报告期内，公司营业收入保持增长，在金融、互联网企业、云厂商等领域的收入有所增加，密码服务收 入增长明显；同时，在抗量子密码、物联网安全等新业务领域实现突破，海外业务拓展效果显著；以及 受到合并范围变动带来的正向影响。 利润下滑是因为研发费用、销售费用增长较多。当前社会数字化发展迅猛，密码作为信息安全的保障技 术，在诸多领域面临发展机遇，需要结合具体场景进行技术和产品的创新。公司作为国内主要的密码基 础设施提供商，为了抓住发展机遇，积极引进高端人才，加强在密码芯片、抗量子密码、物联网安全、 数字资产安全等新业务领域的投入，并积极布局云密码服务和海外市场，目前在这些领域已经取得较好 的成果。 格隆汇2月27日丨三未信安(688489.SH)公布2025年度业绩快报，报告期内，公司实现营业收入5.54亿 元，同比增长17.01%；实现归属于母公司所有者的净利润-4114.99万元，同比下降197.70%；实现归属 于母公司所有者的扣除非经常性损益的净利润-5806.75万元，同比下降472.67%。 ...

报告期内，公司营业收入保持增长，在金融、互联网企业、云厂商等领域的收入有所增加，密码服务收 入增长明显；同时，在抗量子密码、物联网安全等新业务领域实现突破，海外业务拓展效果显著；以及 受到合并范围变动带来的正向影响。 利润下滑是因为研发费用、销售费用增长较多。当前社会数字化发展迅猛，密码作为信息安全的保障技 术，在诸多领域面临发展机遇，需要结合具体场景进行技术和产品的创新。公司作为国内主要的密码基 础设施提供商，为了抓住发展机遇，积极引进高端人才，加强在密码芯片、抗量子密码、物联网安全、 数字资产安全等新业务领域的投入，并积极布局云密码服务和海外市场，目前在这些领域已经取得较好 的成果。 格隆汇2月27日丨三未信安(688489.SH)公布2025年度业绩快报，报告期内，公司实现营业收入5.54亿 元，同比增长17.01%；实现归属于母公司所有者的净利润-4114.99万元，同比下降197.70%；实现归属 于母公司所有者的扣除非经常性损益的净利润-5806.75万元，同比下降472.67%。 ...

三未信安发布业绩快报，2025年度实现营业收入5.54亿元，同比增长17.01%；净利润亏损4114.99万 元，上年同期净利润为4211.99万元。报告期内，公司营业收入保持增长，在金融、互联网企业、云厂 商等领域的收入有所增加，密码服务收入增长明显；同时，在抗量子密码、物联网安全等新业务领域实 现突破，海外业务拓展效果显著；以及受到合并范围变动带来的正向影响。利润下滑是因为研发费用、 销售费用增长较多。 ...

Core Viewpoint - The company is focusing on the research and industrial application of quantum-resistant cryptography to address potential threats posed by quantum computing to traditional cryptographic systems [1] Group 1: Quantum-Resistant Products - The company has launched a series of quantum-resistant products, including the AHC001 chip, which is based on a domestic 28nm process and features a reconfigurable low-power design with integrated quantum-resistant algorithm engines [1] - The CCUPHPQ01 quantum-resistant card supports both quantum-resistant and classical cryptographic algorithms, providing high-speed cryptographic services for various security platforms [1] - The CUni360SQ-ZX chip for financial POS machines has passed security assessments, indicating its readiness for the domestic and international market [1] Group 2: Collaborative Projects and Research - The company is collaborating with Xi'an Jiaotong-Liverpool University on a key project for 2025 focused on high-performance quantum-resistant chip technology based on RISC-V architecture [1] - The company is also participating in a national key research project aimed at validating and demonstrating key technologies for quantum migration in typical international financial banking transactions [1] Group 3: Revenue Generation - The company has achieved revenue from providing customized quantum-resistant chip services, indicating a successful monetization of its research and development efforts [1]

Core Viewpoint - The company is actively investing in quantum security technologies, particularly in quantum computing and anti-quantum cryptography, through strategic partnerships and equity stakes in advanced firms [1] Investment in Quantum Security - The company holds a 11.46% stake in Hefei Silizhen Chip Technology Co., making it the largest shareholder outside of the founding management team [1] - It provides customized design and mass production services for key optical processing chips for Hefei Silizhen's QRNG chips [1] - A joint laboratory for quantum chips has been established with Hefei Silizhen to collaborate on research and industrialization of quantum security chips in IoT and cloud computing sectors [1] Collaboration with Innovative Enterprises - The company has also invested in innovative firms such as Shanghai Hongge Post-Quantum and Xinda Yimi, which are recognized for their advanced technologies in anti-quantum cryptography [1] - It engages in comprehensive R&D and application cooperation with Shanghai Hongge Post-Quantum and has successfully developed the anti-quantum cryptography chip AHC001 in collaboration with Xinda Yimi [1] Comprehensive Industry Engagement - Through investments and collaborations covering key segments of the industry chain, the company is enhancing its connections at the capital level and fostering in-depth cooperation in technology R&D, product definition, and solution implementation [1] - The company is continuously advancing the iteration and industrialization process of quantum security and anti-quantum cryptography chips [1]

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 近7日(2026年02月05日至12日)，吉大正元股价区间涨幅3.85%，振幅13.63%，其中02月10日单日大涨 5.25%，但02月11日回调2.98%。截至02月12日最新价25.60元，5日涨跌幅3.73%，换手率活跃，资金面 呈主力净流出状态。 经济观察网晨星投研分析显示，吉大正元（003029）正处于转型期，重点布局抗量子密码和数据安全等 前沿领域。2025年前三季度营收同比下滑17.51%，归母净利润为负，但抗量子密码业务营收占比已提 升至25%，毛利率较高。机构预测2025年净利润同比大幅增长，但短期业绩仍承压，需关注新业务订单 落地进展。 近期事件 2026年02月11日，吉大正元在互动平台表示，截至2026年1月30日，公司股东总户数为32844户。此外， 网络安全行业近期受AI视频模型等热点推动，公司作为密码技术企业，被列入相关产业库关注名单。 ...

Group 1 - The company expects to achieve operating revenue of RMB 528.86 million to RMB 581.75 million for the year 2025, representing an increase of RMB 55.65 million to RMB 108.54 million, with a year-on-year growth of 11.76% to 22.94% [2] - The company anticipates a net loss attributable to shareholders of RMB -53.83 million to RMB -36.06 million for 2025, indicating a decline compared to the previous year's net profit of RMB 42.12 million [2][4] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be RMB -74.97 million to RMB -50.23 million, also reflecting a loss compared to the previous year's figure of RMB 15.58 million [2][4] Group 2 - The increase in operating revenue is attributed to growth in sectors such as finance, internet companies, and cloud vendors, with significant revenue growth from password services and breakthroughs in new business areas like quantum-resistant passwords and IoT security [7] - The decline in profit is primarily due to increased R&D and sales expenses, as the company invests in high-end talent and innovation to capture opportunities in the rapidly evolving digital landscape [7] - The company plans to recognize an asset impairment provision of approximately RMB 46.50 million for 2025, which includes expected credit impairment losses of about RMB 17.43 million and asset impairment losses totaling around RMB 21.77 million [12][13][15]

Core Viewpoint - Sanwei Xinan (688489.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -53.83 million RMB and -36.06 million RMB, indicating a loss compared to the previous year [1] Group 1: Financial Performance - The company expects revenue growth during the reporting period, with increases in income from financial, internet enterprises, and cloud vendors, particularly notable growth in password services [1] - The decline in profit is attributed to significant increases in research and development expenses and sales expenses [1] Group 2: Business Development - The company has made breakthroughs in new business areas such as quantum-resistant cryptography and IoT security, with significant effects from overseas business expansion [1] - The company is actively recruiting high-end talent and increasing investments in new business areas like password chips, quantum-resistant cryptography, IoT security, and digital asset security to seize development opportunities [1] - The company has achieved good results in cloud password services and overseas markets [1]

Core Viewpoint - The company Sanwei Xinan (688489.SH) projects a revenue increase for 2025, but anticipates a net loss for the same period [1] Financial Performance - The company expects to achieve operating revenue between RMB 528.86 million and RMB 581.75 million in 2025, representing an increase of RMB 55.65 million to RMB 108.54 million compared to the previous year, with a year-on-year growth of 11.76% to 22.94% [1] - The projected net profit attributable to the parent company for 2025 is expected to be a loss between RMB 53.83 million and RMB 36.06 million, indicating a decline compared to the previous year's statutory disclosure [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be a loss between RMB 74.97 million and RMB 50.23 million, also reflecting a decline compared to the previous year's statutory disclosure [1] Business Growth - The company has maintained revenue growth, with increases in sectors such as finance, internet enterprises, and cloud vendors, particularly notable growth in cryptographic services [1] - The company has made breakthroughs in new business areas such as quantum-resistant cryptography and Internet of Things security, with significant effects from overseas business expansion [1] - Positive impacts from changes in the scope of consolidation have also contributed to the company's revenue growth [1]

Core Viewpoint - The company, Geer Software, announced a projected loss for the fiscal year 2025, primarily due to a tightening of information security budgets among downstream clients, impacting its main business revenue [2] Financial Performance Summary - The expected operating revenue for 2025 is projected to be between 330 million to 370 million yuan [2] - The net profit attributable to the parent company is estimated to be between -60 million to -90 million yuan, a shift from profit in the same period last year [2] - The net profit attributable to the parent company, after excluding non-recurring gains and losses, is projected to be between -80 million to -120 million yuan [2] - In the same period last year, the total profit was 27.65 million yuan, with a net profit of 36.81 million yuan and a net profit of 15.69 million yuan after excluding non-recurring items, resulting in an earnings per share of 0.16 yuan [2] Business Strategy and Outlook - Despite the short-term challenges in performance, the company emphasizes technology innovation as a core driver for navigating through cycles [2] - The company is actively adjusting and optimizing its management while maintaining a focus on long-term security areas, such as quantum-resistant encryption [2] - Future initiatives include advancing the quantum-resistant product system and migration technology, utilizing AI-assisted technology for algorithm integration and adaptive solutions, and conducting comprehensive analyses of IT asset quantum resistance to help users achieve quantum migration at lower costs [2]