证券代码：601136 证券简称：首创证券 公告编号：2025-045 首创证券股份有限公司 第二届董事会第十八次会议决议公告 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。 （二）审议通过《关于审议公司 2025 年中期利润分配预案的议案》 具体内容详见公司于同日在上海证券交易所网站披露的《首创证券股份有限 公司 2025 年中期利润分配方案公告》。 本议案事先经公司第二届董事会审计委员会预审通过。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 首创证券股份有限公司（以下简称公司）第二届董事会第十八次会议于 2025 年 10 月 17 日以书面方式发出会议通知及会议材料，于 2025 年 10 月 29 日在公 司总部会议室以现场结合通讯的方式召开。本次会议应出席董事 12 名；实际出 席董事 12 名，其中现场出席的董事 3 名，以视频方式出席的董事 9 名。 本次会议由公司董事长毕劲松主持，公司高级管理人员和其他相关人员列席 会议。本次董事会会议的召开和表决情况符合有关法律、行政法规、 ...

证券代码：601136 证券简称：首创证券 公告编号：2025-046 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： ●A 股每股派发现金红利人民币 0.10 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。 ●在本公告披露之日起至实施权益分派的股权登记日前公司总股本发生变 动的，公司拟维持分配总额不变，相应调整每股分配比例，并将在相关公告中披 露。 ●本公告并非权益分派实施公告，利润分配的具体安排将另行在权益分派实 施公告中明确。 一、2025年中期利润分配方案内容 根据首创证券股份有限公司（以下简称公司）2025年第三季度报告（未经审 计 ） ， 截 至 2025 年 9 月 30 日 ， 公 司 母 公 司 报 表 中 期 末 可 供 分 配 利 润 为 1,943,660,587.69元。经公司第二届董事会第十八次会议决议，公司2025年中期拟 以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如 下： 公司拟向全体股东每 ...

首创证券股份有限公司 2025 年第三季度报告 证券代码：601136 证券简称：首创证券 首创证券股份有限公司 2025 年第三季度报告 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 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 | | | 本报告期比上年同 | | 年初至报告期末比 | | --- | --- | --- | --- | --- | | 项 目 | 本报告期 | 期增减变动幅度 | 年初至报告期末 | 上年同期增减变动 | | | | （%） | | 幅度（%） | | 营业收入 | 731,466,369.50 | 22.21 | 2,015,444,286.65 | 8.75 | | 利润总额 | 38 ...

Core Insights - The company reported a third-quarter revenue of 731 million yuan, representing a year-on-year increase of 22.21% [1] - The net profit for the third quarter was 313 million yuan, showing a year-on-year growth of 14.86% [1] - For the first three quarters, the total revenue reached 2.015 billion yuan, with a year-on-year increase of 8.75% [1] - The net profit for the first three quarters was 804 million yuan, reflecting a year-on-year growth of 7.19% [1]

Core Viewpoint - Shouchao Securities has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to become the 14th domestic brokerage to achieve "A+H" listing after less than three years of being listed on the A-share market [1][6]. Group 1: IPO Details - The joint sponsors for the Hong Kong listing include CITIC Securities, China Galaxy International, CITIC Jianzhong International, and Bank of China International [5]. - The number of H-shares to be issued will not exceed 25% of the total share capital post-issue, with an option for overall coordinators to exercise a green shoe option of up to 15% [5]. - The specific fundraising amount has not been disclosed, but the issuance mechanism aims to stabilize the stock price during the initial listing phase [5]. Group 2: Financial Performance - Shouchao Securities reported revenues of RMB 2.519 billion, RMB 2.970 billion, RMB 3.588 billion, and RMB 1.845 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Corresponding net profits for the same periods were RMB 555 million, RMB 701 million, RMB 985 million, and RMB 490 million [5]. - The compound annual growth rate (CAGR) of asset management scale from 2022 to 2024 is projected to be 15.8% [5]. Group 3: Strategic Objectives - The IPO aims to enhance the company's capital strength and overall competitiveness, better integrate international resources, and increase international influence [6]. - The funds raised will primarily support the development of asset management, investment banking, wealth management, and IT investments for digital transformation [5][6]. Group 4: Market Context - As of December 31, 2024, there are 150 registered securities firms in China, with the top ten firms accounting for approximately 70% of the industry's total revenue [7]. - The competitive landscape among brokerages is intensifying, with expectations for consolidation among Beijing state-owned brokerages [7][10]. - Recent actions by the Beijing State-owned Assets Supervision and Administration Commission (SASAC) indicate a trend towards consolidation in the brokerage sector, aligning with policy encouragement for mergers among firms under the same actual controller [10][11].

Core Viewpoint - The company, Shouchao Securities, has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and providing a new path for differentiated development among small and medium-sized brokerages in the increasingly competitive domestic brokerage industry [1][3]. Group 1: Listing Strategy - Shouchao Securities aims to enhance its capital strength and risk resistance by tapping into international capital channels through its H-share listing [3][4]. - The company has appointed four major underwriters for its IPO, indicating a strong commitment to the issuance and its channel mobilization capabilities [1][3]. - The IPO is expected to raise several billion Hong Kong dollars, significantly supplementing the company's capital base [3][4]. Group 2: Business Expansion - The listing is intended to leverage Hong Kong's position as an international financial center to expand cross-border business and serve the needs of Chinese enterprises going abroad and overseas capital investing in Chinese assets [4][5]. - Shouchao Securities plans to focus its fundraising on asset management and investment businesses, which are its core areas of expertise [7][8]. Group 3: Financial Performance - Since its listing on the Shanghai Stock Exchange in December 2022, Shouchao Securities has seen its market value double, reaching 581.11 billion yuan by October 2025, with a stock price increase from 10.18 yuan to 21.68 yuan [6][5]. - The company has demonstrated strong financial growth, with revenue increasing from 93.1 million yuan in 2017 to 241.8 million yuan in 2024, a nearly 160% increase [6][8]. - Shouchao Securities' asset management business has shown a compound annual growth rate of 15.8% from 2022 to 2024, despite a decline in performance in the first half of 2025 [8].

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results of information disclosure work for listed companies for the years 2024 to 2025, highlighting the importance of information disclosure quality in enhancing investor protection and market stability [2][5]. Group 1: Evaluation Results - A total of 30 listed securities firms were evaluated, with 10 firms receiving an A rating, including CITIC Securities, Guojin Securities, and Huatai Securities [2][3]. - 18 firms received a B rating, while 2 firms, Xiangcai Securities and Pacific Securities, received a C rating [3][2]. Group 2: Importance of Information Disclosure - The evaluation serves as a "report card" for annual information disclosure, promoting the responsibility of listed companies to serve investors and improve the effectiveness of information disclosure [2][3]. - The evaluation criteria include the quality of information disclosure, the level of compliance in operations, and the degree of investor rights protection, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [3][5]. Group 3: Regulatory Changes - The revisions to the evaluation guidelines are part of the implementation of new national policies aimed at strengthening information disclosure regulation and enhancing the investment value of listed companies [5][4]. - The updated guidelines emphasize stricter oversight of information disclosure, penalties for financial fraud, and the promotion of cash dividend policies [5]. Group 4: Company Responses - CITIC Securities highlighted its commitment to high-quality information disclosure, governance, and investor relations, which contributed to its A rating [5][6]. - Industrial firms like Industrial Securities have maintained the highest rating for eight consecutive years, reflecting their governance quality and transparency in operations [6].

Core Viewpoint - The recent move by Shouchao Securities to apply for H-share listing in Hong Kong is a strategic step towards internationalization, aiming to enhance capital strength and expand cross-border business opportunities, particularly in asset management and investment sectors [1][3][4]. Group 1: Listing Strategy - Shouchao Securities has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant advancement in its international strategy [1][3]. - The company has appointed four major underwriters for the IPO, indicating a strong commitment to the issuance process [1][3]. - The H-share issuance is expected to raise several billion Hong Kong dollars, significantly bolstering the company's capital base [3][4]. Group 2: Strategic Objectives - The listing aims to open international capital market financing channels, creating a more resilient capital structure to meet increasing capital consumption demands in the industry [4][5]. - The company seeks to leverage Hong Kong's status as an international financial center to expand cross-border business, catering to the needs of Chinese enterprises going abroad and attracting overseas capital [4][5]. - Enhancing brand recognition and credibility in international capital markets is a key goal, which will help attract top international talent and strengthen overall competitiveness [4][5]. Group 3: Financial Performance - Shouchao Securities has seen its market capitalization double since its A-share listing in December 2022, with a current market value of approximately 581.11 billion yuan [6]. - The company has demonstrated strong financial growth, with revenue increasing from 9.31 million yuan in 2017 to 24.18 million yuan in 2024, a nearly 160% increase [6][8]. - The average return on assets (ROA) and return on equity (ROE) for 2024 ranked first and seventh, respectively, among A-share listed securities firms, indicating efficient capital utilization [7]. Group 4: Business Focus - The IPO proceeds will primarily support the development of core asset management and investment businesses, as well as enhance IT and technological investments for digital transformation [8][9]. - Investment business has become a major growth driver, with a revenue increase of 56.07% year-on-year in the first half of 2025 [8][9]. - The asset management segment, despite a decline in performance in the first half of 2025, has maintained a compound annual growth rate of 15.8% from 2022 to 2024, reaching an asset management scale of 165.5 billion yuan [9].

Core Viewpoint - There is a significant discrepancy between the financial data reported in the Hong Kong IPO prospectus and the A-share annual report of Shouchuang Securities, with a total revenue difference of 31 billion yuan for the years 2022-2024 [1] Financial Data Discrepancy - The total revenue disclosed in the Hong Kong IPO prospectus for 2022-2024 is 91.16 billion yuan, while the A-share annual report shows a total of 59.33 billion yuan for the same period [1] - The difference in revenue represents a variation of between one-third to one-half [1] Accounting Standards - The financial report in the Hong Kong IPO prospectus is prepared based on International Financial Reporting Standards (IFRS), which includes various income sources such as commission income, interest income, investment income, and other gains and losses [1] - The A-share financial report is based on Chinese Accounting Standards, which reports net commission income and net interest income, among other categories [1] Source of Discrepancy - The primary reason for the discrepancy lies in how commission and interest expenses are treated, either as deductions from revenue or as total expenses [1] - Differences in segment reporting of income and expenses are also attributed to the varying accounting standards used [1]

Core Viewpoint - The significant discrepancy between the revenue figures reported in the Hong Kong IPO prospectus and the A-share annual report raises questions about the accounting standards applied and the company's financial transparency [1][9]. Revenue Discrepancy - The total revenue reported in the Hong Kong IPO prospectus for 2022-2024 is 9.116 billion yuan, while the A-share annual report shows a total of 5.933 billion yuan, resulting in a difference of 3.183 billion yuan, which is a discrepancy of over 33% to 50% [1][2]. - For the first half of 2025, the revenue reported in the A-share annual report is 1.284 billion yuan, compared to 1.855 billion yuan in the Hong Kong prospectus, indicating a difference of 571 million yuan [2]. Business Dependency - The company heavily relies on investment business income, with investment-related revenue accounting for 26.9% to 51.8% of total revenue from 2022 to the first half of 2025 [10][11]. - The asset management business has seen a significant decline, with a reported revenue drop of 54.06% in the first half of 2025 compared to the previous year [12]. Wealth Management Performance - The wealth management division has consistently reported negative profits for two and a half years, with revenues failing to surpass previous highs [13][14]. - The wealth management business revenue for 2022-2024 and the first half of 2025 is reported as 707 million yuan, 611 million yuan, 619 million yuan, and 333 million yuan, respectively, with profits showing a downward trend [14]. Market Position and Strategy - The company ranks 38th among 42 listed securities firms in terms of revenue, indicating a small market presence [11]. - The trend of strategic mergers and acquisitions in the industry may provide a pathway for the company to enhance its competitive edge and address its reliance on investment income [12]. IPO Motivation - The company aims to enhance its capital strength and competitiveness through the Hong Kong IPO, despite lacking significant overseas revenue or assets [15].