这是该团队一年内的第三次重大突破，并刷新了团队此前保持的全球纪录。此前，他们已于2025年3月 破译SVP-200维、同年11月攻克国际后量子密码标准Kyber-208实例。"团队扮演的角色是'最强测试 者'，通过不断攻击未来的新密码算法，来暴露其潜在弱点。"丁津泰教授解释，这项成果好比在全球密 码学家共同建造的"数学迷宫"里，找到了一条更短的关键路径，将为全球制定下一代抗量子密码标准提 供至关重要的"压力测试"数据，确保未来的金融级安全防线足够坚固可靠。 本报讯(杨频萍崔昊陶韵吉)未来的量子计算机，可能在瞬间破解如今保护银行转账、网络通信的所有密 码，如何应对？在这条关乎数字世界根基的"终极防线"上，中国高校科研团队取得了关键进展。1月10 日，江苏省金融学会主办的国际抗量子密码重大成果发布会在南京召开，会上宣布，西交利物浦大学后 量子迁移交叉实验室(PQC-X)丁津泰教授团队，于2026年第一天成功攻克了SVP-210维格最短向量难 题。 这项前沿研究已快步走向实际验证。建设银行、中信银行和江苏银行（600919）作为首批"试水者"，在 会上展示了相关应用验证成果。来自中国科学院、中国电子科技集团的专家组 ...

江苏省金融学会会长周诚君表示，该项目作为中国面向银行关键基础设施抗量子迁移的国家级重点研发 计划，已在核心理论、技术攻关、标准规范、开放合作层面取得重大成果。 周诚君表示，量子科技与金融安全的深度融合，是涉及技术迭代、标准重构、产业升级、生态程序的系 统性工程。下一步将加速成果转化，筑牢金融"新基建"安全底座，推动核心算法、设备标准化产品化进 程；深化协同创新，构建"产学研用金"融合新生态；拓展战略布局，服务国家金融安全全局。 中新网南京1月10日电 (记者朱晓颖)10日，江苏省金融学会、西交利物浦大学在南京召开新闻发布会， 其间公布，西交利物浦大学后量子迁移交叉实验室(PQC-X)丁津泰教授团队于2026年1月1日攻克SVP- 210维格最短向量难题，其在抗(后)量子密码领域取得新突破，为科学、审慎布局全球抗量子密码迁移 提供了重要理论支撑。 抗(后)量子密码学(PQC)是一类全新的密码算法体系，其设计目标是同时抵御传统超级计算机和未来大 规模量子计算机的攻击；它不依赖量子物理原理，而是基于量子计算机也难以解决的复杂数学难题。 西交利物浦大学副校长丁忆民表示，两年来，该校实验室以问题导向，在抗量子密码算法、 ...

一、 业绩说明会召开情况 公司于2025年12月9日披露了《格尔软件股份有限公司关于召开2025年第三季度业绩说明会的公告》 （公告编号：2025-088）。2025年12月16日，公司董事长孔令钢先生、董事兼总经理叶枫先生、董事会 秘书蔡冠华先生、财务总监邹瑛女士、独立董事俞纪明先生出席了本次说明会，与投资者进行互动交流 和沟通，就投资者关注的问题进行了回复。 证券代码：603232 证券简称：格尔软件 公告编号：2025-090 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。 格尔软件股份有限公司（以下简称"公司"）于2025年12月16日下午15：00-16:00在上海证券交易所上证 路演中心（http://roadshow.sseinfo.com/）通过网络互动召开了2025年第三季度业绩说明会，现将召开情 况公告如下： 二、 投资者提出的主要问题及公司回复情况 公司对投资者在本次说明会上提出的普遍关注的问题给予了回复。现将本次业绩说明会中投资者提出的 主要问题及回复整理如下： 1. 格尔软件的股价一直下跌，大概会跌到 ...

Core Viewpoint - The company has successfully tested a new quantum-resistant financial POS chip, CUni360SQ-ZX, in collaboration with Zhongyun Xinan Technology Co., Ltd. Group 1: Product Development - The CUni360SQ-ZX chip is developed using a domestic 40nm process and features a self-designed low-power CPU core [2] - The chip's typical operating power consumption is as low as 150mW, with static low power consumption around 0.16mW [2] - It integrates various cryptographic engines, including quantum-resistant algorithms, public key algorithms, symmetric key algorithms, and hashing algorithms [2] Group 2: Security Features - The chip supports NIST quantum-resistant algorithms such as ML-KEM for key encapsulation and ML-DSA for signatures [2] - It includes a true random number generator and multiple security detection features, including voltage, temperature, frequency, power glitch, light detection, and metal shielding [2] - The PCI module within the chip supports eight tamper-proof interfaces, configurable for dynamic or static detection modes [2] Group 3: Applications and Market Potential - The CUni360SQ-ZX chip is designed for low power consumption, high security, and high expandability, making it suitable for financial POS and IoT terminal security applications [2]

Core Viewpoint - The company has successfully tested a new quantum-resistant financial POS chip, CUni360SQ-ZX, in collaboration with Zhongyun Xinan Technology Co., Ltd. [1] Group 1: Product Development - The CUni360SQ-ZX chip is developed using a domestic 40nm process and features a low-power design with a typical operating power consumption of 150mW and static low power consumption of 0.16mW [2] - The chip integrates various cryptographic engines, including quantum-resistant algorithms, public key algorithms, symmetric key algorithms, and hashing algorithms [2] - The quantum-resistant algorithm engine supports NIST standards, including the ML-KEM algorithm for key encapsulation and the ML-DSA algorithm for signatures [2] Group 2: Security Features - The chip includes a true random number generator and multiple security protection designs such as voltage detection, temperature detection, frequency detection, power glitch detection, light detection, and a metal protective net [2] - It supports various interfaces, including a crystal-less USB interface, SSI/SPI, UART, ISO7816, and I2C [2] - The integrated PCI module supports eight anti-tamper interfaces, configurable for dynamic or static detection modes [2] Group 3: Application and Market Potential - The CUni360SQ-ZX chip is characterized by low power consumption, high security, and high expandability, making it suitable for applications in financial POS systems and IoT terminal security [2]

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]

Core Insights - The company reported a total revenue of 235 million yuan for the first three quarters of 2025, with a significant third-quarter revenue of 120 million yuan, reflecting a quarter-on-quarter growth of 71.01% [1] - The company has been a pioneer in the field of post-quantum cryptography (PQC) since 2021, integrating cutting-edge technologies such as quantum random number generation and quantum key distribution into its product offerings [1] - The company's KOAL-NSAG security certification gateway is the first product in China to pass the anti-quantum cryptography verification test conducted by the China Academy of Information and Communications Technology [1] Product Development - The company’s entire line of cryptographic products has begun to demonstrate anti-quantum capabilities, with several commercial cryptographic products successfully passing authoritative third-party anti-quantum verification tests [1] - The company has completed pilot launches of anti-quantum cryptography products in the financial sector during the first half of the year [1] Strategic Initiatives - The company has implemented anti-quantum cryptography technology on its official website, showcasing its technological maturity and providing a reference path for the industry in transitioning to PQC [2] - The company is actively expanding its overseas business, responding to the national "Digital Silk Road" initiative, and has successfully applied anti-quantum cryptography products in international markets [2] - The company aims to establish win-win partnerships with stakeholders in countries along the Digital Silk Road, contributing to the construction of digital infrastructure security and laying a practical foundation for China's participation in international information security rule-making [2]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.11 [1][5]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at RMB 1.548 billion, down 33.46% year-on-year, and a net loss of RMB 216 million, which is an increase in loss by 271% compared to the previous year [1]. - Despite short-term pressures on revenue and profit, the company is focusing on high-margin businesses, leading to a notable improvement in gross margins [2]. - The company has made breakthroughs in the "AI + Security" sector, developing a comprehensive product matrix that addresses various security needs, which is expected to contribute to high-quality business growth [3]. - Collaboration with China Mobile in the quantum-resistant encryption space is anticipated to open new growth opportunities for the company [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of RMB 415 million, a decrease of 44.82% year-on-year, with a net loss of RMB 122 million, marking a 339.96% increase in loss year-on-year [1]. - The operating cash flow for the first three quarters of 2025 was negative RMB 147 million, an improvement from negative RMB 590 million in the same period last year [1]. Business Strategy - The company is actively optimizing its business structure by focusing on high-margin projects, resulting in a gross margin of 61.78% for the first three quarters of 2025, up 7.0 percentage points year-on-year [2]. - The company has introduced a product matrix in the "AI + Security" domain, which includes advanced capabilities for threat detection and data security, significantly enhancing operational efficiency [3]. Future Outlook - Revenue forecasts for 2025, 2026, and 2027 have been adjusted downwards by 32.17%, 30.52%, and 28.85% respectively, due to anticipated budget constraints from downstream clients [5]. - The target price of RMB 19.11 reflects a valuation of 8.0 times the projected sales for 2026, considering the company's strategic partnerships and advancements in AI security [5].

Summary of Quantum Computing and Post-Quantum Cryptography Conference Call Industry Overview - The conference call discusses the implications of quantum computing on traditional cryptographic systems, emphasizing the need for a transition to post-quantum cryptography to ensure data security. [2][11] Key Points and Arguments 1. **Threat of Quantum Computing**: Quantum computing poses a significant threat to traditional cryptographic systems, necessitating a migration to post-quantum algorithms at least five years ahead of quantum computer commercialization to prevent data breaches. [2][3] 2. **U.S. Plans for Cryptography**: The U.S. plans to ban traditional asymmetric encryption algorithms by 2030 and fully eliminate quantum-vulnerable algorithms by 2035, with key milestones set for 2028. [4][9] 3. **Post-Quantum Algorithm Selection**: The U.S. National Institute of Standards and Technology (NIST) will select three post-quantum algorithms in 2024, which will become FIPS standards (203, 204, 205). [4][5] 4. **China's Initiatives**: China is also advancing its post-quantum cryptography efforts, with a global call for algorithms initiated in 2025, aiming for completion and standardization by 2027. [6][17] 5. **Performance Comparison**: Current post-quantum algorithms show a performance gap of approximately 10 times compared to SM2, but can be twice as fast as RSA2048, indicating commercial potential. [2][7] 6. **Agile Migration Plans**: The migration to post-quantum algorithms requires agile migration plans that consider existing user tokens and systems, as complete replacement of traditional algorithms is not feasible. [8][9] 7. **Industry Adoption**: Financial and energy sectors are leading the migration efforts, with several banks already conducting assessments and planning for post-quantum transitions. [7][15] 8. **Hardware vs. Software Migration**: Current hardware upgrades are premature due to the lack of established standards for post-quantum algorithms, making software migration a priority. [12][13] 9. **User Preparedness**: Users have begun developing agile migration plans to ensure readiness for the upcoming standards, with expectations for rapid adaptation once standards are finalized. [14][18] Additional Important Content - **Urgency in Adoption**: There is a heightened urgency among industries, particularly in finance and telecommunications, to replace traditional cryptographic methods due to the imminent threats posed by quantum computing. [15][16] - **Standardization Timeline**: The domestic standardization process for post-quantum algorithms is expected to be more efficient than previous efforts, with a projected completion within three years. [17]

Summary of Quantum Computing Industry Conference Call Industry Overview - The quantum computing industry is gaining momentum with significant investments and advancements, indicating a strong future potential despite current commercialization challenges [1][2][3] - Major players include GuoDun in photonic quantum and quantum communication, IBM with a target of 200 logical qubits by 2029, and BenYuan launching a 500-qubit measurement and control system [1][3][7] Key Insights and Arguments - The quantum industry is underestimated globally, ranking high in technology strategies across the US, Japan, EU, and the UK, second only to AI [2] - Short-term commercialization (3-5 years) is challenging, but long-term (5-10 years) potential is significant, with quantum computing expected to complement current computing methods [2] - GuoDun and BenYuan are leading in system solutions and core component development, while companies like Xi'an Century are emerging in the post-quantum cryptography sector [4][5] Investment Focus Areas - Key investment segments include: - System solution providers like GuoDun - Upstream core component developers such as PuYuan Precision Electronics - The growing field of post-quantum cryptography, particularly companies like Xi'an Century [4][5][16] Quantum Security Technology Developments - The US has launched post-quantum cryptography (PQC) technology, aiming to replace existing systems within five years, while China is optimistic about its standards [5] - Companies like Xi'an Century are positioned to benefit significantly in the financial sector due to their strong industry presence [5][8] Computing Power Demand Trends - The demand for computing power is transitioning towards quantum computing, with domestic capabilities showing strong performance [6] - Long-term projections indicate that increased investments from companies like NVIDIA will create a robust sector effect [6] Industry Development Projects - GuoDun and BenYuan are developing systems to support 500 logical qubits, with telecommunications investments accelerating application in communication networks [7] - IBM's goal of achieving 200 logical qubits by 2029 is a significant milestone for solving complex problems [7] Beneficiaries in Financial and Military Sectors - Companies such as Xi'an Century, 3D Xingan, and Geer are expected to thrive in financial and military applications, which are critical use cases for quantum technology [8] Commercialization and Market Potential - Quantum computing is rapidly advancing, with expectations to reach 200 logical qubits by 2029, impacting fields like molecular simulation [9] - Notable revenue growth in companies like iQOO and Deveo indicates faster-than-expected commercialization [9] - The domestic market is conservative but poised for significant advancements in the next 1-2 years, with substantial investments in quantum computing infrastructure [9] Quantum Security and Related Technologies - Quantum security encompasses quantum communication and encryption, with increasing threats to existing cryptographic systems [10] - Companies like GuoDun are collaborating with telecommunications to enhance quantum network applications [10] Relationship Between QKD and PQC - QKD (Quantum Key Distribution) and PQC are complementary technologies, enhancing overall information security [11][12] Progress in Quantum Technology Across Sectors - Companies like Xi'an Century are leading in the financial sector, with stable fundamentals and profit releases [13] - The development of quantum technology is expected to significantly impact military and enterprise sectors [13] Commercialization of Quantum Measurement Technology - Quantum measurement technology is advancing rapidly, with companies like GuoDun and unlisted GuoYi leading the way [14] Importance of Quantum Development in China and the US - Both countries prioritize AI, nuclear power, and quantum technology, with the US making significant early investments [15] Notable Investment Targets - Key companies to watch include GuoDun, PuYuan Precision Electronics, and Xi'an Century, which are expected to benefit from ongoing industry developments and potential sector effects [16]