证券代码：601788 股票简称：光大证券 公告编号：临 2025-032 H 股代码：6178 H 股简称：光大证券 议案表决情况：同意 12 票，反对 0 票，弃权 0 票。 光大证券股份有限公司 第七届董事会第十次会议决议公告 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。 光大证券股份有限公司（以下简称公司）第七届董事会第十次会 议通知于 2025 年 10 月 16 日以电子邮件方式发出。会议于 2025 年 10 月 30 日上午 9:00 以现场、视频结合通讯方式召开。本次会议应 到董事 12 人，实到董事 12 人。其中，刘秋明先生现场参会；赵陵先 生、马韧韬女士、连涯邻先生、潘剑云先生、尹岩武先生、任永平先 生、殷俊明先生、刘应彬先生、陈选娟女士、吕随启先生以视频方式 参会；秦小征先生以通讯方式表决。赵陵先生主持本次会议，部分高 管列席会议。本次会议符合《中华人民共和国公司法》和《公司章程》 关于召开董事会的规定。 公司董事经认真审议，通过了以下决议： 一、审议通过了《公司 2025 年第三季度报告的议案》 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥3,064,800,116.53, representing a year-on-year increase of 37.89%[3] - Total profit for the quarter was ¥1,252,083,470.50, up 71.89% compared to the same period last year[3] - Net profit attributable to shareholders was ¥995,056,985.19, reflecting a 65.88% increase year-on-year[3] - The basic earnings per share for the quarter was ¥0.20, an increase of 81.82% from the previous year[4] - Net profit for the first three quarters of 2025 reached CNY 2.71 billion, up from CNY 2.01 billion in the same period of 2024, reflecting a year-over-year increase of about 34.7%[20] - Operating income for the first three quarters of 2025 was CNY 8.19 billion, compared to CNY 6.41 billion in the previous year, indicating a growth of approximately 28%[19] - The net income for the first three quarters of 2025 was ¥2,127,114,233.41, representing an increase of 30.4% from ¥1,631,801,905.20 in the previous year[28] - The total profit amounted to ¥2,542,011,599.72, compared to ¥1,779,940,361.61 in 2024, marking a growth of 43%[28] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥305,436,284,297.85, a 4.26% increase from the end of the previous year[4] - The company's total liabilities as of September 30, 2025, were CNY 237.26 billion, compared to CNY 223.74 billion at the end of 2024, showing an increase of approximately 6%[16] - The company's total liabilities for bonds payable increased by 33.86% to CNY 47,032,887,665.85, indicating an expansion in corporate bond issuance[9] - The company's total liabilities of the company as of September 30, 2025, were CNY 182,458,474,797.38, a slight decrease from CNY 187,366,162,238.58 at the end of 2024, indicating a reduction of about 2.4%[26] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥10,263,367,471.54, showing a significant decrease of 70.72%[3] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 10,263,367,471.54, a significant decrease from CNY 35,048,596,109.77 in the same period of 2024[23] - The net cash flow from investing activities was negative at CNY -1,866,133,178.76, mainly due to increased cash recovery from other debt investments[9] - The net cash flow from financing activities increased by 128.20% to CNY 6,187,818,044.32, attributed to higher bond issuance and reduced debt repayments[9] - The net cash flow from financing activities for the first three quarters of 2025 was CNY 6,187,818,044.32, a significant recovery from CNY -21,940,480,694.27 in the same period of 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 180,487[11] - The largest shareholder, China Everbright Group Co., Ltd., holds 25.15% of shares, totaling 1,159,456,183 shares[11] - The second-largest shareholder, China Everbright Holdings Co., Ltd., owns 20.73% with 956,017,000 shares[11] Income and Expenses - Total net income from commission and fees increased by 35.74% to CNY 4,175,546,257.11, driven by higher trading volumes in equity funds[9] - The company reported a significant increase in commission income, with net commission and fee income reaching CNY 4.18 billion, up from CNY 3.08 billion in the previous year, representing a growth of about 36%[20] - The company reported a 42.52% increase in employee compensation liabilities, amounting to CNY 3,704,416,022.62[9] Investment Performance - Investment income surged by 231.85% to CNY 1,898,298,570.01, primarily from the disposal of trading financial assets[9] - The company's investment income for the first three quarters of 2025 was CNY 1.90 billion, compared to CNY 0.57 billion in the same period of 2024, indicating a substantial increase of approximately 231%[20] Comprehensive Income - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2025 was CNY 2,221,019,757.77, an increase from CNY 2,033,511,508.21 in the same period of 2024, representing a growth of approximately 9.2%[22] - The company reported a total comprehensive income of ¥1,700,035,257.29 for the first three quarters of 2025, slightly up from ¥1,680,320,153.12 in 2024[30]

Core Insights - The company reported a third-quarter revenue of 3.065 billion yuan, representing a year-on-year increase of 37.89% [1] - The net profit for the third quarter was 999.5 million yuan, showing a year-on-year growth of 65.88% [1] - For the first three quarters, the total revenue reached 8.189 billion yuan, which is a year-on-year increase of 27.83% [1] - The net profit for the first three quarters amounted to 2.678 billion yuan, reflecting a year-on-year growth of 34.55% [1]

Core Viewpoint - Evergrande Securities reports that Yuewen Group (00772) is a rare leading company in the full IP industry chain, with stable online reading business and continuous IP incubation [1] Group 1: Comic Industry - The comic industry is experiencing significant growth, with supply increasing at a compound annual growth rate of 83% in H1 2025, outputting over 3,000 works and a revenue scale that has increased 12 times [1] - The market size is expected to exceed 20 billion yuan, with the number of related enterprises expanding exponentially, projected to surpass tens of thousands [1] - AI technology is enhancing production capacity, reducing the production cycle of dynamic comics from 90 days to 10-13 days, a reduction of nearly 90%, with costs controlled between 100,000 to 300,000 yuan per work [1] Group 2: Yuewen's Strategic Initiatives - In 2025, Yuewen announced an upgrade to its "Creative Partner Program," entering the comic industry with four major initiatives: opening access to 100,000 premium IPs, establishing a 100 million yuan creative fund, launching AIGC tools to improve adaptation efficiency, and building a full-chain support system [1] - As of October 2025, Yuewen has 30 comic works with view counts exceeding 10 million, with several works surpassing 100 million views [1] - The partnership with Soy Sauce Animation aims to produce at least 400 comic works annually over the next three years, with no less than 200 adaptations from Yuewen's IP [1] Group 3: Derivative Products and New Media - In H1 2025, Yuewen's derivative product GMV increased to 480 million yuan, nearing the total of 500 million yuan for the entire year of 2024 [2] - Key IPs such as "Full-Time Master" and "Mystery Lord" are performing well, with new product categories being explored, including plush toys [2] - New media projects from Xinli, including "Drug Storm" and upcoming series like "Young and Promising," are expected to contribute positively to the company's performance [2]

Core Viewpoint - The A-share and Hong Kong stock markets experienced fluctuations in October, with Hong Kong showing strong overall profitability and low valuations despite recent gains [1][2][4]. A-share Market Summary - The A-share market showed mixed performance in October, with the Shanghai Composite Index rising by 2.7% while the Sci-Tech Innovation 50 Index fell by 1.6% [2]. - Various sectors exhibited significant performance divergence, with coal, telecommunications, and banking sectors performing well due to market sentiment and profit-taking [2][3]. - Positive factors such as the approval of the 15th Five-Year Plan and ongoing US-China trade negotiations are expected to bolster market confidence [3]. Hong Kong Market Summary - The Hong Kong stock market faced a pullback in October due to increased overseas uncertainties and a decline in domestic risk appetite, with major indices showing mixed results [2]. - Despite recent increases, the overall valuation of the Hong Kong market remains low, indicating a favorable long-term investment opportunity [1][4]. - The market is expected to continue a volatile upward trend, supported by the ongoing development of the AI industry and the commencement of the Federal Reserve's interest rate cuts [4]. Industry Configuration - Mid-term focus should be on the TMT (Technology, Media, Telecommunications) and advanced manufacturing sectors, with a shift to high-dividend and consumer sectors during market fluctuations [3][4]. - A "barbell" strategy is recommended, emphasizing both technology growth and high-dividend stocks, particularly in sectors like telecommunications, utilities, and banking [4].

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for ASMPT (00522), highlighting strong AI demand and a recovery in mainstream business and SMT, with expectations for accelerated shipments in Q4 2025 and 2026, despite one-time costs from restructuring [1] Group 1: Financial Projections - The company adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates [1] - Year-on-year changes are projected at -41.2%, +565.2%, and +43.2% for the respective years [1] Group 2: Business Developments - The company is deepening its focus on TCB and HB, with expectations for accelerated shipments in Q4 2025 and 2026 [1] - In TCB, the company has validated HBM4 with major clients, anticipating orders from leading wafer foundry customers and preparing for mass production [1] - In the storage sector, the company has secured multiple orders for HBM4-12H, with one being a primary supplier [1] - The company continues to deliver HB in Q3, with several projects at different evaluation stages [1] Group 3: Restructuring Impact - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in a short-term loss for the company, but is expected to improve long-term profitability [2] - The restructuring and inventory write-off in Q3 incurred costs of HKD 3.55 billion, but is projected to enhance gross margins and save HKD 1.28 billion annually [2]

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for ASMPT (00522), highlighting strong AI demand and a recovery in mainstream business and SMT, with expectations for accelerated shipments in TCB by Q4 2025 and in 2026, despite one-time costs from restructuring [1] Group 1: Financial Forecasts - The company adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates [1] - Year-on-year changes in net profit are projected at -41.2% for 2025, +565.2% for 2026, and +43.2% for 2027 [1] Group 2: Business Developments - The company is deepening its focus on TCB and HB, with expectations for accelerated shipments in Q4 2025 and 2026 [1] - In TCB, the company has validated HBM4 with key customers in the logic sector, anticipating orders from leading foundry clients starting in Q4 2025 [1] - In the storage sector, the company has secured multiple orders for HBM4-12H, with one major client as a primary supplier [1] - The company is also progressing in HB, with ongoing deliveries and multiple projects at different evaluation stages [1] Group 3: Restructuring Impact - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in a short-term loss for the company, but is expected to improve long-term profitability [2] - The restructuring and inventory write-off in Q3 incurred costs of HKD 3.55 billion, but is projected to enhance gross margins and save HKD 1.28 billion annually [2]

Core Insights - The company reported a revenue of 321.21 million yuan for the first nine months of 2025, representing a year-on-year decline of 8.61% [1] - The net profit attributable to shareholders was -28.70 million yuan, an improvement from -104 million yuan in the same period last year [1] - The net cash flow from operating activities was 31.36 million yuan, showing a significant increase of 219.08% year-on-year [1] Financial Performance Summary - Revenue for the current period was 124.58 million yuan, an increase of 61.25% compared to the previous year [2] - The net profit attributable to shareholders for the current period was -6.36 million yuan, an increase of 80.32% year-on-year [2] - The net profit attributable to shareholders after excluding non-recurring gains and losses was -8.75 million yuan, a decrease of 74.05% compared to the previous year [2] - The net cash flow from operating activities for the year-to-date was 31.36 million yuan, reflecting a year-on-year increase of 219.08% [2] Historical Financial Data - The company achieved revenues of 480 million yuan, 479 million yuan, and 413 million yuan from 2022 to 2024, respectively [3] - The net profit attributable to shareholders for the years 2022, 2023, and 2024 were -51.68 million yuan, -177 million yuan, and -282 million yuan, respectively [3] - The net cash flow from operating activities for the same years were -90.80 million yuan, -117 million yuan, and -21.64 million yuan, respectively [3]

Group 1: Core Insights - The high-end manufacturing sector will remain a key focus and investment theme in 2026, with significant breakthroughs expected in humanoid robots, liquid cooling equipment, and solid-state battery equipment [1] - The PCB equipment industry is anticipated to improve due to the growing demand for AI computing power [1] Group 2: Humanoid Robots - 2026 is projected to be a breakthrough year for mass production in the humanoid robot industry, with a focus on high-complexity dexterous hands, screw rod production and cost reduction, reducer supply chain, six-dimensional force sensors, and precision injection molding [2] Group 3: Liquid Cooling Equipment - The liquid cooling industry is expected to see increased penetration driven by higher chip power density and lower data center PUE, with a shift from single-phase to dual-phase and immersion cooling technologies [3] Group 4: PCB Equipment - The AIPCB industry's positive outlook is extending to upstream equipment, with domestic manufacturers actively capturing the high-end PCB equipment market, indicating a broad market space for domestic equipment [4] Group 5: Solid-State Battery Equipment - Multiple battery manufacturers have confirmed plans for mass production of all-solid-state batteries, with rising demand expectations and supportive policies, indicating a potential breakthrough in the industry [5] Group 6: External Demand - The easing of tariff impacts is expected to sustain proactive inventory replenishment in tools and OPE, with a focus on mining equipment investment driven by copper grade decline and supply gaps [6] Group 7: Internal Demand - The recovery in manufacturing sentiment is likely to boost demand for machine tools and cutting tools, alongside accelerated automation upgrades in manufacturing enterprises [7]

Core Viewpoint - The report from Everbright Securities indicates a downward revision of New Oriental-S (09901) net profit forecasts for FY26-28 due to intensified industry competition and increased business base, with projected profits of $442 million, $514 million, and $582 million respectively, each down by 8% [1] Group 1: Financial Performance - In FY26Q1, New Oriental achieved net revenue of $1.523 billion, a year-on-year increase of 6.1%, exceeding previous guidance [1] - The company reported a net profit attributable to shareholders of $240,700, a decrease of 1.9% year-on-year, while Non-GAAP net profit was $258 million, down 1.6% [1] - The company expects FY26Q2 overall net revenue to be between $1.132 billion and $1.163 billion, representing a year-on-year growth of 9%-12% [2] Group 2: Business Segments - In the overseas business segment, exam preparation revenue grew by 1.0% and consulting revenue by 2.0%, with slower growth rates observed [1] - Domestic exam preparation for adults and university students saw a robust revenue increase of 14.4% year-on-year [1] - New educational business revenue grew by 15.3% year-on-year, although growth was impacted by increased competition from low-cost/free classes during the summer [1] Group 3: Operational Efficiency - Non-GAAP operating profit for FY26Q1 was $336 million, reflecting an 11.3% year-on-year increase, with an operating profit margin of 22.0%, up 1.0 percentage points [3] - The improvement in profit margin is attributed to ongoing efforts in cost optimization and operational efficiency [3] - The company is implementing a cautious capacity expansion strategy and enhancing the use of AI technology in its educational ecosystem and internal operations [3] Group 4: Shareholder Returns - The company announced a three-year shareholder return plan, committing to return at least 50% of the previous fiscal year's net profit to shareholders, including a cash dividend of $190 million and a $300 million share buyback plan [2]