Core Viewpoint - State Grid Yingda (stock code: 600517.SH) reported significant growth in its subsidiary Yingda Trust's 2025 unaudited financial results, with a notable increase in both revenue and net profit compared to the previous year [1] Financial Performance - Yingda Trust achieved operating revenue of 4.528 billion yuan in 2025, representing a year-on-year increase of 51.49% [1] - The net profit for 2025 reached 2.950 billion yuan, marking a year-on-year growth of 63.70% [1] - The net income from fees and commissions was 2.836 billion yuan, showing a slight decline of 2.97% compared to the same period last year [1] - Fair value changes contributed significantly with earnings of 1.508 billion yuan, a substantial increase of 1.607 billion yuan from the previous year's loss of 107 million yuan [1] Asset Overview - Yingda Trust's total assets slightly increased, reaching 17.318 billion yuan at the end of the period, showing a significant rise from the beginning of the year [1] Company Background - Yingda Trust was established in March 1987 and has a registered capital of 4.029 billion yuan, located in Beijing [1] - Major shareholders include State Grid Yingda Co., Ltd. (73.49%), China Southern Power Grid Co., Ltd. (25.00%), Jinan Steel Group Co., Ltd. (0.82%), and Shandong Wangrui Material Co., Ltd. (0.69%) [1]

Core Viewpoint - The announcement highlights that Guo Wang Ying Da Co., Ltd. will disclose the unaudited financial statements for the year 2025 of its subsidiaries, Ying Da International Trust Co., Ltd. and Ying Da Securities Co., Ltd. [1] Group 1 - The board of directors of Guo Wang Ying Da Co., Ltd. assures that the announcement contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1] - The unaudited financial statements will be available on the China Money website and the Shanghai Stock Exchange website [1] - The financial data presented in the announcement is preliminary and subject to final confirmation in the annual report [1]

本公告所载子公司 2025 年年度主要财务数据为初步核算数据，未经会计师 事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准。提示投资者 注意投资风险。 特此公告 证券代码：600517 证券简称：国网英大 公告编号：临 2026-001 号 国网英大股份有限公司 关于子公司英大信托、英大证券披露 2025 年年度未经审计财务报表的提示性公告 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。 根据中国外汇交易中心暨全国银行间同业拆借中心的规定，国网英大股份有 限公司（以下简称"公司"）子公司英大国际信托有限责任公司 2025 年年度未经 审计的母公司资产负债表及利润表、英大证券有限责任公司 2025 年年度未经审 计 的 母 公 司 资 产 负 债 表 、 利 润 表 及 净 资 本 计 算 表 将 在 中 国 货 币 网 （http://www.chinamoney.com.cn）披露。 《英大国际信托有限责任公司 2025 年年度未经审计母公司财务报表》《英大 证券有限责任公司 2025 年年度未经审计母公司财 ...

编制单位:英大医 (母公司) 资产负债表 2025年12月31日 法定代表人: 主管会计工作负责人: 会计机构负责人: 利润表 2025年12月31日 | and ( and ) and I and / and / and / and / and | | | | --- | --- | --- | | 编制单位:英大 有限责任公司(母公司) | | 单位:元 币种:人民币 | | 项目 | 行次 | 2025年1-12月金额 | | 行相当收入 | 1 | 4, 527, 535, 871. 55 | | 利息净收入 | 2 | 59,528,098.12 | | (利息收入 | 3 | 64, 576, 328. 25 | | >利息支出 | 4 | 5, 048, 230. 13 | | 手续费及佣金净收入 | 5 | 2, 835, 779, 396. 85 | | 手续费及用金收入 | 6 | 2, 835, 779, 396. 85 | | 手续费及佣金支出 | 7 | | | 投资收益(损失以"="填列) | 8 | 121,894, 711. 40 | | 其中:对联营企业和合营企业的投资收益 ...

资产负债表 | | | | 2025年12月31日 | | 单位:元 | | --- | --- | --- | --- | --- | --- | | | 2025年12月31日 | 2024年12月31日 | 项目 | 2025年12月31日 | 2024年12月31日 | | | | | 负债: | | | | | 4, 806, 073, 434. 65 | 4, 210, 766, 987. 89 | 短期借款 | - | - | | | 4, 698, 320, 069. 33 | 4, 087, 892, 806. 21 | 应付短期融资款 | 2, 115, 441, 972. 61 | 701, 708, 547. 95 | | 结果 与金 | 858, 471, 038. 14 | 1, 115, 598, 733. 75 | 拆入资金 | 2, 910, 657, 624. 98 | 2, 510, 002, 494. 42 | | 其中:客户的金 | 619, 434, 497. 84 | 907, 661, 124. 65 | 交易性金融负债 | - | - | | 拆出资金 | | ...

Group 1 - The core viewpoint of the news is that State Grid Yingda's stock has shown a positive performance with a 6.16% increase since the beginning of the year, reflecting strong investor interest and market activity [2] - As of January 9, the stock price reached 6.38 CNY per share, with a market capitalization of 36.48 billion CNY and a trading volume of 49.81 million CNY [1] - The company has reported a revenue of 5.056 billion CNY for the period from January to September 2025, representing a year-on-year growth of 4.05%, while the net profit attributable to shareholders increased by 53.73% to 2.233 billion CNY [2] Group 2 - The main business segments of State Grid Yingda include electrical and new material equipment (84.25% of revenue), power operation services (11.30%), low-carbon energy-saving and engineering services (3.64%), carbon asset business (0.43%), and others (0.38%) [2] - The company has distributed a total of 3.777 billion CNY in dividends since its A-share listing, with 1.452 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Market Overview - The diversified financial sector experienced a decline of 0.18% on January 8, with *ST Panda leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable gainers in the diversified financial sector included: - Yalian Development (002316) with a closing price of 5.19, up 9.96% and a trading volume of 242,600 shares [1] - *ST Rendo (002647) closed at 8.38, up 5.01% with a trading volume of 175,300 shares [1] - Zhejiang Dongfang (600120) closed at 6.84, up 4.43% with a trading volume of 2,004,800 shares [1] - Other stocks with minor gains included Bohai Leasing (000415), Lakala (300773), and Haide Shares (000567) [1] Capital Flow - The diversified financial sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 256 million yuan [2] - The table of capital flow indicates that Zhejiang Dongfang had a significant net inflow of 158 million yuan from institutional investors, while Yalian Development experienced a net outflow of 25.39 million yuan from retail investors [3]

Core Viewpoint - The diversified financial sector experienced a rise of 0.58% on January 5, with Zhejiang Dongfang leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% [1]. - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1]. Group 2: Individual Stock Performance - Zhejiang Dongfang (600120) closed at 6.59, with a gain of 6.81% and a trading volume of 2.1745 million shares, amounting to a transaction value of 1.424 billion [1]. - Yuexiu Capital (000987) closed at 8.59, up by 5.53%, with a trading volume of 1.4263 million shares, totaling 1.225 billion [1]. - Sichuan Shuangma (000935) closed at 25.44, increasing by 2.42%, with a trading volume of 80,800 shares, resulting in a transaction value of 205 million [1]. - Guowang Yingda (600517) closed at 6.15, up by 2.33%, with a trading volume of 358,600 shares, totaling 219 million [1]. - Zhongliang Capital (002423) closed at 11.90, increasing by 1.71%, with a trading volume of 185,500 shares, resulting in a transaction value of 219 million [1]. Group 3: Fund Flow Analysis - The diversified financial sector saw a net outflow of 433 million from main funds, while retail investors contributed a net inflow of 368 million [2]. - The main funds' net inflow for Zhejiang Dongfang was 263.14 million, accounting for 18.48% of its trading volume [3]. - Retail investors showed a net inflow of 368 million into the diversified financial sector, indicating strong interest from smaller investors [2].

Group 1 - The core transaction involves the transfer of 100% equity of Yingda Futures from Yingda Securities to Zhongyou Capital for a consideration of 1.129 billion yuan, alongside a 3% equity transfer of Zhongyou Capital to State Grid Yingda International Holding Group [2][3] - Yingda Futures has been facing operational challenges, reporting a significant loss of 10.43 million yuan in Q1 2025, marking a substantial decline in performance compared to previous years [5][6] - The transaction is part of a strategic collaboration between two major state-owned enterprises, aimed at optimizing business structures and enhancing resource allocation [3][4] Group 2 - Yingda Futures has seen a continuous decline in its financial performance, with a net profit margin of only 1.2% in 2024, and a drastic drop in revenue and client equity in 2025 [6][7] - The broader futures industry is undergoing rapid consolidation, with many small firms facing pressure due to regulatory changes and increased competition, leading to frequent asset sales and transfers [8][9] - The acquisition by Zhongyou Capital presents an opportunity for Yingda Futures to leverage its new parent company's extensive financial ecosystem, potentially enhancing its service offerings and market position [10][11] Group 3 - The strategic shift in Yingda Securities' focus away from non-core assets like Yingda Futures is indicative of a broader trend in the industry, where firms are realigning their business models to improve efficiency and profitability [4][6] - The integration of Yingda Futures into Zhongyou Capital's operations could facilitate a more comprehensive financial service model, enhancing risk management capabilities and expanding client outreach [10][11] - However, challenges remain, including Yingda Futures' ongoing losses and the need for significant investment to restore its market reputation and operational stability [12]

Core Viewpoint - The stock of State Grid Yingda has shown a positive trend with a 2.16% increase on January 5, 2023, reflecting a strong market performance and investor interest [1]. Group 1: Stock Performance - As of January 5, 2023, the stock price reached 6.14 CNY per share, with a total market capitalization of 35.11 billion CNY [1]. - Year-to-date, the stock has increased by 2.16%, with a 1.66% rise over the last five trading days, 4.24% over the last twenty days, and 3.02% over the last sixty days [1]. - The net inflow of main funds was 5.37 million CNY, with significant buying activity from large orders [1]. Group 2: Company Overview - State Grid Yingda, established on November 14, 1997, and listed on October 10, 2003, is located in the China (Shanghai) Free Trade Zone [1]. - The company’s main business includes electrical and new materials equipment, power operation services, low-carbon energy-saving engineering services, and financial services such as securities, trusts, and futures [1]. - The revenue composition is as follows: electrical and new materials equipment 84.25%, power operation services 11.30%, low-carbon energy-saving engineering services 3.64%, carbon asset business 0.43%, and others 0.38% [1]. Group 3: Financial Performance - For the period from January to September 2025, State Grid Yingda reported a revenue of 5.056 billion CNY, representing a year-on-year growth of 4.05%, and a net profit attributable to shareholders of 2.233 billion CNY, which is a 53.73% increase year-on-year [2]. - The company has distributed a total of 3.777 billion CNY in dividends since its A-share listing, with 1.452 billion CNY distributed in the last three years [3]. Group 4: Shareholder Information - As of December 10, 2025, the number of shareholders increased to 66,800, with an average of 85,639 circulating shares per person, a decrease of 1.06% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 53.9954 million shares, an increase of 9.7918 million shares from the previous period [3].