新京报贝壳财经讯 8月27日晚间，东北证券公告，2025年上半年营业收入20.46亿元，同比增长 31.66%。归属于上市公司股东的净利润4.31亿元，同比增长225.90%。公司不派发中期现金红利，不送 红股，不以公积金转增股本。 ...

| | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | | | 调整前 | 调整后 | | 营业总收入(元) | 2,046,127,157.23 | 2,606,561,194.66 | 1,554,048,611.5 | | 归属于上市公司股东的净利润(元) | 430,618,841.03 | 132,133,234.95 | 132,133,234.9 | | 归属于上市公司股东的扣除非经常性损益 的净利润(元) | 412,511,909.34 | 115,437,541.61 | 115,437,541. | | 其他综合收益(元) | 55,572,988.41 | 388,224.85 | 388,224.8 | | 经营活动产生的现金流量净额(元) | -838,104,578.24 | 2,018,316,855.68 | 2,018,316,855.6 | | 甘十气机收当 / 一 / 一 / / | 010 | 000 | C | 北京商报讯（记者 郝彦）8月27日，东北证券发布半年报，上半年实现营业总收入20.46亿元，同比增长31.66%；归 ...

编制单位：东北证券股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方 | 占用方与 | 上市公司核算 | 2025 | 年期初占用 | 2025 | 年半年度占用累计 | 2025 资金的利息 | 年半年度占用 2025 | 年半年度偿还 | 2025 | 年半年度期末 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 上市公司的关联关系 | 的会计科目 | | 资金余额 | 发生金额（不含利息） | | （如有） | | 累计发生金额 | 占用资金余额 | | 原因 | | | 控股股东、实际控制人 | | | | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | | | | | 小计 | - | - | - | | | | | | | | | | | - | | 前控股股东、实际控制人 | | | | | | | | | | | | | | | | 及其 ...

股票代码：000686 股票简称：东北证券 公告编号：2025-046 东北证券股份有限公司 第十一届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 6.本次会议符合法律法规和《公司章程》的规定。 1.公司于 2025 年 8 月 16 日通过邮件方式向全体董事发出《关于召开东北证 券股份有限公司第十一届董事会第六次会议的通知》。 2.公司第十一届董事会第六次会议于 2025 年 8 月 26 日以现场和视频会议结 合的方式召开，会议召开地点为吉林省长春市生态大街 6666 号东北证券股份有 限公司 1118 会议室。 3.会议应出席董事 13 人，实际出席并参加表决的董事 13 人。其中，现场参 会董事 11 人，董事曲国辉先生以视频方式参会，董事刘继新先生因公务原因书 面委托董事邢中成先生代为出席并代为行使表决权。 4.会议召集人和主持人：公司董事长李福春先生。 5.会议列席人员：公司 8 名监事、6 名高管人员列席本次会议。 二、董事会会议审议情况 会议以记名投票表决的方式审议并通过了以下议案： （一）审 ...

Core Viewpoint - Northeast Securities reported significant growth in its financial performance for the first half of 2025, with a 31.66% increase in operating income to 2.046 billion yuan and a 225.90% increase in net profit attributable to shareholders to 431 million yuan [1] Group 1: Business Model Transformation and Performance Growth - The company focused on its core responsibilities and actively seized market opportunities, leading to a solid implementation of its three major business lines: wealth management, investment banking, and investment [2] - Northeast Securities strengthened its traditional brokerage business while enhancing its wealth management strategy, resulting in increased client scale and trading volume, as well as a historic breakthrough in advisory product signing and revenue generation [2] - The investment banking segment maintained a strong position, ranking in the top ten for both the number of projects completed on the Beijing Stock Exchange and the number of companies listed on the New Third Board [2] Group 2: Investment and Sales Trading Business - The investment and sales trading business improved its research and investment system, effectively capturing market opportunities and diversifying its revenue model, leading to favorable investment returns [3] Group 3: Asset Management Business - The asset management subsidiary, Dongzheng Ronghui, optimized its product layout and improved performance, while the two fund companies under it, Dongfang Fund and Yinhua Fund, saw simultaneous growth in product management quantity and scale, enhancing their market competitiveness [4] Group 4: Commitment to Financial Initiatives - Northeast Securities has developed an action plan for the "Five Major Financial Articles," emphasizing its strategic direction in providing comprehensive financial support for innovative enterprises and promoting sustainable development [5] - The company aims to enhance its capabilities in bond financing, equity financing, mergers and acquisitions, and equity investment to inject precise financial momentum into the real economy [6] Group 5: Future Outlook - Looking ahead, Northeast Securities will continue to focus on its core responsibilities, enhance compliance and risk control, and deepen business transformation to improve company quality and investment value, while fulfilling its social responsibilities [7]

证券代码：000686 证券简称：东北证券 公告编号：2025-047 东北证券股份有限公司 2025年半年度报告摘要 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、重要提示 （一）本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务 状况及未来发展规划，请投资者到证监会指定媒体仔细阅读半年度报告全文。 （二）非标准审计意见提示 不适用。 （三）董事会审议的报告期利润分配预案或公积金转增股本预案 不适用。公司不派发中期现金红利，不送红股，不以公积金转增股本。 （四）董事会决议通过的本报告期优先股利润分配预案 不适用。 二、公司基本情况 （一）公司简介 | 股票简称 | 东北证券 | | | --- | --- | --- | | 股票代码 | 000686 | | | 股票上市交易所 | 深圳证券交易所 | | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | 姓名 | 董曼 | 刘洋 | | 办公地址 | 吉林省长春市生态大街 | 6666 号 | | 电话 | 0431-85096806 | 0431-85096806 ...

股票代码：000686 公司法定代表人：李福春 主管会计工作负责人：王天文 会计机构负责人：刘雪山 - 1 - 2、 二〇二五年半年度财务报告 二〇二五年八月 1、 合并资产负债表 2025年6月30日 | 编制单位：东北证券股份有限公司 | | | 单位：（人民币）元 | | --- | --- | --- | --- | | 资产 | 附注 | 期末余额 | 期初余额 | | 资产： | | | | | 货币资金 | 五-（一） | 26,316,603,459.49 | 25,518,453,102.91 | | 其中：客户资金存款 | | 22,997,584,193.05 | 20,756,378,788.60 | | 结算备付金 | 五-（二） | 3,631,539,092.57 | 3,880,709,597.58 | | 其中：客户备付金 | | 2,358,792,680.66 | 1,827,689,513.20 | | 贵金属 | | | | | 拆出资金 | | | | | 融出资金 | 五-（三） | 14,011,536,480.59 | 13,985,668,804.77 | ...

Important Notice, Table of Contents, and Definitions This section covers the report's disclaimers, a detailed table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The report declares that the board, supervisors, and senior management guarantee the content's truthfulness, accuracy, and completeness, assuming legal responsibility; the chairman, CFO, and head of finance department affirm the financial report's authenticity, accuracy, and completeness; the report is unaudited, and forward-looking statements do not constitute substantive commitments; the company plans no interim dividend distribution, bonus shares, or capital increase from reserves; investors are advised to note market, credit, liquidity, reputation, compliance, operational, anti-money laundering, and ESG risks - The company's semi-annual financial report is **unaudited** by an accounting firm[3](index=3&type=chunk) - The company plans no interim cash dividends, bonus shares, or capital increase from capital reserves[4](index=4&type=chunk) - The company faces major risks including **market, credit, liquidity, reputation, compliance, operational, anti-money laundering, and ESG risks**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the eight main chapters and five appendices of the semi-annual report, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises **eight main chapters and five appendices**[6](index=6&type=chunk) - The reference document directory includes financial statements signed and sealed by the company's head, chief accountant, and head of accounting department, along with originals of all publicly disclosed company documents and announcements during the reporting period[7](index=7&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, regulatory bodies, exchanges, and the reporting period, ensuring clear understanding of the report's content - “Northeast Securities,” “the Company,” “this Company,” and “Parent Company” all refer to **Northeast Securities Co., Ltd**[9](index=9&type=chunk) - The reporting period refers to **January 1 to June 30, 2025**, and the prior corresponding period refers to **January 1 to June 30, 2024**[9](index=9&type=chunk) Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators [Company Profile](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces Northeast Securities' stock abbreviation, code, listing exchange, Chinese and English names, and legal representative information - Stock Abbreviation: **Northeast Securities**, Stock Code: **000686**, Stock Exchange: **Shenzhen Stock Exchange**[11](index=11&type=chunk) - The company's legal representative is **Li Fuchun**[11](index=11&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: **Dong Man**, Securities Affairs Representative: **Liu Yang**[12](index=12&type=chunk) - Contact Address: **No. 6666, Shengtai Street, Changchun City, Jilin Province**[12](index=12&type=chunk) [Other Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, postal code, website, email, information disclosure, and document storage locations, as detailed in the 2024 Annual Report - During the reporting period, there were **no changes** in the company's registered address, office address, postal code, website, and email address[14](index=14&type=chunk) - During the reporting period, there were **no changes** in the securities exchange website and media name/URL for the company's semi-annual report disclosure, nor in the location where the semi-annual report is kept[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses the company's key accounting data and financial indicators at both consolidated and parent company levels, noting retrospective adjustments to 2024 comparative data due to accounting policy changes Key Accounting Data (Consolidated Statements) | Indicator | Current Period (yuan) | Prior Year Same Period Adjusted (yuan) | Current Period vs. Prior Year Same Period Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,046,127,157.23 | 1,554,048,611.50 | 31.66% | | Net Profit Attributable to Listed Company Shareholders | 430,618,841.03 | 132,133,234.95 | 225.90% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 412,511,909.34 | 115,437,541.61 | 257.35% | | Other Comprehensive Income | 55,572,988.41 | 388,224.85 | 14214.64% | | Net Cash Flow from Operating Activities | -838,104,578.24 | 2,018,316,855.68 | -141.52% | | Basic Earnings Per Share (yuan/share) | 0.18 | 0.06 | 200.00% | | Diluted Earnings Per Share (yuan/share) | 0.18 | 0.06 | 200.00% | | Weighted Average Return on Net Assets | 2.24% | 0.71% | 1.53% | | Total Assets (Period-end) | 99,647,311,370.78 | 89,025,653,094.93 | 11.93% | | Total Liabilities (Period-end) | 79,841,290,646.25 | 69,440,144,341.30 | 14.98% | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 19,323,645,851.43 | 19,118,308,250.75 | 1.07% | Key Accounting Data (Parent Company) | Indicator | Current Period (yuan) | Prior Year Same Period Adjusted (yuan) | Current Period vs. Prior Year Same Period Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,319,930,819.92 | 925,499,274.71 | 42.62% | | Net Profit | 310,194,453.84 | 56,815,966.14 | 445.96% | | Other Comprehensive Income | 56,383,204.10 | 191,333.49 | 29368.55% | | Net Cash Flow from Operating Activities | -3,185,364,231.33 | 2,302,319,401.71 | -238.35% | | Basic Earnings Per Share (yuan/share) | 0.13 | 0.02 | 550.00% | | Diluted Earnings Per Share (yuan/share) | 0.13 | 0.02 | 550.00% | | Weighted Average Return on Net Assets | 1.74% | 0.34% | 1.40% | | Total Assets (Period-end) | 89,387,394,190.02 | 81,788,033,511.86 | 9.29% | | Total Liabilities (Period-end) | 71,557,998,335.29 | 64,044,360,965.27 | 11.73% | | Total Owners' Equity (Period-end) | 17,829,395,854.73 | 17,743,672,546.59 | 0.48% | - The company retrospectively adjusted **2024 comparative accounting data** due to an accounting policy change, implementing the Ministry of Finance's 'Implementation Q&A for Financial Instruments Standards' from **January 1, 2025**[18](index=18&type=chunk) [Total Share Capital as of the Trading Day Before Disclosure](index=7&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%AB%E9%9C%B2%E5%89%8D%E4%B8%80%E4%BA%A4%E6%98%93%E6%97%A5%E7%9A%84%E5%85%AC%E5%8F%B8%E6%80%BB%E8%82%A1%E6%9C%AC) As of the trading day before disclosure, the company's total share capital was 2,340,452,915 shares - As of the trading day before disclosure, the company's total share capital was **2,340,452,915 shares**[19](index=19&type=chunk) [Fully Diluted Earnings Per Share Calculated with Latest Share Capital](index=8&type=section&id=%E7%94%A8%E6%9C%80%E6%96%B0%E8%82%A1%E6%9C%AC%E8%AE%A1%E7%AE%97%E7%9A%84%E5%85%A8%E9%9D%A2%E6%91%8A%E8%96%84%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) During the reporting period, the company's fully diluted earnings per share, calculated using the latest share capital, was 0.1840 yuan/share - The fully diluted earnings per share calculated with the latest share capital was **0.1840 yuan/share**[20](index=20&type=chunk) [Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company has not yet disclosed its 2025 semi-annual financial report in accordance with International Accounting Standards or foreign accounting standards - The company has **not yet disclosed** its 2025 semi-annual financial report in accordance with International Accounting Standards or foreign accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 18,106,931.69 yuan, primarily comprising government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -191,057.98 | | Government subsidies recognized in current profit or loss (excluding government subsidies closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 21,660,000.00 | | Other non-operating income and expenses apart from the above items | 4,221,421.67 | | Less: Income tax impact | 7,250,685.73 | | Impact on minority interests (after tax) | 332,746.27 | | **Total** | **18,106,931.69** | [Parent Company Net Capital and Related Risk Control Indicators](index=8&type=section&id=%E4%B8%83%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%87%80%E8%B5%84%E6%9C%AC%E5%8F%8A%E6%9C%89%E5%85%B3%E9%A3%8E%E9%99%A9%E6%8E%A7%E5%88%B6%E6%8C%87%E6%A0%87) This section discloses the parent company's net capital and various risk control indicators, showing a year-on-year decrease in core net capital and net capital, but all risk control indicators consistently meet regulatory requirements Parent Company Net Capital and Related Risk Control Indicators | Item Name | End of Current Period (yuan) | Beginning of Current Period (yuan) | Change from Beginning of Period | | :--- | :--- | :--- | :--- | | Core Net Capital | 11,165,235,533.59 | 11,535,839,057.98 | -3.21% | | Supplementary Net Capital | 2,620,000,000.00 | 2,708,000,000.00 | -3.25% | | Net Capital | 13,785,235,533.59 | 14,243,839,057.98 | -3.22% | | Net Assets | 17,829,395,854.73 | 17,743,672,546.59 | 0.48% | | Sum of Various Risk Capital Reserves | 6,783,413,998.75 | 5,784,301,030.94 | 17.27% | | Risk Coverage Ratio | 203.22% | 246.25% | -43.03% | | Capital Leverage Ratio | 16.18% | 19.22% | -3.04% | | Liquidity Coverage Ratio | 172.01% | 251.65% | -79.64% | | Net Stable Funding Ratio | 167.06% | 183.44% | -16.38% | | Net Capital/Net Assets | 77.32% | 80.28% | -2.96% | | Net Capital/Liabilities | 28.16% | 33.86% | -5.70% | | Net Assets/Liabilities | 36.42% | 42.18% | -5.76% | | Proprietary Equity Securities and Derivatives/Net Capital | 42.70% | 19.89% | 22.81% | | Proprietary Fixed Income Securities/Net Capital | 256.92% | 203.89% | 53.03% | - During the reporting period, all of the company's risk control indicators consistently complied with the relevant provisions of the **China Securities Regulatory Commission's 'Administrative Measures for Risk Control Indicators of Securities Companies'**[27](index=27&type=chunk) Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and risk management strategies during the reporting period [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In the first half of 2025, the domestic economy maintained a positive trend, capital market reforms deepened, and market innovation vitality increased; the company positioned itself as "an investment bank and wealth management firm specializing in small and medium-sized innovative enterprises," offering diversified financial services including wealth management, investment banking, investment and sales trading, and asset management - In the first half of **2025**, the domestic economy maintained a positive and innovative trend, with the capital market focusing on **“risk prevention, strengthened supervision, and promotion of high-quality development”**[28](index=28&type=chunk) - The company has established its positioning as a **“full-service brokerage firm specializing in investment banking and wealth management for small and medium-sized innovative enterprises”**[29](index=29&type=chunk) - The company's main businesses include **wealth management, investment banking, investment and sales trading, and asset management**[29](index=29&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are reflected in its clear business philosophy and strategic positioning, scientific and efficient governance structure, stable and sufficient capital and talent reserves, sound and effective compliance and risk control system, excellent and distinct corporate culture, and mature and complete business architecture and network layout - The company's strategic positioning is a **“full-service brokerage firm specializing in investment banking and wealth management for small and medium-sized innovative enterprises,”** focusing on building a specialized, boutique, and ecological business system[34](index=34&type=chunk) - The company continuously improves its corporate governance structure, forming a scientific and effective operational mechanism with **clear responsibilities and mutual checks and balances**[35](index=35&type=chunk) - The company has relatively **sufficient capital replenishment channels** and has established a **multi-level talent training system**[36](index=36&type=chunk) - The company adheres to **compliant operations and effective risk control**, comprehensively strengthening its compliance risk management system[37](index=37&type=chunk)[38](index=38&type=chunk) - The company has built a **comprehensive cultural philosophy system** encompassing corporate vision, mission, spirit, business development philosophy, and common codes of conduct[39](index=39&type=chunk) - The company's business system is increasingly complete, with continuously strengthened comprehensive financial service functions, forming good brand value and market influence, and has established **132 branches in 66 large and medium-sized cities across 28 provinces, autonomous regions, and municipalities nationwide**[40](index=40&type=chunk) [Main Business Analysis](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the first half of 2025, the company focused on its core businesses, optimized its wealth management, investment banking, and investment lines, strengthened digital empowerment, and achieved significant year-on-year improvements in operating performance, with operating revenue of 2.046 billion yuan, up 31.66%, and net profit attributable to the parent company of 431 million yuan, up 225.90% Key Financial Data for H1 2025 | Indicator | Amount (yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 20,460,000,000 | 31.66% | | Net Profit Attributable to Listed Company Shareholders | 431,000,000 | 225.90% | | Total Assets (as of period-end) | 99,647,000,000 | 11.93% | | Owners' Equity Attributable to Listed Company Shareholders (as of period-end) | 19,324,000,000 | 1.07% | [Wealth Management Business](index=14&type=section&id=1.%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86%E4%B8%9A%E5%8A%A1) The company's wealth management business actively seized market opportunities, strengthened traditional brokerage, increased client scale and trading volume, intensified strategic transformation, steadily improved financial product holdings and margin financing/securities lending market share, and achieved rapid growth in futures client equity - The company's brokerage business client base grew by **10.02% year-on-year**, and AB share fund trading volume increased by **130.79% year-on-year**[46](index=46&type=chunk) - The total contracted scale and business revenue of **“Tiantianshangshang” investment advisory products** achieved rapid year-on-year growth[48](index=48&type=chunk) Financial Product Holdings in H1 2025 | Indicator | End of H1 2025 (yuan) | End of 2024 (yuan) | End of H1 2024 (yuan) | | :--- | :--- | :--- | :--- | | Financial Product Holdings Scale | 34,716,318,973.58 | 32,181,430,738.09 | 30,321,352,095.23 | - The company's new private product scale and new private product trading volume increased by **86.79% and 373.69% year-on-year**, respectively[52](index=52&type=chunk) - As of the end of the reporting period, the company's margin financing and securities lending balance was **14.197 billion yuan**, with a market share of approximately **0.77%**, an increase from the end of 2024[55](index=55&type=chunk) - The initial repurchase transaction amount for stock pledge repurchase business was **0.87 billion yuan**, a **71.19% decrease** from the end of 2024[56](index=56&type=chunk) - Futures business client equity grew by **33.62% year-on-year**, but agency trading volume decreased by **7.70% year-on-year**[57](index=57&type=chunk) [Investment Banking Business](index=17&type=section&id=2.%E6%8A%95%E8%B5%84%E9%93%B6%E8%A1%8C%E4%B8%9A%E5%8A%A1) The company's investment banking business focuses on listed companies and small and medium-sized innovative enterprises, innovating business initiatives, strengthening business synergy, enhancing full-cycle service capabilities, expanding diversified profit channels, and building a "large investment banking" business system - As of the end of the reporting period, the company had **3 IPO projects under review** at the Beijing Stock Exchange, with a cumulative completion of **8 Beijing Stock Exchange IPO projects**, ranking **10th** in the industry[59](index=59&type=chunk) - In the first half of **2025**, the company completed **7 bond lead underwriting projects** and initiated **9 new bond lead underwriting projects**; total bond distribution amounted to **77.432 billion yuan**, a year-on-year increase of **19.12%**[60](index=60&type=chunk) Bond Underwriting Business Performance in H1 2025 | Project | H1 2025 Underwriting Amount (yuan) | H1 2025 Issuance Quantity | H1 2024 Underwriting Amount (yuan) | H1 2024 Issuance Quantity | | :--- | :--- | :--- | :--- | :--- | | Lead Underwriting Subtotal | 1,088,280,000.00 | 7 | 1,722,800,000.00 | 5 | | Distribution Subtotal | 77,432,000,000.00 | 752 | 65,005,250,000.00 | 1,021 | - In the first half of **2025**, the company completed **12 M&A and financial advisory projects**; as of the end of the reporting period, the company had **39 initiated M&A and financial advisory projects**[63](index=63&type=chunk) - In the first half of **2025**, the company completed **3 NEEQ-listed company stock issuance projects**; as of the end of the reporting period, the company had cumulatively completed **369 NEEQ-listed companies**, ranking **tied for 10th** in the industry; it supervised **162 NEEQ-listed companies**, ranking **9th** in the industry[64](index=64&type=chunk) [Investment and Sales Trading Business](index=19&type=section&id=3.%E6%8A%95%E8%B5%84%E4%B8%8E%E9%94%80%E5%94%AE%E4%BA%A4%E6%98%93%E4%B8%9A%E5%8A%A1) The company's investment and sales trading business achieved good returns during the reporting period, with diversified profit models for equity proprietary trading, accurate capture of bond market opportunities in fixed income, leading market-making scale in NEEQ, strengthened project quality management in alternative investments, expansion of non-commission business in research and consulting, and strategy upgrades in quantitative CTA business - The company's equity proprietary trading business achieved good overall returns by forming a synergistic closed-loop of **“return enhancement + risk hedging”** through diversified profit models[66](index=66&type=chunk) - The company's fixed income business deepened its investment research system, enriched investment and trading strategies, and achieved **favorable investment returns**[67](index=67&type=chunk) - As of the end of the reporting period, the company had cumulatively served **71 market-making enterprises**, ranking **1st** among NEEQ market makers by number of market-making securities[69](index=69&type=chunk) - The company's alternative investment business focused on key strategic industries such as **semiconductors, new materials, and high-end manufacturing**, achieving **favorable investment returns**[70](index=70&type=chunk) - In the first half of **2025**, the company's research and consulting branch completed **973 research reports**, conducted **15,468 analyst and expert roadshow services**, and hosted **683 various conferences**[71](index=71&type=chunk) - The company's quantitative CTA business continuously advanced strategy upgrades and iterations, maintaining a **stable investment scale**[73](index=73&type=chunk) [Asset Management Business](index=21&type=section&id=4.%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86%E4%B8%9A%E5%8A%A1) The company's asset management business continuously optimized product offerings, expanded sales channels, stabilized product scale, and improved product performance; public fund management business enriched its product system, enhanced investment research capabilities, and increased assets under management; private fund management actively prepared for M&A funds, with stable capital repatriation from existing investment projects - As of the end of the reporting period, Dongzheng Ronghui's total asset management scale reached **76.701 billion yuan**, an increase of **0.74%** from the end of 2024[75](index=75&type=chunk) - As of the end of June 2025, **164 public fund managers** collectively managed **12,905 fund products**, an increase of **4.35%** from the end of 2024; the total assets under management reached **34.39 trillion yuan**, an increase of **4.78%** from the end of 2024[77](index=77&type=chunk) - As of the end of the reporting period, Oriental Fund managed a total of **68 public funds**, with total assets under management of **123.405 billion yuan**, an increase of **9.37%** from the end of 2024[78](index=78&type=chunk) - As of the end of the reporting period, Yinhua Fund managed fund assets totaling **580.716 billion yuan**, an increase of **8.79%** from the end of 2024[79](index=79&type=chunk) - As of the end of the reporting period, Dongzheng Rongtong managed **6 existing funds**, with a paid-in capital of **549 million yuan** and an external investment balance of **513 million yuan**[81](index=81&type=chunk) [Year-on-Year Changes in Key Financial Data](index=23&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total operating revenue and income tax expenses significantly increased, while net cash flow from operating activities and investing activities substantially decreased; net cash flow from financing activities and net increase in cash and cash equivalents significantly increased Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,046,127,157.23 | 1,554,048,611.50 | 31.66% | Increase in net interest income and fair value change gains in current period | | Total Operating Expenses | 1,434,963,133.11 | 1,441,985,557.69 | -0.49% | Decrease in business and management fees in current period | | Income Tax Expense | 158,111,661.48 | -46,093,877.96 | 443.02% | Increase in company performance in current period | | Net Cash Flow from Operating Activities | -838,104,578.24 | 2,018,316,855.68 | -141.52% | Increase in cash outflow from operating activities in current period | | Net Cash Flow from Investing Activities | -400,069,787.59 | -266,794,454.74 | -49.95% | Increase in cash outflow from investing activities in current period | | Net Cash Flow from Financing Activities | 1,750,270,350.59 | -2,748,540,731.65 | 163.68% | Increase in cash inflow and decrease in cash outflow from financing activities in current period | | Net Increase in Cash and Cash Equivalents | 511,797,850.85 | -995,862,387.19 | 151.39% | Increase in net cash flow from financing activities in current period | [No Significant Changes in the Company's Profit Structure or Sources During the Reporting Period](index=23&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E6%9E%84%E6%88%90%E6%88%96%E5%88%A9%E6%B6%A6%E6%9D%A5%E6%BA%90%E6%9C%AA%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8) During the reporting period, there were no significant changes in the company's profit structure or sources - There were **no significant changes** in the company's profit structure or sources during the reporting period[84](index=84&type=chunk) [Composition of Total Operating Revenue](index=23&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%90%A5%E4%B8%9A%E6%80%BB%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) During the reporting period, the company's total operating revenue increased by 31.66% year-on-year, primarily driven by significant growth in net interest income and fair value change gains, while investment income as a proportion decreased Composition of Total Operating Revenue | Item | Current Period Amount (yuan) | Proportion of Total Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Total Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Fee and Commission Income | 1,065,517,156.69 | 52.07% | 1,011,175,953.57 | 65.07% | 5.37% | | Net Interest Income | 102,241,734.00 | 5.00% | -11,193,089.97 | -0.72% | 1013.44% | | Investment Income | 565,685,497.23 | 27.65% | 690,130,456.74 | 44.41% | -18.03% | | Fair Value Change Gains | 277,164,252.52 | 13.55% | -161,462,804.80 | -10.39% | 271.66% | | Exchange Gains | -142,941.66 | -0.01% | 1,184,629.44 | 0.08% | -112.07% | | Other Business Income | 7,451,396.09 | 0.36% | 9,386,577.27 | 0.60% | -20.62% | | Gains from Asset Disposal (losses filled with "-") | 89,201.63 | 0.00% | 20,271.84 | 0.00% | 340.03% | | Other Income | 28,120,860.73 | 1.37% | 14,806,617.41 | 0.95% | 89.92% | | **Total Operating Revenue** | **2,046,127,157.23** | **100%** | **1,554,048,611.50** | **100%** | **31.66%** | - Net interest income increased by **1013.44% year-on-year**, primarily due to increased interest income from funds lent out and decreased interest expenses from short-term financing, repurchase agreements, and bonds payable[86](index=86&type=chunk) - Fair value change gains increased by **271.66% year-on-year**, mainly due to the rise in fair value of financial instruments held for trading and derivative financial instruments during the period[86](index=86&type=chunk) [Main Business by Segment](index=24&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) Wealth management business saw growth in both total operating revenue and profit margin; investment banking revenue and expenses decreased, but profit margin increased; securities investment revenue slightly declined, but profit margin remained high; both asset management and fund management businesses experienced decreases in revenue and profit margin Main Business by Segment | Business Type | Total Operating Revenue (yuan) | Total Operating Expenses (yuan) | Operating Profit Margin | Year-on-Year Change in Total Operating Revenue | Year-on-Year Change in Total Operating Expenses | Year-on-Year Change in Operating Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Business | 1,063,626,185.71 | 289,264,444.90 | 72.80% | 20.05% | -23.72% | 15.60% | | Investment Banking Business | 34,523,974.07 | 31,632,901.90 | 8.37% | -29.03% | -38.73% | 14.51% | | Securities Investment Business | 474,300,980.57 | 84,033,883.23 | 82.28% | -4.58% | 5.85% | -1.75% | | Asset Management Business | 242,418,741.15 | 134,573,456.87 | 44.49% | -22.34% | -14.07% | -5.34% | | Fund Management Business | 309,729,774.81 | 255,215,774.37 | 17.60% | -2.98% | -0.18% | -2.31% | [Main Business by Region](index=24&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) The company's total operating revenue and operating profit generally increased across all regions, with Central China experiencing the largest increase in operating profit, reaching 1047.93% Total Operating Revenue by Region | Region | Current Period Total Operating Revenue (yuan) | Prior Year Same Period Total Operating Revenue (yuan) | Year-on-Year Change in Total Operating Revenue | | :--- | :--- | :--- | :--- | | Northeast Region | 298,748,233.43 | 221,644,867.72 | 34.79% | | North China Region | 45,217,469.50 | 38,261,930.45 | 18.18% | | Central China Region | 23,520,184.56 | 12,756,676.45 | 84.38% | | Southwest Region | 33,200,361.81 | 26,267,049.73 | 26.40% | | East China Region | 248,920,063.87 | 169,877,371.46 | 46.53% | | South China Region | 34,374,318.58 | 21,480,111.77 | 60.03% | | Northwest Region | 2,812,408.17 | 1,882,489.21 | 49.40% | | Subtotal | 686,793,039.92 | 492,170,496.79 | 39.54% | | Company Headquarters, Branches, Subsidiaries, and Others | 1,359,334,117.31 | 1,061,878,114.71 | 28.01% | | **Total** | **2,046,127,157.23** | **1,554,048,611.50** | **31.66%** | Operating Profit by Region | Region | Current Period Operating Profit (yuan) | Prior Year Same Period Operating Profit (yuan) | Year-on-Year Change in Operating Profit | | :--- | :--- | :--- | :--- | | Northeast Region | 208,688,360.29 | 130,145,711.74 | 60.35% | | North China Region | 11,607,377.96 | 3,689,245.25 | 214.63% | | Central China Region | 9,918,453.81 | -1,046,326.28 | 1047.93% | | Southwest Region | 16,879,311.44 | 11,129,642.06 | 51.66% | | East China Region | 139,497,205.76 | 65,261,578.24 | 113.75% | | South China Region | 10,817,438.93 | -2,540,467.89 | 525.80% | | Northwest Region | -1,600,057.98 | -2,664,112.78 | 39.94% | | Subtotal | 395,808,090.21 | 203,975,270.34 | 94.05% | | Company Headquarters, Branches, Subsidiaries, and Others | 215,355,933.91 | -91,912,216.53 | 334.31% | | **Total** | **611,164,024.12** | **112,063,053.81** | **445.38%** | [Non-Core Business Analysis](index=26&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company had no non-core business analysis - Not applicable[94](index=94&type=chunk) [Analysis of Assets and Liabilities](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and total liabilities both increased, with significant changes observed in items such as derivative financial assets, accounts receivable, other equity instrument investments, short-term financing payables, and accounts payable Significant Changes in Asset Composition (Partial) | Item Name | End of Current Period (yuan) | Proportion of Total Assets | End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 555,486,339.97 | 0.56% | 421,638,212.52 | 0.47% | 0.09% | Increase in investment scale of commodity options and interest rate swaps at period-end | | Accounts Receivable | 478,831,381.51 | 0.48% | 311,072,232.39 | 0.35% | 0.13% | Increase in accounts receivable for clearing at period-end | | Financial Assets Purchased Under Resale Agreements | 415,451,481.84 | 0.42% | 1,123,020,090.54 | 1.26% | -0.84% | Decrease in bond pledged repurchase scale at period-end | | Other Equity Instrument Investments | 1,977,656,575.30 | 1.98% | 9,259,611.00 | 0.01% | 1.97% | New other equity instrument investments in current period | | Short-Term Financing Payables | 6,501,312,585.33 | 6.52% | 3,580,959,758.79 | 4.02% | 2.50% | Increase in short-term financing scale at period-end | | Derivative Financial Liabilities | 16,485,825.50 | 0.02% | 9,199,813.45 | 0.01% | 0.01% | Decrease in fair value of stock options in current period | | Accounts Payable | 971,438,856.05 | 0.97% | 646,416,181.10 | 0.73% | 0.24% | Increase in prepaid over-the-counter option fees at period-end | | Provisions | 4,987,254.51 | 0.01% | 22,070,387.71 | 0.02% | -0.01% | Bohai Futures' grandchild company paid off accrued provisions | - During the reporting period, there were **no significant changes** in the measurement attributes of the company's main assets[99](index=99&type=chunk) - For assets with restricted ownership or use rights, please refer to the relevant content in **“Section VIII Financial Report - V. Notes to Major Items of Consolidated Financial Statements (I) Cash and Bank Balances, (VIII) Financial Investments: Financial Assets Held for Trading”** of this report[100](index=100&type=chunk) [Analysis of Investment Status](index=31&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's securities investment showed high book values for investment varieties such as government bonds and public funds within financial assets held for trading, with significant purchase and sale amounts; the company had no major equity or non-equity investments and was not required to separately disclose derivative investments Securities Investment Status (Partial) | Security Type | Security Code | Security Abbreviation | Initial Investment Cost (yuan) | Period-End Book Value (yuan) | Profit/Loss for the Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Government Bond | 210011 | 21 Fixed-Rate Treasury Bond 11 | 458,316,027.42 | 623,400,394.52 | 1,607,627.03 | | Government Bond | 160023 | 16 Fixed-Rate Treasury Bond 23 | 611,008,860.00 | 613,693,082.61 | 2,430,809.72 | | Government Bond | 2500002 | 25 Ultra-Long Special Treasury Bond 02 | 533,183,652.35 | 534,117,320.93 | 360,024.48 | | Public Fund | 510050.SH | 50ETF | 306,413,726.24 | 309,574,809.01 | 1,724,306.24 | | Total Other Securities Investments Held at Period-End | | | 38,218,184,225.29 | 37,787,990,910.04 | 531,270,400.36 | | **Total** | | | **42,213,785,008.17** | **42,089,240,022.10** | **556,758,288.58** | - The company had **no significant equity investments acquired** during the reporting period[102](index=102&type=chunk) - The company had **no ongoing significant non-equity investments** during the reporting period[102](index=102&type=chunk) - As a financial enterprise, the company is **not required to separately disclose derivative investments** according to Shenzhen Stock Exchange disclosure rules[106](index=106&type=chunk) - The company had **no use of raised funds** during the reporting period[106](index=106&type=chunk) [No Significant Asset or Equity Sales by the Company During the Reporting Period](index=33&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%97%A0%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE%E6%83%85%E5%86%B5) During the reporting period, the company did not experience any significant asset or equity sales - The company had **no significant asset or equity sales** during the reporting period[107](index=107&type=chunk) [Analysis of Major Holding and Associate Companies](index=33&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the company's major holding subsidiaries included Dongzheng Rongtong, Dongzheng Rongda, Dongzheng Ronghui, Bohai Futures, and Oriental Fund, with Yinhua Fund as an associate company; these entities operate in investment management, alternative investments, securities asset management, futures, and fund management, significantly impacting the company's net profit Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Total Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongzheng Rongtong Investment Management Co., Ltd. | Wholly-owned Subsidiary | Investment management, project investment, financial consulting | 600,000,000 | 765,222,920.01 | 718,400,367.76 | 33,320,168.41 | 29,205,513.36 | 23,719,558.51 | | Dongzheng Rongda Investment Co., Ltd. | Wholly-owned Subsidiary | Investment management | 3,000,000,000 | 1,309,208,382.09 | 1,255,738,971.70 | 84,331,929.60 | 76,603,171.44 | 34,378,337.17 | | Dongzheng Ronghui Securities Asset Management Co., Ltd. | Wholly-owned Subsidiary | Securities asset management business | 700,000,000 | 1,632,333,703.06 | 1,494,923,167.33 | 185,668,171.63 | 51,734,682.48 | 39,872,315.56 | | Bohai Futures Co., Ltd. | Controlling Subsidiary | Commodity futures brokerage, financial futures brokerage, asset management, futures investment consulting | 500,000,000 | 8,876,248,139.30 | 779,955,375.68 | 79,057,516.35 | 5,409,902.54 | 3,925,163.25 | | Oriental Fund Management Co., Ltd. | Controlling Subsidiary | Fund raising, fund sales, asset management, overseas securities investment management, and other businesses permitted by the CSRC | 333,330,000 | 1,251,494,932.15 | 942,540,693.83 | 309,729,774.81 | 54,514,000.44 | 40,846,757.98 | | Yinhua Fund Management Co., Ltd. | Associate Company | Publicly offered securities investment fund management, fund sales, specific client asset management, and other businesses permitted by the CSRC | 222,200,000 | 6,861,398,913.28 | 4,356,780,072.42 | 1,346,399,237.43 | 373,127,739.71 | 283,541,106.58 | - The company **neither acquired nor disposed of any subsidiaries** during the reporting period[109](index=109&type=chunk) [Information on Structured Entities Controlled by the Company](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) As of June 30, 2025, the company included 73 structured entities within its consolidated financial statements, with their net assets totaling 9.684 billion yuan and the company's book value of equity held amounting to 9.640 billion yuan - As of **June 30, 2025**, the company included **73 structured entities** within its consolidated financial statements[111](index=111&type=chunk) - The net assets of structured entities included in the consolidated financial statements amounted to **9.684 billion yuan**, with the company's book value of equity held being **9.640 billion yuan**[111](index=111&type=chunk) [Risks Faced by the Company and Countermeasures](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces various risks including market, credit, liquidity, reputation, compliance, operational, anti-money laundering, and ESG risks; it continuously improves its comprehensive risk management system, strengthens various risk controls, and ensures operations are conducted within measurable, controllable, and acceptable risk levels - The risks faced by the company in its daily operations primarily include **market risk, credit risk, liquidity risk, reputation risk, compliance risk, operational risk, anti-money laundering risk, and ESG risk**[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The company continuously improves its comprehensive risk management system, strengthening mechanisms for **risk identification, assessment, measurement, response, monitoring, and reporting**, ensuring risks are measurable, controllable, and acceptable[120](index=120&type=chunk) - The company adopts prudent and cautious strategies to strengthen market risk management, controlling risks through **diversified asset allocation strategies** and **improved proprietary business limit management**[121](index=121&type=chunk) - Based on internal credit ratings, the company identifies, assesses, and controls credit risk through **due diligence, credit management, and collateral mitigation**[122](index=122&type=chunk)[123](index=123&type=chunk) - The company continuously improves its liquidity risk management system, establishing a **high-quality liquid asset reserve mechanism** and **contingency plans**, and conducting **liquidity stress tests and emergency drills**[124](index=124&type=chunk) - The company integrates reputation risk management into its comprehensive risk management system, establishing a **full-process control mechanism** including identification, assessment, control, monitoring, response, and reporting[125](index=125&type=chunk) - The company's overall goal is to promote the implementation of **“substantive compliance”** and comprehensively enhance the effectiveness of compliance management, continuously improving its compliance management capabilities[126](index=126&type=chunk) - The company strengthens operational risk management through multiple measures, including forming **reasonable checks and effective supervision** in organizational structure, job settings, power and responsibility allocation, and business processes, and applying operational risk management tools[127](index=127&type=chunk) - The company has established an **anti-money laundering risk management system**, clarified its anti-money laundering risk management objectives and strategies, and continuously promoted the optimization and upgrade of its anti-money laundering information system and data governance[128](index=128&type=chunk) - The company highly values the construction of its ESG risk management system, integrating ESG risk management into its comprehensive risk management framework and formulating the **'Company Environmental, Social, and Governance (ESG) Risk Management Measures (Trial)'**[130](index=130&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=38&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company's governance highly values market capitalization management, establishing a full-process management mechanism covering value creation, communication, and realization, committed to enhancing core competitiveness, standardized operations, high-quality investor relations management, and active dividend distribution; as of the end of the reporting period, the company is not required by regulators to formulate a market capitalization management system and valuation enhancement plan - The company has established a **full-process management mechanism** covering value creation, communication, and realization, committed to continuously enhancing its core competitiveness and strengthening its revenue and profit generation capabilities[131](index=131&type=chunk) - As of the end of the reporting period, the company is **not among the main index constituent companies or long-term undervalued companies** required by regulators to formulate a market capitalization management system and valuation enhancement plan, and thus has not formulated such a system or disclosed a valuation enhancement plan[131](index=131&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=38&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company actively implemented the Shenzhen Stock Exchange's "Quality and Return Dual Enhancement" special action, formulated and disclosed an action plan focusing on core businesses, the "Five Major Financial Articles," strategic planning, corporate governance, investor returns, and cultural development, and has implemented the 2024 annual and interim profit distribution plans, distributing a total cash dividend of 280,854,349.80 yuan - The company actively implemented the Shenzhen Stock Exchange's **“Quality and Return Dual Enhancement” special action**, and on **January 25, 2025**, disclosed the **'Announcement on Northeast Securities Co., Ltd.'s "Quality and Return Dual Enhancement" Action Plan'**[132](index=132&type=chunk) - The company solidly focused on its core responsibilities and main businesses, formulated an action plan for the **“Five Major Financial Articles,”** and firmly guided by the company's **“14th Five-Year Plan” strategic planning**, accelerated the transformation and upgrading of wealth management[132](index=132&type=chunk) - The company diligently implemented the requirements of the new **'Company Law'** and its supporting new regulatory rules, organized the revision of its corporate governance system, and strengthened its compliance risk control system[132](index=132&type=chunk) - The company has implemented its **2024 annual and interim profit distribution plans**, distributing a total cash dividend of **280,854,349.80 yuan**, representing **32.15%** of the net profit attributable to parent company shareholders in 2024[133](index=133&type=chunk) - The company formulated the **'Northeast Securities Co., Ltd. 2025-2027 ESG Plan'**, continuously enhancing its cultural soft power and sustainable development capabilities[133](index=133&type=chunk) Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the departures of employee supervisor Tao Li, supervisor Cui Xuebin, vice president Wang Xiaodan, vice chairman Sun Xiaofeng, and director Song Shanglong, as well as the election of Yin Hang, Ji Dakun, Chen Tiezhi, and Qu Guohui as new supervisors or directors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Tao Li | Employee Supervisor | Resignation | 2025-2-20 | Voluntary resignation | | Yin Hang | Employee Supervisor | Election | 2025-2-20 | By-election of employee supervisor | | Cui Xuebin | Supervisor | Resignation | 2025-3-22 | Voluntary resignation | | Ji Dakun | Supervisor | Election | 2025-5-16 | By-election of supervisor | | Wang Xiaodan | Vice President | Dismissal | 2025-5-16 | Retirement | | Sun Xiaofeng | Vice Chairman | Resignation | 2025-7-7 | Voluntary resignation | | Song Shanglong | Director | Resignation | 2025-7-7 | Voluntary resignation | | Chen Tiezhi | Director | Election | 2025-7-31 | By-election of director | | Qu Guohui | Director | Election | 2025-7-31 | By-election of director | [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=40&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no interim cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans **no interim cash dividends, bonus shares, or capital increase from capital reserves** for the semi-annual period[135](index=135&type=chunk) [No Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Implementation During the Reporting Period](index=40&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%97%A0%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E5%8F%8A%E5%85%B6%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** and their implementation during the reporting period[136](index=136&type=chunk) [Environmental Information Disclosure](index=41&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) Neither the company nor its major subsidiaries were included in the list of enterprises required to disclose environmental information by law - Neither the company nor its major subsidiaries were included in the list of enterprises required to **disclose environmental information by law**[137](index=137&type=chunk) [Social Responsibility](index=41&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) During the reporting period, the company actively responded to national calls, implementing various measures such as public welfare assistance, consumption assistance, industrial assistance, and ecological assistance to effectively promote rural revitalization - The company contributed **29,100 yuan** through the **“Northeast Securities Rong·New Hope Public Welfare Fund”** to help disadvantaged residents in Tianning Village, Wangqing County, Jilin Province, purchase agricultural materials and develop courtyard economies[139](index=139&type=chunk) - The company continued to carry out **consumption assistance actions** in supported areas, signing agricultural product procurement contracts totaling **531,000 yuan** with multiple enterprises in **5 supported counties**[140](index=140&type=chunk) - The company's controlling subsidiary Bohai Futures and its risk management subsidiary Bohai Rongsheng provided **“insurance + futures” financial services** in multiple regions including Henan, Guangdong, Xinjiang, Heilongjiang, and Jilin[141](index=141&type=chunk) - The company contributed **59,000 yuan** through the **“Northeast Securities Rong·New Hope Public Welfare Fund”** to support Jingyu County and Zhenlai County in Jilin Province in carrying out rural living environment improvement and building ecologically livable beautiful villages[142](index=142&type=chunk) Significant Events This section details important commitments, related party transactions, legal proceedings, regulatory penalties, and other significant corporate events during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were **no commitments fulfilled or overdue unfulfilled** by the company's actual controller, shareholders, related parties, acquirers, or the company itself[144](index=144&type=chunk) [No Non-Operating Fund Occupation by the Largest Shareholder and Other Related Parties During the Reporting Period](index=42&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%8D%E5%AD%98%E5%9C%A8%E7%AC%AC%E4%B8%80%E5%A4%A7%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91) During the reporting period, there was no non-operating fund occupation by the largest shareholder or other related parties of the company - During the reporting period, there was **no non-operating fund occupation** by the largest shareholder or other related parties of the company[145](index=145&type=chunk) [No Irregular External Guarantees by the Company During the Reporting Period](index=42&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%97%A0%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had **no irregular external guarantees** during the reporting period[145](index=145&type=chunk) [Appointment and Dismissal of Accounting Firms](index=42&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's 2025 semi-annual financial report was unaudited, and no auditing firm for 2025 was appointed or dismissed during the reporting period - The company's **2025 semi-annual financial report was unaudited**, and no auditing firm for 2025 was appointed or dismissed during the reporting period[145](index=145&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Period](index=42&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable, as the company had no non-standard audit report for the current reporting period - Not applicable[146](index=146&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=42&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable, as Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report for the company's 2024 annual financial report - Not applicable; Lixin Certified Public Accountants (Special General Partnership) issued a **standard unqualified audit report** for the company's **2024 annual financial report**[147](index=147&type=chunk) [No Bankruptcy Reorganization Related Matters for the Company During the Reporting Period](index=43&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AA%E5%8F%91%E7%94%9F%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company did not experience any bankruptcy reorganization related matters - The company had **no bankruptcy reorganization related matters** during the reporting period[149](index=149&type=chunk) [Litigation Matters](index=43&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters, but previously disclosed cases saw substantial progress, such as partial distribution received in the stock pledge dispute with RAAS CHINA LIMITED and the conclusion of the infringement dispute with Jilin Dunhua Rural Commercial Bank Co., Ltd - During the reporting period, the company had **no significant litigation or arbitration matters** required to be disclosed by the **'Shenzhen Stock Exchange Stock Listing Rules'** and **'Administrative Measures for Information Disclosure of Corporate Credit Bonds'**[149](index=149&type=chunk) - In the stock pledge repurchase contract dispute case with RAAS CHINA LIMITED (Raas China Co., Ltd.) and others, as of the end of the reporting period, the company had received a total of **2.5257 million yuan** in bankruptcy asset distribution, **6.1461 million yuan** in stock dividends, and **73.43 million shares of Shanghai Raas stock** (valued at **530.1646 million yuan**)[150](index=150&type=chunk) - The infringement dispute case between the company and Jilin Dunhua Rural Commercial Bank Co., Ltd. has been concluded, with the Supreme People's Court ruling to **reject Jilin Dunhua Rural Commercial Bank Co., Ltd.'s application for retrial**[150](index=150&type=chunk) - The company recognized a provision of **3.312 million yuan** for the case of **“Jilin Dunhua Rural Commercial Bank Co., Ltd. vs. Jilin Haorong Group Co., Ltd., Northeast Securities Co., Ltd., and Hengfeng Bank Co., Ltd. Nantong Branch (Third Party) Contract Dispute”**[150](index=150&type=chunk) - During the reporting period, the total amount involved in other litigation matters not meeting the significant litigation disclosure standard was approximately **324.5168 million yuan**, and as of the disclosure date of this report, no provisions have been formed for these cases[152](index=152&type=chunk) [Penalties and Rectification](index=44&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) On April 22, 2025, the company's Nantong Century Avenue Securities Business Department received a warning letter from the Jiangsu Securities Regulatory Bureau due to the former head's illegal wealth management and the department's failure to timely report litigation disputes; the company has strictly implemented rectification and accountability measures as required by regulators - The company's Nantong Century Avenue Securities Business Department received a **Warning Letter** from the **Jiangsu Regulatory Bureau of the China Securities Regulatory Commission**, stating that its former head, from April to November 2018, obtained client bank transfer funds under the guise of assisting with wealth management, which were not actually used to purchase wealth management products issued or distributed by the company, and the business department failed to timely report the resulting litigation disputes to the Jiangsu Securities Regulatory Bureau[153](index=153&type=chunk) - Upon receiving the aforementioned regulatory letter, the company has strictly carried out **rectification and accountability** in accordance with regulatory requirements and company policies[153](index=153&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=44&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A

证券代码：524413.SZ 证券简称：25东北D6 东北证券股份有限公司2025年面向专业投资者公开发行短期公 司债券（第六期）发行结果公告 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担 责任。 东北证券股份有限公司（以下简称"发行人"） 公开发行面值余额不超过人 民币50亿元的短期公司债券的申请已获得中国证券监督管理委员会"证监许可 〔2024〕1732号"同意注册。根据《东北证券股份有限公司2025年面向专业投资 者公开发行短期公司债券（第六期）发行公告》，东北证券股份有限公司2025年 面向专业投资者公开发行短期公司债券（第六期） （以下简称"本期债券"）发行 规模为不超过人民币15亿元（含），发行价格为每张100元，采取网下面向专业机 构投资者询价配售的方式发行。 本期债券发行时间自2025年8月26日至2025年8月27日，具体发行情况如下： 年 月 日 联方未认购本期债券。 认购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、 《深圳证券 交易所公司债券上市规则（2023年修订）》、《深圳 ...

Core Insights - The article highlights a trend of decreasing shareholder accounts among 622 companies, indicating a concentration of shares among fewer investors [1][2] - Notable companies with significant declines in shareholder accounts include Unisoc Microelectronics and ZTE Corporation, with decreases of 27.88% and 16.17% respectively [1][3] - The performance of stocks with declining shareholder accounts shows mixed results, with 60 stocks increasing in price while 35 decreased, indicating potential investment opportunities [2][3] Shareholder Account Trends - A total of 622 companies reported their latest shareholder account numbers as of August 20, with 95 companies experiencing a decline for three consecutive periods or more [1] - Unisoc Microelectronics has the highest decline, with 154,193 accounts, down 27.88% over 13 periods [1][4] - ZTE Corporation has 455,100 accounts, down 16.17% over 12 periods [1][4] Stock Performance - Among the stocks with declining shareholder accounts, 60 have seen price increases, with notable gains from Yidong Electronics (52.12%), ST Jinglun (41.95%), and Chuangyitong (41.87%) [2][3] - 32 stocks outperformed the Shanghai Composite Index, with Yidong Electronics achieving a relative return of 43.84% [2][3] Industry Analysis - The industries with the highest concentration of stocks experiencing declining shareholder accounts include basic chemicals, machinery equipment, and electronics, with 13, 11, and 8 stocks respectively [2] - The main board has 62 stocks with declining accounts, while the ChiNext board has 31, and the Sci-Tech Innovation board has 2 [2] Institutional Activity - In the past month, four stocks with declining shareholder accounts have been frequently researched by institutions, with Unisoc Microelectronics receiving attention from 124 institutions [2][3] - Other companies with notable institutional interest include Fujilai and Jieya Co., with 24 and 17 institutions respectively participating in their research [2][3] Financial Performance - Among the 55 companies that have reported their semi-annual results, Fujilai shows the highest net profit growth at 12,430.96% year-on-year [3] - Yalian Machinery and Donghua Technology reported net profit increases of 20.57% and 14.64% respectively [3] - A total of 14 companies have issued performance forecasts, with Northeast Securities expected to have a net profit of 431 million yuan, reflecting a year-on-year increase of 225.90% [3]