法律意见书 法律意见书 浙江天册律师事务所 关于 永安期货股份有限公司 2024 年第二次临时股东大会的 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 永安期货股份有限公司 2024 年第二次临时股东大会的 编号：TCYJS2024H1840 致：永安期货股份有限公司 浙江天册律师事务所（以下简称：本所）接受永安期货股份有限公司（以下 简称：公司）的委托，指派本所刘斌律师、姚振松律师（以下简称：本所律师） 出席公司2024年第二次临时股东大会。本所律师依据《中华人民共和国公司法》（以 下简称：《公司法》）、《中华人民共和国证券法》（以下简称：《证券法》）、《上市公 司股东大会规则》（以下简称：《股东大会规则》）等法律、法规和其他有关规范性 文件的要求，以及《永安期货股份有限公司章程》（以下简称：《公司章程》）的有 关规定，对公司本次股东大会的召集和召开程序、出席会议人员资格、表决方式、 表决程序的合法性、有效性进行了审查。 本所律师根据知悉的相关事实和法律规定，按照律师行业公认的 ...

永安期货股份有限公司 2024 年第二次临时股东大会 会议资料 《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上发言，发言顺序按 照登记时间先后安排。在大会进行表决时，股东不再进行发言。 若股东违反上述规定，大会主持人有权加以拒绝或制止。 五、本次股东大会会议共审议 1 项议案。 2024 年 11 月 19 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。 ...

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：2024-004 | --- | --- | --- | --- | |------------------------|-----------------------------------------------------------------------------|--------------------------------------------|-------| | | | | | | 投资者关系活动类别 | 特定对象调研 | 分析师会议 | | | | 媒体采访 | 业绩说明会 | | | | 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） | | | | 参与单位名称及人员姓名 | 线上参与公司 2024 投资者 | 年第三季度业绩说明会的全体 | | | 时间 | 2024 年 11 月 12 | 日 10:00-11:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | ...

证券代码：600927 证券简称：永安期货 公告编号：2024-045 永安期货股份有限公司 关于召开 2024 年第三季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： 会议召开时间：2024 年 11 月 12 日(星期二)上午 10:00- 11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 投 资 者 可 于 2024 年 11 月 12 日 前 访 问 网 址 https://eseb.cn/1j2Jd5UBUnm 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 10 月 30 日发布 2024 年第三季度报告，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 11 月 12 日上午 10:00-11:00 召开 2024 年第三季度业绩说明会，就投 资者关心的问题进行交流 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9] Core Views - The report highlights that Yong'an Futures, as a leading player in the domestic futures industry, is expected to gain continuous growth momentum amid rapid industry development. The increasing industry concentration will further solidify the company's competitive advantage, justifying a premium for being a market leader [9] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 18.7 billion yuan, a year-on-year decrease of 0.6%. The net profit attributable to shareholders was 420 million yuan, down 25.0% year-on-year, resulting in an EPS of 0.29 yuan and an ROE of 3.3%, a decline of 1.3 percentage points year-on-year [6][10] - In Q3 alone, the operating revenue was 6.6 billion yuan, a decrease of 3.9% year-on-year, with a net profit of 110 million yuan, down 24.2% year-on-year [6][10] - As of the end of Q3, the net assets attributable to shareholders were 12.6 billion yuan, an increase of 1.8% from the beginning of the year and a slight increase of 0.1% from mid-year [6][10] Revenue Breakdown - The report indicates a significant decline in net commission and interest income, while investment income showed a notable increase. Specifically, net commission income for the first three quarters was 380 million yuan, down 34.8% year-on-year, and for Q3, it was 150 million yuan, down 34.9% year-on-year. This decline is attributed to low market transaction volumes, with Q3 domestic futures market transaction volume and value down 11.0% and 2.1% year-on-year, respectively [7] - Interest income for the first three quarters was 370 million yuan, down 23.5% year-on-year, with Q3 showing 120 million yuan, down 23.7% year-on-year. Conversely, investment income and fair value changes amounted to 570 million yuan, up 141% year-on-year, with Q3 showing 140 million yuan compared to a loss of 15 million yuan in the same period last year [7] - Other business income, primarily from basis trade and commodity sales, saw a slight decline of 0.7% year-on-year for the first three quarters and a 4.5% decline in Q3 [7] Expense Overview - Total expenses for the first three quarters were 18.2 billion yuan, a year-on-year increase of 0.5%, accounting for a higher proportion of total revenue compared to the previous year. Q3 total expenses decreased by 3.0% year-on-year [8] - Business and management expenses decreased by 4.5% year-on-year for the first three quarters, with Q3 showing a 2.0% decrease year-on-year. However, asset impairment losses increased significantly, with credit asset impairment losses at 130 million yuan compared to 30 million yuan in the previous year, and other asset impairment losses up 129% to 350 million yuan [8] Valuation and Future Outlook - The report maintains a valuation range of 40-42 times the estimated 2024 PE, corresponding to a fair value range of 16.56-17.39 yuan. The current stock price corresponds to 34 times the estimated 2024 PE, supporting the "Outperform the Market" rating [9]

Investment Rating - The report maintains a "Recommend" rating for the company [1][3]. Core Views - The company achieved a total operating revenue of 18.67 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.6%. However, the net profit attributable to the parent company decreased by 25% to 4.2 billion yuan [1]. - The investment business revenue saw significant growth, with investment income increasing by 141.1% year-on-year, while other income sources such as commission and interest income faced declines [1]. - The report highlights the challenges faced by the futures brokerage business, with a year-on-year decrease in trading volume and a 34.9% drop in commission income in Q3 2024 [1]. Financial Summary - Total operating revenue for 2023 is projected at 23,822.68 million yuan, with expected growth rates of 5.1% in 2024, 17.1% in 2025, and 16.7% in 2026 [2]. - The net profit attributable to the parent company is forecasted to be 728.58 million yuan in 2023, with a decline of 24.9% expected in 2024, followed by a recovery to 714.85 million yuan in 2025 and 800.15 million yuan in 2026 [2]. - Earnings per share (EPS) are expected to be 0.50 yuan in 2023, decreasing to 0.38 yuan in 2024, and gradually increasing to 0.55 yuan by 2026 [2]. - The price-to-earnings (PE) ratio is projected to be 29.52 in 2024, 39.25 in 2025, and 30.05 in 2026 [2]. Valuation and Price Target - The target price for the company is set at 18.17 yuan, based on a 37 times PE valuation for the 2025 earnings [1][3]. - The current price is noted at 14.76 yuan, indicating potential upside based on the target price [3]. Market Position - The company is positioned as a leader in the futures brokerage industry and is expected to benefit from favorable policies aimed at enhancing the quality of the futures market [1]. - The report emphasizes the long-term positive outlook for the futures industry, particularly following the introduction of new trading products and regulatory support [1].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——永安期货 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.30 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | --- | --- | |---------------------------|---------------------------|--------|-------|-------| | | | | | | | 王思 玥 ( 研究助理 ) | 吴浩东 ( | 分析师 | ) | | | 021-38031024 | 010-83939780 | | | | | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | | | | S0880123070151 | S08805 ...

Leadership Changes - Huang Zhiming has been elected as the new Chairman of Yongan Futures, effective immediately, and will also serve as the legal representative and Chairman of the Strategic Development Committee [1] - Huang Zhiming, born in 1976, holds a postgraduate degree from the Central Party School and is a senior economist with extensive experience in financial institutions including Zhejiang Financial Holding Co, Ltd, Zheshang Bank, and Caitong Securities [1] - Huang Zhiming's salary for 2023 is RMB 2.8 million, a 19.15% increase from the previous period [1] Financial Performance - In Q3 2024, Yongan Futures reported revenue of RMB 6.563 billion, a 3.86% YoY decrease, and net profit of RMB 111 million, a 24.17% YoY decrease [2] - For the first three quarters of 2024, the company achieved revenue of RMB 18.673 billion, a 0.63% YoY decrease, and net profit of RMB 419 million, a 25.04% YoY decrease [2] - Net income from fees and commissions was RMB 379 million, a 34.88% YoY decrease, while net interest income was RMB 371 million, a 23.51% YoY decrease [2] - Other income, including risk management and overseas financial services, was RMB 17.347 billion, a slight 0.69% YoY decrease [2] Business Strategy and Development - Yongan Futures plans to establish a Network Finance Department to enhance financial technology applications, expand brokerage channels, and improve digital research capabilities [2] - The company aims to integrate service systems, strengthen brokerage business management platforms, and drive the transformation and upgrading of business units [2] - Risk management business remains a key driver of performance, with H1 revenue of RMB 11.299 billion and operating profit of RMB 114 million, ranking among the industry leaders [3] - Overseas financial services, primarily through New Yongan Financial Holdings, generated H1 revenue of RMB 301 million and operating profit of RMB 69.9729 million, a 9.74% YoY increase [3] Overseas Expansion - New Yongan Financial Holdings is currently focused on Hong Kong, holding most of its regulated activity licenses there, but is considering expanding to other countries with cost-effective licenses that better meet customer needs [4] Shareholder Returns - Yongan Futures announced a semi-annual cash dividend of RMB 0.05 per share (tax inclusive), totaling RMB 72.78 million [1]

证券代码：600927 证券简称：永安期货 公告编号：2024-039 永安期货股份有限公司 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于选举董事长的议案》 表决结果：10 票赞成，0 票反对，0 票弃权。 会议选举黄志明先生为公司第四届董事会董事长，任期自本 次董事会审议通过之日起至第四届董事会成员任期届满之日止。 具体内容详见公司同日披露的《永安期货股份有限公司关于 董事长任职的公告》（公告编号：2024-041）。 第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 永安期货股份有限公司（以下简称"公司"）第四届董事会 第九次会议于 2024 年 10 月 29 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 10 月 24 日、10 月 25 日以书面和 电子邮件等方式发出。本次会议应参加表决董事 10 人，实际参 加表决董事 10 人，会议由黄志明先 ...

Financial Performance - Total revenue for Q3 2024 was CNY 6,562,557,521.70, a decrease of 3.86% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 111,456,719.10, down 24.17% year-on-year[2] - Basic earnings per share for the quarter was CNY 0.08, reflecting a decline of 20.00% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was CNY 111,957,046.12, down 19.40% year-on-year[2] - Total operating revenue for the first three quarters of 2024 was CNY 18,673,144,356.55, a decrease of 0.63% compared to CNY 18,791,935,000.98 in the same period of 2023[14] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 419,073,039.37, down 25% from CNY 559,081,235.90 in 2023[14] - Basic earnings per share for the first three quarters of 2024 were CNY 0.29, down from CNY 0.38 in 2023[15] - The net investment loss for the first three quarters was CNY -160,605,258.31, compared to a gain of CNY 186,119,261.31 in the same period last year[14] - The company’s other comprehensive income showed a net loss of CNY -8,826,359.25, contrasting with a gain of CNY 35,956,660.56 in the previous year[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 64,887,388,887.46, a decrease of 7.86% from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 64,887,388,887.46, a decrease from CNY 70,419,300,597.02 at the end of 2023, reflecting a decline of approximately 7.6%[12] - The total liabilities decreased to CNY 52,272,541,132.27 from CNY 58,024,338,245.59 year-over-year[15] - The company’s financial liabilities related to margin deposits decreased to CNY 39,352,065,937.52 from CNY 44,166,730,790.90[15] - Short-term borrowings decreased to CNY 527,427,323.01 from CNY 881,872,150.03, a decline of about 40.1%[12] Cash Flow - The company reported a net cash flow from operating activities of CNY -8,726,653,831.01 year-to-date[2] - The company reported a net cash inflow from operating activities of CNY 23,207,911,428.41, slightly down from CNY 23,883,590,542.28 in the previous year[16] - The net cash outflow from operating activities was approximately -$8.73 billion, compared to -$6.92 billion in the previous period, indicating a decline in operational cash flow[17] - Total cash outflow from investing activities was $365.49 million, significantly higher than $21.71 million in the previous period, reflecting increased investment expenditures[17] - The net cash inflow from financing activities was -$298.07 million, an improvement from -$553.19 million in the previous period, suggesting better management of financing cash flows[17] - The total cash and cash equivalents at the end of the period decreased to approximately $14.68 billion from $22.44 billion, indicating a significant reduction in liquidity[17] - The company reported a total cash outflow from operating activities of $31.93 billion, up from $30.80 billion in the previous period, highlighting increased operational costs[17] Capital and Equity - The company's net capital increased to CNY 4,243,339,343.91, up from CNY 4,098,037,646.09 at the end of the previous year[4] - The ratio of net capital to risk capital reserves was 368%, an increase from 313% at the end of the previous year[4] - The total equity attributable to shareholders was CNY 12,614,847,755.19, an increase of 1.77% from the previous year[3] - The company’s cash and cash equivalents increased to CNY 20,124,833,173.75 from CNY 19,865,063,793.58, indicating a growth in liquidity[16] Market and Strategic Focus - The company has not reported any changes in major shareholders or significant shareholding activities during the reporting period[10] - The company continues to focus on maintaining its financial stability amid market fluctuations and has not indicated any new product launches or technological advancements in this report[11] - The company has not disclosed any new strategies related to market expansion or mergers and acquisitions in the current report[11]