（二）核心技术泄密风险 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股票上市规则》《上海证券交易所上 市公司自律监管指引第11号——持续督导》等有关法律法规的规定，国泰海通证券股份有限公司（以下 简称"国泰海通"或"保荐机构"）作为三未信安科技股份有限公司（以下简称"三未信安"或"公司"）持续 督导工作的保荐机构，负责三未信安上市后的持续督导工作，并出具本持续督导跟踪报告。 一、持续督导工作情况 二、保荐机构和保荐代表人发现的问题及整改情况 无。 三、重大风险事项 公司目前面临的风险因素主要如下： （一）技术升级迭代风险 数学是构建现代密码学体系的基础，密码破解技术一直挑战着密码算法的安全性并不断演进，量子计算 技术的进步，也给密码技术带来一定冲击。此外，云计算、区块链、移动互联网、物联网、大数据和智 慧城市等新技术和新应用模式的发展，也对密码技术提出了新挑战。如果公司不能准确及时地预测和把 握密码技术的发展趋势，或研发速度不能满足行业技术更新需求，则可能会面临技术升级迭代不及时的 风险，进而对公司的竞争能力和持续发展产生不利影响。 目前公司在持续进行新技术与新产品的研发，并已同主要研发人员签署 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 57.83 CNY over the next six months [5]. Core Insights - The recent release of the "Key Information Infrastructure Commercial Password Usage Management Regulations" is expected to significantly promote the password industry, clarifying regulatory responsibilities, establishing reporting timelines, and ensuring funding for security assessments [2][3]. - The company has a comprehensive range of password products from chips to complete systems, positioning it to benefit from the anticipated growth in industry demand driven by new regulations [3]. - The company is actively developing quantum-resistant password products and engaging in stablecoin-related businesses, which are seen as critical areas for future growth [4][10]. Summary by Sections Regulatory Impact - The new regulations clarify the roles of various regulatory bodies, which is expected to accelerate the development and penetration of the password industry [2]. - A specific reporting deadline for operators to report on the use and security assessments of commercial passwords is established, promoting regular evaluations and driving product sales [2]. - Financial support for security assessments is mandated, which is crucial for enhancing demand for related products [2]. Company Positioning - The company has launched several pioneering products in the password security space, including the first domestic security level three password card and machine, as well as the "SansecHSM" [3]. - The successful mass production of the self-developed password security chip XS100 and the certification of various IoT-specific chips indicate the company's strong product pipeline [3]. Future Growth Areas - The company has developed a full suite of quantum-resistant password products and is involved in pilot applications across various sectors, including finance and telecommunications [4][9]. - The company is also focusing on stablecoin applications, recognizing the importance of password technology in supporting digital currencies for cross-border payments [9][10]. - Revenue projections for the company indicate significant growth, with expected revenues of 6.65 billion CNY in 2025, increasing to 9.05 billion CNY by 2027 [10].