Company Overview and Shareholding Structure - Guolian Securities Co., Ltd. is registered in the People's Republic of China with stock code 1456[1] - Guolian Group directly and indirectly holds 48.60% of the company's shares, making it the controlling shareholder[4] - The company holds 100% equity in Guolian Tongbao Capital Investment Co., Ltd. and Guolian Innovation Investment Co., Ltd.[4] - The company holds 75.5% equity in Guolian Fund Management Co., Ltd.[4] - Guolian Securities holds 100% equity in Guolian Securities (Hong Kong) Co., Ltd.[4] - The company holds 100% equity in Huaying Securities Co., Ltd.[5] - Guolian Securities holds 9.43% equity in Zhonghai Fund Management Co., Ltd.[6] Financial Performance and Key Metrics - Revenue, net investment income, and other income increased by 11.59% to RMB 4,385.57 million in 2023 compared to 2022[17] - Profit before tax decreased by 14.50% to RMB 825.42 million in 2023 compared to 2022[17] - Net profit attributable to shareholders decreased by 12.51% to RMB 671.32 million in 2023 compared to 2022[17] - Total assets increased by 17.14% to RMB 87,128.87 million in 2023 compared to 2022[18] - Total liabilities increased by 19.76% to RMB 69,005.32 million in 2023 compared to 2022[18] - Equity attributable to shareholders increased by 6.01% to RMB 17,768.69 million in 2023 compared to 2022[18] - Basic earnings per share decreased by 11.11% to RMB 0.24 in 2023 compared to 2022[17] - Weighted average return on equity decreased by 0.73 percentage points to 3.89% in 2023 compared to 2022[16] - Asset-liability ratio increased by 3.15 percentage points to 76.79% in 2023 compared to 2022[18] - Net cash flow from operating activities decreased by 60.10% to RMB 779.79 million in 2023 compared to 2022[17] - Total revenue, net investment income, and other income for 2023 reached RMB 43.86 billion, an increase of 11.59% year-over-year, while net profit attributable to shareholders decreased by 12.51% to RMB 6.71 billion[27] - Total assets as of December 31, 2023, amounted to RMB 871.29 billion, with net assets attributable to shareholders at RMB 177.69 billion and a weighted average ROE of 3.89%[27] Business Segments and Operations - Brokerage and wealth management business revenue decreased by 7.57% to RMB 9.69 billion, while asset management and investment business revenue surged by 139.06% to RMB 4.70 billion[27] - The company added 150,600 new clients in 2023, bringing the total client base to 1.7364 million, a year-over-year increase of 9.64%[30] - Fund investment advisory signed clients reached 300,200, up 24.93% year-over-year, with authorized account assets totaling RMB 6.594 billion[30] - Financial product sales (excluding cash management products) amounted to RMB 18.403 billion, a decrease of 14.76%, while the year-end financial product balance grew by 8.16% to RMB 19.330 billion[30] - In 2023, the company completed 6 equity financing projects with a total underwriting amount of RMB 3.956 billion, achieving full coverage across the Shanghai, Shenzhen, and Beijing Stock Exchanges[33] - IPO underwriting projects in 2023 totaled RMB 2.368 billion across 4 deals, with an additional 1 project approved and awaiting issuance, 1 project approved, 3 projects under review, and 17 projects in the counseling stage[34] - The company's bond underwriting business achieved a total underwriting amount of 515.81 billion yuan in 2023, with the number of underwriting deals and scale increasing by 22.22% and 30.94% year-on-year respectively[38] - The company completed 135 bond underwriting projects and 19 government bond distribution projects in 2023, with 40 approved bond projects pending issuance and 32 bond projects under review, with a pending issuance scale exceeding 100 billion yuan[38] - The company's asset management business managed a total of 300 asset management plans with entrusted funds of 1,172.93 billion yuan at the end of 2023, a year-on-year increase of 14.94%[44] - The company's asset management business achieved a revenue of 189.77 million yuan in 2023, a year-on-year increase of 2.55%, with public fund products (including large collections) accounting for 87.73 billion yuan in assets[44] - The company acquired 75.5% equity of Zhongrong Fund in 2023, which was renamed Guolian Fund on August 1, marking a new development phase[47] - The company plans to focus on the Beijing Stock Exchange IPO business in 2024, aiming to enhance project reserves and consolidate its industry ranking[36] - The company aims to improve bond service quality and innovation capabilities in 2024, while expanding market share and enhancing bond sales capabilities[40] - The company completed 157 financial advisory projects in 2023, including 6 new三板 listing projects and 5定增 projects, with 92 new三板持续督导 enterprises[41] - The company plans to deepen industry research and seize merger and acquisition opportunities in 2024, while enhancing comprehensive financial advisory service capabilities[42] - The company's asset management business ranked in the top 10% for pure bond fixed-income products, top 40% for含权类 products, and top 30% overall in 2023, with ABS new issuance scale ranking 9th in the industry[44] - Public fund industry's total management scale reached 27.6 trillion yuan by the end of 2023, with ETF market size exceeding 2 trillion shares, marking a significant milestone[48] - Guolian Fund's total asset management scale reached 148.767 billion yuan by the end of 2023, with non-monetary public fund management scale breaking 100 billion yuan at 101.573 billion yuan, ranking 44th in the industry[49] - Guolian Fund's active stock management ability ranked 14th out of 107 fund companies over the past three years and 22nd out of 99 over the past four years[49] - Private equity market saw 8,322 new funds established in 2023, a 4.67% year-on-year decrease, with new fund subscription scale dropping 9.36% to 614.06 billion USD[51] - Guolian Tongbao established 5 new funds in 2023, adding 1.272 billion yuan in management scale, with total management scale reaching 6.15 billion yuan by the end of the reporting period[52] - Margin financing and securities lending business achieved interest income of 606 million yuan in 2023, a 6.69% year-on-year increase, with daily average balance reaching 10.231 billion yuan, up 10.72% year-on-year[54] - Stock pledge repurchase business principal balance stood at 2.394 billion yuan by the end of 2023, a 37.93% year-on-year decrease, with investment-type (on-balance sheet) balance at 1.329 billion yuan and management-type (off-balance sheet) balance at 1.065 billion yuan[57] - The company's equity securities investment business achieved excess returns, significantly outperforming the CSI 300 Index in 2023[60] Strategic Plans and Outlook - The company plans to focus on high-quality development in 2024, aiming to enhance its product and service offerings in niche markets and deepen its wealth management transformation[119] - The company will improve its investment research capabilities and expand the scale of its asset management subsidiary and Guolian Fund, aiming to build a strong active management brand[119] - The company aims to apply for new niche business licenses to diversify its financial market business and enhance its anti-cyclical capabilities[119] - The company will explore the application of AI and large models in business and daily operations to improve IT self-research capabilities[119] - The company will continue to optimize its funding structure, explore new financing instruments and models, and ensure liquidity safety while maintaining a reasonable leverage level[120] - The company expects global economic challenges in 2024, with weakening global demand and structural supply shortages, while domestic monetary policy in China is expected to have more room for adjustment due to shifts in overseas monetary policies[116] - The company highlights the increasing dominance of leading securities firms in the industry, with top firms showing better profitability and resilience through cycles, supported by regulatory policies aimed at fostering first-class investment banks and institutions[117] Risk Management and Compliance - The company has established a comprehensive risk management framework, including a four-tier structure, to ensure risk is measurable, controllable, and acceptable[126][127][128][129] - The company has established a Risk Management Committee at the senior management level, responsible for comprehensive risk management, including policy formulation, risk limit approval, and decision-making on significant risk-related matters[130] - The Chief Risk Officer is responsible for coordinating comprehensive risk management, including the implementation of risk management plans, approval of risk measurement methods and models, and assessment of major market, credit, liquidity, and reputational risks[130] - The company's risk management functions include the Risk Management Department, Compliance and Legal Department, Financial Accounting Department, and others, which are responsible for developing risk management tools, monitoring risk limits, and conducting stress tests[131] - The company has established a market risk limit management system, allocating risk limits to various business departments and lines, with daily monitoring of indicators such as profit and loss, exposure, and duration[133] - Credit risk is managed through an internal credit rating system, stress testing, and sensitivity analysis, with a focus on monitoring counterparty credit risk and using a credit risk management system[134] - The company has implemented a daily liquidity management and regular liquidity analysis mechanism, with liquidity risk limits set based on business scale, nature, and market conditions[135] - Operational risk is managed through continuous optimization of internal controls, risk identification, and effectiveness assessments, with a focus on process standardization and risk event collection[136] - The company has established a comprehensive compliance risk management system, including compliance monitoring, inspections, reviews, and training to control compliance risks effectively[137] Dividend and Shareholder Information - The company's 2023 net profit was RMB 587,568,168.76, with distributable profit after deductions amounting to RMB 406,058,811.21[141] - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, totaling RMB 402,111,789.86, with the remaining undistributed profit of RMB 2,960,489,772.21 carried forward to the next year[141] - The company's total undistributed profit for 2023, including previous years' retained earnings, was RMB 3,362,601,562.07[141] - The company's H-share dividend tax rate for non-resident enterprise shareholders is 10%, in accordance with Chinese tax regulations[159] - The company's distributable reserves as of December 31, 2023, amounted to RMB 3,362,601,562.07[161] Related Party Transactions - The company renewed the securities and financial services framework agreement and property leasing and related services framework agreement with Guolian Group, setting annual caps for the period from January 1, 2024, to December 31, 2026[172] - The company provides financial services to Guolian Group and its associates, including securities brokerage, futures IB services, and asset management services[173] - The company engages in securities and financial product transactions with Guolian Group, including repurchase agreements and trust plan subscriptions[174] - Pricing for securities and financial services is determined based on market rates and must not be lower than the rates charged to independent third parties[175] - The commission for securities brokerage services is determined based on market rates and the estimated scale of transactions[176] - Asset management service fees are set within market ranges and consider factors such as asset conditions[177] - The pricing for single asset management plans varies based on target assets and market conditions[178] - Financial product distribution fees are determined based on product risk and market prices[179] - Financial advisory service fees are benchmarked against similar transactions with independent third parties[180] - Underwriting and sponsorship service fees are determined based on market rates and the total funds to be raised[181] - The company's securities and financial services generated revenue of RMB 14.85 million in 2023, against a maximum transaction limit of RMB 80.03 million, while expenses amounted to RMB 2.07 million against a limit of RMB 7.43 million[193] - The company's total funds inflow from securities and financial product transactions (excluding repurchase and pledged repurchase transactions) with related parties was RMB 0 in 2023, against a maximum limit of RMB 330 million, while the outflow was also RMB 0 against a limit of RMB 315 million[195] - The maximum daily balance (including interest) for repurchase and pledged repurchase transactions with related parties was RMB 0 in 2023, against a maximum limit of RMB 525 million[197] - The company's property leasing and related services generated revenue of RMB 0.54 million in 2023, against a maximum limit of RMB 3.00 million, while expenses amounted to RMB 19.66 million against a limit of RMB 33.70 million[200] Miscellaneous - The company has no significant foreign currency assets or liabilities, and most business transactions are settled in RMB, making exchange rate fluctuation risk insignificant[165] - The company has no major suppliers due to the nature of its business[161] - The company has no significant penalties or public reprimands during the reporting period[169] - No major contracts were signed during the reporting period, apart from those disclosed in the report[170] - The company has complied with all relevant laws and regulations in both Mainland China and Hong Kong during the reporting period[163] - The company has no stock-linked agreements or share option arrangements during the reporting period[166] - The company has no significant litigation or arbitration cases concluded during the reporting period[170]

关于向特定对象发行 A 股股票募集说明书等申请文件 财务数据更新的提示性公告 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。 国联证券股份有限公司（以下简称"公司"）分别于 2023 年 3 月 3 日、2023 年 4 月 1 日、2023 年 6 月 17 日和 2023 年 9 月 12 日在上海证券交易所（以下简 称"上交所"）网站（http://www.sse.com.cn）披露了《国联证券股份有限公司 向特定对象发行证券募集说明书（申报稿）》等相关文件。 证券代码：601456 证券简称：国联证券 公告编号：2024-008 号 国联证券股份有限公司 根据中国证券监督管理委员会（以下简称"中国证监会"）《监管规则适用指 引——发行类第 3 号》的要求，公司需在公告 2023 年度报告后，报送更新后的 募集说明书等申报材料。公司按照相关要求会同相关中介机构对募集说明书等申 请文件的财务数据及其他变动事项更新至 2023 年度，具体内容详见公司同日在 上交所网站（http://www.sse.com.cn）披露的《国联 ...

6-1-1 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 7 | | 合并资产负债表 | 8 - 9 | | 母公司资产负债表 | 10 - 11 | | 合并利润表 | 12 | | 母公司利润表 | 13 | | 合并现金流量表 | 14 | | 母公司现金流量表 | 15 | | 合并股东权益变动表 | 16 - 17 | | 母公司股东权益变动表 | 18 - 19 | | 财务报表附注 | 20 - 152 | 6-1-2 Deloitte. 审计报告 德师报(审)字(24)第 P01985 号 (第1页,共7页) 国联证券股份有限公司全体股东: 一、审计意见 我们审计了国联证券股份有限公司(以下简称"国联证券")的财务报表,包括 2023年 12 月 31 日的合并及母公司资产负债表,2023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表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 国联证券 2023年 12 月 31日的合并及母公司财务状况以及 2023 年度的合并及母公司经营 ...

中信建投证券股份有限公司 关于 国联证券股份有限公司 向特定对象发行 A 股股票 之 上市保荐书 保荐人 二〇二四年四月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人杨成、陈陆已根据《中华人 民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及上海证 券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行 业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-2-1 | | | | 释 义 3 | | --- | | 一、发行人基本情况 4 | | 二、发行人本次发行情况 13 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 16 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 19 | | 五、保荐人按照有关规定应当承诺的事项 20 | | 六、保荐人关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及上海证券交易所规定的决策程序的说明 21 | | 七、保荐人关于发行人是否符合国家产业政策所作出的专业判断以及相 ...

股票简称：国联证券 （A 股） 股票代码：601456.SH（A 股） 股票简称：国联证券（H 股） 股票代码：01456.HK（H 股） 国联证券股份有限公司 Guolian Securities Co., Ltd. （江苏省无锡市金融一街 8 号） 向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐机构（主承销商） 二〇二四年四月 国联证券股份有限公司 向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投 ...

源律师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI'AN 致:国联证券股份有限公司 北京市嘉派律师事务所 关于国联证券股份有限公司 向特定对象发行 A 股股票之 补充法律复见书(六) 嘉源(2024)-01-175 敬启者: 根据发行人与本所签订的《专项法律顾问协议》,本所担任本次发行的专 项法律顾问,并获授权为本次发行出具律师工作报告及法律意见书。本所已于 2023 年 2 月 27 日出具了嘉源（2023）-01-102 号《律师工作报告》、嘉源（2023 ) -01-101 号《法律意见书》，并于 2023 年 1 月 29 日出具了嘉源（2023）-01-026 号《北京市嘉源律师事务所关于国联证券股份有限公司非公开发行 A 股股票之 补充法律意见书(一)》,于 2023年 3 月 30 日出具了嘉源(2023)-01-250 号 《北京市嘉源律师事务所关于国联证券股份有限公司向特定对象发行 A 股股票之 补充法律意见书（二）》，于 2023年 4 月 ...

(II) 中信建投证券股份有限公司 CHINA SECURITIES CO.,LTD. 二〇二四年四月 中信建投证券股份有限公司 关于 国联证券股份有限公司 向特定对象发行 A 股股票 之 发行保荐书 保荐人 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人杨成、陈陆根据《中华人民 共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的有 关规定以及上海证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照依 法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发行保 荐书的真实性、准确性和完整性。 3-1-1 保荐人出具的证券发行保荐书 目 录 | 释 义 | | --- | | 第一节 本次证券发行基本情况 … | | 一、本次证券发行具体负责推荐的保荐代表人 | | 二、本次证券发行项目协办人及项目组其他成员… | | 三、发行人基本情况. | | 四、保荐人与发行人关联关系的说明. | | 五、保荐人内部审核程序和内核意见………………………………………………………………………………………………………………………………………………… ...

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: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯證券股份有限公司 呈交日期: 2024年4月3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 | 01456 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) ...

◆ ◆ 300 30% 20% 10% ◆ 0% -10% -20% -30% 23-03 23-06 23-08 23-11 24-01 24-03 ◆ ...

证券研究报告 非银金融 报告日期：2024 年 3月 30日 资管规模快速扩张 外延并购望提升公司综合实力 ——国联证券（601456.SH）2023 年年报点评 事件： 华龙证券研究所  国联证券发布2023年报。2023年实现营收29.6亿元，同比增长 投资评级：买入（首次覆盖） 12.7%，归母净利润6.7亿元，同比下降12.5%，加权平均ROE 为3.89%，同比减少0.73pct，公司分红率为59.9%，DPS 为0.142 最近一年走势 元。 核心观点：  并表提振下，资管业务收入与规模协同增加。资管业务净收入 4.43亿元，同比增加128.54%，主要系完成对国联基金并表。资 管规模 1172.93 亿元，同比增加 14.94%，国联基金资产管理规 市场数据 2024年3月29日 模1488亿，非货AUM1016 亿元，行业排名第44位。 601456.SH 当前价（元） 11.31  投行收入逆市增加，并购望提升业务规模。投行业务净收入4.89 总市值（亿元） 320.2 亿元，同比增加2.47%。全年IPO 规模合计23.68 亿元，同比下 流通市值（亿元） 270.2 降1.33%， ...