国泰海通证券股份有限公司 关于远江盛邦安全科技集团股份有限公司 2025 年度持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：盛邦安全 | | --- | --- | | 保荐代表人姓名：董冰冰、张扬文 | 被保荐公司代码：688651.SH | 重大事项提示 经中国证券监督管理委员会《关于同意远江盛邦（北京）网络安全科技股份 有限公司首次公开发行股票注册的批复》（证监许可[2023]1172 号文）批复，远 江盛邦安全科技集团股份有限公司（以下简称"上市公司"、"公司"或"发行 人"）首次公开发行人民币普通股（A 股）1,888.00 万股，每股面值人民币 1 元， 每股发行价格人民币 39.90 元，募集资金总额为人民币 75,331.20 万元，扣除发 行费用后，实际募集资金净额为人民币 67,230.02 万元。本次发行证券已于 2023 年 7 月 26 日在上海证券交易所上市。国泰海通证券股份有限公司（以下简称"保 荐机构"或"国泰海通"）担任其持续督导保荐机构，持续督导期间为 2023 年 7 月 26 日至 2026 年 12 月 31 日。 1 | 项 ...

从基金十大重仓股角度 9月17日，盛邦安全涨5.16%，截至发稿，报38.94元/股，成交1.30亿元，换手率10.53%，总市值29.36亿 元。 资料显示，远江盛邦安全科技集团股份有限公司位于北京市海淀区上地九街9号9号2层209号，成立日期 2010年12月7日，上市日期2023年7月26日，公司主营业务涉及信息安全产品的研发、生产、销售及提供 专业信息安全服务。主营业务收入构成为：网络安全产品与服务77.56%，网络空间地图16.23%，卫星 互联网安全业务6.11%，其他0.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，新华基金旗下1只基金重仓盛邦安全。新华中小市值优选混合（519097）二季度减持7150 股，持有股数1.45万股，占基金净值比例为0.85%，位居第三大重仓股。根据测算，今日浮盈赚取约 2.77万元。 责任编辑：小浪快报 新华中小市值优选混合（519097）成立日期2011年1月28日，最新规模5798.37万。今年以来收 ...

资料显示，远江盛邦安全科技集团股份有限公司位于北京市海淀区上地九街9号9号2层209号，成立日期 2010年12月7日，上市日期2023年7月26日，公司主营业务涉及信息安全产品的研发、生产、销售及提供 专业信息安全服务。主营业务收入构成为：网络安全产品与服务77.56%，网络空间地图16.23%，卫星 互联网安全业务6.11%，其他0.09%。 9月10日，盛邦安全涨5.51%，截至发稿，报39.48元/股，成交7269.20万元，换手率5.86%，总市值29.77 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从盛邦安全十大流通股东角度 责任编辑：小浪快报 长城久嘉创新成长混合A（004666）基金经理为尤国梁。 截至发稿，尤国梁累计任职时间5年324天，现任基金资产总规模38.05亿元，任职期间最佳基金回报 135.62%， 任职期间最差基金回报-15.93%。 数据显示，长城基金旗下1只基金位居盛邦安全十大流通股东。长城久嘉创新成长混合A（004666） ...

9月9日，盛邦安全跌5.03%，截至发稿，报37.04元/股，成交8496.07万元，换手率6.92%，总市值27.93 亿元。 资料显示，远江盛邦安全科技集团股份有限公司位于北京市海淀区上地九街9号9号2层209号，成立日期 2010年12月7日，上市日期2023年7月26日，公司主营业务涉及信息安全产品的研发、生产、销售及提供 专业信息安全服务。主营业务收入构成为：网络安全产品与服务77.56%，网络空间地图16.23%，卫星 互联网安全业务6.11%，其他0.09%。 国新国证新锐A（001068）基金经理为张洪磊。 截至发稿，张洪磊累计任职时间4年4天，现任基金资产总规模1.57亿元，任职期间最佳基金回报 43.71%， 任职期间最差基金回报-13.4%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，国新国证基金旗下1只基金重仓盛邦安全。国新国证新锐A（001068）二季度持有股数9万 股，占基金净值比例为2 ...

中国经济网北京9月9日讯 盛邦安全(688651.SH)近日发布了2025年半年度报告。今年上半年，公司 营业收入1.06亿元，同比增长10.98%；归属于上市公司股东的净利润-3640.80万元，上年同期为-1868.96 万元；归属于上市公司股东的扣除非经常性损益的净利润-3738.23万元，上年同期为-2456.89万元；经 营活动产生的现金流量净额-2580.90万元，上年同期为-3917.88万元。 盛邦安全首次公开发行股票募集资金总额为75,331.20万元，募集资金净额为67,230.02万元，较原计 划多10,718.25万元。盛邦安全于2023年7月21日披露的招股书显示，该公司拟募集资金56,511.77万元， 计划用于网络空间地图项目、工业互联网安全项目、数字化营销网络建设项目、研发中心建设项目、补 充流动资金。 盛邦安全首次公开发行股票的发行费用合计8,101.18万元（不含增值税），其中，保荐及承销费用 6,000.00万元。 （责任编辑：韩艺嘉） | | | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- ...

Group 1 - The core viewpoint of the news is the performance and financial details of Shengbang Security, which saw a stock price increase of 5.02% to 39.33 CNY per share, with a total market capitalization of 2.965 billion CNY [1] - Shengbang Security, established on December 7, 2010, specializes in the research, production, and sales of information security products, with its main revenue sources being 77.56% from cybersecurity products and services, 16.23% from cyberspace mapping, and 6.11% from satellite internet security [1] Group 2 - Longcheng Fund's Longcheng Jiujia Innovation Growth Mixed A Fund (004666) is among the top ten circulating shareholders of Shengbang Security, holding 1.5 million shares, which accounts for 4.76% of the circulating shares [2] - The Longcheng Jiujia Innovation Growth Mixed A Fund has achieved a year-to-date return of 31.49% and a one-year return of 97.42%, ranking 2009 out of 8248 and 375 out of 8051 in its category, respectively [2] Group 3 - The fund manager of Longcheng Jiujia Innovation Growth Mixed A Fund is You Guoliang, who has been in the position for 5 years and 322 days, with the fund's total asset size at 3.805 billion CNY [3] - During You Guoliang's tenure, the best fund return was 135.62%, while the worst return was -10.39% [3]

盛邦安全 20250902 摘要 盛美安全新签订单额同比增长近 30%，显示强劲发展势头，但归母利润 同比减少 1,770 万元，扣非归母利润同比减少 1,280 万元，主要因研发 和销售团队建设投入增加，需关注投入产出比。 2025 年上半年研发费用投入 4,056 万元，同比增长 33.6%，集中于卫 星互联网安全和网络空间地图等新技术方向，预计下半年研发投入将收 敛，关注研发成果转化。 销售费用为 6,570 万元，同比增长 16.98%，销售人员数量同比增长 20%，垂直系统部、重点区域及国际业务销售布局基本完成，关注销售 团队的业绩贡献。 毛利率同比下降 5 个百分点至 71%以上，主要因新业务定制化要求导致 成本增加，新品标准化后毛利率预计回升，关注标准化进程及成本控制。 经营现金流同比提升约 30%，应收账款同比减少 18.5%，显示现金流 管理改善，但需持续关注应收账款风险。 卫星互联网业务上半年收入不足 1,000 万，但全年预计增长 50%，受 益于行业需求加速及产品增强，星载防护监测系统预计 2026 年交付， 关注卫星互联网业务增长潜力。 全年收入预计增长约 20%，利润预计在两三千万 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Insights - The company reported a revenue of 106 million yuan for the first half of 2025, representing a year-on-year growth of 10.98%. However, it incurred a net loss attributable to shareholders of 36 million yuan, compared to a loss of 19 million yuan in the same period last year [6]. - The implementation of the National Network Identity Authentication Management Measures is expected to open up new opportunities in the sector, with the company participating in the security construction of the national network identity authentication public service platform [6]. - The company is deepening its layout in satellite internet security, having made strategic investments in various related firms and developing multiple security solutions for different scenarios in the satellite internet domain [6]. Financial Summary - The company’s projected total revenue for 2025 is 385 million yuan, with a growth rate of 31.3%. The net profit attributable to shareholders is expected to be 55 million yuan, reflecting a significant increase of 3,256.5% compared to the previous year [6][7]. - The earnings per share (EPS) are projected to be 0.72 yuan for 2025, with a price-to-earnings (P/E) ratio of 55 times [6][7]. - The company’s total market capitalization is approximately 30.27 billion yuan, with a circulating market value of 13.03 billion yuan [3].

Group 1 - The core viewpoint of the news is that Shengbang Security (688651) reported mixed financial results for the first half of 2025, with a significant decline in net profit despite a slight increase in revenue [1] - The total operating revenue for the company reached 106 million yuan, representing a year-on-year increase of 10.98%, while the net profit attributable to shareholders was -36.408 million yuan, a year-on-year decrease of 94.8% [1] - The second quarter saw an operating revenue of 58.265 million yuan, up 10.21% year-on-year, but the net profit attributable to shareholders dropped to -23.112 million yuan, a decline of 168.71% [1] Group 2 - The company's gross margin was reported at 71.19%, down 6.62% year-on-year, and the net margin was -36.6%, a decrease of 86.18% [1] - Total sales, management, and financial expenses amounted to 82.186 million yuan, accounting for 77.89% of revenue, which is an increase of 5.66% year-on-year [1] - The accounts receivable were notably high, with accounts receivable to net profit ratio reaching 14,051.7% [1] Group 3 - The company's return on invested capital (ROIC) for the previous year was 0.18%, indicating weak capital returns, while the historical median ROIC since listing is 22.91% [2] - The net profit margin for the previous year was 1.42%, suggesting low added value for the company's products or services [2] - Analysts recommend monitoring the company's cash flow situation, as the average operating cash flow over the past three years has been -23.97% of current liabilities [2] Group 4 - The largest fund holding Shengbang Security is Guoxin Guozheng New Sharp A, with 90,000 shares newly entered into the top ten holdings [3] - The fund has a current scale of 137 million yuan and a latest net value of 1.722, which has decreased by 0.17% from the previous trading day, but has increased by 100.47% over the past year [3] - The fund manager is Zhang Honglei [3]

Group 1 - The company reported a total operating revenue of 106 million yuan for the first half of 2025, representing a year-on-year increase of 10.98% [1] - The net profit attributable to shareholders of the parent company was -36.408 million yuan, which is a loss increase of 17.7184 million yuan compared to the same period last year [1] - The basic earnings per share were -0.49 yuan [1]