11月11日，格尔软件跌5.33%，截至发稿，报24.35元/股，成交5.18亿元，换手率9.06%，总市值57.00亿 元。 资料显示，格尔软件股份有限公司位于上海市松江区泗泾镇沐川路58弄1-7号G60商用密码产业基地A2 楼，成立日期1998年3月3日，上市日期2017年4月21日，公司主营业务涉及公钥基础设施 PKI(PublicKeyInfrastructure)为核心的商用密码软件产品的研发、生产和销售及服务业务,为用户提供基 于PKI的信息安全系列产品、安全服务和信息安全整体解决方案。主营业务收入构成为：PKI安全应用 产品42.98%，通用安全产品33.02%，PKI基础设施产品23.94%，其他产品0.07%。 从格尔软件十大流通股东角度 曹旭辰累计任职时间174天，现任基金资产总规模351.82亿元，任职期间最佳基金回报88.91%， 任职期 间最差基金回报-0.58%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华 ...

11月7日，格尔软件涨5.01%，截至发稿，报26.82元/股，成交11.26亿元，换手率19.00%，总市值62.78 亿元。 资料显示，格尔软件股份有限公司位于上海市松江区泗泾镇沐川路58弄1-7号G60商用密码产业基地A2 楼，成立日期1998年3月3日，上市日期2017年4月21日，公司主营业务涉及公钥基础设施 PKI(PublicKeyInfrastructure)为核心的商用密码软件产品的研发、生产和销售及服务业务,为用户提供基 于PKI的信息安全系列产品、安全服务和信息安全整体解决方案。主营业务收入构成为：PKI安全应用 产品42.98%，通用安全产品33.02%，PKI基础设施产品23.94%，其他产品0.07%。 从格尔软件十大流通股东角度 数据显示，华宝基金旗下1只基金位居格尔软件十大流通股东。华宝中证金融科技主题ETF（159851） 三季度增持134.58万股，持有股数280.65万股，占流通股的比例为1.21%。根据测算，今日浮盈赚取约 359.23万元。 华宝中证金融科技主题ETF（159851）成立日期2021年3月4日，最新规模123.19亿。今年以来收益 22.13%，同类排 ...

11月5日，格尔软件跌5.04%，截至发稿，报23.53元/股，成交6.01亿元，换手率10.67%，总市值55.10亿 元。 资料显示，格尔软件股份有限公司位于上海市松江区泗泾镇沐川路58弄1-7号G60商用密码产业基地A2 楼，成立日期1998年3月3日，上市日期2017年4月21日，公司主营业务涉及公钥基础设施 PKI(PublicKeyInfrastructure)为核心的商用密码软件产品的研发、生产和销售及服务业务,为用户提供基 于PKI的信息安全系列产品、安全服务和信息安全整体解决方案。主营业务收入构成为：PKI安全应用 产品42.98%，通用安全产品33.02%，PKI基础设施产品23.94%，其他产品0.07%。 从格尔软件十大流通股东角度 数据显示，华宝基金旗下1只基金位居格尔软件十大流通股东。华宝中证金融科技主题ETF（159851） 三季度增持134.58万股，持有股数280.65万股，占流通股的比例为1.21%。根据测算，今日浮亏损失约 350.81万元。 华宝中证金融科技主题ETF（159851）成立日期2021年3月4日，最新规模123.19亿。今年以来收益 23.18%，同类排名 ...

Core Viewpoint - Geer Software experienced a 5.1% decline in stock price, trading at 24.38 CNY per share with a market capitalization of 5.709 billion CNY as of October 31 [1] Company Overview - Geer Software Co., Ltd. is located in Songjiang District, Shanghai, and was established on March 3, 1998, with its IPO on April 21, 2017 [1] - The company specializes in the research, production, sales, and service of commercial cryptographic software products, focusing on Public Key Infrastructure (PKI) [1] - Revenue composition includes: PKI security application products (42.98%), general security products (33.02%), PKI infrastructure products (23.94%), and other products (0.07%) [1] Shareholder Information - Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) is among the top ten circulating shareholders of Geer Software, having increased its holdings by 1.3458 million shares in Q3, totaling 2.8065 million shares, representing 1.21% of circulating shares [2] - The ETF has a current scale of 12.319 billion CNY and has achieved a year-to-date return of 23.81% [2] Fund Manager Performance - The fund managers of Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng, with Chen having a tenure of 12 years and 317 days and a total fund size of 27.86 billion CNY [3] - Chen's best fund return during his tenure is 179.54%, while the worst is -49.65% [3] - Cao has a tenure of 163 days with a fund size of 35.182 billion CNY, achieving a best return of 101.63% and a worst return of 7.72% [3]

Group 1 - The core viewpoint of the news is that Geer Software's stock has seen a significant increase of 5.68%, reaching a price of 17.50 CNY per share, with a trading volume of 356 million CNY and a turnover rate of 9.20%, resulting in a total market capitalization of 4.098 billion CNY [1] - Geer Software, established on March 3, 1998, and listed on April 21, 2017, specializes in the research, production, sales, and service of commercial password software products, primarily focusing on Public Key Infrastructure (PKI) [1] - The company's main business revenue composition includes PKI security application products at 42.98%, general security products at 33.02%, PKI infrastructure products at 23.94%, and other products at 0.07% [1] Group 2 - From the perspective of Geer Software's top ten circulating shareholders, Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) increased its holdings by 123,500 shares in the second quarter, now holding 1.4607 million shares, which accounts for 0.63% of the circulating shares [2] - The Huabao CSI Financial Technology Theme ETF was established on March 4, 2021, with a latest scale of 5.731 billion CNY, achieving a year-to-date return of 19.25% and a one-year return of 31.33% [2] - The fund manager, Chen Jianhua, has a tenure of 12 years and 306 days, with the fund's total asset scale at 15.533 billion CNY, achieving the best return of 165.97% during his tenure [3]

Group 1 - The core viewpoint of the news is that Geer Software has experienced a decline in stock price, with a cumulative drop of 9.05% over the last four days, closing at 14.68 yuan per share [1] - Geer Software, established on March 3, 1998, and listed on April 21, 2017, specializes in the research, production, and sales of commercial password software products, primarily focusing on Public Key Infrastructure (PKI) [1] - The company's revenue composition includes PKI security application products (42.98%), general security products (33.02%), PKI infrastructure products (23.94%), and other products (0.07%) [1] Group 2 - From the perspective of major shareholders, Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) increased its holdings by 123,500 shares in the second quarter, now holding 1,460,700 shares, which is 0.63% of the circulating shares [2] - The Huabao CSI Financial Technology Theme ETF has a current scale of 5.731 billion yuan and has achieved a year-to-date return of 28.66%, ranking 1286 out of 4222 in its category [2] - The fund manager Chen Jianhua has a tenure of 12 years and 260 days, with a total fund asset scale of 15.533 billion yuan, achieving a best return of 153.28% during his tenure [2]

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.00 RMB [8][9]. Core Views - The company's revenue for 2024 was 529.28 million RMB, a year-over-year decrease of 5.71%, while the net profit attributable to the parent company was 36.81 million RMB, a slight decrease of 0.42%. However, the non-recurring net profit increased significantly by 233.45% to 15.69 million RMB, indicating a shift towards higher-margin business segments [1][2]. - The company is expected to recover its performance in 2025, driven by the expansion into new industry clients such as judiciary, telecommunications, and tobacco, as well as overseas clients along the Belt and Road Initiative [1][3]. Summary by Sections Financial Performance - In 2024, the company's revenue from PKI infrastructure products, PKI security application products, and general security products was 1.58 billion RMB, 2.48 billion RMB, and 1.23 billion RMB respectively, showing year-over-year growth of 41.41%, 10.64%, and a decline of 45.28% [2]. - The overall gross margin improved by 4.52 percentage points to 51.99% due to the increased revenue share from high-margin businesses [2]. Business Opportunities - The company is focusing on new security scenarios such as quantum security and AI security, and has made significant progress in product development [3]. - New industry clients are expected to contribute to sustained growth in 2025, with successful projects like the digital trust system in Algeria indicating potential for international expansion [3]. Earnings Forecast and Valuation - The revenue projections for 2025, 2026, and 2027 are 642.05 million RMB, 774.72 million RMB, and 919.08 million RMB respectively, with corresponding EPS estimates of 0.37 RMB, 0.54 RMB, and 0.74 RMB [5][7]. - The report adjusts the revenue and profit forecasts downward due to the transition period affecting low-margin businesses, but maintains a target price based on a 43.3x PE ratio for 2025 [5].