证券日报网讯 1月9日，启明星辰在互动平台回答投资者提问时表示，公司携手中国移动积极跟进量子 科技等前沿技术，围绕量子计算的安全威胁展开研究，并将能力升级到产品中，一方面升级了抗量子密 码体系，实现后量子密码算法的产品化集成与平滑演进；另一方面，在VPN产品中融合量子密钥分发技 术，增强密钥供给与业务协同能力。目前，已在金融、电信等国家关键信息基础设施领域成功落地，为 量子安全提供密码安全基础。 （文章来源：证券日报） ...

证券日报网讯1月7日，启明星辰（002439）在互动平台回答投资者提问时表示，公司积极跟进量子计算 技术的飞速发展，持续迭代产品能力。为应对量子计算威胁，升级了抗量子密码体系，实现后量子密码 算法的产品化集成与平滑演进。同时，在VPN产品中融合量子密钥分发技术，增强密钥供给与业务协同 能力。截至目前，已在金融、电信等国家关键信息基础设施领域成功落地，为量子安全提供密码安全基 础。 ...

Core Insights - Q3 2025 report shows significant improvement in key financial metrics for Qimingxingchen, with revenue reaching 1.548 billion yuan and gross margin increasing by 7 percentage points year-on-year [1] - The company has achieved positive operating cash flow for two consecutive quarters, indicating a solid operational foundation [1] Financial Performance - Revenue for the first three quarters of 2025 was 1.548 billion yuan, with a gross margin increase of 7 percentage points year-on-year and a nearly 16 percentage point increase in Q3 alone [1] - Operating expenses were reduced by 161 million yuan compared to the same period last year, demonstrating effective cost management [1] - Net cash flow from operating activities increased by 443 million yuan year-on-year, a growth of 75%, maintaining positive inflow for two consecutive quarters [2] Cash and Debt Management - The company has cash reserves exceeding 4.2 billion yuan and no interest-bearing debt, positioning it strongly within the industry [2] - This financial strength supports increased investment in technology and market opportunities, as well as talent retention [2] Strategic Partnerships and Market Position - Collaboration with China Mobile has accelerated technology transfer and market expansion, leading to successful bids for key products like large model security products and the "Data Oasis" product line [2] - The company has secured a major contract for a national medical big data center, enhancing its market position in data security [3] Technological Advancements - Qimingxingchen is proactively engaging in quantum computing and other cutting-edge technology areas, integrating quantum key distribution into its VPN products to enhance security capabilities [3] - The company’s large model application firewall (MAF) has been recognized as a leading technology in AI application security, winning exclusive contracts with major internet firms [2][3]