香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 CSG Smart Science & Technology Co., Ltd. 科大智能科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅據呈交香港公司註冊處處長 註冊的本公司招股章程作出投資決定，有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充 ...

Core Insights - The company is transitioning towards an "integrated security for air, land, and sea" strategy, emphasizing the importance of security in emerging industries such as satellite internet, low-altitude economy, and deep-sea technology [2][4]. Business Diversification and Strategic Focus - The company has made significant progress in the satellite internet sector and is actively expanding into commercial aerospace, low-altitude economy, and deep-sea technology [3][4]. - The market for satellite internet in China is projected to reach 100 billion yuan in the next five years, highlighting the growing demand for security solutions in this area [4]. Technological Advancements and Product Development - The company has developed a comprehensive range of security products covering satellite control networks, operational control networks, and access networks, successfully winning contracts in various sectors [4][5]. - A new 200G high-speed encryption gateway has been launched, achieving a fivefold increase in throughput compared to traditional solutions, with encryption latency reduced to under 3 microseconds [6]. Research and Development Framework - The company has established a three-tier R&D structure to enhance collaboration between technology research and industrial application, focusing on precision detection and defense [7]. - R&D investment reached 66.65 million yuan in the first three quarters, accounting for 42.9% of revenue, reflecting a commitment to innovation [7]. Market Expansion and Financial Strategy - The company aims to focus on core scenarios with existing orders or clear demand to mitigate R&D cost pressures while maintaining stable cash flow from traditional core businesses [8].

Core Insights - The company is transitioning towards an "integrated security for air, land, sea" strategy, focusing on the emerging industries of satellite internet, low-altitude economy, and deep-sea technology, highlighting the increasing importance of security in these sectors [1][2]. Business Diversification and Transformation - The company is actively expanding its business in the satellite internet sector, with significant developments in commercial aerospace, low-altitude economy, and deep-sea technology [2]. - The market for satellite internet in China is projected to reach 100 billion yuan in the next five years, emphasizing the critical nature of security in this new infrastructure [2]. - The company has developed a comprehensive security product line covering satellite control networks, operational control networks, and access networks, successfully winning contracts in various new business areas [2][3]. Technological Advancements - The company has made significant investments in research and development, with a focus on AI infrastructure security and quantum encryption technology, addressing the challenges of traditional encryption methods [3][4]. - A new 200G high-speed encryption gateway has been launched, achieving a fivefold increase in throughput compared to traditional solutions, and reducing encryption latency to below 3 microseconds [4]. - The product supports domestic commercial encryption algorithms and is designed to accommodate future quantum encryption scenarios, ensuring adaptability to technological advancements [4][5]. Research and Development Framework - The company reported a revenue of 155 million yuan in the first three quarters of the year, with a year-on-year growth of 8.49%, and R&D investment reaching 66.65 million yuan, accounting for 42.90% of revenue [6]. - A three-tier R&D structure has been established to facilitate collaboration between technology research and industrial application, focusing on precise detection and defense in network security [6][7]. - The company aims to leverage AI technology to enhance detection and defense efficiency while expanding into new business scenarios such as satellite commercial aerospace and intelligent computing centers [6][7].

Core Viewpoint - The 15th National Games serves as a platform for showcasing athletic talent and advanced communication technology, with major telecom operators providing a comprehensive digital support system for the event [1] Group 1: Ultra HD Broadcasting - The three major telecom operators have utilized ultra HD broadcasting technology to break geographical barriers, enabling millions of viewers to experience the event in real-time [2] - China Unicom is the sole official partner for cloud broadcasting, employing a "Unicom Cloud + 5G backpack + 5G network slicing" solution to enhance broadcasting capabilities [2][3] - The broadcasting network covers 69 venues and supports 8K technology transmission, marking the largest scale of broadcasting network established for the National Games [3] Group 2: AI Integration - AI technology has been deeply integrated into event management, spectator services, and athlete training, enhancing the overall experience of the National Games [7] - China Unicom's cloud broadcasting platform uses AI algorithms to automatically edit highlight moments from the events, significantly reducing production time [7] - China Telecom has introduced an AI mascot that can interact with visitors, providing information and recommendations, thus enhancing the spectator experience [8] Group 3: Network Infrastructure - China Mobile has optimized 5G networks across 126 venues, adding 634 new 5G base stations to support high concurrent access during the event [4] - The deployment of a 5G-A network at Shenzhen Bao'an International Airport offers speeds 5-10 times faster than standard 5G, ensuring smooth live streaming for spectators [6] - A quantum encryption platform has been implemented in the power emergency command system, enhancing security against quantum computing attacks [6] Group 4: Long-term Benefits - The technological advancements demonstrated during the National Games are expected to benefit urban governance and long-term development beyond the event itself [9] - The MOC platform technology can be reused for city emergency command and various sporting events, promoting digital collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [9]

Core Viewpoint - The company, Gao Ling Information (688175), is actively involved in the military telecommunications equipment sector, focusing on enhancing product security and competitiveness through advanced technologies [1] Group 1: Military Telecommunications Equipment - The main products include program-controlled switching and packet switching system equipment, as well as specialized application products [1] - These products are utilized in military telecommunications core networks, access networks, and other specialized networks [1] - The company integrates operational mimicry defense technology into its products to improve security and competitiveness [1] Group 2: Network Security Business - The network content security business primarily targets communication industry authorities, telecom operators, and public security clients [1] - It provides comprehensive solutions for harmful information prevention and social security applications, focusing on fraud prevention in telecommunications and the internet [1] - Current network security product technology and application scenarios differ from quantum communication security, but there are plans to introduce quantum encryption technology to enhance security in the future [1]

Core Viewpoint - The company, Runhe Software, currently does not have any reserves or applications related to quantum encryption technology, but plans to expand and layout in this area in the future based on development plans and market demand [1] Group 1 - Investors inquired about the company's involvement in quantum encryption technology [1] - Runhe Software responded that it does not currently engage in this technology [1] - The company indicated future plans to explore this technology in alignment with market needs [1]

Core Viewpoint - The company is actively promoting the application of quantum encryption technology in embedded security products and digital currency, indicating a strong commitment to innovation in financial security and communication sectors [1] Group 1: Quantum Encryption Technology - The company integrates quantum encryption technology with instant messaging, financial payments, and national cryptography algorithms, showcasing its versatility in various applications [1] - Potential applications include digital currency payments, government services, mobile communication, intelligent transportation, and IoT remote control, highlighting a broad market reach [1] - Some communication products utilizing this technology have already been mass-produced and commercialized, indicating progress in implementation [1]

Core Insights - The article emphasizes the strategic importance of quantum technology, highlighting its inclusion in China's "14th Five-Year Plan" as a national strategic pillar industry aimed at breakthroughs in quantum communication, quantum computing, and quantum precision measurement [1] Group 1: Quantum Technology Developments - Global companies, including Apple, are increasingly focusing on quantum technology, with Apple announcing a significant upgrade to its iMessage encryption using a post-quantum encryption protocol called PQ3 [3] - Quantum computing is expected to revolutionize encryption methods, as traditional encryption systems may soon reach their limits due to the superior processing capabilities of quantum computers [4][5] - Experts estimate that quantum computing applications could be realized within 7 to 10 years, with potential impacts on various fields such as chemistry, logistics, and energy distribution [7] Group 2: Quantum Computing Principles - Quantum computers operate using quantum bits (qubits) that can exist in a superposition of states, allowing for parallel processing of information [5] - The phenomenon of entanglement in quantum mechanics enables qubits to be interconnected, meaning changes to one qubit can instantly affect others, regardless of distance [5] Group 3: Quantum Communication and Security - Quantum key distribution is a significant application of quantum technology, providing secure generation and transmission of encryption keys, although it faces challenges related to infrastructure and complexity [13] - The launch of the first quantum satellite by Germany and China's successful intercontinental quantum communication link demonstrate advancements in quantum communication technology [9][10] Group 4: Global Initiatives and Regulations - The United Nations has declared 2025 as the "Quantum Year," promoting global awareness of quantum technology [15] - The U.S. National Institute of Standards and Technology (NIST) is developing post-quantum encryption standards to protect against quantum computer attacks, with plans to transition all sensitive systems to these standards by 2035 [16] - The European Union is investing in quantum research through initiatives like the Quantum Flagship Program, which has a budget of €1 billion to advance quantum technologies [17] Group 5: Industry Implications - Companies across various sectors are increasingly adopting quantum solutions to maintain competitiveness, focusing on quantum encryption and anti-quantum encryption methods [17] - The second quantum revolution is anticipated to bring significant advancements, with more developments expected in the coming years [18]

Core Insights - The article emphasizes the strategic importance of IoT security as a comprehensive system that ensures data confidentiality, integrity, and availability across the entire IoT ecosystem, driven by national policies and market demands [1][6][8]. Industry Overview - IoT security is defined as a system that protects IoT devices, communication networks, cloud platforms, and application services from various threats, ensuring data confidentiality, integrity, and availability [2][3]. - The Chinese IoT industry has surpassed 4 trillion yuan, with an average annual growth rate exceeding 17%, driven by "new infrastructure" and "dual carbon" goals [1][8]. Market Size and Growth - The market size for IoT security is projected to grow from 28 billion yuan in 2020 to 46.3 billion yuan in 2024, with expectations to exceed 51 billion yuan by 2025, reflecting a compound annual growth rate of 12%-15% [1][9]. Competitive Landscape - The IoT security industry in China is characterized by a fragmented market, with leading companies like Qihoo 360 and Deep Technology holding less than 20% of the overall market share, while small and medium enterprises dominate 75% of the market [1][10][12]. - Major players include Qihoo 360, Deep Technology, and Tianmao Information, with Qihoo 360 leading the boundary security market with a 21.2% market share [1][10][12]. Industry Trends - Future trends indicate a shift towards a collaborative development model where technology, application scenarios, and ecosystems work together, with a focus on zero trust and AI integration to enhance security capabilities [1][14][15]. - The demand for security solutions in industrial IoT, smart cities, and rural markets is expected to create a market worth hundreds of billions, with specific needs for device identity authentication and data encryption [1][14][15]. Policy and Regulatory Framework - The Chinese government has introduced several policies to establish a comprehensive IoT security standard system by 2025, which includes over 30 industry standards across various categories [1][6][8].

Core Viewpoint - Chutianlong (003040.SZ) reported a decline in revenue and a net loss for the first half of 2025, while focusing on strategic developments in various technology sectors [1] Financial Performance - The company achieved an operating revenue of 457 million yuan, representing a year-on-year decrease of 4.83% [1] - The net loss for the period was 39.77 million yuan [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1] Business Development - The embedded security product business showed steady growth during the reporting period [1] - The company is strategically positioning itself in areas such as eSIM products, quantum encryption technology, and digital currency [1]