Core Viewpoint - The company has officially changed its registered name in Hong Kong from "恒泰証券股份有限公司" and "恒投证券" to "金融街证券股份有限公司" and from "HENGTAI SECURITIES CO., LTD." and "HENGTOU SECURITIES" to "Financial Street Securities Co., Limited" [1] Group 1 - The name change was confirmed by the Hong Kong Companies Registry on October 9, 2025 [1] - The trading name for H-shares on the Hong Kong Stock Exchange will change from "恒投证券" to "金融街证券" and from "HENGTOU SEC" to "FIN STREET SEC" effective from 9:00 AM on October 28, 2025 [1] - The H-share stock code will remain unchanged at "01476" [1]

本公司于联交所进行买卖H股的中文股份简称将由"恒投证券"变更为"金融街证券"及英文股份简称将 由"HENGTOU SEC"变 更 为"FIN STREET SEC"， 自 2025年10月28日上午9时正起生效。H股股份代号 维持不变，仍为"01476"。 智通财经APP讯，恒投证券(01476)发布公告，于2025年10月9日，香港公司注册处处长发出《注册非香 港公司变更名称注册证明书》，确认本公司根据《公司条例》(香港法例第622章)第 16 部在香港注册的 中文公司名称由"恒泰証券股份有限公司"及"恒投证券"变更为"金融街证券股份有限公司"，而英文公司 名称由"HENGTAI SECURITIES CO., LTD."及"HENGTOU SECURITIES"变 更 为"Financial Street Securities Co., Limited" ...

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之內 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分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 金融街證券股份有限公司 Financial Street Securities Co., Limited （於中華人民共和國註冊成立的股份有限公司 （前稱「恒泰证券股份有限公司」）， 在香港以前稱「恒投證券」（中文）及「HENGTOU SECURITIES」（英文）名義開展業務） （股份代號：01476） 祝豔輝 董事長 中國北京 2025年10月23日 誠 如 該 等 公 告 及 該 通 函 所 述，本 公 司 已 完 成 公 司 名 稱（「公司名稱」）的 工 商 變 更 登 記 手 續，並 取 得 呼 和 浩 特 市 行 政 審 批 和 政 務 服 務 局 換 發 的 營 業 執 照。中 文 公 司 名 稱 由「恒 泰 証 券 股 份 有 限 公 司」變 更 為「金 融 街 證 券 股 份 有 限 公 司」，而 英 文 公 司 名 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恒投證券 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01476 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 450,846,000 | RMB | | 1 RMB | | 450,846,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 450,846,000 | RMB | | 1 RMB | | 450,846,000 | 本月底法定/註冊股本總額： RMB 2,604,567,412 第 ...

金融街证券股份有限公司 Financial Street Securities Co.,Limited (于中华人民共和国注册成立的股份有限公司) 章程 中国 二零二四年八月 （经公司 2024 年第二次临时股东大会审议批准修订） 第 1 页 共 83 页 制定依据： 《中华人民共和国公司法》、《中华人民共和国企业国有资产法》、《中国共产党章程》、《中华人 民共和国证券法》、《到境外上市公司章程必备条款》、《香港联合交易所有限公司证券上市规则》、 《证券公司治理准则》、《证券公司股权管理规定》等。 第 2 页 共 83 页 第一章 总 则 第一条 为维护金融街证券股份有限公司（以下简称"公司"或"本公司"）、股东和债权 人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国企业国有资产法》、《中国共产党章程》、《中华人民共和国证券法》（以下简称 "《证券法》"）、《国务院关于股份有限公司境外募集股份及上市的特别规定》（以下简称"《特别 规定》"）、《到境外上市公司章程必备条款》（以下简称"《必备条款》"）、《关于到香港上市公司 对公司章程作补充修改的意见 ...

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之內 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分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 恒投證券 HENGTOU SECURITIES （於中華人民共和國以中文公司名稱「金融街證券股份有限公司」 （前稱「恒泰证券股份有限公司」）註冊成立的股份有限公司， 在香港以「恒投證券」（中文）及「HENGTOU SECURITIES」（英文）名義開展業務） （股份代碼：01476） 更改公司名稱 茲 提 述 金 融 街 證 券 股 份 有 限 公 司（前 稱 恒 泰 証 券 股 份 有 限 公 司）（「本公司」） 日期為2024年8月2日之公告（「該公告」）及本公司日期為2024年8月8日 之 2024年 第 二 次 臨 時 股 東 大 會 通 函（「該通函」），內 容 有 關（其 中 包 括）建 議 更改公司名稱 及建議修改《公司章程》。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 通 函 所 界 定 者 具 ...

[Important Notice](index=3&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The report emphasizes the responsibility of the Board of Directors, Supervisory Committee, and senior management for the truthfulness, accuracy, and completeness of the report content, with interim financial information reviewed by Grant Thornton Hong Kong Limited and guaranteed by key executives, while forward-looking statements are not substantive commitments - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - The interim financial information for the six months ended June 30, 2025, has been reviewed by Grant Thornton Hong Kong Limited[4](index=4&type=chunk) - Chairman Mr. Zhu Yanhui, President Mr. Yin Guohong, and Chief Financial Officer Mr. Sun Hang declare and guarantee the truthfulness, accuracy, and completeness of the interim financial information[5](index=5&type=chunk) [Section I Definitions](index=3&type=section&id=%E7%AC%AC%E4%B8%80%E7%AF%80%20%E9%87%8B%E4%B9%89) This section defines key terms and entities used in the report, including company names, major shareholders, subsidiaries, financial products, and regulatory bodies, ensuring clear understanding of the report content - The Company, Hengtou Securities, refers to a limited company established in China on December 28, 1998, and converted into a joint-stock company under Chinese law on November 3, 2008[7](index=7&type=chunk) - The Reporting Period refers to the six months ended June 30, 2025[10](index=10&type=chunk) - Major shareholders include Baotou Huazi, Financial Street Capital, Financial Street Investment, Financial Street Xihuan Property, Tianfeng Securities, Huifa Technology, and Hongzhi Huitong[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk) [Section II Company Profile](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E7%AF%80%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's basic information, including Chinese and English names, Board of Directors and special committee members, Supervisory Committee members, company secretary, authorized representatives, registered and headquarters addresses, auditors, and H-share listing information, comprehensively presenting the company's organizational structure and general overview - The company's Chinese name is Hengtai Securities Co., Ltd., operating in Hong Kong under the name 'Hengtou Securities'[14](index=14&type=chunk) - The Board of Directors consists of 1 executive director (Chairman Zhu Yanhui), 5 non-executive directors, and 3 independent non-executive directors[15](index=15&type=chunk) - The company's headquarters is located at 12th Floor, Block B, Desheng International Center, No. 83 Deshengmenwai Street, Xicheng District, Beijing, China[19](index=19&type=chunk) [Company Name](index=8&type=section&id=%E4%B8%80.%20%E5%85%AC%E5%8F%B8%E5%90%8D%E7%A8%B1) [Board of Directors](index=8&type=section&id=%E4%BA%8C.%20%E8%91%A3%E4%BA%8B%E6%9C%83) [Supervisory Committee](index=9&type=section&id=%E4%B8%89.%20%E7%9B%A3%E4%BA%8B%E6%9C%83) [Board Secretary](index=9&type=section&id=%E5%9B%9B.%20%E8%91%A3%E4%BA%8B%E6%9C%83%E7%A7%98%E4%B9%A6) [Joint Company Secretaries](index=9&type=section&id=%E4%BA%94.%20%E8%81%AF%E5%B8%AD%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8) [Authorized Representatives](index=9&type=section&id=%E5%85%AD.%20%E6%8E%88%E6%AC%8A%E4%BB%A3%E8%A1%A8) [China Headquarters](index=9&type=section&id=%E4%B8%83.%20%E4%B8%AD%E5%9C%8B%E7%B8%BD%E9%83%A8) [Hong Kong Business Address](index=9&type=section&id=%E5%85%AB.%20%E9%A6%99%E6%B8%AF%E7%87%9F%E6%A5%AD%E5%9C%B0%E5%9D%80) [Auditor](index=10&type=section&id=%E4%B9%9D.%20%E6%A0%B8%E6%95%B8%E5%B8%AB) [Hong Kong Legal Advisor](index=10&type=section&id=%E5%8D%81.%20%E9%A6%99%E6%B8%AF%E6%B3%95%E5%BE%8B%E9%A1%A7%E5%95%8F) [H Share Registrar](index=10&type=section&id=%E5%8D%81%E4%B8%80.%20H%E8%82%A1%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E8%99%95) [H Share Stock Code](index=10&type=section&id=%E5%8D%81%E4%BA%8C.%20H%E8%82%A1%E8%82%A1%E7%A5%A8%E4%BB%A3%E8%99%9F) [Section III Summary of Accounting Data and Financial Indicators](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E7%AF%80%20%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99%E6%91%98%E8%A6%81) This section summarizes the company's key accounting data and financial indicators for the six months ended June 30, 2025, including operating performance, profitability, scale indicators, and risk control indicators, demonstrating significant performance growth and compliance with regulatory risk requirements Key Operating Performance and Profitability Indicators for H1 2025 (RMB thousands) | Indicator | Jan 1, 2025 to Jun 30, 2025 | Jan 1, 2024 to Jun 30, 2024 | YoY Growth/(Decline) | | :--- | :--- | :--- | :--- | | Total Operating Income | 1,665,642 | 1,169,284 | 42.45% | | Profit Before Tax | 314,359 | 75,098 | 318.60% | | Profit for the Period – Attributable to Ordinary Equity Holders of the Company | 240,733 | 53,872 | 346.86% | | Net Cash Generated From/(Used In) Operating Activities | 389,736 | (129,342) | 401.32% | | Basic Earnings Per Share (RMB per share) | 0.0924 | 0.0207 | 346.38% | | Weighted Average Return on Net Assets (%) | 2.86 | 0.67 | Increase of 2.19 percentage points | Scale Indicators for H1 2025 (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | Growth/(Decline) from end of previous year | | :--- | :--- | :--- | :--- | | Total Assets | 43,186,520 | 39,981,081 | 8.02% | | Total Liabilities | 34,261,815 | 31,274,058 | 9.55% | | Equity Attributable to Ordinary Equity Holders and Holders of Perpetual Capital Securities | 8,544,448 | 8,295,533 | 3.00% | | Net Assets Per Share Attributable to Ordinary Equity Holders (RMB per share) | 3.28 | 3.18 | 3.14% | | Asset-Liability Ratio (%) | 61.31 | 62.60 | Decrease of 1.29 percentage points | Risk Control Indicators as of June 30, 2025 (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | Regulatory Standard | | :--- | :--- | :--- | :--- | | Net Capital | 5,615,398 | 5,903,665 | Not applicable | | Risk Coverage Ratio | 164.62% | 175.73% | ≥100% | | Capital Leverage Ratio | 24.85% | 23.62% | ≥8% | | Liquidity Coverage Ratio | 175.47% | 182.28% | ≥100% | | Net Stable Funding Ratio | 164.45% | 173.37% | ≥100% | | Net Capital / Net Assets | 65.70% | 71.34% | ≥20% | | Net Capital / Liabilities | 43.31% | 44.21% | ≥8% | | Proprietary Equity Securities and Derivatives / Net Capital | 19.39% | 22.61% | ≤100% | | Proprietary Non-Equity Securities and Derivatives / Net Capital | 166.21% | 147.18% | ≤500% | - During the reporting period, the company's net capital was **RMB 5,615.40 million**, a decrease of **RMB 288.27 million** from the end of 2024, but all risk control indicators met regulatory requirements[33](index=33&type=chunk) [Key Accounting Data and Financial Indicators](index=11&type=section&id=%E4%B8%80.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) [The Company's Net Capital and Other Risk Control Indicators](index=14&type=section&id=%E4%BA%8C.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E6%B7%A8%E8%B3%87%E6%9C%AC%E7%AD%89%E9%A2%A8%E9%9A%AA%E6%8E%A7%E5%88%B6%E6%8C%87%E6%A8%99) [Section IV Management Discussion and Analysis](index=14&type=section&id=%E7%AC%AC%E5%9B%9B%E7%AF%80%20%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's operating performance, market environment, business development, financial condition, and risk management during the reporting period, demonstrating significant growth in a complex market and active promotion of business transformation and risk management system construction - During the reporting period, the Group achieved total operating income of **RMB 1,665.64 million**, a year-on-year increase of **42.45%**, and net profit of **RMB 209.50 million**, a year-on-year increase of **1,003.21%**[38](index=38&type=chunk) - The company will continuously enhance its business capabilities, promote corporate transformation and upgrading, accelerate the construction of its business brand system, strengthen financial technology empowerment, and improve customer service capabilities[62](index=62&type=chunk) - The company has established a four-tier risk management system including the Board of Directors, Party Committee, management, risk management functional departments, and business departments, and has incorporated all subsidiaries into its comprehensive risk management system[94](index=94&type=chunk) [Economic Environment and Market Conditions During the Reporting Period](index=15&type=section&id=%E4%B8%80.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83%E5%92%8C%E5%B8%82%E5%9C%B0%E7%8B%80%E6%B3%81) In H1 2025, China's economy remained stable and positive, with GDP growing by **5.30%** year-on-year and moderately loose monetary policy, while the A-share market saw volatile upward movement, increased trading activity, and significant year-on-year growth in total stock and fund transaction volume - In H1 2025, China's Gross Domestic Product (GDP) increased by **5.30%** year-on-year[36](index=36&type=chunk) - China's A-share market showed a volatile upward trend, with the Shanghai Composite Index rising by **2.76%**, the Shenzhen Component Index by **0.48%**, and the ChiNext Index by **0.53%**[37](index=37&type=chunk) - The total transaction volume of stock funds in Shanghai and Shenzhen markets amounted to **RMB 18,878.28 billion**, with Shanghai increasing by **50.80%** and Shenzhen by **76.35%** year-on-year[37](index=37&type=chunk) [Analysis of Principal Business Operations](index=16&type=section&id=%E4%BA%8C.%20%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E5%88%86%E6%9E%90) During the reporting period, all principal business segments achieved positive progress, with significant growth in brokerage and wealth management, breakthroughs in investment banking equity and debt financing, solid performance in investment management product innovation, and substantial revenue increase in proprietary trading through diversified strategies - Brokerage and wealth management business achieved operating income of **RMB 950.77 million**, a **36.19%** increase from the same period in 2024[39](index=39&type=chunk) - Investment banking business achieved operating income of **RMB 92.68 million**, a **41.54%** increase from the same period in 2024[46](index=46&type=chunk) - Proprietary trading business achieved operating income of **RMB 475.12 million**, a **102.99%** increase from the same period in 2024[58](index=58&type=chunk) [Brokerage and Wealth Management Business](index=16&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E7%B6%93%E7%B4%80%E5%8F%8A%E8%B2%A1%E5%AF%8C%E7%AE%A1%E7%90%86%E6%A5%AD%E5%8B%99) Brokerage and wealth management business achieved growth in client numbers and assets under custody, with significantly increased stock and fund trading volume, by optimizing organizational structure, enhancing online services, and improving tiered service systems, while futures brokerage equity reached a new high, wealth management transitioned to a buyer-side model, financial product sales and retention steadily grew, capital intermediary balances remained stable, and asset custody expanded Key Indicators for Brokerage and Wealth Management Business | Indicator | June 30, 2025 | December 31, 2024 | Growth from end of 2024 | | :--- | :--- | :--- | :--- | | Total Clients | 4.1189 million accounts | - | 3.21% | | Total Client Assets Under Custody | RMB 189,284.21 million | - | 5.55% | | Stock and Fund Trading Volume | RMB 1,375,839.14 million | - | Increased by 65.04% from same period in 2024 | | Stock and Fund Market Share | 0.3645% | - | Increased by 0.64% from same period in 2024 | - Wealth management business sold **2,346 financial products**, with a sales volume of **RMB 9,019.66 million** and an end-of-period financial product retention scale of **RMB 19,478.06 million**[43](index=43&type=chunk) - Total scale of asset custody, fund services, and fundraising supervision was **RMB 115,050 million**, with **1 new asset management plan** and **12 new private equity fund custody accounts** added[45](index=45&type=chunk) [Securities Brokerage](index=16&type=section&id=1.%20%E8%AD%89%E5%88%B8%E7%B6%93%E7%B4%80) [Futures Brokerage](index=16&type=section&id=2.%20%E6%9C%9F%E8%B2%A8%E7%B6%93%E7%B4%80) [Wealth Management](index=17&type=section&id=3.%20%E8%B2%A1%E5%AF%8C%E7%AE%A1%E7%90%86) [Capital Intermediation](index=17&type=section&id=4.%20%E8%B3%87%E6%9C%AC%E4%B8%AD%E4%BB%8B) [Asset Custody](index=17&type=section&id=5.%20%E8%B3%87%E7%94%A2%E8%A8%97%E7%AE%A1) [Investment Banking Business](index=18&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E6%8A%95%E8%B3%87%E9%8A%80%E8%A1%8C%E6%A5%AD%E5%8B%99) Investment banking business focused on core clients, achieving progress in both equity and debt financing and NEEQ recommendations, completing **1 listed company financial advisory project** and actively advancing refinancing and M&A, while completing **24 corporate bond projects** with an underwriting scale of **RMB 5,652 million**, and **1 NEEQ declaration project**, **4 financing projects**, and **132 ongoing supervision projects** - Equity financing completed **1 financial advisory project** for a listed company, with multiple refinancing and M&A projects steadily progressing[47](index=47&type=chunk) - Debt business completed **24 corporate bond projects**, with a total underwriting scale of **RMB 5,652 million**[48](index=48&type=chunk) - NEEQ recommendation business completed **1 declaration project**, **4 NEEQ financing projects**, and had **132 ongoing supervision projects** at period-end[49](index=49&type=chunk) [Equity Financing](index=18&type=section&id=1.%20%E8%82%A1%E6%AC%8A%E8%9E%8D%E8%B3%87) [Debt Financing](index=18&type=section&id=2.%20%E5%82%B5%E5%88%B8%E8%9E%8D%E8%B3%87) [NEEQ Recommendation Business](index=18&type=section&id=3.%20%E6%96%B0%E4%B8%89%E6%9D%BF%E6%8E%A8%E8%96%A6%E6%A5%AD%E5%8B%99) [Investment Management Business](index=19&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E6%8A%95%E8%B3%87%E7%AE%A1%E7%90%86%E6%A5%AD%E5%8B%99) Investment management business operating income decreased by **12.85%** year-on-year, with asset management issuing **2 fixed-income** and **1 FOF collective asset management plans** through enhanced research and product innovation, achieving positive growth in fixed-income product performance, while Xinhua Fund launched **two new equity index products** with AUM growing by **7.68%** year-on-year, Hengtai Capital managed **2 private equity funds** totaling **RMB 2,900 million**, and alternative investments strengthened post-investment management with **22 direct investment projects** - Investment management business achieved operating income of **RMB 132.08 million**, a **12.85%** decrease from the same period in 2024[51](index=51&type=chunk) - Asset management business issued **2 fixed-income** and **1 FOF collective asset management plans**, with an end-of-period total scale of **RMB 15,333.40 million**[52](index=52&type=chunk) - Xinhua Fund managed **47 public funds**, with assets under management of **RMB 53,206 million**, a year-on-year increase of **7.68%**[54](index=54&type=chunk) - Hengtai Capital managed **2 private equity funds**, with a fund management scale of **RMB 2,900 million**[55](index=55&type=chunk) [Asset Management](index=19&type=section&id=1.%20%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) [Fund Management](index=20&type=section&id=2.%20%E5%9F%BA%E9%87%91%E7%AE%A1%E7%90%86) [Private Equity Investment](index=20&type=section&id=3.%20%E7%A7%81%E5%8B%9F%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87) [Alternative Investment](index=20&type=section&id=4.%20%E5%8F%A6%E9%A1%9E%E6%8A%95%E8%B3%87) [Proprietary Trading Business](index=21&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20%E8%87%AA%E7%87%9F%E4%BA%A4%E6%98%93%E6%A5%AD%E5%8B%99) Proprietary trading business achieved operating income of **RMB 475.12 million**, a **102.99%** year-on-year increase, by building a tiered equity investment system focusing on core assets and high-dividend/growth assets, utilizing quantitative tools and stock index futures to enhance returns, while fixed income business managed trading pace, increased allocation to high-grade credit bonds, and actively engaged in interest rate derivatives, and multi-strategy investment capitalized on Beijing Stock Exchange opportunities to increase equity exposure - Proprietary trading business achieved operating income of **RMB 475.12 million**, a **102.99%** increase from the same period in 2024[58](index=58&type=chunk) - Equity investment business built a tiered equity investment system, focusing on core assets, high-dividend, and growth assets, enhancing return stability through A-share, H-share high-dividend investments, and quantitative/stock index futures tools[58](index=58&type=chunk) - Fixed income business achieved favorable returns by rapidly reducing long-duration bond positions, increasing allocation to high-grade credit bonds, and engaging in interest rate derivatives trading[59](index=59&type=chunk) - Multi-strategy investment business capitalized on the high-elasticity opportunities in the Beijing Stock Exchange market, increasing equity exposure, and conducted preliminary preparations for commodity futures investments[59](index=59&type=chunk) [Outlook and Future Plans](index=22&type=section&id=%E4%B8%89.%20%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The company anticipates continued deepening of capital market reforms, accelerated integration in the securities industry with leading institutions consolidating faster, requiring small and medium-sized brokers to differentiate, while traditional brokerage will shift to a buyer-side advisory model, investment banking will focus on key national strategies, asset management will optimize its structure, and fintech will be fully leveraged, with the company committed to Party building, governance improvement, risk control, business capability enhancement, transformation, and differentiated competitive advantages - Industry Outlook: Capital market reforms continue to deepen, securities industry integration accelerates, leading institutions will consolidate faster, and small and medium-sized brokers need to focus on differentiated operations[61](index=61&type=chunk) - Brokerage business will accelerate its transformation to a buyer-side advisory model, and investment banking will focus on the 'Five Key Articles' guidelines, deeply participating in the cultivation of new quality productive forces through innovative models such as M&A integration and industrial chain matchmaking[61](index=61&type=chunk) - Company Development Plan: Adhere to Party building leadership, improve corporate governance, strengthen compliance and risk control foundations, enhance internal control management, launch talent renewal projects, and improve operational efficiency[62](index=62&type=chunk) - In terms of business, the company will continuously enhance its business capabilities, promote corporate transformation and upgrading, accelerate the construction of its business brand system, strengthen financial technology empowerment, and improve customer service capabilities[62](index=62&type=chunk) [Industry Development Outlook](index=22&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E8%A1%8C%E6%A5%AD%E7%99%BC%E5%B1%95%E5%89%8D%E6%99%AF) [Company Development Plan](index=23&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%AC%E5%8F%B8%E7%99%BC%E5%B1%95%E8%A6%8F%E5%8A%83) [Financial Statement Analysis](index=24&type=section&id=%E5%9B%9B.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%88%86%E6%9E%90) During the reporting period, the company's profitability significantly improved, with substantial growth in total operating income and net profit attributable to the parent company, while asset structure remained stable with increases in total assets and liabilities, and asset-liability ratio and financial leverage multiples remained relatively stable, with debt financing meeting funding needs, good liquidity management, improved operating and investing cash flows, and financing cash outflows, with no changes in major accounting policies Profitability Overview | Indicator | H1 2025 | H1 2024 | YoY Growth/(Decline) | | :--- | :--- | :--- | :--- | | Total Operating Income | RMB 1,665.64 million | RMB 1,169.28 million | 42.45% | | Net Profit Attributable to Shareholders of the Company | RMB 240.73 million | RMB 53.87 million | 346.86% | | Earnings Per Share | RMB 0.0924 | RMB 0.0207 | 346.38% | | Weighted Average Return on Net Assets | 2.86% | 0.67% | Increase of 2.19 percentage points | Asset Structure and Liability Level | Indicator | June 30, 2025 | December 31, 2024 | Growth/(Decline) from end of 2024 | | :--- | :--- | :--- | :--- | | Total Assets | RMB 43,186.52 million | RMB 39,981.08 million | 8.02% | | Total Liabilities | RMB 34,261.82 million | RMB 31,274.06 million | 9.55% | | Equity Attributable to Ordinary Equity Holders and Holders of Perpetual Capital Securities | RMB 8,544.45 million | RMB 8,295.53 million | 3.00% | | Asset-Liability Ratio | 61.31% | 62.60% | Decrease of 1.29 percentage points | | Financial Leverage Multiple | 2.70 times | 2.81 times | Decrease of 3.91% | - Cash flow situation: Net cash from operating activities turned positive, net cash from investing activities significantly increased, and net cash from financing activities shifted from inflow to outflow[69](index=69&type=chunk) [Analysis of Profitability During the Reporting Period](index=24&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) [Asset Structure and Asset Quality](index=24&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E8%B3%87%E7%94%A2%E7%B5%90%E6%A7%8B%E5%92%8C%E8%B3%87%E7%94%A2%E5%93%81%E8%B3%AA) [Financing Channels and Capacity](index=25&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E8%9E%8D%E8%B3%87%E6%B8%A0%E9%81%93%E5%92%8C%E8%9E%8D%E8%B3%87%E8%83%BD%E5%8A%9B) [Liquidity Level Management](index=25&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20%E6%B5%81%E5%8B%95%E6%80%A7%E6%B0%B4%E5%B9%B3%E7%AE%A1%E7%90%86) [Cash Flow Situation](index=25&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%20%E7%8F%BE%E9%87%91%E6%B5%81%E8%BD%89%E6%83%85%E5%86%B5) [Changes in Major Accounting Policies](index=25&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E6%9B%B4%E6%83%85%E5%86%B5) [Branch Offices and Subsidiaries](index=26&type=section&id=%E4%BA%94.%20%E5%88%86%E6%94%AF%E6%A9%9F%E6%A7%8B%E3%80%81%E5%AD%90%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **7 branch offices** and **102 securities brokerage outlets**, with **5 outlets completing relocation**, while **4 securities brokerage outlets were upgraded to branch offices** and **1 branch office completed a change in business scope**, and major subsidiaries Hengtai Futures and Xinhua Fund completed registered capital changes, and Hengtai Xianfeng completed a change in legal representative - As of the end of the reporting period, the company had **7 branch offices** and **102 securities brokerage outlets**, with **5 outlets completing relocation**[71](index=71&type=chunk)[72](index=72&type=chunk) - **4 securities brokerage outlets were upgraded to branch offices**, including Shandong Branch, Shanghai First Branch, Shanghai Second Branch, and Zhejiang Branch[73](index=73&type=chunk) - Hengtai Futures completed the industrial and commercial registration for a change in registered capital from **RMB 125 million** to **RMB 228.0303 million**[76](index=76&type=chunk) - Xinhua Fund completed the industrial and commercial registration for a change in registered capital from **RMB 217.50 million** to **RMB 627.75641 million**, with the company's shareholding ratio changing from **58.62%** to **52.99%**[76](index=76&type=chunk) [Branch Offices and Securities Brokerage Outlets](index=26&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%88%86%E5%85%AC%E5%8F%B8%E3%80%81%E8%AD%89%E5%88%B8%E7%87%9F%E6%A5%AD%E9%83%A8%E6%83%85%E5%86%B5) [Subsidiaries](index=28&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) [Significant Financing Activities](index=28&type=section&id=%E5%85%AD.%20%E9%87%8D%E5%A4%A7%E8%9E%8D%E8%B3%87%E6%83%85%E6%B3%81) During the reporting period, the company did not undertake equity financing, with major debt financing including the issuance of income certificates raising a cumulative **RMB 1.35 billion** and borrowing **RMB 150 million** in subordinated debt, while as of the end of the reporting period, outstanding income certificates totaled **RMB 1.58 billion**, outstanding subordinated bonds **RMB 1.50 billion**, and outstanding corporate bonds **RMB 1.95 billion** - During the reporting period, the company had no equity financing activities[74](index=74&type=chunk) - The company issued income certificates raising a cumulative **RMB 1.35 billion**, and as of June 30, 2025, the outstanding balance of income certificates was **RMB 1.58 billion**[75](index=75&type=chunk) - The company borrowed subordinated debt raising a cumulative **RMB 150 million**, and as of June 30, 2025, the outstanding balance of subordinated debt was **RMB 150 million**[80](index=80&type=chunk) - As of June 30, 2025, the outstanding balance of subordinated bonds was **RMB 1.50 billion**, and the outstanding balance of corporate bonds was **RMB 1.95 billion**[78](index=78&type=chunk)[79](index=79&type=chunk) [Equity Financing](index=28&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E8%82%A1%E6%AC%8A%E8%9E%8D%E8%B3%87) [Major Debt Financing](index=28&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E4%B8%BB%E8%A6%81%E5%82%B5%E5%8B%99%E8%9E%8D%E8%B3%87) [Significant Investment Activities](index=29&type=section&id=%E4%B8%83.%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%83%85%E5%86%B5) During the reporting period, the company had no significant investment activities - During the reporting period, the company had no significant investment activities[81](index=81&type=chunk) [Significant Asset Acquisitions, Disposals, External Guarantees, Mortgages, Pledges, and Material Contingent Liabilities](index=30&type=section&id=%E5%85%AB.%20%E9%87%8D%E5%A4%A7%E8%B3%87%E7%94%A2%E6%94%B6%E8%B3%BC%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E5%B0%8D%E5%A4%96%E6%93%8D%E4%BF%9D%E3%80%81%E6%8A%B5%E6%8A%BC%E3%80%81%E8%B3%AA%E6%8A%BC%E5%92%8C%E9%87%8D%E5%A4%A7%E6%88%96%E6%9C%89%E8%B2%A0%E5%80%B5%E6%83%85%E6%B3%81) During the reporting period, the company had no significant asset acquisitions, disposals, or business combinations, nor any material contingent liabilities, but provided a guarantee for Xinhua Fund, with real estate and **50% equity** in Hengtai Changcai serving as counter-guarantees - During the reporting period, the company had no significant asset acquisitions, disposals, or business combinations, nor any material contingent liabilities[82](index=82&type=chunk) - The company mortgaged or pledged a residential property, an office property, and **50% equity** in Hengtai Changcai to Financial Street Investment as counter-guarantees for the amounts guaranteed by Financial Street Investment under the execution settlement agreement, guarantee agreement, and letter of guarantee[83](index=83&type=chunk)[84](index=84&type=chunk) [Risk Management](index=31&type=section&id=%E4%B9%9D.%20%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The company has established a comprehensive risk management system covering credit, market, liquidity, compliance, operational, and reputational risks, with corresponding strategies and measures, and during the reporting period, continuously improved risk management systems, organizational structure, information technology systems, and indicator frameworks, while strengthening talent development and response mechanisms to ensure all risk indicators meet regulatory requirements - The company's main operating risks include credit risk, market risk, liquidity risk, compliance risk, operational risk, and reputational risk[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - The company has established a four-tier risk management system including the Board of Directors, Party Committee, management, risk management functional departments, and business departments, and has incorporated all subsidiaries into its comprehensive risk management system[94](index=94&type=chunk) - The company has established a risk appetite indicator system centered on net capital and liquidity, covering market risk, credit risk, operational risk, and concentration risk, and regularly assesses its tolerance through stress tests and other methods[96](index=96&type=chunk) [Principal Operating Risks and Countermeasures](index=31&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%85%AC%E5%8F%B8%E7%B6%93%E7%87%9F%E7%9A%84%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%92%8C%E5%B0%8D%E7%AD%96) [Credit Risk](index=31&type=section&id=1.%20%E4%BF%A1%E7%94%A8%E9%A2%A8%E9%9A%AA) [Market Risk](index=31&type=section&id=2.%20%E5%B8%82%E5%A0%B4%E9%A2%A8%E9%9A%AA) [Liquidity Risk](index=32&type=section&id=3.%20%E6%B5%81%E5%8B%95%E6%80%A7%E9%A2%A8%E9%9A%AA) [Compliance Risk](index=32&type=section&id=4.%20%E5%90%88%E8%A6%8F%E9%A2%A8%E9%9A%AA) [Operational Risk](index=32&type=section&id=5.%20%E6%93%8D%E4%BD%9C%E9%A2%A8%E9%9A%AA) [Reputational Risk](index=33&type=section&id=6.%20%E8%81%B2%E8%AA%89%E9%A2%A8%E9%9A%AA) [Construction of the Company's Risk Management System and Implementation of Comprehensive Risk Management](index=33&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%AC%E5%8F%B8%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E9%AB%94%E7%B3%BB%E5%BB%BA%E8%A8%AD%E5%8F%8A%E5%85%A8%E9%9D%A2%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%90%BD%E5%AF%A6%E6%83%85%E5%86%B5) [Management System Aspects](index=33&type=section&id=1.%20%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E6%96%B9%E9%9D%A2) [Organizational Structure Aspects](index=34&type=section&id=2.%20%E7%B5%84%E7%B9%94%E6%9E%B6%E6%A7%8B%E6%96%B9%E9%9D%A2) [Information Technology Aspects](index=34&type=section&id=3.%20%E4%BF%A1%E6%81%AF%E6%8A%80%E8%A1%93%E6%96%B9%E9%9D%A2) [Indicator System Aspects](index=34&type=section&id=4.%20%E6%8C%87%E6%A8%93%E9%AB%94%E7%B3%BB%E6%96%B9%E9%9D%A2) [Talent Team Aspects](index=35&type=section&id=5.%20%E4%BA%BA%E6%89%8D%E9%9A%8A%E4%BC%8D%E6%96%B9%E9%9D%A2) [Response Mechanism Aspects](index=35&type=section&id=6.%20%E6%87%89%E5%B0%8D%E6%A9%9F%E5%88%B6%E6%96%B9%E9%9D%A2) [Section V Other Significant Matters](index=36&type=section&id=%E7%AC%AC%E4%BA%94%E7%AF%80%20%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) This section discloses the company's significant non-financial matters during the reporting period, including profit distribution plans, absence of equity incentive schemes, progress in major litigation (Qinghui Leasing case first-instance ruling revoked and remanded for retrial), auditor re-appointment, compliance with corporate governance code, and the operation of the Board of Directors and Supervisory Committee, demonstrating the company's efforts in compliance and governance - The 2024 profit distribution plan was no profit distribution, and there is no profit distribution proposal for H1 2025[100](index=100&type=chunk) - During the reporting period, the company had no share option schemes or equity incentive plans[101](index=101&type=chunk) - In the dispute case concerning the Qinghui Leasing Phase I Asset-Backed Special Plan managed by the company, the Supreme People's Court ruled in the second instance to revoke the first-instance ruling and instructed the Beijing High People's Court to conduct a retrial[106](index=106&type=chunk) - The company re-appointed Grant Thornton Certified Public Accountants (Special General Partnership) and Grant Thornton Hong Kong Limited as its domestic and overseas auditors for 2025[107](index=107&type=chunk) - During the reporting period, the company strictly complied with all code provisions of the Corporate Governance Code[108](index=108&type=chunk) [Profit Distribution and Profit Distribution Plan](index=36&type=section&id=%E4%B8%80.%20%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E5%8F%8A%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E9%A0%90%E6%A1%88) [Execution of 2024 Annual Profit Distribution Plan](index=36&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%202024%E5%B9%B4%E5%BA%A6%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%96%B9%E6%A1%88%E5%9F%B7%E8%A1%8C%E6%83%85%E5%86%B5) [2025 Interim Profit Distribution Plan](index=36&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%202025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%96%B9%E6%A1%88) [Share Option Schemes or Equity Incentive Plans](index=36&type=section&id=%E4%BA%8C.%20%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83%E6%88%96%E8%82%A1%E6%AC%8A%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83%E6%83%85%E5%86%B5) [Major Litigation and Arbitration Matters](index=36&type=section&id=%E4%B8%89.%20%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) [New Major Litigation and Arbitration Matters During the Reporting Period](index=36&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E6%96%B0%E5%A2%9E%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) [Previous Years' Major Litigation and Arbitration Matters with Subsequent Progress](index=36&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E6%9C%89%E5%BE%8C%E7%BA%8C%E9%80%B2%E5%B1%95%E7%9A%84%E4%BB%A5%E5%89%8D%E5%B9%B4%E5%BA%A6%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) [Appointment of Auditor](index=37&type=section&id=%E5%9B%9B.%20%E8%81%98%E4%BB%BB%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%83%85%E5%86%B5) [Compliance with Corporate Governance Code](index=37&type=section&id=%E4%BA%94.%20%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) [Corporate Governance Status](index=38&type=section&id=%E5%85%AD.%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) [Shareholders' Meeting](index=38&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E8%82%A1%E6%9D%B1%E5%A4%A7%E6%9C%83) [Operation of the Board of Directors and Board Committees](index=38&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E5%B0%88%E9%96%80%E5%A7%94%E5%93%A1%E6%9C%83%E9%81%8B%E4%BD%9C%E6%83%85%E5%86%B5) [Operation of the Supervisory Committee](index=39&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E7%9B%A3%E4%BA%8B%E6%9C%83%E9%81%8B%E4%BD%9C%E6%83%85%E5%86%B5) [Compliance with the Model Code](index=39&type=section&id=%E4%B8%83.%20%E9%81%B5%E5%AE%88%E3%80%8A%E6%A8%99%E6%BA%96%E5%AE%88%E5%88%99%E3%80%8B) [Directors' and Supervisors' Service Contracts](index=39&type=section&id=%E5%85%AB.%20%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E6%9C%8D%E5%8B%99%E5%90%88%E7%B4%84) [Directors' and Supervisors' Rights to Acquire Shares or Debentures](index=39&type=section&id=%E4%B9%9D.%20%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E8%B3%BC%E5%85%A5%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E5%88%B8%E8%AD%89%E7%9A%84%E6%AC%8A%E5%88%A9) [Section VI Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E5%85%AD%E7%AF%80%20%E8%82%A1%E4%BB%BD%E8%AE%8A%E5%8B%95%E5%8F%8A%E8%82%A1%E6%9D%B1%E6%83%85%E5%86%B5) This section details the interests and short positions of major shareholders and their associates in the company's shares as of June 30, 2025, as well as the shareholdings of directors, supervisors, and senior management, confirming that neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities during the reporting period - As of June 30, 2025, Huarong Comprehensive Investment held **569,895,304 domestic shares**, representing **21.8806%** of the company's total issued shares[119](index=119&type=chunk) - Financial Street Investment and its associates (Financial Street Capital, Xicheng District SASAC) collectively held **781,367,619 domestic shares**, representing **29.9999%** of the company's total issued shares[119](index=119&type=chunk) - Tianfeng Securities held **440,618,114 domestic shares**, representing **16.9171%** of the company's total issued shares[119](index=119&type=chunk) - During the reporting period, none of the company's directors, supervisors, and chief executive had any disclosable interests or short positions in the shares, related shares, or debentures of the company or any of its associated corporations[122](index=122&type=chunk) - During the reporting period, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities[123](index=123&type=chunk) [Interests and Short Positions of Major Shareholders and Other Persons in the Company's Shares and Related Shares](index=40&type=section&id=%E4%B8%80.%20%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) [Interests and Short Positions of Directors, Supervisors, and Chief Executive in Shares, Related Shares, and Debentures of the Company and Associated Corporations](index=42&type=section&id=%E4%BA%8C.%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E6%96%BC%E5%85%AC%E5%8F%B8%E5%8F%8A%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E8%AD%89%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%92%8C%E6%B7%A1%E5%80%89) [Purchase, Redemption or Sale of the Company's Listed Securities](index=42&type=section&id=%E4%B8%89.%20%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) [Section VII Directors, Supervisors, Senior Management, and Employees](index=43&type=section&id=%E7%AC%AC%E4%B8%83%E7%AF%80%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E5%8F%8A%E5%93%A1%E5%B7%A5%E6%83%85%E5%86%B5) This section reports changes in the company's directors, supervisors, and senior management, including new appointments, resignations, and information updates, and details the total number of employees, compensation policy (emphasizing incentives and constraints, deferred payment, and clawback mechanisms), and comprehensive employee training programs as of the end of the reporting period, reflecting the company's commitment to talent management and development - Mr. Pang Jiemin was appointed as a non-executive director of the Fifth Board of Directors, and Mr. Yu Lei resigned[125](index=125&type=chunk) - Mr. Yang Jinliang was appointed as the company's Vice President[127](index=127&type=chunk) - As of the end of the reporting period, the Group had a total of **2,491 employees**, including **2,075 employees** at the company and **416 employees** at subsidiaries[130](index=130&type=chunk) - The company has established a compensation management mechanism that unifies incentives and constraints, combines fairness and efficiency, and includes deferred payment and clawback mechanisms for compensation distribution[130](index=130&type=chunk) - During the reporting period, the company organized and implemented **41 internal and external training sessions**, with a total of **7,849 participants**, achieving **100% training coverage**[131](index=131&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=43&type=section&id=%E4%B8%80.%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E5%86%B5) [Changes in Directors](index=43&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E8%91%A3%E4%BA%8B%E8%AE%8A%E5%8B%95%E6%83%85%E5%86%B5) [Changes in Supervisors](index=43&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E7%9B%A3%E4%BA%8B%E8%AE%8A%E5%8B%95%E6%83%85%E5%86%B5) [Changes in Senior Management](index=43&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E5%86%B5) [Changes in Directors' and Supervisors' Information](index=43&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E6%9B%B4) [Employees, Compensation Policy, and Training](index=44&type=section&id=%E4%BA%8C.%20%E5%91%A1%E5%B7%A5%E3%80%81%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96%E5%8F%8A%E5%9F%B9%E8%A8%93%E6%83%85%E5%86%B5) [Independent Review Report](index=44&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Grant Thornton Hong Kong Limited reviewed Hengtou Securities' interim financial information for the six months ended June 30, 2025, concluding that nothing came to their attention to suggest the interim financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34 'Interim Financial Reporting' - Grant Thornton Hong Kong Limited has reviewed the interim financial information of Hengtou Securities and its subsidiaries for the six months ended June 30, 2025[134](index=134&type=chunk) - The scope of review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and accordingly, no audit opinion is expressed[135](index=135&type=chunk) - Based on the review, nothing has come to the auditor's attention that causes them to believe that the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 'Interim Financial Reporting'[136](index=136&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=46&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, and the comparative period in 2024, reflecting significant growth in the company's total operating income, profit before tax, profit for the period, and earnings per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Item | Jan 1, 2025 to Jun 30, 2025 | Jan 1, 2024 to Jun 30, 2024 | | :--- | :--- | :--- | | Total Operating Income | 1,665,642 | 1,169,284 | | Profit Before Tax | 314,359 | 75,098 | | Profit for the Period | 209,500 | 18,994 | | Profit for the Period – Attributable to Ordinary Equity Holders of the Company | 240,733 | 53,872 | | Total Comprehensive Income for the Period | 217,682 | 33,616 | | Basic and Diluted Earnings Per Share | RMB 0.0924 | RMB 0.0207 | - Fee and commission income increased from **RMB 572,872 thousand** in the same period of 2024 to **RMB 838,699 thousand** in the same period of 2025[139](index=139&type=chunk) - Net investment income increased from **RMB 187,962 thousand** in the same period of 2024 to **RMB 258,674 thousand** in the same period of 2025[139](index=139&type=chunk) [Condensed Consolidated Statement of Financial Position](index=48&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement provides the condensed consolidated financial position as of June 30, 2025, and December 31, 2024, showing the composition and changes in the company's assets, liabilities, and equity, with increases in both total assets and total liabilities, and a steady rise in equity attributable to ordinary equity holders Condensed Consolidated Statement of Financial Position (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 43,186,520 | 39,981,081 | | Total Liabilities | 34,261,815 | 31,274,058 | | Equity Attributable to Ordinary Equity Holders of the Company | 8,544,448 | 8,295,533 | | Total Equity | 8,924,705 | 8,707,023 | - Cash held on behalf of brokerage clients increased from **RMB 16,178,519 thousand** as of December 31, 2024, to **RMB 19,271,204 thousand** as of June 30, 2025[142](index=142&type=chunk) - Accounts payable to brokerage clients increased from **RMB 16,700,618 thousand** as of December 31, 2024, to **RMB 20,121,543 thousand** as of June 30, 2025[143](index=143&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=51&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement presents the condensed consolidated changes in equity for the six months ended June 30, 2025, and the comparative period in 2024, reflecting the impact of profit for the period and other comprehensive income attributable to ordinary equity holders on total equity, as well as the appropriation to general risk reserves Condensed Consolidated Statement of Changes in Equity (RMB thousands) | Item | Jan 1, 2025 | Profit for the Period | Other Comprehensive Income for the Period | Total Comprehensive Income for the Period | Appropriation to General Risk Reserve | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Attributable to Ordinary Equity Holders of the Company | 8,295,533 | 240,733 | 8,182 | 248,915 | - | 8,544,448 | | Non-controlling Interests | 411,490 | (31,233) | - | (31,233) | - | 380,257 | | Total Equity | 8,707,023 | 209,500 | 8,182 | 217,682 | - | 8,924,705 | - Undistributed profits attributable to ordinary equity holders of the company increased from **RMB 1,473,953 thousand** as of January 1, 2025, to **RMB 1,708,228 thousand** as of June 30, 2025[146](index=146&type=chunk) - General risk reserve increased from **RMB 1,073,607 thousand** as of January 1, 2025, to **RMB 1,080,065 thousand** as of June 30, 2025[146](index=146&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=52&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement presents the condensed consolidated cash flows for the six months ended June 30, 2025, and the comparative period in 2024, showing net cash from operating activities turning positive, a significant increase in net cash from investing activities, and net cash from financing activities shifting from inflow to outflow Condensed Consolidated Statement of Cash Flows (RMB thousands) | Item | Jan 1, 2025 to Jun 30, 2025 | Jan 1, 2024 to Jun 30, 2024 | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 389,736 | (129,342) | | Net Cash Generated From/(Used In) Investing Activities | 305,507 | (409,316) | | Net Cash (Used In)/Generated From Financing Activities | (850,352) | 613,992 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (155,109) | 75,334 | | Cash and Cash Equivalents at End of Period | 2,086,770 | 2,109,677 | - Net cash from operating activities increased by **RMB 519.08 million** year-on-year[69](index=69&type=chunk) - Net cash from investing activities increased by **RMB 714.83 million** year-on-year[69](index=69&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=53&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated financial statements, covering key information such as basis of preparation, changes in accounting policies, detailed income and expense items, asset and liability composition, cash flows, significant commitments, contingent liabilities, related party transactions, segment reporting, and fair value measurement, offering in-depth background and explanations for understanding the financial statements - The interim financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the Listing Rules of the Hong Kong Stock Exchange[148](index=148&type=chunk) - For the six months ended June 30, 2025, fee and commission income from securities brokerage business was **RMB 544,618 thousand**, and from underwriting and sponsorship business was **RMB 66,631 thousand**[155](index=155&type=chunk) - As of June 30, 2025, financial assets at fair value through profit or loss totaled **RMB 9,983,470 thousand**, and financial assets at fair value through other comprehensive income totaled **RMB 2,073,637 thousand**[216](index=216&type=chunk) - Segment reporting shows brokerage and wealth management business income of **RMB 950,768 thousand**, investment banking income of **RMB 92,678 thousand**, proprietary trading income of **RMB 475,119 thousand**, and investment management income of **RMB 132,083 thousand**[210](index=210&type=chunk) [Basis of Preparation](index=54&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) [Adoption of New and Revised International Financial Reporting Standards](index=54&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) [Fee and Commission Income](index=56&type=section&id=3.%20%E6%89%8B%E7%BA%8C%E8%B2%BB%E5%8F%8A%E4%BD%A3%E9%87%91%E6%94%B6%E5%85%A5) [Interest Income](index=57&type=section&id=4.%20%E5%88%A9%E6%81%AF%E6%94%B6%E5%85%A5) [Net Investment Income](index=57&type=section&id=5.%20%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) [Other Income and Gains](index=58&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) [Fee and Commission Expenses](index=58&type=section&id=7.%20%E6%89%8B%E7%BA%8C%E8%B2%BB%E5%8F%8A%E4%BD%A3%E9%87%91%E6%94%AF%E5%87%BA) [Interest Expenses](index=59&type=section&id=8.%20%E5%88%A9%E6%81%AF%E6%94%AF%E5%87%BA) [Staff Costs](index=59&type=section&id=9.%20%E5%93%A1%E5%B7%A5%E6%88%90%E6%9C%AC) [Depreciation and Amortization](index=60&type=section&id=10.%20%E6%8A%98%E8%88%8A%E5%8F%8A%E6%94%A4%E9%8A%B7) [Other Operating Expenses](index=60&type=section&id=11.%20%E5%85%B6%E4%BB%96%E7%B6%93%E7%87%9F%E6%94%AF%E5%87%BA) [Asset Impairment Losses, Net](index=61&type=section&id=12.%20%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1%EF%BC%8C%E6%B7%A8%E9%A1%8D) [Income Tax Expense](index=61&type=section&id=13.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%94%AF%E5%87%BA) [Earnings Per Share](index=62&type=section&id=14.%20%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) [Property and Equipment](index=62&type=section&id=15.%20%E7%89%A9%E6%A5%AD%E5%8F%8A%E8%A8%AD%E5%82%99) [Right-of-Use Assets](index=62&type=section&id=16.%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) [Other Non-Current Assets](index=63&type=section&id=17.%20%E5%85%B6%E4%BB%96%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) [Amounts Due from Margin Clients](index=64&type=section&id=18.%20%E6%87%89%E6%94%B6%E8%9E%8D%E8%B3%87%E5%AE%A2%E6%88%B6%E6%AC%BE%E9%A0%85) [Other Current Assets](index=65&type=section&id=19.%20%E5%85%B6%E4%BB%96%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) [Loans to a Financial Institution](index=67&type=section&id=20.%20%E5%90%91%E4%B8%80%E9%96%93%E9%87%91%E8%9E%8D%E6%A9%9F%E6%A7%8B%E6%8B%86%E5%87%BA%E8%B3%87%E9%87%91) [Financial Assets Purchased Under Resale Agreements](index=68&type=section&id=21.%20%E8%B2%B7%E5%85%A5%E8%BF%94%E5%94%AE%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) [Financial Assets at Fair Value Through Other Comprehensive Income](index=69&type=section&id=22.%20%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) [Financial Assets at Fair Value Through Profit or Loss](index=70&type=section&id=23.%20%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E7%95%B6%E6%9C%9F%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) [Cash Held on Behalf of Brokerage Clients](index=70&type=section&id=24.%20%E4%BB%A3%E7%B6%93%E7%B4%80%E6%A5%AD%E5%8B%99%E5%AE%A2%E6%88%B6%E6%8C%81%E6%9C%89%E7%9A%84%E7%8F%BE%E9%87%91) [Cash and Cash Equivalents](index=71&type=section&id=25.%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) [Debt Instruments](index=71&type=section&id=26.%20%E5%82%B5%E5%8B%99%E5%B7%A5%E5%85%B7) [Accounts Payable to Brokerage Clients](index=76&type=section&id=27.%20%E6%87%89%E4%BB%98%E7%B6%93%E7%B4%80%E6%A5%AD%E5%8B%99%E5%AE%A2%E6%88%B6%E8%B3%B4%E6%AC%BE) [Other Liabilities](index=77&type=section&id=28.%20%E5%85%B6%E4%BB%96%E8%B2%A0%E5%80%B5) [Financial Assets Sold Under Repurchase Agreements](index=78&type=section&id=29.%20%E8%B3%A3%E5%87%BA%E5%9B%9E%E8%B3%BC%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%AC%BE) [Share Capital](index=79&type=section&id=30.%20%E8%82%A1%E6%9C%AC) [Commitments](index=79&type=section&id=31.%20%E6%89%BF%E6%93%94) [Provisions for Compensation and Litigation Claims](index=81&type=section&id=32.%20%E8%B3%A0%E5%84%9F%E8%A8%88%E6%8F%90%E5%8F%8A%E8%A8%B4%E8%A8%9F%E8%B3%A0%E5%84%9F%E6%AC%BE) [Related Party Transactions and Balances](index=82&type=section&id=33.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93%E5%8F%8A%E9%A4%98%E9%A1%8D) [Segment Reporting](index=84&type=section&id=34.%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) [Fair Value Measurement](index=87&type=section&id=35.%20%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F) [Approval of Financial Statements](index=93&type=section&id=36.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E6%A0%B8%E5%87%86)

FF301 本月底法定/註冊股本總額： RMB 2,604,567,412 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恒投證券 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,153,721,412 RMB | | | 1 RMB | | 2,153,721,412 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,153,721,412 RMB | | | 1 RMB | | 2,1 ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, organized by Sina Finance in collaboration with Yinhua Fund, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The monthly ranking data for August shows that the top investment advisor in the public fund simulation configuration group is Wu Dayao from Guoyuan Securities, achieving a monthly return of 31.32% [1][2] - The second and third positions are held by Hong Xiaowei from Founder Securities with a return of 26.25% and Zhang Kun from GF Securities with a return of 23.07% respectively [1][2] Group 2 - The top 100 rankings for the public fund simulation configuration group for August include notable advisors such as Zhang Yefeng from Guotai Junan Securities with a return of 22.88% and Liu Jiafeng from Guoxin Securities with a return of 21.04% [2][3] - The performance of the top advisors indicates a competitive environment in the investment advisory sector, with several advisors achieving returns above 20% [2][3] - The rankings reflect the effectiveness of different investment strategies employed by various advisors across multiple securities firms [1][2]

Core Viewpoint - 恒泰证券 has shown significant financial recovery in the first half of 2025, with a notable increase in net profit and revenue compared to the previous year, indicating a positive turnaround under the leadership of its current chairman, Zhu Yanhui [1][4]. Financial Performance - The net profit attributable to shareholders for the first half of 2025 is approximately 241 million RMB, representing a 346.86% increase year-on-year [1]. - Total operating revenue, including interest and investment income, is about 1.67 billion RMB, reflecting a year-on-year growth of 42.45% [1]. - The net cash generated from operating activities is around 390 million RMB, showing a substantial increase of 401.32% compared to the previous year [1]. - The return on equity (ROE) stands at 2.86%, a significant increase of 2.19 percentage points year-on-year [1]. Revenue Structure - The revenue breakdown includes commission income of 839 million RMB, interest income of 353 million RMB, net investment income of 259 million RMB, and other income of 215 million RMB [4]. - The total profit for the first half of 2025 is 314 million RMB, with net profit attributable to shareholders at 241 million RMB [4]. Management Changes - Zhu Yanhui has been the chairman since December 2022, and under his leadership, the company has seen a continuous improvement in net profit after a period of losses from 2020 to 2022 [2][5]. - The management transition has been rapid, with Zhu Yanhui also taking on the role of acting president shortly after his appointment [5]. Shareholder Structure - In September 2022, Tianfeng Securities transferred a 9.5754% stake in 恒泰证券 to Beijing Huarong Comprehensive Investment Co., Ltd., marking a shift in the major shareholder to a state-owned entity [5][10]. - Beijing Huarong, a subsidiary of Beijing Financial Street Group, currently holds 21.88% of the shares, indicating a strong state-owned background in the company's ownership structure [10]. Challenges and Compliance Issues - Despite the recovery, 恒泰证券 faces structural challenges, including high sensitivity to investment volatility, with significant unrealized gains contributing to profits [12]. - The company has also encountered compliance issues, as evidenced by a recent penalty from the Shanxi Securities Regulatory Bureau for improper business incentive distribution, highlighting the need for improved internal controls [12].