Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 report shows a decline in total revenue by 14% year-on-year to 1 billion yuan, while net profit attributable to shareholders increased by 186% year-on-year to 31 million yuan [1] - The decline in revenue is attributed to reduced income from asset management technology services, risk and platform technology services, and operational and institutional technology services [7] - Investment income saw a significant increase of 2635% year-on-year to 55 million yuan, contributing to the overall profit despite the revenue drop [7] Revenue and Profit Analysis - Total revenue forecast for 2023A is 7,281 million yuan, with a projected decline in 2024A to 6,581 million yuan, followed by a recovery to 7,551 million yuan in 2025E [1] - Net profit attributable to shareholders is expected to be 1,424 million yuan in 2023A, decreasing to 1,043 million yuan in 2024A, and then recovering to 1,199 million yuan in 2025E [1] - The earnings per share (EPS) for 2023A is 0.75 yuan, projected to decrease to 0.55 yuan in 2024A, and then increase to 0.63 yuan in 2025E [1] Business Segment Performance - Wealth technology service revenue decreased by 5% year-on-year to 235 million yuan in Q1 2025 [7] - Asset management technology service revenue saw a significant decline of 34% year-on-year to 187 million yuan [7] - Operational and institutional technology service revenue decreased by 9% year-on-year to 212 million yuan [7] - Risk and platform technology service revenue decreased by 43% year-on-year to 56 million yuan [7] Cost Structure - Overall costs decreased, with operating costs down by 2% year-on-year to 362 million yuan [7] - Sales expenses decreased by 32% year-on-year to 85 million yuan, with a sales expense ratio of 8% [7] - Management expenses decreased by 11% year-on-year to 145 million yuan, with a management expense ratio of 14% [7] - Research and development expenses decreased by 11% year-on-year to 500 million yuan, with a research expense ratio of 49% [7] Future Outlook - The company maintains its previous performance forecasts, expecting net profits of 1.2 billion yuan, 1.4 billion yuan, and 1.7 billion yuan for 2025-2027, corresponding to P/E ratios of 46, 40, and 33 times respectively [7] - The overall recovery of the capital market is anticipated, although significant growth in technology investment from financial institutions has not yet been observed [7]

Group 1: Financial Technology ETF Performance - The China Securities Financial Technology Theme Index (930986) rose by 1.73% as of April 30, 2025, with constituent stocks such as Lingzhi Software (688588) increasing by 12.45% and New Zhiyuan Software (688590) by 10.12% [3] - The Financial Technology ETF (516860) increased by 1.65%, with a latest price of 1.17 yuan, and has accumulated a 45.26% increase over the past year, ranking in the top third among comparable funds [3] - The Financial Technology ETF saw a significant increase in scale, growing by 2,329.87 million yuan over the past week, placing it in the top third among comparable funds [4] Group 2: Fund Inflows and Share Growth - The Financial Technology ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 3,516.82 million yuan, totaling 5,831.57 million yuan, averaging 1,457.89 million yuan in daily net inflow [6] - The ETF's share count increased by 600.00 million shares over the past two weeks, also ranking in the top third among comparable funds [5] Group 3: Historical Performance and Metrics - As of April 29, 2025, the Financial Technology ETF's net value increased by 44.97% over the past year, ranking first among comparable funds, with a historical maximum monthly return of 55.92% and an average monthly return of 10.57% [6] - The ETF's Sharpe ratio for the past year is 1.40, indicating strong risk-adjusted returns [7] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are the lowest among comparable funds [8] Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 54.32% of the index, with stocks like Tonghuashun (300033) and Dongfang Caifu (300059) being the top contributors [8][10]

Core Insights - Hang Seng Electronics (600570.SH) released its 2024 Sustainability Report, marking the fifth consecutive year of such disclosures, highlighting its commitment to sustainable development [1] - The company achieved an upgrade in its MSCI rating from BBB to A and received the Prime designation from ISS, reflecting significant progress in sustainability practices [1] Group 1: ESG Disclosure and Compliance - 2024 is a pivotal year for China in standardizing ESG and sustainability information disclosure, with new guidelines issued by multiple government bodies [2] - The report is the first issued by Hang Seng Electronics following the new regulations, aligning with mainstream ESG rating criteria and enhancing the report's compliance and completeness [2] - The company has improved its ESG management system under the leadership of the board's sustainability committee, integrating sustainable development into its overall management [2] Group 2: Environmental Initiatives - Hang Seng Electronics has actively reduced its carbon footprint, achieving a reduction of 238 tons of CO2 equivalent in greenhouse gas emissions compared to the previous year [3] - The company has received international certifications for its environmental and energy management systems, emphasizing its commitment to energy efficiency and resource management [3] Group 3: Social Responsibility and Innovation - The company focuses on responsible product and service development, utilizing innovative technologies to enhance financial institutions' efficiency, resulting in a 38.5% decrease in quality incidents and a 1.08-point increase in customer satisfaction [3] - In 2024, the company allocated 2.458 billion yuan for R&D, representing 37.36% of its revenue, with a workforce composition of 67.24% in technical roles, indicating a strong commitment to innovation [3] Group 4: Talent Development and Governance - Hang Seng Electronics emphasizes a multi-tiered talent development system and has implemented a stock option incentive plan for 2024, alongside a comprehensive benefits system for employees [4] - The company maintains a diverse and independent board, enhancing corporate governance through robust compliance management and data security measures, including 16 information security training sessions covering all employees [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 14% year-on-year decline in total revenue for Q1 2025, amounting to 1 billion yuan, while the net profit attributable to shareholders increased by 186% to 31 million yuan [1] - The decline in revenue was primarily due to reduced income from asset management technology services, risk and platform technology services, and operational and institutional technology services [7] - Investment income saw a significant increase of 2635% year-on-year to 55 million yuan, contributing to the overall profit growth [7] Revenue and Profit Analysis - Total revenue forecast for 2023A is 7,281 million yuan, with a projected decline of 9.62% in 2024A, followed by a recovery to 7,551 million yuan in 2025E, and further growth to 10,156 million yuan by 2027E [1][18] - Net profit attributable to shareholders is expected to be 1,199 million yuan in 2025E, with a growth trajectory leading to 1,654 million yuan by 2027E [1][18] - The latest diluted EPS is projected to be 0.63 yuan in 2025E, increasing to 0.87 yuan by 2027E [1][18] Business Segment Performance - Wealth technology service revenue decreased by 5% to 235 million yuan, while asset management technology service revenue dropped by 34% to 187 million yuan [7] - Operational and institutional technology service revenue fell by 9% to 212 million yuan, and risk and platform technology service revenue decreased by 43% to 56 million yuan [7] - Other business segments showed varied performance, with data services and innovation business revenues declining by 10% and 9% respectively, while corporate finance and insurance core services increased by 19% [7] Cost Structure - Overall costs decreased, with operating costs down by 2% to 362 million yuan [7] - Sales expenses saw a significant reduction of 32% to 85 million yuan, while management expenses decreased by 11% to 145 million yuan [7] - R&D expenses remained stable, with a slight increase in the R&D expense ratio to 49% [7] Future Outlook - The company maintains its previous performance forecasts, expecting net profits of 1,200 million yuan in 2025, 1,400 million yuan in 2026, and 1,700 million yuan in 2027, corresponding to P/E ratios of 46, 40, and 33 respectively [7][18] - The overall recovery of the capital market is anticipated, although significant growth in technology investments by financial institutions has yet to be observed [7]

Group 1 - The core viewpoint of the news is the performance of the CSI Zhejiang 100 Index, which reflects the overall performance of representative listed companies in Zhejiang Province, showing a recent decline in value [1][2] - The CSI Zhejiang 100 Index opened lower and fluctuated, with a recent increase of 0.16%, closing at 1702.37 points, and a trading volume of 37.003 billion yuan [1] - Over the past month, the CSI Zhejiang 100 Index has decreased by 8.12%, by 4.20% over the last three months, and by 3.26% year-to-date [1] Group 2 - The top ten weighted stocks in the CSI Zhejiang 100 Index include Hikvision (5.6%), Ningbo Bank (4.32%), Sanhua Intelligent Controls (3.14%), Hangzhou Bank (3.02%), Tonghuashun (2.98%), Zhejiang Merchants Bank (2.46%), Huayou Cobalt (2.45%), Small Commodity City (2.29%), Hengsheng Electronics (2.08%), and Top Group (1.87%) [1] - The market segments of the CSI Zhejiang 100 Index holdings are distributed as follows: Shanghai Stock Exchange accounts for 52.40%, while Shenzhen Stock Exchange accounts for 47.60% [1] Group 3 - The industry composition of the CSI Zhejiang 100 Index holdings is as follows: Industrial sector 21.51%, Materials 18.10%, Information Technology 16.90%, Consumer Discretionary 16.41%, Financials 13.46%, Healthcare 8.16%, Utilities 1.84%, Real Estate 1.30%, Consumer Staples 1.19%, and Communication Services 1.13% [2] - The index sample is adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted according to the sample changes, with fixed weight factors generally maintained until the next scheduled adjustment, unless special circumstances arise [2]

HUNDSUN ESG REPORT 恒生电子可持续发展报告 2024 让金融变简单 让未来更美好 目 录 CONTENTS 前言 | 可持续发展委员会致辞 | | --- | | 关于恒生电子 | | 企业文化 | 推进可持续发展 | 可持续发展治理 | 03 | | --- | --- | | 可持续发展战略 | 04 | | 实质性议题识别与分析 | 05 | | 利益相关方沟通 | 06 | | 2024可持续发展亮点绩效 | 07 | | 荣誉及认证 | 09 | | 01 | | 02 | | | --- | --- | --- | --- | | 公司治理 | | 赋能金融 | | | 完善公司治理 | 11 | 负责任的产品与服务 | 21 | | 强化合规运营 | 14 | 负责任的营销与供应链 | 27 | | 保障数据安全 | 17 | 让金融更加可持续 | 28 | 01 02 02 恒生电子 可持续发展报告 2024 可持续发展综合指标 | 关键绩效指标列表 | 57 | | --- | --- | | 关键政策列表 | 61 | | 内容索引表 | | | 联合国可持续发展目标（S ...

恒生电子股份有限公司 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"）第九届监事会第 二次会议于 2025 年 4 月 29 日以通讯表决的方式召开，应参与表决监事 3 名，实 际参与表决监事 3 名。根据《公司法》和公司《章程》有关规定，会议合法有效。 会议经全体监事讨论和表决，通过以下决议： 一、审议通过《恒生电子股份有限公司 2025 年第一季度报告》，同意 3 票； 反对 0 票；弃权 0 票。该报告详见上海证券交易所网站 www.sse.com.cn。 二、审议通过《恒生电子股份有限公司 2024 年可持续发展报告》，同意 3 票；反对 0 票；弃权 0 票。该报告详见上海证券交易所网站 www.sse.com.cn。 特此公告。 恒生电子股份有限公司 证券代码：600570 证券简称： 恒生电子 公告编号：2025-030 恒生电子股份有限公司 第九届监事会第二次会议决议公告 2025 年 4 月 30 日 ...

恒生电子股份有限公司 一、审议通过《恒生电子股份有限公司 2025 年第一季度报告》，同意 11 票； 反对 0 票；弃权 0 票。该报告已获公司董事会审计委员会事先审议认可，详见上 海证券交易所网站 www.sse.com.cn。 二、审议通过《恒生电子股份有限公司 2024 年可持续发展报告》，同意 11 票；反对 0 票；弃权 0 票。该报告已获公司董事会可持续发展委员会事先审议认 可，详见上海证券交易所网站 www.sse.com.cn。 特此公告。 恒生电子股份有限公司 第九届董事会第二次会议决议公告 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"）第九届董事会第 二次会议于 2025 年 4 月 29 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表决，通过以下决议： 证券代码：600570 证券简称： 恒生电子 公告编号：2025-029 恒生电子股份有 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,025,881,877.64, a decrease of 13.62% compared to CNY 1,187,570,167.18 in the same period last year[5] - Net profit attributable to shareholders was CNY 31,334,213.72, a significant recovery from a loss of CNY 36,142,433.43 in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 53.45% to CNY 9,994,720.70 from CNY 21,470,413.98[5] - Total operating revenue for Q1 2025 was ¥1,025,881,877.64, a decrease of 13.6% compared to ¥1,187,570,167.18 in Q1 2024[17] - Net profit for Q1 2025 was ¥39,118,936.01, compared to a net loss of ¥35,169,409.03 in Q1 2024[18] - Total comprehensive income for Q1 2025 was ¥33,971,090.28, recovering from a loss of ¥34,059,402.82 in Q1 2024[19] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 13,733,062,293.03, down 6.76% from CNY 14,728,811,676.92 at the end of the previous year[6] - As of March 31, 2025, the total assets of the company amounted to ¥13,733,062,293.03, a decrease from ¥14,728,811,676.92 as of December 31, 2024, reflecting a decline of approximately 6.76%[13][14] - The company's current assets totaled ¥4,513,558,632.06, down from ¥5,818,918,056.60, indicating a decrease of about 22.43%[14] - The company's total liabilities decreased from ¥5,321,737,442.65 to ¥4,286,207,714.20, a reduction of approximately 19.49%[15] - The total non-current assets increased from ¥8,909,893,620.32 to ¥9,219,503,660.97, reflecting a growth of approximately 3.47%[14] Cash Flow - The company reported a net cash flow from operating activities of -CNY 1,057,367,227.62, slightly improved from -CNY 1,146,466,605.83 in the previous year[5] - Cash flow from operating activities for Q1 2025 was -¥1,057,367,227.62, slightly improved from -¥1,146,466,605.83 in Q1 2024[21] - The net cash flow from investment activities was -286,398,408.53, a decrease from 273,399,792.77 in the previous period[22] - The net cash flow from financing activities was -33,169,453.99, an improvement from -63,450,309.83 in the previous period[22] - The net increase in cash and cash equivalents was -1,371,878,952.53, compared to -936,580,347.00 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 188,280[9] - The company distributed dividends and interest payments totaling 17,569,462.73, compared to 5,630,279.77 last year, indicating an increase in shareholder returns[22] Revenue Segments - The wealth technology service segment saw a revenue increase of 5.14% to CNY 23,533.83 million, while the asset management technology service segment decreased by 33.87% to CNY 18,721.94 million[8] Government Support - The company received government subsidies amounting to CNY 8,083,136.41, primarily related to special project funding[7] - The company recognized a non-recurring gain of CNY 21,339,493.02, mainly from the disposal of financial assets and government subsidies[7] Other Financial Metrics - The weighted average return on net assets increased by 0.81 percentage points to 0.36% from -0.45%[6] - Research and development expenses for Q1 2025 were ¥500,410,530.17, a decrease of 10.7% from ¥560,774,040.85 in Q1 2024[17] - The company reported an investment income of ¥54,716,882.53 in Q1 2025, significantly up from ¥1,509,175.26 in Q1 2024[17] - Other comprehensive income after tax for Q1 2025 was -¥5,147,845.73, compared to ¥1,110,006.21 in Q1 2024[18]

恒生电子（600570）公告，2025年第一季度营业收入10.26亿元，同比下降13.62%。净利润3133.42万 元，去年同期净亏损3614.24万元。 ...