Core Viewpoint - The article discusses the implementation of the "Management Measures for the Shaanxi Province Science and Technology Innovation Mother Fund (Trial)" aimed at promoting technology innovation in the region through government-led investment strategies [1] Group 1: Fund Structure and Investment Strategy - The Science and Technology Innovation Mother Fund has a duration of 20 years, with at least 80% of its investments directed towards venture capital sub-funds, and a minimum of 30% allocated to seed and angel sub-funds [2] - Direct investments in major science and technology projects determined by the provincial government are capped at 5% of the total subscribed capital of the mother fund, with remaining funds allocated flexibly to industry sub-funds or direct investment projects [2] - The mother fund's investment in venture capital sub-funds generally does not exceed 50% of the total scale of the sub-fund, with seed and angel sub-funds capped at 60% [2] Group 2: Management and Fee Structure - The management fee for the mother fund is calculated at 1% per year based on the actual paid-in capital for the investment in sub-funds, and similarly for direct investments [3] - 80% of the management fee is a basic fee, while 20% is determined based on performance evaluation results [3] Group 3: Sub-fund Duration and Focus - The duration of sub-funds is limited to a maximum of 15 years, with extensions subject to approval by the provincial government [4] - Sub-funds focusing on early-stage projects must allocate at least 70% of their scale to such investments [5] Group 4: Investment Criteria for Seed and Angel Projects - Seed projects must meet specific criteria, including being within 5 years of establishment and having sales revenue not exceeding 50 million RMB and fewer than 100 employees [6] - Angel projects must also meet criteria, including being within 8 years of establishment and having sales revenue not exceeding 100 million RMB and fewer than 200 employees [7] Group 5: Risk Tolerance and Loss Absorption - The mother fund establishes a mechanism for due diligence exemption, allowing for a maximum loss tolerance of 70% for seed and angel sub-funds, 50% for venture capital sub-funds, and 30% for industry sub-funds [7]

Core Viewpoint - The report highlights the significant growth and performance of GuoDun Quantum Technology Co., Ltd. in the quantum computing sector, showcasing its advancements in revenue and technological capabilities [2][6]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 121 million yuan, representing a year-on-year increase of 74.54% [2]. - Research and development investment reached 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of operating revenue [2]. - The quantum computing segment generated revenue of 55.96 million yuan, marking a substantial growth of 283.92% [2]. Group 2: Quantum Computing Developments - GuoDun Quantum is one of the few companies globally capable of providing complete superconducting quantum computing solutions, with plans to deliver a 25-qubit superconducting quantum computer internationally [2]. - The company has provided a 200-qubit superconducting quantum computer and related systems to the Hefei Advanced Computing Center, which is currently in the trial operation phase [2]. - The company has also completed the integration of the "Tianyan-504," the largest superconducting quantum computer in China, for China Telecom Quantum Group, contributing to a total of 880 qubits in their quantum computing cluster [2][5]. Group 3: Quantum Communication and Measurement - In the quantum communication sector, the company reported revenue of 51.74 million yuan, reflecting a year-on-year growth of 28.10% [5]. - The company is involved in key industry applications, including projects with State Grid Corporation of China and China Southern Power Grid [5]. - The quantum measurement business generated revenue of 8.57 million yuan, with a year-on-year increase of 13.75%, including sales of two cold atom gravimeters [5]. Group 4: Market Outlook - The global investment in quantum technology is increasing, indicating a promising market outlook for the quantum industry [6]. - GuoDun Quantum's technological advancements and market positioning in quantum computing, communication, and measurement are expected to drive its future growth [6].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the performance of various industries, particularly focusing on industrial enterprises, public utilities, and manufacturing sectors in a low-interest-rate environment. The overall profit share of industrial enterprises is expected to remain above 15% in 2023-2024, with a slight decline to 12.5% in the first half of 2025, still higher than the pre-pandemic average of 5.9% [1][2]. Core Insights and Arguments - **Profit Recovery in Key Sectors**: Industrial enterprises' profit share has significantly rebounded, with public utilities also seeing an increase to 12.1% as of mid-2023, up from a pre-pandemic average of 6.9% [2]. - **Manufacturing Sector Decline**: Manufacturing profit share has decreased to approximately 75%, with export-oriented industries like computers and electronics maintaining stable profits due to overseas demand recovery [1][2]. - **Mining Sector Volatility**: The mining sector's profits have been affected by fluctuations in the Producer Price Index (PPI), with a notable decline in 2023 due to commodity price adjustments and insufficient demand [1][4]. - **Investment Returns**: High capital return rates are observed in public utilities, coal, and petrochemical sectors, while the real estate sector shows lower returns, particularly since 2021 [5]. Additional Important Insights - **Driving Factors for Profit Changes**: Key drivers include price fluctuations, overseas demand, policy support for equipment updates, and consumer recovery in sectors like beverages and metals [4]. - **Sector-Specific Performance**: High-performing sub-sectors include energy metals, coal, oil and gas extraction, aerospace, and electronics, with strong growth potential in smaller segments despite overall weaker performance in some primary categories [6]. - **Impact of PPI on Utilities**: A decrease in mining PPI has alleviated cost pressures for public utilities, leading to a recovery in profit margins, although this trend may reverse due to insufficient end-demand [7]. - **China's Export Dynamics**: China's export share has improved due to pandemic-related shifts, with a temporary recovery in 2023-2024 driven by inventory replenishment in Western manufacturing [8]. - **Outward Expansion of Chinese Enterprises**: The trend of Chinese companies expanding overseas has positively impacted profitability, particularly in home appliances, non-ferrous metals, and machinery sectors [9][10]. - **Policy Support for Emerging Industries**: Recent industrial policies emphasize the importance of maintaining industrial security and promoting new industrialization, benefiting sectors like energy metals and biomanufacturing [11]. - **Growth Potential in Service Consumption**: There is significant potential for growth in service consumption, with government initiatives aimed at enhancing domestic demand and expanding service sectors such as health care and home services [12].

Group 1 - The board of directors of GuoDun Quantum held its 15th meeting on August 12, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1] - The board approved five resolutions, including the review of the 2025 semi-annual report and its summary, with unanimous support [1][2] - The board also approved a special report on the use of raised funds for the first half of 2025, with unanimous support [2] Group 2 - The board approved a semi-annual evaluation report on the quality improvement and efficiency enhancement action plan for 2025, with unanimous support [2] - The company plans to sign a sales contract with China Telecom Quantum Group, estimated at 76.54 million yuan, with total sales contracts with related parties in the past 12 months amounting to 79.59 million yuan [3] - The board agreed to sign a service contract with China Telecom Quantum Technology for specialized technical services, estimated at 14 million yuan, with total service contracts with related parties in the past 12 months also amounting to 14 million yuan [3] Group 3 - The board approved the proposal to hold the fourth extraordinary general meeting of shareholders on August 29, 2025, with unanimous support [4]

科大国盾量子技术股份有限公司2025 年半年度报告摘要 公司代码：688027 公司简称：国盾量子 科大国盾量子技术股份有限公司 科大国盾量子技术股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 公司已在本报告中详细阐述公司在经营过程可能面临的各种风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析"之"四、风险因素"。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 不适用 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科 国盾量子 688027 无 创板 公司存托凭证简况 □适用 √不适用 科大国盾量子技术股份有限公司2025 年半年度报告摘要 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证 券事务代表 姓名 童璐 / 电话 0551-66185117 / 办公地址 合肥市高新区华佗巷777号科大国 / 盾量子科技园 电子信箱 guodun@quantum-i ...

Group 1 - The article highlights the increasing threat of foreign espionage targeting China's high-tech industries, with foreign intelligence agencies commissioning overseas consulting firms to gather sensitive information [1][4] - A specific case is mentioned where a former employee of a leading industry company leaked sensitive information to a foreign consulting firm, motivated by high consulting fees [2][4] - The article outlines the characteristics of these espionage activities, including the timing of inquiries coinciding with critical business moments, the covert methods used by foreign firms, and the manipulative nature of the questioning techniques employed [4][6] Group 2 - The article emphasizes the need for vigilance among employees in sensitive positions, urging them to be cautious of unusual interest from foreign entities regarding internal information [6] - It references legal consequences for individuals who provide sensitive information to foreign organizations, including potential imprisonment and fines under Chinese law [6] - The article encourages reporting suspicious activities related to "professional interviews" or "paid consultations" through designated channels to national security authorities [6]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has successfully launched 25 companies since its inception on July 22, 2019, and aims to reach 589 listed companies by July 22, 2025, reflecting a robust growth trajectory in supporting technology-driven enterprises [1][2]. Group 1: Reform and Development - The STAR Market has played a significant role as a "testing ground" for reforms, allowing diverse technology companies to list and raise funds through differentiated listing standards, with over 80% of companies in key sectors like information technology, biomedicine, and high-end equipment manufacturing [2][4]. - The introduction of the "STAR Market Eight Measures" in June 2024 has further deepened reforms, enhancing the ability to serve technology innovation enterprises by addressing various aspects such as issuance, underwriting, refinancing, mergers, and market ecology [2][3]. Group 2: Financial Ecosystem and Innovation - The current wave of technological revolution necessitates a financial service system that aligns with the characteristics of technological innovation and industrial transformation, as evidenced by the evolving valuation logic of Chinese tech companies [3][5]. - The expansion of the fifth set of listing standards to include cutting-edge industries like artificial intelligence and commercial aerospace is seen as a significant step, aiming to support high-quality enterprises with substantial market potential and technological advantages [5]. Group 3: Market Response and Future Outlook - Market participants have positively evaluated the deepened reforms of the STAR Market, recognizing its enhanced adaptability and inclusiveness in supporting technological and industrial innovation [4][5]. - The "1+6" reform initiative is designed to address challenges such as financing difficulties and high information disclosure risks for technology enterprises, thereby improving the overall ecosystem for capital market services [3][5].

对于山东康达永创仪器设备有限公司市场开发部经理戴鹏鹏而言，量子技术"看得见、摸得着"。"精密 传感器是我们的产品之一，但此前一直面临着微弱信号放大的难题。"戴鹏鹏说，潍坊学院量子技术团 队基于数字锁相放大器的微弱信号放大与检测技术展开研发，实现了强噪声背景下对微弱信号的检测突 破，解决了这一难题。 这是潍坊学院量子技术团队创新成果应用的最新案例，也是该校作为地方性高校在学科竞争中实现突围 的一个缩影。近日，科技日报记者走进潍坊学院量子技术团队所在的物理与电子信息学院，了解他们的 创新故事。 拥有大规模实验设施 记者见到潍坊学院物理与电子信息学院院长曹连振时，他带领团队正在攻关山东省联合基金重点项目 ——"基于光子多自由度调控的高维光量子门的实验与应用研究"。此时，实验已进行到关键时刻。提升 量子计算性能、提高量子精密测量精度、增强量子器件效能是团队的三大目标。 当年，中国科学技术大学校友、潍坊学院物理与电子信息学院老院长逯怀新，联系到当时刚学成回国不 久的中国科学技术大学教授潘建伟。在潘建伟的帮助下，潍坊学院的量子技术研究平台逐渐建立起来。 曹连振说，在技术层面，光量子实验室以中国科学技术大学量子团队的指导方 ...

Meeting Information - The shareholders' meeting is scheduled for July 31, 2025 [1] - The meeting will be held at the Keda Guodun Quantum Technology Park, Hefei, Anhui Province [1] - Voting will be conducted through both on-site and online methods [1][2] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's network voting system [1][2] - Voting will be available from 9:15 AM to 3:00 PM on the day of the meeting [1][2] - Shareholders must register by July 28, 2025, to participate [5][6] Agenda and Voting Rights - The meeting will review non-cumulative voting proposals approved by the board on July 15, 2025 [2] - Certain shareholders, including Zhongke University Asset Management Co., Ltd., must abstain from voting due to conflicts of interest [2] Attendance Requirements - Only shareholders registered by the close of business on July 24, 2025, are eligible to attend [5] - Shareholders can appoint proxies to attend and vote on their behalf [5][6] Additional Information - Attendees are responsible for their own travel and accommodation expenses [6] - Contact information for the company is provided for further inquiries [7]

Group 1 - The Shenzhen Stock Exchange has announced the addition of 33 experts to its industry consulting expert database, covering fields such as advanced manufacturing, information technology, new materials, and new energy [1] - The newly added experts include specialists in aerospace, quantum technology, artificial intelligence, biomedicine, and integrated circuits, enhancing the focus on technological innovation [1] - Following this addition, the total number of experts in the database has increased to 66, further optimizing industry configuration and enhancing the authority of the expert database [1]