Core Points - The company, Sanwei Xinan, announced the listing of part of its restricted shares for public trading, with a total of 62,770,304 shares set to be released [1] - The shares will be available for trading starting from December 2, 2025 [1] - The method of subscription for these shares is through offline channels [1]

证券代码：688489 证券简称：三未信安 公告编号：2025-077 三未信安科技股份有限公司 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 62,770,304股。 本次股票上市流通总数为62,770,304股。 关于首次公开发行部分限售股上市流通公告 本次股票上市流通日期为2025 年 12 月 2 日。 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： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 9 月 14 日出具的《关于同意三未信 安科技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]2091 号）， 三未信安科技股份有限公司（以下简称"三未信安"或"公司"）获准向社会公 开发行人民币普通股 19,140,000 股，并于 2022 年 12 月 2 日在上海证券交易所科 创板上市，发行完成后总股本为76,556,268股，其中有限售条件流通股60,306,071 股，无限售条件流通股 16,250,197 股。 本次上市流通的股份为首 ...

首次公开发行部分限售股上市流通的核查意见 一、本次上市流通的限售股类型 根据中国证券监督管理委员会2022年9月14日出具《关于同意三未信安科技 股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕2091号）， 公司首次向社会公开发行人民币普通股（A股）股票19,140,000股，并于2022年 12月2日在上海证券交易所科创板上市，发行完成后总股本为76,556,268股，其 中有限售条件流通股60,306,071股，无限售条件流通股16,250,197股。 本次上市流通的股份为首次公开发行限售股及限售期间实施资本公积金转 增股本增加的股份，涉及股东数量为 6 名，锁定期为自公司股票上市之日起 36 个月，对应的股份数量为 62,770,304 股，占公司目前股本总数的 54.47%，该部 分限售股将于 2025 年 12 月 2 日起上市流通。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 本次上市流通的限售股属于公司首次公开发行的部分限售股，自公司首次 公开发行股票限售股形成至今，公司股本数量变化情况如下： 国泰海通证券股份有限公司 关于三未信安科技股份有限公司 国泰海通证券股份有 ...

Core Insights - The quantum technology sector is experiencing significant advancements, with both policy support and technological breakthroughs driving growth [2][3][4] - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035, indicating substantial market potential [4] - A total of over 60 A-share companies are involved in quantum technology, with significant R&D investments, particularly in quantum security chips and modules [4][5] Policy Developments - Anhui Province is focusing on scaling quantum technology applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [2] Technological Breakthroughs - Domestic advancements include a new architecture for atomic quantum computing that addresses challenges in high parallelism, speed, and stability [3] - Internationally, a team from the University of Chicago has theoretically extended the connection distance between quantum computers to 2,000 kilometers [3] Industry Growth and Investment - In the first three quarters of this year, A-share companies involved in quantum technology reported a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4] - Notable companies with high R&D expenditure include China Mobile, ZTE, and China Telecom, with 国芯科技 leading at 89.03% of revenue spent on R&D [4][5] Market Opportunities - Quantum communication, particularly quantum key distribution (QKD), is identified as the most mature and commercially viable area within quantum technology [3] - Quantum measurement is also highlighted as an early revenue-generating sector, akin to "hidden champions" in niche markets [3]

Core Viewpoint - The company, Sanwei Xinan, is at the forefront of quantum-resistant cryptography in China, having made significant advancements in the research, development, and market application of a full product chain for quantum-resistant cryptography, including chips, cryptographic cards, machines, and systems [1] Group 1: Research and Product Development - The company has invested early in quantum-resistant algorithms and products, planning to launch a full series of quantum-resistant products by September 2024, making it one of the few manufacturers in China to cover the entire range of cryptographic products [1] - The product line includes quantum-resistant chips, boards, UKEYs, machines, gateways, digital certificate authentication systems, and key management systems, supporting both US NIST standard algorithms and excellent domestic competition algorithms [1] - The company aims to further enhance its comprehensive advantages in chips, algorithms, and hardware engineering capabilities in the quantum-resistant era [1] Group 2: Project Applications - The company has participated in pilot projects for quantum-resistant applications across various domestic industries, including finance, telecommunications, and energy [1] - Based on successful practical experiences, the company has published a white paper on the migration to quantum-resistant cryptography, receiving high recognition from the industry and regulatory authorities [1] - The company will become one of the engineering assistance units for algorithm standard collection and actively participate in the verification of national quantum-resistant algorithm standards, aiding regulatory authorities in algorithm implementation and security assessments [1] Group 3: Market Positioning - The company is involved in multiple pilot projects for quantum-resistant cryptography migration in key domestic industries while also actively expanding into overseas markets [1] - Leveraging its products, the company has obtained several international certifications, including the US FIPS, enhancing its competitive edge in the global market [1] - Through subsidiaries in Hong Kong and Singapore, the company has promoted its products overseas, achieving a leading market position [1]

Group 1 - The core point of the article is that Sanwei Xinan (688489.SH) reported its Q3 2025 results, highlighting significant institutional investor interest with 11 institutions holding a total of 50.04 million shares, representing 43.43% of the total share capital [1] - Among the top ten institutional investors, the combined holding ratio decreased by 2.51 percentage points compared to the previous quarter, indicating a slight reduction in institutional confidence [1] - The top ten institutional investors include various partnerships and funds, such as Huzhou Fengqi Yunqiong Enterprise Management Consulting Partnership and China Internet Investment Fund Management Co., Ltd., which collectively hold 43.30% of the shares [1] Group 2 - In the public fund sector, 54 public funds were not disclosed in the current period compared to the previous quarter, including funds like Southern Science and Technology Innovation Board 3-Year Fixed Open Mixed Fund and Huashang Computer Industry Quantitative Stock Initiation A [2]

Core Viewpoint - Sanwei Xinan is a leading enterprise in the commercial cryptography field in China, with strong technical capabilities and a comprehensive range of cryptographic products and solutions for network information security [1] Group 1: Business Performance - In Q3 2025, Sanwei Xinan reported revenue of 295 million yuan, ranking 17th in the industry, significantly lower than the top players Hikvision and Dahua [2] - The company's net profit for the same period was -37.6 million yuan, placing it 18th in the industry, again far behind Hikvision and Dahua [2] Group 2: Financial Ratios - As of Q3 2025, Sanwei Xinan's debt-to-asset ratio was 8.89%, lower than the industry average of 31.60%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 72.22%, which, despite a decrease from 75.64% in the previous year, remains significantly above the industry average of 38.30% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.06% to 6,122, while the average number of circulating A-shares held per shareholder decreased by 4.89% [5] - The company is expected to benefit from the recently released regulations on the management of commercial cryptography usage in critical information infrastructure, which may drive industry demand [5] Group 4: Future Outlook - The company is projected to achieve revenues of 665 million, 781 million, and 905 million yuan for the years 2025, 2026, and 2027, respectively, with net profits of 61 million, 88 million, and 114 million yuan [5] - The investment rating is maintained at "Buy - A" with a target price of 57.83 yuan, equivalent to a 10x dynamic price-to-sales ratio for 2025 [5]

Company Overview - Sanwei Xinan (SH 688489) held its 20th meeting of the second board on October 30, 2025, to review the proposal for the company's Q3 2025 report [1] - As of the report, Sanwei Xinan has a market capitalization of 5.6 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Sanwei Xinan is as follows: 68.82% from product and solution vendors, 30.54% from end customers, and 0.65% from other businesses [1]

三未信安科技股份有限公司 2025 年度"提质增效重回报"行动方案 评估报告 三未信安科技股份有限公司（以下简称"三未信安"或"公司"）为响应上 海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，倡议 以"进一步提升上市公司质量和投资价值"为目标，引导上市公司更好发挥主体 责任，更好回报投资者，于 2025 年 4 月 25 日在上海证券交易所网站披露了《2025 年度"提质增效重回报"行动方案》。公司根据行动方案内容积极开展和落实相 关工作，现将 2025 年前三季度"提质增效重回报"行动方案相关落实暨进展情 况报告如下： 一、聚焦做强主业，提升经营质效水平 （一）紧抓行业机遇，拓展业务市场 公司研发方面聚焦提升公司密码技术和产品的行业核心竞争力，深度挖掘产 业发展机遇，助力公司在信创密码体系建设、抗量子密码技术迁移、可信数据空 间、云密码服务等战略布局的持续推进实施，巩固行业领先地位。同时，通过强 化新兴战略产品研发，重点突破人工智能应用安全、数据隐私保护等关键领域， 拓展创新应用场景，紧密贴合人工智能产业发展趋势，大力推进"密码+人工智 能"的融合创新。此外，公司以核心技术为依托，202 ...

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。 三未信安科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召 开第二届董事会第二十次会议审议通过了《关于公司募集资金投资项目"密码安 全芯片研发升级"延期的议案》，同意公司根据实际情况，综合考虑当前募集资 金投资项目的实施进度等因素，将募集资金投资项目"密码安全芯片研发升级项 目"的预定可使用状态日期延长至 2026 年 12 月。保荐机构国泰海通证券股份有 限公司对本事项出具了明确的核查意见。本事项无需提交公司股东会审议。现将 相关情况公告如下： 一、 募集资金基本情况 证券代码：688489 证券简称：三未信安 公告编号：2025-074 三未信安科技股份有限公司 关于募集资金投资项目延期的公告 三、 本次募集资金投资项目延期的具体情况及原因 （一） 募投资金投资项目延期的具体情况 公司基于审慎性原则，结合当前募集资金投资项目实际进展情况，在募集资 金投资项目实施主体、用途及投资规模不发生变更的情况下，拟对募集资金投资 项目达到预定可使用状态日期进行 ...