Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant growth in revenue and net profit in Q1 2025, with revenue reaching 1.562 billion yuan, a year-on-year increase of 800.98%, and net profit of 376 million yuan, up 271.95% [1] - The self-operated investment segment has expanded significantly, with revenue of 709 million yuan, a year-on-year increase of 573.27%, indicating a strong performance in investment activities [1] - The integration of Minsheng Securities is expected to enhance the company's investment banking capabilities and overall performance [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.562 billion yuan, with a year-on-year growth of 800.98% and a net profit of 376 million yuan, reflecting a 271.95% increase [1] - The earnings per share (EPS) for Q1 2025 was 0.08 yuan, a 200.00% increase year-on-year [1] - The return on equity (ROE) was 0.96%, up 2.19 percentage points from the previous year [1] Business Segments - Investment business revenue was 709 million yuan, up 573.27% year-on-year, while brokerage business revenue reached 469 million yuan, increasing by 333.69% [1][2] - The investment banking segment generated 174 million yuan in revenue, a year-on-year increase of 124.54%, with bond underwriting volume reaching 33.874 billion yuan, up 197.90% [2] - Asset management revenue was 162 million yuan, reflecting a 13.82% increase year-on-year [3] Financial Projections - The company forecasts net profits of 972 million yuan, 1.102 billion yuan, and 1.251 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 144.6%, 13.4%, and 13.5% [3][4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 55.3, 48.8, and 43.0 respectively, while the price-to-book (PB) ratios are all projected at 1.0 [3][4]

Investment Rating - The report maintains a "Buy" rating for Guolian Minsheng [3] Core Views - Guolian Minsheng's performance in Q1 2025 exceeded expectations, with revenue reaching 1.56 billion yuan, a year-on-year increase of 801% and a quarter-on-quarter increase of 130%. The net profit attributable to shareholders was 380 million yuan, compared to a loss of 220 million yuan in Q1 2024 [1][6] - The company has seen significant growth in its various business segments post-merger, with brokerage revenue increasing by 334% year-on-year, investment revenue recovering from a loss to 710 million yuan, and investment management revenue growing by 14% [6] - The report highlights the complementary advantages of the merged entities, suggesting that the integration of Guolian Securities and Minsheng Securities could lead to enhanced performance through resource sharing and business collaboration [6] Financial Data and Profit Forecast - Revenue projections for Guolian Minsheng are as follows: 2025E at 4.75 billion yuan, 2026E at 6.76 billion yuan, and 2027E at 7.91 billion yuan, with year-on-year growth rates of 77.1%, 42.2%, and 17.1% respectively [2][7] - The net profit attributable to shareholders is forecasted to be 990 million yuan in 2025E, 1.21 billion yuan in 2026E, and 1.48 billion yuan in 2027E, reflecting year-on-year growth rates of 149%, 22.4%, and 22.4% respectively [2][7] - The report indicates an increase in the company's return on equity (ROE) from 0.96% in Q1 2025 to an estimated 2.85% in 2025E [2][6] Market Position and Business Segments - Guolian Minsheng's brokerage business has seen a significant increase in market share, with a daily average trading volume of 1.75 trillion yuan in Q1 2025, a year-on-year increase of 71% [6] - The company has also improved its position in margin financing, with a market share increase to 0.95% as of Q1 2025 [6] - The report notes that while the company's performance in equity underwriting has lagged behind the industry, its bond underwriting has doubled year-on-year, and it ranks fifth in the industry for IPO underwriting on the Sci-Tech Innovation Board [6]

Core Viewpoint - The A-share market experienced significant fluctuations in 2024, with a notable recovery in market sentiment driven by favorable policies, leading to improved overall performance for securities firms [1] Group 1: Overall Performance - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking a three-year high [1] - Compared to 2021, operating income decreased by 5.12 billion yuan, and net profit decreased by 2.38 billion yuan [1] - Among the 42 listed securities firms, 28 reported year-on-year growth in operating income, accounting for 70.37% [1] Group 2: Leading Firms - CITIC Securities led the industry with an operating income of 63.79 billion yuan, followed by Guotai Junan and Huatai Securities with 43.40 billion yuan and 41.47 billion yuan, respectively [3] - Six firms, including CITIC Securities, Huatai Securities, and Guotai Junan, achieved net profits exceeding 10 billion yuan [2][7] Group 3: Performance Disparities - Some firms, such as Zhongyuan Securities and Donghai Securities, reported net profits below 2 billion yuan, highlighting significant performance disparities [2][6] - The top performers in terms of net profit growth included Huayin Securities and Hongta Securities, with increases of over 100% [10] Group 4: Investment Income - Investment income growth was a common characteristic among high-performing firms, with CITIC Securities reporting 24.04 billion yuan in investment income, a 23.95% increase [12] - Conversely, firms like Zhongtai Securities and Guolian Minsheng experienced substantial declines in investment income due to poor investment decisions [12][13] Group 5: Market Outlook - The overall operating environment for the securities industry is expected to continue improving, with analysts predicting sustained growth in 2025 [17][18] - The recent supportive policies for the capital market are anticipated to enhance investor sentiment and improve the profitability of securities firms [17][18]

证券代码：601456 证券简称：国联民生 公告编号：2025-030 号 国联民生证券股份有限公司 第五届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 国联民生证券股份有限公司（以下简称"公司"）第五届董事会第二十四次 会议于 2025 年 4 月 15 日以书面方式发出通知，于 2025 年 4 月 29 日在公司总部 国联金融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：董事长葛小波先生、董事 杨振兴先生、独立董事高伟先生、独立董事郭春明先生以通讯方式出席）。会议 由董事长葛小波先生主持，公司监事和相关高级管理人员列席会议。 会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 及《国联民生证券股份有限公司章程》（以下简称《公司章程》）、《国联民生证券 股份有限公司董事会议事规则》的相关规定。 二、董事会会议审议情况 （一）《国联民生证券股份有限公司 2025 年第一季度报告》 表决结果：同意 9 票 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,562,489,599.05, representing an increase of 800.98% compared to the same period last year[4] - Net profit attributable to shareholders was ¥376,144,390.86, a significant recovery from a loss of ¥218,754,276.47 in the previous year[4] - The net cash flow from operating activities improved to ¥729,755,962.41, compared to a negative cash flow of ¥1,018,886,181.06 in the same quarter last year[4] - Net profit for Q1 2025 reached ¥378.83 million, a significant recovery from a net loss of ¥216.65 million in Q1 2024[23] - Total operating revenue for Q1 2025 was ¥1.56 billion, a substantial increase from ¥173.42 million in Q1 2024, reflecting a growth of approximately 803.5%[23] - The company reported a net interest income of -¥4.68 million in Q1 2025, an improvement from -¥26.79 million in Q1 2024[23] - Commission and fee income for Q1 2025 was ¥845.79 million, up from ¥338.34 million in Q1 2024, indicating a growth of about 150.5%[23] - Investment income for Q1 2025 was ¥689.62 million, a recovery from a loss of -¥867.99 million in Q1 2024[23] - The company reported a total comprehensive income of ¥243.52 million for Q1 2025, compared to ¥97.21 million in Q1 2024[32] Asset and Liability Management - Total assets increased by 79.53% year-on-year, reaching ¥174,517,507,696.98 at the end of the reporting period[5] - The company's total liabilities increased significantly, with accounts payable rising to 874,547,862.46, a 128.27% increase from the previous year, primarily due to newly consolidated subsidiaries[10] - Total assets as of March 31, 2025, amounted to CNY 128.04 billion, an increase from CNY 95.14 billion at the end of 2024[29] - The company's total liabilities were CNY 78.29 billion, slightly up from CNY 77.05 billion at the end of 2024[30] - Total liabilities rose to ¥123.54 billion, compared to ¥78.26 billion at the end of 2024, marking an increase of about 58.0%[20] Equity and Capital Structure - The total equity attributable to shareholders increased by 171.68% to ¥50,490,133,266.27 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to CNY 49.76 billion from CNY 18.09 billion at the end of 2024[30] - The net capital of the parent company rose to ¥17,938,915,523.01, up from ¥16,342,765,035.57 at the end of the previous year[6] - The company completed the issuance of 2,640,269,065 new A-shares, increasing total A-shares to 5,029,402,233[19] Cash Flow Analysis - The net cash flow from investing activities surged to 15,697,421,692.86, a 493.35% increase compared to 2,645,572,124.88 in Q1 2024, mainly attributed to newly consolidated subsidiaries[10] - Operating cash flow for Q1 2025 was CNY 729.76 million, a significant improvement from a net outflow of CNY 1.02 billion in Q1 2024[26] - Cash and cash equivalents at the end of Q1 2025 reached CNY 46.00 billion, compared to CNY 18.49 billion at the end of Q1 2024[27] - The net cash flow from operating activities for Q1 2025 was ¥891.43 million, a significant improvement from a negative cash flow of ¥1.23 billion in Q1 2024[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 101,094, with no preferred shareholders with restored voting rights[11] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 23.86% of the shares, while the combined holdings of related parties amount to 38.52%[13] Other Financial Metrics - The liquidity coverage ratio improved to 237.79%, compared to 161.85% at the end of the previous year[6] - The company achieved a weighted average return on equity of 0.96%, an increase of 2.19 percentage points from the previous year[4] - The basic and diluted earnings per share for the period were CNY 0.08, compared to a loss of CNY 0.08 in the previous period[24] - The company raised CNY 4.57 billion through bond issuance in Q1 2025, compared to CNY 3.19 billion in the same period last year[27]

国联民生证券股份有限公司 关于副总裁退休及证券事务代表辞职的公告 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。 国联民生证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 第五届董事会第二十四次会议，审议通过《关于尹红卫到龄退休不再担任公司副 总裁的议案》，鉴于尹红卫女士到龄退休，其不再担任公司副总裁职务。 2025 年 4 月 29 日，公司收到证券事务代表张辉先生的辞职报告。张辉先生 因工作调整原因，提请辞去公司证券事务代表职务。上述辞职事项自辞职报告送 达公司董事会之日起生效。 证券代码：601456 证券简称：国联民生 公告编号：2025-032 号 公司董事会对尹红卫女士和张辉先生在任职期间对公司发展做出的努力和 贡献表示衷心感谢！ 特此公告。 国联民生证券股份有限公司董事会 2025 年 4 月 29 日 1 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,562,489,599.05, representing an increase of 800.98% compared to ¥173,420,445.95 in the same period last year[6]. - Net profit attributable to shareholders was ¥376,144,390.86, a significant turnaround from a loss of ¥218,754,276.47 in the previous year[6]. - The company reported a substantial investment income of ¥689,616,725.66 in Q1 2025, recovering from a loss of ¥867,995,651.16 in Q1 2024[32]. - Net profit for Q1 2025 was ¥378,831,579.15, compared to a net loss of ¥216,647,616.36 in Q1 2024, indicating a turnaround in profitability[33]. - The company reported a total comprehensive income of ¥486,988,552.83 for Q1 2025, compared to ¥144,090,693.28 in Q1 2024[33]. - The company achieved a net cash inflow from financing activities of ¥725,453,889.13 in Q1 2025, compared to ¥1,179,492,480.52 in Q1 2024[37]. - The company’s total expenses for Q1 2025 were ¥1,065,835,667.53, significantly higher than ¥473,490,650.96 in Q1 2024[32]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥729,755,962.41, compared to a negative cash flow of ¥1,018,886,181.06 in the same period last year[6]. - Cash and cash equivalents increased by 109.80% to approximately ¥32.34 billion, primarily due to the consolidation of newly acquired subsidiaries[16]. - The ending cash and cash equivalents balance for Q1 2025 was 27,133,103,669.78, compared to 17,904,491,198.65 in Q1 2024, reflecting a strong liquidity position[51]. - Cash inflow from operating activities totaled 6,090,821,303.91 in Q1 2025, down from 10,606,218,397.82 in Q1 2024[50]. - Cash outflow from operating activities decreased to 5,199,391,762.25 in Q1 2025 from 11,836,775,839.01 in Q1 2024[50]. - The company reported a net interest income of -¥12.39 million for Q1 2025, an improvement from -¥33.35 million in Q1 2024[45]. Assets and Liabilities - Total assets increased by 79.53% to ¥174,517,507,696.98 from ¥97,208,143,600.76 at the end of the previous year[8]. - The total liabilities of the company as of March 31, 2025, amounted to RMB 123.54 billion, up from RMB 78.26 billion, reflecting an increase of around 58%[27][28]. - Total assets increased to ¥128.04 billion as of March 31, 2025, from ¥95.14 billion as of December 31, 2024, representing a growth of approximately 34.5%[41]. - Total liabilities rose to ¥78.29 billion as of March 31, 2025, compared to ¥77.05 billion as of December 31, 2024, indicating a slight increase of about 1.6%[42]. Shareholder Information - The number of ordinary shareholders reached 101,094, indicating a broadening shareholder base[18]. - The top ten shareholders collectively hold 56.73% of the company's shares, with Wuxi Guolian Development Group holding the largest stake at 23.86%[19]. - The number of A-share shareholders reached 101,006, while H-share shareholders totaled 88 as of the reporting period[23]. Business Growth and Investments - The company attributed the significant revenue growth to the integration of Minsheng Securities and increased performance in securities investment, brokerage, and investment banking businesses[14]. - The company has successfully acquired 99.26% of Minsheng Securities through the issuance of A-shares, enhancing its market position[24]. - The company reported a substantial increase in trading financial assets, which rose to RMB 65.69 billion from RMB 37.92 billion, a growth of about 73.5%[27]. - The company has made significant investments in long-term equity investments, which increased to RMB 82.33 million from RMB 77.37 million[27]. Other Financial Metrics - The weighted average return on net assets increased by 2.19 percentage points to 0.96% from -1.23%[6]. - The risk coverage ratio improved to 299.60% from 233.70% at the end of the previous year[10]. - The liquidity coverage ratio increased to 237.79% from 161.85% at the end of the previous year[10]. - Non-recurring gains and losses amounted to -¥1,355,400.58 after tax, indicating a focus on sustainable income sources[12]. - Goodwill increased dramatically by 1,131.60% to approximately ¥14.07 billion, reflecting the impact of newly acquired subsidiaries[16]. - The company experienced a significant increase in deferred tax assets, which rose by 2,056.16% to approximately ¥862.77 million, primarily due to the consolidation of new subsidiaries[16].

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 建議變更註冊資本及修訂《公司章程》 本公司已向15名特定對象發行208,550,573股A股股份（「本次發行」）募集配套資金， 並於2025年3月10日辦理完成新股登記手續。 鑒於本公司新增208,550,573股A股股份，建議變更本公司註冊資本並相應修訂《公司 章程》，具體如下： 1 變更註冊資本 經 中 國 證 監 會 核 准 通 過，本 公 司 已 完 成 本 次 發 行 工 作。本 次 發 行 新A股數量為 208,550,573股，已於2025年3月10日在中國證券登記結算有限責任公司上海分公 司辦理完成股份登記手續。本次發行完成後，本公司新增註冊資本（股本）為人民 幣208,550,573.00元，註冊資本（股本）由人民幣5,472,042,233.00元增加至人民幣 5,680,592,806.00元。 修訂《公司章程》 針 ...

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的內容概不負責， 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的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 國聯民生證券股份有限公司 董事長 葛小波 中國江蘇省無錫市 2025年4月29日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為顧偉先生、 周衛平先生、吳衛華先生、楊振興先生及劉海林先生；及本公司獨立非執行董事為 朱賀華先生、高偉先生及郭春明先生。 证券代码：601456 证券简称：国联民生 公告编号：2025-030 号 国联民生证券股份有限公司（以下简称"公司"）第五届董事会第二十四次 会议于 2025 年 4 月 15 日以书面方式发出通知，于 2025 年 4 月 29 日在公司总部 国联金融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 ...