国元证券股份有限公司 关于科大国盾量子技术股份有限公司 日常关联交易事项的核查意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为科大 国盾量子技术股份有限公司（以下简称"公司"或"国盾量子"）2024 年度向特 定对象发行 A 股股票的保荐机构，根据《上市公司证券发行注册管理办法》《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证 券交易所科创板上市公司自律监管指引第 1 号---- 规范运作》等有关法律法规和 规范性文件的要求,对国盾量子拟发生的目常关联交易事项进行了专项核查,具 体核查情况如下: 一、关联交易概述 根据公司第四届董事会第十八次会议审议通过,公司（含子公司）拟与中国 电信股份有限公司武汉分公司〈以下简称"武汉电信"）签订２份销售服务合同, 合同一主要销售一套量子密钥平台及服务系统，合同金额预计为 188.23 万元； 合同二主要销售一套量子密钥生成服务及项目整体安装调试服务,合同金额预计 为 47.07 万元。公司 (含子公司) 拟与客户 B 签订 1 份销售商品合同,向其销售 一套稀释制冷机及低温器件，合同金额预计为 410.00 万元。 包含 ...

Company Overview - GuoDun Quantum Technology Co., Ltd. is located in Hefei, Anhui Province, and was established on May 27, 2009. The company went public on July 9, 2020. Its main business involves the research, development, production, sales, and technical services of quantum communication products [1][2] - The company provides software and hardware products for various optical fiber quantum secure communication networks and ground stations for wide-area quantum secure communication, serving sectors such as government, finance, electricity, and national defense [1] Financial Performance - As of June 30, 2025, GuoDun Quantum reported a revenue of 121 million yuan, representing a year-on-year growth of 74.54%. However, the net profit attributable to shareholders was -23.79 million yuan, an increase of 32.69% compared to the previous period [2] - The company's revenue composition includes: 35.68% from related technical services, 34.31% from quantum communication products, 13.03% from quantum precision measurement products, 12.42% from quantum computing products, and 4.56% from other sources [1] Stock Performance - On October 16, GuoDun Quantum's stock price decreased by 2.04%, trading at 406.43 yuan per share, with a total market capitalization of 41.806 billion yuan. The stock has increased by 36.22% year-to-date, with a 1.92% rise over the last five trading days, 46.03% over the last 20 days, and 49.97% over the last 60 days [1] - The stock's trading volume included a net outflow of 17.85 million yuan from main funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders for GuoDun Quantum was 19,300, a decrease of 12.23% from the previous period. The average number of circulating shares per person increased by 13.93% to 4,165 shares [2] - The company has distributed a total of 9.6 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Points - The average stock price of the Sci-Tech Innovation Board is 41.13 yuan, with 70 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1242.00 yuan, which increased by 3.85% [1] - A total of 469 stocks on the Sci-Tech Innovation Board rose today, while 111 stocks fell, with the average increase for stocks over 100 yuan being 2.14% [1] - The average premium of stocks over their issue price for those priced over 100 yuan is 410.74%, with Cambrian-U, Anji Technology, and Haibo Sichuang leading in premium rates [1] Stock Performance - Cambrian-U closed at 1242.00 yuan, up 3.85%, followed by GuoDun Quantum at 414.90 yuan and MaoLai Optics at 394.18 yuan [2] - Among the stocks priced over 100 yuan, 52 stocks increased, with the highest gainers being Pinming Technology, Hexin Instruments, and Yunlu Co., while 18 stocks decreased, with the largest declines seen in Zhongke Feimeasure, SiTewei, and Kaipu Cloud [1][2] - The top three stocks by net inflow of funds today were Haiguang Information, Kingsoft Office, and Dongxin Co., with net inflows of 71804.43 million yuan, 27993.86 million yuan, and 26443.90 million yuan respectively [2] Financing and Margin Trading - The total margin balance for stocks priced over 100 yuan is 920.46 billion yuan, with the highest balances in Zhongke International, Cambrian-U, and Haiguang Information [2] - The total short selling balance is 4.47 billion yuan, with the highest short selling balances in Haiguang Information, Zhongke International, and Lanqi Technology [2] Industry Distribution - The stocks priced over 100 yuan are concentrated in the electronics, pharmaceutical, and computer industries, with 36, 10, and 10 stocks respectively [1]

Core Insights - Quantum computing is currently in the early breakthrough stage, with quantum error correction being a key focus area [1][2] - The development landscape of quantum computing is characterized by diverse and open technological routes, including superconducting, ion trap, neutral atom, photonic, and silicon semiconductor technologies [1] - The industry ecosystem for quantum computing is gradually being established, with ongoing advancements in fundamental research, engineering development, and application exploration across multiple sectors [1] Quantum Security - China holds an absolute leading position in the field of Quantum Key Distribution (QKD) technology, forming a comprehensive quantum secure communication industry chain [3] - Chinese institutions account for approximately 93% of the top 10 patent applicants in the global quantum communication field, indicating a strong competitive edge [3] Quantum Measurement - The quantum precision measurement industry is entering a diversified development phase, leveraging quantum states for enhanced measurement accuracy across various physical quantities [4] - The maturity of quantum sensors varies by physical quantity, contributing to the diversification of the industry [4] Investment Recommendation - GuoDun Quantum (688027.SH) is recommended as a key player in the quantum technology sector, being the only listed quantum technology company in China with a focus on quantum computing, quantum security, and quantum measurement [5]

Group 1 - The A-share market shows positive performance with the Shanghai Composite Index up by 0.10%, Shenzhen Component Index flat, and the ChiNext Index up by 0.22% as of October 15 [1] - The quantum technology sector is notably active, with a sector increase of 0.84%, driven by favorable news and developments [1] - Key stocks in the quantum technology sector include Geer Software, which hit the daily limit up, and GuoDun Quantum and Jida Zhengyuan, both rising over 4% [1] Group 2 - China Mobile has outlined a comprehensive plan for quantum communication, aiming to establish itself as a leading force in quantum technology with a focus on integration into national strategies and innovation [2] - The breakthroughs in quantum technology are expected to significantly impact China's economic development, particularly in areas like financial transactions, medical data management, and national security [2] - The quantum technology industry is evolving with increasing participation from enterprises and research institutions, leading to a more complete industrial ecosystem and diversified business models [2] Group 3 - The global quantum technology market is projected to reach USD 1.989 billion in 2024, representing a year-on-year growth of 43.12%, and is expected to grow to USD 9.758 billion by 2029, with a compound annual growth rate of 37.45% from 2024 to 2029 [3] - Continuous technological advancements and market expansion are anticipated to provide broader development prospects for the quantum technology industry [3]

Core Insights - The A-share market has seen a strong performance in domestic software stocks, with several companies experiencing significant price increases [1] Group 1: Stock Performance - Pinming Technology (品茗科技) rose by 15.52%, with a total market capitalization of 9.108 billion and a year-to-date increase of 380.60% [2] - Jiuxi Software (久其软件) increased by 10.03%, with a market cap of 6.337 billion and a year-to-date rise of 17.22% [2] - Geer Software (格尔软件) saw a 10.00% increase, with a market cap of 3.838 billion and a year-to-date increase of 27.67% [2] - Rongji Software (榕基软件) rose by 9.95%, with a market cap of 5.021 billion and a year-to-date increase of 34.72% [2] - Haocen Software (浩辰软件) increased by 9.87%, with a market cap of 3.960 billion and a year-to-date rise of 54.88% [2] - Guodun Quantum (国盾量子) rose by 8.36%, with a market cap of 44.3 billion and a year-to-date increase of 44.19% [2] - Other notable performers include Zhongchuang Co. (中创股份) up 6.48%, Fangzhi Technology (方直科技) up 5.95%, and Guozi Software (国子软件) up 5.93% [2] Group 2: Market Trends - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Group 1 - The core viewpoint of the news is that GuoDun Quantum has seen a stock price increase of 5.04%, reaching 417.00 CNY per share, with a total market capitalization of 42.893 billion CNY [1] - GuoDun Quantum, established on May 27, 2009, specializes in the research, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, electricity, and national defense [1] - The company's revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and others (4.56%) [1] Group 2 - Huatai Bairui Fund has a significant holding in GuoDun Quantum, with 15,700 shares representing 1.89% of the fund's net value, ranking as the tenth largest holding [2] - The Sci-Tech Innovation Index (588880) has achieved a year-to-date return of 48.84% and a one-year return of 56.03%, ranking 359 out of 4220 and 330 out of 3857 respectively [2] Group 3 - The fund manager of the Sci-Tech Innovation Index (588880) is Tan Hongxiang, who has been in the position for 4 years and 221 days, with a total asset scale of 27.342 billion CNY [3] - During Tan's tenure, the best fund return was 105.82%, while the worst return was -37.2% [3]

Group 1: Nobel Prize in Physics - The Nobel Prize in Physics was awarded to John Clarke, Michel H. Devoret, and John M. Martinis for their discovery of "macroscopic quantum tunneling and energy quantization in circuits" [1] - This achievement opens the door to studying quantum mechanics on a larger scale, providing new possibilities for experimental research [1] Group 2: Quantum Computing Breakthrough - The core device used by the laureates is the Josephson junction, which allows electrons to form "Cooper pairs" and move collectively at low temperatures [2] - The system can switch states due to quantum tunneling, demonstrating that the behavior of this macroscopic circuit is governed by quantum mechanics [2] - This research provides new opportunities to simulate other quantum systems, enhancing the understanding of their characteristics [2] Group 3: Quantum Computing Market and Investment - Quantum computing is gaining significant attention, with the concept introduced by Richard Feynman in 1982, but it has only recently started to appear in mainstream media [3] - Google is set to launch a new quantum chip, Willow, with 105 qubits in December 2024, causing a surge in quantum-related stocks [3] - The potential speed of quantum computing could surpass traditional computers by billions of times for certain calculations [3] Group 4: Global Quantum Computing Development - Many countries and tech giants are investing in quantum computing, with the U.S. and Japan establishing national development plans [4] - Companies like IBM, Google, and Nvidia are actively advancing research in this field [4] Group 5: Challenges in Quantum Computing Commercialization - Companies in China, such as Guoshun Quantum and Boson Quantum, are also working in the quantum computing sector [5] - Key challenges for commercialization include stabilizing qubits, scaling hardware, and finding verifiable quantum advantage scenarios [5] - Maintaining qubit coherence is critical, as any disturbance can lead to decoherence, jeopardizing quantum information [5] Group 6: Technical Routes in Quantum Computing - Various technical routes for quantum computing include superconducting, ion trap, photonic, and topological quantum computing [6] - Superconducting quantum computers are the mainstream route but face challenges like the need for extremely low temperatures and short coherence times [6] Group 7: Topological Quantum Computing - Microsoft announced a breakthrough in topological quantum computing, creating the world's first "topological conductor" [7] - This type of quantum computer is theoretically highly resistant to interference, but the materials are still difficult to produce [7] Group 8: Investment Sentiment in Quantum Computing - Despite the potential of quantum mechanics and ongoing investments from tech giants, the quantum sector remains in a high-cost, long-cycle phase [9] - Analysts predict that global public investment in quantum computing could reach $45 billion by 2025 [9] Group 9: Stock Performance in Quantum Computing - Quantum computing stocks have seen significant price increases, with Quantum Computing rising 304.41% from March to July 2023 [10] - Other companies in the sector, such as IonQ and D-Wave Quantum, have also experienced substantial stock price increases [10] Group 10: Domestic Quantum Technology Landscape - In China, the number of publicly listed quantum technology companies is limited, with Guoshun Quantum being one of the few [11] - The domestic quantum computing sector has seen active investment, with 14 companies completing 16 rounds of financing by the end of Q3 2023 [12]

Industry Insights - Shanghai Municipal Economic and Information Technology Commission has issued the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)" to accelerate future terminal research and development, focusing on next-generation mobile communication, quantum computing, and photonic computing [1] - The plan includes advanced wireless communication, new network architecture, and integrated space-ground technology research, aiming for breakthroughs in quantum computing algorithms and applications in vertical industries [1] - Quantum computing is positioned as a key driver of future global technological transformation, with domestic companies having a relatively leading position in technology, products, and market layout in the quantum frontier technology field [1] Company Developments - Keda Guokuan has strategically invested in high-quality quantum technology enterprises and is actively promoting collaboration in quantum software, leveraging its advantages in industry-academia-research integration [2] - GuoDun Quantum is recognized as a domestic leader in quantum technology, covering quantum communication, quantum computing, and quantum precision measurement. It is the first publicly listed quantum technology company in China, with a significant revenue increase of 283.92% in quantum computing business due to breakthroughs in sales of quantum computing systems in the first half of 2025 [2]

Summary of Conference Call on Nuclear Fusion and Quantum Computing Industry Overview - The conference call focused on the nuclear fusion and quantum computing sectors, highlighting significant market movements and investment opportunities in the context of US-China trade relations [1][2]. Key Points on Nuclear Fusion - **Core Components**: The nuclear fusion sector's core components include magnets, vacuum chambers, and cooling systems, with superconducting technology being a high-value area. Companies like Hangyang and Yongding are highlighted for their advantages in cooling systems and superconducting materials, respectively [1][3]. - **Market Dynamics**: There is an expectation of increased high-frequency, large-value order tenders in the coming months, particularly for the BEST project, indicating a growth trajectory for the nuclear fusion sector [1][6]. - **Investment Opportunities**: The demand for superconducting magnets and materials is significant, with high-temperature superconducting materials being particularly important. The overall capital expenditure in nuclear fusion projects is accelerating, suggesting sustained growth in the coming years [1][8]. Key Points on Quantum Computing - **Core Components**: The quantum computing sector includes dilution refrigerants and automated systems. The positive sentiment from US companies like Nvidia has raised the valuation of related firms in the A-share market [1][5]. - **Market Expansion**: The IPO guidance and upcoming listings of companies such as ZTE and Benyuan Quantum are expected to expand the market. The sector is projected to exceed a market value of 200 billion by the second or third quarter of 2026 [1][6]. - **Investment Growth**: Companies like GuoDun Quantum have seen revenue growth of over 200% in the first half of the year, indicating strong demand and order increases, which are crucial for the sector's development [1][15]. Competitive Landscape - **US-China Competition**: The quantum computing field is characterized by intense competition between the US and China, with significant investments from US entities, including a $5.7 million order from the US Air Force and a $10 billion investment plan from Morgan [1][9][10]. - **Domestic Developments**: In China, policy advancements and technological improvements are accelerating the development of quantum computing, with leading companies experiencing substantial revenue growth and increased orders [1][10][11]. Future Outlook - **Market Projections**: Both nuclear fusion and quantum computing are expected to have broad development prospects due to their high technical barriers and strategic importance. The current period is seen as a favorable investment window [1][6]. - **Technological Advancements**: The main technological route in quantum computing is superconducting quantum computers, with key hardware components including chips, dilution refrigerants, and measurement control systems. Companies involved in these areas are recommended for investment [1][16]. Additional Insights - **Funding and Investment Trends**: The entry of Nvidia into quantum computing has shifted global investor perceptions, highlighting the sector's high growth potential and its ability to meet the demands of traditional computing needs [1][14]. - **Order and Revenue Performance**: Domestic companies like GuoDun and GuoYi have shown remarkable performance, with significant revenue increases reflecting the positive changes in the industry [1][15]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the nuclear fusion and quantum computing sectors, their market dynamics, and future growth potential.