Company Overview - Sanwei Xinan Technology Co., Ltd. is located in Beijing and was established on August 18, 2008, with its listing date on December 2, 2022 [1] - The company specializes in the innovation of cryptographic technology and the development, sales, and services of cryptographic products, providing comprehensive commercial cryptographic products and solutions for the network information security field [1] Business Composition - The revenue composition of the company's main business includes: - Cryptographic machines: 44.79% - Cryptographic systems: 26.19% - Cryptographic services and others: 22.67% - Cryptographic modules: 4.40% - Security systems and network security products: 0.71% - Others (supplement): 0.65% - Cryptographic chips: 0.58% [1] Market Performance - On September 23, the stock price of Sanwei Xinan fell by 5.03%, closing at 45.91 CNY per share, with a trading volume of 38.12 million CNY and a turnover rate of 1.60%, resulting in a total market capitalization of 5.289 billion CNY [1] Fund Holdings - The Guoxin Guozheng Fund has a significant holding in Sanwei Xinan, with the Guoxin Guozheng New锐 A (001068) fund increasing its position by 60,000 shares in the second quarter, holding a total of 150,000 shares, which accounts for 4.42% of the fund's net value, ranking as the seventh largest holding [2] - The fund has reported a floating loss of approximately 364,500 CNY as of the latest data [2] Fund Performance - The Guoxin Guozheng New锐 A (001068) fund was established on April 15, 2015, with a current scale of 137 million CNY and has achieved a year-to-date return of 33.36%, ranking 2586 out of 8172 in its category; over the past year, it has returned 83.94%, ranking 1110 out of 7995; and since inception, it has returned 61.5% [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 195 million CNY, representing a year-on-year increase of 15.19% [1][3] - The net profit attributable to shareholders was -29.39 million CNY, a decrease of 314.35% compared to the same period last year [1][3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -33.36 million CNY, a decline of 484.34% year-on-year [1][3] - The net cash flow from operating activities was -47.63 million CNY, worsening from -22.04 million CNY in the previous year [1][3] Initial Public Offering (IPO) Details - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 2, 2022, with a total fundraising amount of 150.99 million CNY [4] - The net amount raised was 137.09 million CNY, exceeding the original target by 96.74 million CNY [4] - The company originally planned to raise 40.34 million CNY for product development and working capital [4] - The underwriting fees for the IPO totaled 13.91 million CNY, with the lead underwriter being Guotai Junan Securities [4] Stock Performance - The company's stock is currently trading below its initial offering price, indicating a state of "broken issue" [1][4] - A stock split occurred on May 9, 2023, with a distribution of 4.8 additional shares for every 10 shares held, along with a pre-tax dividend of 4.29 CNY per share [4]

Core Insights - Quantum computing is expected to be a disruptive force in solving AI computing power bottlenecks, offering superior parallel computing capabilities and lower energy consumption compared to traditional computing [2][5] - Post-quantum cryptography aims to create new cryptographic systems that can withstand attacks from quantum computers, becoming a crucial technology for future information security [1][2][5] - The standardization process for post-quantum cryptography is accelerating, with increasing exploration of applications and intensified competition among leading domestic and international companies [1][5] Industry Overview - The global market for quantum computing reached $4.7 billion in 2023 and is projected to exceed $800 billion by 2035, indicating significant growth potential [2] - Domestic leading companies are rapidly advancing in the fields of quantum computing and post-quantum cryptography, focusing on algorithm development, hardware innovation, and industry application [3] Company Highlights - GuoDun Quantum (国盾量子) supports the commercialization of post-quantum cryptography with a complete industrial chain [4] - Sanwei Xinan (三未信安) has developed a full range of anti-quantum cryptography products, from chips to systems [4] - Jida Zhengyuan (吉大正元) is actively promoting research on anti-quantum cryptography migration, achieving full-stack innovation from algorithms to applications [4] - Tianrongxin (天融信) has made strategic investments in quantum computing, leading the upgrade of security products with chip-level post-quantum cryptography cards [4] - Electric Science Network Security (电科网安) has launched the "Quantum Armor" series of anti-quantum cryptography products, creating a comprehensive security ecosystem [4] - Geer Software (格尔软件) focuses on financial industry applications for anti-quantum migration solutions [4] - GuoXin Technology (国芯科技) is integrating quantum technology with trusted computing chips, establishing a full-chain layout from algorithms to products [4] Investment Recommendations - Companies to watch in the post-quantum cryptography space include GuoDun Quantum, Sanwei Xinan, Jida Zhengyuan, Tianrongxin, Electric Science Network Security, Geer Software, and GuoXin Technology [5] - Additional companies related to quantum computing include Qiming Star (启明星辰), Keda Guokuan (科大国创), Hexin Instruments (禾信仪器), Shenzhou Information (神州信息), Kehua Data (科华数据), China Great Wall (中国长城), Guangxun Technology (光迅科技), Unisoc (紫光国微), and Hengtong Optic-Electric (亨通光电) [5]

Investment Rating - The report maintains a positive investment rating for the quantum computing and post-quantum cryptography sectors, highlighting significant growth potential and competitive dynamics in the industry [4]. Core Insights - Quantum computing is poised to revolutionize AI capabilities by overcoming computational bottlenecks, with the market expected to grow from $4.7 billion in 2023 to over $800 billion by 2035, reflecting a compound annual growth rate (CAGR) of 44.8% [1][27]. - Post-quantum cryptography (PQC) is emerging as a critical defense against the threats posed by quantum computing to traditional encryption systems, with the U.S. leading in the development and standardization of PQC technologies [1][36]. - Domestic companies are accelerating their efforts in the quantum computing and cybersecurity sectors, aiming to establish a robust information security framework that is self-sufficient and resilient against quantum threats [2][3]. Summary by Sections 1. Addressing Quantum Computing Challenges and Advancements in Post-Quantum Cryptography - Quantum computing leverages unique quantum mechanical properties to achieve unprecedented computational power, enabling significant advancements in parallel processing and energy efficiency [7][10]. - The quantum computing market is expected to reach $10.5 billion by 2027, driven by breakthroughs in specialized quantum computers and applications across various sectors [27]. - The development of post-quantum cryptography is essential to safeguard against the vulnerabilities of traditional encryption methods, with various algorithms being explored to ensure security in a quantum computing era [30][32]. 2. Focus on Future Technological Transformations and Domestic Leaders' Accelerated Layout - Leading domestic enterprises are actively investing in quantum computing and post-quantum cryptography, enhancing their capabilities in algorithm development, hardware innovation, and practical applications [2][3]. - Companies like GuoDun Quantum and Sanwei Xinan are at the forefront of developing comprehensive solutions that integrate quantum key distribution (QKD) and post-quantum cryptography [61][52]. - The report identifies key players such as GuoDun Quantum, Sanwei Xinan, and Jida Zhengyuan as significant contributors to the advancement of post-quantum cryptography technologies [3][47][57].

Group 1 - The core point of the news is that Sanwei Xinan's stock price dropped by 5.11% to 48.25 CNY per share, with a total market capitalization of 5.538 billion CNY as of the report date [1] - Sanwei Xinan Technology Co., Ltd. specializes in the innovation, research, development, sales, and service of cryptographic technology and products, providing comprehensive commercial cryptographic products and solutions for the network information security field [1] - The company's main business revenue composition includes: cryptographic machines 44.79%, cryptographic systems 26.19%, cryptographic services and others 22.67%, cryptographic modules 4.40%, security systems and network security products 0.71%, others (supplement) 0.65%, and cryptographic chips 0.58% [1] Group 2 - Among the top ten circulating shareholders of Sanwei Xinan, a fund under Southern Fund increased its holdings by 216,200 shares, bringing its total to 926,900 shares, which accounts for 1.83% of the circulating shares [2] - The Southern Science and Technology Innovation Board 3-Year Open Mixed Fund (506000) has a current scale of 1.764 billion CNY and has achieved a return of 22.42% this year, ranking 3460 out of 8179 in its category [2] - The fund manager, Zheng Xiaoxi, has a total fund asset scale of 5.844 billion CNY, with the best fund return during his tenure being 107.38% and the worst being -33.69% [3]

Core Viewpoint - The company has announced the results of the first vesting period of its 2023 restricted stock incentive plan, with a total of 441,200 shares to be listed for trading on September 11, 2025 [2][4][14]. Group 1: Restricted Stock Incentive Plan - The stock listing type is for equity incentive shares, with a total of 441,200 shares to be listed [2][3]. - The decision-making process for the restricted stock vesting involved multiple board meetings and approvals, culminating in the approval of the incentive plan on October 13, 2023 [5][7]. - The grant date for the restricted stock was set for October 16, 2023, with a grant price of 34.10 yuan per share [7]. - The grant price was later adjusted to 33.90 yuan per share due to the company's annual equity distribution [8]. - The first vesting period's conditions were deemed fulfilled, allowing for the vesting of 441,200 shares to 26 eligible participants [9][12]. Group 2: Stock Listing and Financial Impact - The listing date for the vested shares is September 11, 2025, with a total of 441,200 shares to be listed [4][14]. - Following the vesting, the company's total share capital will increase from 114,768,476 shares to 115,209,676 shares, without changing the control of major shareholders [15]. - The newly vested shares represent approximately 0.38% of the total share capital prior to the vesting, and the impact on the company's financial results is not expected to be significant [15].

Group 1 - The core point of the article is that Sanwei Xinan announced the results of the first vesting period of its 2023 restricted stock incentive plan, along with the listing of shares [2] - The type of shares being listed is for equity incentive, with a total of 441,200 shares available for circulation [2] - The shares will be available for trading starting from September 11, 2025 [2]

Core Points - The company Sanwei Xinan announced the convening of its fifth extraordinary general meeting of shareholders for 2025 on September 8, 2025 [1] - The meeting approved several resolutions, including the cancellation of the supervisory board, adjustment of the number of directors, and amendments to relevant articles [1]

证券代码：688489 证券简称：三未信安 公告编号：2025-069 三未信安科技股份有限公司 2023 年限制性股票激励计划第一个归属期 归属结果暨股份上市公告 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： （二）2023 年 9 月 28 日，公司在上海证券交易所网站（http://www.sse.com.cn） 披露了《关于召开 2023 年第三次临时股东大会的通知》（公告编号：2023-038）， 同日，公司在上海证券交易所网站（http://www.sse.com.cn）及指定媒体披露了 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 441,200股。 本次股票上市流通总数为441,200股。 本次股票上市流通日期为2025 年 9 月 11 日。 一、本次限制性股票归属的决策程序及相关信息披露 （一）2023 年 9 月 26 日，公司召开第一届董事会第二十一次会议，审议通过 了《关于<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于<2023 年限制性股票激 ...

中国·北京 北京海润天睿律师事务所 北京市朝阳区建外大街甲14号广播大厦5/9/10/13/17层 邮政编码：100022 电话(Tel):86-10-65219696 传真(Fax):86-10-88381869 关于三未信安科技股份有限公司 北京海润天睿律师事务所 关于三未信安科技股份有限公司 2025 年第五次临时股东大会的 法律意见书 2025 年第五次临时股东大会的法律意见书 致：三未信安科技股份有限公司 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》）、《上市公司股东会规则》（以下简称《股 东会规则》）以及其他相关规章的规定，北京海润天睿律师事务所（以下称本所） 接受三未信安科技股份有限公司（以下简称公司）委托，指派本所单震宇律师、 彭心怡律师（以下称"本所律师"）出席公司 2025 年第五次临时股东大会，并 就本次股东大会的召集和召开程序、出席会议人员及会议召集人资格、审议事项 以及表决方式、表决程序、表决结果等相关事项依法进行见证。 本所律师已审查了公司提供的召开本次股东大会的有关文件。公司已向本所 及本所律师承诺其所提供的文件和所作的陈述、 ...