证券代码：600958 证券简称：东方证券 公告编号：2025-035 东方证券股份有限公司 2025年半年度业绩预增公告 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。 重要内容提示： 1.预计东方证券股份有限公司（以下简称"公司"）2025 年半 年度归属于上市公司股东的净利润为人民币 32.50 亿元到人民币 36.00 亿元，与上年同期相比增加人民币 11.39 亿元到人民币 14.89 亿元，同比增长 54%到 71%。 2.扣除非经常性损益事项后，预计公司 2025 年半年度归属于上 市公司股东的净利润为人民币 31.60 亿元到人民币 35.10 亿元，与上 年同期相比增加人民币 11.41 亿元到人民币 14.91 亿元，同比增长 57%到 74%。 二、上年同期业绩情况 （一）2024 年上半年利润总额为人民币 22.71 亿元，归属于上 市公司股东的净利润为人民币 21.11 亿元，归属于上市公司股东的扣 除非经常性损益的净利润为人民币 20.19 亿元。 一、本期业绩预告情况 （一）业绩预告期间 2025 ...

东方证券：2025年上半年净利润为人民币32.50亿到人民币36亿 同比增长54%到71% 金十数据7月14日讯，东方证券晚间发布公告，预计东方证券股份有限公司2025年上半年归属于上市公 司股东的净利润为人民币32.50亿元到人民币36亿元，与上年同期相比增加人民币11.39亿元到人民币 14.89亿元，同比增长54%到71%。 订阅A股市场资讯 +订阅 ...

智通财经7月14日电，东方证券(600958.SH)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润为32.50亿元至36.00亿元，同比增长54%至71%。上半年，公司抓住市场机遇，财富及资产管理、 投行及另类投资、机构及销售交易、国际化等业务收入同比增长，公司业绩同比实现较好增长。 东方证券：上半年净利同比预增54%-71% ...

东方证券（600958）公告，预计2025年半年度归属于上市公司股东的净利润为人民币32.5亿元到人民币 36亿元，与上年同期相比增加人民币11.39亿元到人民币14.89亿元，同比增长54%到71%。 ...

Company Overview - The company, Jiyuan Group, specializes in the research, innovation, and industrialization of dietary nutritional supplements, with over 20 years of focus in the industry [2] - It has become the largest global supplier of HMB raw materials and a core supplier of high-quality glucosamine and formulations, establishing long-term stable partnerships with numerous domestic and international dietary supplement brands [2] Industry Context - The company is positioned to benefit from the accelerating global aging population and the growing demand for the silver economy, leveraging its advanced research and patent advantages [2] - The company has expanded its application fields and market space for core raw materials and formulations through collaborations with many well-known global enterprises, laying a solid foundation for future performance growth [2] Capital Market Strategy - Through the IPO, the company aims to harness capital to seize industry development opportunities and enhance its core competitiveness, marking a new phase in its development [3] - The underwriter, Dongfang Securities, is committed to providing comprehensive capital market services while adhering to the regulatory requirements of the securities issuance sponsorship system [3]

Core Viewpoint - Changan Automobile's sales rebounded in June, with a quarter-on-quarter revenue increase in Q2. Overall sales in June reached 235,100 units, a year-on-year increase of 4.5% and a month-on-month increase of 4.8%. Cumulative sales from January to June totaled 1,355,300 units, reflecting a year-on-year growth of 1.6% [1] Group 1 - In June, Changan's self-owned brand sales reached 195,300 units, marking a year-on-year increase of 3.4% and a month-on-month increase of 5.8%. Cumulative sales for the first half of the year amounted to 1,150,600 units [1] - The Avita brand showed steady growth, with June sales of 11,700 units, a year-on-year increase of 116.9% but a month-on-month decrease of 20.5%. This marks the fourth consecutive month of sales exceeding 10,000 units [1] - Avita is accelerating its global market expansion, which is expected to enhance sales growth in the second half of the year [1] Group 2 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 8.03 billion, 9.47 billion, and 11.31 billion yuan, respectively. The target price is set at 17.01 yuan, maintaining a buy rating based on a comparable company average PE valuation of 21 times for 2025 [1]

Core Viewpoint - The company, Lihui Microelectronics (力合微), is focusing on maintaining a strong R&D investment to ensure its competitive edge in the IoT communication and chip design sectors, despite facing challenges in revenue and profit in the first quarter of 2025 [1][4]. R&D Investment and Personnel - Lihui Microelectronics has maintained a high level of R&D investment, totaling 89.02 million yuan in 2024, representing an 8.59% year-on-year increase [2]. - The company employs 182 R&D personnel, accounting for 57.59% of its total workforce, emphasizing its commitment to innovation and product development [2]. - The company has developed significant proprietary technologies, including advanced digital communication and low-power chip design technologies, which have established a competitive advantage in the market [2]. Product Development in Photovoltaics - The company has developed products for the photovoltaic market, including a rapid shutdown chip that complies with the North American SUNSPEC protocol, becoming the first in China to receive international certification [3]. - Lihui Microelectronics has also launched a narrowband PLC SOC chip for the European market, meeting EN50065-1 standards, and has implemented a monitoring and safety shutdown system for rooftop photovoltaic components [3]. Financial Performance - In Q1 2025, the company reported revenue of 97.79 million yuan, a decrease of 24.70% year-on-year, primarily due to the impact of bidding and supply rhythms in the smart grid market [4]. - The net profit attributable to shareholders was 12.59 million yuan, down 46.08% year-on-year, reflecting the decline in revenue [4]. - The company’s non-grid business generated revenue of 32.24 million yuan in 2024, a growth of 39.81% year-on-year, indicating progress in the non-power IoT market [5]. Order Backlog and Revenue Recognition - As of the end of March 2025, the company had an order backlog of 9.3 billion yuan, which is expected to be recognized as revenue within the same year, depending on the delivery and acceptance schedules of the power companies [6].

Core Viewpoint - The report highlights that Western Securities has accumulated new borrowings exceeding 50% of its net assets as of the end of the previous year, indicating a significant increase in leverage and potential implications for its financial stability [1]. Financial Data Overview - As of December 31, 2024, the audited net assets of Western Securities were RMB 29.015 billion, with a borrowing balance of RMB 36.998 billion. By June 30, 2025, the borrowing balance increased to RMB 55.553 billion, with a cumulative new borrowing of RMB 18.555 billion, representing 63.95% of the net assets at the end of the previous year [1]. New Borrowing Classification - The breakdown of new borrowings as of June 30, 2025, is as follows: - Bank Loans: RMB 0.58 billion, accounting for 0.20% of net assets [2]. - Corporate Bonds and Other Debt Instruments: Decreased by RMB 8.49 billion due to the maturity of short-term financing bonds [2]. - Other Borrowings: Increased by RMB 193.46 billion, representing 66.68% of net assets, primarily due to increased funds borrowed, repurchase agreements, and growth in income certificates [2]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and are part of the company's normal business operations. The financial condition remains stable, with all debts being serviced on time, indicating that the new borrowings will not adversely affect the company's operational status or debt servicing capability [3]. Additional Notes - No additional matters were deemed necessary for explanation by the issuer [3].

Group 1 - The Hong Kong stock market saw a significant rise in Chinese brokerage stocks, with Zhongzhou Securities (01375.HK) increasing by over 40% [1] - Other brokerage firms such as Guolian Minsheng (01456.HK), Guotai Junan (02611.HK), Shenwan Hongyuan (06806.HK), and Dongfang Securities (03958.HK) also experienced gains [1] - Recently, several unprofitable companies have had their IPO applications accepted for the Sci-Tech Innovation Board, with 150 IPOs accepted in June alone, accounting for 85% of the total for the first half of the year [1]

Core Viewpoint - The strategic placement of shares in the initial public offering (IPO) of Jiyuan Group Co., Ltd. has been approved, with a total of 5,001,000 shares to be publicly issued, representing 12.50% of the total post-issue share capital [1][3]. Group 1: Strategic Placement Overview - The initial strategic placement amount is set at 1,000,200 shares, accounting for 20.00% of the total issuance [3][5]. - The strategic placement will involve four investors, with the participation of senior management and core employees through a special asset management plan [5][9]. - The total share capital of the company post-issue will be 40,001,000 shares [3]. Group 2: Investor Participation - The strategic placement is limited to investors who meet specific criteria outlined in the Implementation Rules, ensuring compliance with legal requirements [2][16]. - The senior management and core employees' asset management plan will not exceed 500,100 shares, which is 10% of the total issuance [5][9]. - Other participating investors are allowed to commit up to 60,000,000 yuan [3][5]. Group 3: Compliance and Verification - The underwriter has verified that all participating investors have provided valid documentation and guarantees regarding their qualifications [2][15]. - The strategic placement agreement stipulates that investors will not participate in the preliminary inquiry and will commit to the final issuance price [8][16]. - The lock-up period for shares acquired through the strategic placement is set at 12 months from the date of the IPO [16][28]. Group 4: Investor Profiles - Ningbo Tongshang Hui Gong Industrial Investment Fund, a large enterprise with strategic ties to the issuer, is among the investors [4][23]. - Meinian Health Industry Holding Co., Ltd., a leading health examination company, is also participating, leveraging its extensive data for collaboration [24][28]. - Hangzhou Minsheng Health Pharmaceutical Co., Ltd. is included as well, focusing on health-related products and services [29][30].