Core Insights - The company, Shandong Shanda Ouma Software Co., Ltd., hosted a research meeting with seven institutions to discuss performance growth, AI integration, and future business opportunities [1] Financial Performance - In the first half of 2025, the company reported revenue of 103 million yuan, a slight decrease of 1.50% year-on-year, while net profit attributable to shareholders reached 36.175 million yuan, an increase of 3.75% year-on-year [2] - Cost control measures led to a 9.25% reduction in management expenses, while R&D investment increased by 6.63%, enhancing service efficiency and product value [2] - The gross profit margin improved to 63.60% [2] AI Integration - The company is focused on deeply integrating AI technology into examination and assessment services, utilizing its AI Innovation Research Institute as a technological engine [3] - Key technologies such as intelligent scoring, intelligent proposition, and intelligent inspection are being developed and applied in various important examination projects [3] - The company has established a technology system supported by data processing, cloud services, and information security, applying AI in specific business processes [3] Future Growth Drivers - Future business growth is driven by core technology advancements, market expansion, and service chain enhancement [4] - The company aims to upgrade its revenue model through the large-scale application of AI technologies, with recent projects including AI-assisted quality inspection scoring services [4] - Market expansion includes establishing branches in Yunnan and Hubei to replicate national project experiences at provincial and municipal levels [4] - The company offers integrated solutions for the entire examination and assessment process, enhancing customer loyalty through a comprehensive service ecosystem [4] - The company has achieved significant breakthroughs in AI technology research and application, with over 600 intellectual property rights and multiple provincial and ministerial awards [4]

在本次销售中，国联民生证券与民生证券密切联动，从前期产品引入到一线对客展业，环环相扣、紧密 协同。9月3日，双方联合召开项目启动会国联民生证券首席财富官兼机构客户部总经理姜晓林，民生证 券副总裁、经纪业务事业部总裁刘洪松分别致辞，凝聚共识、协同攻坚、激励士气，拉开了营销的序 幕。在销售过程中，双方分支机构充分发挥各自的资源禀赋，扩大客户覆盖面，向合适的客户引荐产 品，最终实现客户与业务的双赢。其中，国联民生证券无锡分公司、北京分公司、上海分公司、南京分 公司、青岛分公司，民生证券河南分公司、北京分公司、广州分公司、江苏分公司以及山东第二分公司 成绩亮眼。 本次东方红医疗创新混合(QDII)的成功发行与销售，不仅是国联民生证券母子公司在业务层面高效联动 的体现，更是双方共同推进"以客户为中心"的产品供给和资产配置服务的重要里程碑。 未来，国联民生证券与旗下子公司将持续发挥协同效应，继续引入和定制更多优质产品，不断提升综合 金融服务能力，助力客户实现财富的保值增值，释放1+1>2的协同效能,谱写财富管理业务领域新的篇 章！ 近日，由国联民生（601456）证券与旗下子公司民生证券首次联袂销售的券结产品——东方红医 ...

Core Insights - Guolian Minsheng Securities won the "2025 China Securities Industry Investment Advisory Service Jun Ding Award" for its outstanding professional capabilities and high-quality service levels [1] - The Jun Ding Award, established in 2006, has become one of the most influential and authoritative awards in the industry, aimed at identifying true excellence and setting industry benchmarks [1] - The award serves as recognition of Guolian Minsheng Securities' past achievements and encouragement for future development [1] Company Overview - Guolian Minsheng Securities adheres to a "customer-centric" service philosophy, providing comprehensive and personalized wealth management solutions [1] - The company has developed a strategy system based on a 5 + N framework, offering over 400 investment portfolios to meet the needs of more than 340,000 clients [2] - The company actively explores To B business models, collaborating with small and medium-sized banks to enhance their wealth management capabilities through fund advisory services [2] Team Collaboration - The success of Guolian Minsheng Securities is attributed to the hard work and close collaboration of all employees, from research teams to advisory and operational support [2] - The company emphasizes a collaborative spirit, which has enabled it to stand out in a competitive market and gain client trust and recognition [2] Future Directions - Guolian Minsheng Securities aims to leverage this award as an opportunity to deepen its focus on wealth management, adhering to principles of integrity, stability, openness, and innovation [3] - The company plans to continuously enhance its professional capabilities, optimize service processes, and strengthen team development to contribute to high-quality growth in wealth management and the healthy development of the securities industry [3]

国联民生整合工作又迎来重大进展！ 9月23日晚间，国联民生（601456.SH）公告称，民生证券现有投资银行项目自9月23日起迁移并入国联 民生证券承销保荐有限公司（以下简称"国联民生承销保荐"，曾用名：华英证券有限责任公司）。 此前，国联证券通过全资子公司华英证券开展投行业务，而民生证券是一家投行业务特色鲜明的中型券 商。因此，双方合并后能否在投行业务上发挥协同效应，备受市场关注。 除了投行业务整合有重要进展，近期，21世纪经济报道记者还获悉，国联民生内部发布最新人事任免， 因工作需要，聘任周纪庚担任总裁助理，不再担任首席投资官；聘任姜晓林担任总裁助理，不再担任首 席财富官。此次调整不涉及业务分管内容的变化。 值得注意的是，这是国联民生在今年8月初新一届核心领导班子正式亮相后，迎来的首次人事调整。 据了解，国联民生不再设置"首席"管理序列，简化管理层级，是此次调整的重要原因。两位总裁助理职 级高于公司中层正职，姜晓林仍兼任机构客户部总经理，继续分管财富管理业务；周纪庚兼任证券投资 部总经理，分管自营投资业务。 回到当下，9月23日晚间，国联民生发布关于投行业务整合及客户与业务迁移的公告称，本次收购后国 联民 ...

Core Viewpoint - Pingao Co., Ltd. reported a revenue of 165.11 million yuan for the first half of 2025, marking a year-on-year increase of 7.21%, while the net profit attributable to shareholders was -15.81 million yuan, an improvement from -25.06 million yuan in the same period last year [1][2]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 165.11 million yuan in the first half of 2025, up from 153.99 million yuan in the previous year, reflecting a growth of 7.21% [1][2]. - **Net Profit**: The net profit attributable to shareholders was -15.81 million yuan, compared to -25.06 million yuan in the same period last year, indicating a reduction in losses [1][2]. - **Net Profit Excluding Non-Recurring Items**: The net profit attributable to shareholders, excluding non-recurring items, was -19.06 million yuan, an improvement from -28.02 million yuan year-on-year [1][2]. - **Cash Flow**: The net cash flow from operating activities was -17.13 million yuan, compared to -112.09 million yuan in the same period last year, showing a significant reduction in cash outflow [1][2]. Historical Performance - **2024 Revenue**: For the year 2024, the company reported a revenue of 520.01 million yuan, a decrease of 4.81% from 546.26 million yuan in 2023 [3]. - **2024 Net Profit**: The net profit attributable to shareholders for 2024 was -64.06 million yuan, worsening from -10.68 million yuan in 2023 [3]. - **2024 Cash Flow**: The net cash flow from operating activities for 2024 was -112.84 million yuan, slightly improved from -120.03 million yuan in the previous year [3]. IPO and Fundraising - **IPO Details**: Pingao Co., Ltd. went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2021, issuing 28.26 million shares at a price of 37.09 yuan per share [3]. - **Fundraising Amount**: The total amount raised from the IPO was 1.048 billion yuan, with a net amount of 917 million yuan after deducting issuance costs [4]. - **Use of Funds**: The funds raised are intended for information technology innovation cloud platform, dedicated information service platform, Pingao Building construction, and to supplement working capital [4].

Core Viewpoint - The integration of Guolian Minsheng and Minsheng Securities is progressing, with the migration of existing investment banking projects expected to enhance overall business performance significantly [1][3][5]. Group 1: Integration Progress - As of September 23, Minsheng Securities' investment banking projects have been officially transferred to Guolian Minsheng [3]. - Guolian Minsheng has completed the acquisition of 99.26% of Minsheng Securities and is advancing the integration process [3]. - Currently, Minsheng Securities is involved in 15 ongoing IPO and refinancing projects, with 12 in the inquiry and response stages [3][4]. Group 2: Financial Performance - In the first half of 2025, Guolian Minsheng's investment banking revenue reached 544 million yuan, marking a year-on-year increase of 214.94% [3][4]. - The overall revenue for Guolian Minsheng in the first half of 2025 was 4.011 billion yuan, up 269.4%, with a net profit of 1.127 billion yuan, reflecting a growth of 1185.19% [6][7]. Group 3: Market Position and Future Strategy - The integration is expected to enhance Guolian Minsheng's market position and service capabilities in the investment banking sector [4][7]. - The company aims to focus on industry investment banking, technology investment banking, and wealth investment banking, while expanding its coverage of key and emerging industries [7]. - There is an emphasis on leveraging data and AI technologies to optimize business processes and improve service quality [4][7].

Core Viewpoint - The transformation of wealth management in China requires significant improvements in various areas, particularly in buyer investment advisory services, which are currently insufficiently developed [1] Group 1: Wealth Management Transformation - The depth of buyer investment advisory services is far from adequate [1] - The concept of "long money, long investment" has not been fully realized [1] - There is a relative lack of excellent client managers, leading to insufficient trust from clients [1] Group 2: Future of Wealth Management - Buyer investment advisory services are considered the foundation of wealth management transformation [1] - Buyer investment advisory, represented by "fund advisory," has established a new legal relationship similar to full discretionary management [1] - This new relationship is expected to become the cornerstone of future wealth management [1]

Group 1 - The core mission of wealth management institutions is to help investors achieve sustainable returns through professional asset allocation and service capabilities [1] - Major factors influencing clients' long-term investment mindset include significant drawdowns and unrealistic expectations [1] - The key lies in bridging the gap between allocation capabilities and client service, with technology empowerment expected to optimize and accelerate this process [1]

Core Viewpoint - Guolian Minsheng (01456.HK) has announced the integration of Minsheng Securities' investment banking projects into Guolian Minsheng's underwriting and sponsorship business, following the acquisition of 99.26% of Minsheng Securities' shares [1] Group 1: Acquisition and Integration - Guolian Minsheng has completed the acquisition of 99.26% of Minsheng Securities and is progressing with the related fundraising activities [1] - All existing projects of Minsheng Securities, including those in various stages of approval and advisory roles, will now be managed by Guolian Minsheng [1] - The integration of investment banking operations between Guolian Minsheng and Minsheng Securities is being carried out in an orderly manner, with Guolian Minsheng designated as the primary entity for these operations [1]

本公告所附民生证券现有上交所、深交所、北交所、全国中小企业股份转让系统的股权类在审、已注册 尚未完成发行、已获同意未完成挂牌、持续督导项目清单中项目，以及所有其他在辅导、债券承销、受 托管理以及财务顾问等项目，自2025年9月23日起迁移并入国联民生承销保荐，民生证券签署的上述项 目相关协议均由国联民生承销保荐继续履行，原协议中民生证券的权利义务全部由国联民生承销保荐承 继，并由国联民生承销保荐按照原协议约定继续为客户提供服务。 格隆汇9月24日丨国联民生(01456.HK)发布公告，根据相关要求，公司已完成发行股份购买民生证券 99.26%股份并募集配套资金相关事项，并妥善有序推进整合工作。公司收购民生证券前通过全资子公 司国联民生证券承销保荐有限公司(以下简称"国联民生承销保荐"，曾用名：华英证券有限责任公司)开 展投资银行业务。本次收购后国联民生承销保荐与民生证券投资银行业务整合工作稳步推进，并将国联 民生承销保荐确定为公司投资银行业务整合后的业务开展主体，现就投资银行业务整合所涉客户与业务 迁移及合同承继相关事项公告如下： ...