光大证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 证券代码：601788 股票简称：光大证券 公告编号：临 2025-024 H 股代码：6178 H 股简称：光大证券 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： 会议召开时间：2025 年 8 月 29 日（星期五）15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 22 日（星期五）至 8 月 28 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ebs@ebscn.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 光大证券股份有限公司（以下简称公司）将于 2025 年 8 月 29 日披露公司 2025 年半年度报告。为便于广大投资者更全面深入地了 解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 ...

Core Viewpoint - The company reported a revenue of 4.12 billion yuan for 1H2025, reflecting a year-on-year increase of 20.1%, while the net profit attributable to shareholders was 120 million yuan, down 47.6% year-on-year [1] Group 1: Financial Performance - In 1H2025, the company achieved a production volume of 1.0237 million tons of mechanical paper and a sales volume of 987,200 tons, representing year-on-year increases of 76.3% and 74.4% respectively [1] - The average price per ton for mechanical paper was 4,175 yuan, a decrease of 1,886 yuan year-on-year [1] - The gross margin for 1H2025 was 8.2%, down 3.9 percentage points year-on-year, with 1Q and 2Q gross margins at 8.8% and 7.7%, respectively, showing year-on-year declines of 4.2 and 3.6 percentage points [1] Group 2: Market Conditions - The market is experiencing intensified competition, leading to price reductions; the average price per ton for paper cup base paper in 1Q and 2Q2025 was 6,800 yuan and 6,489 yuan, down 300 yuan and 418 yuan year-on-year, respectively [1] - The average price per ton for hardwood pulp in 1Q and 2Q2025 was 4,782 yuan and 4,284 yuan, reflecting year-on-year decreases of 402 yuan and 1,383 yuan, respectively [1] Group 3: Cost Structure - The company's expense ratio for 1H2025 was 4.8%, a slight decrease of 0.1 percentage points year-on-year; the sales, management, R&D, and financial expense ratios were 0.3%, 1.1%, 1.1%, and 2.2%, with respective year-on-year changes of +0.1, -0.2, -0.5, and +0.6 percentage points [1] - The increase in financial expense ratio was primarily due to rising financial costs [1] Group 4: Future Outlook - The specialty paper industry is expected to bottom out and recover in the second half of the year; since July, prices for certain paper types, such as heat transfer paper, have shown signs of recovery, which may improve profitability [1] - The company is currently constructing a 70,000-ton decorative base paper production line [1]

Core Viewpoint - The company, Shenzhen Aoya Design Co., Ltd., is temporarily adjusting the use of part of the fundraising project sites to enhance asset efficiency and align with business development needs [6][9][10]. Fundraising Overview - The company raised a total of RMB 813.45 million through its initial public offering, with a net amount of RMB 714.59 million after deducting issuance costs [1][2]. - The funds are primarily allocated to several projects, including the construction of a service network and a technology research and development center [2][3]. Fund Usage Status - As of July 30, 2025, the company has invested RMB 539.80 million, which is 75.54% of the net funds raised [4]. - The technology research and development center expansion project has seen an investment progress of 88.74%, while the information technology and collaboration platform project has a completion rate of 29.28% [3][4]. Adjustment of Project Sites - The company has decided to temporarily adjust the use of part of the fundraising project sites, specifically leasing out idle properties in Haikou to improve asset utilization [6][9]. - This decision aligns with the company's strategy to enhance operational efficiency without altering the intended use of the raised funds [9][10]. Approval Process - The adjustment was approved by the company's board of directors and independent directors, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [10][11].

Core Viewpoint - The stock price of Everbright Securities reached 19.27 yuan as of August 18, 2025, marking a 0.57% increase from the previous trading day, with a trading volume of 1.028 million lots and a transaction amount of 1.983 billion yuan [1] Group 1: Company Overview - Everbright Securities is a comprehensive securities company operating in various sectors including securities brokerage, investment banking, asset management, and proprietary trading, headquartered in Shanghai with branches nationwide [1] Group 2: Industry Trends - The cash dividend total for listed securities firms in 2024 exceeded 55 billion yuan, setting a historical high, with Everbright Securities announcing its annual equity distribution plan for 2024 [1] - The new "National Nine Articles" policy is guiding the trend of "multiple dividends within a year" in the securities industry [1] Group 3: Capital Flow - On August 18, 2025, the net outflow of main funds for Everbright Securities was 184 million yuan, accounting for 0.24% of its circulating market value, while the cumulative net inflow over the past five trading days was 206 million yuan, representing 0.27% of its circulating market value [1]

香港联交所最新资料显示，8月15日，CSCEC CAPITAL(HONG KONG)LIMITED减持光大证券 （601788）(06178)417.1万股，每股作价11.6936港元，总金额约为4877.4万港元。减持后最新持股数目 约为1.18亿股，最新持股比例为16.70%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月15日，CSCEC CAPITAL(HONG KONG)LIMITED减 持光大证券(06178)417.1万股，每股作价11.6936港元，总金额约为4877.4万港元。减持后最新持股数目 约为1.18亿股，最新持股比例为16.70%。 ...

Market Performance - The Shanghai Composite Index reached a new high of 3741.29 points, the highest since August 2015, with a closing increase of 1.18% at 3740.5 points [1][2] - The Shenzhen Component Index and the ChiNext Index both surpassed their previous highs from October 2024, with increases of 2.25% and 3.63% respectively [2] Market Capitalization and Trading Volume - The total market capitalization of A-shares exceeded 110 trillion yuan, reaching 113 trillion yuan, marking a historical high [2] - The trading volume in the market surpassed 1 trillion yuan, with a morning trading volume of 17.221 billion yuan, an increase of 4.114 billion yuan compared to the previous trading day [2] Sector Performance - The film and cinema sector saw significant gains, with companies like Baidu and Huace Film & TV hitting the daily limit [4][5] - The internet finance sector also experienced strong performance, with stocks like Longcheng Securities and Zhinanceng rising sharply [6][7] - Technology stocks rebounded across the board, particularly in the computing industry chain, with significant gains in liquid cooling server stocks and AI-related sectors [8][9] Investment Trends - There is a notable trend of funds migrating from deposits to the stock market, driven by declining deposit rates and increasing financial investment awareness among the private sector [10] - Analysts suggest that the "rain and dew evenly distributed" approach in the market indicates that sectors like finance and technology will continue to perform well [11]

Core Viewpoint - Tianmai Technology (300807.SZ) reported significant revenue growth in the first half of 2025, but continued to incur net losses, indicating ongoing financial challenges despite improved performance metrics [1][2]. Financial Performance - The company achieved operating revenue of 66.38 million yuan in the first half of 2025, representing an 82.79% increase compared to 36.32 million yuan in the same period last year [2]. - The net profit attributable to shareholders was -4.27 million yuan, an improvement of 87.21% from -33.40 million yuan year-on-year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -7.86 million yuan, a 76.94% improvement from -34.07 million yuan in the previous year [2]. - The net cash flow from operating activities was -2.28 million yuan, showing an 81.21% improvement from -12.15 million yuan year-on-year [2]. Historical Performance - Tianmai Technology has reported losses for four consecutive years, with operating revenues of 233 million yuan, 329 million yuan, 220 million yuan, and 164 million yuan from 2021 to 2024 respectively [2]. - The net profit attributable to shareholders for the same years were -37.27 million yuan, -8.51 million yuan, -50.07 million yuan, and -59.31 million yuan [2]. - The net profit after deducting non-recurring gains and losses for the same period were -49.81 million yuan, -20.90 million yuan, -54.87 million yuan, and -60.83 million yuan [2]. - The net cash flow from operating activities varied significantly, with figures of -91.88 million yuan, 20.22 million yuan, -40.30 million yuan, and 8.44 million yuan over the same years [2]. IPO Information - Tianmai Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 19, 2019, issuing 17 million shares at a price of 17.68 yuan per share [3]. - The total amount raised from the initial public offering (IPO) was 301 million yuan, with a net amount of 261 million yuan after expenses [3]. - The actual net fundraising amount was 1.25 billion yuan less than the originally planned net amount of 386 million yuan, which was intended for projects related to the Internet of Things and working capital [3].

Core Viewpoint - The A-share market has seen significant gains recently, particularly in the brokerage sector, which has become a strong market indicator, with the Wind brokerage index rising over 10 percentage points in the last 20 trading days [1][5]. Brokerage Sector Performance - Multiple brokerages are distributing dividends for the 2024 fiscal year, including major firms like Zheshang Securities, Bank of China Securities, Huatai Securities, and others, indicating a trend of increased dividend payouts [1][5]. - The total cash dividends for listed brokerages in 2024 exceed 55 billion, marking an increase of over 10 billion compared to the previous year, setting a historical high [5][6]. Dividend Trends - The new "National Nine Articles" and cash dividend regulations have led to a trend of "multiple dividends per year" among brokerages, with an increase in both frequency and total dividend amounts [5][6]. - Leading brokerages such as Guotai Junan, Huatai Securities, and Citic Securities have reported dividend totals exceeding 3 billion, ranking them among the top in the industry [5][6]. Dividend Payout Ratios - Smaller brokerages like Hongta Securities and Southwest Securities have high dividend payout ratios, with figures reaching 92.6% and 80.76% respectively, indicating a strong commitment to returning profits to shareholders [6][7]. - The new regulations emphasize the importance of cash dividends, with measures in place to encourage companies with low or no dividends to improve their payout policies [6][7]. Strategic Shifts in the Brokerage Industry - The brokerage industry is shifting focus from expansion to enhancing quality and returns, with an emphasis on sustainable profitability and stable dividends [6][7]. - The increase in wealth management and light capital business has contributed to a more stable income base for brokerages, allowing for consistent dividend distributions [7].

Core Insights - The main business segments of Everbright Securities include securities brokerage, investment banking, securities investment, and asset management, with wealth management being the largest revenue contributor at 49.53% [3] - Everbright Securities achieved a net profit attributable to shareholders of 30.58 billion yuan in 2024, reflecting a cumulative growth of 8.20% since its listing in 2009, with no annual losses recorded over the 16 years [3] - The company's revenue has shown a declining trend, with 158.66 billion yuan in 2020 dropping to 95.98 billion yuan in 2024 [4] - The net profit attributable to shareholders increased from 23.34 billion yuan in 2020 to 30.58 billion yuan in 2024, indicating overall profit growth despite fluctuations [5] - Since its listing, Everbright Securities' market value has decreased, with a peak market value of 1433.95 billion yuan in July 2020, dropping to 883.43 billion yuan by August 2020, representing a market value loss of 550.53 billion yuan or 38.39% [7]