Zheng Quan Ri Bao·2025-08-28 22:55Core Viewpoint - The report outlines the ongoing supervision of Sanwei Xinan Technology Co., Ltd. by Guotai Haitong Securities Co., Ltd. as the sponsor, highlighting the company's financial performance, risks, and competitive advantages in the commercial password industry [1][2]. Continuous Supervision Work - Guotai Haitong Securities is responsible for the continuous supervision of Sanwei Xinan post-listing, with no significant issues reported [2]. Major Risk Factors - Technological Upgrade Risk: The company faces risks related to the rapid evolution of cryptographic technologies, including quantum computing, which could impact its competitive edge if it fails to keep pace with industry developments [3]. - Core Technology Leakage Risk: Despite confidentiality agreements with key personnel, there remains a risk of core technology leakage due to potential mismanagement or collaboration with suppliers and clients [4]. - Intensified Market Competition Risk: The commercial password industry in China has over 1,200 companies, leading to increased competition as the market grows due to government support [5]. - Market Space Squeeze Risk: Some downstream partners may expand into the upstream password board card market, potentially reducing the company's market share [6]. - Seasonal Business Fluctuation Risk: The company's revenue and profit are unevenly distributed throughout the year, with a significant portion occurring in the second half, particularly in Q4 [7]. Major Financial Indicators - In the first half of 2025, the company's revenue was CNY 195 million, a year-on-year increase of 15.19%, attributed to the consolidation of Jiangnan Tianan and growth in the energy and transportation sectors [9]. - The total profit and net profit attributable to shareholders saw significant declines, with decreases of 555.34% and 314.35% respectively, primarily due to increased R&D investments and project delays [10]. - R&D expenses accounted for 40.34% of revenue, up from 31.27% the previous year, reflecting the company's commitment to innovation [11]. Core Competitiveness - Leading Technology and Personnel Advantage: The company has developed several industry-leading products and holds numerous patents, with a strong R&D team comprising 43.15% of its workforce [12]. - Comprehensive Product System: The company has established a complete product system for commercial password technology, including self-developed chips and various product lines [13]. - Quality Customer Base: The company has built a strong reputation across multiple sectors, including government and finance, ensuring robust market presence [14]. - First-Mover Advantage in New Fields: The company is a pioneer in applying password technology in emerging fields like cloud computing and blockchain, actively participating in standard-setting [15][16]. R&D Expenditure and Progress - R&D expenses increased by 48.61% year-on-year, driven by talent acquisition and the acquisition of Jiangnan Tianan [18]. - The company applied for 60 intellectual property rights in the first half of 2025, including 16 invention patents, demonstrating its ongoing commitment to innovation [18]. Use of Raised Funds - As of June 30, 2025, the company has complied with regulations regarding the use of raised funds, with no violations reported [19][20].