（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 maintained as "Buy" with a target price of RMB 20.93 [1][5]. Core Views - The company reported a significant decline in revenue for H1 2025, with a year-over-year decrease of 40.16%, primarily due to tightened customer budgets. However, the gross margin improved to 51.49%, up by 10.77 percentage points year-over-year, indicating a focus on enhancing business quality [2][5]. - The company is accelerating its strategic investments in quantum-resistant encryption and platform services, with the first pilot of a quantum-resistant product launched in the financial sector. It plans to raise RMB 160 million for industrialization [2][4]. - The company is expanding its market presence in various sectors, including government and military, and has successfully won multiple city-level encryption service platform projects [3][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 116 million, with a net loss of RMB 72.69 million, reflecting a year-over-year decline of 44.16% in net profit. Q2 revenue was RMB 70.02 million, down 51.63% year-over-year [1][2]. Strategic Initiatives - The company is focusing on new security scenarios, particularly in quantum-resistant encryption, and has made significant progress in integrating its products with major cloud platforms like Huawei and Alibaba [4][5]. - The company has become one of the first encryption vendors in the HarmonyOS NEXT ecosystem, enhancing its product compatibility and integration with major tech players [4]. Market Expansion - The company is actively expanding into new markets and sectors, including tobacco, finance, and customs, leveraging its strengths in the central China region to accelerate growth in the public sector [3][4]. - The company’s expenses have increased due to accelerated market expansion and technology development, with sales, management, and R&D expense ratios rising significantly [3]. Profitability Forecast - Revenue forecasts for 2025-2027 have been adjusted downwards by 8.26%, 11.74%, and 12.51% respectively, while net profit forecasts have been reduced by 10.43%, 5.40%, and 5.63%. The expected EPS for 2025 is RMB 0.33, with a CAGR of 45.44% for net profit [5][11].

Core Viewpoint - The company, Geer Software, has demonstrated strong resilience in the information security industry, achieving a revenue of 116 million yuan in the first half of 2025, with a gross margin increase of 10.8 percentage points to 51.5% [1][2][3]. Group 1: Financial Performance - In the first half of 2025, Geer Software achieved a revenue of 116 million yuan, with significant contributions from PKI security application products generating 50 million yuan, accounting for over 40% of total revenue [2][3]. - The gross margin for the first half of the year was 51.5%, reflecting a year-on-year increase of 10.8 percentage points [2][3]. Group 2: Market Position and Innovations - The company has made breakthroughs in digital trust, data security, and intelligent IoT, leveraging its deep technical expertise and precise market positioning [1][3]. - Geer Software is actively involved in the standardization and industrialization of anti-quantum cryptography, aligning with national policies and market opportunities [1][5]. Group 3: Strategic Initiatives - The company plans to raise up to 283 million yuan through a private placement to fund projects related to anti-quantum cryptography and trusted data space platform development [5][6]. - Approximately 160 million yuan of the raised funds will be allocated to the industrialization of anti-quantum cryptography products and services, which is a key focus area for the company [6][7]. Group 4: Industry Trends and Regulatory Environment - The information security industry is experiencing a new wave of policy benefits, with recent regulations such as the "Guidelines for National Data Infrastructure Construction" driving market expansion [3][4]. - Geer Software is positioned to capitalize on the growing demand for anti-quantum cryptography solutions in critical sectors such as finance, government, and military [4][7].

Core Insights - The company, Geer Software, has made significant progress in its ESG ratings, achieving a leap from BBB to A level according to Huazheng ESG ratings, and further improving to AA level with a score of 8.41 in 2025, placing it in the top 3.89% of the software industry [1] - Geer Software emphasizes that ESG is an ongoing process, focusing on data security governance, industry collaboration, and innovation-driven development to implement its ESG strategy [1] Group 1: Data Security Governance - In the current data-centric era, data security is crucial for enterprises and a key aspect of ESG governance, with Geer Software integrating ESG principles into the entire data lifecycle management [2] - The company invests heavily in R&D for data encryption, access control, and data leak prevention, establishing a comprehensive data security protection system [2] - Geer Software has developed a unified security management system for various business operations, ensuring end-to-end security control for cloud-based remote access [2] Group 2: Industry Collaboration - Geer Software advocates for a collaborative approach in the cybersecurity industry, aiming to build a new network security ecosystem centered around cryptography technology [4] - The company has successfully partnered with Huawei to promote innovation in network security technology and has collaborated with Guotai Junan to accelerate the application of domestic cryptography [4] - By integrating resources within the industry, Geer Software contributes to the development of domestic technologies and supports national information security strategies [4][5] Group 3: Innovation and Development - The company recognizes the explosive growth in cybersecurity demand due to accelerated digital transformation and integrates ESG principles into product and service innovation [6] - Geer Software has achieved CMMI Level 5 certification, indicating a new level of excellence in R&D management, with a focus on developing innovative security products [7] - In 2024, the company invested approximately 97.89 million yuan in R&D, representing 18.49% of its revenue, and employed 201 R&D personnel, highlighting its commitment to innovation [7] Group 4: Future Outlook - Geer Software plans to continue advancing its ESG initiatives, enhancing governance systems, strengthening innovation capabilities, and expanding ecological cooperation to set a benchmark for sustainable development in the cybersecurity industry [8]