Group 1 - The core point of the article is that Xianggan (Beijing) Technology Co., Ltd. has completed a Pre-A round financing exceeding 100 million yuan [1] - The financing was led by Tianji Capital and PwC Capital, with participation from several other institutions including Beichuang Investment, Bihai Times, Yingfu Technology, Qifu Capital, and Binfu Capital [1] - The funds raised will primarily be used for the construction of quantum computing systems and talent expansion [1]

Core Insights - The company, Xianggan Technology Co., Ltd., has successfully completed a Pre-A round financing exceeding 100 million yuan [1] - The financing was led by Tianji Capital and PwC Capital, with participation from several other institutions [1] - The funds raised will primarily be used for the construction of quantum computing systems and talent expansion [1] Financing Details - The total amount raised in the Pre-A round is over 100 million yuan [1] - Leading investors include Tianji Capital and PwC Capital, indicating strong interest from reputable financial institutions [1] - Other participating investors include Beichuang Venture Capital, Bihai Times, Yingfu Technology, Qif Capital, and Binfu Capital [1] Use of Funds - The primary focus of the funding will be on building quantum computing systems [1] - There is also an emphasis on expanding the talent pool within the company to support its growth in the quantum computing sector [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing significant growth in its quantum computing business, which is expected to drive overall performance improvement. For 2025, the company anticipates a revenue of 310 million yuan, representing a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 5 million yuan, marking a return to profitability [6][10] - The quantum computing industry is entering its first rapid growth phase, with increasing participation from various players. The global quantum computing market is projected to grow from 5.037 billion USD in 2024 to 111.75 billion USD by 2027, and further to 219.978 billion USD by 2030 [8][10] - The company is positioned as a core supplier in the quantum communication sector, with a significant market share of approximately 90% in China. The domestic market for quantum communication is expected to reach 8 billion yuan in 2025, driven by demand from key industries such as government, finance, and energy [10] Summary by Sections Recent Performance - The company's stock performance over the past year shows a 139.4% increase, significantly outperforming the CSI 300 index, which only increased by 23.3% [4] - As of January 30, 2026, the company's current stock price is 624.20 yuan, with a market capitalization of approximately 64.21 billion yuan [4] Financial Forecast - Revenue projections for the company are as follows: 2025E at 311 million yuan, 2026E at 471 million yuan, and 2027E at 702 million yuan, with corresponding net profits of 5 million yuan, 29 million yuan, and 46 million yuan respectively [11][12] - The expected growth rates for revenue and net profit are 23% and 116% for 2025, and 52% and 473% for 2026 [11] Business Developments - The company has successfully passed acceptance tests for its quantum computing systems, including a 200-qubit superconducting quantum computer, which is now part of China's first publicly launched "supercomputing + quantum computing" fusion center [9][10] - The company has also achieved a breakthrough in international markets with the successful export of a 25-qubit superconducting system [9]

Core Viewpoint - Quantum technology is identified as a key future industry for national development, with recent catalysts indicating growth potential in the sector [1] Group 1: Industry Developments - The IPO application of Guoyi Quantum Technology (Hefei) Co., Ltd. has been accepted by the Sci-Tech Innovation Board, signaling increased investment interest in quantum technology [1] - The official release of the national standard for "Helium-free Dilution Refrigerators" marks a significant advancement in the industry, potentially enhancing the technological framework for quantum applications [1] Group 2: Investment Recommendations - Continuous attention is recommended for the quantum technology supply chain, particularly in areas such as quantum computing systems, dilution refrigerators, and low-temperature coaxial cables, which are critical components for the industry's growth [1]

Industry Insights - Shanghai Municipal Economic and Information Technology Commission has issued the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)" to accelerate future terminal research and development, focusing on next-generation mobile communication, quantum computing, and photonic computing [1] - The plan includes advanced wireless communication, new network architecture, and integrated space-ground technology research, aiming for breakthroughs in quantum computing algorithms and applications in vertical industries [1] - Quantum computing is positioned as a key driver of future global technological transformation, with domestic companies having a relatively leading position in technology, products, and market layout in the quantum frontier technology field [1] Company Developments - Keda Guokuan has strategically invested in high-quality quantum technology enterprises and is actively promoting collaboration in quantum software, leveraging its advantages in industry-academia-research integration [2] - GuoDun Quantum is recognized as a domestic leader in quantum technology, covering quantum communication, quantum computing, and quantum precision measurement. It is the first publicly listed quantum technology company in China, with a significant revenue increase of 283.92% in quantum computing business due to breakthroughs in sales of quantum computing systems in the first half of 2025 [2]