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]