Core Viewpoint - Vertex Software is a leading enterprise in the fintech sector, providing information technology solutions primarily focused on business process management (BPM) through its proprietary LiveBOS platform [1] Group 1: Business Performance - In Q3 2025, Vertex Software reported revenue of 385 million yuan, ranking 54th among 102 peers, with the industry leader Shanghai Steel Union achieving 57.318 billion yuan [2] - The net profit for the same period was 102 million yuan, placing the company 17th in the industry, while the top performer, Desay SV, reported a net profit of 1.805 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Vertex Software's debt-to-asset ratio was 13.80%, down from 15.31% year-on-year and significantly lower than the industry average of 31.94%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 71.10%, an increase from 70.58% year-on-year and well above the industry average of 41.71%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 22.54% to 26,700, with an average of 7,656.28 circulating A-shares per account, a decrease of 18.32% [5] - New major shareholders include funds such as Fuquan Optimized Enhanced Bond C and Huabao CSI Financial Technology Theme ETF, with respective holdings of 3.487 million shares and 2.1445 million shares [5] Group 4: Management Compensation - The chairman and general manager, Yan Mengyu, received a salary of 951,700 yuan in 2024, an increase of 65,500 yuan from 2023 [4] Group 5: Market Outlook - Research indicates that Vertex Software's revenue and profit for the first three quarters of 2025 exceeded expectations, with continuous improvement in quarterly gross profit margin and cost reduction [5] - Despite cash flow pressures and a slight decrease in contract liabilities, the company is expected to maintain a growth trajectory with projected revenues of 632 million, 757 million, and 870 million yuan from 2025 to 2027 [5]

三、其他相关说明 本次捐赠不会导致公司控制权发生变化，不会导致公司控股股东、实际控制人发生 变化，亦不会对公司治理结构及持续经营能力产生重大影响；对公司当期及未来经营不 构成重大影响，不存在损害公司及其他股东特别是中小股东合法权益的情形。 证券代码：603383 证券简称：顶点软件 公告编号：2025-031 福建顶点软件股份有限公司 关于股东无偿捐赠部分公司股份完成过户的公告 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。 一、捐赠情况概述 福建顶点软件股份有限公司（以下简称"公司"、"顶点软件"）控股股东、实际控制人 严孟宇先生及其配偶赵林女士将其通过福州爱派克电子有限公司（简称"爱派克"）间接持 有的顶点软件 280,000 股股份（占公司股本 0.14%）捐赠给北京理工大学教育基金会，用 于其母校北京理工大学的建设与发展。具体内容详见公司《关于控股股东及其配偶无偿捐 赠部分公司股份的公告》（公告编号 2025-026）。 二、捐赠进展情况 爱派克与北京理工大学教育基金会通过非交易过户的方式完成了顶点软件 280,000 ...

Core Viewpoint - Vertex Software's major shareholder and actual controller, Yan Mengyu, along with his spouse Zhao Lin, donated 280,000 shares (accounting for 0.14% of the company's equity) to the Beijing Institute of Technology Education Foundation for the development of their alma mater [1] Group 1 - The shares were held indirectly through Fuzhou Aipai Ke Electronics Co., Ltd. [1] - The transfer of shares was completed through a non-trading transfer method, and the company received the securities transfer registration confirmation from China Securities Depository and Clearing Co., Ltd. on October 31, 2025 [1] - This donation will not lead to any change in the company's control or significantly impact its governance structure and ongoing operational capabilities [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The industry is still in a bottoming phase, but profitability continues to improve [1] - The company's revenue and profit performance exceeded expectations, with Q1-Q3 2025 revenue at 385 million yuan (down 8.53% YoY) and net profit at 103 million yuan (up 2.02% YoY) [5] - The company is expected to maintain cautious revenue growth forecasts for 2025-2027, with projected revenues of 632 million, 757 million, and 870 million yuan respectively [5][13] Financial Data and Profitability Forecast - Total revenue for 2025 is estimated at 632 million yuan, with a YoY decline of 4.8% [4] - Net profit for 2025 is projected at 189 million yuan, reflecting a YoY decrease of 2.4% [4] - The company's gross margin has shown a consistent increase, reaching 72.98% in Q3 2025 [5] - The company has successfully reduced operating expenses, with sales, management, and R&D expenses decreasing by 1%, 25%, and 12% respectively [5] Cash Flow and Contract Liabilities - Operating cash flow remains under pressure, with Q3 2025 cash received from sales at 117 million yuan, lower than revenue [5] - Contract liabilities slightly decreased from 186 million yuan in Q2 2025 to 174 million yuan in Q3 2025 [5] Market Comparison and Valuation - The company is compared with financial technology service providers such as Hengsheng Electronics and Tonghuashun, with an average PE valuation of 70 times for 2025 [13][14] - The report anticipates the company will launch a core trading system for benchmark clients in 2025, potentially increasing market share [5][13]

Group 1 - Internet brokerages experienced significant upward movement, with stocks like Tonghuashun rising over 7% and others like Zhinanzhen and Dazhihui increasing by more than 2% [1] - Financial technology ETFs, particularly the 100 billion financial technology ETF (159851), saw a rise of over 2%, with a trading volume exceeding 400 million yuan, indicating a notable increase in market activity [1][3] - Major foreign institutions such as Goldman Sachs and JPMorgan are optimistic about the Chinese stock market, suggesting a shift in investor strategy from "selling on highs" to "buying on lows" [3] Group 2 - The financial technology ETF (159851) has a current scale exceeding 10 billion yuan, with an average daily trading volume of 800 million yuan over the past month, leading among similar ETFs in terms of scale and liquidity [3] - The index tracked by the financial technology ETF covers key themes such as internet brokerages, financial IT, cross-border payments, AI applications, and domestic alternatives, aligning with current investment trends [3] - The securities industry is expected to see rapid growth in performance due to significant increases in market turnover and margin financing balances, with a recommendation to focus on internet brokerages with strong beta attributes [3]

Core Insights - Vertex Software's stock price increased by 2.02% to 39.99 CNY per share, with a market capitalization of 8.213 billion CNY as of October 28 [1] - The company has seen a year-to-date stock price increase of 8.37%, but a decline of 4.60% over the past 20 days and 7.64% over the past 60 days [1] Financial Performance - For the period from January to September 2025, Vertex Software reported a revenue of 385 million CNY, a year-on-year decrease of 8.53%, while the net profit attributable to shareholders was 103 million CNY, reflecting a year-on-year growth of 2.02% [2] - The company has distributed a total of 814 million CNY in dividends since its A-share listing, with 490 million CNY distributed over the past three years [2] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 22.54% to 26,700, while the average number of circulating shares per person decreased by 18.32% to 7,656 shares [2] - Major shareholders include new entrants such as Fortune Optimized Enhanced Bond C and Huabao CSI Financial Technology Theme ETF, indicating increased institutional interest [2]

2025年10月28日，顶点软件(603383.SH)发布2025年第三季报。截至2025年10月27日，共有15个机构投 资者披露持有顶点软件A股股份，合计持股量达4153.54万股，占顶点软件总股本的20.22%。其中，前 十大机构投资者包括福州爱派克电子有限公司、全国社保基金一一零组合、中国建设银行股份有限公 司-富国优化增强债券型证券投资基金、中国建设银行股份有限公司-华宝中证金融科技主题交易型开放 式指数证券投资基金、招商银行股份有限公司-中欧互联网先锋混合型证券投资基金、香港中央结算有 限公司、鹏扬汇利债券A、鹏扬景沣六个月混合A、鹏扬景沃六个月混合A、鹏扬景明一年混合，前十 大机构投资者合计持股比例达20.17%。相较于上一季度，前十大机构持股比例合计下跌了0.57个百分 点。 公募基金方面，本期较上一期持股增加的公募基金共计10个，主要包括华宝中证金融科技主题ETF、鹏 扬景沣六个月混合A、鹏扬汇利债券A、鹏扬景明一年混合、鹏扬景恒六个月混合A等，持股增加占比 达0.56%。本期较上一季度新披露的公募基金共计2个，包括富国优化增强债券A/B、中欧互联网混合 A。本期较上一季未再披露的公募基金共 ...

Core Viewpoint - The company has announced its third-quarter financial report for 2025, confirming a cash dividend plan based on its financial performance, which reflects a commitment to shareholder returns while maintaining financial health [10][12][17]. Financial Data - The company reported a net profit attributable to shareholders of 103,281,548.80 yuan for the first three quarters of 2025 [17]. - The proposed cash dividend is 2 yuan per 10 shares, totaling 41,077,395.80 yuan, which represents 39.77% of the net profit for the period [12][17]. Board Meeting Details - The company's ninth board meeting was held on October 27, 2025, with all eight directors present, and the third-quarter report was approved unanimously [9][10]. - The board meeting also approved the mid-term cash dividend plan, which does not require further shareholder approval due to prior authorization [12][19]. Supervisory Review - The supervisory board also convened on October 27, 2025, and unanimously approved the third-quarter report and the mid-term cash dividend plan, confirming compliance with legal and regulatory requirements [24][27].

Core Insights - The company reported a revenue of 385 million yuan for the first three quarters of 2025, representing a year-on-year decline of 8.53% [1] - The net profit attributable to shareholders reached 103 million yuan, showing a year-on-year increase of 2.02% [1] - The non-recurring net profit was 88.19 million yuan, reflecting a year-on-year decrease of 2.18% [1] - The basic earnings per share stood at 0.51 yuan [1]

每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 2024年1至12月份，顶点软件的营业收入构成为：应用软件服务业占比100.0%。 截至发稿，顶点软件市值为81亿元。 每经AI快讯，顶点软件（SH 603383，收盘价：39.2元）10月27日晚间发布公告称，公司第九届第十一 次董事会会议于2025年10月27日在福州市鼓楼区铜盘路软件大道89号软件园G区8-9号楼顶点金融科技 中心会议室以现场结合通讯表决的方式召开。会议审议了《2025年中期现金分红方案》等文件。 （记者 王晓波） ...