Financial Performance - The company reported a net capital of RMB 9,468,635,644.80 at the end of the reporting period, an increase of 9.3% from RMB 8,651,125,530.23 at the end of the previous year[20]. - The company's operating revenue for 2024 was CNY 1,689,925,164.42, a decrease of 14.13% compared to CNY 1,968,016,572.87 in 2023[47]. - Net profit attributable to shareholders for 2024 increased by 16.18% to CNY 245,847,400.51 from CNY 211,601,553.51 in 2023[47]. - The total assets at the end of 2024 were CNY 51,614,348,080.07, a slight decrease of 0.17% from CNY 51,701,683,772.46 in 2023[47]. - The company's net capital increased to CNY 9,468,635,644.80 at the end of the reporting period, up from CNY 8,651,125,530.23 at the end of the previous year[49]. - Basic earnings per share for 2024 were CNY 0.0530, reflecting a 16.23% increase from CNY 0.0456 in 2023[48]. - The total equity attributable to shareholders increased to CNY 14,060,235,023.57 at the end of 2024, up 1.13% from CNY 13,902,762,596.08 in 2023[47]. - The company's cash and cash equivalents increased by 44.34% year-over-year, reaching CNY 14,400,984,039.97[57]. - The company's total operating revenue decreased by 14.13% to RMB 1.69 billion, with securities brokerage business revenue increasing by RMB 163 million to RMB 815 million[123]. Risk Management - The company emphasizes that its business performance is highly correlated with domestic and international economic conditions and capital market status, which may impact its operating results[9]. - The company has established a comprehensive risk management system to ensure operations are conducted within manageable risk levels[11]. - The company plans to maintain its focus on risk management and compliance to mitigate potential operational risks[11]. - The company has tightened credit risk management by refining access management for stock pledge financing and credit bond investment standards[167]. - The company has established a multi-level risk control indicator monitoring and evaluation system to manage market risks effectively[169]. - The company has improved its risk identification and monitoring mechanisms for investment strategies[170]. - The company has established a three-tier decision-making system to enhance credit risk management[167]. Business Operations and Strategy - The company has established a strong presence in the financial services sector, with qualifications for various trading and brokerage activities, enhancing its market competitiveness[21][24][25]. - The company aims to enhance its service capabilities for small and medium-sized enterprises and high-tech companies in Henan Province, focusing on direct financing and reducing financing costs[69]. - The company plans to expand its asset management business by advancing into ETF and public fund sectors while maintaining a solid "fixed income+" foundation[74]. - The company is focused on optimizing the performance of existing business departments to drive revenue growth[43]. - The company is actively pursuing a strategic transformation to become a leading modern investment bank in the region[62]. - The company aims to enhance its internal management capabilities and streamline operations to improve overall efficiency and effectiveness[162]. Corporate Governance - The company is committed to enhancing its corporate governance and has complied with all provisions of the Corporate Governance Code[187]. - The company has a clear plan for future governance improvements and compliance with regulatory requirements[187]. - The company maintains independence from its controlling shareholder, with no interference in decision-making or operations during the reporting period[188]. - The company has established a performance assessment and incentive system for senior management, including a performance assessment implementation plan for 2023[187]. - The total pre-tax remuneration for the chairman was RMB 554,500, while independent directors received RMB 250,000 each[192]. Market Expansion and Client Engagement - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $100 million allocated for this purpose[197]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[197]. - The company is actively working to strengthen its presence in both A-share and Hong Kong capital markets, enhancing service offerings for clients[114]. - The company aims to optimize its asset allocation structure and expand its bond sales business in 2025[84]. - The company is focusing on the strategic development of the Henan capital market, leveraging its position as a key financial entity in the region[111]. Financial Products and Services - The company has a diverse range of subsidiaries with qualifications in futures brokerage, private equity investment, and securities trading, indicating a broad service offering[26]. - The company achieved a 4.6% year-on-year growth in market share for equity funds[63]. - The company's wealth management business revenue surged by 354%, with financial product sales exceeding CNY 10 billion[63]. - The company plans to implement four strategic initiatives: professionalization, integration, platformization, and base construction, to drive development[158]. - The company is committed to building a diversified financial product and service system to better serve various market participants[155]. Technology and Innovation - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[197]. - The company is focusing on enhancing its investment banking capabilities and wealth management skills in response to regulatory changes in the industry[154]. - The company will leverage technology, such as artificial intelligence and big data, to enhance business development and operational efficiency[159]. Operational Efficiency - The company has reduced operational costs by 5%, resulting in improved profit margins[197]. - The company reported a significant increase in other operating income, which rose by 485.53% to RMB 367 million, primarily from the disposal of debt assets[119]. - The company is committed to improving its asset management quality by developing a "fixed income plus" product layout to meet client needs[164].

Group 1 - The brokerage business, traditionally a core area for securities firms, has shown positive performance in 2024 due to increased market activity and trading volume [1][2] - The overall net income from brokerage services for 150 securities firms reached 115.15 billion yuan, a year-on-year increase of 16.98% [2] - Among 25 listed securities firms, the total net income from brokerage fees was 81.42 billion yuan, reflecting a year-on-year growth of 8.77%, with 21 firms reporting growth [2][3] Group 2 - Leading firms such as CITIC Securities reported a net income of 10.71 billion yuan from brokerage fees, a growth of 4.79%, while other top firms also performed well [3] - Smaller firms like Guolian Minsheng and Hualin Securities showed remarkable growth rates of 39.44% and 30.02% respectively in their brokerage income [3] Group 3 - The ability to sell financial products has become a key indicator of the success of wealth management transformation for securities firms, with CITIC Securities leading in this area [4] - The total income from selling financial products among the 25 firms reached significant figures, with Guolian Minsheng and Hualin Securities showing high growth rates in this segment [4] Group 4 - Securities firms are enhancing their wealth management capabilities by improving service models and expanding product offerings to meet diverse client needs [5][6] - By the end of 2024, firms managed a total of 84.1 trillion yuan in client assets, with a 19.9% year-on-year increase in the scale of financial products sold [5] Group 5 - The construction of a buyer advisory system is becoming a core element of wealth management strategies, with firms focusing on differentiated strategies in client operations and product innovation [6] - CITIC Securities has adopted a comprehensive financial solution approach, while Guolian Minsheng is building a service system centered on asset allocation for different client categories [6] Group 6 - Looking ahead, firms like Shenwan Hongyuan and Huatai Securities are planning to enhance their asset allocation capabilities and develop a diverse product matrix to strengthen their wealth management brands [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 董事會召開日期 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二五年四月二十九日（星期二）舉行董事會會議，其中議程包 括審議及批准本公司及其附屬公司截至二零二五年三月三十一日止三個月之 第一季度業績及其刊發。 承董事會命 中原證券股份有限公司 董事長 魯智禮 中國，河南 2025年4月15日 於本公告日期，董事會包括執行董事魯智禮先生；非執行董事李興佳先生、張秋雲女士、 唐進先生及田聖春先生；獨立非執行董事陳志勇先生、曾崧先生及賀俊先生。 ...

中原证券（601375）股份有限公司刘智近期对宗申动力（001696）进行研究并发布了研究报告《2024年报 点评：传统主业巩固优势，新能源、低空经济业务蓄势待发》，首次覆盖宗申动力给予增持评级。 宗申动力 投资要点： 宗申动力于31日晚间发布2024年年度报告，公司实现营业总收入105.06亿元，较上年同期增长28.89%；实 现归母净利润4.61亿元，较上年同期增长27.45%；拟每10股派2.00元现金(含税)，合计分配现金分红总额 约2.29亿元，占2024年度归属于上市公司股东净利润的比例为49.64%。 业绩高增长，通用机械、摩托车业务巩固优势地位 2024年公司营业总收入105.06亿元，同比增长28.89%；实现归母净利润4.61亿元，同比增长27.45%；扣非 归母净利润4.42亿，同比增长42.92%。 其中第四季度公司营业收入为31.02亿元，同比增长36.39%；扣非归母净利润为0.74亿元，去年同期扣非 归母净利润亏损0.51亿。 2024年报分业务看： 1)通用机械：公司通用动力和终端产品销售合计483.45万台，同比增长37.34%；实现营业总收入52.26亿 元，同比增长35. ...

Core Viewpoint - Zhongyuan Securities reported a decline in operating revenue for 2024, but net profit increased due to strong brokerage performance and effective cost control [2][8]. Revenue Performance - The company achieved operating revenue of 1.69 billion yuan, a year-on-year decrease of 14.13% [2]. - Brokerage business revenue was particularly strong, reaching 815 million yuan, an increase of 163 million yuan or 25% year-on-year, driven by active trading in the A-share market [8][9]. - Investment banking revenue significantly declined to 48 million yuan, down 43.65% year-on-year, resulting in an operating loss of 62.59 million yuan [9][10]. - The proprietary trading segment also underperformed, with revenue dropping to -84.49 million yuan, a sharp decline from 2023 [9][10]. - Credit business revenue remained stable at approximately 412 million yuan, while investment management revenue improved to 154 million yuan, a significant recovery from a loss in 2023 [10]. Asset and Liability Structure - Total assets at the end of 2024 were 51.614 billion yuan, showing a slight decrease from the beginning of the year [11]. - The proportion of liquid assets increased, with cash and equivalents rising to 39.04% of total assets, up from 28.07% in 2023 [16]. - Financial investment assets were reduced by about 28%, indicating a strategic shift towards lower-risk assets [15]. - Total liabilities decreased slightly to 37.332 billion yuan, with a notable reduction in reliance on short-term funding [18]. Cost Control and Efficiency - Operating expenses decreased to 1.486 billion yuan, a reduction of 15.5%, which outpaced the decline in revenue [20]. - Management expenses were cut significantly from 1.382 billion yuan to 1.143 billion yuan, a decrease of nearly 17% [20]. - The company reduced its workforce by approximately 7%, resulting in an increase in per capita net profit by 25% to 96,700 yuan [20][22]. Compensation Strategy - Total employee compensation decreased to 720 million yuan, an 18.7% decline, reflecting the company's performance [22]. - The average salary per employee fell to 272,500 yuan, down from 335,000 yuan in 2023 [22].

本次交易完成后，原公司控股股东、实际控制人何文辉持有上市公司11,963,918股股份(占上市公司总股 本的10.56%)，不再拥有上市公司任何表决权，不再系上市公司控股股东、实际控制人，其亦承诺不会 以任何方式谋求上市公司控制权。北京欣欣持有上市公司13,589,649股股份(占上市公司总股本的 12.00%)，合计拥有上市公司20,384,473股股份(占上市公司总股本的18.00%)对应的表决权，成为上市公 司控股股东，上市公司实际控制人变更为收购方北京欣欣的共同实际控制人何凡、蒋利顺、董津。 太和水昨晚披露的关于股东权益变动暨控制权拟发生变更的提示性公告显示，公司于2025年4月7日分别 收到公司控股股东、实际控制人何文辉以及第三方北京欣欣炫灿科技中心(有限合伙)(以下简称"北京欣 欣")的书面通知，何文辉与北京欣欣于2025年4月7日签署了《股份转让协议》、《表决权委托及放弃协 议》，何文辉拟通过协议转让的方式以每股29.18元的价格向北京欣欣转让太和水无限售流通股 13,589,649股，占太和水总股本的12.00%，转让总价为396,545,958元(以下简称"本次股份转让")。自本 次股份转让 ...

致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2025年4月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | ...

中原证券（601375）股份有限公司顾敏豪近期对盐湖股份（000792）进行研究并发布了研究报告《年报点评：钾锂价 格回落导致业绩下滑，未来行景气有望回暖》，首次覆盖盐湖股份给予增持评级。 盐湖股份 盈利预测与投资评级：预计公司2025、2026年EPS为1.04元和1.18元，以3月31日收盘价16.56元计算，PE分别为15.93 倍和14.07倍。考虑到钾肥和锂电池行业发展前景与公司的行业地位，给予公司"增持"的投资评级。 风险提示：需求不及预期、产品价格下跌、新项目进展不及预期 证券之星数据中心根据近三年发布的研报数据计算，东北证券喻杰研究员团队对该股研究较为深入，近三年预测准确 度均值为77.89%，其预测2025年度归属净利润为盈利55.94亿，根据现价换算的预测PE为16.16。 最新盈利预测明细如下： 事件：公司公布2024年年报，2024年公司实现营业收入151.34亿元，同比下滑29.86%，实现归属母公司的净利润46.63 亿元，同比下滑41.07%，扣非后的归母净利润44.01亿元，同比下滑49.56%，基本每股收益0.88元。公司同时公布一 季度业绩预告，预计2025年一季度实现净利 ...

Core Insights - The report emphasizes the importance of technological modernization as a foundation for achieving high-quality development in China, aiming for a strategic goal of becoming a technological powerhouse by 2035 [6][9] - The manufacturing PMI for March 2025 is reported at 50.5, indicating a slight increase from the previous value of 50.2, suggesting a stable manufacturing environment [6][9] - The report highlights the ongoing efforts to clean up existing illegal charging policies, indicating a proactive regulatory approach [6][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,335.75, down 0.46%, while the Shenzhen Component Index closed at 10,504.33, down 0.97% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are reported at 14.25 and 37.48 respectively, indicating a mid-level valuation suitable for long-term investment [9][10] International Market Performance - The Dow Jones closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15% respectively [5] Industry Analysis - The report discusses the growth in the AI and computing power sectors, highlighting the increasing demand for data centers and AI infrastructure as key growth drivers [15][25] - The electrical equipment sector has shown strong performance, with the index rising 0.86% in March, outperforming the broader market [18] - The report notes a significant increase in domestic excavator sales and the release of humanoid robot products, indicating a robust machinery sector [28] Investment Recommendations - Investors are advised to focus on sectors such as electric power, precious metals, and diversified finance for short-term opportunities, while maintaining a balanced approach between defensive and growth stocks [12][14] - The report suggests that the new materials sector is expected to continue its growth trajectory, driven by increasing demand in manufacturing and technology integration [24] Key Data Updates - The report provides updates on the release of locked shares and the top ten active stocks in the Shanghai-Hong Kong Stock Connect, indicating market liquidity and investor interest [8]

Core Viewpoint - Sifang New Materials (四方新材) announced a plan for major shareholders to reduce their holdings due to personal financial needs, indicating potential liquidity issues within the company [1] Group 1: Shareholder Actions - Major shareholders, including directors and senior management, plan to sell a total of up to 245,000 shares within three months, with each individual not exceeding 25% of their holdings [1] - Specific shareholdings include: Xie Tao with 420,000 shares (0.24% of total), Jiang Hongbo with 280,000 shares (0.16%), and Zhang Wei with 280,000 shares (0.16%) [1] Group 2: Financial Performance and Projections - Sifang New Materials reported a projected net loss for 2024 between 152.94 million yuan and 229.41 million yuan, a significant decline compared to the previous year's profit of 12.96 million yuan [3] - The expected revenue for 2024 is approximately 1.41 billion yuan, reflecting a year-on-year decrease of 28.92% [3] - The company’s net profit for 2023 was 12.96 million yuan, with a non-recurring profit of 9.61 million yuan [3] Group 3: Initial Public Offering (IPO) Details - The company raised a total of 1.32 billion yuan from its IPO, with a net amount of 1.24 billion yuan after deducting issuance costs [2] - The IPO costs totaled approximately 89.87 million yuan, with underwriting fees accounting for 77.33 million yuan [3] - Sifang New Materials was listed on the Shanghai Stock Exchange on March 10, 2021, with an initial offering price of 42.88 yuan per share [1]