Core Viewpoint - As of March 27, 14 listed securities firms have announced their annual dividend plans for 2025, with total cash dividends exceeding 37.7 billion yuan [1] Group 1: Dividend Plans and Ratios - The annual cash dividend ratio for listed securities firms generally exceeds 30%, with one firm distributing 80% of its net profit to shareholders [1] - Most listed securities firms plan to distribute dividends twice in 2025, with Guotai Junan and CITIC Securities having similar total dividend amounts of 6.13 billion yuan and 6.076 billion yuan respectively [3] - The second tier is led by China Merchants Securities, planning to distribute 3.905 billion yuan, while other firms like Shenwan Hongyuan and Dongfang Securities also exceed 1 billion yuan in dividends [3] Group 2: Per Share Dividend Analysis - China Merchants Securities offers the highest per-share cash dividend at 0.449 yuan, followed by CITIC Securities at 0.41 yuan, while Guotai Junan's per-share dividend is 0.35 yuan due to a higher total share capital [4] - CITIC Securities' total cash dividend for 2025 reaches 10.374 billion yuan, marking the first time it exceeds 10 billion yuan annually [4] - Hongta Securities has a remarkable dividend ratio of 81.3%, planning to use 92.84% of its net profit for dividends and buybacks [4] Group 3: Dividend Ratios of Other Firms - Other firms like Dongfang Securities and Industrial Securities also have dividend ratios above 40%, with Dongfang Securities at 47.91% and Industrial Securities at 47.46% [5] - Among the 14 listed firms, only Shenwan Hongyuan and Guolian Minsheng have lower ratios of 28.97% and 16.97% respectively, with Shenwan Hongyuan emphasizing the need to retain profits for strategic development [5] - Guolian Minsheng's cash dividend total of 341 million yuan has increased from 318 million yuan in 2024, but its dividend ratio has decreased due to a significant rise in net profit after consolidating Minsheng Securities [5] Group 4: Dividend Yield - In terms of dividend yield, China Merchants Securities and Dongfang Securities have the most attractive yields at 3.71% and 3.51% respectively, followed by Guotai Junan, CITIC Securities, and Huatai Securities with yields of 2.98%, 2.89%, and 2.85% [6]

证券代码：601236 证券简称：红塔证券 公告编号：2026-013 红塔证券股份有限公司 2026 年度日常关联交易预计公告 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需要提交股东会审议。 ●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，公司主要业务未因本次日常关联交易而对关联人形成依赖。 ●需要提请投资者注意的其他事项：无。 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 红塔证券股份有限公司（以下简称"公司"）根据《公司法》《上市公司治 理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 5 号-交易与关联交易》等有关法律法规的规定，以及依据《公司章程》 和《公司关联交易管理制度》的要求，结合公司日常经营和业务开展的需要，对 2026 年度日常关联交易进行预计。 根据以上规定，2026 年 3 月 26 日，公司第八届董事会第八次会议审议通过 了《关于预计公司 2026 年度日常关联交易的议案》，关联董事 ...

股东会会议议程 红塔证券股份有限公司 2025 年度股东会 会议文件 红 塔 证 券 股 份 有 限 公 司 2026 年 4 月 | 目 | | | 录 | | | --- | --- | --- | --- | --- | | 股东会会议议程 1 | | | | | | 股东会会议须知 2 | | | | | | 1：关于审议公司 | | 2025 | 年度董事会工作报告的议案 3 | 议案 | | 2：关于审议公司 | | 2025 | 年度独立董事述职报告的议案 12 | 议案 | | 年度利润分配方案及授权董事会决定 2026 | 3：关于审议公司 | 2025 | 年中期利 | 议案 | | 润分配的议案 | | | 35 | | | 4：关于预计公司 | | 2026 | 年度日常关联交易的议案 38 | 议案 | | 5：关于审议公司 | | 2026 | 年度债务融资计划及授权方案的议案 49 | 议案 | | 6：关于实施公司 | | 2026 | 年度债务融资可能涉及关联交易的议案 52 | 议案 | | 7：关于审议公司未来三年（2026-2028 年）股东回报规划的议案 53 | | ...

证券代码：601236 证券简称：红塔证券 公告编号：2026-014 红塔证券股份有限公司 关于召开2025年度股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年度股东会 召开的日期时间：2026 年 4 月 21 日 9 点 30 分 召开地点：云南省昆明市北京路 155 号附 1 号红塔大厦 16 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年4月21日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 ...

证券代码：601236 证券简称：红塔证券 公告编号：2026-011 红塔证券股份有限公司 第八届董事会第八次会议决议公告 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。 红塔证券股份有限公司(以下简称"公司")第八届董事会第八次会议于 2026 年 3 月 26 日（星期四）在上海以现场、视频、电话会议三种相结合方式召开。 会议通知已于 2026 年 3 月 12 日通过邮件方式送达各位董事。本次会议应出席董 事 14 人，实际出席董事 14 人。会议由董事长景峰主持，高管列席。会议召开符 合有关法律、法规、规章和《公司章程》的规定。经各位董事认真审议，通过书 面表决的方式形成以下决议： 一、审议通过《关于审议公司 2025 年度经营工作报告的议案》 表决结果：14 票同意，0 票反对，0 票弃权。 本议案已经董事会发展战略与 ESG 委员会审议通过。 二、审议通过《关于审议公司 2026 年度经营工作计划的议案》 表决结果：14 票同意，0 票反对，0 票弃权。 本议案已经董事会发展战略与 ESG 委员会审议通过。 三、 ...

红塔证券股份有限公司 2025 年度利润分配方案公告 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： 证券代码：601236 证券简称：红塔证券 公告编号：2026-012 派发总股本的基数以及最终派发红利总金额，均以权益分派股权登记日登记 的总股本扣除公司回购专用证券账户所持有的股份为准。具体基数及金额，将在 公司发布权益分派实施公告时予以明确。 2.公司在实施权益分派的股权登记日前总股本发生变动的，拟维持每股分配 比例不变，相应调整分配总额。如后续总股本发生变化，公司将另行公告具体调 整情况。 本次利润分配方案尚需提交股东会审议。 二、是否可能触及其他风险警示情形 | 项目 | 2025 年度 | 2024 年度 | 2023 年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 986,645,931.96 | 707,518,161.30 | 283,007,263.43 | | 回购注销总额（元） | 0 | 0 | 0 | | 归属于上市公司股东的净利润（元） | ...

红塔证券股份有限公司 内部控制审计报告 2025 年 12 月 31 日 索引 内部控制审计报告 页码 · 1-2 联系申话: +86 (010) 6554 2288 信永中和会计师事务所| 北京市东城区朝阳门北大街| 8 号富华大厦 A 座 9 层 9/F Block A Fu Hua Ma No.8. Chaovangmen B ShineWing certified public accountants 内部控制审计报告 XYZH/2026KMAA3B0027 红塔证券股份有限公司 红塔证券股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了红塔证券股份有限公司(以下简称红塔证券)2025年12月31日财务报告内部控制的 有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是红塔证券董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进 ...

红塔证券股份有限公司 2025 年度 审计报告 | 索引 | 页码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报告 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-147 | 永中和会计师事务所 北京市东城区朝阳门北大街 联系申话: 8 号宫化十厦 A 应 9 目 ertified public accountants 9/F Block A Fu Hua M No 8. Chaovangm 审计报告 XYZH/2026KMAA3B0028 红塔证券股份有限公司 红塔证券股份有限公司全体股东: 一、审计意见 我们审计了红塔证券股份有限公司(以下简称红塔证券)财务报表,包括 2025年 12月 31 目的合并及母公司资产负债表,2025年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动 ...

Dividend and Profit Distribution - The proposed cash dividend for the 2025 fiscal year is CNY 1.60 per 10 shares, totaling CNY 750,917,392.96 (including tax) based on a share base of 4,693,233,706 shares[8]. - The total cash dividend for 2025, including the interim dividend of CNY 235,728,539.00, amounts to CNY 986,645,931.96, representing 92.84% of the net profit attributable to shareholders of the parent company[8]. - The cash dividend alone accounts for 81.30% of the net profit attributable to shareholders of the parent company for the 2025 fiscal year[8]. Financial Performance - The company's operating revenue for 2025 reached CNY 2,433,972,457.23, representing a 37.76% increase compared to 2024[48]. - Total profit for 2025 was CNY 1,569,346,339.93, an 87.27% increase from the previous year[48]. - Net profit attributable to shareholders for 2025 was CNY 1,213,553,521.29, up 58.84% from 2024[48]. - The net cash flow from operating activities for 2025 was negative CNY 1,038,188,869.27, a significant decline from the previous year[48]. - Total assets at the end of 2025 amounted to CNY 61,970,584,663.43, a 4.91% increase from 2024[48]. - Total liabilities at the end of 2025 were CNY 36,491,788,408.39, reflecting a 6.04% increase compared to the previous year[48]. - The weighted average return on equity for 2025 was 4.88%, an increase of 1.66 percentage points from 2024[49]. - The liquidity coverage ratio for 2025 was 1,074.77%, significantly higher than the previous year's 698.06%[50]. Company Operations and Structure - The company operates in various financial services, including securities brokerage, self-operated securities, and investment consulting, among others[23]. - Hongta Securities operates 57 brokerage branches, including 2 subsidiaries and 55 securities offices, with 29 located in Yunnan province and 26 in other provinces[37][38]. - The company has a significant presence in major cities, with 3 branches each in Shanghai, Beijing, Chongqing, and Shenzhen[38]. - The company was established in January 2002 with a registered capital of CNY 138,651,040, marking its entry into the securities market[31]. Risk Management - The company emphasizes that its business performance is highly correlated with the domestic macroeconomic environment and capital market trends, which poses significant operational risks[11]. - The company has outlined potential risks in its operations, including market risk, credit risk, liquidity risk, operational risk, and reputational risk[11]. - The company has established a comprehensive risk management system that includes risk culture promotion, risk management policies, and a clear organizational structure for risk management[148]. - The company has implemented a market risk management system with various key risk indicators, including leverage, stop-loss, and sensitivity metrics to manage market risk effectively[152]. Capital and Investment Activities - The company completed its initial public offering of 36.4 million new shares in 2019, raising its registered capital to CNY 3,633,405,396, an increase of approximately 20.5%[32]. - The company has been involved in multiple capital restructuring activities since its inception, enhancing its financial capacity and market presence[31][32][33]. - The company’s proprietary investment business focused on non-directional investments, optimizing investment structures to ensure stable performance growth[78]. - The company increased its investment in bonds related to the "Five Articles of Finance," aligning with central financial work meeting directives[79]. Compliance and Governance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial report's accuracy and completeness[7]. - The company has established a comprehensive internal control system to manage information technology risks effectively[157]. - The company emphasizes the importance of compliance training and monitoring to mitigate legal and compliance risks[158]. - The company has not faced any penalties from securities regulatory authorities in the past three years[192]. Strategic Initiatives and Future Outlook - The company plans to actively engage in market-making services for the Beijing Stock Exchange after obtaining the necessary qualifications[64]. - The company is committed to expanding its market reach and enhancing its service offerings through strategic growth initiatives[39]. - The company plans to enhance its investment banking services and focus on high-quality comprehensive services while managing risks effectively[106]. - The company is committed to enhancing investor returns and market stability through its "Quality Improvement and Return Enhancement Action Plan"[160]. Management and Board Structure - The company completed the reform of the supervisory board on December 5, 2025, eliminating the supervisory board and transferring its functions to the audit committee under the board of directors[169]. - The company appointed new directors including Wang Bin, Liu Xin, and Fan Hua, while several directors including Li Hongshen and Zhang Jing resigned[191]. - The total remuneration for directors and senior management for the fiscal year 2025 amounted to CNY 8.4669 million[189]. - The remuneration structure for senior management includes basic salary, annual performance pay, and deferred payments, with 40% of the annual performance pay being deferred for at least three years[189].

红塔证券股份有限公司独立董事 2025 年度述职报告 （李毅翔） 根据《上市公司治理准则》《证券公司治理准则》《上市公司独立董事管理 办法》（以下简称《独董办法》）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，作为红塔证券股份有限公司（以下简称"公司" 或"红塔证券"）独立董事，现就 2025 年度工作情况作如下报告： 一、独立董事的基本情况 (一)本人工作履历及专业背景 李毅翔女士，1981年1月出生，法学硕士，中国国籍，无境外永久居留权。 2006年12月至2012年12月就职于昆明市官渡区人民法院；2013年1月至2018年7 月就职于云南欣晨光律师事务所；2018年8月至2025年4月任北京盈科（昆明）律 师事务所专职律师。现任北京盈科（昆明）律师事务所专职律师、官渡区劳动人 事争议仲裁院兼职仲裁员。2025年6月11日至今担任公司独立董事。 二、独立董事年度履职概况 （二）独立性自查情况 2025年度，经严格依照《独董办法》等法律法规对照自查，本人具备履行职 责所必需的专业知识、工作经验和良好品德，符合独立性要求，与公司及主要股 东、实际控制人等不存在亲属、持股、任职、重大 ...