国泰君安证券股份有限公司 关于 科大国盾量子技术股份有限公司 收购报告书 之 2024 年三季度持续督导意见 财务顾问 二〇二四年十一月 声明 国泰君安证券股份有限公司（以下简称"国泰君安"、"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）。 2024 年 10 月 26 日，国盾量子披露了 2024 年三季度报告。结合上述 2024 年三季度报告及日常沟通，国泰君安出具了 2024 年三季度（从 2024 年 7 月 1 日至 2024 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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term development potential and competitive technology [4]. Core Views - The company reported a revenue of 1.0 billion yuan for Q3 2024, a year-on-year increase of 36.10%, while the net profit attributable to shareholders was -0.55 billion yuan, with losses narrowing by 30.33% compared to the previous year [1]. - The gross margin for the first three quarters reached 56.94%, reflecting a year-on-year increase of 6.32 percentage points, indicating strong operational efficiency [1]. - The company is advancing its secure communication backbone network and metropolitan area network construction, which is expected to improve performance [2]. - The quantum communication segment accounted for approximately 50% of total revenue, with the encryption industry chain gradually becoming complete and ready for initial commercial use [1][2]. - The company has signed a strategic cooperation agreement with China Telecom to promote the "Quantum + 5G" technology solution, significantly enhancing the progress of metropolitan network construction [1][2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.86 billion yuan, 2.34 billion yuan, and 3.06 billion yuan, respectively, with corresponding price-to-sales (PS) ratios of 114.87x, 91.38x, and 69.92x [2][3]. - The net profit forecast for 2024 is 9.48 million yuan, with significant profit growth expected in subsequent years, reaching 40.19 million yuan by 2026 [3][8]. - The gross margin is expected to improve to 60.10% in 2024 and stabilize at 60.50% in the following years [3][8].

Financial Performance - In the first three quarters of 2024, the company achieved a total revenue of 99.71 million yuan, representing a year-on-year increase of 36.1% [1] - The net loss decreased to 56.97 million yuan, improving by 23.97 million yuan compared to the previous year [1] - The quantum communication segment accounted for approximately 50% of total revenue, while the quantum computing segment contributed about 20%, and the quantum measurement segment made up around 10% [2] Business Development - The company has been focusing on three main business areas: quantum communication, quantum computing, and quantum precision measurement, maintaining a stable development trajectory [1] - The company is in the process of a capital increase, which has been submitted for approval to the China Securities Regulatory Commission [2] - Collaboration with China Telecom has been ongoing since 2014, with joint ventures established to develop quantum communication networks [2] Future Outlook - The company aims to expand its operational scale and enhance product application scenarios to increase revenue [3] - There is a focus on integrating quantum computing with supercomputing to address complex problems that classical computers cannot solve [4] - The company is committed to maintaining a strong R&D team, with approximately 50% of its 400 employees dedicated to research and development [3]

财联社财经通讯社打开APP17:19:41【国盾量子：第三季度净利润亏损1977.47万元】财联社10月25日 电，国盾量子发布2024年第三季度报告，公司前三季度实现营业收入9971.48万元，同比增长36.10%； 归属于上市公司股东的净利润-5511.75万元；基本每股收益-0.69元。 第三季度实现营业收入3017.88万元，同比增长83.19%；净利润亏损1977.47万元。 国盾量子-3.76%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 17:19:418687 阅读商务合作发送 ...

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 16,473,993.66, an increase of 83.19% compared to the same period last year[3] - Revenue for the current reporting period increased by 83.19%, primarily due to growth in the quantum secure communication sector[9] - Revenue from the beginning of the year to the reporting period increased by 36.10%, driven by growth in both quantum computing and quantum precision measurement sectors[9] - Total revenue for the first three quarters of 2024 reached 99,714,812.21 RMB, a 36.1% increase compared to 73,264,669.04 RMB in the same period of 2023[19] - Revenue from sales of goods and services for the first three quarters of 2024 was 125,865,345.29 RMB, down from 145,635,562.12 RMB in the same period last year[22] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB -37,163,925.85, showing no significant change compared to the same period last year[3] - Net loss attributable to shareholders decreased by 17.39 million yuan, mainly due to increased revenue and reduced R&D expenses compared to the same period last year[9] - Net profit for the first three quarters of 2024 was -2,310,365.66 RMB, compared to 52,807,142.70 RMB in the same period of 2023[18] - Net profit for the third quarter of 2024 was -56,965,949.89 RMB, compared to -80,938,578.68 RMB in the same period last year, showing a reduction in losses[20] - Total comprehensive income for the third quarter of 2024 was -56,965,949.89 RMB, compared to -80,938,578.68 RMB in the same period last year[21] R&D Investment - R&D investment for the third quarter of 2024 was RMB 28,078,497.18, a decrease of 35.44% compared to the same period last year[4] - R&D investment accounted for 170.44% of revenue for the third quarter of 2024, a decrease of 110.38 percentage points compared to the same period last year[4] - R&D investment for the current reporting period decreased by 35.44%, primarily due to reduced salary expenses and technical outsourcing costs[10] - R&D investment from the beginning of the year to the reporting period decreased by 41.88%, mainly due to reduced equipment material costs and salary expenses[10] - R&D investment as a percentage of revenue for the current reporting period decreased by 110.38%, due to increased revenue and reduced R&D investment[10] - R&D investment as a percentage of revenue from the beginning of the year to the reporting period decreased by 79.88%, due to increased revenue and reduced R&D investment[10] - R&D expenses for the first three quarters of 2024 were 53,078,707.48 RMB, a 24.2% decrease from 70,025,314.93 RMB in the same period of 2023[19] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 1,782,577,325.14, a decrease of 2.10% compared to the end of the previous year[4] - Shareholders' equity attributable to the listed company as of the end of the third quarter of 2024 was RMB 1,504,535,216.95, a decrease of 3.05% compared to the end of the previous year[4] - Total assets as of September 30, 2024, were 1,745,175,658.80 RMB, a 2.1% decrease from 1,782,577,325.14 RMB at the end of 2023[17] - Total liabilities as of September 30, 2024, were 279,569,954.66 RMB, a 3.9% increase from 269,194,257.11 RMB at the end of 2023[18] - Total equity attributable to shareholders as of September 30, 2024, was 1,458,606,294.59 RMB, a 3.1% decrease from 1,504,535,216.95 RMB at the end of 2023[18] Cash Flow - Cash flow from operating activities for the third quarter of 2024 was RMB -99,786,048.13, a significant decrease compared to the same period last year[3] - Operating cash flow for the first three quarters of 2024 was -99,786,048.13 RMB, a significant decrease from -22,207,273.95 RMB in the same period last year[22][23] - Investment cash inflow for the first three quarters of 2024 was 740,426,577.16 RMB, compared to 1,077,642,325.87 RMB in the same period last year[23] - Cash and cash equivalents at the end of the third quarter of 2024 were 346,642,835.56 RMB, down from 441,818,079.12 RMB at the end of the same period last year[24] - Cash outflow for purchasing goods and services in the first three quarters of 2024 was 97,072,952.11 RMB, up from 48,544,207.14 RMB in the same period last year[23] - Cash outflow for employee compensation in the first three quarters of 2024 was 98,942,218.90 RMB, up from 87,385,528.29 RMB in the same period last year[23] - Cash outflow for investment activities in the first three quarters of 2024 was 765,406,857.39 RMB, compared to 1,097,733,949.08 RMB in the same period last year[23] Non-Recurring Items - Non-recurring gains and losses for the third quarter of 2024 amounted to RMB 8,765,804.84, primarily due to government subsidies and gains from financial assets[7][8] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter of 2024 were RMB -0.46, showing no significant change compared to the same period last year[4] - Weighted average return on equity for the third quarter of 2024 was -2.35%, showing no significant change compared to the same period last year[4] - Basic earnings per share for the third quarter of 2024 were -0.69 RMB, compared to -0.99 RMB in the same period last year[21] Operating Costs and Inventory - Operating costs for the first three quarters of 2024 were 174,984,735.96 RMB, a decrease of 10.2% from 194,784,863.10 RMB in the same period of 2023[19] - Inventory as of September 30, 2024, was 212,185,712.08 RMB, a 56% increase from 136,015,938.55 RMB at the end of 2023[15] Accounts Receivable and Cash Equivalents - Accounts receivable as of September 30, 2024, were 132,333,328.95 RMB, a 5.6% decrease from 140,170,418.51 RMB at the end of 2023[15] - Cash and cash equivalents as of September 30, 2024, were 347,433,675.75 RMB, a 25.2% decrease from 464,290,751.31 RMB at the end of 2023[15] Share Issuance Plan - The company has proposed a plan to issue A shares to specific objects in 2024, with adjustments made to the plan in July 2024[14] - The company received a review opinion notice from the Shanghai Stock Exchange regarding the 2024 A-share issuance plan in October 2024[14]

证券代码：688027 证券简称：国盾量子 公告编号：2024-095 科大国盾量子技术股份有限公司 第四届董事会第四次会议决议公告 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 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。 一、董事会会议召开情况 科大国盾量子技术股份有限公司（以下简称"公司"）第四届董事会第四次会议 于 2024 年 10 月 25 日以现场及通讯方式在公司会议室召开。本次会议由董事长应勇先 生主持，本次会议应到董事 9 人，实际到会董事 9 人。本次会议的召集、召开和表决 程序符合《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》等相关 法律、行政法规、规范性文件及《科大国盾量子技术股份有限公司章程》的有关规定。 会议决议合法、有效。 二、董事会会议审议情况 经与会董事充分讨论，会议以投票表决方式审议通过了四项议案，具体如下： （一）审议通过《关于<国盾量子 2024 年第三季度报告>的议案》 公司 2024 年第三季度报告已经公司第四届审计委员会第四次会议审议通过。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 2.02 与中科大 ...

证券代码：688027 证券简称：国盾量子 公告编号：2024-097 科大国盾量子技术股份有限公司 关于日常关联交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 1 科大国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"） 拟与中电信量子科技有限公司（以下简称"中电信量子科技"）签订 2 份销售合同，与中电信量子科技销售量子密钥分发软硬件设备等相关产 品，合同金额分别为 8,106.83 万元、14.23 万元。 公司拟与中国科学技术大学（以下简称"中科大"）签订一份采购服务 合同，与中科大采购量子计算相关技术服务，合同金额为 270.00 万元。 包含此次交易，自此往前追溯 12 个月，公司（包含全资子公司、控股子 公司）向各关联方签订销售商品类合同合计 9,516.50 万元，采购商品类 合同合计 336.97 万元，提供服务类合同合计 1,854.19 万元，接受服务 类合同合计 378.82 万元，上述合同金额共计 12,086.48 万元（剔除已经 公司股东大会审议披露的关联交易 ...

证券代码：688027 证券简称：国盾量子 公告编号：2024-098 科大国盾量子技术股份有限公司 关于召开 2024 年第五次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 2024 年第五次临时股东大会 召开日期时间：2024 年 11 月 11 日 14 点 30 分 召开地点：安徽省合肥市高新区华佗巷 777 号科大国盾量子科技园 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 11 日 至 2024 年 11 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年11月11日 本次股东大会采用的网络投票系统：上海证券交易所股东 ...

经与会监事充分讨论，会议以投票表决方式审议通过了 2 项议案，具体如下： 1、审议通过《关于<国盾量子 2024 年第三季度报告>的议案》 证券代码：688027 证券简称：国盾量子 公告编号：2024-096 科大国盾量子技术股份有限公司 第四届监事会第四次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 科大国盾量子技术股份有限公司（以下简称"公司"）第四届监事会第四次 会议于 2024 年 10 月 25 日以现场及通讯方式在公司会议室召开。本次会议由监 事会主席冯镭先生主持，本次会议应到监事 3 人，实际到会监事 3 人。本次会议 的召集、召开和表决程序符合《中华人民共和国公司法》《上海证券交易所科创 板股票上市规则》等相关法律、行政法规、规范性文件及《科大国盾量子技术股 份有限公司章程》的有关规定。 二、监事会会议审议情况 科大国盾量子技术股份有限公司监事会 经审核，监事会认为公司 2024 年第三季度报告的编制和审议程序符合相关 法律法规及《公司章程》等内部规章制度的规定；公 ...

科大国盾量子技术股份有限公司 股东减持股份制度 第一条 为加强科大国盾量子技术股份有限公司（以下简称"公司"或"本 公司"） 对股东及董事、监事和高级管理人员股份减持的管理工作，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东减持股份管理暂行办法》《上市公司董事、 监事和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市 公司自律监管指引第15号——股东及董事、监事、高级管理人员减持股份》《上 海证券交易所科创板股票上市规则》等法律、法规及规范性文件，结合公司实际 情况，制定本制度。 第二条 本制度适用于下列减持行为： （一）大股东减持，即公司持有 5%以上股份的股东、实际控制人（以下统 称"大股东"）减持股份；大股东减持其通过上海证券交易所（以下简称"上交 所"）集中竞价交易方式买入的公司股份，仅适用本制度第三条至第六条、第十 五条第一款、第二十二条、第三十条的规定；大股东减持其参与公开发行股份而 取得的公司股份，仅适用本制度第三条至第八条、第十五条第一款、第二十二条、 第三十条的规定； （二）特定股东减持，即大股东 ...