山石网科回复称，公司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。2026年，公司将全力推进ASIC安全产品的营销和供货交付工作，相关工作正在有序进行，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。 格隆汇2月13日｜有投资者在互动平台向山石网科提问：请问ASIC芯片设备开始交付了吗？ASIC芯片 设备市场反响如何？ASIC芯片设备面市以来中标情况是否远超公司预期？ ...

证券日报网讯2月12日，山石网科在互动平台回答投资者提问时表示，公司2025年业绩变动原因已在业 绩预告公告中披露，具体情况可查阅相关公告和后续披露的2025年年度报告。2026年，公司主要规划包 括：全力推进ASIC安全产品营销推广；持续扩大数据安全及服务业务收入规模，并积极拓展海外市 场，与ASIC安全产品协同打造新的增长引擎；加大AI技术投入，持续进行赋能并探索新兴应用场景； 内部持续压实控费增效，全面提升运营质量。公司将务实推进各项工作，聚焦核心业务，努力提升公司 价值，回报股东信任。 ...

证券日报网讯 2月12日，山石网科在互动平台回答投资者提问时表示，当前，网络安全行业仍然面临下 游需求疲软和市场竞争加剧的态势，为应对行业调整，公司在技术创新、营销、产品研发、组织等多方 面积极实施举措，尤其是ASIC芯片的研发与量产，为公司提供了核心竞争优势；同时积极打造数据安 全治理、安全运营及安全服务业务，拓展出海业务，已经取得一定成效。公司目前正全力推进ASIC安 全产品营销工作，将前期投入逐渐转化为商业价值，后续将重点聚焦盈利改善，努力缩小与行业优秀企 业的差距，切实维护股东权益。 （编辑 丛可心） ...

格隆汇2月12日丨山石网科(688030.SH)在投资者互动平台表示，公司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。2026年，公司将全力推进ASIC安全产品的营销和供货交付工 作，相关工作正在有序进行，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。 ...

格隆汇2月12日丨山石网科(688030.SH)在投资者互动平台表示，公司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。2026年，公司将全力推进ASIC安全产品的营销和供货交付工 作，相关工作正在有序进行，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。 ...

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。 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。 ...

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]

Core Viewpoint - The company, 山石网科, is forecasting a significant net loss for the year 2025, attributed to a combination of weak demand in the cybersecurity industry and increased competition, alongside rising costs and reduced government subsidies [1] Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between -220 million yuan and -180 million yuan, indicating a net loss of 180 million to 220 million yuan [1] - The net profit excluding non-recurring gains and losses is anticipated to be between -225 million yuan and -185 million yuan [1] Revenue Outlook - The company's revenue for 2025 is expected to decline compared to the previous year, primarily due to a continued weak demand from downstream customers in the cybersecurity sector and intensified market competition [1] - The company has seen a significant increase in the opportunity reserve for its ASIC security products, with successful bids for projects in leading sectors such as securities and energy, exceeding expectations [1] Product Development - The company has successfully tested its ASIC security dedicated chip and plans to scale up supply in the first half of 2026, which has not yet contributed significantly to the 2025 revenue [1] Cost Factors - The company is facing increased costs due to a substantial rise in component prices, particularly memory modules, which have seen price increases of 3-5 times [1] - High R&D expenditures are being maintained to support the development of ASIC security chips, alongside significant costs related to internal organizational adjustments [1] - There has been an increase in impairment losses and a decrease in government subsidies and VAT refunds for software product sales compared to the previous year [1]

Core Viewpoint - The company emphasizes that the recent share reduction by shareholders is a normal action due to fund expiration and personal financial needs, and it remains focused on enhancing shareholder value through core business development and ASIC security product marketing [1] Group 1 - The shareholders Suzhou Yuanhe and Guochuang Kaiyuan reduced their holdings as part of normal activities related to fund expiration and personal financial requirements [1] - The company is committed to improving shareholder value as its core objective [1] - The company will continue to focus on its core business and actively promote the marketing of ASIC security products to drive steady performance improvement [1] Group 2 - The company is enhancing its market capitalization management efforts to effectively communicate its operational dynamics and value logic [1] - There is an intention to increase market understanding and recognition of the company [1]

证券日报网讯 1月26日，山石网科在互动平台回答投资者提问时表示，ASIC芯片技术是公司应对信创 市场需求、打造差异化竞争优势的战略创新。当前，公司正在全力推进ASIC安全产品的营销工作，将 技术价值逐步转化为商业价值，目前公司已经陆续实现项目中标。在全力推进业务开展的同时，公司也 将同步做好市值管理工作，及时传递公司经营动态与价值逻辑，增进市场对公司的了解与认可。 ...