三未信安 20260130 摘要 三未信安 2025 年营收未达预期，净利润下降主因研发和销售费用大幅 增加，源于人工智能、物联网、量子计算和区块链等领域的前瞻性投入 及市场拓展，包括海外市场，导致成本上升。 公司对 2026 年持乐观态度，受益于政府领域推迟项目重启、后量子技 术和物联网示范项目用户积累，以及香港市场进展，预计业绩将有积极 影响。 商用密码行业随密评和信创推进发展，虽受资金影响项目曾滞缓，但未 来几年预计改善。公司积极布局能源、交通、运营商、互联网及工业物 联网，拓展 Web 3 东南亚业务。 密评密改推进缓慢，预计 2026-2027 年为关键期，各行业需完成信创 任务。中国已启动后量子算法征集和试点，金融、电力、运营商等已开 展示范项目，公司参与其中。 海外市场，公司重点推广密码机（HSM）和云密码服务，已在香港和新 加坡设子公司，通过集成商销往非洲和东南亚。计划为中国制造企业提 供语音密码服务。 Q&A 在海外市场，公司重点推广密码机（HSM）和云密码服务。目前已在香港和新 加坡设立子公司，通过国内集成商将产品销售至非洲及东南亚国家，如孟加拉 等。公司的策略是先巩固香港市场，再逐步扩展 ...

什么是NOR Flash？ NOR Flash的发展始于上世纪80年代，1988年相关技术率先由东芝的富士雄研发，后经Intel推动产业化，彻底打破了此前EPROM（Erasable Programmable Read-Only-Memory，电可编程序只读存储器）和EEPROM（Electrically Erasable Programmable Read - Only Memory，电可擦只读存储器）一统只读存储器 市场的格局。紧随其后的1989年，东芝推出NAND Flash，二者形成鲜明互补：NOR侧重代码存储，而NAND Flash以高存储密度、低成本为优势，主导大 容量数据存储。 NOR Flash的特点是采用并行寻址结构，芯片内执行（XIP，eXecute In Place），这样应用程序可以直接在闪存内运行，无需加载至系统RAM，且具备长 数据保留时间、耐热、低功耗、擦写寿命长（约10万次）等特性。尽管其存储密度低、单位容量成本高，写入与擦除速度较慢，但在小容量、高可靠性、 快速响应的场景中具有不可替代性，早期主要应用于功能机等设备的固件存储，如今已逐步拓展至更广泛的专业领域。 闪存包括NOR ...

Group 1 - The core viewpoint of the article highlights the accelerated expansion of the Haier Group's capital layout, with its subsidiary Kaos officially submitting an IPO application to the Hong Kong Stock Exchange after initiating A-share listing guidance for Haier New Energy [1][2] - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, leveraging advanced technologies such as AI, IoT, and big data to drive high-quality development in manufacturing [2][3] - The financial performance of Kaos shows a steady improvement, with projected revenues of approximately 4.994 billion yuan in 2023 and 5.069 billion yuan in 2024, alongside a turnaround to profitability in 2024 with a net profit of approximately 651.36 million yuan [3][4] Group 2 - Over half of Kaos's revenue is dependent on Haier Group, which has consistently been its largest customer, contributing 57.7% of revenue in the first three quarters of 2025 [4][5] - The Haier Group holds approximately 78.04% of the voting rights in Kaos, and the sales to its top five customers accounted for about 69.7% of Kaos's revenue in 2025 [4][5] - The Haier Group's capital layout now spans across A and H shares, with a total of eight listed platforms, and if both Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group could increase to ten [1][8]

"海尔系"资本版图正加速扩容。继旗下新能源企业海尔新能源启动A股上市辅导后，1月30日，卡奥斯物联科技股份有限公司（以下简称"卡奥斯"）也正式递 交上市申请材料，欲冲击港交所上市。本次赴港IPO背后，卡奥斯业绩稳步提升，2024年净利实现扭亏为盈。不过，卡奥斯亮眼业绩背后，离不开海尔集团 的支持。报告期内，海尔集团始终系公司第一大客户，于2025年前三季度为公司贡献57.7%营收。北京商报记者还注意到，在本次递表港交所前，卡奥斯还 曾进行过科创板上市辅导。对于海尔集团而言，无论是卡奥斯还是海尔新能源，均系其资本版图扩张路上的关键"落子"。截至目前，海尔系已经构建起横跨 A、H两地，囊括8家上市平台的资本版图；若上述两家公司均能顺利完成IPO进程，集团旗下上市公司数量有望增至10家。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | (人民幣千元) | % (人民幣千元 ...

Core Viewpoint - The "Haier system" is rapidly expanding its capital footprint, with Kaos IoT Technology Co., Ltd. submitting its application for an IPO on the Hong Kong Stock Exchange, following Haier New Energy's A-share listing guidance [1][11] Group 1: Company Performance - Kaos reported steady revenue growth, achieving approximately CNY 4.994 billion in 2023 and CNY 5.069 billion in 2024, with a net profit turnaround from a loss of CNY 82.72 million in 2023 to a profit of CNY 65.14 million in 2024 [3][13] - For the first three quarters of 2025, Kaos generated approximately CNY 4.421 billion in revenue, up from CNY 3.635 billion in the same period the previous year, with a profit of approximately CNY 176 million, significantly higher than the CNY 35.71 million from the previous year [3][13] Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing over 57.7% of the company's revenue in the first three quarters of 2025, with sales to Haier amounting to CNY 2.549 billion [4][14] - The proportion of sales to the top five customers was approximately 69.7% in 2025, with Haier's contribution being CNY 3.607 billion in 2023, CNY 3.421 billion in 2024, and CNY 2.549 billion in 2025 [4][14] Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on platform revenue for 2024 [2][12] - The decision to pursue a listing on the Hong Kong Stock Exchange follows challenges faced in attempting to list on the STAR Market, where regulatory scrutiny and lengthy approval processes were significant factors [2][12] Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed entities, with the potential to increase to ten if both Kaos and Haier New Energy successfully complete their IPOs [1][11][18] - The total market capitalization of Haier's listed companies exceeds CNY 330 billion, with Haier Smart Home leading at CNY 235.472 billion [17][18]

Core Viewpoint - The Haier Group is expanding its capital footprint with the recent IPO applications of its subsidiaries, Kaos and Haier New Energy, aiming to increase the number of listed companies under its umbrella to ten if both IPOs are successful [1][12]. Group 1: Company Performance - Kaos has shown steady performance improvement, with revenues of approximately RMB 4.994 billion in 2023 and RMB 5.069 billion in 2024, and a projected net profit turnaround from a loss of RMB 82.72 million in 2023 to a profit of RMB 65.14 million in 2024 [4]. - For the first three quarters of 2025, Kaos reported revenues of about RMB 4.421 billion, up from RMB 3.635 billion in the same period the previous year, with a corresponding profit of approximately RMB 176 million, significantly higher than the RMB 35.71 million from the previous year [4]. Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing 57.7% of its revenue in the first three quarters of 2025, with sales to Haier amounting to RMB 25.49 billion [6]. - The sales to the top five customers accounted for approximately 69.7% of Kaos's revenue in the same period, indicating a high dependency on a limited customer base [6]. Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on projected revenue for 2024 [3]. - The decision to pursue a listing on the Hong Kong Stock Exchange instead of the Sci-Tech Innovation Board is seen as a strategic move to avoid stringent regulatory pressures associated with the latter [3][4]. Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed companies with a total market value exceeding RMB 330 billion [9]. - If Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group will increase to ten, further solidifying its market presence [12].

Core Viewpoint - Kaos IoT Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage advanced technologies like AI, IoT, and big data to drive high-quality development in the manufacturing sector [1] Company Overview - Kaos is recognized as a leading provider of industrial digitalization products and solutions in China [1] - The company was established in April 2017 as a limited liability company under the name Haier Industrial Holdings Co., Ltd., and is a member of the Haier Group [1] Technology and Solutions - The company has developed the COSMOPlat industrial internet platform, which integrates industrial intelligent software, operating systems, and edge computing [1] - Kaos offers end-to-end data intelligence and IoT products and solutions to assist enterprises in achieving digital transformation [1]

Group 1 - The core viewpoint of the article is that Kaos IoT Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage advanced technologies like AI, IoT, and big data to drive high-quality development in the manufacturing sector [1] - Kaos is recognized as a leading provider of industrial digitalization products and solutions in China, focusing on the deep integration of advanced technologies with industry [1] - The company has developed the COSMOPlat industrial internet platform, which integrates industrial intelligent software, operating systems, and edge computing to provide data intelligence and IoT products and solutions for enterprises [1] Group 2 - The company was established in April 2017 as a limited liability company under the name Haier Industrial Holdings Co., Ltd., and is a member of the Haier Group [1]

北京商报讯(记者王蔓蕾)又一家海尔旗下企业递表港交所！1月30日，港交所官网显示，卡奥斯物联科 技股份有限公司(以下简称"卡奥斯")递表港交所，向港股发起冲击。 截至最后实际可行日期，海尔集团公司有权行使卡奥斯约78.04%的投票权。 业绩表现方面，2025年前三季度，公司持续经营业务收益44.21亿元；来自持续经营业务的期间内溢利 1.29亿元。 据了解，卡奥斯是工业数智化产品与解决方案服务商，致力于通过人工智能、物联网、大数据等先进技 术与工业的深度融合，推动制造业高质量发展。公司自主研发了COSMOPlat工业互联网平台，搭建了 工业智能软件与智能体应用、工业操作系统与工业大脑、物联系统与边缘计算深度融合的技术架构，向 企业提供端云一体的数据智能和物联网产品及解决方案，助力企业实现数智化转型。根据弗若斯特沙利 文的资料，以2024年收入计，公司在中国基于平台的工业数据智能解决方案市场排名第一。 ...

市场温度计：指针在往哪偏？ 如果只看价格，会觉得这个世界疯了，黄金冲破5100美元，白银一个月涨55%，这些数字本身已经超出很多专业机构年初的预测范围，但数字只是表象，真 正有意思的是数字背后的人。 以前买黄金的多是"大妈"群体，她们相信真金白银，看不懂K线图，但信得过手里的分量，现在不同了，年轻人开始涌入这个市场，他们用炒股的APP买黄 金ETF，在社交平台分享操作心得，把"做多白银"当成一种时尚。 这种参与者结构的变化，远比价格上涨本身更值得关注，当一种资产从"保值工具"变成"社交谈资"和"身份标识"，它的波动逻辑就完全改变了。 举个例子，25岁的程序员，以前只买比特币，最近把三分之一仓位换成了白银ETF，问他为什么，他说："比特币波动太大，睡不着觉，白银至少是实物， 看得见摸得着。"你看，连最前卫的加密货币玩家都开始回归"摸得着"的资产，这种心态转变很有代表性。 这篇文章分析黄金白银疯狂：菜市场的大妈、写字楼的白领、退休的教师，茶余饭后都在聊"你今天买金了没"，银行柜台前开始排起长队，不是取钱，是买 实物黄金，金店里的销售员说，现在100克的金条得像抢演唱会门票一样，得靠运气，这种狂热让人想起当年的股市 ...