WEBRAY ORD A (SHH) EQSW Exp:

WebRay Security disclosed its 2026 semi-annual report on the evening of August 28. In the first half of the year, it achieved operating revenue of 88.53 million yuan, with research and development investment of 39.95 million yuan, accounting for 45.13% of operating revenue. Despite short-term earnings pressure, the company focused on its integrated space-air-ground security strategy and achieved breakthroughs in four major areas: new AI products, new satellite security business, a new research and manufacturing base, and emerging incremental markets. The company fully advanced its AI Inside strategy, launched the RayToken AI security gateway, upgraded the intelligent capabilities of DayDayMap, and completed AI-driven upgrades of its core products. In the satellite security field, the company laid out integrated satellite-terrestrial intelligent communication security, forming space-air-ground integrated security capabilities covering satellites, links, ground systems, and terminals. In addition, the company planned the construction of an intelligent communication security research and manufacturing base, and explored satellite internet security business opportunities in sectors such as transportation and healthcare.

Shengbang Security's wholly owned subsidiary, Xi'an Shengbang Xingtong Technology, has won the right to use a parcel of state-owned construction land in Xi'an, Shaanxi Province, for 26.16 million yuan. The plot covers 9,999.9 square meters, or about 15 mu, and will be used to build an intelligent communication security R&D and manufacturing base. The project plans to invest a total of approximately 249 million yuan over five years, including 199 million yuan in fixed assets. The company stated that acquiring the land use rights provides a guarantee for project construction and supports long-term steady development.

Shengbang Security recently received a government subsidy of 2.24 million yuan related to income. The subsidy is connected to the company's daily operations and is expected to have a certain positive impact on its operating performance. In the first quarter of 2026, Shengbang Security achieved revenue of 44.12 million yuan, with a net loss attributable to the parent company of 15.73 million yuan.