证券代码：601198 证券简称：东兴证券 公告编号：2025-015 东兴证券股份有限公司 关于申请适用行政执法当事人承诺制度的进展公告 特此公告。 东兴证券股份有限公司 董事会 2025 年 4 月 18 日 1 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。 前期，中国证券监督管理委员会（以下简称中国证监会）已对东兴证券股份 有限公司（以下简称公司）泽达易盛项目开展情况进行了相关调查。根据《证券 期货行政执法当事人承诺制度实施规定》，公司向中国证监会提交了适用行政执 法当事人承诺制度的申请，上述申请已于 2023 年 10 月 24 日获中国证监会正式 受理。2024 年 10 月 23 日，公司与中国证监会签署《行政执法当事人承诺认可 协议》（以下简称协议），并按照协议约定交纳相应承诺金，详见公司发布的《东 兴证券股份有限公司关于申请适用行政执法当事人承诺制度进展的公告》（2024- 058）。 上述协议签署以来，公司按照《证券期货行政执法当事人承诺制度实施办法》 相关条款，根据协议提出的整改要求认真做好自查整改。 2 ...

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、准确性和完整性依法承担法律责任。 东兴证券股份有限公司（以下简称"东兴证券"）为北京宝兰德软件股份有限公司（以下简称"公司"）首 次公开发行股票并在科创板上市项目（以下简称"首发上市项目"）的保荐机构，原指定李铁楠先生、王 璟先生作为公司持续督导期间的保荐代表人，持续督导期至2022年12月31日止，但鉴于本次发行股票募 集资金尚未使用完毕，东兴证券继续履行关于募集资金相关的持续督导职责。 公司于近日收到《关于变更宝兰德 IPO项目持续督导保荐代表人的函》，现因李铁楠先生、王璟先生工 作变动原因，不再继续担任公司持续督导期间的保荐代表人。为保证后续工作的有序进行，根据相关规 定，东兴证券现委派保荐代表人廖卫江先生、肖华先生（简历见附件）接替李铁楠先生、王璟先生继续 履行持续督导工作。 公司董事会对李铁楠先生、王璟先生在公司首次公开发行股票及持续督导期间所做的贡献表示衷心感 谢！ 特此公告。 北京宝兰德软件股份有限公司董事会 2025年4月18日 廖卫江先生、肖华先生的简历 廖卫江先生，硕士研究生，保荐代表人， ...

Core Viewpoint - In the context of a cooling equity financing environment, mergers and acquisitions (M&A) have become a primary path for investment banks to seek new revenue streams, leading to a mixed performance in the financial advisory business among listed brokers [1][2]. Group 1: Financial Advisory Business Performance - Among 25 listed brokers, 11 achieved positive growth in financial advisory business net income, with the highest increase reaching 53%, while 14 experienced declines, with the largest drop at 61% [1][2]. - The total net income from financial advisory services for these brokers was 3.351 billion yuan, a slight decrease of 2% compared to 2023, indicating significant divergence among individual brokers [2]. - The top eight brokers captured a significant share of the financial advisory market, with their combined net income accounting for 79% of the total, an increase of 4 percentage points from the previous year [4]. Group 2: M&A Market Trends - The number of major asset restructuring announcements in the A-share market reached 112 in 2024, a year-on-year increase of 9.8%, largely influenced by the "M&A Six Guidelines" policy [2]. - However, the actual completion scale of major asset restructuring transactions fell to 81.241 billion yuan, a decline of 76% year-on-year, reflecting the complexities of M&A transactions [2]. - Despite the high concentration in the financial advisory market, there is a notable income stratification among the top brokers, with significant gaps in revenue between the leading firms [4][5]. Group 3: Future Outlook - The M&A market is expected to remain active, with projections indicating a double-digit growth in transaction volume in 2025, driven by ongoing state-owned enterprise reforms and increasing overseas investment demands [7]. - Several brokers have emphasized their commitment to seizing M&A opportunities, particularly in supporting technology companies and emerging industries [8].

分季度拆解更能反映东兴证券利润增长的时间轴特征。根据年报数据，2024年第四季度单季实现归母净利润6.01亿元，贡献全年利润的38.9%，是业绩爆发 的核心时间窗口。相比之下，第二季度净利润仅2.16亿元，是全年表现最弱的一季。全年利润呈现出"前低后高"的特征，这表明东兴证券2024年业绩增长很 大程度来自于"暖意十足"的四季度市场行情。 4月14日，东兴证券在上证路演中心举行了2024年业绩发布会。管理层在会上展示了多项关键数据，并就整体业绩情况、发展前景等议题与投资者展开互 动。 从财报核心数据来看，东兴证券全年实现营业收入93.70亿元，同比上涨97.89%，几乎实现翻倍增长；归属于母公司股东的净利润为15.44亿元，同比增加 88.39%；加权平均净资产收益率提升至5.57%，较2023年上升2.48个百分点。在证券行业整体回暖、交易活跃度回升的大背景下，东兴证券借势而上，实现 了营收和利润的双增长。 值得注意的是，东兴证券2024年实现扣非净利润15.91亿元，反而高于同期净利润。非经常性损益中，因"泽达易盛案"产生的约5300万元承诺金被计入营业 外支出，成为拖累净利润的因素之一，反映出公司仍未彻 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The recent revision of the "Securities Issuance and Underwriting Management Measures" by the China Securities Regulatory Commission focuses on enhancing the competitiveness of domestic IPO investments by optimizing the issuance and underwriting system [1][3] - The revision includes four main aspects: 1. Inclusion of bank wealth management products and insurance asset management products as priority allocation objects for IPOs, aligning their subscription standards with public funds [2] 2. Specification of IPO classification allocation rules by the stock exchange, particularly for unprofitable companies on the Sci-Tech Innovation Board [2] 3. Prohibition of strategic placement investors from lending shares during the lock-up period, addressing market concerns regarding share reduction [2][3] 4. Adaptation to the new Company Law [2] Summary by Relevant Sections Regulatory Changes - The revision aims to improve the capital market's operational environment, allowing long-term value investment funds to participate more effectively in IPO financing, which may enhance the investor structure of listed companies [3] - The stricter regulations on share lending during the lock-up period are expected to reduce market disturbances caused by margin trading and quantitative trading [3] Market Outlook - Following the release of the new "National Nine Articles" in 2024, a series of policies aimed at optimizing the capital market ecosystem have been implemented, leading to increased market activity and a positive feedback loop among capital markets, listed companies, and investors [4] - The current investor structure in the domestic capital market has significant room for adjustment and optimization, with ongoing regulatory measures expected to enhance the long-term value attributes of investment behavior [4] Investment Recommendations - The report suggests focusing on leading securities firms that leverage their advantages in connecting with institutional investors and possess strong research capabilities, which are likely to enhance their IPO pricing advantages and overall competitiveness in the investment banking sector [4]

Core Insights - Dongxing Securities reported significant growth in overall performance for 2024, with revenue and net profit both increasing by over 80% year-on-year [1][4] - The futures business has become the main revenue source, showing a substantial increase, while the investment banking sector continues to face challenges with a significant decline in revenue [1][9] Financial Performance - In 2024, Dongxing Securities achieved operating revenue of 9.37 billion yuan, a year-on-year increase of 97.89%, and a net profit attributable to shareholders of 1.544 billion yuan, up 88.39% [1][4] - The company plans to distribute a cash dividend of 0.09 yuan per share, totaling 291 million yuan, which represents 30.14% of the net profit attributable to shareholders [4][9] Business Segments - The futures business generated revenue of 5.244 billion yuan, a remarkable growth of 293.48%, increasing its revenue share from 28.15% in 2023 to 55.97% in 2024, although it has a low gross margin of 0.39% [4][9] - The investment trading business saw revenue rise to 1.849 billion yuan, an increase of 82.58%, with a high gross margin of 95.37% [5] - The investment banking business reported revenue of 153 million yuan, a decline of 56.37%, with its revenue share dropping from 7.39% to 1.63% [9] Capital and Risk Metrics - As of the end of 2024, the company's net capital was approximately 23.89 billion yuan, an increase of 9.39% from the previous year [10][12] - The risk coverage ratio improved to 285.19%, up 28.2 percentage points, while the capital leverage ratio increased to 28.02%, up 2.19 percentage points [12] - Liquidity coverage ratio and net stable funding ratio were 237.3% and 147.26%, respectively, both meeting regulatory requirements despite a decline from the previous year [12]

Group 1 - Dongxing Securities (601198.SH) reported its 2024 annual report on April 4, 2025, with 178 institutional investors holding a total of 2.009 billion shares, representing 62.15% of the total share capital [1] - The top ten institutional investors collectively hold 60.29% of the shares, with notable investors including China Orient Asset Management Co., Ltd. and Jiangsu Railway Group Co., Ltd. [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 0.59 percentage points [1] Group 2 - In the public fund sector, one fund, GF CSI 300 Index Enhanced A, increased its holdings, while four funds, including Guotai CSI All-Share Securities Company ETF, reduced their holdings by 0.57% [2] - A total of 167 new public funds were disclosed this period, including Southern CSI All-Share Securities Company ETF and Tianhong CSI All-Share Securities Company ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly compared to the previous quarter [2]

Core Viewpoint - Dongxing Securities has achieved remarkable performance in the A-share market, leading the industry in revenue and profit growth for 2024, driven by its strong futures and investment trading businesses [1][4][5]. Financial Performance - In 2024, Dongxing Securities reported operating revenue of 9.37 billion yuan, a year-on-year increase of 97.89%, and a net profit of 1.544 billion yuan, up 88.39% [1][4]. - The net profit after deducting non-recurring gains and losses was 1.591 billion yuan, reflecting a growth of 67.46% [1][4]. - The company's total assets reached 105.229 billion yuan, a growth of 5.99% compared to the previous year [5]. Business Segments - The futures business generated operating revenue of 5.244 billion yuan, marking a significant increase of 293.48%, and accounted for 55.97% of total revenue [2][8]. - The investment trading business achieved revenue of 1.849 billion yuan, with an increase of 82.58%, representing 19.73% of total revenue [9]. - Wealth management business revenue was 1.655 billion yuan, showing a slight increase of 0.19%, but its proportion of total revenue decreased to 17.67% [9]. Market Context - As of April 6, 2024, 24 listed brokerages in A-shares had released their annual reports, with Dongxing Securities recording the highest revenue growth [2][5]. - The overall securities industry in China saw a revenue increase of 11.15% year-on-year, with net profits rising by 21.35% [4]. Control Changes - The Ministry of Finance is in the process of transferring its stake in China Orient Asset Management to Central Huijin Investment, which will change the actual controller of Dongxing Securities from the Ministry of Finance to Huijin [3][7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601198 证券简称：东兴证券 公告编号：2025-013 东兴证券股份有限公司 关于预计2025年度日常关联交易的 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： ● 本次日常关联交易预计事项经董事会审议通过，尚需提交股东大会审议。 ● 本次日常关联交易预计事项未损害公司及股东的整体利益，不影响公司的独立性，公司主要业务未因 上述关联交易而对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 根据《上海证券交易所股票上市规则》及《上海证券交易所上市公司自律监管指引第5号一一交易与关 联交易》相关规定，公司日常关联交易预计事项需履行董事会及股东大会的审议程序。 2025年4月2日，公司第六届董事会第五次会议审议通过了《关于公司2024年关联交易情况及预计2025年 度日常关联交易的议案》。该议案采取分项表决的方式，表决情况如下： 1、与中国东方资产管理股份有限公司（以下简称中国东方）及其相关企业的关联交易预计 表决结果 ...

| | | 4月3日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 销售数据 | 中通客车 | 1-3月累计销售量2766辆 同比增长10.02% | | | 广汽集团 | 3月销量为17.39万辆,同比下降3.01% | | 项目投资 | 顺控发展 | 拟投建顺德区资源循环利用中心(北滘)项目 | | 合同中标 | 华康洁净 | 联合体预中标"武汉大学细胞资源库项目维修改造工程设计施工总承包" | | 业绩披露 | 东兴证券 | 2024年净利润15.44亿元,同比增长88.39% | | | 利尔化学 | 一季度净利润预增203.08%-223.98% | | 股权转让 | 圣农发展 | 拟收购太阳谷54%股权 | | 回购 | 三一重工 | 拟斥资10亿元 20亿元回购股份 | | 增减持 | 嘉受服饰 | 深圳架桥、天津架桥拟合计减持不超3%股份 | | | 濮耐股份 | 实际控制人刘百宽家族部分成员拟合计减持不超0.993%股份 | | 其他 | 矩光科技 | 获得某欧洲知名汽车 Tierl 客户两个项目定点 | | | 东安动力 | 2025年一 ...