证券代码：600109 证券简称：国金证券 公告编号：临 2025－29 国金证券股份有限公司 关于预计二〇二五年度担保总额的公告 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个别及连带责任。 重要内容提示： 一、担保情况概述 （一）担保基本情况 被担保人：国金证券资产管理有限公司（以下简称"国金资管"）、 国金金融控股（香港）有限公司（以下简称"国金金控"）及 国金证券（香港）有限公司（以下简称"国金香港"），全部 为公司全资子公司。 本次预计担保总额及已实际为其提供担保总额：预计 2025 年 度公司为上述三家子公司提供担保总额不超过人民币 10 亿元 （或等值外币），占公司最近一期经审计合并净资产比例约 2.95%。截至本公告日，公司已为上述子公司实际提供的担保 总额为人民币 76,460.02 万元。 本次担保是否有反担保：无 对外担保逾期的累计数量：无 特别风险提示：被担保人国金香港资产负债率超过 70%，敬请 投资者注意风险。 本事项尚需提交公司 2024 年度股东会审议。 为满足公司下属全资子公司日常经营与业务发展需要， ...

重要内容提示： 一、财务资助事项概述 为支持公司下属相关控股子公司的经营发展，提升市场竞争 力，满足其日常经营所需资金，公司拟通过"统借统还"模式向下 证券代码：600109 证券简称：国金证券 公告编号：临 2025－30 国金证券股份有限公司 关于向下属子公司提供财务资助的公告 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个别及连带责 任。 公司拟通过"统借统还"借款方式向相关控股子公司提供总 额不超过人民币 10 亿元财务资助。本次财务资助额度有效 期为自公司 2024 年度股东会审议通过之日起 36 个月。 公司第十二届董事会第二十三次会议审议通过了《关于向下 属子公司提供财务资助的议案》，本项议案尚需提交公司 2024 年度股东会的审议。 本次财务资助对象为公司合并报表范围内的控股子公司，公 司对其具有实质的控制和影响，能够对其业务、资金管理实 施有效的风险控制，确保公司资金安全，不存在损害公司及 股东特别是中小股东利益的情形，不会影响公司正常业务开 展及资金使用，也不属于上海证券交易所《股票上市规则》 等规定的不得提供财务 ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

Core Viewpoint - The company is experiencing a significant increase in brokerage and investment business due to active market trading in Q1 2025, while facing challenges in investment banking performance in 2024 [1][3]. Financial Performance - The company maintains a "Buy" rating and slightly raises the target price to 9.42 yuan. Projected revenue and net profit for 2024 are 6.664 billion and 1.670 billion yuan, reflecting a year-on-year decrease of 0.98% and 2.80% respectively. The weighted average ROE is expected to decline by 0.35 percentage points to 5.04% [2]. - In Q1 2025, revenue and net profit are projected at 1.885 billion and 583 million yuan, showing year-on-year increases of 27.14% and 58.82%. The weighted average ROE is expected to rise by 0.59 percentage points to 1.71% [2]. - The company has adjusted its earnings per share (EPS) forecast for 2025-2026 to 0.49 and 0.51 yuan, with a new 2027 EPS forecast of 0.53 yuan, leading to a slight increase in the target price [2]. Business Segments - The investment banking business saw a year-on-year decline of 32.04% in 2024, contributing negatively to adjusted revenue, while the investment business net income increased by 7.19% to 1.81 billion yuan, positively impacting performance [3]. - In Q1 2025, the brokerage business experienced a significant year-on-year increase of 58.26% to 608 million yuan, which was a major driver of revenue growth. The investment business net income also rose by 48.5% to 642 million yuan [3]. - The financial asset scale increased by 64.65% quarter-on-quarter, enhancing investment returns [3]. Technological Advancements - The company is actively promoting the application of AI in business scenarios, aiming to achieve digital transformation and operational efficiency. This includes enhancing AI-driven wealth management services and optimizing research capabilities [4]. - The focus on building an AI-friendly organization is expected to lead to cost reduction and increased revenue generation [4]. Industry Trends - The effectiveness of AI applications in the securities industry is gradually becoming evident, serving as a catalyst for growth [5].

Core Viewpoint - The report highlights that Saiwei Times (301381) has shown impressive revenue growth, but profitability is under pressure due to increased investment in new product promotions and adjustments in pricing strategies [1][3]. Financial Performance - For the fiscal year 2024, the company reported revenue and net profit of 1.0275 billion and 214 million yuan, reflecting a year-on-year increase of 56.55% and a decrease of 36.19% respectively [1]. - In Q4 2024, revenue and net profit were 347.4 million and 19 million yuan, showing an increase of 58.66% and a significant decline of 83.46% [1]. - For Q1 2025, revenue, net profit, and net profit excluding non-recurring items were 245.8 million, 47 million, and 41 million yuan, representing increases of 36.65% and declines of 45.35% and 42.32% respectively [1]. Business Analysis - Revenue from apparel and accessories, non-apparel and accessories, and logistics services for 2024 was 744.7 million, 232.4 million, and 45.5 million yuan, with growth rates of 59.43%, 33.85%, and 261.49% respectively [2]. - The top five brands achieved revenues of 218.9 million, 208.2 million, 87.5 million, 56 million, and 33.8 million yuan, with growth rates of 50.42%, 61.87%, 39%, 145.66%, and 86.5% respectively [2]. - Revenue by region for 2024 was 900.7 million, 70.3 million, 2.3 million, and 2.3 million yuan from North America, Europe, Asia, and other regions, with growth rates of 53.40%, 40.87%, 12.27%, and 128.86% respectively [2]. - Revenue from channels such as Amazon, Walmart, Temu, and TikTok was 839.4 million, 38.6 million, 26.5 million, and 14.9 million yuan, with growth rates of 45.47%, 44.63%, 6503.07%, and 10453.93% respectively [2]. Profitability and Cost Structure - The overall gross margin for 2024 was 43.4%, a decrease of 2.07 percentage points year-on-year, primarily due to Amazon's commission adjustments and the introduction of a low-price mall [3]. - The gross margins for apparel and accessories, non-apparel and accessories, and logistics services decreased by 2.23, 0.21, and 7.96 percentage points respectively [3]. - The expense ratios for sales, management, and financial costs were 35.67%, 3.69%, and -0.28%, with an increase in sales expense ratio attributed to enhanced brand marketing and rising labor costs [3]. Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 0.63, 0.84, and 1.1 yuan, with current stock prices corresponding to PE ratios of 33, 24, and 19 times [4].

Core Viewpoint - The report highlights Shenzhou Cell's strong performance driven by eight key products, achieving profitability for the first time and showcasing a rich pipeline for future growth [1][3]. Financial Performance - In 2024, the company reported revenue of 2.513 billion, net profit attributable to shareholders of 112 million, and a non-recurring net profit of 474 million, marking a 33% year-on-year revenue growth [2][3]. - For Q1 2025, the company recorded revenue of 519 million, net profit attributable to shareholders of 64 million, and a non-recurring net profit of 24 million, reflecting a year-on-year decline of 15%, 14%, and 85% respectively [2]. Operational Analysis - The restructuring of the eight key products led to a revenue of nearly 2.5 billion in 2024, with the first-ever achievement of positive profitability [3]. - The product Anjain achieved stable sales of 1.89 billion, growing by 6.18% year-on-year, despite price reductions in regional and alliance collective procurement [3]. - Sales of three antibody products exceeded 620 million, with a remarkable year-on-year growth of 499.80% [3]. Research and Development - In 2024, the company invested 936 million in R&D, focusing on clinical studies for products like SCT1000, SCT650C, and SCTB14, as well as preclinical development of multiple pipeline products [4]. - The monoclonal antibody SCT-I10A was approved for marketing in China in February 2025 for treating head and neck squamous cell carcinoma and liver cancer [4]. - Several innovative biologics and vaccines are in development, including SCT650C for autoimmune diseases and SCTB14 for solid tumor immunotherapy, with Phase II clinical trials initiated [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been adjusted downwards by 7% and 17% to 3 billion and 3.9 billion respectively, with net profit forecasts reduced by 47% and 39% to 224 million and 450 million [5]. - The company is expected to achieve a revenue of 4.9 billion and a net profit of 789 million by 2027 [5]. - The rating for the company remains "Buy" [5].

Announcement Basic Information - The fund will resume normal subscription and conversion transfer services starting from May 6, 2025, and no further announcement will be made regarding this [1] - During the suspension of subscription and conversion transfer services, other operations will continue as normal [1] Subscription Limits - The fund has imposed limits on large subscriptions (including conversion transfers and regular investments) during the suspension period. The maximum subscription amount for individual accounts through direct sales institutions is capped at 10 million yuan, while for personal investors through non-direct sales institutions, it is limited to 1 million yuan. Institutional investors are limited to 50,000 yuan [1][2] - The fund will continue to enforce these limits starting from May 6, 2025, and any adjustments to the subscription limits will be announced separately [2] Distribution Rights - According to regulations, fund shares purchased on the same day will enjoy distribution rights starting from the next trading day. Shares redeemed before the specified time will not enjoy distribution rights from the next trading day [2] New Sales Institution - Starting from April 28, 2025, Guojin Securities will be added as a sales institution for certain open-end funds managed by the company, and it will participate in fee discount activities [4] - Investors can conduct subscription, redemption, and regular investment transactions through Guojin Securities, with specific procedures subject to the sales institution's regulations [5] Fee Discount Activities - From April 28, 2025, Guojin Securities may offer fee discounts for subscriptions (including regular investments) for the funds, with specific discount rates to be announced by Guojin Securities [5]

Core Viewpoint - The report by Guojin Securities highlights the steady growth of Lingrui Pharmaceutical, projecting positive performance driven by its core business and recent acquisition activities [1][2]. Financial Performance - In 2024, Lingrui Pharmaceutical achieved a revenue of 3.501 billion yuan, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1]. - For Q1 2025, the company reported a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, and a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1]. Business Analysis - The orthopedic segment showed robust performance with revenues of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2]. - The company completed the acquisition of 90% of Yingu Pharmaceutical for 704 million yuan, which is expected to enhance its product offerings and sales capabilities [2]. - Lingrui Pharmaceutical plans to distribute a cash dividend of 0.90 yuan per share, totaling around 510 million yuan, which constitutes 70.64% of its net profit for 2024 [2]. Profit Forecast and Valuation - The company is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 19.9%, 11.6%, and 11.7% [3]. - The forecasted net profits for the same years are 840 million yuan, 950 million yuan, and 1.07 billion yuan, with corresponding year-on-year growth rates of 15.9%, 13.1%, and 13.0% [3]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with price-to-earnings (PE) ratios of 15, 13, and 12 times, respectively [3].

业绩简评 4月25日公司披露2024年年报及2025年一季报，2024年实现营收284亿元，同比-52%，实现归母净 利-98.2亿元，同比-387%；其中Q4实现营收58亿元，同比-44%，环比-8%，实现归母净利-37.6亿元，同 比-36%、环比-25%。1Q25实现营收61亿元，同比-39%、环比+5%，实现归母净利润-19.1亿元，同 比-117%、环比+49%。 经营分析 国金证券股份有限公司姚遥,张嘉文近期对TCL中环（002129）进行研究并发布了研究报告《Q1硅片减 亏，海外布局提升竞争力》，给予TCL中环增持评级。 TCL中环 硅片出货持续增长，Q1亏损显著收窄。2024年公司硅片出货125.8GW，同比+10.5%，硅片整体市占率 18.9%、居行业第一。2024年行业供需失衡加剧、产业链价格快速下跌，公司硅片业务Q2出现毛利亏损 并加速进入现金成本亏损阶段，全年硅片业务毛利率-20.5%。25Q1终端抢装需求带动下光伏产业链各 环节供需比有所改善，硅片价格回升，公司硅片业务盈利能力环比大幅改善，带动销售毛利率修复 5.48PCT至-6.96%。 组件产品结构调整，Q1订单量明显增加。2 ...

Core Viewpoint - Mamei Biotech (丸美生物) continues to show strong performance with significant revenue and profit growth, supported by its brand strategies and product innovations [1][4]. Financial Performance - For the year 2024, Mamei Biotech reported revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% [1]. - In Q1 2025, the company achieved revenue of 847 million yuan, reflecting a year-on-year growth of 28.01%, with a net profit of 135 million yuan, up 22.07% [1]. Operational Analysis - The optimization of product structure has led to an increase in gross margin, which reached 76.05% in Q1 2025, up 1.44 percentage points year-on-year [2]. - The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter, while the management expense ratio slightly decreased to 2.9% [2]. Brand Strategy - Mamei's main brand continues to strengthen its position in the eye care and wrinkle reduction market, with 2024 revenue of 2.055 billion yuan, a year-on-year increase of 31.69% [3]. - The PL brand, focusing on base makeup, achieved revenue of 905 million yuan in 2024, a growth of 40.72% [3]. Growth Projections - The company expects net profit attributable to shareholders to reach 458 million yuan, 598 million yuan, and 759 million yuan for the years 2025 to 2027, representing growth rates of 34%, 30%, and 27% respectively [4].