Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 6.29 billion yuan in 2024, a decrease of 3.55% year-on-year, while the net profit attributable to shareholders was 2.34 billion yuan, an increase of 3.9% year-on-year [8] - The brokerage business showed significant growth, with revenue of 1.41 billion yuan in 2024, up 17.7% year-on-year, and 4.2 billion yuan in Q1 2025, up 41.4% year-on-year [8] - Investment income, including fair value changes, decreased by 14.5% year-on-year to 1.5 billion yuan in 2024, and dropped by 94.5% year-on-year in Q1 2025 [8] - The company is experiencing a decline in its equity underwriting business, with revenue of 520 million yuan in 2024, down 31.3% year-on-year [8] - The asset management business showed a stable growth trend, with an asset management scale of 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 6.29 billion yuan, with a year-on-year decrease of 3.55% [1] - Net profit attributable to shareholders is expected to be 2.34 billion yuan, reflecting a year-on-year increase of 3.9% [1] - Earnings per share (EPS) for 2024 is estimated at 0.50 yuan [1] Brokerage Business - The brokerage business revenue for 2024 reached 1.41 billion yuan, a growth of 17.7% year-on-year [8] - In Q1 2025, brokerage revenue was 4.2 billion yuan, marking a 41.4% increase year-on-year [8] Investment Banking - Investment banking revenue for 2024 was 520 million yuan, down 31.3% year-on-year [8] - The company ranked 31st in equity underwriting with a total scale of 1.42 billion yuan in 2024, a decrease of 83.3% year-on-year [8] Asset Management - The asset management business generated revenue of 1.55 billion yuan in 2024, a slight decrease of 0.3% year-on-year [8] - The total asset management scale was 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Investment Income - Investment income, including fair value changes, was 1.5 billion yuan in 2024, down 14.5% year-on-year [8] - In Q1 2025, investment income dropped to 20 million yuan, a significant decline of 94.5% year-on-year [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's wealth management transformation has shown significant results, although the self-operated investment has negatively impacted performance in the first quarter [4][5] - The total revenue and net profit for 2024 were 6.29 billion and 2.34 billion yuan, respectively, with a year-on-year change of -4% and +4%, aligning with expectations [4] - The first quarter of 2025 saw total revenue and net profit of 1.07 billion and 290 million yuan, respectively, reflecting a year-on-year decline of -24% and -37%, which was below expectations [4] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.4 billion and 3.2 billion yuan, respectively, down from previous estimates [4] Financial Performance Summary - The company reported a weighted average ROE of 6.59% for 2024, a slight decrease of 0.08 percentage points year-on-year [4] - The first quarter of 2025 showed an annualized weighted average ROE of 3.16%, down by 2.1 percentage points year-on-year [4] - The company's self-operated investment income decreased significantly, with a year-on-year drop of -95% in Q1 2025, attributed to a weakening bond market [6] - The company's total assets were projected to grow from 133.75 billion yuan in 2023 to 190.26 billion yuan by 2027 [9] Business Segment Performance - The brokerage net income for 2024 and Q1 2025 was 1.41 billion and 420 million yuan, respectively, with year-on-year increases of +18% and +41% [5] - Investment banking net income for 2024 and Q1 2025 was 520 million and 110 million yuan, respectively, reflecting declines of -31% and -24% due to a sluggish primary market [5] - Asset management net income for 2024 and Q1 2025 was 1.55 billion and 260 million yuan, with a slight decrease of -0.3% and a more significant drop of -18% [5] Valuation Metrics - The current stock price corresponds to a price-to-book ratio (PB) of 0.9 for 2025, 0.9 for 2026, and 0.8 for 2027 [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.52, 0.68, and 0.78 yuan, respectively [9] - The company’s projected net profit margins are expected to improve from 37.2% in 2024 to 43.7% by 2027 [9]

Core Insights - The company reported a revenue of 6.286 billion yuan in 2024, a decrease of 3.55% from 2023's 6.517 billion yuan, while net profit attributable to shareholders increased by 3.9% to 2.34 billion yuan [1][2] - In Q1 2025, the company experienced a significant decline in revenue, reporting 1.069 billion yuan, down 24.16% year-on-year, and a net profit of 290 million yuan, down 36.52% year-on-year, attributed to bond market adjustments and changes in self-operated investment strategies [1][2] Business Segment Performance - Wealth management business generated 1.846 billion yuan in revenue in 2024, up 15.22%, driven by effective client development and a 12.7% increase in client numbers [3] - Investment banking revenue fell sharply to 511 million yuan, a decrease of 33.00%, due to a tightening A-share equity financing market, with total equity financing down nearly 73% year-on-year [3] - Asset management revenue was 1.719 billion yuan, a slight increase of 0.36%, with total assets under management exceeding 300 billion yuan [4] - Securities credit business revenue decreased by 11.51% to 527 million yuan, while overseas securities business revenue fell by 12.58% to 52 million yuan [4] - Self-operated business revenue was 588 million yuan, down 24.95% [4] Financial Metrics - Total assets increased to approximately 144.55 billion yuan in 2024 from 133.75 billion yuan in 2023 [2] - The weighted average return on net assets was 6.59% in 2024, slightly down from 6.67% in 2023 [2] - Cash flow from operating activities showed a significant improvement, reaching approximately 13.72 billion yuan compared to a negative cash flow in the previous year [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's performance in Q1 2025 was impacted by self-operated investments, while the brokerage business saw steady growth in client scale [5][7]. - The company reported a revenue of 6.29 billion yuan in 2024, a year-on-year decrease of 3.6%, with a net profit attributable to shareholders of 2.34 billion yuan, an increase of 3.9% year-on-year [5][6]. - The brokerage business revenue for 2024 was 1.41 billion yuan, up 17.7% year-on-year, with a significant increase in client numbers and assets under custody [7]. - The asset management business generated 1.55 billion yuan in revenue for 2024, a slight decrease of 0.3% year-on-year, while the self-operated investment net income dropped significantly in Q1 2025 [7]. Financial Data and Profit Forecast - For Q1 2025, the company reported a revenue of 1.07 billion yuan, a year-on-year decrease of 24.2%, and a net profit of 0.29 billion yuan, down 36.5% year-on-year [5][6]. - The projected net profit for 2025-2027 is 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan respectively, with year-on-year growth rates of 12.5%, 14.6%, and 14.3% [7][8]. - The company's return on equity (ROE) for Q1 2025 was 0.79%, a decrease of 0.52 percentage points compared to the same period last year [5][6].

Core Insights - In 2024, the company achieved operating revenue of 6.286 billion yuan and a net profit attributable to shareholders of 2.340 billion yuan, with a return on equity of 6.59%, surpassing the industry average of 5.53% [1] - The net profit increased by 3.9% year-on-year, with total assets reaching 144.555 billion yuan, an 8.07% increase from the previous year [1] - The company proposed a total cash dividend of 743 million yuan, accounting for 31.76% of the net profit attributable to shareholders [1] Investment Banking Business - The company provided direct financing of 107.26 billion yuan to real enterprises, maintaining over 100 billion yuan for two consecutive years [2] - It completed nine new three-board listings, ranking 13th in the industry, and was the top in Zhejiang province for new three-board supervision [2] - The company assisted 17 state-owned platform integrations and provided 15.54 billion yuan in bond financing to mountainous and island counties, an increase of 8.3% [2] Investment Business - The wholly-owned subsidiary focused on smart manufacturing, information technology, and healthcare, completing three IPO projects and mobilizing investment of 47.183 billion yuan, a growth of over 40% [2] - The private equity investment fund sector saw significant growth, with revenue and net profit increasing by 19.36% and 67.82% respectively [2] Wealth Management Business - The number of wealth clients reached a record high, with a 12.7% increase in client numbers and an 11.3% increase in managed asset scale [3] - The company achieved a 5.1% increase in market share for agency trading net income and improved its ranking in product distribution net income [3] - The asset management scale exceeded 300 billion yuan, with public fund management nearing 130 billion yuan [3] Commitment to Economic Service - The company actively supports the real economy by providing comprehensive financial services to local businesses, forming strategic partnerships across 11 cities in Zhejiang province [4] - It facilitated the issuance of the first intellectual property asset-backed securities in Hangzhou High-tech Zone, involving 114 patents from 13 innovative SMEs [4] - The company aims to enhance its brand recognition as "the broker of Zhejiang merchants and enterprises" through strategic collaborations [4]

财通证券股份有限公司 2 0 2 4 可 持 续 发 展 报 告 S u s t a i n a b ili ty R e p o rt 财 通 证 券 股 份 股票代码：6 0 1 1 0 年度可持续发展报告 2024 财 通 证 券 股 份 有 限 公 司 官 ⽹ ： h t t p s : / / w w w . c t s e c . c o m 总 部 地 址 ： 浙 江 省 杭 州 市 西 湖 区 天 ⽬ ⼭ 路 1 9 8 财 通 双 冠 ⼤ 厦 西 楼 有 限 公 司 8 目 录 CONTENTS | 报告说明 | 01 | | --- | --- | | 董事会可持续发展声明 | 03 | | 关于我们 | 06 | | 可持续发展管理 | 13 | | 奋楫笃行 | 做强做优创一流 | | --- | --- | | 精益公司治理 | 27 | | 依法合规运营 | 30 | | 强化⻛险管理 | 39 | 25 43 S 社会篇 御势而上 润泽百业促发展 践⾏负责任投资 服务实体经济 提升服务品质 赋能员⼯成⻓ 热⼼社会公益 45 48 53 58 68 G 治理篇 E 环境篇 应对⽓候 ...

审计委员会 2024 年度履职情况报告 根据《证券法》《证券公司治理准则》《证券公司内部控 制指引》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》《公司章程》及《董事会审计委员会工作细则》 等规定，2024 年财通证券股份有限公司（以下简称"公司"） 董事会审计委员会全体委员认真履行职责。现向公司董事会 报告审计委员会 2024 年度履职情况，请予审阅。 一、审计委员会成员变动情况 （一）第四届董事会审计委员会第七次会议 2024 年 4 月 23 日，公司第四届董事会审计委员会第七 次会议在公司总部西 1108 会议室召开。会议由主任委员韩 洪灵召集并主持，会议应出席委员 3 人，实际出席委员 3 人。本次会议审议通过了《2023 年度外部审计工作总结》 《关于审议 2023 年年度报告的议案》《关于审议 2024 年第 一季度报告的议案》《关于审议 2023 年度财务决算报告的 议案》《关于审议 2023 年度利润分配方案的议案》《关于审 议 2023 年度内部控制评价报告的议案》《关于审议 2023 年 度募集资金存放与使用情况专项报告的议案》《关于确认 2023 年关联交易的议案》《关 ...

证券代码：601108 证券简称：财通证券 公告编号：2025-019 财通证券股份有限公司 第四届监事会第十一次会议决议公告 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。 财通证券股份有限公司（以下简称"公司"）第四届监事会第十一次会议通知 于 2025 年 4 月 14 日以电子邮件的形式发出，会议于 2025 年 4 月 24 日在公司总 部西 1107 会议室以现场会议方式召开。本次会议应出席监事 5 名，实际现场出 席监事 5 名。本次会议由监事会主席叶笃银先生召集和主持。本次会议的召集召 开符合《公司法》、公司《章程》和《监事会议事规则》等有关规定。本次会议 审议了以下议案： 一、审议通过《关于审议 2024 年度监事会工作报告的议案》 表决结果：5 票同意，0 票反对，0 票弃权。 本议案尚需提交股东大会审议。 三、审议通过《关于审议 2024 年年度报告的议案》 表决结果：5 票同意，0 票反对，0 票弃权。 监事会认为：公司 2024 年年度报告的编制和审议程序符合法律、法规、公 司《章程》及公司内部管理制 ...

财通证券股份有限公司 证券代码：601108 证券简称：财通证券 公告编号：2025-018 第四届董事会第二十一次会议决议公告 表决结果：8 票赞成，0 票反对，0 票弃权 本议案尚需提交股东大会审议。 三、审议通过《2024 年年度报告》 表决结果：8 票赞成，0 票反对，0 票弃权 本议案已经董事会审计委员会事前审议通过，尚需提交股东大会审议。 《2024 年年度报告摘要》刊登在《中国证券报》《上海证券报》《证券时 报》《证券日报》及上海证券交易所网站（www.sse.com.cn）；《2024 年年度报 告》刊登在上海证券交易所网站（www.sse.com.cn）。 四、审议通过《2025 年第一季度报告》 表决结果：8 票赞成，0 票反对，0 票弃权 一、审议通过《2024 年度总经理工作报告》 表决结果：8 票赞成，0 票反对，0 票弃权 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。 二、审议通过《2024 年度董事会工作报告》 财通证券股份有限公司（以下简称"公司"）第四届董事会第二十一次会议于 2025 年 ...