格隆汇2月27日丨山石网科(688030.SH)公布2025年度业绩快报，2025年度，公司实现营业收入9.11亿 元，与上年同期相比下降8.55%；实现归属于母公司所有者的净利润-1.92亿元，与上年同期相比亏损扩 大40.07%；实现归属于母公司所有者的扣除非经常性损益的净利润-1.96亿元，与上年同期相比亏损扩 大29.70%。 报告期内，公司核心技术研发取得重要突破，ASIC安全专用芯片成功研发落地，相关新产品已于2026 年初在各行业多个项目陆续中标或入围，为公司后续业绩复苏筑牢了坚实的技术与市场基础。同时，报 告期内，公司坚定践行"控费增效、健康发展"经营策略，持续强化成本与费用管控，着力打造高效运营 组织；通过向重点产品、战略行业、重要区域集中资源，提升投入产出比，同时深化外部协作，渠道生 态的商机贡献与资源协同效应持续释放。但受行业整体需求疲软、市场竞争加剧、硬件成本波动，以及 组织架构优化调整、核心技术研发持续投入等多重因素综合影响，公司2025年度经营业绩暂遇阶段性承 压。 ...

报告期内，公司核心技术研发取得重要突破，ASIC安全专用芯片成功研发落地，相关新产品已于2026 年初在各行业多个项目陆续中标或入围，为公司后续业绩复苏筑牢了坚实的技术与市场基础。同时，报 告期内，公司坚定践行"控费增效、健康发展"经营策略，持续强化成本与费用管控，着力打造高效运营 组织；通过向重点产品、战略行业、重要区域集中资源，提升投入产出比，同时深化外部协作，渠道生 态的商机贡献与资源协同效应持续释放。但受行业整体需求疲软、市场竞争加剧、硬件成本波动，以及 组织架构优化调整、核心技术研发持续投入等多重因素综合影响，公司2025年度经营业绩暂遇阶段性承 压。 格隆汇2月27日丨山石网科(688030.SH)公布2025年度业绩快报，2025年度，公司实现营业收入9.11亿 元，与上年同期相比下降8.55%；实现归属于母公司所有者的净利润-1.92亿元，与上年同期相比亏损扩 大40.07%；实现归属于母公司所有者的扣除非经常性损益的净利润-1.96亿元，与上年同期相比亏损扩 大29.70%。 ...

山石网科发布业绩快报，2025年度实现营业收入9.11亿元，同比下降8.55%；净利润亏损1.92亿元，上 年同期亏损1.37亿元。报告期内，公司核心技术研发取得重要突破，ASIC安全专用芯片成功研发落 地，相关新产品已于2026年初在各行业多个项目陆续中标或入围，为公司后续业绩复苏筑牢了坚实的技 术与市场基础。 ...

Core Viewpoint - The company, Hillstone Networks, is expected to report a decline in revenue and an increase in losses for the fiscal year 2025, raising concerns in the market [2] Group 1: Financial Performance - For the fiscal year 2025, the company anticipates revenue between 890 million to 950 million yuan, representing a year-on-year decline of 4.67% to 10.70% [2] - The projected net loss attributable to shareholders is between 220 million to 180 million yuan, which indicates an increase in losses by 42.79 million to 82.79 million yuan compared to the previous year, marking a year-on-year increase of 31.19% to 60.34% [2] - The company has reported consecutive losses for four years, with net losses of 183 million yuan in 2022, 240 million yuan in 2023, and 137 million yuan in 2024 [2] Group 2: Business Challenges - The decline in revenue is primarily attributed to weak demand from downstream customers in the cybersecurity industry and intensified market competition [2] - The company faces increased costs due to a significant rise in component prices, particularly for storage components, with some memory module prices increasing by 3 to 5 times [3] - High R&D expenditures, especially in the development of ASIC security chips and platform transitions, along with increased personnel optimization costs, have further impacted financial performance [3] Group 3: Future Outlook - Despite the challenges, the successful mass production of ASIC security chips and exceeding expectations in market bids indicate potential for technological innovation and market competitiveness [3] - If the company can achieve large-scale supply of ASIC security products in 2026 and effectively control costs while optimizing internal management, there is a possibility for operational improvement and performance reversal [3] - The company needs to implement effective measures in market expansion, cost control, and internal management to achieve sustainable development amidst fierce market competition [3]

Core Viewpoint - The company, Hillstone Networks (688030.SH), forecasts a net loss attributable to shareholders of 180 million to 220 million yuan for the fiscal year 2025, amid a challenging market environment in the cybersecurity industry [1] Industry Summary - The cybersecurity industry continues to experience weak demand from downstream customers, leading to intensified market competition [1] - The company faces phase-specific pressure in business expansion due to these industry-wide challenges [1] Company Summary - Following the successful testing of its ASIC security chip in Q4 2025, the company is rapidly participating in market tenders with new security products based on this chip [1] - As of the announcement date, the company has significantly increased its pipeline of opportunities for ASIC security products, with excellent client testing performance [1] - The company has successfully won projects from leading clients in the securities and energy sectors, exceeding expectations and demonstrating the competitive strength of its ASIC security products [1] - According to the company's production and supply plan, ASIC security products are expected to begin large-scale supply in the first half of 2026, which will not significantly contribute to the company's revenue in 2025 [1]

报告期内，公司亏损同比扩大，除受前述收入下降影响外，还受到多方面因素的综合影响：一是以存储 为代表的元器件价格大幅上涨，部分型号内存条价格涨幅达3-5倍，对公司硬件产品成本及毛利率造成 一定影响；二是为保障ASIC安全专用芯片研发及平台切换，研发费用维持较高投入，且内部组织结构 优化调整带来的人员优化相关费用同比增幅较大；三是计提减值损失同比有所增加，同时获得的科技项 目政府补助及软件产品销售增值税退税同比减少。 报告期内，网络安全行业整体延续下游客户需求疲软态势，市场竞争加剧，公司业务拓展面临阶段性承 压；同时，自2025年第四季度公司ASIC安全专用芯片量产流片测试成功以来，为加快打造各行业标杆 案例，公司迅速以搭载该芯片的新一代安全产品为核心方案全面参与市场投标。截至本公告披露日， ASIC安全产品商机储备规模显著提升，客户端测试表现优异，已成功中标证券、能源等行业头部客户 项目，中标情况超出预期，充分彰显了公司ASIC安全产品的核心市场竞争力。根据公司既定的量产及 供货规划，ASIC安全产品将于2026年上半年开始规模化供货，因此未对公司2025年度营业收入产生明 显贡献。 格隆汇1月27日丨山石网科 ...

Core Viewpoint - The company has completed the critical validation and mass production of its ASIC security chips, with new security products ready for market supply, but currently has no plans for external sales of the chips [1] Group 1 - The company responded to an investor inquiry regarding the external sales plans for its ASIC chips [1] - The company disclosed the progress of its ASIC security chip development in a recent announcement [1] - The new generation of security products equipped with ASIC chips is entering the supply preparation stage for bulk sales [1]

Core Viewpoint - The company has made significant progress in the development of its ASIC security chips, moving from design to critical validation and mass production [1] Group 1: ASIC Chip Development - The ASIC chip has completed key validation and mass production phases [1] - The new generation of security products equipped with the ASIC chip is now in the supply preparation stage, ready for market launch [1] - There are currently no plans for direct external sales of the chips [1]

Group 1 - Over 20 positive announcements were released by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks and operational improvements [1] - China Petroleum & Chemical Corporation (Sinopec) completed its share buyback plan, repurchasing 89.35 million shares for approximately 500 million yuan, with a significant portion occurring in November [2] - Several companies, including Spring Airlines and Hongta Securities, have also announced their share buyback progress, with amounts reaching 400 million yuan and 120 million yuan respectively [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board reported buyback progress and positive contract orders, showcasing a commitment to shareholder value [3] - JinkoSolar announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W, with significant orders signed [3] - Shanshi Network Technology reported progress in the development of its ASIC security chip, which has successfully passed internal testing and is entering the mass production phase, with market sales expected to begin in Q1 2026 [4][5]

Group 1 - Over 20 positive announcements were released by companies listed on the Shanghai Stock Exchange, indicating a trend of share buybacks and operational improvements [1] - China Petroleum & Chemical Corporation (Sinopec) completed its share buyback plan, repurchasing 89.35 million shares for approximately 5 billion yuan, with a repurchase average price of 5.60 yuan per share [2] - Spring Airlines initiated a share buyback plan of 300 million to 500 million yuan, with a total of 7.18 million shares repurchased so far, amounting to nearly 4 million yuan [2] Group 2 - At least 14 companies on the STAR Market announced share buyback progress and contract orders, with notable buyback amounts indicating strong commitment [3] - JinkoSolar announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [3] - Mountain Stone Network Technology reported progress in its ASIC security chip development, entering the mass production phase with successful internal testing [4]