香港特区立法会三读通过《保护关键基础设施条例草案》，要求相关营运者定期做 风险评估。 10月24日，在香港举办的"山石网科大湾区及东南亚网络安全研讨峰会"上，香港特别行政区政府数字政 策办公室数字政策专员黄志光表示，稳固的网络安全是香港发展成为国际创新科技中心及智慧城市的基 石，香港特区政府正积极推动数字经济发展，并高度重视与之配套的网络安全建设。 从市场需求来看，香港已形成政府、金融、关键基础设施企业三大核心需求群体。然而，在拓展香港地 区市场过程中，内地网络安全企业普遍面临人才短缺与合规适配等多重困境。 人才方面，香港本地专注于AI和网络安全的专业人才数量有限，且用工成本显著高于内地。在本次峰 会上，网络安全厂商山石网科（SH688030，股价19.60元，市值35.33亿元）董事长兼CEO叶海强宣布正 式设立香港研发中心。山石网科副总裁兼国际事业群负责人赵京玺表示，山石 ...

Core Viewpoint - Company has provided a guarantee for its wholly-owned subsidiary, Beijing Shanshi, to secure a credit facility from Xiamen International Bank, with a maximum debt amount of RMB 30 million [1][4]. Group 1: Guarantee Details - The guarantee is structured as a joint liability guarantee, covering the principal debt of RMB 30 million along with interest, penalties, and other related costs [4]. - The company has approved a total guarantee limit of RMB 200 million for Beijing Shanshi, with the current outstanding guarantee balance being RMB 66.42 million, leaving a remaining available guarantee of RMB 90 million [2][5]. - The guarantee period extends for three years from the effective date of the contract, with provisions for extension if agreed upon [4]. Group 2: Decision-Making Process - The board of directors convened on July 22, 2025, to approve the guarantee proposal with unanimous support [2][5]. - The board concluded that the guarantee aligns with the operational needs of the subsidiary and poses manageable risks, ensuring no detriment to the interests of the company or its shareholders [5]. Group 3: Financial Position - As of the announcement date, the total authorized external guarantees by the company and its subsidiaries amount to RMB 200 million, representing 21.68% of the latest audited net assets and 10.07% of total assets [5]. - The company has no overdue guarantees or guarantees involved in litigation [5].

Core Viewpoint - The company, 山石网科, announced that it has no overdue external guarantees or any guarantees related to litigation [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - There are no guarantees involved in any ongoing litigation [1]

证券代码：688030 证券简称：山石网科 公告编号：2025-062 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 关于为全资子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | 北京山石网科信息技术有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 3,000.00 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 6,642.09 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（万元） | 20,000.00 | | 对外担保总额占上市公司最近一 ...

Core Viewpoint - The stock of Hillstone Networks has shown a positive trend with a year-to-date increase of 27.74%, reflecting strong performance in the cybersecurity sector [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 cybersecurity field, offering a comprehensive range of products and services including boundary security, cloud security, data security, and internal network security [1]. - The revenue composition of Hillstone Networks is as follows: boundary security products account for 75.09%, other security products 18.93%, cloud security products 5.09%, and other supplementary products 0.88% [1]. Financial Performance - As of June 30, the number of shareholders for Hillstone Networks was 6,905, an increase of 1.11% from the previous period. The average circulating shares per person decreased by 1.10% to 26,101 shares [2]. - For the first half of 2025, Hillstone Networks reported a revenue of 417 million yuan, representing a year-on-year growth of 9.46%. However, the net profit attributable to the parent company was -76.56 million yuan, showing a year-on-year increase of 4.31% [2]. Stock Performance - On October 21, Hillstone Networks' stock price rose by 2.01%, reaching 19.80 yuan per share, with a trading volume of 20.65 million yuan and a turnover rate of 0.59%. The total market capitalization is 3.569 billion yuan [1]. - The stock has experienced a 1.96% increase over the last five trading days, a 4.30% decrease over the last 20 days, and a 13.27% increase over the last 60 days [1]. Dividend Information - Since its A-share listing, Hillstone Networks has distributed a total of 51.0032 million yuan in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - The company, 山石网科 (ShanShi Network Technology), has confirmed that it currently has no collaboration with 新凯 (XinKai) [1] Company Summary - 山石网科 (688030.SH) is actively engaging with investors through an interactive platform [1] - The absence of collaboration with 新凯 indicates a potential focus on independent operations or partnerships with other entities [1]