湘财股份有限公司董事会 关于本次交易符合《上市公司重大资产重组管理办法》第十一条及 第四十三条规定的说明 湘财股份有限公司（以下简称"公司"）拟通过向上海大智慧股份有限公司 （以下简称"大智慧"）全体换股股东发行 A 股股票的方式换股吸收合并大智慧， 并发行 A 股股票募集配套资金（以下简称"本次交易"）。 根据相关法律法规的规定，公司董事会就本次交易是否符合《上市公司重大 资产重组管理办法》（以下简称"《重组管理办法》"）第十一条及第四十三条规定 进行了审慎判断，具体如下： 3、本次交易所涉及的资产定价公允，不存在损害公司和股东合法权益的情 形； 4、本次交易所涉及的资产权属清晰，资产过户或者转移不存在法律障碍， 相关债权债务处理合法； 5、本次交易有利于公司增强持续经营能力，不存在可能导致公司本次交易 后主要资产为现金或者无具体经营业务的情形； 6、本次交易有利于公司在业务、资产、财务、人员、机构等方面与实际控 制人及其关联人保持独立，符合中国证券监督管理委员会（以下简称"中国证监 会"）关于上市公司独立性的相关规定； 7、本次交易有利于公司保持健全有效的法人治理结构。 二、本次交易符合《重组管理办法》第 ...

湘财股份有限公司董事会 根据相关法律法规的规定，公司董事会就本次交易是否构成《上市公司重大 资产重组管理办法》第十三条规定的重组上市情形进行了审慎判断，具体如下： 本次交易前，公司实际控制人为黄伟先生，最近三十六个月内公司控制权未 发生变更；本次交易完成后，公司实际控制人将仍然为黄伟先生。本次交易不会 导致公司控制权发生变更。 因此，经公司董事会审慎判断，本次交易不构成《上市公司重大资产重组管 理办法》第十三条规定的重组上市情形。 2025 年 3 月 28 日 特此说明。 关于本次交易不构成《上市公司重大资产重组管理办法》 第十三条规定的重组上市情形的说明 湘财股份有限公司（以下简称"公司"）拟通过向上海大智慧股份有限公司 （以下简称"大智慧"）全体换股股东发行 A 股股票的方式换股吸收合并大智慧， 并发行 A 股股票募集配套资金（以下简称"本次交易"）。 湘财股份有限公司董事会 ...

本次重组的具体方案以双方进一步签署的交易文件为准。本次重组尚需履行 必要的内部决策程序，并需经有权监管机构批准后方可正式实施，能否实施尚存在 不确定性。后续进展以公司在上海证券交易所官网及指定信息披露媒体上发布的 公告为准，敬请广大投资者关注后续公告并注意投资风险。 014 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。 湘财股份有限公司（以下简称"公司"或"湘财股份"）与上海大智慧股份有 限公司（以下简称"大智慧"）正在筹划由湘财股份通过向大智慧全体 A 股换股股 东发行 A 股股票的方式换股吸收合并大智慧并发行 A 股股票募集配套资金（以下 简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司 A 股股票 （证券简称：湘财股份，证券代码：600095）于 2025 年 3 月 17 日（星期一）开市 起停牌，预计停牌时间不超过 10 个交易日。具体内容详见公司于 2025 年 3 月 17 日在上海证券交易所网站披露的《湘财股份关于筹划重大资产重组的停牌公告》 （公告编号：临 2025-013）。 截至本公告 ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-015 湘财股份有限公司 关于控股股东之一致行动人股份 解除质押及质押的公告 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: 湘财股份有限公司（以下简称"公司"）控股股东的一致行动人衢州信 安发展股份有限公司（以下简称"衢州发展"）持有公司股份 464,427,406 股， 占公司总股本的 16.24%，本次解除质押及质押后衢州发展累计质押股份数量为 448,400,000 股，占其持股数量的 96.55%，占公司总股本的 15.68%。 衢州发展及其一致行动人合计持有公司股份 1,154,282,767 股，占公司 总股本的 40.37%，本次解除质押及质押后衢州发展及其一致行动人累计质押股 份数量为 1,138,191,893 股，占其持股数量的 98.61%，占公司总股本的 39.81%。 公司于近日接到衢州发展通知，获悉其所持有本公司的股份办理了解除质押 及质押业务，具体事项如下： | | | | | | | | | | 剩余被 | | ...

Investment Rating - The report assigns a "Buy" rating for Xiangcai Co., Ltd. (600095) [7] Core Views - Xiangcai Co., Ltd. is planning to acquire Dazhihui through a share swap, which is expected to enhance its business capabilities by integrating technology and customer flow advantages [3][4] - The historical context of the relationship between Xiangcai and Dazhihui includes previous attempts at mergers and acquisitions, indicating a long-standing interest in collaboration [2] - The merger is anticipated to facilitate the third integration of traditional brokerage firms with financial technology, potentially revitalizing Dazhihui's operations and user engagement [3] Financial Summary - The projected net profit growth rates for Xiangcai Co., Ltd. are 98% for 2024, 16% for 2025, and 5% for 2026, with corresponding book value per share (BPS) estimates of 4.24, 4.33, and 4.43 yuan [4][6] - The financial forecast indicates a significant drop in revenue for 2024, with a projected decrease of 8% compared to 2023, followed by a recovery with growth rates of 10% and 11% in 2025 and 2026 respectively [6][13] - The total market capitalization of Xiangcai Co., Ltd. is approximately 19.7 billion yuan, with a closing price of 6.89 yuan per share [8]

Investment Rating - The report assigns a "Buy" rating for Xiangcai Co., Ltd. (600095) [7] Core Views - Xiangcai Co., Ltd. is planning to acquire Dazhihui through a share swap, which is expected to enhance its business capabilities by integrating technology and customer flow [3][4] - The merger is seen as a significant step towards the third integration of traditional brokerage firms with financial technology, following similar moves by other firms [3] - The anticipated growth in net profit for the company is projected at 98% in 2024, 16% in 2025, and 5% in 2026, indicating strong future performance [4] Summary by Sections Company Overview - Xiangcai Co., Ltd. is in the process of merging with Dazhihui, which has a historical context of previous attempts at collaboration and acquisition dating back to 2014 [2] Financial Performance - The financial forecast indicates a revenue decline of 34% in 2023, followed by a recovery with expected growth of 10% in 2025 and 11% in 2026 [6] - The projected net profit for 2024 is 237 million, increasing to 275 million in 2025 and 288 million in 2026 [6] Valuation Metrics - The report provides a forecast for Book Value Per Share (BPS) at 4.24 in 2024, 4.33 in 2025, and 4.43 in 2026, with a decreasing Price-to-Book (P/B) ratio from 1.66 in 2023 to 1.55 in 2026 [4][6]

Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. (600095) [1] Core Views - The company plans to merge with Dazhihui through a share swap, which is expected to enhance its competitiveness in wealth management and financial technology [7] - Xiangcai Co., Ltd. has a strong internet background and has collaborated with Dazhihui and other internet companies for years, laying a solid foundation for its transformation [7] - The brokerage and margin financing businesses are core to the company's development, with investment consulting showing steady growth [7] - The merger with Dazhihui is anticipated to improve the company's wealth management segment by leveraging Dazhihui's online traffic and technological advantages [7] - The report forecasts net profits for 2024-2026 to be 213 million, 293 million, and 370 million yuan respectively, with corresponding year-on-year growth rates of 78%, 38%, and 26% [7] Financial Summary - Total revenue for 2022 was 3,516 million yuan, with a year-on-year decrease of 23.08% [8] - The company reported a net loss of 326 million yuan in 2022, a significant decline of 167.17% year-on-year [8] - The earnings per share (EPS) for 2022 was -0.11 yuan, with projections of 0.04 yuan for 2023 and 0.07 yuan for 2024 [8] - The price-to-earnings (P/E) ratio is projected to be 164.96 for 2023, decreasing to 92.43 in 2024 and 67.19 in 2025 [8]

Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. (600095) [1] Core Views - The company plans to merge with Dazhihui through a share swap, which is expected to enhance its competitiveness in wealth management and financial technology [7] - Xiangcai Co., Ltd. has a strong internet foundation and has collaborated with various internet companies, which positions it well for the merger [7] - The brokerage and margin financing businesses are core to the company's development, with brokerage income accounting for approximately 40% of total revenue from 2015 to 2024 [7] - The merger with Dazhihui is anticipated to improve the company's wealth management capabilities by leveraging Dazhihui's large online traffic and technological advantages [7] - The report forecasts net profits for 2024-2026 to be 213 million, 293 million, and 370 million yuan respectively, with corresponding year-on-year growth rates of 78%, 38%, and 26% [7] Financial Summary - Total revenue for 2022 was 3,516 million yuan, with a year-on-year decline of 23.08% [8] - The company reported a net loss of 326 million yuan in 2022, with a significant recovery expected in the following years [8] - Earnings per share (EPS) is projected to improve from 0.04 yuan in 2023 to 0.13 yuan in 2026 [1][8] - The current market capitalization is approximately 19,699.80 million yuan, with a price-to-earnings (P/E) ratio of 164.96 for 2023, decreasing to 53.19 by 2026 [5][8]

Group 1 - Xiangcai Co. plans to merge with Dazhihui through a share swap, marking a significant development in the securities industry's mergers and acquisitions [1] - Both companies have suspended trading of their A-shares due to the planned merger, with an expected suspension period of no more than 10 trading days [1][2] - As of March 14, 2024, Xiangcai Co. had a market capitalization of 19.7 billion yuan, while Dazhihui's market capitalization was 18.1 billion yuan [1] Group 2 - Xiangcai Co. holds a 14.22% stake in Dazhihui, making it the second-largest shareholder [3] - Dazhihui is projected to report a net loss of 190 million to 225 million yuan for the fiscal year 2024, a significant decline from a net profit of 102 million yuan in 2023 [3][4] - The decline in Dazhihui's performance is attributed to a drop in business income, increased R&D and personnel costs, and the absence of extraordinary income that was present in 2023 [4] Group 3 - For the first three quarters of 2024, Xiangcai Co. reported total revenue of 1.549 billion yuan, a year-on-year decrease of 16.52%, and a net profit of 146 million yuan, down 2.93% [4] - As of the end of the reporting period, Xiangcai Co.'s total assets amounted to 40.585 billion yuan, reflecting a 22.83% increase compared to the end of 2023 [4]

Group 1 - The core point of the article is that Dazhihui (601519.SH) and Xiangcai Co. (600095.SH) have announced a major asset restructuring plan, leading to a suspension of trading for both companies starting March 17, 2025, for a period not exceeding 10 trading days [1] - The restructuring involves Xiangcai Co. issuing A-shares to all A-share shareholders of Dazhihui in a stock swap merger, along with raising additional funds through the issuance of A-shares [1] - During the suspension period, both companies will actively advance their work and fulfill information disclosure obligations according to relevant laws and regulations [1] Group 2 - The specific cooperation plan for the restructuring will be determined by further signed transaction documents between the two parties [1] - The restructuring is subject to necessary internal decision-making procedures and requires approval from competent regulatory authorities before it can be officially implemented, indicating uncertainty regarding its execution [1] - Future developments will be announced through the Shanghai Stock Exchange and designated information disclosure media [1]