证券代码：688489 证券简称：三未信安 公告编号：2025-071 三未信安科技股份有限公司 减持计划的实施结果情况 2025 年 7 月 3 日，公司在上海证券交易所网站（www.sse.com.cn）及指定 媒体披露了《股东减持股份计划公告》（公告编号：2025-056）。公司 5%以上 股东立达高新持有公司股份 9,000,000 股，占公司披露减持计划时股份总数的 7.84%，拟通过集中竞价方式或大宗交易方式减持其所持有的公司股份数量不超 2,295,370 股，即不超过披露减持计划时公司股份总数的 2.00%。截至 2025 年 10 月 23 日，立达高新已通过集中竞价方式减持公司股份 1,227,820 股，占公司 目前总股本的 1.07%。立达高新于 2025 年 10 月 23 日减持 433,775 股，当日持 股比例由 7.12%减持至 6.75%，股东权益变动触及 1%刻度。 一、减持主体减持前基本情况 | 股东名称 | 北京立达高新创业投资中心（有限合伙） | | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 □是 √否 直接持股 √是 □否 5%以上股 ...

Core Points - The major shareholder, Lida Gaoxin, has completed its share reduction plan, which was initially announced on July 3, 2025 [1] - Lida Gaoxin originally held 9 million shares, representing 7.84% of the company, and the shares became tradable on December 4, 2023 [1] - As of October 23, Lida Gaoxin has reduced its holdings by 1.07% of the total share capital, amounting to 1.2278 million shares, with a total reduction value of approximately 63.94 million yuan [1] - The reduction price ranged from 42.24 to 59.30 yuan per share, leaving 1.0676 million shares yet to be sold, resulting in a current holding percentage of 6.75% [1]

Group 1 - The core viewpoint of the news is that Sanwei Xinan's stock price increased by 5.4% to 52.92 CNY per share, with a total market capitalization of 6.097 billion CNY as of the report date [1] - Sanwei Xinan Technology Co., Ltd. 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] - 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 (supplementary) 0.65%, and cryptographic chips 0.58% [1] Group 2 - Among the top ten circulating shareholders of Sanwei Xinan, a fund under Southern Fund has 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 achieved a return of 37.58% this year, ranking 1796 out of 8159 in its category, and a return of 42.53% over the past year, ranking 1152 out of 8030 [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 149.86% and the worst being -33.69% [3]

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Core Viewpoint - The stock of Sanwei Xinan experienced a decline of 4.24% on October 10, with a trading volume of 65.72 million yuan, indicating potential concerns regarding its financial performance and market sentiment [1]. Financing Summary - On October 10, Sanwei Xinan had a financing buy amount of 8.27 million yuan and a financing repayment of 9.29 million yuan, resulting in a net financing buy of -1.02 million yuan [1]. - The total financing and securities balance for Sanwei Xinan reached 121 million yuan, accounting for 4.72% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - The company had no short selling activity on October 10, with a short selling balance of 0 shares, also reflecting a high level compared to the past year [1]. Company Overview - Sanwei Xinan Technology Co., Ltd. was established on August 18, 2008, and listed on December 2, 2022. The company specializes in the innovation and development of cryptographic technology and products, providing comprehensive commercial cryptographic products and solutions for the network information security sector [2]. - The revenue composition of Sanwei Xinan 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%), and cryptographic chips (0.58%) [2]. - As of June 30, 2025, the number of shareholders increased by 9.38% to 5,772, while the average circulating shares per person decreased by 8.58% to 8,754 shares [2]. Financial Performance - For the period from January to June 2025, Sanwei Xinan reported a revenue of 195 million yuan, representing a year-on-year growth of 15.19%. However, the net profit attributable to the parent company was -29.39 million yuan, a significant decrease of 314.35% compared to the previous year [2]. Dividend and Shareholding - Since its A-share listing, Sanwei Xinan has distributed a total of 68.24 million yuan in dividends [3]. - As of June 30, 2025, among the top ten circulating shareholders, the Southern Science and Technology Innovation Mixed Fund (506000) ranked as the sixth largest shareholder, increasing its holdings by 216,200 shares to 926,900 shares [3].

Group 1 - The core viewpoint of the news is the performance and financial details of Sanwei Xinan Technology Co., Ltd., which has seen a stock price increase of 5.05% to 51.18 CNY per share, with a total market capitalization of 5.896 billion CNY [1] - Sanwei Xinan specializes in the innovation and development of cryptographic technology and products, providing comprehensive commercial cryptographic products and solutions for the network information security field [1] - The revenue composition of Sanwei Xinan 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 (supplementary) 0.65%, and cryptographic chips 0.58% [1] Group 2 - From the perspective of fund holdings, Guoxin Guozheng Fund has a significant position in Sanwei Xinan, with the Guoxin Guozheng New锐 A fund increasing its holdings by 60,000 shares in the second quarter, bringing the total to 150,000 shares, which represents 4.42% of the fund's net value [2] - The Guoxin Guozheng New锐 A fund has achieved a year-to-date return of 34.43% and a one-year return of 66.63%, ranking 2713 out of 8167 and 1090 out of 8010 respectively in its category [2]

Summary of Conference Call on Quantum Computing and Cryptography Industry Overview - The conference discusses the rapid development of quantum computing, with significant advancements from companies like Google, Microsoft, and IBM in chip development. Chinese institutions are also conducting related research, with commercial quantum computers expected to emerge within the next 5-10 years, posing a major threat to existing cryptographic systems [2][11]. Key Points and Arguments - **Threat to Current Cryptographic Systems**: Quantum computing poses threats to three main types of cryptographic systems: asymmetric encryption (e.g., RSA, ECC), symmetric encryption, and hash algorithms. Asymmetric encryption is the most vulnerable, while symmetric encryption's security strength is halved, and hash algorithms may see their security strength drop to 60-70% or even one-third [4][12]. - **Long Promotion Cycle for Quantum-resistant Algorithms**: The promotion cycle for quantum-resistant algorithms is lengthy due to significant differences from existing cryptographic mechanisms, affecting performance, key lengths, and message processing lengths. This necessitates the re-establishment of industry standards in sectors like finance and electricity [6]. - **NIST's Quantum-resistant Algorithm Standards**: The National Institute of Standards and Technology (NIST) has released multiple quantum-resistant algorithms, with plans for additional releases. This indicates ongoing research and the need for multiple algorithms to address potential risks [7][18]. - **Progress of Domestic and International Manufacturers**: Internationally, companies like Thales and Utimaco have launched hardware security modules (HSM) supporting quantum-resistant algorithms. Domestically, Sanwei Xinan has released a full range of quantum-resistant products, including chips and software development kits [8][10]. - **China's Push for Independent Cryptographic Systems**: China's initiative to develop its own cryptographic systems stems from security concerns over backdoors in widely used algorithms exposed by the Snowden incident. The goal is to complete 50% of system upgrades by the end of 2027, although full replacement of foreign technology will take longer [9]. - **Impact of Quantum Computing on Web 3.0**: The security of Web 3.0 relies on blockchain technology, which is vulnerable to quantum computing, particularly in public key algorithms that ensure identity and asset security. This vulnerability could lead to identity theft and asset loss [13]. - **Mitigating Quantum Threats to Blockchain**: Addressing quantum threats requires new quantum-resistant algorithms rather than merely increasing algorithm strength. Current quantum computing faces challenges in materials and error correction, which must be overcome for existing algorithms to remain effective [14][15]. Additional Important Insights - **Hardware Updates Required for Quantum Algorithms**: Transitioning to quantum-resistant algorithms necessitates hardware updates, as current systems cannot be simply upgraded through software. Pilot projects are underway to assess impacts and develop new standards [16]. - **Future Hardware Updates for New Standards**: Even after initial hardware updates, further updates may be required if new post-quantum standards emerge, as current algorithms may not guarantee long-term security [17]. - **Agility and Reconfigurability in Cryptographic Systems**: Future cryptographic systems should be designed for agility, allowing quick transitions between algorithms. This includes modular designs that enable component upgrades without complete hardware replacement [19][20]. This summary encapsulates the critical discussions and insights from the conference call, highlighting the evolving landscape of quantum computing and its implications for cryptography and security.

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]