一、审议程序 1.东北证券股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开 第十一届董事会 2025 年第六次临时会议、第十一届监事会 2025 年第四次临时会 议，全票审议通过了《公司 2025 年度中期利润分配议案》。 2.本次利润分配方案在公司 2024 年度股东大会授权范围内，且符合公司 2024 年度股东大会通过的中期现金分红条件，无需提交股东大会审议。 二、2025 年度中期利润分配方案的基本情况 股票代码：000686 股票简称：东北证券 公告编号：2025-053 东北证券股份有限公司 关于 2025 年度中期利润分配方案的公告 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。 1.分配基准：2025 年前三季度 2.根据公司 2025 年前三季度财务报表（未经审计），公司 2025 年 1-9 月实 现归属于母公司股东净利润为 1,066,617,903.85 元，其中，母公司 2025 年 1-9 月实现净利润为 874,096,946.96 元；截至 2025 年 9 月末，公司合并报表累计未 分配利润为 7,205 ...

股票代码：000686 股票简称：东北证券 公告编号：2025-052 东北证券股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.公司董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人李福春先生、主管会计工作负责人王天文先生及会计机构负责人刘雪山 先生声明：保证季度报告中财务信息的真实、准确、完整。 3.公司 2025 年第三季度财务会计报告未经会计师事务所审计。 一、主要合并财务数据 （一）主要合并会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √是 □否 追溯调整或重述原因： 1 | | | 上年同期 | | 本报告期比 | | 上年同期 | | 年初至报告期末 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 | | | 上年同期增减 | 年初至报告期末 | | | 比上年同期增减 | | | | ...

Financial Performance - Total operating revenue for Q3 2025 reached ¥1,815,114,500.18, an increase of 47.89% compared to ¥1,227,319,444.88 in the same period last year[5] - Net profit attributable to shareholders was ¥635,999,062.82, representing an 86.24% increase from ¥341,486,991.71 year-on-year[5] - Basic earnings per share rose to ¥0.27, an 80.00% increase compared to ¥0.15 in the previous year[5] - The company's net profit for the period reached CNY 1,099,557,537.61, an increase of 110.62% compared to CNY 522,053,003.23 in the previous period[12] - Net profit for the period was RMB 1,099,557,537.61, up 110.5% from RMB 522,053,003.23 in the prior period[36] - The earnings per share (EPS) for the period was RMB 0.46, compared to RMB 0.20 in the previous period, representing a 130% increase[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥110,057,780,062.95, a 23.62% increase from ¥89,025,653,094.93 at the end of the previous year[5] - The total assets increased to RMB 110,057,780,062.95 from RMB 89,025,653,094.93, reflecting a growth of 23.6%[34] - The total liabilities increased by 34.78%, with other liabilities reaching CNY 12,159,096,423.03 compared to CNY 9,021,162,526.39 previously[12] - The total liabilities rose to RMB 89,626,736,976.78, up from RMB 69,440,144,341.30, indicating a growth of 29.2%[34] Cash Flow - The company’s cash flow from operating activities showed a negative figure of -¥1,768,228,088.45, a decline of 128.94% compared to the previous year[5] - The net cash flow from operating activities was -2,606,332,666.69 RMB, a significant decrease from 8,127,761,566.16 RMB in the previous period[39] - The cash flow from operating activities showed a total inflow of 15,576,231,874.25 RMB, compared to 10,576,853,721.87 RMB previously[39] - The net cash flow from financing activities was 6,701,730,736.23 RMB, a turnaround from -4,116,249,436.42 RMB in the previous period[40] Investments - The company reported a significant increase in lending funds, which rose by 32.01% to ¥18,463,039,011.16 from ¥13,985,668,804.77[10] - The derivative financial assets increased by 33.74% to ¥563,879,442.61, up from ¥421,638,212.52[10] - The company reported a significant increase in other equity instrument investments, which surged by 36,783.56% to ¥3,415,273,781.50 from ¥9,259,611.00[10] - The investment income for the period was RMB 1,204,638,260.04, an increase from RMB 1,061,006,949.76, reflecting a growth of 13.5%[36] Equity - The company’s total equity attributable to shareholders increased by 4.28% to ¥19,935,642,426.01 from ¥19,118,308,250.75 at the end of the previous year[5] - The company's total equity increased to RMB 20,431,043,086.17 from RMB 19,585,508,753.63, a growth of 4.3%[34] Regulatory and Corporate Actions - The company has maintained compliance with regulatory requirements for risk control indicators throughout the first three quarters of 2025[15] - The company issued three phases of short-term corporate bonds and three phases of subordinated bonds, with a total issuance scale of 37.5 billion RMB[23][24]. - The company completed the relocation of two business outlets during the reporting period, with the new addresses finalized on July 23, 2025, and September 19, 2025[22]. - The company plans to reduce the registered capital of its wholly-owned subsidiary Dongzheng Rongda Investment Co., Ltd. to 1 billion RMB, as approved on July 15, 2025[29]. - The first major shareholder, Jilin Yatai Group, intends to sell 20.81% of its shares to Changchun Urban Development Investment Holding Group Co., Ltd. and 9% to Changchun Financial Holding Group Co., Ltd.[26]. - The company’s board approved the dissolution of the asset custody department on August 26, 2025[21]. - The company experienced changes in its board of directors, with new non-independent directors elected on July 31, 2025[25]. - The company completed three additional business outlet relocations in October 2025[30]. - The company’s financial report as of September 30, 2025, is pending further details[31].

关于延长东北证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第六期）簿记建档时间的公告 东北证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值余额不超过 80 亿元的次级债券已获得中国证券监督管理委员会（证监许可 〔2024〕1731 号）注册同意。 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第六期） （以下简称"本期债券"）发行规模为不超过人民币 10 亿元（含 10 亿元）。 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次级债券（第 六期）发行公告》，发行人和主承销商原定于 2025 年 10 月 28 日（T-1 日）15:00 至 17:00 以簿记建档的方式向网下专业机构投资者进行利率询价，并根据簿记建 档结果确定本期债券的最终票面利率。 根据簿记建档当日市场情况，经发行人和簿记管理人协商一致，将簿记建档 结束时间由 2025 年 10 月 28 日 17:00 延长至 2025 年 10 月 28 日 19:00。 特此公告。 主承销商：长城证券股份有限公司 2025025 10 2 年 10 28 月 8日 （本页无正文， ...

Core Viewpoint - The financial industry is crucial for national economic stability, and the ongoing anti-corruption efforts in the financial sector are essential for building a clean and fair development environment in the securities industry [1] Institutional Framework - Northeast Securities emphasizes the importance of a robust institutional framework for maintaining integrity in operations, adhering to regulations, and establishing a multi-layered system of rules to clarify responsibilities and prohibited behaviors [1][2] - The company has implemented a dynamic revision mechanism to ensure that its regulations remain relevant and effective in addressing industry risks [2] Cultural Development - The cultivation of a clean culture is seen as the soul of integrity construction, with Northeast Securities focusing on internalizing integrity values among employees through diverse educational initiatives [3] - The company tailors training programs for different employee groups to ensure effective communication of integrity principles [3] Risk Control - Northeast Securities adopts a comprehensive risk control system that includes prevention, management, and accountability, ensuring that risk management is integrated into all business activities [4] - A multi-departmental collaboration mechanism has been established to create a closed-loop system for risk prevention, involving all employees in the process [4] Accountability and Reporting - The company conducts annual integrity assessments to identify issues and promote accountability, ensuring that corrective actions are taken effectively [5] - A whistleblower mechanism has been put in place to encourage employee reporting of misconduct, with a commitment to handle all reports promptly and fairly [6] Targeted Strategies - Northeast Securities focuses on high-risk areas within the securities industry, implementing precise measures to mitigate risks associated with financial reimbursements, third-party hiring, and the misuse of power for personal gain [7] - The company has established strict controls and oversight processes for financial reimbursements and third-party engagements to prevent potential integrity violations [7] Future Outlook - The company aims to continue enhancing its integrity management practices, transforming integrity principles into collective actions among employees, and contributing to a clean and fair industry environment [8]

Core Insights - The evaluation results of securities companies' practice quality for Q3 2025 were released, reflecting their performance in the Beijing Stock Exchange and the New Third Board [1] - Several small and medium-sized securities firms have significantly improved their rankings, primarily due to breakthroughs in sponsorship and merger & acquisition businesses [1][2] Group 1: Ranking Changes - A total of 103 securities firms participated in the evaluation, with Guojin Securities ranking first with a score of 138.82, followed by Northeast Securities at 138.19 [2] - The top ten rankings saw notable changes, with six firms replacing previous positions; Guojin Securities rose from 13th to 1st, and Northeast Securities from 29th to 2nd [2] - Guojin Securities led in professional quality score with 50.82, while Northeast Securities scored 38.19 [2] Group 2: Business Performance - The scores in specific business segments reveal differentiated advantages among firms; Guojin and Northeast Securities both scored 16 in the Beijing Stock Exchange sponsorship business [3] - Northeast Securities excelled in the Beijing Stock Exchange merger & acquisition and New Third Board market-making businesses [3] - Guojin Securities improved its scores in sponsorship and merger & acquisition businesses significantly, with scores rising to 16 and 10.38 respectively [3] Group 3: Strategic Developments - Securities firms are actively applying for various qualifications in the Beijing Stock Exchange to capture market opportunities, with several firms receiving approvals for market-making qualifications [4] - To avoid homogenized competition, many small and medium-sized firms are adopting differentiated strategies, focusing on niche markets [4] - Firms like Northeast Securities are concentrating on small and medium enterprises in key sectors such as TMT, chemical new materials, and advanced manufacturing [5]

Core Insights - The latest evaluation results for the quality of securities firms' practices have been released, showing a significant reshuffling in the rankings, with Guojin Securities taking the top spot from Shenwan Hongyuan [1][3] - The evaluation highlights a divergence in the strengths of large and small securities firms across different business lines, with large firms excelling in brokerage and market-making, while smaller firms show strength in research and investment banking [1][8] Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, which assesses professional service quality, compliance quality, and other significant factors, with a maximum score of 100 [3] - Only four firms maintained their positions in the top ten from the previous quarter, while six new firms entered the rankings, indicating a competitive landscape [3][4] - Notable improvements were seen for Northeast Securities, Zheshang Securities, and Minsheng Securities, which rose significantly in the rankings [3][4] Business Performance - The evaluation results indicate that Northeast Securities, Zheshang Securities, Minsheng Securities, and Ping An Securities improved their rankings due to strong performance in North Exchange sponsorship and merger issuance [4][8] - The top five firms in market-making for the North Exchange were dominated by large firms, while small firms led in the New Third Board market-making [8] - Brokerage business is primarily held by large securities firms, with significant contributions from firms like Dongfang Caifu and Guotai Junan [8] Compliance Quality - The evaluation also revealed compliance quality deductions, with Guojin Securities having the highest deductions but still ranking first overall due to strong performance in sponsorship and issuance [10][11] - The top ten firms with the most compliance deductions were primarily involved in North Exchange sponsorship and New Third Board issuance, indicating challenges in these areas [11]

Core Viewpoint - The latest evaluation results of securities firms' professional quality reveal significant changes in rankings, with Guojin Securities taking the top spot, indicating a shift in competitive dynamics within the industry [1][2]. Group 1: Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, with the scoring based on professional service quality, compliance quality, and other influential factors [2]. - The top ten rankings saw a major reshuffle, with only four firms maintaining their positions from the previous quarter, while six new firms entered the top ten [2][4]. - Notable improvements were seen in the rankings of Northeast Securities (from 29th to 2nd), Zheshang Securities (from 65th to 6th), and Minsheng Securities (from 97th to 7th) [2][4]. Group 2: Business Performance - The evaluation results indicate a divergence in the strengths of large and small securities firms, with large firms excelling in brokerage and market-making, while smaller firms are more active in research [1][6]. - The top five firms in market-making for the Beijing Stock Exchange were dominated by large firms, while the New Third Board market-making was led by smaller firms [6]. - In brokerage services, large firms like Dongfang Caifu and Huatai Securities performed significantly well, while smaller firms excelled in research services [6]. Group 3: Compliance Quality - Guojin Securities had the highest compliance quality deductions but still ranked first overall due to strong performance in underwriting and advisory services [7]. - The firms with the most compliance quality deductions included Guojin Securities, CITIC Securities, and Zhongjin Securities, primarily due to issues in their underwriting and advisory services for the Beijing Stock Exchange and New Third Board [7].

Core Insights - The ETF market in Shanghai and Shenzhen has shown strong growth, with total market size exceeding 5.6 trillion yuan as of the end of September [1][2] - The competition landscape among brokerage firms in the ETF business is stabilizing, with leading firms maintaining their positions [2][3] - ETF business is recognized as a core engine for the transformation of brokerage firms, contributing significantly to various revenue streams [1][4] Market Overview - As of September, there are 760 ETFs in Shanghai with a total market value of 40,003.11 billion yuan, and 555 ETFs in Shenzhen with a total market value of 16,255.16 billion yuan, reflecting a 7.65% increase [1] - The total asset management scale of funds in Shanghai is 40,881.95 billion yuan, while in Shenzhen it is 16,638.58 billion yuan [1] Brokerage Performance - In September, the top five brokerage firms by trading volume in Shanghai's ETF market were CITIC Securities, Huatai Securities, Guotai Junan, Huabao Securities, and Dongfang Securities, with market shares of 11.24%, 11.09%, 9.45%, 6.46%, and 5.92% respectively [2] - In Shenzhen, the leading firms were Northeast Securities, Dongfang Wealth, Dongfang Securities, Dongwu Securities, and Founder Securities, maintaining the same ranking as the previous month [2] Strategic Importance of ETF Business - The ETF business is crucial for the wealth management transformation of brokerage firms, aligning with the shift from "sell-side sales" to "buy-side advisory" [3][4] - It serves as a key source of diversified income for brokerages, linking various business lines such as custody, settlement, and market-making [4] - ETFs attract both retail and institutional investors, helping brokerages integrate their retail and institutional services [4] Future Outlook - The competition in the ETF business is expected to become more intense, focusing on comprehensive service capabilities and strategic foresight [4] - With regulatory encouragement for long-term investments and the emergence of innovative products, brokerages need to prepare for new opportunities [4]

股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第六期）募集说明书 | 本期债券发行金额 | 不超过 亿元（含） 10.00 | | --- | --- | | 担保情况 | 无担保 | | 主承销商/受托管理人 | 长城证券股份有限公司 | | | 联合资信评估股份有限公司 | | 本期债券信用评级 | AA+ | | 信用评级机构 | | | 主体信用评级 | AAA | （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 楼 10-19 层） 发行人 东北证券股份有限公司 主承销商、债券受托管理人 签署日期： 年 月 日 东北证券股份有限公司 公开发行次级债券募集说明书 声 明 发行人将及时、公平地履行信息披露义务。 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募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 ...