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。 ...

Core Insights - Goldman Sachs recently engaged with Chinese software supply chain companies to discuss customer software budgets, advancements in generative AI, and growth and profitability prospects for the second half of 2025. It is anticipated that the average revenue growth for Chinese software companies covered by Goldman Sachs will be 26% year-on-year in 2025, with sequential revenue growth expected across all four quarters [1]. Group 1: Generative AI Impact - The emergence of enhanced local foundational models, such as deep search models, has shifted customer software budgets from functional tools to generative AI software, leading to increased average revenue per user and attracting new paying customers [1]. - As demand rises and profitable business models for enterprise (B-end) and consumer (C-end) users become clearer, more software companies are investing in the development of application software based on foundational models [1]. - Generative AI is enabling enterprises to reduce operational costs, such as recruitment tools, with revenue from generative AI for covered Chinese software companies expected to rise from 0%-10% in 2025 to 10%-50% by 2028 [1]. Group 2: Revenue Contributions and Projections - The contribution of generative AI revenue to various companies is projected to increase significantly by 2028, with specific companies like Kingsoft Office and iFlytek expected to see substantial growth in their generative AI revenue contributions [2]. - The revenue growth for different segments, including electronic design automation, marketing, CAD/BIM, and automotive software, is expected to be robust in 2025, with generative AI applications playing a key role [10][29]. Group 3: Software Company Strategies - Companies are shifting their business models to subscription-based services, which provide predictable revenue streams and better operational leverage, particularly in the context of generative AI applications [7]. - Software companies are focusing on providing customized solutions for large clients while also developing standardized solutions for small and medium enterprises [24][25]. - The monetization of generative AI is occurring in both B-end and C-end markets, with existing clients paying more for upgraded versions with AI features and new clients converting from free to paid status more rapidly [26]. Group 4: Growth and Profitability Outlook - Companies like Kingsoft Office and Yonyou are expected to achieve steady revenue growth, with Kingsoft focusing on expanding its AI user base and Yonyou optimizing its product mix to improve gross margins [31]. - The automotive software sector is witnessing increased demand due to the push for intelligent vehicle strategies, benefiting the entire automotive technology supply chain [29]. - Cybersecurity companies are adapting to market demands by integrating multiple point solutions into platform offerings, driven by the increasing need for security solutions in the context of generative AI [30].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at long-term competitiveness [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion, a decrease of 9.6% year-on-year, with a recovery expected in subsequent years [3][7]. - Net profit attributable to shareholders is forecasted at 10.43 billion for 2024, down 26.8% year-on-year, with a rebound anticipated in 2025 [3][7]. - Earnings per share (EPS) is expected to rise from 0.55 in 2024 to 0.85 by 2027 [3][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 in 2024 to 31 in 2027, indicating a potential increase in valuation [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion, a decline of 8.38% [7]. - Operations and institutional technology services saw revenue of 1.29 billion, down 10.24% [7]. - Innovative business revenue was 515 million, down 7.34% [7]. - Data services revenue reached 354 million, a decrease of 8.13% [7]. Future Projections - Revenue is expected to grow to 71.2 billion in 2025, 76.3 billion in 2026, and 81.5 billion in 2027 [7]. - Net profit is projected to increase to 12.5 billion in 2025, 14.3 billion in 2026, and 16.0 billion in 2027 [7]. - The target price for the company is set at 33 yuan, based on a 50 times P/E ratio for 2025 [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at maintaining long-term competitive advantages [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion yuan, a decrease of 9.6% year-on-year, with a net profit of 10.43 billion yuan, down 26.8% year-on-year [3][7]. - Revenue is expected to recover in the following years, with estimates of 71.22 billion yuan in 2025, 76.27 billion yuan in 2026, and 81.51 billion yuan in 2027 [7]. - The company’s earnings per share (EPS) is forecasted to increase from 0.55 yuan in 2024 to 0.85 yuan in 2027 [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion yuan, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion yuan, a decline of 8.38% year-on-year [7]. - Operations and institutional technology services saw revenue of 1.29 billion yuan, down 10.24% year-on-year [7]. - Innovative business revenue was 515 million yuan, decreasing by 7.34% year-on-year [7]. - Data services revenue reached 354 million yuan, down 8.13% year-on-year [7]. Valuation Metrics - The company is projected to have a price-to-earnings (P/E) ratio of 47 in 2024, decreasing to 31 by 2027 [3]. - The price-to-book (P/B) ratio is expected to decline from 5.6 in 2024 to 4.0 in 2027 [3]. - The target price is set at 33 yuan, based on a 50 times P/E for 2025 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company reported lower-than-expected revenue and profit for 2024, with total revenue of 6.581 billion yuan, down 9.6% year-on-year, and net profit of 1.043 billion yuan, down 26.8% year-on-year [6][12]. - The decline in performance is attributed to delayed demand recovery in the IT services sector due to market volatility and budget execution issues among financial institutions [6][12]. - The company is undergoing product upgrades, particularly in its AI product line, which has seen successful implementations in various financial services [6][12]. Financial Data and Profit Forecast - Total revenue forecast for 2023 is 7.281 billion yuan, with a projected decline to 6.581 billion yuan in 2024, followed by a slight recovery to 6.957 billion yuan in 2025 [2][15]. - Net profit is expected to decrease from 1.424 billion yuan in 2023 to 1.043 billion yuan in 2024, with a gradual increase to 1.142 billion yuan in 2025 [2][15]. - The company's gross margin is projected to be 72.0% in 2024, slightly down from 74.8% in 2023 [2][15]. Market Data - As of April 25, 2025, the company's closing price is 25.85 yuan, with a market capitalization of 48.902 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to be 43 for 2025 [6][12]. Business Segment Performance - The asset management technology service segment generated 1.568 billion yuan in 2024, down 8.38% year-on-year, while the wealth technology service segment saw a 17.5% decline to 1.430 billion yuan [7]. - The operational and institutional technology services segment also experienced a decline, with revenue of 1.289 billion yuan, down 10.24% year-on-year [7]. AI Product Development - The company continues to innovate in its AI product line, launching new platforms such as LightGPT and WarrenQ, which have been implemented in multiple client projects [6][12].