Core Viewpoint - The company has completed the first vesting period of its 2024 restricted stock incentive plan, with a total of 75,200 shares being vested to 28 eligible participants [2][14][17]. Group 1: Stock Incentive Plan Details - The number of shares vested in this period is 75,200 shares [2][14]. - The shares are sourced from the company's repurchase of A-share common stock from the secondary market [13][15]. - The total number of participants receiving shares in this vesting period is 28 [14]. Group 2: Approval and Disclosure Process - The decision-making process for the incentive plan was approved during the board meeting on May 29, 2024, and the plan was disclosed to shareholders [3][4]. - The company held a temporary shareholders' meeting on June 18, 2024, where the incentive plan was approved [5]. - The company adjusted the number of shares and participants in the incentive plan during subsequent board meetings [6][8]. Group 3: Stock Price Adjustments - The initial grant price for the restricted stock was set at 15.61 yuan per share, which was later adjusted to 15.41 yuan per share due to the completion of the company's annual equity distribution [7][9]. - Further adjustments to the grant price were made, bringing it down to 15.30 yuan per share [9][10]. Group 4: Financial Verification - The company received a verification report from an accounting firm confirming the funding status of the 28 participants, totaling 1,150,560 yuan [16].

三未信安科技股份有限公司 关于 2024 年限制性股票激励计划预留授予部分 第一个归属期归属结果的公告 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： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司有关业务规则的规定，三未信安科技股份有限公司（以下简称"公司"） 于近日收到中国证券登记结算有限责任公司出具的《过户登记确认书》，公司已 完成 2024 年限制性股票激励计划预留授予部分第一个归属期股份归属登记工作。 现将相关情况公告如下： 一、本次限制性股票激励计划已履行的决策程序和信息披露情况 证券代码：688489 证券简称：三未信安 公告编号：2025-078 （一）2024 年 5 月 29 日，公司召开第二届董事会第五次会议，审议通过了 《关于<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董 事会办理股权激励相关事宜的议案》等议案。同日，公司召开第二届监事会第五 次会议，审议通 ...

Group 1 - The company Sanwei Xinan (SH 688489) announced that approximately 62.77 million restricted shares will be unlocked and listed for trading on December 2, 2025, accounting for 54.47% of the total share capital [1] - For the first half of 2025, the revenue composition of Sanwei Xinan is as follows: 68.82% from product and solution providers, 30.54% from end customers, and 0.65% from other businesses [1] - As of the report date, the market capitalization of Sanwei Xinan is 4.9 billion yuan [1] Group 2 - Dapeng Industrial's strategic placement has resulted in significant gains for insiders, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, leading to a paper profit of 24.92 million yuan for the actual controller and his brother [1]

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]