国盾量子: 国元证券股份有限公司关于科大国盾量子技术股份有限公司2024年 度募集资金存放与使用情况的专项核查意见 | 国元证券股份有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | | 关于科大国盾量子技术股份有限公司 | | | | | | | 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为科大 | | | | | | | 国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"）首次公开发行 | | | | | | | 股票并在科创板上市项目的保荐机构以及 2024 年度向特定对象发行 A 股股票的 | | | | | | | 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板上 | | | | | | | 市公司自律监管指引第 1 号——规范运作》《上市公司监管指引第 2 号——上市 | | | | | | | 公司募集资金管理和使用的监管要求》《上海证券交易所科创板股票上市规则》 | | | | | | | 等有关法律法规和规范性文件的要求，就国盾量子 2024 年度募集资金存放与使 | | | | | | ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 3559.2万股，累计占流通股比： 44.29%，较上期变化： -68.02万 股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.4000 | -1.5400 | 74.03 | -1.0700 | | 每股净资产（元） | 31.5 | 18.75 | 68 | 20.35 | | 每股公积金(元) | 30.11 | 16.84 | 78.8 | 16.88 | | 每股未分配利润(元) | 0.20 | 0.66 | -69.7 | 2.20 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.53 | 1.56 | 62.18 | 1.35 | | 净利润(亿元) | -0.32 | -1.24 | 74.19 | -0.86 | | 净资产收益率(%) | -2.12 | -8.23 | 74.24 | -5.22 | 数据四舍五入，查看 ...

Group 1 - Capital flows are seen as a "thermometer" of economic vitality and a "weather vane" of economic confidence, with multiple foreign institutions recently optimistic about Chinese assets [1] - Goldman Sachs reports that China's stock market has had its best start in history this year, driven by breakthroughs in artificial intelligence and supportive technology policies [1][2] - Citigroup and HSBC have upgraded their ratings on Chinese stocks from "neutral" to "overweight," indicating a positive outlook for the market [1][2] Group 2 - The current environment is viewed as the best time to increase holdings in Chinese technology stocks, with significant advancements in AI, humanoid robots, quantum communication, and semiconductors [2] - Morgan Stanley and Goldman Sachs suggest that now is the optimal time for global investors to increase their allocation to Chinese equities [3] - The average annual return for Chinese technology stocks is projected to reach 7.8% over the next 10 to 15 years, according to JPMorgan [3] Group 3 - Foreign institutions are intensifying their research efforts in China, with several major firms conducting investigations into listed companies [5] - In February, South Korean investors' trading volume in Chinese stocks reached $782 million, nearly doubling from the previous month and surpassing investments in European and Japanese markets [5][6] - As of the end of February, Chinese index ETFs listed on the Korean exchange numbered 44, with the top-performing ETF achieving a return of 62.8% in the past month [6] Group 4 - China's stable economic growth is a cornerstone of foreign investment confidence, with a target GDP growth of around 5% for 2024 [8] - Recent economic indicators show a positive trend, with the SME development index reaching 89.8, the highest in nearly four years, and a notable increase in the manufacturing PMI [8] - The Chinese government is focusing on nurturing emerging industries and promoting green transformation, which enhances the investment appeal for foreign enterprises [9]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call focuses on the **State-Owned Enterprises (SOEs)** in China and their **capital market reforms** as outlined in the new "Nine Articles" policy document. Core Points and Arguments - The new "Nine Articles" signify a new phase in capital market reform, emphasizing the need for investment and financing function reforms, improving the quality of listed companies, and creating an environment conducive to long-term capital returns, guiding companies to consider shareholder returns more seriously [2][4] - The policy draws on international experiences, such as Japan's "Nihon Tokei" document, which focuses on the ROE levels of companies with low valuations and their communication with the capital market [2][5] - SOEs are required to strictly adhere to guidelines from the China Securities Regulatory Commission (CSRC) and the State-owned Assets Supervision and Administration Commission (SASAC), focusing on enhancing development quality and improving communication with the capital market [2][6] - The SASAC document highlights dividends, buybacks, and mergers and acquisitions as primary tools in the capital market. SOEs with good cash flow are expected to increase dividend payouts, enhancing stability and predictability [2][8] - Buybacks are projected to significantly impact ROE, especially when conducted during deep undervaluation, preventing state asset loss and promoting asset preservation and appreciation [2][10] - Cross-industry mergers and acquisitions are becoming a trend, encouraging traditional industries to acquire new productivity targets, exemplified by China Telecom's acquisition of Guandun Quantum [2][12] - The introduction of mandatory ESG (Environmental, Social, and Governance) disclosure guidelines by the three major exchanges marks a shift towards compulsory reporting, aligning with international standards [2][15] Other Important but Possibly Overlooked Content - The year 2025 is referred to as the "Year of Value Management," with SOEs expected to utilize various tools to maximize value, including stricter adherence to guidelines and enhancing internal evaluation systems [3][6] - The focus on improving dividend stability and increasing the frequency of payouts is evident, with a significant rise in mid-term dividend companies from 186 to 706 and total amounts from 261 billion to nearly 800 billion yuan in 2024 [9] - The importance of buybacks is expected to rise, with the A-share market removing restrictions on buyback windows and introducing commercial loans for buyback purposes, indicating a shift towards a more proactive approach in managing company valuations [9][10] - The trend of cross-industry mergers is supported by government policies, with a focus on acquiring new productivity and enhancing growth potential in strategic sectors [12][52] - The ongoing reforms in state-owned enterprises aim to optimize the structure and enhance core competitiveness, with a focus on strategic restructuring and professional integration [53][55] This summary encapsulates the key insights from the conference call, highlighting the strategic direction and regulatory changes impacting China's state-owned enterprises and their approach to capital market management.