Summary of Shengbang Security Conference Call Company Overview - Shengbang Security operates primarily in three core business areas: cyberspace mapping, satellite internet low-altitude economy, and website identity services [3][4]. Core Business Insights - **Cyberspace Mapping**: - This is Shengbang Security's flagship product, utilizing the Space Rui series for global cyberspace asset detection and governance, including monitoring sensitive internet information. - The market for cyberspace mapping is expected to grow at a compound annual growth rate (CAGR) of 48.3% from 2021 to 2024, reaching a market size of 5.46 billion yuan by 2026. - In 2023, the revenue from this business segment increased by 40% year-on-year, amounting to 50.68 million yuan, with AI technology expected to further drive growth [3][4]. - **Satellite Internet Low-altitude Economy**: - Shengbang Security is actively expanding in this area, having acquired Tianyun Website and fully deploying related services. - As of February this year, satellite internet orders exceeded 30 million yuan, surpassing last year's total revenue of over 20 million yuan. - The company launched China's first urban low-altitude operation safety assurance service product, focusing on infrastructure and aircraft safety in the 300 to 1,000 meters altitude range [3][4]. - **Website Identity Services**: - This business is a significant growth driver, benefiting from the national network identity authentication public service management measures released by the Ministry of Public Security and the Cyberspace Administration. - Over 150 enterprises have connected to this platform, which is expected to facilitate a shift towards trusted identity authentication for app developers, thereby expanding market opportunities [3][4]. Research and Development (R&D) Investments - Shengbang Security has shown strong performance in R&D investments, with R&D expenses reaching over 30 million yuan in the first half of last year, a 13% increase year-on-year. - The number of R&D personnel rose from 166 in 2021 to 213 in the first half of this year, ensuring the company maintains its technological advantages in military and public security sectors [5]. Opportunities in AI and Military Integration - The integration of AI and military sectors presents significant opportunities for Shengbang Security. - By 2025, the military market, cyberspace mapping, and hardware sectors are expected to fully release their potential, driving overall business growth. - The new low-altitude satellite internet business is also focused on data, large models, and various vertical fields, aligning with overseas market expectations and potentially enhancing order performance and market conditions [6]. Potential Investment Targets in AI Application Information - Several companies in the AI application information sector are identified as having high potential, including: - **GPU Sector**: DRV, Cambrian, and Haiguang Information - **Digital Earth Surveying**: Zhongke Jintu - **Satellite Internet**: Hanjun Garden and Creative Information - **Simulation and Modeling**: Wenke and Later Material - These companies are expected to see order performance improvements and increased market conditions, potentially leading to a "Davis Double" effect [7].

Financial Performance - Total revenue for 2024 reached RMB 318.04 million, an increase of 9.35% compared to RMB 290.83 million in the previous year[3] - Operating profit decreased by 47.37% to RMB 22.02 million from RMB 41.85 million year-on-year[3] - Net profit attributable to shareholders of the parent company fell by 52.64% to RMB 20.13 million, down from RMB 42.51 million in the previous year[3] - Basic earnings per share decreased by 53.03% to RMB 0.31 from RMB 0.66 year-on-year[3] - The company's return on equity (ROE) decreased by 5.16 percentage points to 2.27% from 7.43% year-on-year[3] Assets and Liabilities - Total assets increased by 4.14% to RMB 1,187.95 million from RMB 1,140.76 million at the beginning of the period[4] Expenses and Investments - Research and development expenses increased significantly due to higher investment in new product directions, impacting overall profitability[5] - Sales expenses rose as the company expanded its workforce in key business areas, contributing to the decline in profits[5] Client Relations and Financial Health - The company faced longer payment cycles from some clients, leading to an increase in bad debt provisions, which negatively affected profit levels[5] Reporting and Auditing - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the annual report[7]

证券代码：688651 证券简称：盛邦安全 公告编号：2025-003 远江盛邦（北京）网络安全科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/7，由实际控制人、董事长权晓文先生提议 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月，实际回购股份起始 | | | 之日为自股东大会审议通过之日，终止之日与前 | | | 述日期相同。 | | 预计回购金额 | 万元 1,500 万元~3,000 | | 回购价格上限 | 50 元/股 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 万股 58.80 | | 实际回购股数占总股本比例 | 0.7799% | | 实际回购金额 | 1,786.79 万元 | | 实际回购价格区间 | 25.58 元/股 ...

Core Viewpoint - The company, Shengbang Security, anticipates a decline in net profit for 2024 despite a projected increase in revenue, indicating potential challenges in profitability and operational efficiency [1][2]. Financial Performance - The company expects 2024 revenue to be between 31 million and 33 million, representing a year-on-year increase of 6.59% to 13.47% [1]. - The projected net profit for 2024 is estimated to be between 20 million and 27.5 million, a decrease of 1.5 million to 2.25 million compared to the previous year, reflecting a decline of 35.31% to 52.95% [1]. - The net profit after excluding non-recurring gains and losses is expected to be between 10.7 million and 18.2 million, down by 1.635 million to 2.385 million, which translates to a decrease of 47.34% to 69.04% [1]. - In 2023, the company reported a revenue of 290.83 million, with a total profit of 40.84 million and a net profit of 42.51 million [1][6]. Strategic Focus - The company is committed to a long-term development strategy emphasizing healthy operations, focusing on key industries and strategic regions, and enhancing delivery capabilities [2]. - Increased investment in research and development for new products, such as cybersecurity for satellite internet and spatial mapping, has led to higher R&D expenses [2]. - The company has also expanded its workforce in response to market demands, resulting in increased sales expenses [2]. Market Conditions - The company has experienced longer settlement and payment cycles from some clients, leading to a significant increase in bad debt provisions, which has negatively impacted profit levels [4]. - The stock is currently in a state of decline since its IPO, which took place on July 26, 2023, with an issuance price of 39.90 per share [5].

Revenue and Profit Forecast - The company expects 2024 annual revenue to be between 310 million and 330 million yuan, representing a year-on-year increase of 6.59% to 13.47%[2]. - The projected net profit attributable to the parent company for 2024 is estimated to be between 20 million and 27.5 million yuan, a decrease of 1,500.86 million to 2,250.86 million yuan, or a decline of 35.31% to 52.95% compared to the previous year[2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 10.7 million and 18.2 million yuan, down 1,635.92 million to 2,385.92 million yuan, or a decrease of 47.34% to 69.04% year-on-year[2]. - In 2023, the company's revenue was 290.83 million yuan, with a net profit of 42.51 million yuan and a net profit after deducting non-recurring gains and losses of 34.56 million yuan[3]. R&D and Operational Expenses - The company has increased R&D investment in new areas such as cyberspace mapping products and satellite internet security products, leading to higher R&D expenses[4]. - The company has also expanded its workforce in sales and business development, resulting in increased sales expenses during the reporting period[4]. - The lengthening of customer settlement and payment cycles has led to a significant increase in bad debt provisions, impacting current profit levels[4]. Audit and Investment Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by a registered accountant[5]. - The company has communicated with its auditing firm regarding the performance forecast and found no discrepancies[5]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[6].

证券代码：688651 证券简称：盛邦安全 公告编号：2025-001 重要内容提示： 截至 2024 年 12 月 31 日，远江盛邦（北京）网络安全科技股份有限公司（以 下简称"公司"）通过上海证券交易所系统以集中竞价交易方式已累计回购 公司股份 586,326 股，占公司总股本 75,399,000 股的比例为 0.7776%，回购 成交的最高价为 31.90 元/股，最低价为 25.58 元/股，已支付的资金总额为 人民币 17,809,509.69 元（不含印花税、交易佣金等交易费用）。 远江盛邦（北京）网络安全科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定及公司回购股份方案，在回购期限内 根据市场情况择机做出回购决策并予以实施，同时将根据回购股份事项的进展情 况，及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 2024-0 ...

国泰君安证券股份有限公司 关于远江盛邦(北京)网络安全科技股份有限公司 (一)保荐机构 国泰君安证券股份有限公司 (二)保荐代表人 张扬文、董冰冰 (三)现场检查时间 2024 年度持续督导工作现场检查报告 国泰君安证券股份有限公司(以下简称"国泰君安"或"保荐机构")作为远江 盛邦(北京)网络安全科技股份有限公司(以下简称"盛邦安全"或"公司")首次 公开发行股票并在科创板上市的保荐机构及持续督导机构,根据《上海证券交易 所科创板股票上市规则》等相关规定,对公司 2024年1月1日至本次现场检查 期间(以下简称"本持续督导期间"）的规范运作情况进行了现场检查,现就现场 检查的有关情况报告如下: 一、本次现场检查的基本情况 2024年12月16日至2024年12月18日 (四) 现场检查人员 张扬文、董冰冰 (五) 现场检查内容 公司治理和内部控制情况、信息披露情况、公司的独立性以及与控股股东、 实际控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担 保、重大对外投资、公司经营情况以及承诺履行情况等。 (六) 现场检查手段 1、查看公司主要生产经营场所; 2、与公司董事、监事、高级管理人员及相 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [31] Core Insights - The company is positioned as a small giant in the cybersecurity sector, focusing on vulnerability scanning and Web Application Firewall (WAF) products, with a strategic expansion into satellite internet security and network space mapping [61][73] - The company has a stable shareholding structure, with the founder holding approximately 35% of the shares, which is expected to maintain the company's operational strength [63] - The company has seen significant revenue growth, with projected revenues of 356.1 million yuan in 2024, 500.2 million yuan in 2025, and 727 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 28.48% from 2019 to 2023 [55][79] Summary by Sections 1. Company Overview - The company was founded in 2010 and has developed core products such as WAF and vulnerability scanning systems, focusing on critical information infrastructure needs since 2015 [61] - The company launched a network space map product in 2022 and is strategically expanding into satellite internet security [61] 2. Market Position - In the Chinese web application firewall market, the company holds a 5.9% market share, ranking fifth, while in the vulnerability scanning market, it ranks third with a 7.8% market share [6][8] 3. Product Strengths - The company's products are characterized by practical capabilities rather than mere compliance, with a strong technical background among its executives [11] - The RayOS platform allows for modular and cost-effective development, enhancing the company's ability to respond to market demands [11] 4. Future Growth Opportunities - The company aims to expand its overseas market presence, particularly in the Middle East and countries along the Belt and Road Initiative, by leveraging its partnership with Huawei [12] - The satellite internet security market is projected to be a significant growth area, with an estimated market size of 15.1 billion yuan by 2030 [32] 5. Financial Projections - The company expects to achieve revenues of 3.56 billion yuan in 2024, 5.00 billion yuan in 2025, and 7.27 billion yuan in 2026, with corresponding net profits of 0.55 billion yuan, 0.86 billion yuan, and 1.31 billion yuan [33][55]

证券代码：688651 证券简称：盛邦安全 公告编号：2024-063 远江盛邦（北京）网络安全科技股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 远江盛邦（北京）网络安全科技股份有限公司（以下简称"公司"）2024 年员工持股计划第一次持有人会议于 2024 年 12 月 6 日以现场结合通讯表 决的方式召开。本次会议由公司董事会秘书袁先登先生召集和主持，出席 本次会议的持有人 20 人，代表公司 2024 年员工持股计划份额 1,077.75 万 份，占公司 2024 年员工持股计划总份额的 100%。会议的召集、召开和表 决程序符合公司 2024 年员工持股计划的有关规定。会议以记名投票表决方 式，审议通过了以下议案： （一）审议通过了《关于设立公司 2024 年员工持股计划管理委员会的 议案》 为保证公司 2024 年员工持股计划的顺利进行，保障持有人的合法权益，根 据公司《2024 年员工持股计划》及《2024 年员工持股计划管理办法》等相关规 定， ...

本持股计划实际参与员工共计 20 人，最终买入股票数量为 45.00 万股，对 应份额为 1,077.75 万份，对应资金总额为 1,077.75 万元，股票来源为公司回购专 用证券账户持有的公司 A 股普通股股票。 2024 年 12 月 6 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，确认"远江盛邦（北京）网络安全科技股份有限公司回购专 用证券账户"（账户号码：B886379286）所持有的 45.00 万股公司股票已于 2024 年 12 月 5 日非交易过户至"远江盛邦（北京）网络安全科技股份有限公司－2024 年员工持股计划"（账户号码：B886833620）。截至本公告披露日，公司本持股 计划持有的公司股份数量为 45.00 万股，占公司目前总股本的比例为 0.60%。 根据公司《2024 年员工持股计划》的相关规定，本持股计划的存续期为 48 个月，自公司公告最后一笔标的股票过户至本持股计划名下之日起算。本持股计 划所获标的股票分三期解锁，解锁时点分别为自公司公告标的股票过户至本持股 计划名下之日起满 12 个月、24 个月、36 个月，每期解锁的标的股票比例分别为 ...