香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 國聯民生證券股份有限公司 董事長 顧偉 中國江蘇省無錫市 2025年10月30日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為顧偉先生、 周衛平先生、吳衛華先生、楊振興先生及劉海林先生；及本公司獨立非執行董事為 高偉先生、郭春明先生及徐慧敏女士。 证券代码：601456 证券简称：国联民生 公告编号：2025-065 号 国联民生证券股份有限公司 第五届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 国联民生证券股份有限公司（以 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 國聯民生證券股份有限公司 董事長 顧偉 中國江蘇省無錫市 2025年10月30日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為顧偉先生、 周衛平先生、吳衛華先生、楊振興先生及劉海林先生；及本公司獨立非執行董事為 高偉先生、郭春明先生及徐慧敏女士。 特此公告。 承董事會命 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601456 证券简称：国联民生 公告编号：2025-064 号 国联民生证券股份有限公司 第五届董事会第二十九次会议决议公告 一、董事会会议召开情况 国联民生证券股份有限公司（以 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,026,903,912.14, representing a year-on-year increase of 120.55%[6] - Total profit for the third quarter was ¥811,342,079.47, up 103.93% compared to the same period last year[6] - Net profit attributable to shareholders was ¥635,504,516.56, reflecting a growth of 106.24% year-on-year[6] - Total operating revenue for the first three quarters of 2025 reached RMB 6,038,106,644.30, a significant increase from RMB 2,004,892,871.86 in the same period of 2024, representing a growth of approximately 201.5%[36] - Net profit for the first three quarters of 2025 was RMB 1,779,118,232.20, compared to RMB 401,862,636.67 in 2024, marking an increase of about 342.5%[37] - The company reported a net profit of ¥1,288,091,746.41 for the first three quarters of 2025, up from ¥247,607,210.87 in 2024, reflecting a growth of approximately 419.5%[51] - Total comprehensive income for the first three quarters of 2025 was RMB 2,356,872,355.22, up from RMB 1,004,037,342.32 in 2024, reflecting a growth of approximately 134.3%[38] - Total comprehensive income for the first three quarters of 2025 was ¥1,171,382,001.31, compared to ¥852,697,167.46 in 2024, indicating an increase of about 37.4%[54] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥189,324,970,981.32, an increase of 94.76% from the previous year[8] - The equity attributable to shareholders increased to ¥52,020,192,877.88, marking a significant rise of 179.91% year-on-year[8] - The company's total assets as of September 30, 2025, amount to 189,324,970,981.32 RMB, a significant increase from 97,208,143,600.76 RMB at the end of 2024[31] - The total liabilities as of September 30, 2025, are 136,797,889,132.39 RMB, compared to 78,260,127,254.77 RMB at the end of 2024[32] - The company’s total liabilities and shareholders' equity increased significantly, with total liabilities reaching RMB 136,797,889,132.39 in 2025 compared to RMB 78,259,127,254.77 in 2024[33] - The total liabilities as of September 30, 2025, were ¥82,615,563,123.50, compared to ¥77,047,868,352.91 at the end of 2024, indicating an increase of approximately 7.3%[48] Cash Flow - The net cash flow from operating activities for the year-to-date period was negative at -¥1,929,752,746.25, a decline of 114.87% compared to the previous year[6] - Net cash flow from operating activities for the first three quarters of 2025 was negative at RMB -1,929,752,746.25, a decline from a positive RMB 12,977,293,226.32 in 2024[41] - Cash inflow from operating activities for the first three quarters of 2025 was ¥6,999,961,050.04, a decrease from ¥19,279,434,552.10 in 2024[58] - Cash flow from investment activities generated a net inflow of ¥3,414,481,871.47 in 2025, compared to ¥2,185,598,976.94 in 2024, marking an increase of approximately 56.2%[59] - The net cash inflow from investment activities in 2025 included ¥22,274,778,919.89 received from other investment-related activities, which was not reported in 2024[42] Shareholder Information - The total number of common shareholders at the end of the reporting period is 91,934[23] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 1,355,626,560 shares, accounting for 23.86% of total shares[23] - The number of A-share shareholders is 91,845, while H-share registered shareholders total 89[28] - The top ten shareholders collectively hold 38.52% of the company's shares, indicating a concentrated ownership structure[26] Investment and Income - The company attributed its performance growth to increased revenues from securities investment, brokerage services, and banking operations[14] - Net interest income reached approximately ¥103.77 million, a significant recovery from a loss of ¥128.62 million in the previous year[22] - Net commission and fee income rose by 145.34% to approximately ¥2.91 billion, driven by increased brokerage and investment banking revenues[22] - Investment income surged to approximately ¥2.80 billion, a significant improvement from a loss of ¥1.13 billion in the previous year[22] - Total investment income for the first three quarters of 2025 was RMB 2,804,351,832.40, compared to a loss of RMB -1,133,818,130.43 in 2024, indicating a significant recovery[36] Cash and Cash Equivalents - Cash and cash equivalents increased by 150.41% to approximately ¥38.59 billion due to the consolidation of newly acquired subsidiaries[20] - Cash and cash equivalents at the end of September 2025 totaled ¥52,285,514,981.49, compared to ¥29,636,650,468.44 at the end of 2024, marking an increase of about 76.2%[42] - The total cash and cash equivalents at the end of the third quarter of 2025 amounted to ¥28,394,316,695.80, slightly down from ¥28,583,447,018.64 in 2024[59]

Core Insights - Minsheng Securities successfully issued a non-public offering of short-term corporate bonds amounting to 1.5 billion yuan, with a one-year maturity and a record low interest rate of 1.80% [1][2] - The bond issuance reflects market recognition of the successful integration of Guolian Minsheng, with a significant narrowing of credit spreads between parent and subsidiary bonds [1][2] - The successful bond issuance supports Minsheng Securities' ability to finance at lower costs, enhancing its market competitiveness and aiding in the smooth advancement of business integration [1][2] Summary by Sections Bond Issuance Details - The bond issuance totaled 1.5 billion yuan with a subscription multiple of 2.83 times, achieving the lowest interest rate for a one-year bond in its history [1] - The interest rate was approximately 10 basis points lower than comparable existing bonds on the issuance date [1] Credit Rating and Market Confidence - Minsheng Securities' credit rating has been upgraded from AA+ to AAA following the successful integration with Guolian Group, leading to a gradual decrease in bond issuance rates [2] - The successful bond issuance demonstrates investor confidence in the new structure of "Guolian Minsheng" and supports the company's goals in various financial sectors [2] Operational Synergy and Future Prospects - The bond issuance was a collaborative effort across different business lines and subsidiaries, showcasing the integration of resources and operational synergy [2] - This successful issuance lays a solid foundation for future resource integration and business collaboration, enhancing the company's comprehensive financial service capabilities [2]

Core Viewpoint - The restructuring of Guolian Minsheng Securities is seeing key representatives from the "Minsheng system" taking on significant roles, indicating a strategic focus on leveraging experienced personnel for investment banking operations [1][5]. Personnel Changes - Recent leadership changes include the appointment of Shi Weidong as the head of the Nanjing branch, replacing Zhang Mingju on October 22 [2][5]. - The Beijing branch saw a change in leadership from Zou Lei to Yu Chunyu on October 17, while the Shenzhen branch transitioned from Zhou Yili to Xu Jie on the same day [3][5]. - All newly appointed leaders are veterans from Minsheng Securities, emphasizing the importance of experienced personnel in the restructuring process [5]. Company Background - Guolian Minsheng Securities, previously known as Huaying Securities, has undergone a name change and restructuring, with a focus on integrating Minsheng Securities' investment banking projects [5]. - The company has established new branches in Nanjing, Shandong, and Guangdong this year, with leaders from Minsheng Securities heading these new offices [5][6]. Business Performance - The investment banking segment of Guolian Minsheng Securities reported revenue of 544 million yuan, reflecting a year-on-year increase of 214.94% [10]. - The company currently has five projects awaiting approval, ranking it tenth in the industry in terms of project reserves [10]. Regulatory Issues - The company has faced multiple regulatory penalties this year, including warnings from the Zhejiang Securities Regulatory Bureau for inadequate oversight during the IPO process of Zhejiang Weikang Pharmaceutical [7][10]. - Previous penalties involved issues related to internal controls and due diligence in past projects, highlighting the need for improved compliance and operational quality moving forward [10].

Core Points - Tianli Lithium Energy (301152.SZ) closed at 31.47 yuan, with a decline of 2.93% [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext on August 29, 2022, with an initial public offering (IPO) of 30.5 million shares at a price of 57.00 yuan per share [1] - The highest price recorded on the first trading day was 82.00 yuan, indicating the stock is currently in a state of decline [1] Financial Summary - The total amount raised from the IPO was 173.85 million yuan, with a net amount of 155.03 million yuan after expenses [1] - The net amount raised exceeded the original plan by 71.39 million yuan, which was initially set at 83.65 million yuan [1] - The total issuance costs amounted to 18.82 million yuan, with underwriting and sponsorship fees accounting for 16.32 million yuan [1]

Core Viewpoint - The company SiNan Navigation (688592.SH) reported significant changes in its financial performance for the first half of 2025, with a notable increase in revenue but a substantial net loss [1]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 171 million yuan, representing a year-on-year growth of 41.82% [1]. - The net profit attributable to shareholders was -2.72 million yuan, a decrease of 218.32% compared to the previous year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -7.65 million yuan, an increase of 11.11% year-on-year [1]. - The net cash flow from operating activities was -60.66 million yuan, an increase of 18.80% year-on-year [1]. 2024 Financial Data Summary - In 2024, the company reported operating revenue of 412.86 million yuan, a slight increase of 0.28% year-on-year [2][3]. - The net profit attributable to shareholders was -33.05 million yuan, a decrease of 179.03% compared to the previous year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -50.10 million yuan, a decrease of 294.21% year-on-year [4]. - The net cash flow from operating activities was 111.81 million yuan, a significant increase of 431.40% year-on-year [4]. Initial Public Offering (IPO) Details - SiNan Navigation was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 16, 2023, with an initial public offering of 15.54 million shares at a price of 50.50 yuan per share [4]. - The total amount raised from the IPO was 784.77 million yuan, with a net amount of 691.10 million yuan after deducting issuance costs [5]. - The company planned to use the raised funds for high-precision PNT technology upgrades, information system construction, marketing network development, and working capital [6].

Core Insights - The report from Guolian Minsheng Securities indicates a weakening trend in both domestic and export sales of household air conditioners in September, influenced by base effects and policy changes [1] - Despite the overall decline, Haier has shown significant growth, suggesting a divergence in performance among leading brands [1][3] - The white goods sector has been underperforming since Q3 2025, with current relative valuations at historical lows, indicating that short-term pressures may already be priced in [1] Group 1: Production and Sales Data - In September, the production of household air conditioners reached 10.57 million units, down 13.48% year-on-year, while sales totaled 10.88 million units, down 10.24% year-on-year [1] - Domestic sales were 5.95 million units, a decrease of 2.52% year-on-year, while exports were 4.94 million units, down 18.06% year-on-year [1] - Inventory at the end of the month stood at 14.26 million units, a decline of 2.36% year-on-year [1] Group 2: Domestic Market Trends - Domestic air conditioner sales in September saw a year-on-year decline of 3%, aligning with expectations due to a high base effect [2] - The upcoming policy for replacing old units in Q4 2024 is expected to drive a significant increase in domestic sales, with projections of a 24% year-on-year growth [2] - The retail volume for online and offline sales showed a two-year CAGR of 31% and 1%, respectively, indicating stable demand despite seasonal fluctuations [2] Group 3: Brand Performance - In September, Midea and Gree experienced year-on-year sales declines of 15% and 13%, respectively, while Haier reported a 25% increase [3] - Haier's market share increased by 3.7 percentage points year-on-year, with a notable 37% growth in Q3 2025 [3] - The average retail prices for air conditioners showed a slight increase of 0.4% online but a decrease of 7.5% offline, reflecting pressure on volume sales [3] Group 4: Export Market Dynamics - Export sales of air conditioners fell by 18% year-on-year, indicating ongoing challenges in the external market [4] - There are signs of improvement in export orders for leading brands, with production guidance for October and November showing a decrease of 9.4% and 6.6% compared to the same period last year [4] - The anticipated growth in export sales for Q4 2024 is projected at 49%, although challenges remain due to trade negotiations and tariff issues [4] Group 5: Investment Recommendations - The report recommends continued investment in leading brands such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric Appliances, highlighting their resilience and high-quality attributes [5]

Group 1 - The stock of Feiwo Technology (301232.SZ) closed at 43.85 yuan, with a decline of 4.22%, currently in a broken state [1] - Feiwo Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 15, 2023, with an initial public offering of 13.47 million shares at a price of 72.50 yuan per share [1] - The company raised a total of 976.575 million yuan from the public offering, with a net amount of 851.5061 million yuan after deducting issuance costs, exceeding the original plan by 294.3982 million yuan [1] Group 2 - The company plans to use the raised funds of 557.1079 million yuan for the construction of wind power high-strength fastener production lines, non-wind power high-strength fastener production lines, purchasing factory buildings, and supplementing working capital [1] - The underwriters for the issuance were Minsheng Securities Co., Ltd. and Shenwan Hongyuan Securities Co., Ltd., with total issuance costs amounting to 125.0689 million yuan [1] Group 3 - On May 29, 2024, Feiwo Technology announced a cash dividend distribution of 2.00 yuan per 10 shares (including tax), totaling 10.7374782 million yuan [2] - The company will also increase its capital reserve by issuing 4 additional shares for every 10 shares held, resulting in a total share capital of 75,162,347 shares after the increase [2]

Core Insights - Guolian Minsheng (国联民生) announced the steady progress of the integration of its underwriting and sponsorship business with Minsheng Securities, establishing Guolian Minsheng as the main entity for investment banking after the merger [1] Group 1: Company Developments - Following the merger, all ongoing projects related to equity underwriting, bond underwriting, and financial advisory will be transferred to Guolian Minsheng from September 23, 2025 [1] - As of the end of September 2025, Guolian Minsheng will have a total of 11 IPO projects, ranking 7th among domestic securities firms and positioning itself in the top tier of investment banking sponsors in China [1] Group 2: Market Position - Minsheng Securities has a strong position in investment banking, with 3 IPOs completed by the end of September, raising a total of 1.726 billion [3] - The ranking of securities firms by the number of A-share listings sponsored shows that several firms, including Guolian Minsheng and Minsheng Securities, are competing closely, with the top firms having completed 8 and 7 IPOs respectively [5]