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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.80 yuan, corresponding to a PE ratio of 38.74x and a PB ratio of 2.21x [4][5]. Core Views - The company's revenue and net profit attributable to shareholders for H1 2024 were 12.11 billion yuan and 308 million yuan, respectively, showing a year-on-year increase of 1.21% and a decrease of 25.35% [4]. - The weighted average ROE decreased by 0.94 percentage points to 2.45%, and the performance met expectations [4]. - The report maintains earnings forecasts for 2024-2026 with EPS of 0.51, 0.56, and 0.62 yuan [4]. - The increase in asset impairment losses related to commodity holdings in the risk management business led to a decline in business revenue [4]. - Other asset impairment losses increased by 70.76% year-on-year to 198 million yuan, accounting for -73.61% of the adjusted revenue increment, putting pressure on performance [4]. - Investment business net income increased by 70.24% year-on-year to 428 million yuan, contributing 151.54% to the adjusted revenue increment, alleviating the performance decline [4]. - The company aims to seize growth opportunities by enhancing the professionalism of its risk management business and improving profitability [4]. - The report highlights the rapid growth of innovative business models such as "insurance + futures" as a catalyst for revenue generation [4]. Financial Summary - For H1 2024, the company reported a revenue of 12.11 billion yuan and a net profit of 308 million yuan, with a year-on-year revenue growth of 1.21% and a profit decline of 25.35% [4]. - The company’s total market capitalization is 16.142 billion yuan, with a total share capital of 1.456 billion shares [7]. - The net asset per share is 8.65 yuan, with a current PB ratio of 1.3 [8]. - The financial forecast indicates a revenue of 22.697 billion yuan for 2024, with a projected growth rate of -4.7% [12][13].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 14.43 CNY, compared to the current price of 10.61 CNY [2]. Core Insights - The company reported total operating revenue of 12.11 billion CNY for H1 2024, a year-on-year increase of 1.2%. However, net revenue calculated on a net basis was 1.03 billion CNY, a decrease of 3.2% year-on-year. The net profit attributable to shareholders was 310 million CNY, reflecting a year-on-year increase of 25.4% [2]. - In Q2 2024, total operating revenue reached 7.77 billion CNY, a quarter-on-quarter increase of 79.2%, with net revenue of 590 million CNY, up 32.7% quarter-on-quarter. The net profit attributable to shareholders was 230 million CNY, a significant quarter-on-quarter increase of 194.6% [2]. - The report highlights a decline in the futures brokerage business, while the risk management business showed strong performance, benefiting from increased demand for hedging amid geopolitical tensions and insufficient internal demand [2]. Revenue Breakdown - For H1 2024, the breakdown of revenue sources includes: - Commission and fee income: 230 million CNY (down 34.8% year-on-year) - Interest income: 250 million CNY (down 23.4% year-on-year) - Risk management business income: 120 million CNY (down 8.8% year-on-year) - Investment income: 400 million CNY (up 102.4% year-on-year) [2]. - In Q2 2024, the revenue sources were: - Commission and fee income: 120 million CNY (up 4% quarter-on-quarter) - Interest income: 120 million CNY (down 6.8% quarter-on-quarter) - Risk management business income: 100 million CNY (up 824.4% quarter-on-quarter) - Investment income: 220 million CNY (up 31.1% quarter-on-quarter) [2]. Market Trends - The report notes a decrease in trading volume in the futures market, with the company achieving 90 million contracts in domestic futures trading, a year-on-year decrease of 13.5%. The total transaction amount was 6.79 trillion CNY, an increase of 11.5% year-on-year [2]. - The overall futures market showed a trend of "volume decrease and value increase," with a total trading volume of 6.9 billion contracts nationwide, down 12.4% year-on-year, while the transaction amount reached 56.3 trillion CNY, up 7.4% year-on-year [2]. Investment Recommendations - The company is positioned as a leader in the futures industry, with innovative risk management services expected to benefit from the expansion of the futures market. The report anticipates a recovery in market activity in the second half of the year, driven by ongoing geopolitical conflicts and regulatory improvements [2]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are adjusted to 0.50 CNY, 0.59 CNY, and 0.65 CNY respectively, with corresponding price-to-earnings (PE) ratios of 21.33, 18.00, and 16.22 [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][13] Core Views - The company reported a revenue of 12.11 billion yuan for the first half of 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 308 million yuan, a decrease of 25.35% year-on-year [1] - The decline in profit is attributed to the decrease in operating profit margins in futures brokerage, risk management, and overseas business [1] - The company has benefited from the expansion of the derivatives market, with new products being launched, which may support the growth of its core businesses [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 121.11 billion yuan, with a net profit of 3.08 billion yuan, reflecting a 25.35% decline year-on-year [1] - The average ROE for H1 2024 was 2.45%, down 0.94 percentage points year-on-year [1] - Q2 2024 revenue was 77.73 billion yuan, up 17.7% year-on-year and 79.2% quarter-on-quarter, with a net profit of 2.30 billion yuan, an increase of 12.7% year-on-year and 194.6% quarter-on-quarter [1] Business Segments - Futures brokerage revenue decreased by 21.1%, while risk management revenue saw a slight decline of 0.4% [1] - Overseas business revenue increased by 68.0%, and asset management revenue grew by 73.7% [1] - The company’s investment income reached 395 million yuan, a year-on-year increase of 102.4% [1] Market Position and Strategy - The company is positioned as a leader in the industry and is expected to benefit from the ongoing expansion of the derivatives market [1] - The company’s strategic focus on optimizing structure, enhancing services, and fostering ecosystems is expected to provide a long-term competitive advantage [1]

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 ...

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： 每股分配比例：A 股每股派发现金红利 0.050 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动 的，拟维持分配总额不变，相应调整每股分配金额，并将另行公 告具体调整情况。 证券代码：600927 证券简称：永安期货 公告编号：2024-027 永安期货股份有限公司 关于 2024 年半年度利润分配方案的公告 一、利润分配方案内容 2024年上半年，永安期货股份有限公司（以下简称"公司"） 实现归属于上市公司股东的净利润为307,616,320.27元。截至 2024年6月30日，母公司可供分配利润为3,829,925,000.40元， 上述财务数据未经审计。 根据《上市公司监管指引第3号——上市公司现金分红》《上 海证券交易所上市公司自律监管指引第1号——规范运作》等相 关规定，在保障公司日常经营和长远发展的前提下，为进一步回 馈投资者，兼顾投资者短期收 ...

证券代码：600927 证券简称：永安期货 公告编号：2024-028 永安期货股份有限公司 关于变更董事的公告 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。 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，推荐马国庆先生（简历附后）担任永安期货股份有限公 司（以下简称"公司"）第四届董事会董事，麻亚峻先生不再担任 公司董事职务。 根据《公司章程》等有关规定，公司董事会提名与薪酬考核 委员会对马国庆先生进行了资格审查，同意此次董事人员变更事 项。2024 年 8 月 26 日，公司第四届董事会第七次会议审议通过 了《关于变更公司董事的议案》，同意马国庆先生为公司第四届 董事会非独立董事候选人，任期自股东大会选举通过之日起至本 届董事会成员任期届满之日止，在股东大会选举通过之前，由麻 亚峻先生继续担任董事职务。 会议还审议通过了《关于选举马国庆先生担任公司第四届董 事会风险控制委员会委员的议案》，同意马国庆先生担任公司第 四届董事会风险控制委员 ...

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 ...

永安期货股份有限公司（以下简称"公司"）第四届董事会 第七次会议于 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董事 11 人，实际参加 表决董事 11 人，会议由葛国栋先生主持。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。 第四届董事会第七次会议决议公告 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 二、董事会会议审议情况 本次会议审议并通过如下议案： 证券代码：600927 证券简称：永安期货 公告编号：2024-024 永安期货股份有限公司 （一）审议通过《2024 年半年度报告及摘要》 表决结果：11 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日披露的《永安期货股份有限公司 2024 年半年度报告摘要》《永安期货 ...