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 年二季度持续督导意见 财务顾问 二〇二五年八月 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 8 月 13 日，国盾量子披露了 2025 年半年度报告。结合上述 2025 年 半年度报告及日常沟通，国泰海通出具了 2025 年二季度（从 2025 年 4 月 1 日 至 2025 年 6 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 ...

Group 1 - Quantum technology is transitioning from laboratory research to broader market applications, with significant breakthroughs in China, particularly in drug development and security systems [1][2] - Benyuan Quantum Computing Technology Co., in collaboration with the University of Science and Technology of China, has successfully implemented the world's first drug molecular property prediction application based on quantum edge encoding technology [1] - The first quantum security protection system in the tobacco industry has been launched, developed by the Anhui Tobacco Company and GuoDun Quantum Technology Co., which utilizes quantum communication technology for data encryption [1] Group 2 - Companies in the quantum technology industry are actively positioning themselves to capitalize on future technological trends, with Shenzhou Information Group participating in the construction of national quantum communication networks [2] - Changchun Jida Zhengyuan Information Technology Co. plans to develop quantum random number and anti-quantum password capabilities in its products, aiming to enhance digital security [2] - The quantum technology market is projected to grow significantly, with an estimated market size of approximately $1.989 billion in 2024, increasing to $9.758 billion by 2029, reflecting a compound annual growth rate of 37.45% [3]

Group 1: Core Insights - Hefei evaluates convertible scientific achievements based on four dimensions: technical team, technical level, market prospects, and conversion risks, with technical level accounting for 60% of the score, playing a decisive role in the evaluation [1][8][9] - The city has established a special task force for the conversion of scientific achievements, listing new technologies and applicable scenarios across various industries, including municipal pipelines, fire rescue, and healthcare [1][11] - Hefei is recognized as a hub for quantum technology, with a growing ecosystem that includes over 93 quantum enterprises, producing significant advancements such as the "Zuchongzhi No. 3" superconducting quantum computing prototype and extensive quantum communication networks [4][6][12] Group 2: Industry Development - Quantum technology, comprising quantum computing, quantum communication, and quantum precision measurement, is a key future industry identified by the state, with various regions accelerating the development of differentiated industrial ecosystems [3][6] - The city of Hefei has implemented a dynamic management mechanism for evaluating convertible scientific achievements, allowing for timely updates based on progress and market validation [9][10] - The quantum communication sector has seen significant advancements, with China leading globally in quantum secure communication networks, including the "Beijing-Shanghai Line," and the launch of quantum encryption applications widely used in government and finance [6][12] Group 3: Technological Innovations - The "Benyuan Wukong" superconducting quantum computer has been operational since January 2024, completing over 530,000 quantum computing tasks for users from 145 countries, showcasing its commercial viability [7][12] - Hefei has established seven concept verification centers to assess the potential of scientific achievements, facilitating the transition from laboratory to market [11][12] - The city is actively promoting the application of quantum technology in various sectors, including healthcare, where collaborations have led to improved diagnostic tools for breast cancer detection [7][12]

Group 1 - The core point of the article highlights the trading activity of GuoDun Quantum, which had a financing buy-in amount of 0.55 billion yuan on August 21, ranking 493rd in the market [1] - Over the last three trading days from August 19 to August 21, GuoDun Quantum received financing buy-ins of 0.80 billion yuan, 0.64 billion yuan, and 0.55 billion yuan respectively [1] - On the same day, the company had a financing repayment amount of 0.61 billion yuan, resulting in a net sell-off of 5.8755 million yuan [1] Group 2 - In terms of securities lending, GuoDun Quantum had a securities lending sell-off of 0.15 thousand shares, with a net sell-off of 0.15 thousand shares on that day [1]

Core Points - The company, Keda Guodun Quantum Technology Co., Ltd., is holding its fourth extraordinary general meeting of shareholders in 2025 to discuss daily related party transactions [1][6][14] Meeting Information - The meeting is scheduled for August 29, 2025, at 15:00, located at the Keda Guodun Quantum Technology Park in Hefei, Anhui Province [8] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [5][8] Related Party Transactions - The company plans to enter into a framework contract with China Telecom Quantum Information Technology Group Co., Ltd. for the sale of quantum key distribution hardware and software, with an estimated contract value of 76.5418 million yuan [6][10] - The company will also sign a service contract with China Telecom Quantum Technology Co., Ltd. for specialized technical services related to the "Quantum Secret Communication" project, with an estimated contract value of 14 million yuan [11][12] Related Party Details - China Telecom Quantum Information Technology Group Co., Ltd. is a limited liability company with a registered capital of 3 billion yuan, established on May 26, 2023 [7] - China Telecom Quantum Technology Co., Ltd. is a state-controlled company with a registered capital of 50 million yuan, established on November 6, 2020 [11][12] Transaction Pricing and Accumulation - The pricing for the related party transactions is determined based on fairness, openness, and justice, considering raw material costs and technical complexity [10][12] - Over the past 12 months, the company has signed related party sales contracts totaling 79.5932 million yuan and service contracts totaling 26.8697 million yuan [10][13]

科大国盾量子技术股份有限公司 2025 年第四次临时股东大会 科大国盾量子技术股份有限公司 2025 年第四次临时股东大会会议资料 股票简称：国盾量子 股票代码：688027 2025 年 8 月 - 1 - 科大国盾量子技术股份有限公司 2025 年第四次临时股东大会 目 录 科大国盾量子技术股份有限公司2025年第四次临时股东大会会议须知…………3 科大国盾量子技术股份有限公司2025年第四次临时股东大会会议议程…………5 议案1、《关于公司日常关联交易的议案》………………………………………6 - 2 - 科大国盾量子技术股份有限公司 2025 年第四次临时股东大会 科大国盾量子技术股份有限公司 2025年第四次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《公司法》《证券法》《上市公司股东会规则》及《科大 国盾量子技术股份有限公司章程》的规定，为认真做好召开股东大会的各项工作， 特制定本须知： 一、本次大会期间，全体参会人员应以维护全体股东的合法权益，确保大会 的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证本次大会的严肃性和正常 ...

Core Viewpoint - The Shanghai Communication Services Industry Index experienced a slight decline of 0.03%, closing at 3811.5 points, with a trading volume of 23.642 billion yuan, despite showing positive growth over the past month, three months, and year-to-date [1] Summary by Category Index Performance - The Shanghai Communication Services Industry Index has increased by 3.75% over the past month, 5.56% over the past three months, and 5.40% year-to-date [1] Index Composition - The top ten weighted stocks in the index are: China Unicom (14.75%), China Mobile (13.63%), China Telecom (13.6%), Zhongtian Technology (7.15%), Hengtong Optic-Electric (6.09%), Yiyuan Communication (3.15%), Guodun Quantum (3.15%), Fenghuo Communication (3.11%), China Satellite Communications (2.99%), and Gigabyte (2.89%) [1] Market Representation - The Shanghai Stock Exchange accounts for 100.00% of the holdings in the index, and the communication services sector represents 100.00% of the index's sample holdings [1]

Investment Rating - The report does not explicitly state an investment rating for the quantum computing industry. Core Insights - The quantum computing industry is rapidly evolving, with significant advancements in technology and increasing market demand driven by artificial intelligence and computational needs. The global quantum computing market is projected to grow from approximately $800 million in 2021 to $5 billion by 2024, representing a substantial increase in market size [22][23]. Summary by Sections 1. Overview of the Quantum Computing Industry - Quantum computing differs significantly from classical computing, utilizing quantum mechanics to solve problems more efficiently. This technology has the potential to revolutionize various fields due to its unique properties such as superposition and entanglement [7][8]. 2. Global Development Status - North America leads the global quantum computing market, followed closely by Europe and China. By 2024, the market shares are expected to be 29.8% for North America, 28.8% for Europe, and 25.2% for China [25]. 3. Market Size and Growth - The global quantum computing market is expected to expand rapidly, with a projected size of $5 billion by 2024, accounting for 63% of the total quantum information industry [22][23]. In China, the quantum computing industry is anticipated to reach 9.04 billion yuan (approximately $1.4 billion) in 2024, reflecting an 82.1% year-on-year growth [51]. 4. Key Enterprises in the Industry - Major companies in the quantum computing sector include IBM, Google, and startups like Quantinuum and PsiQuantum, which are making significant strides in various quantum technologies [32][33]. 5. Industry Policies and Support - Governments worldwide, particularly in the U.S. and China, are increasingly recognizing the strategic importance of quantum computing, leading to substantial investments and supportive policies aimed at fostering innovation and development in this field [28][46]. 6. Investment and Financing Trends - The quantum computing sector has seen a surge in investment, with financing in China reaching 2.93 billion yuan (approximately $450 million) in 2024. The focus is primarily on superconducting quantum computing and ion trap technologies, which are attracting significant capital [56][63].

Group 1 - The Shanghai Stock Exchange National New Sci-Tech Board State-Owned Enterprises Index (950253) increased by 2.5%, closing at 1126.03 points with a trading volume of 37.353 billion yuan [1] - The index has risen by 11.82% over the past month, 16.07% over the past three months, and 15.75% year-to-date [1] - The index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, selected from companies with state capital participation and no actual controllers, with a base date of December 30, 2022, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the index include Huahong Semiconductor (6.01%), Huahai Qingke (5.0%), Western Superconducting (4.97%), Haiguang Information (4.92%), SMIC (4.74%), China Resources Microelectronics (4.68%), Zhongwei Company (4.34%), Jinghe Integrated (3.43%), Guodun Quantum (3.33%), and Zhongke Xingtou (2.96%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the index's sample shows that Information Technology accounts for 54.27%, Industry for 29.22%, Materials for 9.09%, Communication Services for 4.90%, and Healthcare for 2.52% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Group 1 - The core viewpoint is that the first quantum security protection system in the tobacco industry has been launched, utilizing quantum communication technology to encrypt data transmission between the tobacco financial system and banking payment systems, enhancing information security during digital transformation [1][2] - The quantum communication technology is recognized as the only communication method that has been strictly proven to possess information-theoretic security, with applications in finance, government, and energy sectors, providing high-level information security services across various industries [1][2] - The tobacco industry's financial system is experiencing increased interaction with banks, leading to a surge in core financial data volume, necessitating enhanced information security measures for internal management and national economic security [1] Group 2 - The quantum security protection system covers external data transmission from the financial system and internal storage of core databases, establishing a quantum encryption channel between the tobacco company and partner banks to prevent data theft and tampering [2] - The system allows for full lifecycle encryption management of financial data, from production to circulation and archiving, protecting against unauthorized access and misuse by high-privilege users [2] - The solution integrates classical security with quantum protection without requiring system architecture modifications, significantly reducing the complexity and cost of security upgrades, and is expected to be easily replicated in more business scenarios in the future [2]