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].

Core Viewpoint - The report highlights the rapid advancement of quantum technology by GuoDun Quantum, showcasing significant revenue growth and strategic partnerships in the quantum computing sector [2][4]. Group 1: Financial Performance - GuoDun Quantum achieved a revenue of 120 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% [2]. - The company reported a net loss attributable to shareholders of 23.79 million yuan, which is a reduction in loss compared to the previous year [2]. - Research and development expenses amounted to 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of total revenue [2]. Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a substantial year-on-year growth of 283.92% [2]. - GuoDun Quantum has provided a 200-qubit superconducting quantum computer to the Hefei Advanced Computing Center, which has completed trial operations [2]. - The company is set to deliver a 25-qubit superconducting quantum computer overseas and has participated in the research of China's 105-qubit superconducting quantum computer, which set a world record for quantum supremacy [2][4]. Group 3: Quantum Communication Business - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.1% [5]. - The company has been involved in significant projects, including the first successful implementation of over 10,000 kilometers of star-ground quantum communication [5]. - GuoDun Quantum's "Quantum Secret Talk" service has over 5 million users, with the capacity to support over 10 million users [5]. Group 4: Quantum Measurement Business - The quantum measurement segment reported revenue of 8.57 million yuan, with a year-on-year growth of 13.75% [7]. - The company sold two cold atom gravimeters and has three pending orders [7]. Group 5: Industry Context and Future Outlook - The global quantum technology landscape is evolving, with 29 countries and regions, including the US and EU, developing strategic plans for quantum information [7]. - The Chinese government has emphasized quantum technology in its "14th Five-Year Plan" and has introduced supportive policies at various levels [7]. - The industry is transitioning from laboratory research to practical applications, indicating a new phase characterized by collaboration among academia, industry, and government [7].

Core Viewpoint - The company, GuoDun Quantum, reported impressive half-year results following its acquisition by China Telecom Quantum Information Technology Group, showing significant revenue growth and reduced losses in the first half of 2025 [1][2]. Financial Performance - GuoDun Quantum achieved a revenue of 121 million yuan, representing a year-on-year increase of 74.54% [1] - The net profit was reported at -23.79 million yuan, indicating a reduction in losses compared to the previous year [1] - Research and development investment reached 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of total revenue [1] Business Segments - The quantum computing segment saw the most significant growth, with revenue of 55.96 million yuan, a year-on-year increase of 283.92% [1] - The quantum communication segment generated revenue of 51.74 million yuan, reflecting a growth of 28.1% [1] - The quantum measurement segment reported revenue of 8.57 million yuan, with a year-on-year increase of 13.75% [1] Strategic Developments - GuoDun Quantum participated as the sole enterprise in the "Zu Chongzhi No. 3" project, which set a world record for "quantum computing superiority" [1] - The company provided a 200-qubit superconducting quantum computer for the Hefei Advanced Computing Center and completed the construction and trial operation of the "Chao Hu Ming Yue" project [2] - An international breakthrough was achieved with the planned delivery of a 25-qubit superconducting quantum computer to overseas clients [2] Application and Services - The company is actively exploring applications in meteorological forecasting and financial analysis in collaboration with strategic partners [2] - GuoDun Quantum's quantum communication services have shown steady growth, participating in a 12,000 km star-ground quantum communication experiment [2] - The quantum secure communication platform has over 5 million users, with the capacity to support over 10 million users [2] Measurement Business - The quantum measurement segment is expanding its applications in research and industrial fields, with cold atom gravimeter products delivered to clients [3] - The company has ongoing orders for additional gravimeter units, indicating a strong demand in geological surveying and disaster prevention [3] Related Transactions - GuoDun Quantum plans to sign a service contract with China Telecom Quantum Technology Co., providing specialized technical services for its quantum secure communication business, estimated at 14 million yuan [3] - A framework agreement is also in the works with China Telecom Quantum Group for the sale of quantum key distribution hardware and software, with an estimated value of 76.54 million yuan [3]

Core Viewpoint - The company, GuoDun Quantum, reported a significant revenue growth of 62.30% year-on-year for the fiscal year 2024, reaching 253 million yuan, while narrowing its net loss by 74.30% to 32 million yuan [1][2]. Financial Performance - Revenue for 2024 was 253 million yuan, with a year-on-year growth of 62.30% [1]. - The net profit attributable to shareholders was -32 million yuan, indicating a reduction in losses by 74.30% compared to the previous year [1]. - The gross margin for 2024 was 55.59%, an increase of 8.14 percentage points year-on-year, maintaining a high level [1]. - In Q4 2024, the company achieved a revenue of 153 million yuan, representing a growth of 85.47% year-on-year, and turned a profit with a net profit of 23 million yuan [1]. Business Segments - The quantum communication segment contributed over 50% of total revenue in 2024, with a complete ecosystem for the communication encryption industry accelerating practical applications [2]. - The company completed breakthroughs in domestic miniaturized polarization coding QKD and time-phase QKD technologies, integrating quantum key distribution with optical transport networks [2]. - In quantum computing, the company supported the "Zu Chongzhi No. 3" quantum computer project and launched the ez-QFridge dilution refrigerator, collaborating with China Telecom Quantum Group to develop the "Tianyan-504" with the highest qubit count in the country [2]. - The company secured the "Hefei Super Fusion Computing Center" project, providing a super fusion system for "Chao Lake Mingyue" to promote heterogeneous computing power integration [2]. - In quantum precision measurement, the company sold 9 cold atom gravimeters and completed the first international quantum gravity network observation [2]. Industry Outlook - Quantum technology is recognized as a strategic emerging industry, receiving strong support from domestic and international stakeholders, as highlighted in the 20th National Congress and the Government Work Report [3]. - The company has attracted China Telecom's wholly-owned subsidiary, China Telecom Quantum Group, as a strategic investor, which is expected to enhance the integration of quantum technology into critical digital infrastructure [3]. - Revenue forecasts for the company from 2025 to 2027 are projected at 343 million yuan, 479 million yuan, and 947 million yuan, respectively, with corresponding price-to-sales ratios of 78.27x, 56.05x, and 28.35x [3].

Core Insights - Guodian Quantum achieved a revenue of 253 million yuan in 2024, representing a year-on-year growth of 62.3%, while net profit recorded a loss of 31.84 million yuan, reducing losses by 92.08 million yuan compared to the previous year [1] - The company maintained a high R&D investment of 93.08 million yuan, accounting for 36.74% of its revenue [1] Quantum Communication - In 2024, revenue from quantum communication reached 146 million yuan, with a year-on-year increase of 70.05%, and the segment's gross margin improved by 13.14 percentage points to 65.66% [1][2] - Guodian Quantum served over 10 key cities in quantum metropolitan network construction, with operations in Xiong'an New Area and Shanghai [2] Quantum Computing - The quantum computing segment generated revenue of 56.59 million yuan in 2024, marking a year-on-year growth of 26.36%, with a gross margin increase of 10.47 percentage points to 43.75% [2] - The company participated in the "Zuchongzhi No. 3" superconducting system experiment, achieving new quantum computing superiority [2] Quantum Precision Measurement - Revenue from quantum precision measurement surged to 38.80 million yuan, a year-on-year increase of 118.96%, with a gross margin of 32.26% [3] - The company completed the international first quantum absolute gravity network observation and sold 9 units of its cold atom gravity meter [3] Strategic Developments - In January, China Telecom's subsidiary completed a strategic acquisition of Guodian Quantum, aiming to promote industrial transformation and upgrade [3][4] - The "Quantum Technology and Industry Development 2030 Action Plan" was released, emphasizing the importance of quantum technology in new information technology [4]