证券代码：601881 证券简称：中国银河 公告编号：2025-029 会议形成如下决议： 一、审议通过《关于提请审议<中国银河证券股份有限公司 2025 年第一季 度报告>的议案》 监事会就公司 2025 年第一季度报告审核意见如下： 1.公司 2025 年第一季度报告的内容和格式符合监管机构的规定，能够真实、 准确、完整地反映公司 2025 年第一季度经营管理和财务状况的实际情况； 2.公司 2025 年第一季度报告编制和审议程序符合相关法律、法规及《公司 章程》和公司内部管理制度的规定； 3.未发现参与公司 2025 年第一季度报告编制和审议的人员有违反保密规定 的行为。 议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 中国银河证券股份有限公司 第五届监事会第三次会议（定期）决议公告 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个别及连带 责任。 2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届监事会第三次会议（定期）。本次会议通知 已于 2025 年 4 ...

2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）在 北京市丰台区西营街 8 号青海金融大厦 M1912 会议室以现场和通讯相结合的方 式召开第五届董事会第四次会议（定期）。本次会议通知已于 2025 年 4 月 15 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应出席 董事 9 名，实际出席董事 9 名，其中委托出席董事 1 名，2 名董事以通讯表决方 式出席本次会议。董事罗卓坚先生因工作原因未能亲自出席会议，书面委托董事 麻志明先生代为出席会议并表决。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。公司监事和有关高 级管理人员列席了会议。 会议形成如下决议： 证券代码：601881 证券简称：中国银河 公告编号：2025-028 中国银河证券股份有限公司 第五届董事会第四次会议（定期）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个别及连带 责任。 三、通过《 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,558,000,323.61, an increase of 4.77% compared to ¥7,214,073,753.02 in the same period last year[3]. - Net profit attributable to shareholders reached ¥3,015,845,560.34, marking an 84.86% increase from ¥1,631,459,082.73 year-on-year[3]. - The basic earnings per share rose to ¥0.25, up 108.33% from ¥0.12 in the previous year[3]. - The net profit excluding non-recurring gains and losses was ¥3,021,125,942.69, an increase of 85.06% from ¥1,632,526,324.08 year-on-year[3]. - Net profit for Q1 2025 was CNY 3,015,898,121, up 84.66% from CNY 1,631,553,901 in Q1 2024[23]. - Net profit for Q1 2025 was ¥2,791,431,629.52, compared to ¥1,512,702,645.52 in Q1 2024, marking an increase of about 84.5%[31]. Asset and Equity Management - The total assets at the end of the reporting period were ¥749,980,342,361.54, reflecting a 1.70% increase from ¥737,470,691,457.89 at the end of the previous year[3]. - The company's equity attributable to shareholders rose to CNY 142,216,396,687 as of March 31, 2025, from CNY 140,480,735,424 at the end of 2024[21]. - The total equity increased to ¥136,976,358,314.67 as of March 31, 2025, from ¥135,500,054,764.83 at the end of 2024[28]. Cash Flow Analysis - The net cash flow from operating activities decreased significantly by 91.04%, totaling ¥7,379,071,396.39 compared to ¥82,344,456,666.09 in the previous year[3]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥125,417,327.51, a significant decrease compared to a net inflow of ¥86,476,388,358.25 in Q1 2024[33]. - The company's cash and cash equivalents at the end of Q1 2025 were ¥150,424,298,926.40, a decrease from ¥165,703,371,976.48 at the end of Q1 2024[26]. - The net cash flow from financing activities in Q1 2025 was -¥4,458,346,211.74, slightly improved from -¥4,920,927,200.03 in Q1 2024[26]. - The net cash flow from investing activities for Q1 2025 was ¥1,510,185,543.90, a recovery from a net outflow of ¥30,234,999,975.89 in Q1 2024[34]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 177,197, including 176,605 A-shareholders and 592 H-shareholders[14]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[14]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,689,040,986 shares, accounting for 33.74%[14]. - The top 10 shareholders collectively hold a significant portion of the company's shares, with the first two shareholders alone accounting for over 81%[15]. Management and Governance - The independent director, Liu Chun, resigned due to the expiration of her six-year term, effective immediately upon delivery of the resignation[17]. - The board of directors approved the election of Ma Zhiming as the new chairman of the audit committee on March 28, 2025[17]. - The company has not provided any audit opinion type for the financial statements as of March 31, 2025[18]. - The financial statements are prepared by China Galaxy Securities Co., Ltd., indicating ongoing compliance with regulatory requirements[19]. Revenue and Income Breakdown - The company reported a significant increase in net commission income, which reached ¥2,224,985,044.50, a growth of 50.87% compared to the previous year[12]. - Investment income for Q1 2025 was CNY 2,741,702,074, a recovery from a loss of CNY 2,280,461,015 in Q1 2024[23]. - Fee and commission income surged to CNY 2,224,985,045, a significant increase of 50.7% from CNY 1,474,789,383 in Q1 2024[23]. - Total operating revenue for Q1 2025 reached ¥5,277,260,654.66, a significant increase from ¥3,292,340,955.97 in Q1 2024, representing a growth of approximately 60.3%[30]. - Other comprehensive income for Q1 2025 showed a loss of CNY 1,280,184,298, contrasting with a gain of CNY 907,702,449 in Q1 2024[24].

中国银河（601881）公告，2025年第一季度营收为75.58亿元，同比增长4.77%；净利润为30.16亿元， 同比增长84.86%。 ...

Core Viewpoint - Despite external disturbances such as the so-called "reciprocal tariffs" from the United States, the resilience of Chinese assets is increasingly evident, and the asset revaluation process has not been interrupted [1] Group 1: Economic Transition and Asset Revaluation - The current round of asset revaluation in China is a market-driven re-pricing of technological dividends and an inevitable result of resource allocation optimization [1] - The role of China in the global industrial chain is expected to transition from "scale-driven" to "innovation-driven," evolving from a "key node" in the global value chain to a "system integrator" [1][3] - The underlying logic of asset revaluation stems from the deepening transition between old and new growth drivers, with traditional real estate economic momentum weakening and new productive forces represented by AI, new energy, and high-end manufacturing becoming the new engines of economic growth [2] Group 2: Policy and Market Dynamics - The resonance between the "dual easing" policy cycle and technological breakthroughs at the industrial level is driving capital migration from low-efficiency old economies to high-growth new economies [2] - The complete nature and scale effect of Chinese manufacturing remain irreplaceable core advantages, stabilizing the global supply chain [3] - The integration of regional value chains through initiatives like the Belt and Road and the Regional Comprehensive Economic Partnership is enhancing industrial collaboration with Southeast Asia and Central and Eastern Europe [3] Group 3: Market Performance and Structural Changes - The logic of asset revaluation is not only based on technological breakthroughs but also on policy dividends, global capital rebalancing, and industry ecosystem collaboration [4] - Future investment logic will shift towards a "high-quality development" framework, emphasizing policy guidance and technological breakthroughs [5] - A structural differentiation in performance is expected between A-shares and Hong Kong stocks, with Hong Kong stocks benefiting from global capital re-evaluation of new productive forces like AI and humanoid robots, while A-shares reflect domestic demand recovery and policy-driven traditional economic restoration [5][6] Group 4: Foreign Capital Inflows and Market Dynamics - Foreign capital is increasingly optimistic about Chinese assets, with many foreign institutions expressing their intent to increase investments [7] - The inflow structure of foreign capital may shift from being predominantly passive to a balance of active and passive investments, with market pricing power leaning towards value investment logic that emphasizes fundamentals [7] Group 5: Ensuring Sustainable Asset Revaluation - Continuous breakthroughs in technological innovation and efficiency in industrial transformation are critical engines for sustainable asset revaluation [9] - The precision and coherence of policy tools are essential, requiring structural tools to guide capital towards hard technology sectors while preventing local debt risks from squeezing policy space [10] - The rebalancing of global capital must resonate with improvements in fundamentals, as long-term allocation intentions depend on corporate profitability and return on equity [10] - A sustainable revaluation should be based on a closed loop of "technological breakthroughs - commercial realization - capital feedback," enhancing value discovery and resource allocation efficiency through a multi-tiered capital market [10]

Group 1: Industry Overview - The air conditioning industry is experiencing steady growth in domestic sales and an optimized export structure, with leading companies effectively mitigating tariff risks through overseas production layouts [1][3] - The domestic air conditioning retail sales in Q1 2025 showed a year-on-year increase of 4.2% online and 12.6% offline, with a total shipment volume of 12.78 million units in March 2025, reflecting a 3.5% year-on-year growth [1] - The industry is optimistic about future domestic air conditioning demand, supported by government subsidies and a low base in retail demand from April to July 2024 [1] Group 2: Competitive Landscape - The competition in the air conditioning market has improved, with first and second-tier companies showing significant profitability, although retail prices have begun to decline as companies compete for market share [2] - Xiaomi's market share in air conditioning has stabilized since May 2024, with a notable increase in online retail sales by 84% in Q1 2025, although growth is expected to slow down in Q2 2025 due to a lack of low year-on-year base [2] Group 3: Export Dynamics - Air conditioning exports have exceeded expectations in 2024, with a year-on-year increase of 36.1% and 24.5% in Q1 2025 [3] - Due to rising year-on-year bases and the shift of export orders to Thailand, actual export volumes are expected to fall below predicted production volumes in the coming months [3] - Leading companies like Midea have established overseas production capabilities, particularly in Thailand, which is becoming a key production base for air conditioning products [3] Group 4: Government Initiatives - The government has prioritized boosting consumption as a key task for 2025, implementing policies such as subsidies for replacing old consumer goods and promoting tax refund services for overseas shoppers [4] - New policies also emphasize the high-quality development of the heat pump industry, aiming for a 20% improvement in energy efficiency for key heat pump products by 2030 [4]

Core Viewpoint - China Galaxy Securities has achieved significant growth in its financial performance, with a net profit exceeding 10 billion yuan and maintaining a strong industry ranking, attributed to strategic reforms and market recovery [1][4]. Financial Performance - In 2024, China Galaxy Securities reported operating revenue of 35.471 billion yuan, ranking fourth in the industry, with a year-on-year growth of 5.43% [4][6]. - The net profit for 2024 reached 10.031 billion yuan, reflecting a year-on-year increase of 27.31%, significantly outperforming the industry average [4][5]. - For Q1 2025, the company anticipates a net profit between 2.773 billion and 3.1 billion yuan, representing a year-on-year growth of 70% to 90% [4][5]. Business Segments - The investment trading business saw a remarkable increase of 45.91%, generating revenue of 6.344 billion yuan, closely linked to the recovery of the stock market [6][7]. - Wealth management revenue surpassed 10 billion yuan, reaching 10.496 billion yuan, with a year-on-year growth of 15.73%, making it the largest contributor to overall revenue [6][7]. - International business and investment banking also experienced growth, with increases of 8.29% and 11.80%, respectively, showcasing resilience amid market challenges [2][15]. Market Context - The overall performance of securities firms in China declined during 2022 and 2023 due to market volatility, but China Galaxy Securities maintained a stable position, leading to an improved ranking [3][4]. - The stock market indices, including the Shanghai Composite and Shenzhen Component, saw increases of 12.7% and 9.3%, respectively, contributing to the positive performance of the securities industry in 2024 [6]. International Expansion - China Galaxy Securities has made significant strides in international business, particularly in Southeast Asia, following the acquisition of local firms and establishing a strong market presence [9][13]. - The company has successfully hosted major financial events, such as the China-ASEAN Business Leaders Summit, enhancing its role as a bridge between Chinese and ASEAN markets [10][11]. Investment Banking Achievements - Despite a general decline in IPOs and refinancing activities in 2024, China Galaxy Securities' investment banking revenue grew by 11.80%, driven by strategic project management and international collaboration [15][16]. - The company successfully facilitated significant transactions, including a major asset restructuring deal valued at 11.5 billion yuan, marking a notable achievement in the investment banking sector [19].

证券代码：601881 证券简称：中国银河 公告编号：2025-026 中国银河证券股份有限公司 2024年度第九期短期融资券兑付完成的公告 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个别及连带 责任。 中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 10 月 14 日 成功发行了中国银河证券股份有限公司 2024 年度第九期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面利率 为 2.08%，短期融资券期限为 183 天，兑付日期为 2025 年 4 月 15 日。（详见 本公司于 2024 年 10 月 15 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2024 年度第九期短期融资券发行结果公告》）。 2025 年 4 月 15 日，本公司兑付了本期短期融资券本息共计人民币 4,041,713,972.60 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 4 月 17 日 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-027 中国银河证券股份有限公司 2025年度第一期短期融资券兑付完成的公告 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个别及连带 责任。 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 1 月 13 日 成功发行了中国银河证券股份有限公司 2025 年度第一期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 30 亿元，票面利率 为 1.64%，短期融资券期限为 92 天，兑付日期为 2025 年 4 月 15 日。（详见本 公司于 2025 年 1 月 14 日刊登于上海证券交易所网站（www.sse.com.cn）的《中 国银河证券股份有限公司 2025 年度第一期短期融资券发行结果公告》）。 2025 年 4 月 15 日，本公司兑付了本期短期融资券本息共计人民币 3,012,401,095.89 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 4 月 17 日 ...

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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2025年 4月29日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司按照中國企業會計準則編製的截至2025年3月31日止三個月的未經審核業績 及其發佈。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國，北京 2025年4月15日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生及麻志明先生。 ...