Core Viewpoint - The financial performance of Caitong Securities in 2024 showed a decline in revenue but an increase in net profit, while the first quarter of 2025 experienced significant profit drop due to pressure on proprietary trading business. Group 1: Financial Performance - In 2024, Caitong Securities achieved operating revenue of 6.29 billion, a year-over-year (yoy) decrease of 3.6%, and a net profit attributable to shareholders of 2.34 billion, a yoy increase of 3.9% [1] - For Q1 2025, the net profit attributable to shareholders was 290 million, reflecting a yoy decrease of 36.5% and a quarter-over-quarter (qoq) decrease of 66.6% [1] - The main revenue sources in 2024 included brokerage, investment banking, asset management, net interest, net investment, and long equity investment, with respective revenues of 1.41 billion, 520 million, 1.55 billion, 610 million, 1.50 billion, and 520 million [1] Group 2: Cost Management - In 2024, the company maintained good cost control with management expenses of 3.46 billion, a yoy decrease of 8.5%, resulting in a management fee ratio of 56.1%, down 3.0 percentage points yoy [2] Group 3: Investment and Assets - By the end of 2024, the total assets of the company were 144.6 billion, a yoy increase of 8.1%, while net assets were 36.4 billion, a yoy increase of 5.2% [3] - The investment income for 2024 was 1.5 billion, a yoy decrease of 14.6%, with an annualized investment return rate of 2.21%, down 0.39 percentage points yoy [3] - As of Q1 2025, total assets decreased to 138.9 billion, a decline of 3.9% from the beginning of the year, while net assets slightly increased to 36.6 billion, up 0.6% [3] Group 4: Brokerage and Asset Management - The brokerage business showed strong performance with a net income market share increase of 5.1%, achieving net income from agency trading of 1.22 billion, a yoy increase of 21.0% [4] - In asset management, the revenue for 2024 was 1.55 billion, a yoy decrease of 0.3%, while the AUM for Caitong Fund was 53.6 billion, down 37.0% from the beginning of the year [5] - For Q1 2025, asset management revenue was 260 million, a yoy decrease of 17.5%, while long equity investment revenue was 80 million, a yoy increase of 42.5% [5] Group 5: Future Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 2.22 billion, 2.40 billion, and 2.57 billion, reflecting yoy changes of -5%, +8%, and +7% respectively [5]

Group 1 - The resignation of Jin Yu as chairman of Shanghai Bank due to age marks a significant leadership change, with Gu Jianzhong appointed as the new party secretary [2] - Wang Liang, the chairman of China Merchants Bank, reported a slight decline in operating income for 2024, while net profit showed a modest increase, reflecting the challenges faced by the banking sector [4][6] - Gao Yingxin, chairman of Minsheng Bank, reported the worst performance in nearly a decade, with a significant drop in both operating income and net profit, despite being the highest-paid executive in the A-share listed banks [8][9] Group 2 - Lu Jianqiang, chairman of Zheshang Bank, introduced the concept of "good financial practices" as a guiding principle for the bank's operations, emphasizing a new financial paradigm [9][11] - The upcoming retirement of several bank executives, including those from major banks, is expected to lead to a wave of leadership changes that could impact strategic direction and corporate culture [22][23] - The implementation of an elastic retirement policy starting in 2025 may allow banks to retain key executives beyond the statutory retirement age, potentially stabilizing leadership during transitions [27]

Group 1 - As of April 28, 2024, 45 brokerage firms have released their annual reports, showing overall positive performance, with 9 firms experiencing declines in both total revenue and net profit attributable to shareholders [1] - Among the firms, Caitong Securities reported a total revenue of 6.286 billion yuan, a year-on-year decline of 3.55%, while its net profit attributable to shareholders increased by 3.9% to 2.34 billion yuan [3] - Caitong Securities' brokerage and credit businesses saw year-on-year growth, while its investment banking and proprietary trading businesses experienced declines, particularly the proprietary trading business, which has shown significant volatility in recent years [1][3] Group 2 - Caitong Securities' net income from various segments in 2024 was as follows: brokerage 1.412 billion yuan, investment banking 523 million yuan, asset management 1.547 billion yuan, proprietary trading 1.503 billion yuan, and credit business 608 million yuan [3] - The company ranked sixth in the asset management sector, with a slight decline in net income, while its investment banking and proprietary trading revenues fell by 31% and 14%, respectively [4] - Caitong Securities had a high withdrawal rate of 70% for its sponsored projects, with 10 projects initiated, and several were terminated or withdrawn, indicating challenges in its investment banking operations [4][5] Group 3 - In the competitive landscape of Zhejiang Province, Caitong Securities is in a fierce rivalry with Zheshang Securities for market leadership, amidst a wave of mergers and acquisitions in the securities industry [7] - Zheshang Securities reported a 10.33% decline in revenue to 15.816 billion yuan for 2024, while its net profit attributable to shareholders increased by 10.17% to 1.932 billion yuan [8] - Caitong Securities' chairman emphasized the company's focus on external development and mergers to strengthen its position in the industry [8]

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].

外需： 4月出口或回落，关税不确定性对出口仍有支撑。 ①关税对外需影响初步显现，4月韩国前20天出口增速回落，我国集装箱吞吐量等出口数量指标有所下行。但考虑到关税不确定性仍在，部分转口贸易或仍带来抢 出口需求，将对外需有一定支撑。 核 心 内 容 月度商品价格预测： 金、铜震荡上升，原油区间震荡。 内需： 房销售走弱、车持平上月，室外出游热度较高。 ①房销售走弱、车持平上月，家电销售均价同比增速跌多涨少。4月新房销量增速降幅走扩，二手房价升量减。商品消费中，乘用车零售增速持平上月，批发有所 回升，受市场需求疲软影响，轮胎企业调整生产计划，导致半钢胎开工回落；本周家电价格多有上行。 ② 本周商圈人流指数和上海迪士尼乐园客流上升，一线城市至海口的航班均价转为上行。不过，电影市场表现仍旧惨淡，持续位于历年同期低位。五一假期临近， 建议关注假期消费情况。 生产： 产能调控需加强，传统基建有望加速恢复。 ①由于4月以来多地错峰生产执行力度减弱，竞争加剧，本周水泥价格续降，企业库容比续升，终端需求暂弱，本周水泥发运率继续回落。 ②本周石油沥青开工率继续上行，同比回正，样本建筑工地资金到位率续升，同时水泥基建直供量超过去年 ...

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 ...