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: 2026年3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: 光大證券股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,8 ...

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: 2026年3月31日 狀態: 新提交 公司名稱: 光大證券股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 2. 股份分類 ...

Core Viewpoint - The report from Everbright Securities indicates that Nongfu Spring (09633) is expected to achieve a revenue of 52.553 billion yuan in 2025, representing a year-on-year growth of 22.5%, and a net profit attributable to shareholders of 15.868 billion yuan, reflecting a year-on-year increase of 30.9% [1][2]. Revenue and Profit Growth - In 2025, the company achieved a revenue of 52.553 billion yuan, up 22.5% year-on-year, and a net profit of 15.868 billion yuan, up 30.9% year-on-year [2]. - In the second half of 2025, the company reported a revenue of 26.931 billion yuan, a year-on-year increase of 30.0%, and a net profit of 0.825 billion yuan, up 40.2% year-on-year [2]. Segment Performance - The revenue from packaged drinking water in 2025 was 18.709 billion yuan, a year-on-year increase of 17.3%, with the second half of 2025 showing revenue of 9.266 billion yuan, up 24.9% year-on-year, driven by product specification diversification and enhanced natural water source advantages [2]. - The ready-to-drink tea segment generated revenue of 21.596 billion yuan in 2025, growing 29.0% year-on-year, with the second half achieving 11.507 billion yuan, up 38.4% year-on-year, attributed to new flavor launches and successful promotional activities [2]. - The functional beverage segment reported revenue of 5.762 billion yuan in 2025, up 16.8% year-on-year, with the second half at 2.864 billion yuan, a 20.2% increase year-on-year, supported by effective brand positioning [2]. - The juice beverage segment achieved revenue of 5.176 billion yuan in 2025, a year-on-year increase of 26.7%, with the second half at 2.612 billion yuan, up 32.5% year-on-year, due to new product introductions and channel expansion [2]. - Other products generated revenue of 1.309 billion yuan in 2025, up 10.7% year-on-year, with the second half at 0.680 billion yuan, a 7.3% increase year-on-year, driven by product diversification [2]. Profitability and Cost Management - The company's gross margin reached 60.5% in 2025, an increase of 2.4 percentage points year-on-year, with the second half at 60.7%, up 3.4 percentage points year-on-year, primarily due to lower raw material costs and effective price control [3]. - The sales expense ratio decreased to 18.6% in 2025, down 2.8 percentage points year-on-year, with the second half at 17.8%, a decrease of 2.5 percentage points year-on-year, attributed to reduced advertising and promotional expenses [3]. - The operating profit margins for various segments in 2025 were as follows: packaged drinking water at 37.4%, ready-to-drink tea at 48.0%, functional beverages at 46.8%, juice at 34.3%, and other products at 35.9%, with notable improvements in juice profitability due to product mix optimization [3]. Future Outlook - The company has shown strong performance in early 2026, with balanced growth across all categories, and plans to increase marketing expenses due to its 30th anniversary and new product promotions [4]. - The company has implemented price locking strategies to mitigate cost pressures from rising PET prices, with no immediate plans for product price adjustments [4]. - The company is focused on enhancing product quality, strengthening supply chain capabilities, and deepening channel cooperation to ensure sustainable growth, while also advancing its global expansion strategy [4].

Core Viewpoint - The recent leadership changes at Everbright Pramerica Fund signify a strategic shift and the establishment of a new generation of management, aiming to enhance the company's performance and adapt to the evolving market landscape [2][4]. Group 1: Leadership Changes - Wang Cuiting, the former chairman of Everbright Pramerica Fund, has retired, and Wang Pei, the business director of Everbright Securities, has taken over as chairman [1][2]. - Huang Bo, the assistant general manager and head of fixed income management, is set to be promoted to vice general manager, while former vice general manager Dong Wenzhu has left the company [1][2]. - Chen Baoguo, the former co-general manager and investment director of the equity investment department at Western Li De Fund, has joined Everbright Pramerica Fund as an assistant general manager and head of equity management [1][5]. Group 2: Performance and Background - Under Wang Cuiting's leadership, the fund's public asset management scale reached a record high of 119.2 billion yuan by the end of 2025, with strong performance in fixed income, ranking first in absolute returns over three years and second over five years in the industry [2][4]. - Wang Pei has extensive experience across banking, public fund research, brokerage self-operation, and asset management, which positions him well to lead the fund [2][3]. Group 3: Industry Context - The public fund industry is experiencing significant personnel changes, with 18 fund companies having leadership changes this year alone, indicating a trend of increased executive mobility within the sector [6][7]. - The current transformation in the public fund industry is characterized by rapid adjustments in the competitive landscape, presenting both opportunities and challenges for firms [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 10.85 billion yuan in 2025, representing a year-on-year increase of 13.1%. The net profit attributable to shareholders was 3.72 billion yuan, up 21.8% year-on-year, with an EPS of 0.73 yuan and a ROE of 5.6%, an increase of 1.0 percentage points year-on-year [9] - The main driver of performance growth was the brokerage business, which generated revenue of 3.98 billion yuan, a 33.1% increase year-on-year, accounting for 36.7% of total revenue. The average daily trading volume in the market was 19.814 trillion yuan, up 67.2% year-on-year [9] - The investment banking business saw a decline in revenue, with a total of 770 million yuan, down 5.8% year-on-year. However, the company ranked 32nd in equity underwriting scale, with a total of 1.71 billion yuan raised from IPOs and refinancing [9] - Asset management revenue increased by 14.0% year-on-year to 900 million yuan, with total assets under management (AUM) reaching 273.28 billion yuan, a decrease of 12.2% year-on-year [9] - The company is focusing on strengthening its core business and maintaining stable growth, with an upward revision of profit forecasts for 2026 and 2027, expecting net profits of 4.1 billion yuan and 4.3 billion yuan, respectively [9] Summary by Sections Financial Performance - Total revenue for 2025 was 10.85 billion yuan, with a year-on-year growth of 13.1% [9] - Net profit attributable to shareholders was 3.72 billion yuan, reflecting a year-on-year increase of 21.8% [9] - EPS for 2025 was 0.73 yuan, with a ROE of 5.6% [9] Business Segments - Brokerage business revenue was 3.98 billion yuan, up 33.1% year-on-year, contributing 36.7% to total revenue [9] - Investment banking revenue decreased to 770 million yuan, down 5.8% year-on-year, with a notable increase in equity underwriting scale [9] - Asset management revenue rose to 900 million yuan, a 14.0% increase year-on-year, despite a decline in AUM [9] Future Outlook - The company has revised its profit forecasts, expecting net profits of 4.1 billion yuan in 2026 and 4.3 billion yuan in 2027, with corresponding EPS of 0.88 yuan and 0.94 yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 10.85 billion yuan in 2025, representing a year-on-year increase of 13.1%. The net profit attributable to shareholders was 3.72 billion yuan, up 21.8% year-on-year, with an EPS of 0.73 yuan and a ROE of 5.6%, an increase of 1.0 percentage points year-on-year [9] - The main driver of growth was the brokerage business, which generated 3.98 billion yuan in revenue, a 33.1% increase year-on-year, accounting for 36.7% of total revenue. The average daily trading volume in the market increased by 67.2% year-on-year to 19.814 trillion yuan [9] - The investment banking revenue declined by 5.8% to 770 million yuan, while the bond underwriting scale ranked high, with equity underwriting increasing by 69.3% to 1.71 billion yuan [9] - Asset management revenue grew by 14.0% to 900 million yuan, with total assets under management reaching 273.28 billion yuan, a decrease of 12.2% year-on-year [9] - The report projects net profits for 2026 and 2027 to be 4.1 billion yuan and 4.3 billion yuan, respectively, with corresponding EPS of 0.88 yuan and 0.94 yuan [9] Financial Summary - Total revenue forecast for 2024 is 9.598 billion yuan, with a projected growth of 13.06% in 2025, reaching 10.852 billion yuan [1] - The net profit attributable to shareholders is expected to be 3.058 billion yuan in 2024, increasing to 3.724 billion yuan in 2025, reflecting a year-on-year growth of 21.77% [1] - The latest diluted EPS is projected to be 0.58 yuan for 2024, increasing to 0.81 yuan for 2025 [1]

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。 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 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條刊發。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站( www.sse.com.cn )刊發了如下文件，僅供參閱： 1 1. 《光大證券股份有限公司第七屆董事會第十五次會議決議公告》 2. 《光大證券股份有限公司2026年度預計日常關聯（連）交易公告》 3. 《光大證券股份有限公司2025年年度利潤分配方案公告》 4. 《光大證券股份有限公司續聘會計師事務所公告》 5. 《光大證券股份有限公司獨立董事2025年度述職報告》 6. 《光大證券股份有限公司董事會對獨立董事獨立性評估報告》 7. 《光大證券股份有限公司董事會審 ...

免責聲明 EF002 | 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 | | | --- | --- | | 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。 | | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 光大證券股份有限公司 | | 股份代號 | 06178 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.174 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 ...

1 | 目錄 | | --- | | 報告編製說明 3 | | | --- | --- | | 前文：走進光證 5 | | | 董事會 ESG 聲明 | 5 | | 公司概況 | 5 | | 年度社會認可 | 6 | | ESG 管治 | 8 | | 經濟篇：勇擔金融使命，服務國家戰略與實體經濟 13 | | | 專題：深耕「五篇大文章」，書寫發展新答卷 | 14 | | 1.1 助力培育新質生產力 | 22 | | 1.2 推動區域協調發展 | 22 | | 1.3 全面服務鄉村振興 | 24 | | 管治篇：堅持合規穩健，築牢發展基石 28 | | | 2.1 堅持黨建引領 | 28 | | 2.2 完善公司管治 | 32 | | 2.3 誠信合規營運 | 34 | | 2.4 全面風險管理 | 38 | | 2.5 強化供應鏈管理 | 41 | | 社會篇：傳遞金融向善，共建美好家園 43 | | | 3.1 打造優質服務 | 43 | | 3.2 創新金融科技 | 50 | | 3.3 加強信息安全與隱私保護 | 57 | | 3.4 賦能員工成長 | 59 | | 3.5 投身慈善公益 | 68 | ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1,307,158,295.66 to all A-share and H-share shareholders, with a net distribution of RMB 802,277,049.19 after deducting the interim dividend of RMB 504,881,246.47[5] - The total share capital of the company as of December 31, 2025, is 4,610,787,639 shares, with a proposed cash dividend of RMB 0.1740 per share (tax included)[5] Financial Reporting and Audit - The board of directors confirmed that the financial data in the report is prepared in accordance with International Financial Reporting Standards and audited by KPMG, receiving a standard unqualified audit opinion[7] - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content, with no false records or misleading statements[7] - The company will publish its annual report on the Hong Kong Stock Exchange and its own website at an appropriate time[2] Risk Management - The company has detailed potential risks in the report, particularly in the section discussing future development and analysis[8] - The company has detailed risk factors outlined in its report, which are crucial for understanding potential challenges in future operations[17] - The company is committed to a robust risk management culture, aiming to build a comprehensive risk management system aligned with its strategic development goals[158] - The company has established a multi-level risk limit system for market risk, including Value at Risk (VaR), net exposure, and concentration limits[164] - Credit risk management includes internal credit ratings and strict monitoring of bond issuers' operational conditions[166] - The company has implemented a liquidity risk management framework, ensuring overall liquidity risk is controllable within the consolidated scope[169] - A liquidity risk emergency plan has been established, detailing response measures and standards to prevent liquidity risks[170] - The company emphasizes proactive management and quantitative approaches in its risk management strategies[164] - Stress testing is a key component of the company's market risk management, assessing potential losses under stress scenarios[164] Business Operations and Strategy - The company has a diverse range of business operations including securities brokerage, investment consulting, and margin financing, among others[21] - The company’s operational strategies include leveraging its membership in various financial institutions to enhance service delivery and market competitiveness[21] - The financial report indicates that the company is focused on expanding its market presence and enhancing its service offerings in the securities sector[21] - The company aims to enhance its wealth management services and digital transformation in 2026, focusing on customer retention and service efficiency[76] - The company plans to expand its product matrix and service offerings, including the development of intelligent advisory services to improve client experience[76] - The company aims to strengthen strategic customer cooperation and deepen capital market business layout in its overseas investment banking operations[84] Financial Performance - The company's revenue and other income for 2025 reached RMB 15,843.5 million, an increase of 11.60% compared to RMB 14,196.7 million in 2024[49] - The pre-tax profit for 2025 was RMB 4,678.3 million, reflecting a growth of 30.65% from RMB 3,580.9 million in 2024[49] - The net profit attributable to shareholders for 2025 was RMB 3,724.2 million, up 21.77% from RMB 3,058.5 million in 2024[49] - The total assets of the company as of December 31, 2025, amounted to RMB 318,113.9 million, an increase of 8.59% from RMB 292,959.0 million in 2024[50] - The total liabilities increased by 9.64% to RMB 245,311.4 million in 2025 from RMB 223,735.5 million in 2024[50] - The company's cash flow from operating activities decreased significantly by 77.72% to RMB 3,751.98 million in 2025 from RMB 16,839.78 million in 2024[49] - The basic and diluted earnings per share for 2025 were both RMB 0.73, representing a 25.86% increase from RMB 0.58 in 2024[49] - The company's total equity attributable to shareholders increased by 5.17% to RMB 71,923.5 million in 2025 from RMB 68,390.3 million in 2024[50] - The asset-liability ratio decreased by 2.88 percentage points to 65.89% in 2025 from 68.77% in 2024[50] Customer and Market Engagement - The number of total customers reached 7.165 million by the end of 2025, representing an 11% increase compared to the previous year[69] - The company conducted over 2,600 investor education activities in 2025, receiving 22 awards from various sectors[69] - The Hong Kong subsidiary's securities brokerage business had a total of 142,000 clients and retail client assets valued at approximately 68.3 billion HKD, an 18.37% year-on-year increase[75] Investment and Financing Activities - The company aims to enhance its investment banking service capabilities and improve the quality of services provided to the real economy in 2026[157] - The company underwrote 1,747 bond projects in 2025, with a total underwriting amount of 415.479 billion yuan, including 52.426 billion yuan for asset-backed securities, achieving a market share of 2.79%[82] - The company reported a loss of 60 million yuan in the equity investment business cluster in 2025[107] - The company’s public and private fund custody scale reached 74.991 billion yuan, a year-on-year increase of 37.18%[90] - The company’s private fund outsourcing scale grew to 147.546 billion yuan, reflecting an 18.65% year-on-year increase[90] Compliance and Governance - The company held 4 shareholder meetings and 8 board meetings during the reporting period, ensuring robust governance practices[195] - The company has established an independent and complete business system, ensuring no influence from the controlling shareholder[196] - The board of directors has adopted corporate governance policies in compliance with Hong Kong listing rules, ensuring adherence to best practices[197] - In 2025, the company reported no significant compliance risk events or major regulatory penalties, indicating a stable compliance management situation[175] Technology and Innovation - The company emphasizes the integration of technology in financial services, enhancing digital capabilities and customer service through AI and big data[118] - The company is committed to building a first-class service-oriented investment bank in China, focusing on digitalization, platformization, and intelligence in its technology strategy[171] - The company has made significant investments in compliance management systems, totaling approximately 1.84 million yuan during the reporting period[176]