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].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.17 per 10 shares, totaling RMB 78,929,039.90 based on a total share capital of 4,642,884,700 shares as of December 31, 2024[8]. - For the fiscal year 2024, the total cash dividend per 10 shares will amount to RMB 0.23[8]. - The company does not plan to increase capital through capital reserves or issue bonus shares[8]. Financial Performance - 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[68]. - Net profit attributable to shareholders of the parent company increased by 16.18% to CNY 245,847,400.51 in 2024 from CNY 211,601,553.51 in 2023[68]. - The net cash flow from operating activities for 2024 was CNY 4,168,168,660.39, a significant improvement from a negative cash flow of CNY -467,298,168.05 in 2023[68]. - 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[68]. - Total liabilities decreased by 0.58% to CNY 37,331,529,726.77 in 2024 from CNY 37,551,184,086.55 in 2023[68]. - The equity attributable to shareholders of the parent company increased by 1.13% to CNY 14,060,235,023.57 in 2024[68]. - Basic earnings per share for 2024 were CNY 0.0530, reflecting a 16.23% increase from CNY 0.0456 in 2023[69]. - The weighted average return on equity for 2024 was 1.76%, an increase of 0.23 percentage points from 1.53% in 2023[69]. Risk Management - The company emphasizes that its business performance is highly correlated with domestic and international economic conditions and capital market fluctuations, which may directly or indirectly impact its operating results[13]. - The company has established a comprehensive risk management system to ensure operations are conducted within measurable, controllable, and bearable risk limits[15]. - The company faces various risks, including market risk due to price fluctuations and compliance risk from potential legal liabilities[14]. Audit and Compliance - The company has received a standard unqualified audit report from the auditing firm Xin Yong Zhong He[8]. - There were no instances of non-operational fund occupation by controlling shareholders or related parties during the reporting period[9]. - The company has not violated regulatory decision-making procedures in providing guarantees during the reporting period[10]. Business Operations and Expansion - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, which are crucial for its operational capabilities[26][27]. - The company has been approved for multiple trading qualifications, including IPO inquiry and placement, stock pledge repurchase, and various trading qualifications on the Shanghai and Shenzhen stock exchanges[29]. - The company has a total of 30 branches across various locations[48]. - The company operates a total of 74 securities business departments across 9 provinces, autonomous regions, and municipalities in China[54]. - Among the 74 business departments, 64 are located in Henan Province, indicating a strong regional presence[54]. - The company continues to expand its network with new branches, such as the recent establishment in Chengdu, Sichuan Province[51]. - The company is focused on increasing its market share in the securities industry through strategic expansions and new product offerings[54]. Technological Development - The company aims to enhance its technological capabilities to improve service delivery and customer experience[54]. - The company is investing heavily in R&D, with a budget increase of 30% to enhance technology development and innovation[59]. - The company has implemented a series of cost-reduction measures, significantly improving operational efficiency[106]. Customer Engagement and Market Outlook - The company reported a significant increase in user data, reflecting a growing customer base and engagement[54]. - User data showed a growth in active users, reaching 10 million, which is a 15% increase compared to the previous quarter[56]. - The company provided an optimistic outlook for Q4 2023, projecting revenue to exceed 1.8 billion, indicating a potential growth of 25%[57]. - New product launches are expected to contribute an additional 300 million in revenue by the end of the fiscal year[58]. - Customer satisfaction ratings improved to 90%, reflecting a 10% increase from the previous year, indicating strong user engagement[58]. Investment and Fund Management - The company reported a net loss from investment income of RMB 512.35 million, a decline of 41.32% year-on-year[89]. - The company's long-term equity investments decreased by 37.27% to RMB 905.25 million[87]. - The company recovered RMB 2.12 billion in funds from project exits in 2024[121]. - The company aims to enhance post-investment management and support for enterprises through capital market opportunities in 2025[126]. Market Trends and Future Strategies - The company aims to enhance product innovation and expand distribution channels in 2025, focusing on a diverse range of wealth management products[118]. - The company plans to strengthen its integrated service model and explore new products in mergers and acquisitions in 2025[122]. - The company is committed to optimizing its operational model and enhancing its comprehensive financial service ecosystem to support long-term development[110]. - The company is actively promoting digital transformation in wealth management through online trading platforms and mobile apps[99]. Awards and Recognition - The company received multiple awards for its digital service capabilities, including the "Best Channel Cooperation Award" and the "Digital Pioneer APP Award" in 2024[108].

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].

Core Insights - The report highlights the ongoing tension between the US and China regarding tariffs, with the US threatening to impose a 50% tariff on Chinese goods, which China firmly opposes [5][8] - The financial regulatory authority has adjusted the investment ratios for insurance funds, allowing for a higher allocation to equity assets and easing restrictions on pension funds [5][8] - The central government has announced financial support for urban renewal projects, with specific funding caps based on regional classifications [5][8] Domestic Market Performance - The Shanghai Composite Index closed at 3,145.55, up 1.58%, while the Shenzhen Component Index closed at 9,424.68, up 0.64% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 13.20 and 31.47, respectively, indicating a suitable environment for medium to long-term investments [9][14] - The trading volume in the two markets was 16,536 billion, above the three-year average [9][14] International Market Performance - Major international indices showed mixed results, with the Dow Jones down 0.67% and the Nikkei 225 up 0.62% [4] - The S&P 500 and Nasdaq also experienced slight declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The semiconductor industry in China faced a decline of 5.66% in March, while global semiconductor sales continued to grow year-on-year by 17.1% [17][19] - The AI computing chip market is expected to grow significantly, driven by the demand for AI applications, with a projected compound annual growth rate of 50% from 2023 to 2030 [25][30] - The report emphasizes the importance of domestic semiconductor production in light of the US's tariff policies, suggesting a focus on CPU, AI computing chips, and semiconductor equipment [18][19] Investment Recommendations - The report suggests focusing on sectors with high dividend yields and defensive characteristics, such as banking and utilities, while also considering opportunities in the technology sector due to valuation corrections [12][28] - Specific companies in the AI computing chip space, such as Cambrian and Haiguang Information, are highlighted as potential investment opportunities [28]

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 | ...

Core Insights - The report highlights the ongoing recovery in the A-share market, with a focus on sectors such as technology, healthcare, and renewable energy, indicating a shift towards growth-oriented investments as the economy stabilizes [5][9][10]. Domestic Market Performance - The Shanghai Composite Index closed at 3,350.13 with a slight increase of 0.05%, while the Shenzhen Component Index closed at 10,513.12, up by 0.09% [3]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext are at 14.24 and 37.51 respectively, suggesting a favorable environment for medium to long-term investments [9][10]. International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the S&P 500 down by 0.45%, while the Nikkei 225 increased by 0.62% [4]. Industry Analysis - The AI industry is experiencing rapid growth, with significant investments in computing power infrastructure, particularly in data centers and AI servers, driven by the increasing demand for AI applications [14][25]. - The electrical equipment sector is expected to see continued valuation recovery, supported by a rebound in manufacturing activity, as indicated by a manufacturing PMI of 50.2% in February 2025 [18][20]. - The renewable energy sector, particularly wind and solar power, is witnessing increased demand, with a notable rise in installed capacity and government support for infrastructure development [36][33]. Key Economic Policies - Recent government policies aim to enhance price governance mechanisms and promote sustainable development in public utilities, which may positively impact sectors like energy and utilities [5][8]. - The National Development and Reform Commission has initiated plans to support the high-quality development of the heat pump industry, indicating a focus on energy efficiency and innovation [5][8]. Investment Recommendations - Investors are advised to focus on sectors with strong fundamentals and stable earnings, such as traditional engineering machinery and renewable energy, while also considering opportunities in emerging technologies like AI and robotics [31][35].