Core Insights - The company, Shengbang Security (688651.SH), has announced its "integrated air-space-ground" security strategy, establishing partnerships with key enterprises across the industry chain, including satellite manufacturing, communication operations, and terminal applications [2] Strategic Developments - The company has made strategic investments in satellite manufacturing unicorn, Weina Starry Sky, and satellite communication equipment provider, Xingzhan Measurement and Control, to deepen cooperation in satellite internet security, low-altitude economy scenarios, and emergency rescue [2] - These collaborations lay a solid foundation for future participation in satellite constellation construction and the expansion of satellite application scenarios [2] Future Focus - The company will continue to focus on core aspects of satellite internet and deepen investment cooperation within the industry chain, exploring new directions such as 6G and cloud computing [2] - Recent years have seen increased R&D investment aimed at consolidating technological barriers and broadening the product matrix to meet the demands of integrated air-space-ground development [2] R&D Priorities - R&D efforts are concentrated in three core areas: 1. Deepening the core technology system, focusing on the iteration of advantageous technologies such as vulnerability and weakness detection, and application security defense [2] 2. Layout in emerging sectors, with R&D resources prioritized for satellite internet security, including the recent launch of a 200G high-speed link encryption gateway product [2] 3. Enhancing the integration of AI and cybersecurity in research and development [2]

Group 1 - The company, Yuanjiang Shengbang Security Technology Group Co., Ltd., received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [2] - The subsidy is related to the company's daily operations and is expected to have a positive impact on the company's operating performance [2] - The financial data regarding the subsidy is unaudited, and the specific accounting treatment and its impact on the company's profit and loss will be confirmed after the annual audit by the auditing agency [2]

Group 1 - The core point of the article is that Shengbang Security announced a government subsidy of 1.5 million yuan, which represents 35.92% of the company's audited net profit for the most recent fiscal year [2] Group 2 - The government subsidy is received by Beijing Tianyu Cloud Security Technology Co., Ltd., a subsidiary of Shengbang Security [2] - The announcement was made on the evening of December 2 [2]

Core Points - The stock of Shengbang Security (688651) closed at 39.25 yuan on December 2, 2025, down 0.86% from the previous trading day, with a total market capitalization of 2.959 billion yuan [1] - The stock opened at 39.59 yuan, reached a high of 39.68 yuan, and a low of 38.87 yuan, with a trading volume of 51.0825 million yuan and a turnover rate of 4.02% [1] - The company announced that its subsidiary, Beijing Tianyu Cloud Security Technology Co., Ltd., received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [1] - This subsidy is related to the company's regular business activities and is expected to have a positive impact on the company's operating performance [1] Financial Summary - The total market capitalization of Shengbang Security is 2.959 billion yuan [1] - The government subsidy of 1.5 million yuan is significant, representing 35.92% of the company's latest audited net profit [1] - The trading volume on the day was 51.0825 million yuan, indicating active trading [1]

Group 1 - The core point of the article is that Shengbang Security (688651) announced a government subsidy of 1.5 million yuan, which is 35.92% of the company's audited net profit for the most recent fiscal year, and this is expected to have a positive impact on the company's operating performance [1] Group 2 - The government subsidy received by the subsidiary Beijing Tianyu Cloud Security Technology Co., Ltd. is related to revenue [1] - The amount of the subsidy is significant in relation to the company's recent financial performance, indicating potential for improved profitability [1] - The announcement highlights the importance of government support in enhancing the financial health of companies in the industry [1]

二、补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号——政府补助》的相关规定，上述补助确认为与收 益相关的政府补助，预计对公司经营业绩产生一定积极影响。上述政府补助数据未 经审计，具体的会计处理以及对公司损益的影响须以审计机构年度审计确认后的结 果为准。敬请广大投资者注意投资风险。 远江盛邦安全科技集团股份有限公司 获得政府补助的公告 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、获得补助的基本情况 远江盛邦安全科技集团股份有限公司（以下简称"公司"）控股子公司北京天 御云安科技有限公司（以下简称"天御云安"）近日收到与收益相关的政府补助款 150万元，占公司最近一个会计年度经审计净利润的比例为35.92%。上述政府补助与 公司日常经营活动有关。 证券代码：688651 证券简称：盛邦安全 公告编号：2025-036 特此公告。 远江盛邦安全科技集团股份有限公司董事会 2025 年 12 月 3 日 ...

Core Viewpoint - The company Shengbang Security (688651.SH) announced that its subsidiary, Beijing Tianyu Cloud Security Technology Co., Ltd. (referred to as "Tianyu Cloud Security"), received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [1] Group 1 - The government subsidy is related to the company's daily operational activities [1]

Core Viewpoint - Shengbang Security (688651.SH) announced that its subsidiary, Beijing Tianyu Cloud Security Technology Co., Ltd. (referred to as "Tianyu Cloud Security"), received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year. This government subsidy is related to the company's daily operational activities [1] Summary by Category - **Government Subsidy**: The company received a government subsidy of 1.5 million yuan [1] - **Impact on Profit**: The subsidy represents 35.92% of the company's audited net profit for the last fiscal year [1] - **Operational Relevance**: The subsidy is associated with the company's regular business operations [1]

Core Viewpoint - The rapid evolution of satellite internet and AI technologies is expanding the communication landscape, leading to a transition in the cybersecurity industry from "passive response" to "proactive defense," creating a trillion-level "big security" market opportunity [1] Group 1: Strategic Upgrade and Market Positioning - The core consideration for the strategic upgrade is the increasingly fierce competition in the traditional cybersecurity market, prompting the company to position itself as a new type of cybersecurity firm focusing on emerging fields like satellite internet and AI [2] - The company differentiates itself through two main characteristics: focusing on user scenario pain points with a "productization" approach and adhering to a "long-termism" strategy that aligns with its development pace [2] - Since 2021, the company has been steadily investing in research and development in the satellite internet sector, building a comprehensive security product system that covers satellite, base station, system, and terminal [2] Group 2: AI Integration and Product Development - The company is not following trends blindly in the AI sector but is instead integrating AI technology deeply into its core business scenarios, such as the DaydayMap platform that incorporates AI capabilities for enhanced security [3] - The recent development of a 200G high-speed link encryption gateway addresses key security pain points, achieving encryption latency of less than 3 microseconds, which supports real-time data transmission for applications like AI training and high-frequency trading [5] Group 3: Market Opportunities and Competitive Landscape - The acceleration of global low-orbit satellite constellation deployment positions satellite internet security as a new billion-level market, with future competition requiring a collaborative ecosystem approach rather than isolated efforts [4] - The company aims to leverage its first-mover advantage to secure long-term market share by focusing on core technology development, patent layout, and customized service offerings [4] Group 4: R&D Philosophy and Technical Barriers - The company adheres to a "two precision and one depth" R&D philosophy, emphasizing precise detection and defense capabilities as core strengths in addressing complex security challenges [6] - By deeply understanding industry pain points and integrating general security capabilities with specific scenario characteristics, the company creates differentiated solutions that enhance its technical barriers and meet customer needs [6] Group 5: Future Growth and Globalization - The company is positioned to lead in emerging fields like satellite internet security and computing power security over the next 3-5 years, with a focus on stabilizing core business, expanding new market segments, and globalizing its product offerings [7]

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...