Hillstone Networks(SH:688030) Xin Lang Zheng Quan·2025-10-30 12:12Core Viewpoint - The company, Shanshi Network Technology, is a significant player in the domestic cybersecurity market, focusing on cutting-edge technology innovation and offering comprehensive cybersecurity solutions [1] Group 1: Business Performance - In Q3 2025, Shanshi Network reported revenue of 719 million yuan, ranking 19th out of 35 in the industry, significantly lower than the industry leader, iFlytek, which reported 16.989 billion yuan [2] - The main business composition includes boundary security products at 748 million yuan (75.09%), other security products at 189 million yuan (18.93%), and cloud security products at 50.75 million yuan (5.09%) [2] - The net profit for the same period was a loss of 74.71 million yuan, ranking 20th out of 35, with a loss margin smaller than the industry average of -98.15 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 57.29%, higher than the previous year's 46.11% and the industry average of 29.42% [3] - The gross profit margin for Q3 2025 was 69.63%, lower than the previous year's 72.90% but above the industry average of 63.59% [3] Group 3: Executive Compensation - The chairman and general manager, Ye Haiqiang, received a salary of 2.5693 million yuan in 2024, an increase of 1.1928 million yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.67% to 7,642, while the average number of circulating A-shares held per account decreased by 9.64% to 23,600 [5]