Summary of GuoDun Quantum Conference Call Company Overview - GuoDun Quantum is one of the few companies globally capable of designing, supplying, and deploying large-scale quantum secure communication networks, originating from the University of Science and Technology of China [2][6] - The company has been in a loss-making state for the past five years but is projected to generate approximately 253 million CNY in revenue in 2024, with 146 million CNY from the information security and communication integration sector, marking a 70% year-on-year growth [2][10] - China Telecom holds a 21.86% stake in GuoDun, making it the controlling shareholder, with significant backing from national institutions like the University of Science and Technology of China and the Chinese Academy of Sciences [2][8] Industry Insights - The Quantum Key Distribution (QKD) industry is expected to maintain a compound annual growth rate (CAGR) of 64% from 2022 to 2030, with demand expanding from government to enterprise and consumer sectors [2][14] - The QKD industry chain consists of upstream components (chips, single-photon sources), midstream devices (quantum gateways, switches), and downstream services (communication and data services) [12] - China holds a leading position in the global quantum communication market, with GuoDun Quantum being the largest domestic player due to its technological advantages [13] Key Business Segments - GuoDun's main business areas include quantum communication, quantum computing, and quantum precision measurement, with significant revenue from quantum communication products [4][15] - The company has achieved at least 500 qubits in superconducting technology and delivered 504 qubit superconducting chips, indicating a strong position in the superconducting route [5][19] - The Hefei metropolitan network project, one of the largest in the country, has been implemented in over 500 government agencies, showcasing the company's technical strength and market influence [2][17] Financial Performance and Projections - Despite past losses, GuoDun expects revenue to reach at least 300 million CNY in 2025, driven by rapid growth in network deployment and precision measurement sectors [5][24] - The company faces risks such as technological development delays, increased market competition, and industry demand fluctuations, but potential technological advancements and policy support could enhance revenue prospects [24] Future Plans and Market Trends - China Telecom plans to expand its metropolitan network to 40 cities by 2025, which will significantly boost GuoDun's business growth [3][18] - The precision measurement business, utilizing quantum mechanics for higher accuracy, has substantial market potential, particularly in earthquake monitoring and geographic surveying [23] Conclusion - GuoDun Quantum is positioned for significant growth in the quantum technology sector, supported by strong national backing and a robust technological foundation, with promising revenue projections and market opportunities ahead [2][24]

Core Insights - The article emphasizes the elevation of quantum technology to a national strategic level in China's 14th Five-Year Plan, indicating unprecedented development opportunities for the next five years [2] - Quantum technology is identified as a key area for future industrial layout, with a focus on achieving breakthroughs in technology, industrial implementation, and ecosystem development during the 14th Five-Year Plan [1][2] Quantum Technology Overview - Quantum technology is categorized into three main areas: quantum computing, quantum communication, and quantum precision measurement [3] - Quantum computing aims to solve specialized machine breakthroughs, with applications in financial modeling, drug development, logistics optimization, and AI computing power [4] - Quantum communication is in the early stages of large-scale application, crucial for secure communications in defense, government, and finance [4] - Quantum precision measurement is currently in the scenario validation phase, with potential applications in healthcare, resource exploration, power grid monitoring, and gravity surveying [5] Industry Development and Challenges - The quantum technology industry is still in its early development stage, requiring ongoing innovation, core technology breakthroughs, and self-controllable core components [6] - There is a need for improved integration with IoT, AI, and big data technologies to accelerate upstream and downstream collaboration in the industry [6] - Current challenges include a lack of significant application scenarios, high technical barriers, and insufficient public understanding of quantum technology [7] - The industry is seen as a forward-looking sector, with a focus on establishing a solid innovation system and technological foundation for future opportunities [7] Investment Perspective - From an investment standpoint, it is crucial to recognize the current maturity level and engineering stage of quantum technology, as significant scientific challenges remain before practical applications can be realized [11] - The industry chain needs to be enhanced, particularly in core materials and high-end equipment [8] - There is a structural gap in funding and talent, requiring professionals who understand both physics and engineering applications [9] - The competitive landscape includes intense international competition and the need for establishing standards and discourse power in quantum technology [10]

Core Insights - The report highlights the performance of brokerage firms' "golden stocks" for October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [3][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [5][6] - Looking ahead to November, nearly 20 brokerage firms have released their latest "golden stock" lists, with a focus on high-end manufacturing, energy, and non-ferrous metals sectors [3][8] Brokerage Performance - West Securities achieved the highest monthly return of 4.05% for its golden stock portfolio in October [4] - Other notable performances include Ping An Securities at 3.16% and Great Wall Securities at 2.09% [4] - Several brokerages reported negative returns, with Guoyuan Securities at -0.70% and Guoxin Securities at -1.84% [4] Top Individual Stocks - GuoDun Quantum led the individual stock performance with a 65.19% increase, followed by Rongxin Culture at 64.86% and Jiangbolong at 46.78% [5][6] - Other significant performers included Jinyinhe at 37.64% and Okoyi at 33.01% [6] November Stock Recommendations - Tencent Holdings emerged as the most popular stock for November, recommended by multiple brokerages including Guoxin Securities and Galaxy Securities [7] - The non-ferrous metals sector remains strong, with stocks like Zijin Mining and Yun Aluminum receiving multiple recommendations [7] - The report emphasizes the importance of policy support and external environment improvements for the A-share market's upward trend in November [8] Investment Focus - The investment focus for November includes sectors such as AI-driven technology, resource commodities (copper, aluminum, oil, lithium), and domestic consumption recovery in coal, food and beverage, and aviation [8] - The "14th Five-Year Plan" is expected to guide investment directions, emphasizing technological self-reliance and modern industrial system construction [8]

Market Performance - The Shanghai Composite Index increased by 1.85% this month, with 230 stocks reaching historical highs [1] - Among the tradable A-shares, 3,051 stocks rose, accounting for 56.06%, while 2,364 stocks fell, making up 43.44% [2] Historical Highs - A total of 230 stocks reached historical highs this month, with 114 from the main board, 55 from the ChiNext, 50 from the Sci-Tech Innovation Board, and 11 from the Beijing Stock Exchange [2] - The average increase for stocks that reached historical highs was 10.24%, with the largest increase being 103.60% for Zhendemedical [2] Sector Analysis - The electronics, machinery equipment, and non-ferrous metals sectors had a significant concentration of stocks reaching historical highs, with 58, 34, and 29 stocks respectively [2] - The average closing price of stocks that reached historical highs was 72.30 yuan, with 46 stocks priced over 100 yuan and 53 stocks priced between 50 and 100 yuan [2] Market Capitalization - The average total market capitalization of stocks reaching historical highs was 70.06 billion yuan, with an average circulating market capitalization of 66.39 billion yuan [3] - Major stocks by total market capitalization included Agricultural Bank of China (25,411.84 billion yuan), CATL (17,132.86 billion yuan), and Industrial Fulian (14,297.89 billion yuan) [3] Institutional Activity - 65 stocks that reached historical highs saw institutional involvement, with 27 stocks experiencing net purchases [3] - Sunshine Power received the highest net purchase from institutions at 1.654 billion yuan, followed by Canxin Technology and Kaimete Gas with 613 million yuan and 418 million yuan respectively [3] Notable Stocks - Zhendemedical had a closing price of 95.00 yuan with a monthly increase of 103.60% and a turnover rate of 123.42% [3] - Guoshun Quantum had the highest closing price at 579.80 yuan, with a monthly increase of 65.19% [3]

Group 1 - The average stock price of the Sci-Tech Innovation Board is 41.24 yuan, with 76 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1375.00 yuan, which fell by 3.31% today [2][3] - Among the stocks priced over 100 yuan, 367 stocks rose while 220 stocks fell today, with an average decline of 0.64% for the hundred-yuan stocks [2][3] - The average premium of the hundred-yuan stocks relative to their issue price is 474.74%, with the highest premiums seen in stocks like Shangwei New Materials (4230.47%), Cambrian-U (2035.42%), and GuoDun Quantum (1503.50%) [2][3] Group 2 - The net outflow of main funds from the hundred-yuan stocks today totaled 79.15 billion yuan, with the highest net inflows seen in Kingsoft Office (243.38 million yuan), BeiGene-U (206.17 million yuan), and C He Yuan-U (187.50 million yuan) [3] - The total margin balance for hundred-yuan stocks is 999.44 billion yuan, with the highest margin balances in SMIC (149.68 billion yuan), Cambrian-U (142.52 billion yuan), and Haiguang Information (86.65 billion yuan) [3]

国泰海通证券股份有限公司 关于 科大国盾量子技术股份有限公司 收购报告书 之 2025 年三季度持续督导意见 财务顾问 二〇二五年十月 声明 国泰海通证券股份有限公司（以下简称"国泰海通"、"本财务顾问"） 接受委托，担任中电信量子信息科技集团有限公司（以下简称"中电信量子集 团"、"收购人"）及其一致行动人收购科大国盾量子技术股份有限公司（以 下简称"国盾量子"、"上市公司"、"公司"）的财务顾问，依照《上市公 司收购管理办法》（以下简称"《收购办法》"）第六十九条、第七十一条、 《上市公司并购重组财务顾问业务管理办法》第三十一条等有关规定，持续督 导期从国盾量子公告收购报告书至收购完成后的 12 个月止（即从 2024 年 3 月 19 日至相关股权完成过户后的 12 个月止）。 2025 年 10 月 18 日，国盾量子披露了 2025 年第三季度报告。结合上述 2025 年第三季度报告及日常沟通，国泰海通出具了 2025 年三季度（从 2025 年 7 月 1 日至 2025年 9月 30日，以下简称"本持续督导期"）的持续督导意见（以下简 称"本意见"）。本意见所依据的文件、书面资料等由收购人及其一 ...

Mergers and Acquisitions - Qingyun Technology plans to acquire a 25% stake in Zhongtong Tianhong for 37.5 million yuan [1] Earnings Disclosure - Wuliangye reported a 65.62% year-on-year decline in net profit for Q3, with revenue down 52.66% to 8.174 billion yuan [2] - BYD's Q3 net profit decreased by 32.60%, with revenue at 194.985 billion yuan, a 3.05% decline [3] - Changjiang Electric's Q3 net profit fell by 9.16%, with revenue at 29.044 billion yuan, down 7.86% [4] - Weichai Power experienced a 29.49% increase in net profit for Q3, with revenue at 57.419 billion yuan, up 16.08% [5] Shareholding Changes - Yangfan New Materials announced that shareholder Ningbo Xinfan Investment plans to reduce its stake by up to 1%, totaling no more than 2.3475 million shares [6] - Ruisheng Intelligent's controlling shareholder and vice president plan to reduce their holdings by up to 3%, totaling no more than 1.8727 million shares [7] Risk Matters - Guodun Quantum confirmed that there are no undisclosed significant information or ongoing major asset restructuring activities [8]

Core Viewpoint - GuoDun Quantum is a leading supplier of quantum communication equipment in China, with strong technological advantages and capabilities in quantum communication, computing, and measurement [1] Group 1: Business Overview - GuoDun Quantum was established on May 27, 2009, and listed on the Shanghai Stock Exchange on July 9, 2020, with its headquarters in Hefei, Anhui Province [1] - The company focuses on the research, production, sales, and technical services of quantum communication products, providing software and hardware for fiber-optic quantum secure communication networks and ground stations for wide-area quantum secure communication [1] Group 2: Financial Performance - In Q3 2025, GuoDun Quantum reported revenue of 190 million yuan, ranking 26th in the industry, while the industry leader, Yiyuan Communication, achieved 17.877 billion yuan in revenue [2] - The company's net profit for the same period was -26.2362 million yuan, ranking 20th in the industry, with the industry leader, Yilian Network, reporting a net profit of 1.958 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, GuoDun Quantum's debt-to-asset ratio was 9.66%, down from 16.02% year-on-year, significantly lower than the industry average of 40.17%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 47.16%, lower than the previous year's 56.94% but still above the industry average of 26.55%, reflecting good profitability [3] Group 4: Management and Shareholder Information - The president, Ying Yong, received a salary of 1.0425 million yuan in 2024, an increase of 59,000 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 12.24% to 21,700, while the average number of circulating A-shares held per account decreased by 10.91% to 3,711.58 [5] Group 5: Business Highlights and Future Outlook - The company has shown significant revenue growth in Q1 to Q3 2025, with a notable reduction in net losses. Key business highlights include contributions from quantum computing and a 30% year-on-year increase in quantum communication business [5] - Future net profit projections for 2025, 2026, and 2027 are 2 million, 8 million, and 20 million yuan, respectively, with analysts maintaining a "buy" rating based on strong order growth and market positioning [5]

Market Overview - On October 30, the A-share market experienced high volatility, with resource stocks and some AI-related popular stocks retreating in the afternoon, leading to an expanded decline in the three major indices. The Shanghai Composite Index closed at 3986.90 points, down 0.73% [2] Quantum Technology Sector - The quantum technology concept sector showed strong performance throughout the day, with stocks like Fujitsu reaching a 30% limit up in the morning and closing up 19.85%. Industry leader GuoDun Quantum rose 17.22%, while several other stocks also saw significant gains [3] - NVIDIA announced the launch of NVQLink, connecting quantum computing companies and research labs, which is expected to enhance quantum supercomputing capabilities [3] - A breakthrough in quantum communication was reported by a research team in Hefei, achieving the first-ever simultaneous transmission of quantum and optical signals in the same fiber [3] - According to a report by Zhongyan Puhua, the quantum computing market in China is projected to exceed 11.56 billion yuan by 2025, driven by advancements in quantum computing, communication, and sensing technologies [4] New Energy Sector - On October 30, the new energy sector saw a collective recovery, with the energy storage sector experiencing a surge, and lithium battery stocks also performing well. Companies like Penghui Energy and Xinrui Technology hit the 20% limit up [6] - According to data from the National Energy Administration, global lithium battery storage installations are expected to exceed 170 GWh in the first three quarters of 2025, marking a year-on-year growth of over 68% [6] - The price of lithium hexafluorophosphate has risen sharply, reaching 102,500 yuan per ton on October 29, up nearly 70% from the end of September [6] Lithium Battery Sector Valuation - As of October 27, the valuation of the A-share lithium battery sector was at 28.30 times, significantly lower than the industry median of 44.19 times since 2013. This suggests a favorable outlook for the sector based on the growth prospects of the new energy and storage industries [7] Foreign Investment Sentiment - Morgan Stanley's chief equity strategist for China noted a significant improvement in local investors' sentiment towards Chinese stocks, indicating a shift from previous caution to a more balanced interest in various sectors [8] - The report highlighted that more investors are looking to include Chinese stocks in their portfolios, which may lead to increased trading activity and capital inflows in the future [8]

Group 1: Company Transactions - Qingyun Technology plans to acquire 25% equity in Zhongtong Tianhong for a total consideration of 37.5 million yuan [1] Group 2: Financial Performance - Wuliangye reported a 65.62% year-on-year decline in net profit for Q3, with revenue of 8.174 billion yuan, down 52.66% [2] - BYD's Q3 net profit decreased by 32.60%, with revenue of 194.985 billion yuan, down 3.05% [3] - Changjiang Electric's Q3 net profit fell by 9.16%, with revenue of 29.044 billion yuan, down 7.86% [4] - Weichai Power experienced a 29.49% increase in net profit for Q3, with revenue of 57.419 billion yuan, up 16.08% [5] Group 3: Shareholding Changes - Yangfan New Materials announced that shareholder Ningbo Xinfan Investment plans to reduce its stake by up to 1% [6] - Ruisheng Intelligent disclosed that its controlling shareholder and vice president intend to reduce their holdings by a total of up to 3% [7]