山石网科主要从事边界安全、云安全及其他安全领域业务。2025年，公司营业收入同比下降的主要原因 是网络安全行业下游客户需求疲软，市场竞争加剧，公司业务拓展面临阶段性压力。尽管公司在ASIC 安全专用芯片领域取得突破，并成功中标多个行业头部客户项目，但该芯片的规模化供货要到2026年上 半年，未能对2025年度营业收入产生明显贡献。 公司亏损扩大的原因不仅包括营收下降，还受到多方面因素的综合影响。一是元器件价格大幅上涨，特 别是存储类元器件，部分型号内存条价格涨幅达3~5倍，这直接影响了公司硬件产品的成本和毛利率。 二是研发费用维持较高投入，特别是在ASIC安全专用芯片研发及平台切换方面，同时内部组织结构优 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增加，而获得的政府补助及增值 税退税同比减少。 尽管公司面临诸多挑战，但ASIC安全专用芯片的成功量产和市场中标情况超出预期，显示出公司在技 术创新和市场竞争力方面的潜力。如果公司能够在2026年顺利实现ASIC安全产品的规模化供货，并有 效控制成本，优化内部管理，有望改善经营状况，实现业绩反转。 山石网科在网络安全领域的技术创新值得肯定，但连续 ...

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。 智通财经APP讯，山石网科(688030.SH)发布2025年年度业绩预告，预计2025年度实现归属于母公司所 有者净亏损1.8亿元至2.2亿元。 ...

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]

Core Viewpoint - The company has successfully completed the mass production and testing of its self-developed ASIC security chip, aligning with national strategies for innovation and self-control in information technology [2] Group 1: ASIC Chip Development - The ASIC chip development began in 2021 and has now entered the mass production phase after passing internal tests [2] - The chip has undergone rigorous testing, including stability and stress tests under extreme conditions, as well as performance tests for data throughput, low latency, and encryption efficiency [2] - The company holds complete intellectual property rights for the chip technology, and prototypes have been validated in various scenarios [2] Group 2: Product Launch and Market Impact - The new generation of security products equipped with the ASIC chip is in the supply preparation stage, with plans for large-scale sales and delivery to commence in the first quarter of 2026 [2] - The company indicated that the new products are not expected to significantly impact its 2025 performance, and uncertainties exist regarding market demand and competition for 2026 and beyond [3]

Group 1: Shareholding Changes - Guangli Micro plans to reduce its shareholding by up to 4.4062 million shares, accounting for 2.2359% of the total share capital after excluding repurchased shares [1] - Deepwater Haina intends to reduce its shareholding by up to 1% of the total share capital, which amounts to 177.28 million shares [1] Group 2: Pharmaceutical Developments - Baillie Tianheng's drug application for the first-in-class EGFR×HER3 dual antibody ADC (iza-bren) has been accepted for review by the National Medical Products Administration [2] - Zhongsheng Pharmaceutical has completed the first participant enrollment for the Phase III clinical trial of its innovative drug, Anladiwei granules, for treating influenza in children [2][3] Group 3: Financial Services - China Merchants Bank's wholly-owned subsidiary, China Merchants Jin Investment, has been approved to commence operations with a registered capital of 15 billion yuan [4] - CITIC Bank's wholly-owned subsidiary, Xinyin Jin Investment, has also received approval to start operations with a registered capital of 10 billion yuan [21] Group 4: Corporate Changes - Guiguan Network's chairman, Chen Yu, has resigned due to work changes, and Dai Qingsong has been nominated as the new chairman [5] - Caixin Development's controlling shareholder is undergoing bankruptcy restructuring, with uncertainties regarding the outcome and potential changes in control [6] Group 5: Industry Developments - JinkoSolar has achieved mass production of its new high-efficiency photovoltaic module "Tiger Neo 3.0," with a production efficiency exceeding 24.8% and a power output of 670W, securing 15GW in orders [8] - Ba Tian Co. has received approval for the safety facility design of its 2.9 million tons/year expansion project at the Xiaogaozai phosphate mine [10] Group 6: Strategic Collaborations and Acquisitions - Zhongding Co. has signed a strategic cooperation agreement with Fourier Intelligent Technology to collaborate on humanoid robot components [14] - Jinfu Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology Co., Ltd. through cash payment [15] Group 7: Market Activities - Zhaowei Electric has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 69.0585 million H-shares [16] - Shanneng Electric has received registration approval for its private placement of shares from the China Securities Regulatory Commission [18]

Group 1: Xiaomi Incident - Xiaomi clarified rumors regarding a fire in its automotive battery production line, stating it was caused by an operational error during equipment debugging, resulting in minor flames that were quickly extinguished without injuries [2] Group 2: SpaceX Starship Explosion - SpaceX's upgraded Starship rocket booster experienced an explosion during testing, with the cause still under investigation. This incident follows previous issues with the booster and spacecraft during earlier tests [3] Group 3: Tesla AI Chip Deployment - Tesla CEO Elon Musk announced the deployment of millions of self-developed AI chips in vehicles and data centers, with plans to release a new AI chip every 12 months. The current version is AI4, while AI5 is nearing production [4] Group 4: Meituan Rider Support Investment - Meituan plans to invest 10 billion yuan over the next five years to enhance rider support, including housing initiatives and expanded family care benefits for riders [5] Group 5: Longxin Storage New Product Launch - Longxin Storage unveiled its latest DDR5 product series at the IC China 2025 event, featuring speeds up to 8000 Mbps and capacities reaching 24Gb, alongside new LPDDR5X products for mobile markets [9] Group 6: Huida Technology Leadership Change - Huida Technology announced a leadership change, appointing Ye Jinchun as the new president following the resignation of Liu Yuping due to work adjustments [10] Group 7: Wenta Technology Control Rights Statement - Wenta Technology issued a statement urging Anshi Netherlands to respond to control rights issues, emphasizing the importance of stable global semiconductor supply chains [11][12] Group 8: ASIC Security Chip Production - Shanshi Network Technology announced that its self-developed ASIC security chip has completed testing and is expected to begin mass sales in the first quarter of 2026 [13] Group 9: Moore Threads IPO - Moore Threads has opened subscriptions for its IPO, aiming to become the first domestic GPU stock with an issue price of 114.28 yuan per share, potentially valuing the company at approximately 53.715 billion yuan upon listing [14] Group 10: Jiahuatech Acquisition Plans - Jiahuatech is planning to acquire a controlling stake in Shudun Technology through a combination of share issuance and cash payment, which may constitute a significant asset restructuring [15] Group 11: China FAW Investment in Zhuoyu Technology - China FAW announced a strategic investment exceeding 3.6 billion yuan in Zhuoyu Technology, which will continue to operate independently while benefiting from FAW's resources [16] Group 12: Guangku Technology Asset Restructuring - Guangku Technology plans to acquire 99.97% of Suzhou Anjie Optical Technology through a combination of shares and cash, enhancing its capabilities in optical communication solutions [17] Group 13: Zhaowei Electromechanical H-share Listing - Zhaowei Electromechanical is in the process of applying for an H-share listing on the Hong Kong Stock Exchange, planning to issue up to 69,058,450 shares [18] Group 14: OPPO Reno15 Series Launch - OPPO launched the Reno15 series featuring advanced camera systems and AI capabilities, with pricing starting at 2,999 yuan for the Reno15 and 3,699 yuan for the Reno15 Pro [19]