华泰证券400亿元小公募债项目获上交所受理 智通财经4月30日电，上交所公司债券项目信息平台显示，华泰证券股份有限公司400亿元小公募债项目 状态更新为"已受理"，受理日期为2025年4月29日。募集说明书申报稿显示，本次公司债券注册发行总 额不超过400亿元，采取分期发行。本次债券的募集资金中，250亿元用于偿还公司债券本金或置换偿还 公司债券本金的自有资金，150亿元用于补充流动资金。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 82.3 billion yuan for Q1 2025, a year-on-year increase of 34.8% but a quarter-on-quarter decrease of 18.0% [2] - The net profit attributable to the parent company for Q1 2025 was 36.4 billion yuan, reflecting a year-on-year growth of 59.0% and a quarter-on-quarter increase of 28.7% [2] - The company's weighted ROE (annualized) for Q1 2025 was 2.10%, up by 0.73 percentage points year-on-year [2] Financial Performance Summary - For 2025E, the company is expected to achieve a revenue of 40,094 million yuan, with a year-on-year growth rate of -3.3% [3] - The net profit attributable to the parent company for 2025E is projected to be 14,597 million yuan, with a year-on-year decrease of 4.9% [3] - The company’s earnings per share (EPS) for 2025E is estimated at 1.62 yuan [3] - The company’s P/E ratio is projected to be 9.80 for 2025E [3] - The company’s P/B ratio is expected to be 0.83 for 2025E [3] Market Position and Business Segments - The company maintained a high market share of 7% in margin financing and securities lending (two-in-one business) [7] - The company’s securities main business revenue for Q1 2025 was 72.6 billion yuan, a year-on-year increase of 29% [7] - The company’s investment income for Q1 2025 was significantly boosted by a 319% year-on-year increase in net interest income [7] - The company’s investment leverage has increased compared to 2024, with total assets at 823.3 billion yuan, a 1% increase from the end of 2024 [7] Future Earnings Forecast - The report revises the 2025E profit forecast upwards while lowering the forecasts for 2026E and 2027E due to competitive impacts from industry peers [7] - The expected net profits for 2025-2027E are 146.0 billion yuan, 161.2 billion yuan, and 170.5 billion yuan respectively, with year-on-year changes of -4.9%, +10.4%, and +5.8% [7]

本公司监事会及全体监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。 华泰证券股份有限公司（以下简称"公司"）第六届监事会第十二 次会议通知及议案于 2025 年 4 月 18 日以专人送达或电子邮件方式发 出。会议于 2025 年 4 月 29 日在南京召开。会议应到监事 7 人，实到 监事 6 人，监事吕玮未亲自出席会议，书面委托监事会主席顾成中代 为行使表决权。会议由顾成中主持。本次会议有效表决数占监事总数 的 100%，符合《公司法》、公司《章程》和《监事会议事规则》的规 定。经与会监事审议，表决通过了各项议案，并形成如下决议： 一、同意关于公司 2025 年第一季度报告的议案，并就此出具如下 书面审核意见： 公司 2025 年第一季度报告的编制和审核程序符合相关法律、法规 及中国证监会的各项规定，报告的内容真实、准确、完整地反映了公 司的实际情况。 表决结果：7 票赞成，0 票反对，0 票弃权 二、同意关于公司 A 股限制性股票股权激励计划第三个限售期解 除限售条件成就的议案，并就此出具如下书面核查意见： 根据《上市公司股权激励管理办法》 ...

公司 2025 年第一季度报告于同日在上海证券交易所网站披露。 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-012 华泰证券股份有限公司 第六届董事会第十六次会议决议公告 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。 华泰证券股份有限公司（以下简称"公司"）第六届董事会第十 六次会议通知及议案于 2025 年 4 月 15 日以专人送达或电子邮件方式 发出。会议于 2025 年 4 月 29 日以现场及视频会议方式召开，现场会 议地点为南京。会议应到董事 12 人，实到董事 10 人，刘长春非执行 董事和彭冰独立非执行董事未亲自出席会议，其中：刘长春书面委托 柯翔非执行董事代为行使表决权，彭冰书面委托王建文独立非执行董 事代为行使表决权。会议由公司董事长张伟主持。公司部分监事及高 级管理人员列席会议。本次会议有效表决数占董事总数的 100%，符 合《公司法》、公司《章程》和《董事会议事规则》的规定。经与会 董事审议，表决通过了各项议案，并作出如下决议： 一、同意关于公司 2025 年第一季度报告的议案 ...

证券代码：601688 证券简称：华泰证券 公告编号：临2025-015 华泰证券股份有限公司 关于回购注销部分 A 股限制性股票的公告 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。 重要内容提示： 自2024年4月6日至2025年4月5日，公司A股限制性股票股权激励 计划授予的激励对象中共有143名激励对象存在个人绩效条件未完全达 标、与公司解除劳动关系等情况，公司拟对其已获授但尚未解除限售的 部分或全部限制性股票予以回购并注销。 2025年4月29日，华泰证券股份有限公司（以下简称"公司"）第六 届董事会第十六次会议及第六届监事会第十二次会议分别审议通过了 《关于公司回购注销部分A股限制性股票的议案》，对公司A股限制性 股票股权激励计划（以下简称"本激励计划"或"激励计划"）部分A股限 制性股票进行回购注销。现将有关事项说明如下： 一、本激励计划已履行的相关审批程序和信息披露情况 1、2020年12月31日，公司召开第五届董事会第十一次会议，会议 审议通过了《关于<华泰证券股份有限公司A股限制性股票股权激励计划 会第八次 ...

证券代码：601688 证券简称：华泰证券 公告编号：临2025-014 华泰证券股份有限公司 关于 A 股限制性股票股权激励计划第三个限售期 解除限售条件成就的公告 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。 重要内容提示： 公司 A 股限制性股票股权激励计划第三个限售期解除限售条件 成就，符合解除限售条件的激励对象共 718 名，可解除限售的限制性股 票数量共计 12,427,384 股，占公司当前总股本的 0.14%。 本次 A 股限制性股票解除限售尚需在相关部门办理解除限售手 续，在上市流通前，公司将发布相关提示性公告，敬请投资者注意。 2025 年 4 月 29 日，华泰证券股份有限公司（以下简称"公司"）第 六届董事会第十六次会议及第六届监事会第十二次会议分别审议通过 了《关于公司 A 股限制性股票股权激励计划第三个限售期解除限售条件 成就的议案》，根据公司 2021 年第一次临时股东大会的授权，现对公 司 A 股限制性股票股权激励计划（以下简称"本激励计划"或"激励计划"） 第三个限售期解除限售条件成就说明如 ...

北京市金杜律师事务所 关于华泰证券股份有限公司 A股限制性股票股权激励计划第三个解除限售期解除限售条件成就 及回购注销部分限制性股票事宜的 法律意见书 致：华泰证券股份有限公司 北京市金杜律师事务所（以下简称金杜或本所）受华泰证券股份有限公司（以下 简称公司或华泰证券）委托，作为公司A股限制性股票股权激励计划（以下简称本计划 或本激励计划）的专项法律顾问，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股权激励管 理办法（2018修正）》《上市公司股权激励管理办法（2025修正）》1（以下合称《管 理办法》）、《国有控股上市公司（境内）实施股权激励试行办法》（以下简称《试行 办法》）、《关于规范国有控股上市公司实施股权激励制度有关问题的通知》等法律、 行政法规、部门规章及规范性文件（以下简称法律法规）和《华泰证券股份有限公司 章程》（以下简称《公司章程》）及《华泰证券股份有限公司A股限制性股票股权激励 计划》（以下简称《激励计划》）的有关规定，就公司本计划第三个解除限售期解除 限售条件成就（以下简称本次解除限售）及回购注销部分限制性股票（以下简称 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 8,231,994,300.77, representing a 34.83% increase compared to CNY 6,105,433,969.17 in the same period last year[5] - Net profit attributable to shareholders was CNY 3,642,409,445.26, a 58.97% increase from CNY 2,291,192,821.36 year-on-year[5] - The basic earnings per share increased to CNY 0.38, up 58.33% from CNY 0.24 in the previous year[5] - Investment income for the reporting period was CNY 4,231,471,244.22, a significant increase of 350.49% compared to CNY 939,296,842.21 in the same period last year[10] - The total comprehensive income for the period was CNY 3,585,310,267.63, compared to CNY 2,451,013,293.65 in the previous year, representing a significant increase[23] - Net profit for Q1 2025 was ¥3,642,672,342.80, compared to ¥2,376,367,820.91 in Q1 2024, indicating a growth of 53.3%[22] - Net profit for Q1 2025 was ¥2,338,866,076.80, compared to ¥2,045,642,343.61 in Q1 2024, reflecting a year-over-year growth of 14.3%[30] Assets and Liabilities - The total assets at the end of the reporting period were CNY 823,254,264,027.98, reflecting a 1.10% increase from CNY 814,270,493,580.79 at the end of the previous year[5] - Total assets as of March 31, 2025, were ¥823,254,264,027.98, an increase from ¥814,270,493,580.79 at the end of 2024[20] - Total liabilities as of March 31, 2025, were ¥627,937,004,496.01, slightly up from ¥622,376,572,865.76 at the end of 2024[20] - Total liabilities increased to ¥498,711,384,716.59 from ¥484,081,008,155.08, indicating a growth in the company's financial obligations[28] Cash Flow - The company reported a cash flow from operating activities of CNY -10,820,326,931.00, a significant decrease from CNY 31,561,978,337.69 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was negative at -¥16,751,005,143.26, a significant decline from a positive cash flow of ¥22,862,440,726.07 in Q1 2024[32] - The net cash flow from investing activities was CNY -7,820,223,361.88, compared to CNY -675,347,678.38 in the previous year, indicating increased investment outflows[26] - The net cash flow from financing activities was CNY 10,754,879,913.89, a recovery from a negative cash flow of CNY -20,955,155,720.61 in the same period last year[26] - The net cash flow from investing activities was -3,490,655,172.95, compared to -1,642,266,495.87 in the previous period, indicating a significant increase in cash outflow for investments[33] - The net cash flow from financing activities was 15,969,111,497.97, a substantial improvement from -12,524,543,450.51 in the prior period, reflecting a positive shift in financing operations[33] Shareholder Information - Total number of common shareholders at the end of the reporting period was 223,797[12] - Jiangsu Guoxin Group held 1,373,481,636 shares, accounting for 15.21% of total shares[12] - Hong Kong Central Clearing (Agent) Limited held 1,266,549,648 shares, representing 14.03% of total shares[12] - The number of A-share shareholders was 217,484, while H-share registered shareholders totaled 6,313[15] Equity and Capital Management - The company's total equity increased to ¥195,317,259,531.97 as of March 31, 2025, from ¥191,893,920,715.03 at the end of 2024[20] - Total equity rose to ¥163,281,485,165.62, up from ¥160,886,314,922.70, reflecting a healthy increase in shareholder equity[28] - The company raised 36,010,184,300.00 from bond issuance, a significant increase compared to 1,538,052,008.00 in the previous period, highlighting a strong financing strategy[33] Operational Metrics - The liquidity coverage ratio improved to 270.88% from 260.99% at the end of the previous year[6] - The risk coverage ratio decreased to 393.56% from 431.31% at the end of the previous year[6] - The company has not engaged in any share lending or borrowing activities during the reporting period[15] Other Business Activities - The company completed the transfer of 20% equity in Jiangsu Equity Exchange Center, changing its holding to 32%[16] - Huatai International Financial Holdings' subsidiary obtained a license for leveraged foreign exchange trading in Hong Kong[16] - Huatai Financial Holdings (Hong Kong) became a registered institution for RMB interest rate swap business[17] Accounting Standards - The company will not apply new accounting standards starting from 2025, as indicated in the announcement[34]

紧急警示！"华泰证券老师张继强助理王宇琦的股票运作群" 是诈骗陷阱，速速撤离！ 近期，一个名为 "华泰证券老师张继强助理王宇琦的股票运作群" 在网络上悄然出现，众多投资者被其吸引加入。然而，这实则是一个精心布置的诈骗陷 阱，已有不少人遭受损失。请大家务必保持警惕，仔细阅读本文，认清其诈骗本质，及时退出，避免财产受损。 一、骗子如何打造虚假权威形象？ 华泰证券确有张继强这一人物，他是华泰证券研究所所长、总量研究负责人、固收首席 。但不法分子正是利用这一点，冒名使用 "华泰证券张继强" 等知名 券商人员的名义，在网上发布虚假新闻和文章，宣称与各大交易所或机构合作，拥有多项业务资格和优势，以此来吸引投资者的关注和信任。他们还会伪造 相关工作证件和获奖证书，让不少投资者信以为真。 在投资论坛和社交媒体平台上，诈骗分子精心伪装成华泰证券资深分析师张继强。他们深知投资者对专业人士的信赖，于是大肆宣扬 "张继强" 在金融领域 的卓越成就，称其拥有多年从业经验，对股市走势有着精准的判断力，还时常提及 "张继强" 曾在华泰证券参与的重大项目，让投资者逐渐放下防备，对其 产生强烈的依赖感。 二、"免费荐股" 背后的真正目的是什么 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.07 [8][9]. Core Insights - The company achieved a revenue of RMB 5.278 billion in 2024, representing a year-over-year growth of 10.26%, and a net profit of RMB 2.943 billion, up 10.63% year-over-year, slightly exceeding expectations [1]. - The company continues to focus on small and micro enterprises, enhancing its service capabilities and maintaining strong asset quality, with a non-performing asset ratio of 0.91% [2][3]. - The dividend payout ratio increased by 1.6 percentage points to 53% in 2024, reflecting the company's commitment to returning value to shareholders [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 1.544 billion, a year-over-year increase of 20.47%, and a net profit of RMB 772 million, up 8.41% year-over-year [1]. - The financing lease asset balance reached RMB 127.803 billion by the end of 2024, an increase of RMB 13.694 billion or 12.00% year-over-year [2]. Asset Quality - The company maintained a non-performing financing lease asset ratio of 0.91% at the end of 2024, consistent with the previous year, and a provision coverage ratio of 430.27%, despite a year-over-year decline of 18.12 percentage points [3]. Business Strategy - The company has adopted a dual-line business model of "vendor leasing + regional direct sales," establishing deep strategic partnerships with over 5,800 vendors and dealers [4]. - The focus remains on serving small and micro enterprises, with strong bargaining power on the asset side, indicating potential for continued growth in business scale and profitability [2]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.56, RMB 0.61, and RMB 0.67 respectively, with a book value per share (BPS) of RMB 4.67 for 2025 [5]. - The report assigns a price-to-book (PB) ratio of 1.3 for 2025, reflecting the company's stable profit growth and improved dividend payout [5].