国泰君安证券股份有限公司 关于三未信安科技股份有限公司首次 公开发行部分战略配售限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作 为三未信安科技股份有限公司（以下简称"三未信安"或"公司"）首次公开 发行股票并在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华 人民共和国证券法》《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》《科创板上市公司持续监管办法（试行）》以及《上海证 券交易所科创板上市公司自律监管规则适用指引第1号——规范运作》等有关法 律法规和规范性文件的要求，对三未信安首次公开发行部分战略配售限售股上 市流通事项进行了核查，发表核查意见如下： 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60,306,07 ...

首次公开发行部分战略配售限售股上市流通的公告 证券代码：688489 证券简称：三未信安 公告编号：2024-069 三未信安科技股份有限公司 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： 本次股票上市类型为首发战略配售股份（限售期 24 个月）；股票认购方式 为网下，上市股数为 1,125,617 股。本公司确认，上市流通数量等于该限售期的 全部战略配售股份数量。 本次股票上市流通总数为 1,125,617 股。 本次股票上市流通日期为 2024 年 12 月 2 日。 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company achieved a revenue of 255 million yuan in the first three quarters of 2024, representing a year-on-year growth of 7.81%. However, the net profit attributable to shareholders decreased by 64.33% to 14 million yuan, and the net profit after deducting non-recurring items fell by 90% to 3 million yuan [1][2]. - Project delivery and acceptance delays have put short-term pressure on performance, with Q3 2024 revenue dropping 35.66% year-on-year to 85 million yuan, and net profit attributable to shareholders down 98.47% to 452,600 yuan [1][2]. - Increased R&D investment has led to a year-on-year improvement in gross margin, which reached 75.64%, up 3.01 percentage points [2]. - The acquisition of Jiangnan Tianan enhances the company's cloud password layout, with the company investing 172 million yuan from its own funds and 90 million yuan from oversubscription funds to acquire 81.82% of Jiangnan Tianan [2]. - The company expects net profits attributable to shareholders to be 91 million yuan, 112 million yuan, and 137 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024E, the company forecasts revenue of 457 million yuan, a year-on-year growth of 27.5%, and a net profit of 91 million yuan, reflecting a year-on-year increase of 35.7% [4]. - The gross margin is projected to be 72.2% in 2024E, slightly down from 73.2% in 2023 [4]. - The return on equity (ROE) is expected to improve from 3.5% in 2023 to 4.6% in 2024E [4].

2024 年 11月 05 日 三未信安(688489. SH) 24Q3 部分项目延期,内生外延持续拓展 目事件概述: 1)公司近日发布 2024年三季报,前三季度实现营业收入 2.55 亿元, 同比增长 7.81%，24Q3 实现营业收入 0.85 亿元，同比下降 35.66%。 前三季度实现归母净利润 0.14 亿元,同比下降 64.33%。公司 24Q3 收入和利润承压,主要由于公司部分项目延期,以及费用端的持续投 入。我们认为伴随外部宏观环境的改善,以及公司内生外延的拓展, 未来业绩改善仍然值得期待。 2) 公司近期发布《关于资产收购的公告》,拟使用自有资金 1.72 亿 元和超募资金 0.9 亿元收购江南天安 81.81%的股权。交易对方承诺 在 2024-2026 年业务周期内,标的公司将实现净利润逐年增长,并确 保三年累计净利润不低于2023年归母净利润(2032.96万元)的315%。 □2024Q3 业绩承压，外部环境至部分项目延期 利润端来看,公司前三季度销售/管理/研发费用率分别为 34.41%/13.31%/31.89%,同比增加8.28/2.36/2.36pct,主要是收入 增速放 ...

Investment Rating - Maintains "Outperform" rating [4][11] Core Views - Q3 performance under pressure: Revenue for the first three quarters of 2024 was RMB 255 million (+7.81%), while net profit attributable to the parent company was RMB 14 million (-64.33%), and non-GAAP net profit was RMB 3 million (-90%) [1][8] - Single Q3 revenue was RMB 85 million (-35.66%), with net profit attributable to the parent company at RMB 0 million and non-GAAP net profit at -RMB 5 million, showing significant decline [1][8] - The decline is attributed to macroeconomic impacts, leading to delays in project delivery and acceptance, which affected revenue [1][8] Merger and Acquisition - Plans to acquire 81.82% of Jiangnan Tianan for RMB 262 million, valuing the company at RMB 320 million [2] - Jiangnan Tianan's 2023 revenue was RMB 155 million, with net profit attributable to the parent company at RMB 20 million, resulting in a 2023 acquisition PE of 16x [2] - Jiangnan Tianan has committed to achieving cumulative net profit growth of 315% over 2023 levels from 2024 to 2026 [2] - The acquisition aims to expand market share and enhance future performance [2] Industry Integration - Following the acquisition of Jiangnan Keyou last year, the company continues to integrate the cryptography industry [3] - Jiangnan Tianan's product structure is similar but focuses more on the public cloud market, complementing the company's downstream strengths [3] - The company is actively collaborating with Huawei Cloud and expanding application scenarios for cryptographic chips and machines [3] - The cryptography industry is relatively fragmented, and the company's integration efforts aim to improve pricing power [3] Quantum Technology - The company has released a new series of anti-quantum cryptography products, including chips, boards, UKEYs, cryptographic machines, and gateways [3] - These products support a full range of anti-quantum cryptographic algorithms and are being actively promoted in sectors like finance, telecommunications, and power [3] Financial Forecasts - Revenue for 2024E is forecasted at RMB 445 million (+24.2%), with net profit attributable to the parent company at RMB 80 million (+18.3%) [5][11] - Revenue for 2025E is projected at RMB 574 million (+29.0%), with net profit at RMB 114 million (+43.8%) [5][11] - Revenue for 2026E is expected to reach RMB 711 million (+23.7%), with net profit at RMB 153 million (+33.9%) [5][11] - The company's PE ratios for 2024-2026 are 52x, 36x, and 27x, respectively [4][11] Key Financial Metrics - EBIT Margin for 2024E is forecasted at 12.2%, increasing to 18.6% by 2026E [5] - ROE for 2024E is projected at 4.1%, rising to 7.4% by 2026E [5] - The company's EV/EBITDA for 2024E is 63.4x, decreasing to 29.7x by 2026E [5]

三未信安科技股份有限公司 关于股份回购进展公告 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、准确性和完整性承担法律责任。 证券代码：688489 证券简称：三未信安 公告编号：2024-068 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第本 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2024 年 10 月 31 日，公司通过集中竞价交易方式已累计回购公司股份 2,378,000 股，占公司总股本的比例为 2.08%，回购的最高价为 43.85 元/股，最低 价为 24.69 元/股，已支付的总金额为人民币 79,956,973.56 元（不含印花税、交 易佣金等交易费用）。上述回购进展符合既定的回购股份方案。 三、 其他事项 重要内容提示： | 回购方案首次披露日 | 2023/12/2，由公司控股股东、实际控制人、董 | | --- | --- | | | 事长、总经理张岳公先生提议 | ...

证券代码：688489 证券简称：三未信安 公告编号：2024-065 三未信安科技股份有限公司 第二届监事会第九次会议决议公告 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 三未信安科技股份有限公司（以下简称"公司"）第二届监事会第九次会议 于 2024 年 10 月 30 日以现场结合通讯的方式召开。本次会议通知于 2024 年 10 月 25 日以电话及短信等方式通知全体监事。会议由监事会主席徐新锋女士主持， 会议应到监事 3 人，实到监事 3 人。本次会议的召集和召开、表决方式、决议内 容符合《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 关法律法规、规范性文件及《三未信安科技股份有限公司章程》的相关规定，会 议决议合法有效。 二、监事会会议审议情况 与会监事认真审议本次会议相关议案，以书面记名投票表决方式作出如下决 议： （一） 审议通过《关于<2024 年第三季度报告>的议案》 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 ...

证券代码：688489 证券简称：三未信安 公告编号：2024-064 三未信安科技股份有限公司 第二届董事会第十次会议决议公告 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、董事会会议召开情况 三未信安科技股份有限公司（以下简称"公司"）第二届董事会第十次会议 于 2024 年 10 月 30 日以现场结合通讯的方式召开。本次会议通知于 2024 年 10 月 25 日以电话及短信等方式通知全体董事。会议由董事长张岳公先生主持，会 议应到董事 9 人，实到董事 9 人。本次会议的召集和召开、表决方式、决议内容 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 法律法规、规范性文件及《三未信安科技股份有限公司章程》的相关规定，会议 决议合法有效。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 及指定信息披露媒体上披露的《2024 年第三季度报告》 表决结果：同意 9 票，弃权 0 票，反对 0 票。 （二） 审议通过《关于使用自有资金和部分超募资金拟收购 ...

证券代码：688489 证券简称：三未信安 公告编号：2024-067 三未信安科技股份有限公司 关于新加坡子公司完成注册登记的公告 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。 公司本次对外投资已向北京市发展和改革委员会备案，取得北京市商务局颁 发的《企业境外投资证书》。公司将认真遵守境内外相关的法律法规和政策，开 展相关业务。 近日，公司已完成新加坡公司的设立工作，取得新加坡 ACCOUNTING AND CORPORATE REGULATORY AUTHORITY(ACRA)签发的注册登记证明文件。相关登记信 息如下： 公司名称：SANSEC INTERNATIONAL PTE. LTD.（三未信安国际私人有限公司） 机构识别号码：202441212R 类型：PRIVATE COMPANY LIMITED BY SHARES（私人股份有限公司） 注册资本：500 万美元 经 营 范 围 ： INFORMATION TECHNOLOGY CYBERSECURITY CONSULTANCY(62022)(信息技术网络安 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥85,333,364.04, representing a decrease of 35.66% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥452,588.61, a decline of 98.47% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥5,438,582.82, down 122.85% compared to the same period last year[2] - The basic earnings per share for Q3 2024 were ¥0.0043, a decrease of 98.34% year-on-year[2] - The net profit for Q3 2024 was CNY 15,336,680.26, a decrease of 65.5% compared to CNY 44,624,598.90 in Q3 2023[23] - Operating profit for Q3 2024 was CNY 4,075,386.70, down 90.3% from CNY 41,959,587.51 in Q3 2023[23] - The total comprehensive income for Q3 2024 was CNY 15,336,680.26, a decrease of 65.5% compared to CNY 44,624,598.90 in Q3 2023[24] Research and Development - The total R&D investment for the period was ¥28,262,104.57, with R&D expenses accounting for 33.12% of operating revenue, an increase of 3.59 percentage points year-on-year[3] - Research and development expenses increased to CNY 81,211,416.54, up 16.5% from CNY 69,742,299.42 in the same period last year[23] Shareholder Information - The company had a total of 5,473 common shareholders at the end of the reporting period[8] - Major shareholders include Jiangxi Yurun Lida Investment Management Co., holding 9,671,800 shares (8.46%), and China Internet Investment Fund, holding 7,081,340 shares (6.19%)[10] - The company plans to repurchase shares using between RMB 40 million and RMB 80 million, with a maximum repurchase price of RMB 73.33 per share[14] - As of the report date, the company has repurchased a total of 2,378,000 shares, accounting for 2.08% of the total share capital, with a total expenditure of RMB 79,956,973.56[16] - The company intends to distribute a cash dividend of RMB 2.00 per 10 shares, totaling RMB 22,527,908.00, with no stock dividends or capital reserve transfers planned[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,020,012,697.92, down 2.85% from the end of the previous year[3] - The company's total assets amounted to RMB 2,020,012,697.92, a decrease from RMB 2,079,328,654.54, indicating a decline of approximately 2.9%[20] - Total liabilities increased to RMB 183,184,783.30 from RMB 159,404,083.64, reflecting a rise of about 14.9%[20] - The company's retained earnings decreased to RMB 228,914,709.34 from RMB 237,280,754.25, showing a decline of about 3.1%[20] - The company reported a short-term loan of RMB 62,485,476.19, significantly higher than RMB 6,450,000.00 at the end of 2023, indicating increased reliance on debt financing[19] Cash Flow - The cash flow from operating activities for the first three quarters of 2024 was a net outflow of CNY 30,334,193.10, worsening from a net outflow of CNY 13,650,577.04 in the same period last year[25] - The net increase in cash and cash equivalents for the period was -CNY 335,180,200.99, down from a previous balance of CNY 951,864,356.94 to CNY 616,684,155.95 at the end of the period[26] - Cash and cash equivalents decreased to RMB 617,097,861.08 as of September 30, 2024, from RMB 955,185,831.24 at the end of 2023, indicating a reduction in liquidity[18] Operational Status - There are no significant changes in the operational status of the company during the reporting period[13] - The report indicates that the company has not received any audit opinions that would affect its financial statements[17] - The company has not disclosed any new product developments or technological advancements in this report[12] Revenue and Costs - Total revenue for the first three quarters of 2024 reached RMB 254,663,029.91, an increase of 7.8% compared to RMB 236,206,899.98 in the same period of 2023[21] - Total operating costs for the first three quarters of 2024 were RMB 258,635,336.05, up from RMB 203,720,377.37 in 2023, reflecting a significant increase in operational expenses[21] - Total revenue from sales of goods and services for the first three quarters of 2024 was CNY 283,860,224.92, compared to CNY 220,805,449.15 in the same period of 2023, representing a growth of 28.5%[25] Financial Expenses and Income - The company reported a significant increase in sales expenses, which rose to CNY 87,641,391.61, up 42.0% from CNY 61,709,366.45 in the previous year[23] - Investment income for Q3 2024 was CNY 5,846,949.25, compared to CNY 451,149.09 in Q3 2023, indicating a substantial increase[23] - The company recorded a financial expense of CNY -8,658,640.02, an improvement from CNY -20,482,760.04 in the same period last year[23]