Core Insights - The company reported a significant decline in revenue for the first three quarters of 2025, with a total revenue of 234 million yuan, representing a year-on-year decrease of 42.96% [1] - Despite the drop in revenue, the net profit attributable to shareholders increased substantially by 203.39% year-on-year, amounting to 442 million yuan [1] - The basic earnings per share for the period stood at 0.15 yuan [2] Financial Performance - The company achieved a gross margin of 4.92%, which is an increase of 3.69 percentage points year-on-year, while the net margin reached 187.75%, up by 153.08 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 4.72%, reflecting a year-on-year increase of 3.31 percentage points and a slight quarter-on-quarter increase of 0.15 percentage points [2] - The net margin for Q3 2025 was exceptionally high at 1091.45%, which is an increase of 1017.27 percentage points year-on-year and 963.52 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 999.7 million yuan, an increase of 87.54 million yuan compared to the same period last year, resulting in an expense ratio of 425.69%, which is up by 204.21 percentage points year-on-year [2] - Sales expenses decreased by 19.20%, while management expenses increased by 15.73%. Research and development expenses saw a reduction of 15.09%, and financial expenses decreased significantly by 51.71% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 124,900, a slight decrease of 199 from the end of the previous half-year, representing a decline of 0.16% [3] - The average market value of shares held per shareholder increased from 229,300 yuan to 301,700 yuan, marking a growth of 31.62% [3] Company Overview - The company is located in Harbin, Heilongjiang Province, and was established on March 25, 1994, with its listing date on July 8, 1997 [3] - The main business activities include securities services, with the revenue composition being 95.92% from trading, 2.41% from food processing, 0.88% from waterproof materials, and 0.79% from other sources [3] - The company is classified under the non-bank financial sector, specifically in securities, and is involved in various concept sectors including margin financing, QFII holdings, mid-cap stocks, Heilongjiang Free Trade Zone, and mergers and acquisitions [3]

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-079 湘财股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 14 日 14 点 30 分 召开地点：杭州市西湖区西溪路 128 号新湖商务大厦 7 楼湘财股份有限公司 会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年11月14日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 14 日 至2025 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投 ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-080 湘财股份有限公司 关于控股股东之一致行动人股份质押的公告 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。 1 | 已质押股份情况 | 未质押股份情况 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 已 | 质 | 未质 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 占 | 其 | 占 | 公 | 押 | 股 | 押股 ...

独立董事候选人声明与承诺 本人何建军，已充分了解并同意由提名人湘财股份有限公司董事会提名为湘财股份 有限公司第十届董事会独立董事候选人。本人公开声明，本人具备独立董事任职资格， 保证不存在任何影响本人担任湘财股份有限公司独立董事独立性的关系，具体声明并承 诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规章及其 他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履行独立董事职 责所必需的工作经验。 本人已完成独立董事履职学习平台的培训。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （六）中共中央纪委、教育部、监察部《关于加强高等学校反腐倡廉建设的意见》 的相关规定（如适用）； （七）中国人民银行《股份制商业银行独立董事和外部监事制度指引》等的相关规 定（如适用）； 1 （八）中国证监会《证券基金经营机构董事、监事、高级管理人员及从业人员监督 管理办法》等的相关规定（如适用）； （九）《银行业金融机构董事（理事）和高级管理人员任职资格管理办法》《保险公 司董事、监事和高级管理人员任职资格管理规定》《保险机构独立董事管理办法》等的 相关规定（如适 ...

独立董事提名人声明与承诺 提名人湘财股份有限公司董事会，现提名何建军为湘财股份有限公司第十届董事会 独立董事候选人，并已充分了解被提名人职业、学历、职称、详细的工作经历、全部兼 职、有无重大失信等不良记录等情况。被提名人已同意出任湘财股份有限公司第十届董 事会独立董事候选人（参见该独立董事候选人声明）。提名人认为，被提名人具备独立 董事任职资格，与湘财股份有限公司之间不存在任何影响其独立性的关系，具体声明并 承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规章及 其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履行独立董事 职责所必需的工作经验。 被提名人已完成独立董事履职学习平台的培训。 1 （七）中国人民银行《股份制商业银行独立董事和外部监事制度指引》等的相关规 定（如适用）； （八）中国证监会《证券基金经营机构董事、监事、高级管理人员及从业人员监督 管理办法》等的相关规定（如适用）； 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定 ...

二、审议通过《关于增补第十届董事会独立董事的议案》 证券代码：600095 证券简称：湘财股份 公告编号：临2025-078 湘财股份有限公司 第十届董事会第十七次会议决议公告 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。 湘财股份有限公司（以下简称"公司"）第十届董事会第十七次会议于 2025 年 10 月 29 日以通讯表决方式召开，会议通知于 2025 年 10 月 23 日以直接送达或通讯方式发 出。会议应出席董事 9 人，实际参会董事 9 人，公司高级管理人员列席了会议。本次董 事会由董事长史建明先生主持，会议的召集、召开及表决程序符合有关法律、行政法规、 部门规章、规范性文件和《湘财股份有限公司章程》的规定。 会议审议通过了以下事项： 一、审议通过《公司 2025 年第三季度报告》 《公司 2025 年第三季度报告》中的财务信息已经公司董事会审计委员会事前审议 通过，并同意提交董事会审议。 表决结果：9 票同意、0 票反对、0 票弃权。 具体内容详见同日在上海证券交易所网站披露的《湘财股份2025年第三季度报告》 ...

Financial Performance - Total operating income for Q3 2025 reached ¥655,264,082.22, an increase of 43.77% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥300,132,295.31, reflecting a significant increase of 315.25% year-on-year[5] - The total profit for the first three quarters of 2025 was ¥601,156,262.92, up 176.36% from the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2025 was ¥289,447,504.40, a rise of 326.63% year-on-year[5] - Net profit for the first three quarters of 2025 was ¥439,672,886.33, significantly higher than ¥142,364,439.21 in 2024, indicating strong financial performance[25] - The net profit attributable to the parent company shareholders for the first three quarters of 2025 is approximately ¥441.75 million, compared to ¥145.61 million in the same period of 2024, representing a significant increase[26] - The total comprehensive income attributable to the parent company for the first three quarters of 2025 is approximately ¥432.39 million, compared to ¥120.93 million in the same period of 2024, indicating a substantial growth[26] - Basic and diluted earnings per share for the first three quarters of 2025 are both ¥0.1546, up from ¥0.0510 in the same period of 2024, reflecting improved profitability[26] Assets and Liabilities - The company’s total assets increased by 15.39% to ¥44,493,619,727.85 compared to the end of the previous year[6] - The company's total assets increased to ¥44,493,619,727.85 in 2025 from ¥38,559,887,736.68 in 2024, demonstrating growth in asset base[21] - Total liabilities rose to ¥32,253,777,469.22 in 2025, up from ¥26,716,554,660.29 in 2024, indicating increased leverage[21] - The company's equity attributable to shareholders increased to ¥12,221,731,706.57 in 2025 from ¥11,823,145,632.38 in 2024, reflecting improved shareholder value[21] Cash Flow - The company’s cash flow from operating activities for the first three quarters of 2025 showed a net outflow of ¥1,670,341,812.10, a decrease of 74.87% compared to the previous year[6] - Cash inflows from operating activities for the first three quarters of 2025 amount to approximately ¥7.66 billion, down from ¥12.61 billion in the same period of 2024, indicating a decline in operational cash generation[28] - The net cash flow from operating activities for the first three quarters of 2025 is approximately ¥1.67 billion, compared to ¥6.65 billion in the same period of 2024, showing a significant decrease[28] - The net cash flow from investing activities for the first three quarters of 2025 is approximately -¥131.34 million, compared to -¥33.86 million in the same period of 2024, indicating increased cash outflow for investments[29] - The net cash flow from financing activities for the first three quarters of 2025 is approximately ¥1.10 billion, compared to -¥2.08 billion in the same period of 2024, showing a recovery in financing activities[29] - The total cash and cash equivalents at the end of the first three quarters of 2025 is approximately ¥19.99 billion, up from ¥17.58 billion at the end of the same period in 2024, indicating improved liquidity[29] Investments and Subsidiaries - The company’s subsidiary, Xiangcai Securities, achieved a net profit of ¥487 million, a year-on-year increase of 66.71%[7] - The company reported a significant increase in investment income to ¥487,123,683.56 in 2025 from ¥109,042,591.30 in 2024, highlighting successful investment strategies[25] Operational Changes - The company actively reduced its trading business, leading to a significant decline in trading revenue, which contributed to a 71.49% decrease in operating income for Q3 2025[7] - The company announced a major asset restructuring plan to merge with Shanghai Dazhihui Co., Ltd. through a share swap and raise supporting funds, with the proposal approved by the board on March 28, 2025[16] - The company received notice from the Shanghai Stock Exchange on October 23, 2025, confirming the acceptance of its application for issuing shares to purchase assets and raise supporting funds[18] - The company’s total current assets amounted to RMB 35,737,511,942.06, an increase from RMB 31,635,717,484.49 as of December 31, 2024, reflecting a growth of approximately 13.2%[19] - The company reported a significant increase in accounts receivable, which rose to RMB 1,681,794,366.11 from RMB 1,014,276,041.74, marking a growth of approximately 66.5%[19] - The company’s long-term equity investments decreased to RMB 1,569,018,861.05 from RMB 1,901,553,789.27, indicating a decline of about 17.4%[19] - The company’s total liabilities and equity structure will be impacted by the ongoing merger and acquisition activities, which are subject to regulatory approval[18] Cost Management - Total operating costs decreased to ¥1,673,750,550.25 in 2025 from ¥1,708,644,630.80 in 2024, reflecting a cost reduction strategy[25] - The company's financial expenses decreased to ¥38,113,715.53 in 2025 from ¥78,925,572.12 in 2024, indicating improved cost management[25] Government Support - The company received government subsidies amounting to ¥189,081.75 during the reporting period, contributing to its non-recurring gains[9] Communication and Governance - The company has maintained an active communication channel with investors, ensuring timely responses to inquiries and suggestions throughout the reporting period[17] - The company's major shareholders include New Lake Holdings Co., Ltd. with 689,855,361 shares, representing a significant portion of the equity structure[15] Accounting Standards - The company has not adopted new accounting standards or interpretations for the first time in 2025, maintaining consistency in financial reporting[30]

Core Viewpoint - Xiangcai Co., Ltd. (600095.SH) reported significant growth in both revenue and net profit for Q3 2025, indicating strong performance driven by its wholly-owned subsidiary, Xiangcai Securities, and improved financial management [1] Financial Performance - Q3 total revenue reached 655 million yuan, a year-on-year increase of 43.77% [1] - Net profit attributable to shareholders for Q3 was 300 million yuan, reflecting a substantial year-on-year growth of 315.25% [1] - Total revenue for the first three quarters amounted to 1.799 billion yuan, up 16.15% year-on-year [1] - Net profit attributable to shareholders for the first three quarters was 442 million yuan, showing a remarkable year-on-year increase of 203.39% [1] Subsidiary Performance - Xiangcai Securities capitalized on market opportunities, optimizing asset allocation, which led to significant improvements in brokerage, credit, investment advisory, and proprietary business performance [1] - The net profit for Xiangcai Securities reached 487 million yuan, marking a year-on-year increase of 66.71% [1] Investment Gains - The company’s equity investment in the affiliated company, Dazhihui, saw a substantial reduction in losses, contributing positively to overall financial performance [1] - The conversion of certain bondholders into equity resulted in increased investment income for the company [1] - Financial expenses for the company decreased year-on-year, further enhancing profitability [1]

Core Insights - The company reported a third-quarter revenue of 655 million, representing a year-on-year increase of 43.77% [1] - The net profit for the third quarter reached 300 million, showing a significant year-on-year growth of 315.25% [1] - For the first three quarters, the total revenue amounted to 1.799 billion, reflecting a year-on-year increase of 16.15% [1] - The net profit for the first three quarters was 442 million, which is a year-on-year increase of 203.39% [1]

Group 1 - The Shanghai Stock Exchange (SSE) has disclosed the evaluation results of information disclosure work for listed companies in the Shanghai market for the 2024-2025 period, which includes evaluations for 30 listed securities firms [1][2] - A total of 10 securities firms received an A rating, indicating excellent performance in information disclosure, including major firms such as CITIC Securities and Huatai Securities [1] - 18 firms received a B rating, indicating good performance, while 2 firms, Xiangcai Co. and Pacific Securities, received a C rating, indicating qualified performance [2] Group 2 - The evaluation results are based on the SSE's guidelines for self-regulation and information disclosure, which were recently revised to enhance the quality of information disclosure and protect investor rights [2] - The evaluation criteria consider the quality of information disclosure, the level of standardized operations, and the degree of protection for investor rights, categorizing firms into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2] - The revision of the evaluation guidelines aims to implement new policies and strengthen the regulatory framework for information disclosure, thereby enhancing the investment value of listed companies [2]