证券代码：688027 证券简称：国盾量子 公告编号：2025-057 科大国盾量子技术股份有限公司 第四届董事会第十八次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 科大国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"）第四届董 事会第十八次会议于 2025 年 10 月 17 日以现场及通讯方式在公司会议室召开。本次 会议由董事长吕品先生主持，本次会议应到董事 9 人，实际到会董事 9 人。本次会议 的召集、召开和表决程序符合《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、行政法规、规范性文件及《科大国盾量子技术股份有限公 司章程》的有关规定。会议决议合法、有效。 2.01 与武汉电信的关联交易 公司董事会一致同意拟与中国电信股份有限公司武汉分公司签订 2 份销售服务合 同，合同一主要销售 1 套量子密钥平台及服务系统，合同金额预计为 188.23 万元； 合同二主要销售 1 套量子密钥生成服务及项目整体安装调试服务，合同金额预计为 47.07 万元 ...

Group 1 - Company Guodun Quantum announced that its 18th board meeting of the fourth session will be held on October 17, 2025, to review documents including the proposal on daily related party transactions [1] Group 2 - Industry sentiment is reflected in Lin Yuan's strong response to market losses, emphasizing that he will continue to invest, particularly in the liquor sector, which he views as a "happy demand," while expressing concerns over technology stocks [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥68,361,136.57, representing a year-on-year increase of 126.52%[4] - The total profit for the period was a loss of ¥2,355,516.21, while the net profit attributable to shareholders was a loss of ¥2,679,550.33[4] - The company experienced a reduction in net losses, with a decrease of ¥18,504,900 in total profit compared to the same period last year, attributed to increased operating revenue[10] - Total operating revenue for the first three quarters of 2025 reached ¥189,731,783.24, a significant increase of 90.3% compared to ¥99,714,812.21 in the same period of 2024[19] - The net loss for the first three quarters of 2025 was ¥26,236,189.72, an improvement from a net loss of ¥56,965,949.89 in the same period of 2024[20] - The company reported a total comprehensive loss attributable to shareholders of ¥26,469,583.78 for the first three quarters of 2025, compared to a loss of ¥55,117,508.36 in 2024[20] Research and Development - Research and development expenses amounted to ¥33,044,165.38, accounting for 48.34% of operating revenue, a decrease of 11.73 percentage points compared to the previous year[5] - The company plans to continue expanding its research and development efforts to enhance its product offerings and market presence[9] - Research and development expenses increased to ¥83,676,662.15 in 2025, compared to ¥53,078,707.48 in 2024, reflecting a growth of 57.5%[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,565,625,189.98, showing a slight decrease of 0.10% from the previous year[5] - The total liabilities as of the latest reporting period amounted to ¥344,403,617.55, an increase from ¥321,793,461.83 in the previous year[19] - The total equity attributable to shareholders decreased to ¥3,213,270,834.96 from ¥3,239,740,418.74, indicating a decline of 0.8%[19] - The company reported a significant increase in contract liabilities to ¥70,275,759.71 from ¥40,524,408.05, representing a growth of approximately 73%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,655[12] - The largest shareholder, China Telecom Quantum Information Technology Group Co., Ltd., holds 22,486,631 shares, representing 21.86% of total shares[12] - The largest shareholder group includes state-owned entities and individuals, with a notable concentration of ownership among the top shareholders[12] Cash Flow - The company's cash and cash equivalents as of September 30, 2025, amount to ¥1,637,962,156.82, down from ¥2,275,094,608.64 at the end of 2024[14] - Cash inflow from operating activities totaled $237,553,701.84, an increase from $147,388,316.56 in the previous period, reflecting a growth of approximately 60.9%[23] - Cash outflow from operating activities amounted to $343,631,284.08, compared to $247,174,364.69 previously, indicating a rise of about 39%[23] - Net cash flow from operating activities was -$106,077,582.24, slightly worse than -$99,786,048.13 in the prior period[23] - Cash inflow from investment activities reached $1,489,370,179.50, significantly higher than $740,426,577.16, marking an increase of approximately 101%[24] - Cash outflow from investment activities was $2,019,127,673.45, compared to $765,406,857.39, representing a rise of about 164%[24] - Net cash flow from investment activities was -$529,757,493.95, worsening from -$24,980,280.23 in the previous period[24] - The company reported a significant increase in cash received from investment recoveries, totaling $1,480,000,000.00, compared to $735,000,000.00 previously, reflecting a growth of approximately 101%[23] - The company experienced a net cash outflow from financing activities of -$1,380,356.59, contrasting with a net inflow of $7,777,908.69 in the prior period[24] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[25]

格隆汇10月17日丨国盾量子(688027.SH)公布2025年第三季度报告，营业收入为6836.11万元，同比增长 126.52%；归属于上市公司股东的净利润是-267.96万元；归属于上市公司股东的扣除非经常性损益的净 利润-1757.16万元。 ...

国元证券股份有限公司 关于科大国盾量子技术股份有限公司 日常关联交易事项的核查意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为科大 国盾量子技术股份有限公司（以下简称"公司"或"国盾量子"）2024 年度向特 定对象发行 A 股股票的保荐机构，根据《上市公司证券发行注册管理办法》《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》《上海证 券交易所科创板上市公司自律监管指引第 1 号---- 规范运作》等有关法律法规和 规范性文件的要求,对国盾量子拟发生的目常关联交易事项进行了专项核查,具 体核查情况如下: 一、关联交易概述 根据公司第四届董事会第十八次会议审议通过,公司（含子公司）拟与中国 电信股份有限公司武汉分公司〈以下简称"武汉电信"）签订２份销售服务合同, 合同一主要销售一套量子密钥平台及服务系统，合同金额预计为 188.23 万元； 合同二主要销售一套量子密钥生成服务及项目整体安装调试服务,合同金额预计 为 47.07 万元。公司 (含子公司) 拟与客户 B 签订 1 份销售商品合同,向其销售 一套稀释制冷机及低温器件，合同金额预计为 410.00 万元。 包含 ...

Company Overview - GuoDun Quantum Technology Co., Ltd. is located in Hefei, Anhui Province, and was established on May 27, 2009. The company went public on July 9, 2020. Its main business involves the research, development, production, sales, and technical services of quantum communication products [1][2] - The company provides software and hardware products for various optical fiber quantum secure communication networks and ground stations for wide-area quantum secure communication, serving sectors such as government, finance, electricity, and national defense [1] Financial Performance - As of June 30, 2025, GuoDun Quantum reported a revenue of 121 million yuan, representing a year-on-year growth of 74.54%. However, the net profit attributable to shareholders was -23.79 million yuan, an increase of 32.69% compared to the previous period [2] - The company's revenue composition includes: 35.68% from related technical services, 34.31% from quantum communication products, 13.03% from quantum precision measurement products, 12.42% from quantum computing products, and 4.56% from other sources [1] Stock Performance - On October 16, GuoDun Quantum's stock price decreased by 2.04%, trading at 406.43 yuan per share, with a total market capitalization of 41.806 billion yuan. The stock has increased by 36.22% year-to-date, with a 1.92% rise over the last five trading days, 46.03% over the last 20 days, and 49.97% over the last 60 days [1] - The stock's trading volume included a net outflow of 17.85 million yuan from main funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders for GuoDun Quantum was 19,300, a decrease of 12.23% from the previous period. The average number of circulating shares per person increased by 13.93% to 4,165 shares [2] - The company has distributed a total of 9.6 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Insights - The quantum technology sector has seen a collective rise, with notable stocks like HeXin Instruments increasing by 11.18% and several others rising over 4% in October [1] - Positive news for the quantum technology sector includes significant financing rounds and the establishment of a quantum ecosystem alliance [2] - The industrialization prospects for quantum technology are promising, with China projected to hold a 32% market share by 2025, making it the second-largest market globally [3] Group 1: Market Performance - The quantum technology sector has experienced substantial stock price increases, with six stocks rising over 10% in October [1] - Financing activities have surged, with a total net purchase of 1.97 billion yuan in quantum technology concept stocks in October [4] Group 2: Financing and Investment - Beijing Boson Quantum Technology Co., Ltd. completed a financing round of several hundred million yuan, indicating strong investor interest in quantum startups [2] - Major stocks like ZTE Communications and GuoDun Quantum have seen significant net purchases, with ZTE alone attracting 2.136 billion yuan [4] Group 3: Industry Outlook - The global quantum technology market is expected to exceed $6.1 billion by 2025, with China's market projected to reach 11.56 billion yuan, reflecting a compound annual growth rate of over 30% [3] - The government is actively supporting the quantum technology sector as part of its strategic initiatives, emphasizing its importance in future industries [3]

Summary of Key Points from Conference Call Industry Focus - **AI Technology Sector**: The call discusses various aspects of the AI technology sector, including overseas and domestic computing power, edge AI, and application endpoints [1][4][5]. Core Insights and Arguments 1. **Investment Opportunities in AI Technology**: - Four key areas to focus on: overseas computing power (e.g., Xuchuang, New Yisheng), domestic computing power (e.g., SMIC, Huahong), edge AI (e.g., Luxshare Precision, Lens Technology), and application endpoints [1][4]. - Overseas computing power is currently undervalued, while domestic computing power has high long-term certainty due to China's need to catch up with the U.S. in AI capabilities [1][4]. - Edge AI companies are expected to benefit from major tech firms launching new AI smartphones, although their Q3 performance may not fully reflect this potential [1][4]. 2. **Market Adjustment and Timing**: - The technology sector has been adjusting since September 3, with historical adjustments lasting between 40 to 60 trading days. The current adjustment is nearing its end, with many leading stocks approaching a 20-30% decline [2][3]. 3. **Storage Industry Performance**: - The storage industry is experiencing strong price trends, with significant price increases for DDR4 and SSD products. The outlook for Q3 and Q4 remains optimistic due to AI-driven demand [3][19]. 4. **Gaming Sector Insights**: - The gaming sector performed well during the National Day holiday, with revenues exceeding summer levels by 50%. Q3 is noted as the strongest quarter since 2019, with several companies showing triple-digit profit growth [3][15]. 5. **Quantum Computing**: - Quantum computing holds significant importance in global academia and research, with key players like Guandun Quantum and Hexunqi being highlighted for their potential [1][5]. 6. **Domestic Software Development**: - The domestic software sector is still at a low level but has substantial growth potential. Key areas include Xinchuang, Hongmeng, industrial software, and EDA [1][6]. 7. **Impact of U.S.-China Relations**: - The technology sector's volatility is influenced by U.S.-China tensions, but the AI computing direction remains strong. The supply chain for optical modules is stable, and demand is robust [3][7]. 8. **Future Market Recovery**: - A market recovery is expected by Q4 2026, with overseas computing power companies like Xuchuang and New Yisheng showing strong performance despite current market concerns [10][12]. Other Important Insights - **AI's Influence on Gaming**: AI technology is expected to significantly impact the gaming industry, with potential for cost reduction and efficiency improvements leading to blockbuster AI game products by 2026 [18]. - **Investment Recommendations**: Companies such as Giant Network, Kaiyin Network, and ST Huayun are recommended for their strong performance and growth potential [15][17]. - **Price Trends in Storage**: Recent price increases in the storage industry are driven by supply control and demand from AI applications, indicating a long-term positive outlook [19]. This summary encapsulates the key points discussed in the conference call, providing insights into the AI technology sector, market trends, and specific company performances.

Group 1 - Quantum computing is in an early breakthrough stage, with quantum error correction being a key focus. Various technological routes such as superconducting, ion trap, neutral atom, photonic, and silicon semiconductor are showing a diversified and open development trend. Significant progress is expected in the next 5 to 10 years, with the US and China leading globally in this field [1][2] Group 2 - China is in an absolute leading position in the QKD quantum security field. The country has established a relatively complete quantum secure communication industry chain centered on QKD technology, with Chinese institutions accounting for approximately 93% of the top 10 patent applicants in the global quantum communication field [2] Group 3 - The quantum measurement industry is entering a diversified development cycle. Quantum precision measurement leverages the sensitivity of quantum states to enhance the accuracy of measuring various physical quantities, with a clear industrialization prospect despite varying maturity levels of quantum sensors for different physical quantities [2]

Market Overview - The Shanghai Composite Index rose by 1.22% on October 15, with 29 out of the 31 sectors in the Shenwan classification experiencing gains. The top-performing sectors were electric power equipment and automobiles, with increases of 2.72% and 2.37% respectively. The telecommunications sector also saw a rise of 1.42% [1] - The main funds in the two markets experienced a net outflow of 853 million yuan, while 16 sectors saw net inflows. The pharmaceutical and biological sector led with a net inflow of 3.845 billion yuan and a daily increase of 2.08%, followed by the electric power equipment sector with a net inflow of 1.704 billion yuan [1] Telecommunications Sector - The telecommunications sector increased by 1.42% today, but experienced a net outflow of 2.137 billion yuan. Out of 125 stocks in this sector, 103 rose while 18 fell. There were 54 stocks with net inflows, with the highest being Guanghetong, which saw a net inflow of 84.1974 million yuan [2] - The top three stocks with the highest net inflows in the telecommunications sector were Guanghetong (3.77% increase), Jianqiao Technology (2.03% increase), and Guandun Quantum (4.51% increase) [2] - The stocks with the highest net outflows included ZTE Corporation (-0.40% change), New Yisheng (-1.92% change), and Hengbao Co., Ltd. (-2.46% change), with net outflows of 666.95 million yuan, 464.37 million yuan, and 187.19 million yuan respectively [3]