Financial Performance - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[30]. - The company reported a net profit margin of 12%, an improvement from 10% in the previous year[30]. - Net profit attributable to shareholders increased by 31.02% to ¥428,379,469.63 in 2024, up from ¥326,963,050.21 in 2023[36]. - The company's operating revenue for 2024 reached ¥4,217,541,342.77, representing a 0.69% increase from ¥4,188,477,732.54 in 2023[36]. - The company's basic earnings per share increased to ¥0.07, a 16.67% rise from ¥0.06 in 2023[36]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[31]. - The net profit for 2024 was ¥379,583,509.08, a significant increase of 38.68% from ¥273,715,327.87 in 2023[38]. - The company's total equity at the end of 2024 was ¥20,841,038,558.21, a slight increase of 0.50% from ¥20,737,794,086.27 in 2023[40]. Dividends and Capital Structure - The company plans to distribute a cash dividend of 0.30 RMB per 10 shares, totaling 191,585,234.31 RMB, with remaining undistributed profits of 465,524,248.41 RMB carried forward to the next year[3]. - The registered capital of the company is 6,386,174,477.00 RMB, and the net capital stands at 16,224,693,577.93 RMB[13]. - The company does not plan to increase capital reserves to expand share capital for the 2024 fiscal year[3]. - The registered capital of Guohai Securities Co., Ltd. increased to CNY 6,386,174,477 after a private placement of 941,648,963 shares approved by the China Securities Regulatory Commission in October 2023[23]. Risk Management - The company has established a risk management system to address various risks including market, credit, liquidity, operational, and reputational risks[12]. - The company emphasizes the importance of compliance and risk management to support business development and ensure operational safety[176]. - The company has implemented a comprehensive risk management system, including a centralized risk management structure and a risk control indicator system to monitor various risk types[194][195]. - The company has established a liquidity risk management system centered on liquidity coverage ratio and net stable funding ratio, ensuring liquidity needs are met in a timely manner at reasonable costs[197]. Business Operations and Strategy - The company has not changed its main business since its listing on August 9, 2011, which includes securities brokerage, investment consulting, and asset management[17]. - The company operates in the financial industry under the capital market services sector[17]. - The company has expanded its branch network significantly, with multiple branches established across major cities including Beijing, Shanghai, and Shenzhen since 2009[26]. - The company is actively involved in the development of new financial products and services to enhance its market competitiveness[29]. - The company is focused on expanding its market reach through strategic partnerships and acquisitions[29]. - The company aims to enhance its differentiated competitive advantage in wealth management by focusing on customer needs and improving service quality in 2025[88]. Subsidiaries and Investments - The company has a subsidiary, Guohai Good Times Futures Co., Ltd., with a registered capital of 600 million yuan and an 83.84% ownership stake[28]. - The company’s subsidiary, Guohai Franklin Fund Management Co., Ltd., has a registered capital of 220 million yuan and a 51% ownership stake[28]. - The company’s major subsidiaries include Guohai Fund Management, which reported a net profit of 2,040.31 million CNY, and Guohai Futures, with a net profit of 314.71 million CNY[168]. - The company’s investment in structured entities includes several asset management plans, indicating a diversified investment strategy[169]. Market Position and Growth - The company has maintained the highest market share in securities brokerage business in Guangxi, with leading positions in IPO and New Third Board listings[57]. - The company’s research business ranking improved significantly, with public fund commission market share rising from 26th to 4th place, and trading commission market share reaching a historic high[74][75]. - The company’s total assets under management in standardized active management reached 380.15 billion yuan, reflecting a year-on-year growth of 14.5%[75]. - The company aims to enhance its comprehensive financial service capabilities by focusing on high-end manufacturing, military industry, and biotechnology sectors in 2024[102]. Customer Engagement and Satisfaction - User data showed an increase in active users to 10 million, up from 8 million last year, indicating a 25% growth in user base[30]. - Customer satisfaction ratings improved to 85%, up from 80% last year, reflecting enhanced service quality[30]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and product efficiency[30]. Future Outlook and Guidance - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.7 billion, which would reflect a growth rate of 7% to 13%[30]. - Future guidance indicates a focus on sustainability initiatives, with a commitment to reduce carbon emissions by 30% over the next five years[31]. - The company plans to enhance its capabilities in investment research, wealth management, and comprehensive financial services, targeting four key areas: large wealth, large asset management, investment research, and investment banking[173].

Revenue and Expenditure Overview - In the first two months of 2025, the national general public budget revenue was 43,856 billion CNY, a year-on-year decrease of 1.6%[3] - National general public budget expenditure reached 45,096 billion CNY, showing a year-on-year increase of 3.4%[3] - Government fund budget revenue fell to 6,381 billion CNY, down 10.7% year-on-year, while expenditure was 11,358 billion CNY, up 1.2%[3] Tax Revenue Insights - Among the four major tax categories, three showed positive growth: domestic VAT increased by 1.1%, domestic consumption tax by 0.3%, and personal income tax surged by 26.7%[4] - Corporate income tax saw a decline of 10.4%, primarily due to reduced tax payments from certain central financial enterprises[4] - Export tax rebates increased by 16.9%, influenced by potential trade protectionism[4] Fiscal Policy and Spending - The expenditure growth rate of 3.4% significantly outpaced the revenue growth rate, with expenditure progress at 15.2%, exceeding the five-year average by 0.8 percentage points[5] - The government plans to enhance fiscal policies, focusing on consumption and technology innovation, with a budget of 3,000 billion CNY for consumer subsidies, doubling from the previous year[7][8] Support for Key Sectors - Fiscal spending on science and technology reached 11,505 billion CNY last year, growing by 5.7%, and increased by 10.6% in the first two months of 2025[8] - Social security, education, and health-related expenditures rose by 5.4%, outpacing general public fiscal spending growth[8] Risks and Challenges - Potential risks include macroeconomic fluctuations, global economic downturns, geopolitical tensions, and uncertainties in policy and trade relations[8]

Core Viewpoint - The announcement of the leadership transition at Guohai Franklin Fund, with Wu Xianling retiring and Liu Jun taking over as chairman, highlights a significant change in the company's management structure and raises questions about future performance under new leadership [1][13]. Group 1: Leadership Transition - Wu Xianling retired as chairman on March 20, 2025, after a notable tenure, and Liu Jun has been appointed as the new chairman [1][3]. - The company expressed high regard for Wu Xianling's contributions, noting her pivotal role in the establishment and strategic development of Guohai Franklin Fund since its inception [6][7]. Group 2: Performance Under Wu Xianling - Under Wu Xianling's leadership, the fund's management scale grew from 14.159 billion to 84.484 billion, marking a 496% increase [6]. - The fund adopted a differentiated competition strategy, with active equity funds and international business (QDII) being key growth drivers, achieving a QDII scale of 5.429 billion by the end of 2024 [6][7]. Group 3: Liu Jun's Background - Liu Jun's previous roles include positions at Guohai Securities and Guohai Innovation Capital, but he lacks extensive experience in the public fund industry [13][14]. - His past involvement in the "carrot stamp" incident at Guohai Securities raises concerns about his ability to lead effectively [13][15]. Group 4: Market Position and Investor Confidence - Guohai Franklin Fund has a strong reputation among institutional investors, with 44 out of 52 funds favored by them, indicating a solid market position [10][11]. - The average tenure of senior management at the fund is 15.9 years, suggesting stability in leadership, which may be challenged by the new appointment [8].

国海证券：去库表现良好 铝价短期震荡不改旺季逻 辑 智通财经APP获悉，国海证券发布研报称，铝价自高位调整后，一定程度上刺激终端企业补库需求；旺 季继续深入，需求仍在提升，下游开工延续扩张态势。截至3月20日，国内铝棒社会库存为28.80万吨， 环比上周四减少0.95万吨上周铝价重心稍有回落，相对低位铝价刺激下游释放接货需求，带动铝棒库存 稳定去库。随着"金三银四"传统旺季进程的深入推进，终端补库动能边际增强的逻辑仍然存在，预计三 月下半月维持去库趋势。 国海证券主要观点如下： 供应：截至3月20日，全国电解铝运行产能约4384万吨，随着复产推进，运行产能略有提高 截至3月20日，国内电解铝即时完全平均成本约17061元/吨，周环比下跌274元/吨，成本继续下行。库 存方面，3月20日国内主流消费地电解铝锭库存83.4万吨，周环比减少2.8万吨，铝棒库存周环比下降近1 万吨，LME铝库存亦减少0.82%。上周前半段铝价高位回落后，国内铝现货出库表现明显好转，叠加在 途货量略减，周中国内库存锐减，有效提振市场情绪。 需求：本周铝价自高位调整后，一定程度上刺激终端企业补库需求；旺季继续深入，需求仍在提升，下 游开 ...

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。 股票代码：000750 股票简称：国海证券 公告编号：2025-04 债券代码：133466 债券简称：23 国海 01 国海证券股份有限公司 2023年面向专业投资者非公开发行公司债券 （第一期）2025年付息公告 特别提示： 国海证券股份有限公司(以下简称"公司")于 2023 年 3 月 24 日发行国海证券股份有限公司 2023 年面向专业投资者 非公开发行公司债券（第一期）(以下简称"23 国海 01"或 "本期债券"，债券代码 133466)。本期债券将于 2025 年 3 月 24 日支付 2024 年 3 月 24 日至 2025 年 3 月 23 日期间的 利息。本年付息的债权登记日为 2025 年 3 月 21 日，凡在 2025 年 3 月 21 日下午深圳证券交易所收市后，在中国证券登记 结算有限责任公司深圳分公司（以下简称"中国结算深圳分 公司"）登记在册的全体本期债券持有人享有本次派发的利 息。 根据《国海证券股份有限公司 2023 年面向专业投资者 1 非公开发行公司债券（第一期）募 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of the 2025 National Two Sessions as a critical juncture for strategic discussions on technological and industrial innovation, green development, and support for small and micro enterprises [1] - The government work report highlights increased support for technological innovation, green development, and the establishment of a differentiated regulatory system for venture capital funds, which is seen as a positive directive [1][2] - The company has initiated a comprehensive plan for the years 2024-2026 focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to enhance service capabilities and support new quality productivity [1][2] Group 2 - The company is committed to serving small and medium-sized enterprises in niche sectors, utilizing various financial tools such as IPOs, mergers and acquisitions, and bond financing to support the high-quality development of strategic emerging industries [4] - Since the "14th Five-Year Plan," the company has achieved significant results in serving specialized and innovative enterprises, providing comprehensive financial services to leading companies in various sectors [5] - The company’s subsidiaries are actively investing in new energy, carbon reduction, hard technology, and satellite internet, adhering to a long-term investment strategy [5] Group 3 - The company has successfully listed an invested enterprise on the Sci-Tech Innovation Board in 2024, showcasing its expertise in technology finance [6] - The government work report emphasizes the integration of digital technology with manufacturing advantages, and the company is responding by accelerating technological innovation and focusing on the application of artificial intelligence in the securities industry [6] - The company has made notable progress in smart investment advisory services and has launched innovative products utilizing artificial intelligence technology [6][7] Group 4 - The company has achieved breakthroughs in large model technology for auditing and programming assistance, significantly improving work efficiency and quality [7] - Recent developments include the localization of DeepSeek-R1 and Qwen-2.5 large model products, enhancing the company's ability to process unstructured data and optimize customer service [7]

证券时报网讯，在日前举办的国海证券2025年春季策略会上，国海证券首席经济学家夏磊表示，我国宏 观经济调控能力不断增强，特别是去年9月及时部署出台一揽子增量政策，有效提振社会信心。 展望2025年，在一系列政策协同作用下，中国经济将实现新起点上的新平衡。 具体包括：提高赤字率、增加专项债发行使用、增发超长期特别国债等更加积极的财政政策；创新货币 政策工具、降准降息等适度宽松的货币政策；推动房地产回稳、设备更新和以旧换新等需求端支持政 策；以及推动科技创新与产业发展融合的产业政策等。 ...

证券代码：000750 证券简称：国海证券 公告编号：2025-03 国海证券股份有限公司关于计提及冲回 资产减值准备和计提预计负债的公告 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。 为真实、公允地反映国海证券股份有限公司（以下简称 公司）的财务状况以及经营成果，基于谨慎性原则，公司根 据《企业会计准则》相关规定和公司会计政策，对有关资产 和未决诉讼的进展情况进行了审慎分析和评估，计提及冲回 资产减值准备和计提预计负债。具体情况如下： 一、计提及冲回资产减值准备 单位：万元 （一）计提及冲回资产减值准备概况 | 项目 | 本期计提及冲回资产减值准备金额 | | --- | --- | | 买入返售金融资产 | 15,599.16 | 受市场波动等多方面因素影响，公司在 2024 年前三季 度已计提资产减值准备的基础上（详见编号 2024-34、2024- 41、2024-52 的临时公告），在 2024 年 10-12 月（以下简称 本期）合计冲回各项资产减值准备 14,783.33 万元。明细如 下： 注：冲回以正数列示，计提以负数列示。 （二）计提及冲 ...

Financial Performance - In 2024, the company's operating income reached RMB 421,974.89 million, a slight increase of 0.75% compared to RMB 418,847.77 million in 2023[6] - The net profit attributable to shareholders increased by 32.11% to RMB 43,195.64 million from RMB 32,696.31 million in the previous year[6] - The total profit rose by 27.29% to RMB 65,610.83 million, up from RMB 51,543.76 million in 2023[6] - The basic earnings per share improved by 16.67% to RMB 0.07 from RMB 0.06[6] - The weighted average return on equity increased to 1.96%, up by 0.26 percentage points from 1.70%[7] Asset Management - Total assets decreased by 14.58% to RMB 5,957,131.91 million from RMB 6,973,650.90 million[7] - The net assets attributable to shareholders increased slightly by 0.62% to RMB 2,209,159.78 million from RMB 2,195,634.64 million[7] Business Strategy - The company's wealth management business showed steady growth during the reporting period[8] - The company emphasized its commitment to high-quality development and differentiation in its competitive strategy[8] Audit and Reporting - The financial data presented is preliminary and subject to change upon final audit[3]

股票代码：000750 股票简称：国海证券 公告编号：2025-01 国海证券股份有限公司 关于向专业投资者公开发行公司债券 获得中国证券监督管理委员会注册批复的公告 一、同意公司向专业投资者公开发行面值总额不超过 100 亿元公司债券的注册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所 的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注 册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公 司如发生重大事项，应及时报告并按有关规定处理。 1 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。 公司将按照有关法律法规、上述批复文件的要求及公司 股东大会的授权办理本次公司债券发行的相关事宜，并及时 履行信息披露义务。 2025 年 1 月 7 日，国海证券股份有限公司(以下简称公司) 收到中国证券监督管理委员会《关于同意国海证券股份有限 公司向专业投资者公开发行公司债券注册的批复》（证监许可 〔2024〕1918 号）（以下简称批复），批复主要内容如下： 二〇二五年一月八日 2 特此公告。 国海证券股份 ...