Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 20.93 [1][5]. Core Views - The company reported a significant decline in revenue for H1 2025, with a year-over-year decrease of 40.16%, primarily due to tightened customer budgets. However, the gross margin improved to 51.49%, up by 10.77 percentage points year-over-year, indicating a focus on enhancing business quality [2][5]. - The company is accelerating its strategic investments in quantum-resistant encryption and platform services, with the first pilot of a quantum-resistant product launched in the financial sector. It plans to raise RMB 160 million for industrialization [2][4]. - The company is expanding its market presence in various sectors, including government and military, and has successfully won multiple city-level encryption service platform projects [3][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 116 million, with a net loss of RMB 72.69 million, reflecting a year-over-year decline of 44.16% in net profit. Q2 revenue was RMB 70.02 million, down 51.63% year-over-year [1][2]. Strategic Initiatives - The company is focusing on new security scenarios, particularly in quantum-resistant encryption, and has made significant progress in integrating its products with major cloud platforms like Huawei and Alibaba [4][5]. - The company has become one of the first encryption vendors in the HarmonyOS NEXT ecosystem, enhancing its product compatibility and integration with major tech players [4]. Market Expansion - The company is actively expanding into new markets and sectors, including tobacco, finance, and customs, leveraging its strengths in the central China region to accelerate growth in the public sector [3][4]. - The company’s expenses have increased due to accelerated market expansion and technology development, with sales, management, and R&D expense ratios rising significantly [3]. Profitability Forecast - Revenue forecasts for 2025-2027 have been adjusted downwards by 8.26%, 11.74%, and 12.51% respectively, while net profit forecasts have been reduced by 10.43%, 5.40%, and 5.63%. The expected EPS for 2025 is RMB 0.33, with a CAGR of 45.44% for net profit [5][11].

证券日报网讯 8月19日晚间，格尔软件发布公告称，2025年半年度公司实现营业收入115，690，876.21 元，同比下降40.16%；归属于上市公司股东的净利润为-72，691，424.24元。 （文章来源：证券日报） ...

Core Viewpoint - The company, Geer Software, has demonstrated strong resilience in the information security industry, achieving a revenue of 116 million yuan in the first half of 2025, with a gross margin increase of 10.8 percentage points to 51.5% [1][2][3]. Group 1: Financial Performance - In the first half of 2025, Geer Software achieved a revenue of 116 million yuan, with significant contributions from PKI security application products generating 50 million yuan, accounting for over 40% of total revenue [2][3]. - The gross margin for the first half of the year was 51.5%, reflecting a year-on-year increase of 10.8 percentage points [2][3]. Group 2: Market Position and Innovations - The company has made breakthroughs in digital trust, data security, and intelligent IoT, leveraging its deep technical expertise and precise market positioning [1][3]. - Geer Software is actively involved in the standardization and industrialization of anti-quantum cryptography, aligning with national policies and market opportunities [1][5]. Group 3: Strategic Initiatives - The company plans to raise up to 283 million yuan through a private placement to fund projects related to anti-quantum cryptography and trusted data space platform development [5][6]. - Approximately 160 million yuan of the raised funds will be allocated to the industrialization of anti-quantum cryptography products and services, which is a key focus area for the company [6][7]. Group 4: Industry Trends and Regulatory Environment - The information security industry is experiencing a new wave of policy benefits, with recent regulations such as the "Guidelines for National Data Infrastructure Construction" driving market expansion [3][4]. - Geer Software is positioned to capitalize on the growing demand for anti-quantum cryptography solutions in critical sectors such as finance, government, and military [4][7].

2025年1至6月份，格尔软件的营业收入构成为：软件行业占比99.93%，其他业务占比0.07%。 （文章来源：每日经济新闻） 格尔软件（SH 603232，收盘价：16.07元）8月19日晚间发布公告称，公司本期计提资产减值准备和信 用减值准备共计约626万元，减少对公司2025半年度合并利润总额约626万元。 ...

截至发稿，格尔软件市值为38亿元。 每经头条（nbdtoutiao）——一纸文件征求意见，药店老板们睡不着觉了 （记者 胡玲） 每经AI快讯，格尔软件（SH 603232，收盘价：16.07元）8月19日晚间发布公告称，公司第八届第二十 九次董事会会议于2025年8月19日以现场和通讯相结合的方式召开。会议审议了《公司2025年半年度报 告及摘要》等文件。 2025年1至6月份，格尔软件的营业收入构成为：软件行业占比99.93%，其他业务占比0.07%。 ...

Group 1 - The core viewpoint of the article is the announcement of the company's 2025 semi-annual report and related resolutions passed by the board and supervisory committee [4][59]. - The semi-annual report has been approved by the board and supervisory committee, confirming its compliance with legal and regulatory requirements [4][65]. - The company reported a total asset impairment and credit impairment provision of CNY 6,262,703.98, which will reduce the total profit for the first half of 2025 by the same amount [30][65]. Group 2 - The company conducted a non-public offering of 20,901,134 shares at a price of CNY 30.85 per share, raising a total of CNY 644,799,983.90, with a net amount of CNY 635,955,867.32 after deducting issuance costs [17]. - As of June 30, 2025, the company used CNY 10,916.01 million of the raised funds for specific projects, with no idle funds temporarily used for working capital during the first half of 2025 [24]. - The company plans to hold a temporary shareholders' meeting on September 5, 2025, to discuss various resolutions, including the approval of the semi-annual report and the proposed stock repurchase [78][79]. Group 3 - The company has approved the repurchase and cancellation of 67,800 shares of restricted stock from two former employees, which requires shareholder approval [49][69]. - The company has revised its capital structure, reducing its registered capital from CNY 236,050,695 to CNY 234,149,995 following the cancellation of repurchased shares [36][37]. - The company has established a special fund management system to ensure the proper use of raised funds, complying with relevant regulations [19][25].

证券日报网讯 8月19日晚间，格尔软件发布公告称，公司将于2025年9月18日召开2025年半年度业绩说 明会。 （文章来源：证券日报） ...

证券日报网讯 8月19日晚间，格尔软件发布公告称，公司将于2025年9月5日召开2025年第一次临时股东 大会。本次股东大会将审议《关于变更公司注册资本及修订的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - The company announced a change in the representatives for its 2020 non-public issuance of A-shares, appointing Zhang Junhui and Kong Lei as the new sponsors [2]

Core Viewpoint - The company, Geer Software, announced the approval of its 2025 semi-annual report and summary during the 20th meeting of its eighth supervisory board [2] Group 1 - The supervisory board meeting was held on August 19, where multiple proposals were reviewed and approved [2]