天风证券股份有限公司 2024 年度独立董事述职报告 （何国华，离任） 本人 2021 年 5 月 18 日至 2024 年 2 月 2 日担任天风证 券股份有限公司（以下简称"公司"）独立董事，在任职期 间严格按照《公司法》《证券法》《上市公司独立董事管理 办法》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关法律法规、规范性文件及《公司章程》等 制度的规定和要求，在 2024 年度工作中，诚信、勤勉履行 独立董事职责，按时出席相关会议，认真审议董事会各项议 案，并对公司重大事项发表客观、审慎的独立意见，维护公 司整体利益和全体股东特别是中小股东的合法权益。现将本 人 2024 年度任职期间（2024 年 1 月 1 日至 2024 年 2 月 2 日） 履职情况报告如下： 一、基本情况 本人何国华，2021 年 5 月 18 日至 2024 年 2 月 2 日担任 公司独立董事。本人曾担任解放军企业管理学校(现为九江 学院)教师、邮电部经济技术发展研究中心经济师、武汉大 学经济与管理学院副教授，现任武汉大学经济与管理学院教 授、博士生导师。 作为独立董事，2024 年任职期间，本人认真 ...

天风证券股份有限公司 2024 年度独立董事述职报告 （姬建生） 本人于 2024 年 2 月 2 日担任天风证券股份有限公司（以 下简称"公司"）独立董事，在任职期间严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关法律 法规、规范性文件及《公司章程》等制度的规定和要求，在 2024 年度工作中，诚信、勤勉履行独立董事职责，按时出席 相关会议，认真审议董事会各项议案，为公司经营决策和规 范运作提出意见和建议，有效促进公司规范运作，维护公司 整体利益和全体股东特别是中小股东的合法权益。现将本人 2024 年度任职期间（2024 年 2 月 2 日至今）履职情况报告 如下： 一、基本情况 本人姬建生，于 2024 年 2 月 2 日担任公司独立董事。 本人曾担任武汉市第四律师事务所律师，湖北得伟君尚律师 事务所律师、合伙人，湖北晨丰律师事务所律师，北京中伦 （武汉）律师事务所律师，现任上海市海华永泰（武汉）律 师事务所律师、合伙人，公司独立董事。 根据《上市公司独立董事管理办法》要求，本人于 2024 年度报告披露前对自身独立性进行了自 ...

一、基本情况 本人蒋骁，于 2024 年 2 月 2 日担任公司独立董事。本 人曾担任上海东洲资产评估有限公司董事、总裁，现任金证 （上海）资产评估有限公司董事长，公司独立董事。 根据《上市公司独立董事管理办法》要求，本人于 2024 年度报告披露前对自身独立性进行了自查，本人确认未在公 司担任除独立董事及董事会专门委员会委员以外的任何职 务，与公司及主要股东之间不存在直接或者间接利害关系， 亦不存在其他可能影响独立董事进行独立客观判断的关系， 不存在影响独立性的其他相关情况。 天风证券股份有限公司 2024 年度独立董事述职报告 （蒋骁） 本人于 2024 年 2 月 2 日担任天风证券股份有限公司（以 下简称"公司"）独立董事，在任职期间严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关法律 法规、规范性文件及《公司章程》等制度的规定和要求，在 2024 年度工作中，诚信、勤勉履行独立董事职责，按时出席 相关会议，认真审议董事会各项议案，为公司经营决策和规 范运作提出意见和建议，有效促进公司规范运作，维护公司 整体利益和全体股东特 ...

天风证券股份有限公司 2024 年度独立董事述职报告 （胡宏兵） 本人于 2024 年 2 月 2 日担任天风证券股份有限公司（以 下简称"公司"）独立董事，在任职期间严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关法律 法规、规范性文件及《公司章程》等制度的规定和要求，在 2024 年度工作中，诚信、勤勉履行独立董事职责，按时出席 相关会议，认真审议董事会各项议案，为公司经营决策和规 范运作提出意见和建议，有效促进公司规范运作，维护公司 整体利益和全体股东特别是中小股东的合法权益。现将本人 2024 年度任职期间（2024 年 2 月 2 日至今）履职情况报告 如下： 一、基本情况 本人胡宏兵，于 2024 年 2 月 2 日担任公司独立董事。 本人曾担任中国社科院金融研究所博士后，现任中南财经政 法大学金融学院教研室主任、系主任、副院长，公司独立董 事。 根据《上市公司独立董事管理办法》要求，本人于 2024 年度报告披露前对自身独立性进行了自查，本人确认未在公 司担任除独立董事及董事会专门委员会委员以外的任何职 务，与公司及主 ...

天风证券股份有限公司 2024 年度独立董事述职报告 （李强） 本人于 2024 年 2 月 2 日担任天风证券股份有限公司（以 下简称"公司"）独立董事，在任职期间严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关法律 法规、规范性文件及《公司章程》等制度的规定和要求，在 2024 年度工作中，诚信、勤勉履行独立董事职责，按时出席 相关会议，认真审议董事会各项议案，为公司经营决策和规 范运作提出意见和建议，有效促进公司规范运作，维护公司 整体利益和全体股东特别是中小股东的合法权益。现将本人 2024 年度任职期间（2024 年 2 月 2 日至今）履职情况报告 如下： 一、基本情况 本人李强，于 2024 年 2 月 2 日担任公司独立董事。本 人曾担任中兴通讯股份有限公司审计经理、海外财务经理， 深圳大富科技股份有限公司风控经理，深圳特安电子有限公 司销售管理经理，深圳华大基因科技有限公司监事会主席助 理，北京市康达(深圳）律师事务所执业律师，现任广东海 瀚律师事务所合伙人律师，公司独立董事。 根据《上市公司独立董事管理办法》要求 ...

Financial Performance - The net profit attributable to the parent company for 2024 is -29.7091 million RMB, indicating a loss [6]. - As of December 31, 2024, the company's undistributed profits stand at -544.5981 million RMB, which means the company is not in a position to distribute dividends [6]. - The company's operating revenue for 2024 was CNY 2,699,783,834.41, a decrease of 21.21% compared to CNY 3,426,523,374.61 in 2023 [42]. - The net profit attributable to shareholders of the parent company for 2024 was a loss of CNY 29,709,077.34, a decline of 109.67% from a profit of CNY 307,183,810.96 in 2023 [42]. - The company reported a net profit margin of 12%, up from 10% in the previous quarter [36]. - The company reported a net profit of CNY 506,699,761.87 in Q4 2024, following a loss in the previous quarters [47]. - The company reported a significant increase in short-term financing payables, rising by 112.41% to $5.22 billion from $2.46 billion [54]. - The company reported a net loss of CNY 580.43 million for the reporting period, compared to a net loss of CNY 276.51 million in the previous year [58]. - The total comprehensive income for the period was a loss of CNY 594.77 million, compared to a loss of CNY 257.79 million in the previous year [58]. Capital Structure - The registered capital remains unchanged at 8.6658 billion RMB, while net capital decreased from 16.5467 billion RMB to 15.3061 billion RMB [18]. - The basic earnings per share for 2024 was CNY 0.00, a decrease of 100% compared to CNY 0.04 in 2023 [43]. - The liquidity coverage ratio for 2024 was 517.62%, a decrease from 661.91% in 2023 [45]. - The total liabilities at the end of 2024 were CNY 73,713,700,264.42, a decrease of 1.67% from CNY 74,962,015,239.02 in 2023 [42]. - The company's total assets as of December 2024 were CNY 97.896 billion, a decrease of 1.66% compared to the end of 2023 [59]. Business Operations - The company has a comprehensive range of business qualifications, including securities brokerage, investment consulting, and financial advisory services [18]. - The company has been actively expanding its business qualifications, including the participation in the interbank bond market since June 2012 [20]. - The company has been involved in multiple business expansions, including the introduction of internet securities business pilot in March 2015 [20]. - The company achieved a significant increase in registered capital to CNY 466.2 million in June 2015, which is an increase of 98.5% [28]. - The company has established a total of 29 branches as of December 31, 2024 [38]. Risk Management - The company faces various risks, including legal compliance risks, credit risks from defaults, market risks from price fluctuations, operational risks, liquidity risks, and reputational risks [9]. - The company emphasizes the importance of risk management and compliance in its future operations [9]. - The company has established a comprehensive risk management framework aligned with its business strategy and risk appetite, covering all operational areas [112]. - Daily monitoring and reporting of liquidity risk indicators, asset and liability structures, and cash flow analyses are conducted to manage liquidity risk effectively [114]. - The company has implemented anti-money laundering measures in accordance with regulatory requirements, including customer identification and transaction monitoring [114]. Governance and Compliance - The company emphasizes independent operations, maintaining a complete and independent business system without influence from controlling shareholders [122]. - The company held a total of 4 shareholder meetings during the reporting period, including 1 annual meeting and 3 extraordinary meetings [125]. - The board of directors convened 9 meetings, ensuring compliance with relevant laws and regulations [119]. - The company has established specialized committees under the board, including the audit committee, remuneration and nomination committee, risk and compliance management committee, and development strategy and ESG committee [148]. - The company is committed to enhancing governance levels and risk management practices through its specialized committees [150]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience [36]. - The company has a research team of over 200 personnel covering nearly 3,000 A-share listed companies, emphasizing its strong research capabilities [68]. - The company has implemented a training program aimed at developing a market-oriented and professional talent cultivation system [160]. - The number of R&D personnel was 68, representing 2.44% of the total workforce [83]. - The company’s total R&D expenditure was RMB 26.71 million, accounting for 0.99% of total revenue [82]. Social Responsibility - The company has integrated responsible investment principles into its decision-making processes, promoting sustainable financial practices [178]. - Total investment in social responsibility initiatives amounted to CNY 1.64 million, focusing on rural revitalization and community support [177]. - The company has supported 38,049 individuals through various public welfare activities, including education and ecological improvement [177]. - The company facilitated financing totaling CNY 2.005 billion for rural revitalization projects, contributing to a cumulative financing of over CNY 17 billion in recent years [182]. - The company launched the "Orange Talent Plan" and "Orange Long Plan" to provide educational support and resources to underprivileged students [183]. Strategic Plans - The company plans to issue debt financing instruments in both domestic and overseas markets as part of its financing strategy [126]. - The company aims to enhance its role as a local financial advisor and industry consultant, focusing on optimizing regional industrial structures [67]. - The company is exploring market expansion opportunities, leveraging its experienced board members to drive growth [129]. - The company plans to develop a comprehensive financial service model tailored for Hubei, leveraging local IPO resources and existing listed companies [106]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million yuan allocated for potential deals [138].

天风证券公告，2025年第一季度营收为6.34亿元，同比增长243.05%；净利润为2415.83万元，去年同期 净亏损3.76亿元。 ...

4月28日，瑞昌市资本招商推介大会举行，为优质资本和产业项目搭建沟通对接的"桥梁"，在深化互信中，共抓发展机遇，共促项目合作，以"资本活 水"浇灌"产业之花"，用资本赋能瑞昌产业高质量发展。 当前，瑞昌坚持投行思维、链式思维、闭环思维，积极探索资本招商新路径，加快构建产业基金矩阵，推动产业与资本"双向奔赴""两翼齐飞"。项目与相 关基金签约合作，必将推动瑞昌资本招商和产业投资迈向专业化、市场化、价值化，形成科技——产业——金融的良性发展循环，实现企业、资本、政府 三方共赢。资本招商，是价值理念的共鸣，是长远利益的共享。我们将以此次推介会为契机，深化"基金+产业+政策"协同模式，完善"募、投、管、退"全 流程服务，为基金壮大、项目落地、企业发展创造更加优越的环境。真诚希望广大投行机构、商界精英、企业家朋友来瑞昌投资兴业，共绘产融新蓝图， 共创发展新未来。 破局：从"青铜绿"到"科技蓝" 瑞昌作为华夏青铜之源，其境内的铜岭铜矿遗址是我国年代最早、保留最完整、内涵最丰富的大型铜矿遗址。这一抹悠久的"青铜绿"，赋予了瑞昌最深厚 的工业基因，成为其产业发展的重要根基。 笃行：长江之滨的小城大志 前不久刚发行的"25赤乌 ...

Core Viewpoint - 凯莱英 (002821) reported a robust growth in revenue and profit margin for Q1 2025, with a year-on-year revenue increase of 10.1% and a net profit increase of 15.8%, leading to an "overweight" rating from Tianfeng Securities [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.541 billion yuan and a net profit of 327 million yuan, with gross profit margin and net profit margin at 42.5% and 21.2% respectively [2]. - The net profit growth rate outpaced revenue growth by 5.7 percentage points, indicating effective cost control measures [3]. Cost Control and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a decrease in all expense ratios year-on-year and quarter-on-quarter [3]. - Sales expenses were 44.15 million yuan with a sales expense ratio of 2.9%, down 0.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [3]. - Management expenses totaled 184 million yuan with a management expense ratio of 11.9%, down 0.4 percentage points year-on-year and 5.5 percentage points quarter-on-quarter [3]. - R&D expenses were 138 million yuan with a ratio of 8.9%, down 3.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [3]. Business Segments - The small molecule CDMO business remained stable with a gross profit margin of 45.17%, and 12 projects expected to reach the PPQ stage in 2025 [3]. - Emerging business revenue grew over 80% year-on-year, with a gross profit margin of 33.05%, indicating a recovery compared to the previous year [3]. - The company plans to add a new OEB5 facility and R&D building to support the growing demand for toxin-linker projects [3]. Employee Incentives - The company launched a restricted stock incentive plan, granting 4.896 million shares at a price of 37.52 yuan per share to 648 individuals, including directors and key personnel [4]. - The plan includes performance-based vesting conditions tied to revenue and profit growth targets from 2025 to 2028 [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 6.617 billion yuan, 7.617 billion yuan, and 8.782 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.114 billion yuan, 1.310 billion yuan, and 1.532 billion yuan [5]. - The investment rating remains "overweight" based on the positive financial outlook and growth potential [5].