证券代码：600927 证券简称：永安期货 永安期货股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |------------------------|-------------------------|------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | | 其他（请文字说明其他活动内容） | | | 线上参与公司 2024 | 年半年度业绩说明会的全体投资 | | 参与单位名称及人员姓名 | 者 | | | 时间 | 2024 年 9 月 10 | 日 10:00-11:00 | | 地点 | | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长 葛国栋 | | | | 总经理 黄志明 | | | 上市公司接待人员姓名 | 首席风险官 吕仙英 | 副总经理、董事会秘书兼财务总监 黄峥 ...

永安期货股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 9 月 12 日杭州 会议须知 为维护股东的合法权益，确保股东大会的正常秩序和议事效 率，根据《公司法》《上市公司股东大会规则》等法律法规和《公 司章程》等规定，现就会议须知通知如下： 一、股东及股东代理人（以下简称"股东"）请提前十五分钟 进入会场，办理登记手续，领取会议资料，由工作人员安排入座。 二、为保证本次大会的严肃性和正常秩序，除出席或列席现 场会议的股东、董事、监事、高级管理人员、公司聘请的律师及 公司董事会认可的人员以外，公司有权依法拒绝其他人士入场。 三、股东参加股东大会，应认真履行其法定权利和义务，尊 重和维护其他股东的合法权益。会议开始后请将手机铃声置于震 动或静音状态，保障大会的正常秩序。 四、股东需要在股东大会上发言，应于会议召开一个工作日 前向董事会办公室登记或于会议开始前在签到处登记，并填写 《股东发言登记表》。股东发言应围绕本次大会所审议的议案， 简明扼要，发言时应当先介绍姓名或股东单位，每位发言时间不 超过 3 分钟。由于本次股东大会时间有限，公司不能保证填写《股 东发言登记表》的股东均能在本次股东大 ...

会议召开时间：2024 年 9 月 10 日(星期二)上午 10:00- 11:00 会议召开地点：价值在线（www.ir-online.cn） 证券代码：600927 证券简称：永安期货 公告编号：2024-031 永安期货股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开方式：网络互动方式 投资者可于 2024 年 9 月 10 日前访问网址 https://eseb.cn/1hsJX9A4BSo 或扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 永安期货股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布 2024 年半年度报告，为便于广大投资者更全面深入 地了解公司的财务状况以及经营成果，公司定于 2024 年 9 月 10 日上午 10:00-11:00 召开 2024 年半年度业绩说明会，就投资者 关心的问题进行交流。 一、说明会召开的时间、地点和 ...

Investment Rating - The report maintains an "Outperform" rating for Yongan Futures, indicating expected growth above the market benchmark over the next 12-18 months [18]. Core Insights - Yongan Futures reported a significant improvement in Q2 net profit, with a revenue of RMB 12.11 billion for H1 2024, a year-on-year increase of 1.2%, and a net profit attributable to shareholders of RMB 0.31 billion, down 25.4% year-on-year [15][18]. - The company experienced a notable recovery in Q2, with revenue reaching RMB 7.77 billion, up 17.7% year-on-year, and net profit of RMB 0.23 billion, up 12.7% compared to a drastic decline of 62.6% in Q1 [15][18]. - Investment income showed a significant increase, with total investment profit and fair value changes amounting to RMB 0.43 billion, a 70% increase year-on-year [15][18]. Financial Performance Summary - For H1 2024, the company's revenue from futures brokerage was RMB 0.49 billion, down 21% year-on-year, while net transaction fee income was RMB 0.20 billion, down 36% [16]. - The risk management business saw a revenue of RMB 11.3 billion, reflecting a 1.5% year-on-year increase, with significant growth in OTC derivatives and market-making activities [16][17]. - The overseas business reported a revenue of RMB 0.3 billion, a substantial increase of 68% year-on-year, driven by a 75% rise in overseas futures brokerage trading volume [17]. Business Segment Analysis - The asset management segment rebounded with revenue of RMB 0.11 billion, up 74% year-on-year, while fund sales revenue decreased by 24% to RMB 0.24 billion [17]. - The futures brokerage segment faced challenges with a trading volume decline of 13.5% year-on-year, leading to a decrease in client equity by 24.7% from the beginning of the year [16][18]. - The report highlights the company's strong position in the domestic futures industry, projecting EPS for 2024 and 2025 at RMB 0.46 and RMB 0.49 respectively, with a target price of RMB 13.42 based on a 29x PE ratio for 2024 [18].

-38% -30% -22% -14% -6% 3% 2023-08 2023-12 2024-04 2024-08 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 永安期货 上证指数 [Table_Report] 相关报告 | --- | --- | |-----------------------------|-------| | [Table_Invest] 评级： | 增持 | | | 增持 | | [Table_Target] 目标价格： | 19.80 | | | 19.80 | | [当前价格： Table_CurPrice] | 11.09 | [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com 登记编号 S0880515050001 S0880123070151 S0880524070001 ——永安期货 20 ...

证 券 研 究 报 告 永安期货（600927）2024 年半年报点评 推荐（维持） 期货经纪业务下滑，风险管理业务表现亮眼 目标价：14.43 元 当前价：10.61 元 事项： ❖ 24H1 实现营业总收入 121.1 亿元（同比+1.2%），以净额法计算（扣减其他业 务成本）营业总收入 10.3 亿元（同比-3.2%），归母净利润 3.1 亿元（同比25.4%）。 24Q2 实现营业总收入 77.7 亿元（环比+79.2%），以净额法计算营业总收入 5.9 亿元（环比+32.7%），归母净利润 2.3 亿元（环比+194.6%）。 评论： ❖ 营收拆分：H1 手续费及佣金净收入/利息净收入/风险管理业务收入（净额法） /投资收入 2.3/2.5/1.2/4.0 亿元，同比-34.8%/-23.4%/-8.8%/+102.4%；Q2 分别为 1.2/1.2/1.0/2.2 亿元，环比+4%/-6.8%/+824.4%/+31.1%。 ❖ Q2 风险管理业务规模与利润双增长。报告期内，全球地缘政治冲突不断，内 部有效需求不足，各板块大宗商品走势分化，实体企业避险需求加大。据中期 协统计，期货风险管理行业 4 ...

永安期货（600927.SH） 优于大市 收入增长利润承压，品种扩容龙头受益 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-----------|------------|------------|------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 34,775 | 23,823 | 24,203 | 26,663 | 29,367 | | (+/-%) | -8.1% | -31.5% | 1.6% | 10.2% | 10.1% | | 归母净利润(百万元) | 672 | 729 | 637 | 707 | 774 | | (+/-%) | -48.6% | 8.4% | -12.6% | 11.0% | 9.5% | | 摊薄每股收益(元) | 1.00 | 0.50 | 0.44 | 0.49 | 0.53 | | 净资产收益率(ROE) | 5.7% | ...

证券代码：600927 证券简称：永安期货 公告编号：2024-025 一、监事会会议召开情况 永安期货股份有限公司（以下简称"公司"）第四届监事会 第八次会议于 2024 年 8 月 26 日在杭州市新业路 200 号华峰国 际商务大厦 2219 会议室以现场结合通讯表决方式召开。会议通 知及变更通知分别于 2024 年 8 月 16 日、8 月 23 日以书面和电 子邮件等方式发出。本次会议应参加表决监事 6 人，实际参加表 决监事 6 人，会议由韩伟锋先生主持。会议的召集、召开符合《公 司法》和《公司章程》的有关规定，会议决议合法有效。 二、监事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《2024 年半年度报告及摘要》 监事会认为：公司 2024 年半年度报告及摘要的编制和审议 程序符合法律法规、《公司章程》等相关制度的规定，内容真 实、准确、完整。报告的内容和格式符合中国证监会和上海证 券交易所的有关规定，所包含的信息真实反映了公司 2024 年 6 月 30 日财务状况以及报告期内的经营成果和现金流量，未发现 参与半年度报告编制和审议的人员有违反保密规定或损害公司 利益的行为。 永 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥12,110,586,834.85, representing a year-on-year increase of 1.21% compared to ¥11,966,034,984.59 in the same period last year[26]. - The net profit attributable to shareholders of the parent company decreased by 25.35% to ¥307,616,320.27 from ¥412,094,166.75 in the previous year[26]. - The net cash flow from operating activities was negative at ¥-9,909,506,466.36, a significant decline compared to ¥44,496,764.57 in the same period last year[26]. - Total assets at the end of the reporting period were ¥59,377,698,469.09, down 15.68% from ¥70,419,300,597.02 at the end of the previous year[26]. - The total liabilities decreased by 19.38% to ¥46,780,210,628.90 from ¥58,024,338,245.59 at the end of the previous year[26]. - Basic earnings per share for the first half of 2024 were ¥0.21, a decrease of 25.00% from ¥0.28 in the same period last year[27]. - The weighted average return on equity decreased by 0.94 percentage points to 2.45% from 3.39% in the previous year[27]. - The company's total operating income for the reporting period was 12,110,586,834.85 yuan, a 1.21% increase from the previous year[66]. - The operating cost for the period was 11,746,741,760.83 yuan, reflecting a 2.54% increase year-on-year[67]. Capital and Shareholder Information - The company reported a net capital of CNY 4,212,432,541.80 as of June 30, 2024, an increase of 2.8% from CNY 4,098,037,646.09 at the end of the previous year[15]. - The total share capital of the company remains at 1,455,555,556 shares, with a proposed cash dividend of CNY 0.5 per 10 shares, totaling CNY 72,777,777.80[5]. - The board of directors has approved a profit distribution plan for the first half of 2024, pending shareholder approval[5]. - The company plans to distribute a cash dividend of 0.50 per share, representing 23.66% of the net profit attributable to shareholders for the first half of 2024, with a total share capital of 72,777,777.80[89]. - The total number of ordinary shareholders at the end of the reporting period is 38,513[109]. - The top ten shareholders hold a total of 1,224,000,000 shares, representing 85.31% of the total shares outstanding[110]. - The largest shareholder, Caitong Securities Co., Ltd., holds 439,347,825 shares, accounting for 30.18% of the total shares[110]. - The limited shares held by major shareholders will become tradable on December 23, 2024, with a total of 1,026,037,552 shares subject to a 36-month lock-up period[113]. Risk Management - The company emphasizes the risks associated with market fluctuations, credit risks, operational risks, liquidity risks, and compliance risks that may impact its business operations and profitability[7]. - The company has established a comprehensive risk management framework covering market risk, credit risk, operational risk, liquidity risk, reputation risk, compliance legal risk, and information technology risk[79]. - The company actively utilizes financial technology to build a digital risk management model, focusing on data quality and application results, creating a comprehensive risk management platform[79]. - The company has implemented strict customer identity verification and margin management to mitigate credit risk in its futures brokerage operations[80]. - The company continuously enhances its internal management systems and business processes to reduce operational risk, providing comprehensive training to employees[81]. - The company maintains stable credit lines with banks and dynamically adjusts financing strategies to manage liquidity risk effectively[82]. Subsidiaries and Business Operations - The company has 31 subsidiaries and 13 business departments, all holding the necessary licenses for securities and futures operations[15]. - The company has established a wholly-owned subsidiary in Hong Kong, focusing on overseas futures brokerage, asset management, securities business, and lending services[15]. - The company’s subsidiary, New Yong'an Securities, obtained a license for securities trading activities in Hong Kong on October 12, 2018[19]. - The company’s subsidiary, Yong'an International Finance, received a capital markets services license from the Monetary Authority of Singapore on February 4, 2019[19]. - The company has established 31 branches and 13 business offices across major cities, with plans to enhance its headquarters in the Qiantang Financial Bay area[51]. Compliance and Governance - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[6]. - The company has maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[101]. - The company emphasizes compliance management, linking it to performance assessments and continuously optimizing internal control systems to ensure legal compliance[84]. - The company held its 2023 Annual General Meeting on May 21, 2024, where several key reports and proposals were approved, including the 2023 Annual Financial Settlement Report and the profit distribution proposal[86]. Market and Industry Trends - The total trading volume of the national futures market reached approximately 3.46 billion contracts, with a cumulative transaction value of about 281.51 trillion yuan, showing a year-on-year decrease of 12.43% in volume but an increase of 7.40% in value[33]. - The number of non-financial A-share listed companies publishing hedging-related announcements reached 1,181, an increase of 181 companies year-on-year, with an overall hedging participation rate of 22.56%, up by 2.92 percentage points from the same period in 2023[32]. - The cumulative trading volume of lithium carbonate futures and options reached 74.92 million contracts, with a total transaction value of nearly 7.40 trillion yuan, and the number of industrial clients exceeded 15,900[32]. Social Responsibility and Community Engagement - The company invested a total of 3.4608 million in poverty alleviation and rural revitalization efforts, including 1.32 million for professional assistance and 1.124 million for consumption assistance[91]. - The company conducted 135 "insurance + futures" projects covering 9 provinces, involving 8 agricultural futures products, with insured spot exceeding 102,000 tons and a total insured value of 1.156 billion[91]. - The company successfully implemented a new model for pig futures orders through a third-party digital model, providing a comprehensive solution for family farms to lock in profits and reduce production costs[91]. - The company has been recognized for its outstanding performance in rural revitalization efforts, achieving first place in the evaluation conducted by the China Futures Association for eight consecutive years[91]. - The company launched the "Yongan Education Assistance Project" in May 2024, providing financial aid to 75 underprivileged students in Sichuan Province[92]. Financial Instruments and Accounting Policies - The company recognizes financial assets and liabilities upon entering into financial instrument contracts, using the effective interest method for amortized cost calculations[155]. - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[156]. - The company applies expected credit loss accounting for financial assets measured at amortized cost and those classified as fair value through other comprehensive income[162]. - The company assesses the significance of financial information based on the nature and amount of projects, considering their impact on financial position and results[145]. - The company follows specific accounting treatments for mergers and acquisitions, recognizing goodwill when the acquisition cost exceeds the fair value of identifiable net assets[147].

2024 年 8 月 26 日，公司第四届监事会第八次会议审议通过 了《关于变更公司监事的议案》，同意柯晓瑶女士为公司第四届 监事会监事候选人，任期自股东大会选举通过之日起至本届监事 会成员任期届满之日止，在股东大会选举通过之前，由钱焕军先 生继续担任监事职务。 证券代码：600927 证券简称：永安期货 公告编号：2024-029 永安期货股份有限公司 关于变更监事的公告 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。 根据《浙江省交通投资集团有限公司关于委派董事监事的函》 （浙交投〔2024〕83 号），股东浙江省交通投资集团有限公司研 究决定，推荐柯晓瑶女士（简历附后）担任永安期货股份有限公 司（以下简称"公司"）第四届监事会监事，钱焕军先生不再担任 公司监事职务。 2024 年 8 月 27 日 附件：柯晓瑶女士简历 柯晓瑶，女，1985 年生，中共党员，中国国籍，无境外永 久居留权，硕士研究生学历，高级会计师。曾任浙江省商业集 团有限公司财务管理部主管，浙江建融投资发展有限公司总经 理助理，浙江浙商汇融私募基金管理 ...