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]

Core Viewpoint - The company has noted a significant market interest in quantum technology concepts, but its related anti-quantum password products are still in the standardization and pilot application stages, indicating a considerable distance from large-scale commercialization [1] Company Summary - The company's anti-quantum product business currently has a very low proportion in its overall operations, resulting in minimal impact on its current financial performance [1]

Group 1: Strong Individual Stocks - As of October 30, the Shanghai Composite Index fell by 0.73% to 3986.9 points, the Shenzhen Component Index decreased by 1.16% to 13532.13 points, and the ChiNext Index dropped by 1.84% to 3263.02 points [1] - A total of 62 stocks in the A-share market hit the daily limit up, with the top three strong stocks being: Geer Software (603232), Shenzhou Information (000555), and Jingtou Development (600683) [1] - The detailed performance of the top 10 strong stocks includes: - Geer Software: 6 consecutive boards, turnover rate of 38.7%, and closing price of 21.1 [1] - Shenzhou Information: 2 consecutive boards, turnover rate of 15.63%, and closing price of 27.1 [1] - Jingtou Development: 2 consecutive boards, turnover rate of 4.26%, and closing price of 1.73 [1] Group 2: Strong Concept Sectors - The top three concept sectors with the highest gains in the A-share market are: China-Korea Free Trade Zone, Quantum Technology, and Cultivated Diamonds [2] - The detailed performance of the top 10 concept sectors includes: - China-Korea Free Trade Zone: increased by 1.45% [3] - Quantum Technology: increased by 1.27% [3] - Cultivated Diamonds: increased by 1.26% [3]

Core Viewpoint - Geer Software has demonstrated strong financial performance and is at the forefront of quantum-resistant cryptography technology, positioning itself for future growth in the cybersecurity sector [1][2]. Financial Performance - In the first three quarters of 2025, Geer Software achieved a total revenue of 235 million yuan, with the third quarter alone generating 120 million yuan, reflecting a quarter-on-quarter growth of 71.01% [1]. Quantum Cryptography Development - Since 2021, Geer Software has been pioneering in the field of post-quantum cryptography (PQC), integrating cutting-edge technologies such as quantum random number generation and quantum key distribution into its product offerings [1]. - The company's KOAL-NSAG security certification gateway is the first product in China to pass the PQC verification test conducted by the China Academy of Information and Communications Technology [1]. Product Application and Strategy - Geer Software's entire line of cryptographic products has begun to demonstrate quantum resistance capabilities, with several commercial cryptographic products successfully passing third-party PQC validation tests [1]. - The company has implemented PQC technology on its official website, showcasing its technical maturity and providing a reference for the industry on PQC migration paths [2]. Market Expansion - Geer Software is actively expanding its overseas business while focusing on the domestic market, responding to the national "Digital Silk Road" initiative by collaborating with countries along the route [2]. - The company has successfully applied its quantum-resistant cryptography products in international markets, aiming to establish partnerships for mutual benefit and contribute to the construction of digital infrastructure security [2].

Core Viewpoint - Geer Software (603232) experienced a trading halt today with a turnover rate of 38.70% and a transaction amount of 2.119 billion yuan, while the stock's price fluctuated by 18.61% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily fluctuation of 18.61%, a price deviation of 10.75%, and a turnover rate of 38.70% [2] - The top five trading departments accounted for a total transaction amount of 307 million yuan, with a buying amount of 152 million yuan and a selling amount of 155 million yuan, resulting in a net sell of 2.9728 million yuan [2] - The largest buying and selling departments were both from Guotai Junan Securities Headquarters, with buying amounting to 50.2712 million yuan and selling amounting to 57.2361 million yuan [2] Stock Performance - Over the past six months, the stock has appeared on the watchlist five times, with an average price increase of 7.27% the day after being listed and an average increase of 21.29% in the following five days [2] Capital Flow - Today, the stock saw a net inflow of 75.1156 million yuan in principal funds, with a significant single order net inflow of 95.4397 million yuan, while large orders experienced a net outflow of 20.3241 million yuan [2] - In the past five days, the stock has seen a net outflow of 23.8302 million yuan in principal funds [2] Financial Performance - According to the semi-annual report released on August 20, the company achieved a revenue of 116 million yuan in the first half of the year, a year-on-year decrease of 40.16%, and reported a net loss of 72.6914 million yuan [2]

Core Insights - The company reported a total revenue of 235 million yuan for the first three quarters of 2025, with a significant third-quarter revenue of 120 million yuan, reflecting a quarter-on-quarter growth of 71.01% [1] - The company has been a pioneer in the field of post-quantum cryptography (PQC) since 2021, integrating cutting-edge technologies such as quantum random number generation and quantum key distribution into its product offerings [1] - The company's KOAL-NSAG security certification gateway is the first product in China to pass the anti-quantum cryptography verification test conducted by the China Academy of Information and Communications Technology [1] Product Development - The company’s entire line of cryptographic products has begun to demonstrate anti-quantum capabilities, with several commercial cryptographic products successfully passing authoritative third-party anti-quantum verification tests [1] - The company has completed pilot launches of anti-quantum cryptography products in the financial sector during the first half of the year [1] Strategic Initiatives - The company has implemented anti-quantum cryptography technology on its official website, showcasing its technological maturity and providing a reference path for the industry in transitioning to PQC [2] - The company is actively expanding its overseas business, responding to the national "Digital Silk Road" initiative, and has successfully applied anti-quantum cryptography products in international markets [2] - The company aims to establish win-win partnerships with stakeholders in countries along the Digital Silk Road, contributing to the construction of digital infrastructure security and laying a practical foundation for China's participation in international information security rule-making [2]

证券代码：603232 证券简称：格尔软件 公告编号：2025-064 | 资产名称 | 2025 年第三季度减值 变动金额（元） | | --- | --- | | 存货 | 0.00 | | 应收票据 | 12,210.00 | | 应收账款 | 4,335,492.17 | | 其他应收款 | -103,883.38 | | 合计 | 4,243,818.79 | 三、本次提资产及信用减值准备对公司的影响 公司本期计提资产减值准备和信用减值准备共计 4,243,818.79 元，减少对公 司 2025 年度合并润总额 4,243,818.79 元。 格尔软件股份有限公司 关于2025年第三季度计提资产及信用减值准备的公 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。 格尔软件股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第八 届董事会第三十次会议、第八届监事会第二十一次会议，审议通过了《关于 2025 年第三季度计提资产及信用减值准备的议案》，现将具体情况公告如下： 一、本次计提资产及信用减 ...

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格尔软件股份有限公司 关于变更持续督导保荐机构及保荐代表人的公告 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。 证券代码：603232 证券简称：格尔软件 公告编号：2025-067 特此公告。 格尔软件股份有限公司董事会 2025 年 10 月 31 日 附件： 保荐代表人简历 乔娜，女，保荐代表人，拥有近 20 年投资银行从业经历，先后参与或主持 完成飞利信、淮北矿业、微创网络、德威华泰、北江纺织等企业改制重组及首发 上市项目，白云机场、天津海运、腾达建设、国信证券、宏川智慧、中信建投、 禾丰股份等上市公司再融资项目。 王一后，女，保荐代表人，拥有 10 余年投资银行从业经历，先后参与或主 持完成天使之泪、微创网络、德威华泰、北江纺织等企业首发上市项目，国信证 券、中信建投等上市公司再融资项目。 经中国证券监督管理委员会《关于核准格尔软件股份有限公司非公开发行股 票的批复》（证监许可〔2020〕1328 号）核准，格尔软件股份有限公司（以下 简称"公司"）于 2020 年 8 月完成了非公开发行 20,901,134 股 ...