Core Viewpoint - Guoyuan Securities reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance across various segments [1]. Financial Performance - The company achieved operating revenue of 3.397 billion yuan, a year-on-year increase of 41.6% [1]. - The net profit attributable to shareholders reached 1.405 billion yuan, reflecting a growth of 40.44% compared to the previous year [1]. - Self-operated business revenue was 1.46 billion yuan, up 64.05%, accounting for 42.98% of total revenue [1]. - Wealth credit business revenue amounted to 999.8 million yuan, increasing by 45.47% [1]. - Investment banking revenue was 90.25 million yuan, showing a growth of 44.78% [1]. - International business revenue reached 178 million yuan, with a year-on-year increase of 65.05% [1]. Market Activity - On August 25, Guoyuan Securities saw a net inflow of main funds amounting to 43.51 million yuan, with a cumulative net inflow of 1.0137 million yuan over the past five days [1].

证券代码：000728 证券简称：国元证券 公告编号：2025－031 国元证券股份有限公司 关于 2025 年半年度利润分配预案的公告 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。 一、审议程序 公司 2025 年半年度合并报表实现归属于上市公司股东的净利润为 终将提取盈余公积、一般风险准备和交易风险准备各 10%。截至 2025 年 6 月 30 日，母公司期末累计未分配利润为 5,818,592,523.63 元，累计可供 股东分配的利润为 5,455,890,350.91 元。 综合股东利益和公司发展等因素，公司 2025 年半年度利润分配预案如 下： 以现有总股本 4,363,777,891 股为基数，向全体股东每 10 股派发现金 红利人民币 0.80 元（含税），合计派发现金人民币 349,102,231.28 元（含 税），不送红股，不以公积金转增资本。 如在本预案披露至实施期间，公司总股本发生变动的，将按照现金分 红总额不变的原则，以分红派息股权登记日的总股本为基数调整分配比例。 三、现金分红方案合理性说明 公司 2025 年半年度利润分配 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by performance improvements in wealth management, securities investment trading, and investment banking services [2][11]. Company Overview and Key Financial Indicators - The company, Guoyuan Securities Co., Ltd., is listed on the Shenzhen Stock Exchange with the stock code 000728 [1]. - The total revenue for the reporting period reached approximately RMB 3.40 billion, representing a year-on-year increase of 41.60% [2]. - The net profit attributable to shareholders was approximately RMB 1.40 billion, reflecting a growth of 40.44% compared to the previous year [2]. - Basic earnings per share increased to RMB 0.32, up from RMB 0.23, marking a 39.13% rise [2]. - The total assets at the end of the reporting period were approximately RMB 177.20 billion, a 2.96% increase from the previous year [11]. - The total liabilities amounted to approximately RMB 139.23 billion, up 3.10% from the previous year [11]. - The net capital of the company was approximately RMB 28.23 billion, showing an 8.70% increase [3]. Business Performance Analysis - The wealth management segment generated significant income, with net income from securities credit business interest rising by 45.59% [13]. - The investment banking segment saw a notable increase in underwriting income, with net income from securities underwriting rising by 114.45% [13]. - The company has established a comprehensive financial service system supported by six major business segments: wealth management, investment banking, proprietary trading, asset management, institutional business, and international business [6][5]. Strategic Initiatives - The company aims to enhance its core competitiveness by focusing on strategic emerging industries and integrating financial resources to support technological innovation and advanced manufacturing [5]. - A strategic management PMO mechanism has been implemented to ensure effective tracking and execution of annual strategic initiatives [5]. - The company is expanding its national footprint, having established a financial service network across 26 provinces, while also enhancing its international business capabilities through its subsidiary in Hong Kong [5][4]. Risk Management and Compliance - The company has established a comprehensive risk management framework to ensure compliance and mitigate potential risks across all business areas [8]. - The risk coverage ratio stands at 210.43%, indicating a strong capacity to cover potential risks [3][12].

Financial Performance - The total operating revenue for the first half of 2025 reached CNY 3,396,624,443.30, an increase from CNY 2,398,747,570.34 in the same period of 2024, reflecting a growth of approximately 42% [2] - Net profit for the first half of 2025 was CNY 1,404,978,574.86, compared to CNY 1,000,675,806.65 in the first half of 2024, indicating a year-on-year increase of about 40% [2] - Basic and diluted earnings per share for the first half of 2025 were both CNY 0.32, up from CNY 0.23 in the previous year [2] Assets and Liabilities - As of June 30, 2025, total assets amounted to CNY 177,199,404,768.00, an increase from CNY 172,101,207,192.43 at the beginning of the year [1][2] - Total liabilities were CNY 139,229,519,750.36, up from CNY 135,041,232,437.85 at the start of the year [1][2] - The company's cash and cash equivalents at the end of the period were CNY 42,896,743,066.53, compared to CNY 30,142,370,699.60 at the beginning of the year [3] Cash Flow - Net cash flow from operating activities for the first half of 2025 was CNY 8,818,068,155.37, a decrease from CNY 18,414,574,493.00 in the first half of 2024 [3] - Cash flow from investing activities showed a net outflow of CNY 1,760,125,013.50, compared to a net outflow of CNY 2,082,913,690.56 in the previous year [3] - Cash flow from financing activities resulted in a net inflow of CNY 2,561,507.35, contrasting with a net outflow of CNY 1,087,995,025.08 in the first half of 2024 [3] Equity - Total equity attributable to shareholders of the parent company was CNY 37,952,166,018.22 as of June 30, 2025, compared to CNY 37,042,566,046.55 at the beginning of the year [1][2] - The company maintained a stable capital reserve of CNY 17,009,514,353.53 throughout the reporting period [1][2]

国元证券股份有限公司 2025 年半年度报告摘要 证券代码：000728 证券简称：国元证券 公告编号：2025- 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， 投资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □ 适用 √ 不适用 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 √适用 □ 不适用 030 国元证券股份有限公司 2025 年半年度报告摘要 一、重要提示 公司经本次董事会审议通过的利润分配预案为：以现有总股本 4,363,777,891 股为基数，向全体 股东 每 10 股派发现金红利人民币 0.80 元（含税），合计派发现金人民币 349,102,231.28 元（含税），不 送 红股，不以公积金转增股本。本预案尚需提交公司 2025 年第一次临时股东会。 董事会决议通过的本报告期优先股利润分配预案 □ 适用 √ 不适用 二、公司基本情况 股票简称 国元证券 股票代码 000728 股票上市交易所 深圳证券交易所 变更前的股票简称（如有） 不适用 联系人和联系方式 董事会秘书 ...

Core Insights - Guoyuan Securities reported a significant increase in revenue and net profit for the first half of 2025, with operating income reaching 3.397 billion RMB, a year-on-year growth of 41.6%, and net profit attributable to shareholders at 1.405 billion RMB, up 40.44% [1] Group 1: Business Performance - The company's self-operated business emerged as the main driver of performance, generating 1.46 billion RMB in revenue, a 64.05% increase, and accounting for 42.98% of total revenue [2] - The self-operated business also achieved a profit of 1.411 billion RMB, reflecting a growth of 66.04% [2] - Wealth management and credit business contributed nearly 30% to total revenue, with related income of 999.8 million RMB, and profits from brokerage and credit services showing substantial growth [3] Group 2: Investment Banking and International Business - Guoyuan Securities accelerated its transformation in investment banking, achieving revenue of 90.25 million RMB, a 44.78% increase, with key achievements in equity and bond financing [4] - The international business segment saw steady growth, with revenue from Guoyuan International reaching 178 million RMB, a nearly 70% increase, and net profit of 38.03 million RMB, up 32.35% [4] Group 3: Organizational Changes - The company announced a rebranding of its self-operated business committee to the Financial Market Business Committee, reflecting a broader scope of operations and a shift towards a more diversified business model [5] - The restructuring aims to enhance resource integration across various financial services, aligning with national high-quality development strategies [5][6]

Core Viewpoint - Guoyuan Securities (000728.SZ) reported significant growth in its financial performance for the first half of 2025, indicating a strong operational momentum in its business segments [1] Financial Performance - The company's operating revenue reached 3.397 billion yuan, representing a year-on-year increase of 41.60% [1] - Net profit attributable to shareholders was 1.405 billion yuan, up 40.44% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.41 billion yuan, reflecting a growth of 41.33% year-on-year [1] - Basic earnings per share stood at 0.32 yuan [1] Business Segments - The report highlighted growth in wealth credit, securities investment trading, and investment banking businesses, contributing positively to the overall performance [1]

Core Viewpoint - The performance of listed securities firms has significantly improved in the first half of 2025, driven by a recovering market environment and increased trading activity, with many firms reporting substantial year-on-year growth in revenue and net profit [1][6]. Group 1: Financial Performance - Guoyuan Securities reported total operating revenue of 3.397 billion yuan, a year-on-year increase of 41.6%, and a net profit attributable to shareholders of 1.405 billion yuan, up 40.44% [3]. - Changcheng Securities achieved total operating revenue of 2.859 billion yuan, a 44.24% increase year-on-year, and a net profit of 1.385 billion yuan, which is a remarkable 91.92% growth [3]. - Overall, eight securities firms have disclosed their semi-annual reports, with most reporting positive revenue and net profit growth compared to the previous year [1][4]. Group 2: Revenue Sources - Guoyuan Securities attributed its revenue growth to increases in wealth management, securities trading, and investment banking, with wealth management revenue reaching 999.8 million yuan, up 45.47% [3][5]. - Changcheng Securities noted that its performance was bolstered by growth in proprietary investment and brokerage business revenues [3]. - Other firms like Dongfang Caifu and Zheshang Securities also reported significant revenue figures, with Dongfang Caifu exceeding 6 billion yuan in total operating revenue [4]. Group 3: Market Environment and Future Outlook - The recovery of the market environment is closely linked to the substantial growth in securities firms' performance, with the average daily trading volume of A-shares surpassing 3 trillion yuan [6]. - Analysts express optimism about the investment value of the securities sector, highlighting the potential for continued growth driven by improved market sentiment and increased trading activity [7][8]. - The securities sector is expected to benefit from policy support aimed at revitalizing capital markets, which will enhance the business landscape for investment banking, brokerage, and asset management [8].

| | 本报告期 | 上年同期 | | 本报告期比上年 同期增减 | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 营业总收入(元) | 3, 396, 624, 443. 30 | 3,084,447,258.13 | 2,398,747,570.34 | 41. 60% | | 归属于上市公司股东的净利润(元) | 1.404.668.283.47 | 1.000.169.297.95 | 1.000.169.297.95 | 40. 44% | | 归属于上市公司股东的扣除非经常 性损益的净利润(元) | 1.409.569.437.02 | 997, 355, 221. 30 | 997, 355, 221. 30 | 41.33% | | 其他综合收益(元) | -58.690.522.70 | 721.126.705.07 | 721, 126, 705. 07 | -108. 14% | | 经营活动产生的现金流量净额(元) | 8.818.068.155.37 | -529. 471. 525. 15 | -529. 471 ...

国元证券股份有限公司负债管理办法 第二章 管理模式与组织架构 （经 2025 年 8 月 22 日第十届董事会第二十七次会议审议通过） 第一章 总 则 第一条 为进一步加强公司的资本约束，建立健全公司负债管理体系，合理 控制公司负债水平，促进公司持续高质量发展。同时，根据公司战略愿景、责任 使命、企业精神、经营理念等文化建设理念体系，结合公司企业文化建设实践和 公司实际，制定本办法。 第二条 公司负债管理是以公司中长远发展规划为目标，根据经济金融形势 和市场环境变化，在满足监管要求的前提下，合理控制负债规模水平和债务融资 成本，保障公司债务融资顺畅及债务兑付安全，促进公司高质量发展。 第三条 公司负债管理目标为：建立满足流动性管理需求、与业务发展相匹 配的负债管理体系，合理控制负债规模和融资成本，采取有效措施把资产负债率 保持在合理水平，实现效益最大化。 第四条 公司负债管理遵循"稳健经营、科学管理和成本控制"的原则。 (一)坚持稳健经营。强化风险意识和稳健经营理念，合理管控负债规模和杠 杆水平，加强资金管理，防范流动性风险； (二)坚持科学管理。根据国家政策和市场环境变化、经济周期波动等情况， 及时调整债务 ...