恒生电子股份有限公司 证券代码：600570 证券简称：恒生电子 编号：2024-070 恒生电子股份有限公司 关于公司 2022 年股票期权激励计划 2024 年第三季度自主行权结果的公告 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： 本次行权股票数量：恒生电子股份有限公司（以下简称"公司"或"恒生 电子"）2022 年股票期权激励计划（以下简称"激励计划"）第一个行权 期可行权数量为 489.276 万份，行权期为 2023 年 9 月 13 日至 2024 年 9 月 12 日，行权方式为自主行权。2024 年第三季度，公司无激励对象参与行 权，公司激励计划授予的股票期权第一个行权期行权且完成股票过户登记 的股份为 0 股。 一、本次行权的决策程序及相关信息披露 3、2022 年 8 月 26 日至 2022 年 9 月 5 日，公司对授予激励对象的姓名和职 务在公司内部进行了公示，在公示期内，公司监事会未接到与本激励计划拟激励 1 恒生电子股份有限公司 对象有关的任何异议。2022 年 9 月 6 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's overall operations remain stable with steady profitability [2] - Short-term performance is under pressure, but the equity incentive plan demonstrates confidence in future growth [2] - The company's various business segments are making concentrated efforts, with new products gradually being upgraded [3] - The 2024 equity incentive plan is expected to boost team motivation and drive healthy business growth [4] Financial Performance - In the first half of 2024, the company achieved revenue of RMB 2.836 billion, a year-on-year increase of 0.32% [2] - Net profit attributable to the parent company was approximately RMB 29.89 million, a year-on-year decrease of 93.30% [2] - Non-GAAP net profit was RMB 136 million, a year-on-year decrease of 48.81% [2] - The gross profit margin for the first half of 2024 was 71.32%, a slight decrease of 0.61 percentage points year-on-year [2] - The net profit margin was 0.89%, a significant decrease of 15.31 percentage points year-on-year [2] Business Segments - Wealth technology services revenue decreased by 16.99% due to slowing demand for existing products and intensified competition [2] - Asset management technology services revenue increased by 9.17%, driven by investment trading systems [2] - Operation and institutional technology services revenue grew by 3.51%, mainly from TA and valuation products [2] - Risk and platform technology services revenue decreased by 0.25%, remaining flat compared to the previous year [2] - Data services revenue decreased by 3.51%, while innovation business revenue increased by 3.03% [2] Product Development - The wealth technology services segment has seen rapid growth with new customer signings for UF3.0 and in-memory trading [3] - The new generation investment trading system O45 has secured strategic clients and won bids from top trust companies and bank wealth management subsidiaries [3] - The TA product has signed 30 customers, with 17 completed projects, and the new generation TA is expected to go live within the year [3] - The risk monitoring segment is progressing smoothly with multiple customer contracts signed [3] - The data services segment has made progress in replacing competitors' products and continues to upgrade its offerings [3] Equity Incentive Plan - The company announced an equity incentive plan on August 24, 2024, proposing to grant 33.35 million stock options at an exercise price of RMB 17.04 per share [4] - The plan involves 1,400 incentive targets, including directors, senior management, and core personnel [4] - The performance assessment requires a minimum 10% year-on-year growth in net profit for 2024-2026 [4] Profit Forecast - The company's revenue is forecasted to be RMB 7.673 billion, RMB 8.427 billion, and RMB 9.163 billion for 2024-2026, respectively [5] - EPS is predicted to be RMB 0.76, RMB 0.97, and RMB 1.01 for 2024-2026, respectively [5] - The current stock price corresponds to a PE ratio of 30, 25, and 23 times for 2024-2026, respectively [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.836 billion yuan for the first half of 2024, a year-on-year increase of 0.32%. However, the net profit attributable to shareholders was only 30 million yuan, reflecting a significant year-on-year decline of 93.30% [5][6]. - The company has introduced an equity incentive plan, granting 34 million stock options to 1,400 employees, which is expected to enhance team motivation and performance [6][7]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 28.36 billion yuan, with a net profit of 0.30 billion yuan and a non-recurring net profit of 1.36 billion yuan, showing declines of 93.30% and 48.81% year-on-year, respectively [5][6]. - In the second quarter of 2024, the company reported a revenue of 16.48 billion yuan, down 2.88% year-on-year, and a net profit of 0.66 billion yuan, down 70.56% year-on-year [5][6]. - The gross margin for the first half of 2024 was 71.32%, slightly down by 0.68 percentage points year-on-year, but improved in the second quarter to 73.13% from 68.80% in the first quarter [6][7]. - The company’s research and development expenses for the first half of 2024 were 1.162 billion yuan, accounting for 40.96% of revenue, a slight decrease of 0.46 percentage points year-on-year [6][7]. Revenue Breakdown - The asset management technology segment showed a revenue of 722 million yuan, a year-on-year increase of 9.17%. However, the wealth technology services segment saw a decline of 16.99% year-on-year, with revenue of 549 million yuan [6][7]. - The operational and institutional technology services segment reported a slight increase of 3.51% year-on-year, with revenue of 552 million yuan [6][7]. - Other business segments maintained steady growth, with revenues of 218 million yuan, 167 million yuan, 251 million yuan, 237 million yuan, and 138 million yuan, reflecting year-on-year growth rates of -0.25%, -3.51%, +3.03%, -3.96%, and +71.77%, respectively [6][7]. Future Outlook - The company aims to achieve steady revenue growth and improve revenue quality while keeping expenses below revenue growth. The projected revenues for 2024 to 2026 are 7.71 billion yuan, 8.45 billion yuan, and 9.33 billion yuan, with net profits of 1.46 billion yuan, 1.71 billion yuan, and 2.04 billion yuan, respectively [7].

恒生电子股份有限公司 证券代码：600570 证券简称：恒生电子 编号：2024-069 恒生电子股份有限公司 关于公司 2023 年股票期权激励计划 第一个行权期自主行权实施的公告 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： 恒生电子股份有限公司（以下简称"公司"或"恒生电子"）2024 年 8 月 23 日第八届董事会第十九次会议及第八届监事会第十七次会议，审议通过了《关于 公司 2023 年股票期权激励计划第一个行权期行权条件成就并注销部分已授予股 票期权的议案》，公司董事会认为公司 2023 年股票期权激励计划（以下简称"激 励计划"）第一个行权期行权条件已成就，公司董事会同意符合条件的激励对象进 行股票期权行权，第一个行权期可行权人员合计 1495 名，可行权数量合计 571.1400 万份。 一、股权激励计划批准及实施情况 （一）股权激励计划已履行的相关审批程序 1、2023 年 8 月 24 日，公司召开第八届董事会第十次会议,审议通过了《关于 <恒生电子股份有限公司 2023 年股票期权激励 ...

恒生电子股份有限公司 证券代码：600570 证券简称：恒生电子 编号：2024-068 恒生电子股份有限公司 关于公司 2022 年股票期权激励计划 第二个行权期自主行权实施的公告 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： 恒生电子股份有限公司（以下简称"公司"或"恒生电子"）2024 年 8 月 23 日第八届董事会第十九次会议及第八届监事会第十七次会议，审议通过了《关于 公司 2022 年股票期权激励计划第二个行权期行权条件成就并注销部分已授予股 票期权的议案》，公司董事会认为公司 2022 年股票期权激励计划（以下简称"激 励计划"）第二个行权期行权条件已成就，公司董事会同意符合条件的激励对象进 行股票期权行权，第二个行权期可行权人员合计 251 名，可行权数量合计 394.2347 万份。 一、股权激励计划批准及实施情况 （一）股权激励计划已履行的相关审批程序 1、2022 年 8 月 24 日，公司召开第八届董事会第四次会议,审议通过了《关于 <恒生电子股份有限公司 2022 年股票期权激励计 ...

Investment Rating - The report maintains a "增持" (Overweight) rating for the company, indicating an expected relative performance of 5% to 15% compared to the relevant market index [5][4] Core Views - The company achieved H1 2024 revenue of 2.836 billion yuan, a slight increase of 0.32% YoY, but net profit attributable to shareholders dropped significantly by 93.30% to 29.89 million yuan [1] - Wealth technology services revenue declined by 16.99% to 549 million yuan due to slowing demand for existing products and intensified competition, while asset management technology services grew by 9.17% to 722 million yuan [1] - The company's gross margin remained stable at 71.32% in H1 2024, with a slight decrease of 0.68 percentage points YoY [1] - The company has made progress in AI and Xinchuang (信创) products, with Warren Q gaining industry-wide trial adoption and 8 main products receiving exchange test certifications [4] Financial Performance - The company's total assets stood at 13.13595 billion yuan as of H1 2024, with net assets of 7.79832 billion yuan and net assets per share of 4.12 yuan [1] - For 2024-2026, the report forecasts revenue growth of 0.1%, 10.3%, and 10.7% respectively, with net profit attributable to shareholders expected to be 1.270 billion, 1.595 billion, and 1.761 billion yuan [3] - The company's ROE is projected to be 14.1%, 15.3%, and 14.7% for 2024-2026, with EPS of 0.67, 0.84, and 0.93 yuan respectively [3] Business Segments - Wealth technology services: 549 million yuan (-16.99% YoY) [1] - Asset management technology services: 722 million yuan (+9.17% YoY) [1] - Operation and institutional technology services: 552 million yuan (+3.51% YoY) [1] - Risk and platform technology services: 218 million yuan (-0.25% YoY) [1] - Data services: 167 million yuan (-3.51% YoY) [1] - Innovation business: 251 million yuan (+3.03% YoY) [1] - Enterprise finance, insurance core, and financial infrastructure technology services: 237 million yuan (-3.96% YoY) [1] - Other businesses: 138 million yuan (+71.77% YoY) [1]

恒生电子股份有限公司 证券代码：600570 证券简称：恒生电子 编号：2024-066 恒生电子股份有限公司 关于向 2024 年股票期权激励计划激励对象 首次授予股票期权的公告 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： 恒生电子股份有限公司（以下简称"公司"或"恒生电子"）《2024 年股票 期权激励计划（草案）》（以下简称"《激励计划（草案）》"、"本激励计划"） 规定的股票期权授予条件已经成就，根据公司2024年第三次临时股东大会的授权， 公司于 2024 年 9 月 13 日召开第八届董事会第二十次会议、第八届监事会第十八 次会议，审议通过了《关于向 2024 年股票期权激励计划激励对象首次授予股票期 权的议案》，确定股票期权的授予日为 2024 年 9 月 13 日，现将有关事项说明如 下： 一、股权激励计划简述及已履行的相关审批程序 （一）激励计划简述 2024 年 8 月 23 日公司召开了第八届董事会第十九次会议和第八届监事会第 十七次会议，审议通过了《2024 年股票期权激励计划（草案 ...

证券代码：600570 证券简称：恒生电子 上海荣正企业咨询服务（集团）股份有限公司 关于 恒生电子股份有限公司 2024 年股票期权激励计划首次授予相关事项 之 独立财务顾问报告 2024 年 9 月 | | | | 一、释义 3 | | | --- | --- | | 二、声明 4 | | | 三、基本假设 5 | | | 四、股权激励计划的批准与授权 6 | | | 五、独立财务顾问意见 7 | | | （一） 权益授予条件成就情况的说明 | 7 | | （二） 本次授予情况 | 7 | | （三）对公司实施股权激励计划的财务意见 | 8 | | （四）结论性意见 | 9 | | 六、备查文件及咨询方式 10 | | | （一）备查文件 | 10 | | （二）咨询方式 | 10 | 一、释义 | 恒生电子、本公司、 | 指 | 恒生电子股份有限公司 | | --- | --- | --- | | 公司、上市公司 | | | | 本激励计划、股权激 | 指 | 恒生电子股份有限公司 2024 年股票期权激励计划 | | 励计划、本计划 | | | | 股票期权、期权 | 指 | 公司授予激励对象在未来一 ...

注销部分股票期权的 法律意见书 二零二四年九月 1 北京观韬（杭州）律师事务所 Beijing Guantao Law Firm Hangzhou Tel: +86 571 89939691 Fax: +86 571 89939620 E-mail: guantaohz@guantao.com http: // www.guantao.com 北京观韬 师事务所 关于恒生电子股份有限公司 2022 年股票期权激励计划 中国浙江省杭州市西湖区求是路８号公 元大厦东北裾楼 邮编：310013 Northeast Bldg, Anno Domini Mansion, No.8 Qiushi Road, Xihu District, Hangzhou,Zhejiang 310013, P. R. China 目 录 | ज | 录 | | --- | --- | | | 释 义 | | | 第一节 本所律师声明事项 . .. | | | 第二节 正文 | | 1 | 本次注销的批准和授权 6 | | ן ו | 本次注销的情况 .. | | 11 | 结论意见 . | 2 北京观韬(杭州) 律师事务所 Beijing ...

恒生电子股份有限公司 恒生电子股份有限公司董事会 证券代码：600570 证券简称：恒生电子 编号：2024-064 恒生电子股份有限公司 第八届董事会第二十次会议决议公告 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。 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第八届董事会第 二十次会议于 2024 年 9 月 13 日以通讯表决的方式召开，应参与表决董事 11 名， 实际参与表决董事 11 名。根据《公司法》和《公司章程》有关规定，会议合法 有效。 会议经全体董事讨论和审议，通过以下决议： 特此公告。 2024 年 9 月 14 日 一、 审议通过《关于向 2024 年股票期权激励计划激励对象首次授予股票期 权的议案》。同意 10 票，反对 0 票，弃权 0 票。董事范径武因参与 2024 年 股票期权激励计划，回避表决。该议案已经经过董事会薪酬与考核委员会事 先审议和认可。详见公司于上海证券交易所网站 www.sse.com.cn 发布的 2024-066 号公告。 二、 审议通过《关于注销 2022 年股票期 ...