Investment Rating - Maintains an "Overweight" rating with a target price of 12.21 yuan per share, corresponding to 25.98x PE and 1.34x PB for 2024 [1] Core Views - The company's investment income declined year-on-year in Q1 2024, putting pressure on performance [1] - The company is expected to optimize its investment banking business layout around new quality productivity, driving multiple businesses [1] - Under the new "National Nine Articles" policy, the company is likely to achieve comprehensive value realization for clients by enhancing professional service capabilities [1] Financial Performance - 2023 revenue reached 6.73 billion yuan, a year-on-year increase of 17.39%, with net profit attributable to shareholders of 1.718 billion yuan, up 43.41% [1] - Weighted average ROE increased by 1.22 percentage points to 5.39% in 2023 [1] - Q1 2024 revenue was 1.483 billion yuan, down 24.03% year-on-year, with net profit attributable to shareholders of 367 million yuan, down 38.6% [1] - Adjusted EPS forecasts for 2024-2025 to 0.47/0.52 yuan from previous 0.52/0.61 yuan, and added 2026 EPS forecast of 0.57 yuan [1] Business Highlights - Investment business net income surged 497.37% year-on-year to 1.688 billion yuan in 2023, contributing 141.02% to adjusted revenue growth [1] - Financial asset scale increased by 14.78% to 434.85 billion yuan by the end of 2023 [1] - Q1 2024 investment business net income fell 61.43% year-on-year due to a high base in 2022 [1] Strategic Outlook - The company will focus on optimizing its investment banking business around new quality productivity, driving multiple businesses [1] - The new "National Nine Articles" policy emphasizes professional service capabilities, which will help the company achieve deeper and more comprehensive value realization for clients [1] - The company will continue to strengthen its project pipeline, focusing on policy-encouraged industrial mergers and acquisitions, and improve the quality of its operations [1] Market Performance - Current stock price is 8.42 yuan, with a 52-week price range of 7.89-10.80 yuan [1] - Total market capitalization is 31.26 billion yuan, with a circulating A-share ratio of 86% [1] - Average daily trading volume is 31.48 million shares, with an average daily trading value of 275.45 million yuan [1]

国金证券股份有限公司 章程 二〇二四年四月 1 目录 第一章总则 第二章经营宗旨和范围 第三章股份 第四章股东和股东大会 第一节股东 第二节股东大会的一般规定 第三节股东大会的召集 第四节股东大会的提案与通知 第五节股东大会的召开 第六节股东大会的表决和决议 第五章董事会 第三节董事会专门委员会 第十二章合并、分立、增资、减资、解散和清算 第六章总经理及其他高级管理人员 2 第一节股份发行 第二节股份增减和回购 第三节股份转让 第一节董事 第二节董事会 第七章合规管理 第八章风险管理 第九章监事会 第十章财务会计制度、利润分配和审计 第十一章通知与公告 第一节合并、分立、增资和减资 第二节解散和清算 第十三章修改章程 第十四章附则 3 第一节监事 第二节监事会 第一节财务会计制度 第二节内部审计 第三节会计师事务所的聘任 第一节通知 第二节公告 附件 1：股东大会议事规则 附件 2：董事会议事规则 附件 3：监事会议事规则 第一章总则 第一条 为维护公司、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》）、《中华人民共和国证 券法》（以下简称《证券法》）、《证券 ...

国金证券股份有限公司 内部控制审计报告 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2024〕11-200 号 国金证券股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了国金证券股份有限公司（以下简称国金证券公司）2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 四、财务报告内部控制审计意见 我们认为，国金证券公司于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是国金 证券公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固 ...

Financial Performance - In 2023, the company's operating revenue reached ¥6,729,872,238.04, representing a 17.39% increase compared to ¥5,733,079,420.05 in 2022[39]. - The net profit attributable to shareholders of the parent company for 2023 was ¥1,718,438,757.07, a 43.41% increase from ¥1,198,294,039.81 in 2022[39]. - The total assets at the end of 2023 amounted to ¥117,032,405,038.93, reflecting a 14.53% increase from ¥102,180,479,055.02 at the end of 2022[40]. - The total liabilities increased by 18.90% to ¥84,235,864,466.92 in 2023 from ¥70,848,106,566.40 in 2022[40]. - The basic earnings per share for 2023 was ¥0.462, up 34.69% from ¥0.343 in 2022[41]. - The net cash flow from operating activities for 2023 was negative at -¥5,625,133,467.43, a significant decrease from ¥6,663,406,167.48 in 2022, marking a 184.42% decline[40]. - The company's core net capital at the end of 2023 was ¥24,522,809,558.11, an increase from ¥23,656,951,187.49 at the end of the previous year[42]. - The risk coverage ratio improved to 371.99% in 2023 from 328.14% in 2022[42]. Business Operations - The company has a diversified business structure, including subsidiaries in asset management, futures, and investment services[3]. - The company has established a comprehensive internal control management system to ensure operational integrity[3]. - The company has been approved for stock pledge repurchase business and various trading permissions on multiple exchanges, indicating a broad market presence[17]. - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, enhancing its operational capabilities[18]. - The company has expanded its business scope to include internet securities and over-the-counter options, reflecting adaptation to market trends[17]. - The company maintains a strong presence in the securities market with qualifications for both domestic and international investment management[18]. Governance and Compliance - The company has a robust governance structure and has adhered to compliance and prudent management since its establishment in 1990[3]. - The company has a strong commitment to legal compliance and has maintained a sound corporate governance framework[3]. - The company emphasizes strong regulatory compliance and risk management to safeguard its operations and investor interests[175]. - The company has established a clear governance structure and a stable management team to ensure efficient decision-making and stable operations[128]. - The company has implemented a systematic monitoring approach for risk management, enhancing liquidity risk management and market risk monitoring capabilities[182]. Risk Management - The company is subject to risks from macroeconomic conditions, regulatory policy changes, and market volatility, which are detailed in the management discussion section[9]. - The company recognizes various operational risks, including liquidity, market, credit, operational, money laundering, and reputational risks[175]. - The company has developed a comprehensive risk management system, including liquidity risk management guidelines and various risk control measures, ensuring compliance with regulatory requirements[182]. - The company has strengthened its anti-money laundering (AML) measures, enhancing the customer due diligence system and digital AML monitoring system to improve technical capabilities in AML[181]. - The company has established a risk indicator system that includes risk tolerance and limits, which is approved by the board and cascaded down to departments and subsidiaries[182]. Future Plans and Strategic Developments - The company aims to enhance its financial services efficiency and reliability, aspiring to become a significant financial service institution in China[3]. - The company will focus on mergers and acquisitions in encouraged policy sectors, particularly in high-end manufacturing, ICT, new materials, new energy, and healthcare in 2024[64]. - The company plans to strengthen its bond business in 2024, particularly in areas such as industrial bonds, "Belt and Road" bonds, rural revitalization bonds, and green and low-carbon transition bonds[64]. - The company aims to enhance its wealth management business by integrating digital technology and customer experience, focusing on a "buyer advisory" model to create differentiated advantages[66]. - The company will continue to develop its product matrix to improve competitiveness in financial products, focusing on asset allocation and value investment[69]. Market Position and Competitiveness - The company ranked 9th in the market for IPO and North Exchange main underwriting cases, and 11th for refinancing main underwriting cases in 2023[61]. - The company will enhance its service capabilities and maintain a competitive edge in the domestic securities industry[173]. - The company aims to enhance the coverage and depth of its quantitative strategy indices, maintaining its professional advantage and brand influence in the market index sector[126]. - The company is focused on expanding its market-making business scale and maintaining a leading position in the Beijing Stock Exchange market-making rankings[99]. Technology and Innovation - The company has significantly advanced in new technology applications, with widespread use of AI office assistants and cloud computing technologies[190]. - The company aims to enhance its technology innovation and accelerate comprehensive digital transformation in the future[190]. - The company has established a new five-year technology strategy focusing on "integrating business, platform empowerment, and building a first-class securities technology organization"[189]. - The company invested over 10% of its average net profit and over 7% of its average revenue from the last three fiscal years in information technology, enhancing its digital capabilities[188]. Wealth Management - The wealth management business generated operating revenue of 2.65 billion RMB, with a gross margin of 43.30%, reflecting a slight increase of 0.46% year-on-year[138]. - The number of clients in the wealth management business increased by 17% compared to the end of 2022, with total client assets growing by 13%[71]. - The company plans to enhance its wealth management brand strategy by improving customer experience and creating differentiated consulting services in 2024[79]. - The company will strengthen its digital transformation efforts in wealth management products and services, aiming for a comprehensive lifecycle wealth experience[79]. Asset Management - As of December 31, 2023, Guojin Fund's total asset management scale reached 68.188 billion RMB, with a year-on-year increase of 21.832 billion RMB[106]. - The asset management business of Guojin Securities issued 26 asset-backed securities in 2023, totaling 16.889 billion RMB, a year-on-year increase of 10.77%[104]. - The company has established three new securities business offices in 2023, with operations commencing in March, June, and October[166]. - The company has completed 549 stock filings for the STAR Market, covering 214 stocks, which represents 38% of the total STAR Market stocks, enhancing market liquidity[95].

国金证券股份有限公司 关于对会计师事务所二〇二三年度履职情况评估的报告 经公司第十二届董事会第五次会议、2022 年年度股东大会审议通过， 国金证券股份有限公司（以下简称"公司"）续聘天健会计师事务所（特殊 普通合伙）（以下简称"天健会计师事务所"）为公司 2023 年度财务审计 机构及内部控制审计机构。根据《国有企业、上市公司选聘会计师事务所管 理办法》，上市公司每年应当按要求披露对会计师事务所履职情况评估报告。 现将相关情况汇报如下： 一、会计师事务所基本情况 1、基本情况 天健会计师事务所成立于 2011 年 7 月 18 日，注册地址为浙江省杭州 市西湖区灵隐街道西溪路 128 号，出资额为 19,235 万元人民币。根据《2022 年度会计师事务所综合评价百家排名信息》，天健会计师事务所综合排名第 六。天健会计师事务所长期从事证券服务业务，具有证券期货相关业务、H 股 企业审计业务、金融相关审计业务、从事特大型国有企业审计资格、IT 审 计业务资格；同时为 5 家上市证券公司提供年报审计服务。 天健会计师事务所执行事务合伙人为王国海先生，2023 年末合伙人共 243 人，从业人员共 5,159 人 ...

根据《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《国有企业、上市公司选聘会计师事务所管理办法》的 要求，以及国金证券股份有限公司（以下简称"公司"）的《章程》《董事会 审计委员会工作细则》等公司制度，董事会审计委员会本着勤勉尽责的原则， 恪尽职守，认真履职，充分发挥专业职能和监督作用，对公司 2023 年度财 务审计机构及内部控制审计机构天健会计师事务所（特殊普通合伙）（以下 简称"天健会计师事务所"）履行监督职责情况报告如下： 一、会计师事务所基本情况 天健会计师事务所成立于 2011 年 7 月 18 日，注册地址为浙江省杭州 市西湖区灵隐街道西溪路 128 号，出资额为 19,235 万元人民币。根据《2022 年度会计师事务所综合评价百家排名信息》，天健会计师事务所综合排名第 六。天健会计师事务所长期从事证券服务业务，具有证券期货相关业务、H 股 企业审计业务、金融相关审计业务、从事特大型国有企业审计资格、IT 审 计业务资格；同时为 5 家上市证券公司提供年报审计服务。 天健会计师事务所执行事务合伙人为王国海先生，2023 年末合伙人共 243 人，从业人员共 5 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2024－36 会议应参加表决的监事三人，实际表决的监事三人。 会议由公司监事会主席金鹏先生主持。会议符合《公司法》和公 司《章程》的有关规定。 经审议，与会监事形成如下决议： 一、审议通过公司《二〇二三年度监事会工作报告》 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票；弃权 0 票；反对 0 票。 二、审议通过公司《二〇二三年度财务决算报告》 国金证券股份有限公司 第十届监事会第十次会议决议公告 本公司监事会及全体监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个别及连带责任。 国金证券股份有限公司第十届监事会第十次会议于 2024 年 4 月 23日在上海市浦东新区芳甸路1088号紫竹国际大厦8楼会议室召开， 会议通知于 2024 年 4 月 13 日以电话和电子邮件相结合的方式发出。 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票；弃权 0 票；反对 0 票。 三、审议通过公司《二〇二三年度报告全文及摘要》 本公司监事会保证二〇二三年度报告所载资料不存在任何虚假 记载、误 ...

国金证券股份有限公司 二〇二三年度独立董事述职报告 （刘运宏） 本人刘运宏，于 2022 年 6 月 1 日获委任为公司独立董事，同时 兼任公司第十二届董事会提名委员会委员及召集人、董事会审计委员 会委员。现任中国人民大学国际并购与投资研究所副所长，前海人寿 保险股份有限公司（上海）研究所所长，中国上市公司协会并购融资 委员会副主任、独立董事专业委员会委员，兼任上海电气集团股份有 限公司独立董事、上海农村商业银行股份有限公司独立董事，华东政 法大学经济法学专业博士研究生导师。曾任国泰基金管理有限责任公 司法务主管，上海证券交易所博士后、航天证券有限责任公司投资银 行部总经理，华宝证券有限责任公司总裁助理、投资银行部总经理等 职务。 根据《上市公司独立董事管理办法》要求，本人于 2023 年度报 告披露前对自身独立性进行了自查。本人确认，未在公司担任除独立 董事及董事会专门委员会委员以外的任何职务，与公司及主要股东之 间不存在直接或者间接利害关系，亦不存在其他可能影响独立董事进 行独立客观判断的关系，不存在影响独立性的其他相关情况。 二、年度履职概况 （一）出席董事会、股东大会情况 2023 年度，公司召开了 ...

INK SECURITIES 2023 | 国金证券 2023 | 社会责任暨环境、社会及公司治理（ESG） | 社 目录 | 报告编制说明 | 01 | | --- | --- | | 董事会环境、社会及公司治理(ESG)声明 | 03 | | 关于国金证券 | 05 | | 公司简介 | 05 | | 荣誉与认可 | 09 | | ESG治理 | 10 | | ESG理念 | 10 | | ESG治理体系 | 11 | | 利益相关方沟通 | 13 | | ESG议题管理 | 14 | ０ 1 卓越治理 0 1 稳健高效运营 | 党建引领发展 | 17 | | --- | --- | | 完善公司治理 | 19 | | 全面风险管理 | 23 | | 诚信合规经营 | 25 | | 信息安全与隐私保护 | 31 | | 践行行业文化 | 34 | | 关键绩效表 | 93 | | --- | --- | | 报告释义 | 97 | | 指标索引表 | 98 | ０２ 优质服务 0 2 助力经济高质量发展 | 服务实体经济 | 37 | | --- | --- | | 专业客户服务 | 42 | | 加强投 ...

2023年度审计报告 国金证券股份有限公司 目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—16 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 （六）母公司现金流量表…………………………………………第 （七）合并所有者权益变动表……………………………… 第 13-14 （八）母公司所有者权益变动表…………………………… 第 15-16 | | 11 页 12 页 页 页 | | | | 四、附件…………………………………………………………第 129—132 页 审 计 报 告 天健审〔2024〕 ...