信安世纪 20250903 摘要 新安世纪政府行业收入同比增长 22%，主要受益于军队、军工、医疗等 领域需求增长；企业部分增长 4%，金融行业虽未达去年水平但降幅收 窄，采购恢复。公司通过优化人员结构和研发投入提升运营效率。 公司通过优化人员结构（裁员 15%）、管理客户方式减少库存影响、推 行信用制度限制客户用途等措施控制费用。订单获取方面，通过产品化 建设、拓展政府部门、与集成商合作分销等方式。 新安世纪在低空经济领域与一些区域形成重要标准和协作，后量子密码 领域新增近 10 家合作机构，涵盖银行、保险、证券及运营商等，为应 对未来变化提供快速响应基础。 公司计划通过控制费用、降低采购价格、减少库存和应收账款等措施， 在 2025 年下半年实现收入增长和利润提升，并重点盘活资产，确保客 户优先支付款项，限制信用不良客户销售。 新安世纪在密码行业具有显著优势，尤其在金融领域，曾参与超级网银 系统、跨境支付系统二代征信等项目建设，并积极拓展政府、特种行业 以及运营商和华为云的云业务。 Q&A 2025 年上半年新安世纪的业绩表现如何？公司在收入和利润方面取得了哪些 进展？ 2025 年上半年，新安世纪实现收 ...

Core Viewpoint - Advances in quantum computing technology pose significant threats to traditional encryption systems, leading to the emergence of post-quantum cryptography as a key technology for information security in the quantum information era [1] Company Summary - Geer Software, established in 1998 and listed in the capital market in 2017, has been deeply involved in the encryption industry for 27 years [1] - The company has developed quantum encryption algorithms and security products, effectively adding a "quantum lock" to data [1] - Since 2021, Geer Software has begun deploying post-quantum cryptography, integrating technologies such as quantum random number generation and quantum key distribution into its product system [1] Industry Summary - The overall upgrade of the industry is expected to gradually expand from critical sectors such as finance, energy, and public welfare [1]

Summary of the Conference Call for Geer Software Company Overview - **Company**: Geer Software - **Industry**: Cybersecurity and Encryption Technology Key Points and Arguments 1. **Performance Expectations**: Geer Software anticipates landing orders of approximately 600-700 million yuan this year, representing a year-on-year increase, and maintains a neutral to slightly optimistic outlook for overall performance [2][3][20] 2. **Sector Performance**: The government and party sectors performed well, while the financial sector saw banks outperforming securities. However, the military sector experienced a significant decline compared to the previous year, negatively impacting overall performance [2][3][20] 3. **Strategic Shift**: The company is shifting its strategy to reduce reliance on encryption as a single label and is expanding into data, AI, and IoT. This includes developing a data middle platform, AI application security, and lightweight encryption products [2][5][6] 4. **Market Potential**: The encryption industry is characterized by strong certainty due to its connection to national security, with significant market potential. Emerging applications are challenging traditional encryption products, necessitating lightweight and user-friendly designs [2][6] 5. **Next-Generation PKI Products**: The next-generation Public Key Infrastructure (PKI) products will include quantum-resistant technology, with preparations underway to address risks posed by quantum computing [2][8][9] 6. **Financial Sector Demand**: There is a strong demand for quantum-resistant technology in the financial sector, with key information fields such as military, government, and state grid showing significant interest. Policy developments are expected to accelerate adoption [2][11] 7. **Acquisition Strategy**: Geer Software has acquired over 50% of Shenzhen Weipin Zhiyuan, focusing on its data middle platform capabilities and relationships with operators and manufacturers, which will help expand AI customer bases and move beyond a single security label [3][13][15] 8. **Future Directions**: The company aims to integrate more AI capabilities into its next-generation PKI systems and develop markets for data security and AI security, which are currently underdeveloped [14][15] 9. **Financial Performance of Acquired Company**: Weipin Zhiyuan reported approximately 500 million yuan in revenue and nearly 40 million yuan in profit for 2024, which enhances Geer Software's future growth potential [17] 10. **Market Trends**: The overall market for quantum-resistant encryption is expected to grow, with standards anticipated to be established by the end of 2025. However, large-scale mandatory replacements are not expected in the short term [21][22] Additional Important Insights - **Customer Adoption**: There are two types of customers regarding quantum-resistant solutions: those willing to invest heavily and adopt immediately, and those proceeding gradually according to policy [12] - **Government Spending Influence**: Special government bonds are expected to have a limited but positive impact on cybersecurity spending, particularly in the military sector [20] - **Long-Term Outlook**: The encryption technology market is projected to have substantial applications over the next 10 to 20 years, especially with the rise of IoT [6][7]