关于使用部分闲置可转债募集资金暂时补充流动资 金的公告 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、准确性和完整性依法承担法律责任。 | | | 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 山石网科通信技术股份有限公司（以下简称"公司"或"山石网科"）于 2025 年 3 月 27 日召开第三届董事会第二次会议、第三届监事会第二次会议，审议通 过了《关于使用部分闲置可转债募集资金暂时补充流动资金的议案》，同意在确 保不影响募集资金投资项目（以下简称"募投项目"）建设进度的前提下，为提 高募集资金使用效率、降低公司财务成本，公司及其全资子公司拟使用部分闲置 募集资金不超过人民币 4,000.00 万元（包含本数）暂时补充流动资金，用于业务 拓展、日常经营等与主营业务相关的生产经营，使用期限自董事会批准之日起不 超过 12 个月。公司监事会发表了明确同意的意见，保荐机构中国国际金融股份 有限公司对本事项出具了明确的核查意见。前述事项在董事会审批权限范围内， 无需提交股东大会审议，具体情况如下： 一、募集资金基本情况 经中国证券 ...

Core Viewpoint - The company has reported significant losses exceeding one-third of its paid-in capital, necessitating a shareholder meeting for further deliberation on the matter [1][2]. Financial Performance - In 2024, the company's net profit attributable to shareholders was -137.21 million yuan, with undistributed profits at -545.65 million yuan, indicating substantial losses [1]. - The company experienced a revenue increase of 10.60% in 2024, reaching 996.59 million yuan, while the net loss decreased by 42.78% compared to the previous year [2][4]. - The company reported a revenue of 901.04 million yuan in 2023, marking an 11.02% year-on-year increase, but the net loss expanded by 31.42% to -239.81 million yuan [2]. Operational Improvements - The company has made progress towards its operational goals, focusing on cost control and efficiency, leading to a reduction in the expense ratio by approximately 6.69 percentage points in 2024 [4]. - Sales personnel productivity improved by about 20% compared to 2023 and by approximately 88% compared to 2022 [4]. - The company is advancing its ASIC security chip development, with successful testing of the prototype in October 2024, laying a foundation for future sales growth [4]. Strategic Initiatives - The company is committed to a "technology + ecology" development path, emphasizing operational efficiency and profitability recovery through initiatives like the "Hundred Customers Plan" and "Chip Strategy Iteration" [2][4]. - The company aims to leverage the stable demand in the cybersecurity industry and will continue to manage costs and adjust its organizational structure to achieve profitability in the upcoming year [4].

证券代码：688030 证券简称：山石网科 公告编号：2025-024 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 2024 年度计提资产减值准备的公告 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、准确性和完整性依法承担法律责任。 一、计提资产减值准备情况概述 为客观、公允地反映山石网科通信技术股份有限公司（以下简称"公司"） 截至 2024 年 12 月 31 日的财务状况及 2024 年度的经营成果，本着谨慎性原则， 根据《企业会计准则》及公司会计政策、会计估计的相关规定，公司对截至 2024 年 12 月 31 日公司及子公司的应收票据、应收账款、其他应收款、存货、合同资 产等进行了减值测试，并根据减值测试的结果相应计提了减值准备。 元，具体情况如下： 单位：元 序号 项目 计提金额 备注 合计 35,481,266.61 / 二、计提资产减值准备事项的具体说明 （一）资产减值损失 （二）信用减值损失 根据《企业会计准则》及公司会计政策的相关规定，对于存在客观证据表明 存在减值迹象，以及其他适用于单项评估的应收 ...

Report Summary 1. Investment Events - On March 25, 21 investment and financing events were disclosed in domestic and foreign venture capital markets, including 13 domestic and 8 foreign enterprises, with a total financing of about 8.088 billion yuan [1] - On March 24, the first phase of the "Hangtou Zhengling Shuangdongjian Low - altitude Economy Industry Investment Fund" jointly initiated by Chengdu Eastern New Area, Shuangliu District, and Jianyang City was in place, targeting the low - altitude economy and focusing on eVTOL整机 enterprises [1] - On March 25, Qi'an Investment completed a new - phase fund with a first - closing scale of 300 million yuan, investing in network, data, AI, national defense, and quantum security technologies [2][3] - On March 25, Shanghai launched the second - phase industrial transformation and upgrading fund (total scale of 5 billion yuan) and the state - owned asset M&A fund matrix (total scale over 5 billion yuan) [4] 2. Large - scale Financing - On March 25, Xinghang Internet completed a several - hundred - million - yuan Series A financing for R & D and global network expansion in aviation satellite communication [5] - On March 25, ELU.AI completed a several - hundred - million - yuan Pre - A financing for strengthening AI decision - making systems and internationalization [6] - On March 25, Changjin Photonics completed a strategic financing of over 100 million yuan for technology optimization and production capacity expansion [7] 3. Global IPOs - On March 25, Shengke Nano listed on the Shanghai Stock Exchange Science and Technology Innovation Board, providing semiconductor testing services [8] - On March 25, Nanshan Aluminum International listed on the Hong Kong Stock Exchange Main Board, planning to expand alumina production capacity from 2 million tons to 4 million tons [9] 4. Policy Focus - On March 24, Guangdong issued a three - year transportation development plan, aiming to build a modern transportation network by 2027 and achieve specific traffic and logistics circles [10][11]

Core Viewpoint - Anbotong Technology Co., Ltd. has established the "Luban" AI Research Institute to integrate security, AI, and computing power technologies, aiming to create a secure connection between AI and the world [1][2]. Group 1: Establishment and Purpose of the AI Research Institute - The "Luban" AI Research Institute was inaugurated in Shanghai, focusing on the integration of security and AI technologies in response to the rapid penetration of generative AI into industrial transformation [1]. - The establishment of the institute is timely, as it addresses new challenges and opportunities in network security brought about by advancements in generative AI and computing networks [1]. Group 2: Strategic Vision and Growth - Anbotong's chairman, Zhong Zhu, articulated the company's strategic shift from being a "visual network security innovator" to an "AI era security computing ecology builder," emphasizing the importance of embedding security into computing infrastructure [2]. - Since its listing, Anbotong has achieved a compound annual growth rate of 26% in revenue, highlighting its significant accomplishments in the network security sector [2]. Group 3: AI Delivery Architecture and Innovations - The "Luban" AI Research Institute introduced the "ESAiD" AI delivery architecture, which includes a three-tier AI delivery system focused on intelligent development, computing resource scheduling, and security protection [3]. - Anbotong launched a super silent liquid-cooled intelligent computing workstation, designed for various scenarios, featuring high-performance CPUs and AI acceleration cards [3]. Group 4: Future Directions and Collaborations - The research institute aims to gather top AI security talent, develop autonomous security models, and build an intelligent security ecosystem to support national digital security strategies [4]. - The event highlighted the importance of supply chain security, as emphasized by Jiangyuan Technology's vice president, underlining the need for self-controlled chips in the context of national security [3].

Group 1: Company Collaborations and Strategies - Midea has announced a deep collaboration with Huawei to enhance the "Human-Vehicle-Home" ecosystem strategy, integrating Huawei's HarmonyOS products into Midea's smart home stores and creating a commercial loop through mutual empowerment [1] - Midea and Huawei plan to expand their cooperation in energy management, health care, and audio-visual verticals as part of their strategy to deepen the "Human-Vehicle-Home" ecosystem [1] Group 2: Financial Performance and Growth - Xiaoma Zhixing reported a total revenue of 548 million yuan for 2024, marking a year-on-year growth of 4.3%, with significant increases in passenger fare income [2] - The adjusted R&D expenses for Xiaoma Zhixing reached 1.006 billion yuan, a 14% increase year-on-year, primarily for the development of the seventh-generation Robotaxi [2] - Xiaoma Zhixing's cash and short-term investments totaled 6.023 billion yuan as of December 31, 2024 [2] Group 3: Market Trends and Consumer Behavior - Fliggy reported a nearly 50% increase in theme park ticket bookings for the Qingming holiday, with domestic car rental bookings up 33% year-on-year [3] - The platform also noted a significant rise in outbound travel train ticket bookings, exceeding 200% year-on-year, indicating a robust recovery in the travel market [3] Group 4: Corporate Developments and Product Launches - Shell is considering partial or complete closure of its chemical divisions in Europe due to challenging market conditions, including high energy costs and CO2 emissions [4] - BlackRock has launched its first Bitcoin exchange-traded product in Europe, following a successful launch in the U.S. that attracted over $50 billion in investments [4] - Vivo has established a Robotics Lab and showcased its latest mixed reality headset at the Boao Forum, focusing on developing consumer-grade robots [6] - Hisense has released the world's first 4-in-1 heat pump washing and drying machine, featuring AI capabilities to optimize washing and drying processes [7] Group 5: Regulatory and Legal Issues - India has ordered Samsung and its executives to pay $601 million in back taxes and fines for evading import duties on telecommunications equipment [5]

Core Insights - Tianrongxin will jointly launch significant new products with Huawei, focusing on intelligent computing and security collaboration [1] - The partnership has deepened over the years, with Tianrongxin joining Huawei's security business alliance and achieving top rankings in security vulnerability reward programs [1][2] - The intelligent computing machine has garnered substantial customer interest, positioning it as a strategic product for Tianrongxin [2] Company Collaboration - Tianrongxin and Huawei have collaborated on various technologies, including vulnerability detection, cloud security, and commercial encryption [1] - The companies aim to enhance their ecosystem cooperation to meet customer needs in network security and improve security capabilities [1] - A memorandum of understanding was signed in 2024 to advance the implementation of products like VPN and data leak prevention [1] Market Positioning - Tianrongxin's technological advantages in network and data security enhance the capabilities of its intelligent computing machine [2] - The collaboration with Huawei is expected to create a powerful integrated product combining high-performance computing, scenario-based solutions, and proactive defense [2] - The market for integrated machines is anticipated to experience significant growth, driven by the demand for private deployment of large models and the purchasing power of state-owned enterprises [2]

将投中网设为"星标⭐"，第一时间收获最新推送 VC的饕餮盛宴。 作者丨蒲凡 来源丨投中网 富豪高傲地递上一份价值230亿美元的收购合同，年轻人毫不客气地大吼，"这点钱完全就是在侮辱 我！滚吧，我迟早要证明自己的价值"。顺手，将合同撕了个粉碎。 半年后，富豪回到了年轻人的办公室里，恭恭敬敬地递上了一份新的合同，诚恳地说，"上次是我欠 考虑了，这次新的报价320亿美元，您看还满意吗？" 抓马的短剧反转剧情，真的在现实世界发生了。 2024年7月，谷歌开出了创造当年交易纪录的230亿美元（约合人民币1670亿），试图收购网络安全 公司Wiz，但惨遭Wiz的管理团队拒绝。Wiz的创始人Assaf Rappaport在员工备忘录里说，谷歌的报 价"such humbling"。 2025年3月19日，谷歌宣布他们和Wiz达成了新的收购协议，而这次的报价已经飙升到了320亿美元 （约合人民币2375亿），基本已经锁定本年度最大并购之一。 2013年，Adallom因为发现并报告了微软旗舰产品Office 365中的令牌劫持漏洞 (CVE-2013-5054)一 炮而红，他们独特的洞察也收获了资本市场的认可，先后拿到了来自 ...

Core Viewpoint - The article emphasizes the importance of private enterprises as key players in technological innovation, highlighting their significant growth in the number of high-tech enterprises in China from 28,000 in 2012 to over 420,000 by January 2023, increasing their share from 62.4% to over 92% [1]. Group 1: Innovation and Development - Private enterprises are recognized as crucial for driving technological innovation and high-quality development [1]. - The recent discussions at the national meetings have focused on how to leverage innovation for the growth of private enterprises [1]. Group 2: Entrepreneurial Insights - Dong Mingzhu, Chairman of Gree Electric, shared that the company invested ten years in developing a silent air conditioning system, emphasizing the value of perseverance in innovation [3]. - Qi Xiangdong, Chairman of Qi Anxin Technology Group, noted that a critical decision in 2016 to bet on innovation proved to be correct, leading to the company's current success [5]. - He Xiaopeng, CEO of Xpeng Motors, expressed the importance of focusing on AI and software in the automotive industry, advocating for a forward-looking vision [7]. - Leng Youbin, Chairman of China Feihe, highlighted the significance of quality and sourcing in producing infant formula, stressing the importance of strategic choices [8]. Group 3: Key Strategies for Success - Qi Xiangdong advised young entrepreneurs to focus on their chosen path and avoid distractions to maintain competitiveness [15]. - Leng Youbin emphasized the need for dedication and consistency in pursuing a single goal [16]. - Dong Mingzhu suggested that resilience and belief are crucial for young entrepreneurs, as they will face numerous challenges in their journey [16].

Core Viewpoint - Google's acquisition of Wiz, its largest acquisition to date, signals a potential shift away from its core search business, which faces significant competition from generative AI companies like ChatGPT and Perplexity. This acquisition could act as a catalyst for Wall Street to better appreciate Google's rapidly growing cloud business [1][3]. Financial Performance - Google's stock has declined by 17% since December 2024 [2]. - The company reported a year-over-year revenue growth of 12% for 2024, with operating profit margin increasing by 500 basis points to 32% [3]. - For the quarter ended December 31, 2023, revenues were $86.31 billion, with a year-over-year change of 13% [4]. - The cloud business achieved a robust growth rate of 30% year-over-year [4]. Acquisition Details - Google acquired Wiz for $32 billion, which is significant compared to its previous top ten acquisitions combined. The deal includes a $3.2 billion termination fee [6][7]. - Wiz is expected to have an ARR of $1 billion by 2025, leading to a high acquisition price-to-sales ratio of 32 times [8]. - The acquisition is anticipated to enhance Google's cloud offerings and complement its cybersecurity division, Mandiant [7]. Market Expectations - Analysts remain cautious about Google's core search business due to fears that generative AI could pose a long-term threat [3][11]. - The market expects Google's revenue to maintain double-digit growth in the coming years, although this may be overly optimistic given the challenges faced by the search business [11]. Valuation Insights - Analysts prefer a sum-of-the-parts valuation for Google, estimating the search business will generate $198 billion in revenue in 2024, with a long-term net profit margin of 45% [12]. - The estimated valuation for Google, considering all segments, is approximately $2.56 trillion, suggesting a potential upside of 25% even with conservative earnings multiples [12]. Strategic Considerations - The company is unlikely to split its business segments in the short term, although separating the cloud business could highlight its value more effectively [13]. - Despite the challenges in the search business, Wall Street is expected to focus more on the strength of Google's cloud operations, potentially undervaluing the stock [13].