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 ...

Group 1 - The core viewpoint of the news is the performance and financial metrics of Shengbang Security, which saw a stock price increase of 5.16% to 38.94 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 10.53%, resulting in a total market capitalization of 2.936 billion CNY [1] - Shengbang Security, established on December 7, 2010, specializes in the research, production, sales, and provision of professional information security services, with its main business revenue composition being 77.56% from cybersecurity products and services, 16.23% from cyberspace mapping, 6.11% from satellite internet security, and 0.09% from other sources [1] Group 2 - From the perspective of fund holdings, Xinhua Fund has a significant position in Shengbang Security, with its Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) reducing its holdings by 7,150 shares in the second quarter, maintaining a total of 14,500 shares, which represents 0.85% of the fund's net value, ranking it as the third-largest holding [2] - The Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) has achieved a year-to-date return of 41.63%, ranking 1,437 out of 8,172 in its category, and a one-year return of 58.41%, ranking 2,421 out of 7,980 [2]

Group 1 - The core viewpoint of the news is that Shengbang Security has seen a significant increase in its stock price, rising by 5.51% to reach 39.48 CNY per share, with a total market capitalization of 2.977 billion CNY [1] - Shengbang Security, established on December 7, 2010, specializes in the research, production, and sales of information security products, as well as providing professional information security services [1] - The company's main business revenue composition includes 77.56% from cybersecurity products and services, 16.23% from cyberspace mapping, 6.11% from satellite internet security, and 0.09% from other sources [1] Group 2 - Among the top circulating shareholders of Shengbang Security, Changcheng Fund's Changcheng Jiujia Innovation Growth Mixed A (004666) holds 1.5 million shares, accounting for 4.76% of the circulating shares, with an estimated floating profit of approximately 3.09 million CNY [2] - Changcheng Jiujia Innovation Growth Mixed A (004666) was established on July 5, 2017, with a latest scale of 2.051 billion CNY, achieving a year-to-date return of 28.5% and a one-year return of 97.48% [2] - The fund manager, You Guoliang, has been in position for 5 years and 324 days, with the fund's total asset scale at 3.805 billion CNY, achieving a best return of 135.62% during his tenure [3]

Group 1 - The core viewpoint of the news is that Shengbang Security experienced a decline in stock price, closing at 37.04 CNY per share, with a trading volume of 84.96 million CNY and a turnover rate of 6.92%, resulting in a total market capitalization of 2.793 billion CNY [1] - Shengbang Security Technology Group Co., Ltd. was established on December 7, 2010, and went public on July 26, 2023. The company specializes in the research, production, sales of information security products, and provides professional information security services [1] - The main revenue composition of Shengbang Security includes: 77.56% from cybersecurity products and services, 16.23% from cyberspace mapping, 6.11% from satellite internet security business, and 0.09% from other sources [1] Group 2 - From the perspective of fund holdings, the Guoxin Guozheng Fund has a significant position in Shengbang Security, with the Guoxin Guozheng New Sharp A fund holding 90,000 shares, accounting for 2.23% of the fund's net value, ranking as the eighth largest holding [2] - The Guoxin Guozheng New Sharp A fund was established on April 15, 2015, with a latest scale of 137 million CNY. It has achieved a year-to-date return of 35.67% and a one-year return of 90.82%, ranking 481 out of 7984 in its category [2] - The fund manager, Zhang Honglei, has been in position for 4 years and 4 days, with a total asset scale of 157 million CNY. The best return during his tenure is 43.71%, while the worst return is -13.4% [2]

Group 1 - The company Shengbang Security (688651.SH) reported a revenue of 106 million yuan for the first half of 2025, representing a year-on-year increase of 10.98% [1][3] - The net profit attributable to shareholders was -36.41 million yuan, compared to -18.69 million yuan in the same period last year, indicating a worsening financial performance [1][3] - The net cash flow from operating activities was -25.81 million yuan, an improvement from -39.18 million yuan in the previous year [1][3] Group 2 - In 2024, the company achieved a revenue of 294 million yuan, a slight increase of 0.93% year-on-year, but the net profit attributable to shareholders decreased by 96.17% to 162.85 thousand yuan [3] - The net profit excluding non-recurring gains and losses was -720.69 thousand yuan, down from 3.46 million yuan in the previous year [3] - The net cash flow from operating activities for 2024 was -6.34 million yuan, worsening from -1.07 million yuan in the previous year [3] Group 3 - Shengbang Security was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 26, 2023, with an issuance of 18.88 million shares at a price of 39.90 yuan per share [4] - The company raised a total of 753.31 million yuan, with a net amount of 672.30 million yuan, exceeding the original plan by 107.18 million yuan [4] - The funds raised are intended for projects including cyberspace mapping, industrial internet security, digital marketing network construction, R&D center establishment, and working capital replenishment [4]

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]

Summary of Shengbang Security Conference Call Company Overview - **Company**: Shengbang Security - **Industry**: Cybersecurity and Satellite Internet Key Points Financial Performance - New orders signed increased by nearly 30% year-on-year, indicating strong growth momentum [2][4] - Net profit attributable to shareholders decreased by 17.7 million yuan year-on-year, with non-recurring net profit down by 12.8 million yuan, primarily due to increased investment in R&D and sales team [2][4] - Revenue for the first half of 2025 reached 105 million yuan, a year-on-year increase of 10.98% [4] - Operating cash flow improved by approximately 30%, with accounts receivable down by 18.5% [2][9] R&D and Sales Investment - R&D expenses for the first half of 2025 were 40.56 million yuan, up 33.6% year-on-year, focusing on satellite internet security and cyberspace mapping technologies [2][5] - Sales expenses were 65.7 million yuan, a 16.98% increase year-on-year, with a 20% increase in the number of sales personnel [2][7] Profitability and Margins - Gross margin decreased by 5 percentage points to over 71%, attributed to increased costs from customized new business requirements [2][8] - Full-year revenue is expected to grow by about 20%, with profits projected to be around 20-30 million yuan [3][12] Satellite Internet Business - Satellite internet business revenue was less than 10 million yuan in the first half, but is expected to grow by 50% for the full year due to accelerated industry demand [2][13] - Significant projects include the satellite protection monitoring system expected to be delivered in 2026 [10][13] Market and Product Development - The company has developed several key products in internet security, including satellite detection and intrusion protection systems [10] - The network identity project is awaiting the release of national standards, which will significantly boost its promotion and sales [15][16] Industry Trends and Future Outlook - Industries recovering quickly include telecommunications, energy, transportation, and finance, which are key focus areas for sales [19] - The increase in satellite launches is expected to positively impact the company's business, with significant contracts already signed [14] - The company is optimistic about future growth, particularly in overseas markets, with strategies in place to adapt products for international demands [20][22] Challenges and Considerations - The company needs to balance increased R&D and sales investments with profitability growth, as the current investment phase is nearing completion [17][18] - Attention is required on the conversion of R&D outcomes and the performance contribution of the sales team [2][8] Conclusion - Shengbang Security is positioned for growth with a strong order book and strategic investments in R&D and sales, despite facing challenges in profitability and market conditions. The focus on satellite internet and cybersecurity products, along with a proactive approach to market expansion, suggests a positive outlook for the future.

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]