证券代码：603232 证券简称：格尔软件 公告编号：2025-069 格尔软件股份有限公司 关于2024年限制性股票激励计划部分限制性股票 回购注销实施的公告 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、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因： 格尔软件股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开了第 八届董事会第二十九次会议、第八届监事会第二十次会议，审议通过了《关于回 购注销 2024 年限制性股票激励计划部分已授予但尚未解除限售的限制性股票的 议案》。根据《格尔软件股份有限公司 2024 年限制性股票激励计划》（以下简 称"本激励计划"或"《激励计划》"）的规定，同意将 2 名已离职的激励对象 已获授但尚未解除限售的 67,800 股限制性股票进行回购注销。 本次注销股份的有关情况： | 回购限制性股票数量（股） | 注销限制性股票数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 67,800 | 67,800 | 年 2025 ...

法律意见书 上海汉盛律师事务所 关于格尔软件股份有限公司 2024年限制性股票激励计划部分限制性股票回购注销实施 致:格尔软件股份有限公司 根据上海汉盛律师事务所(以下简称"本所")与格尔软件股份有限公司 (以下简称"公司"或"格尔软件")签订的《专项法律服务协议》,本所受 公司的委托,担任公司 2024年限制性股票激励计划(以下简称"本激励计划") 相关事项的专项法律顾问,并就本激励计划部分限制性股票回购注销实施(以 下简称"本次回购注销")相关事项出具本法律意见书。 本所及经办律师依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股权激 励管理办法》(以下简称"《管理办法》")以及《上海证券交易所股票上市 规则(2025年4月修订)》(以下简称"《上市规则》")等法律、法规和中 国证券监督管理委员会（以下简称"中国证监会"）的有关规定及本法律意见 书出具日以前已经发生或者存在的事实,按照律师行业公认的业务标准、道德 规范和勤勉尽责的精神,出具本法律意见书。 法律意见书 出具之日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽 ...

New Stock Issuance - New stock for Beikang Testing (920160) issued at a price of 6.70 on November 3, 2025[1] - New stock for Danna Biology (920009) issued at a price of 17.10 on November 3, 2025[1] Market Alerts - ST Zhongdi (000609) announced significant abnormal fluctuations on October 30, 2025[1] - Jiangbolong (301308) reported severe abnormal fluctuations on October 30, 2025[1] - Xiangnan Chip (300475) disclosed abnormal fluctuations on October 24, 2025[1] - Shangtai Technology (001301) announced abnormal fluctuations on November 3, 2025[1] - Hainan Development (002163) reported abnormal fluctuations on November 3, 2025[1] - Zhongrui Co., Ltd. (002374) disclosed abnormal fluctuations on November 3, 2025[1] - Fujian Jinsen (002679) announced abnormal fluctuations on November 3, 2025[1] - Yongxing Materials (002756) reported abnormal fluctuations on November 3, 2025[1] - Xinhongze (002836) disclosed abnormal fluctuations on November 3, 2025[1] - Guocheng Mining (000688) announced abnormal fluctuations on November 3, 2025[1]

Core Insights - The AI and financial technology sectors are experiencing significant activity, with notable stock performances and ETF movements [1][3] - The financial technology ETF (159851) has seen a substantial increase in trading volume and market interest, indicating strong investor sentiment [3] Group 1: Stock Performance - Shenzhou Information has achieved a limit-up increase for four consecutive days, while other stocks like Gaweida and Geer Software have also shown positive movements, with gains exceeding 5% and 1% respectively [1] - The financial technology ETF (159851) experienced a notable intraday surge, with a trading volume nearing 300 million CNY [1] Group 2: ETF Insights - The financial technology ETF (159851) has surpassed 10 billion CNY in scale, with an average daily trading volume of 800 million CNY over the past month, leading among similar ETFs [3] - The ETF's underlying index primarily consists of computer-related stocks, aligning with current trends in domestic substitution and self-sufficiency [3] Group 3: Market Outlook - Minsheng Securities predicts that 2025 will mark the beginning of a new era for AI Agents, potentially expanding the software market to trillions of dollars and enhancing software consumption attributes [2] - The report emphasizes the importance of focusing on financial and tax-related opportunities within the AI application space as a key investment strategy [2]

Market Overview - A-shares experienced a rally followed by a pullback, with the Shanghai Composite Index breaking through 4000 points for the first time in 10 years before adjusting [1] - Daily trading volume exceeded 2 trillion yuan, with weekly trading volume surpassing 10 trillion yuan [1] - Margin trading saw significant increases, with over 41.3 billion yuan added, bringing the total margin balance to a historical high of 2.48 trillion yuan [1] Sector Performance - The electronics sector received over 9 billion yuan in net financing, while power equipment and communications sectors saw net inflows of over 6.3 billion yuan and 5 billion yuan, respectively [1] - Major inflows were noted in the power equipment sector, with over 49.5 billion yuan in net inflows from institutional investors, while the electronics sector experienced a net outflow of over 16.2 billion yuan [1] - The forestry sector surged, with the index rising over 48% to reach a 6.5-year high, driven by the publication of the "15th Five-Year Plan" [2] Policy Impact - The "15th Five-Year Plan" emphasizes green development, aiming for carbon neutrality and ecological safety, which has positively influenced market sentiment [2] - The new energy sector saw a broad rally, with various sub-sectors like energy storage and hydrogen energy reaching historical highs [2] - Key sectors highlighted for investment include communication infrastructure, semiconductor manufacturing, and industrial software, driven by policy support [3]

Core Viewpoint - Geer Software is a leading enterprise in the commercial cryptography software sector in China, focusing on PKI technology and providing a range of information security products and solutions [1] Group 1: Business Performance - In Q3 2025, Geer Software reported revenue of 235 million yuan, ranking 73rd among 102 companies in the industry, while the industry leader, Shanghai Steel Union, achieved revenue of 57.318 billion yuan [2] - The net profit for the same period was -65.4596 million yuan, placing the company 79th in the industry, with the top performer, Desay SV, reporting a net profit of 1.805 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Geer Software's debt-to-asset ratio was 14.74%, lower than the previous year's 16.73% and significantly below the industry average of 31.94%, indicating strong solvency [3] - The gross profit margin for the same period was 51.21%, an increase from 46.27% year-on-year and above the industry average of 41.71%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 29.99% to 30,300, while the average number of circulating A-shares held per shareholder increased by 42.83% to 7,633.41 [5] - The Huabao CSI Financial Technology Theme ETF was among the top ten shareholders, holding 2.8065 million shares, an increase of 1.3458 million shares from the previous period [5] Group 4: Management Compensation - The chairman, Yang Wenshan, received a salary of 873,700 yuan in 2024, an increase of 11,000 yuan from 2023, while the general manager, Ye Feng, earned 686,000 yuan, up by 13,700 yuan [4] Group 5: Market Position and Future Outlook - The company is focusing on quantum-resistant cryptography and has made significant progress, including the launch of the first quantum-resistant product in the financial sector [6] - Geer Software plans to raise 160 million yuan for industrialization and has become one of the first cryptography vendors to enter the HarmonyOS Next ecosystem [6] - Analysts have adjusted revenue forecasts for 2025-2027 to 589 million, 684 million, and 804 million yuan, respectively, and net profit forecasts to 78 million, 121 million, and 165 million yuan, respectively [6]

Core Points - Geer Software (603232) experienced a significant decline of 8.91% in its stock price, with a trading volume turnover rate of 33.38% and a total transaction value of 1.928 billion yuan, indicating high volatility with an amplitude of 14.69% [2] - The stock was listed on the Shanghai Stock Exchange's "龙虎榜" due to its high turnover rate, with a net selling amount of 27.5264 million yuan from brokerage seats [2] - The top five brokerage firms involved in trading accounted for a total transaction value of 286 million yuan, with a net selling amount of 27.5264 million yuan, highlighting a bearish sentiment among investors [2] Trading Activity - The largest buying and selling brokerage was Guotai Junan Securities Co., Ltd. headquarters, with buying amounting to 38.9666 million yuan and selling amounting to 54.6422 million yuan [2] - Over the past six months, the stock has appeared on the "龙虎榜" six times, with an average price increase of 4.03% the day after being listed and an average increase of 6.60% over the following five days [2] - On the day of the report, the stock saw a net outflow of 82.7261 million yuan in principal funds, with large orders contributing to a significant outflow of 58.5326 million yuan [2] Financial Performance - The company reported its third-quarter results on October 31, showing a total revenue of 235 million yuan for the first three quarters, representing a year-on-year decline of 29.25%, and a net loss of 65.413 million yuan [2]

Core Viewpoint - Geer Software experienced a 5.1% decline in stock price, trading at 24.38 CNY per share with a market capitalization of 5.709 billion CNY as of October 31 [1] Company Overview - Geer Software Co., Ltd. is located in Songjiang District, Shanghai, and was established on March 3, 1998, with its IPO on April 21, 2017 [1] - The company specializes in the research, production, sales, and service of commercial cryptographic software products, focusing on Public Key Infrastructure (PKI) [1] - Revenue composition includes: PKI security application products (42.98%), general security products (33.02%), PKI infrastructure products (23.94%), and other products (0.07%) [1] Shareholder Information - Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) is among the top ten circulating shareholders of Geer Software, having increased its holdings by 1.3458 million shares in Q3, totaling 2.8065 million shares, representing 1.21% of circulating shares [2] - The ETF has a current scale of 12.319 billion CNY and has achieved a year-to-date return of 23.81% [2] Fund Manager Performance - The fund managers of Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng, with Chen having a tenure of 12 years and 317 days and a total fund size of 27.86 billion CNY [3] - Chen's best fund return during his tenure is 179.54%, while the worst is -49.65% [3] - Cao has a tenure of 163 days with a fund size of 35.182 billion CNY, achieving a best return of 101.63% and a worst return of 7.72% [3]

Core Insights - Geer Software (603232.SH) reported its Q3 2025 results on October 31, 2025, highlighting a total institutional ownership of 25.33 million shares, representing 10.82% of the company's total equity [1] - The institutional ownership increased by 0.27 percentage points compared to the previous quarter [1] Institutional Investors - Three institutional investors disclosed their holdings in Geer Software, including Shanghai Geer Industrial Development Co., China Electronics Technology Investment Holdings, and China Construction Bank's Hua Bao CSI Financial Technology Theme ETF [1] - The total institutional ownership percentage reached 10.82%, indicating a growing interest from institutional investors [1] Public Funds - One public fund, Hua Bao CSI Financial Technology Theme ETF, increased its holdings by 0.57% compared to the previous period [1] - A total of 30 public funds that were previously disclosed did not report their holdings this quarter, including notable funds such as Nuon Research Selected Stocks and Huaxia CSI Information Technology Application Innovation Industry ETF [1]

Group 1 - The core viewpoint of the article is that Geer Software (603232.SH) reported a significant decline in revenue and incurred substantial losses in the first three quarters of 2025 [1] Group 2 - The company achieved an operating income of 235 million yuan, representing a year-on-year decrease of 29.25% [1] - The net loss attributable to shareholders of the listed company was 65.413 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 75.972 million yuan [1]