| 债券代码:524298.SZ | | --- | | 债券代码:524297.SZ | | 债券代码:524248.SZ | | 债券代码:524083.SZ | | 债券代码:148836.SZ | 债券简称:25 越资 04 债券简称:25 越资 03 债券简称:25 越资 01 债券简称:24 越资 Y1 债券简称:24 越资 02 兴业证券股份有限公司 关于广州越秀资本控股集团股份有限公司 职工代表董事变更的受托管理事务临时报告 重要声明 陈同合先生符合《公司法》及公司《章程》等规定的职工代表董事的任职资 格与条件,不存在禁止任职的情形。发行人第十届董事会中兼任高级管理人员以 及由职工代表担任的董事人数总计未超过发行人董事总数的二分之一。 陈同合先生的简历如下: 陈同合,中共党员,博士研究生,高级经济师职称。曾任武汉 752 工厂技术 人员，中国工商银行广东省分行信贷管理部副总经理、信贷监督中心主任、风险 管理部总经理,广州越秀金控资本管理有限公司首席风险官,广州越秀金融控股 集团股份有限公司、广州越秀金融控股集团有限公司首席风险官、纪委书记等。 现任广州越秀资本控股集团股份有限公司党委副书记、职 ...

越秀资本的新能源业务发展迅速，成为本次业绩会上投资者关注的焦点。王恕慧介绍，近年来，在"双 碳"目标引领下，我国新能源发展成效显著，装机规模稳居全球第一，发电量占比持续提升，成本大幅 下降。2025年上半年，全国新增并网的光伏装机211.61GW，同比增长106.49%；风电新增并网装机 51.39GW，同比增长98.88%。近期随着《关于深化新能源上网电价市场化改革促进新能源高质量发展的 通知》等一系列政策的实施，新能源项目上网电量全面进入电力市场，上网电价由市场机制形成，并配 套建立可持续发展电价结算机制，区分存量和增量项目分类施策，标志着行业进入高质量发展的新阶 段，公司持有光伏电站全部属于政策划定的存量范围。公司新能源业务经营情况良好，上半年公司并表 范围内新能源电站发电总量78.10亿度，实现电费收入24.23亿元，同比增长122.69%；子公司越秀新能 源实现营业收入21.99亿元，同比增长122.37%，净利润5.16亿元，同比增长133.80%。 本报讯(记者丁蓉)9月4日下午，广州越秀资本（000987）控股集团股份有限公司(以下简称"越秀资本") 举行2025年半年度网上业绩说明会。公司董 ...

Core Viewpoint - Guangzhou Yuexiu Capital Holdings Group held an online performance briefing for the first half of 2025 to provide insights into its semi-annual report and operational management [1] Group 1: Financial Performance - Yuexiu Investment achieved a net profit of 151 million yuan in the first half of 2025, an increase of 418 million yuan year-on-year [2] - The company announced a mid-term dividend plan, expecting to distribute cash dividends of 450 million yuan (including tax) [3] - Guangzhou Asset turned a profit with a net profit of 17 million yuan in the first half of 2025, marking a turnaround from previous losses [6] Group 2: Investment Strategy - The company is focusing on the technology and healthcare sectors, enhancing collaboration with leading institutions to identify quality projects [2] - In the renewable energy sector, the company is developing a product matrix for solar and wind energy funds, aiming to create a green asset investment management platform [2] - The company has made breakthroughs in A-share strategic placements and H-share anchor investments, establishing a diversified profit model [2] Group 3: Renewable Energy Growth - The total electricity generation from the company's renewable energy plants reached 7.81 billion kWh, generating electricity revenue of 2.423 billion yuan, a year-on-year increase of 122.69% [4] - The subsidiary Yuexiu New Energy reported revenue of 2.199 billion yuan, with a net profit of 516 million yuan, reflecting year-on-year growth of 122.37% and 133.80% respectively [4] - The company plans to enhance operational efficiency of power stations and develop a matrix of renewable energy fund products [4] Group 4: Cash Flow and Accounts Receivable - The net cash flow from operating activities decreased by 28.69% year-on-year, primarily due to a reduction in net funds borrowed from other financial institutions [5] - Accounts receivable increased by 34.74% from the beginning of the year, mainly due to the growth in the renewable energy business and corresponding increases in electricity receivables [5] - The main customers for electricity receivables are State Grid and Southern Power Grid, indicating low credit risk [5]

Financial Performance - The company achieved a net profit of CNY 1.51 billion in the first half of 2025, an increase of CNY 418 million year-on-year [1] - The net profit attributable to shareholders reached CNY 15.58 billion, a year-on-year growth of 53.40% [7] - The company plans to distribute a mid-term cash dividend of CNY 450 million (including tax) for the first time [3][8] Investment Strategy - The company has invested over CNY 150 billion in the new energy sector over the past three years, focusing on solar and wind energy [4] - In the first half of 2025, the company’s renewable energy stations generated a total of 7.81 billion kWh, resulting in electricity revenue of CNY 2.423 billion, a year-on-year increase of 122.69% [5] - The company is developing a diversified product matrix for renewable energy funds and enhancing its green asset management platform [6] Market Positioning - The company aims to become a leading and respected multi-financial investment holding group in China, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [4][9] - The company has maintained a consistent dividend policy since its listing in 2000, with cumulative cash dividends amounting to CNY 6.786 billion [10] Risk Management - The company is actively managing its market value and has incorporated market value management into the performance assessment of its management team [3][11] - The company reported a 28.69% decrease in net cash flow from operating activities, primarily due to reduced net borrowing from financial institutions [5] Future Outlook - The company is focused on enhancing its core competitiveness and sustainable development while maintaining stable profit distribution policies [4][10] - The management is optimistic about future growth, leveraging the current bull market in the Chinese capital market to improve the company's image [3][7]

Market Overview - The diversified financial sector experienced a decline of 4.03% on September 3, with Zhongyou Capital leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Zhongyou Capital (000617) closed at 10.89, down 7.40% with a trading volume of 3.8771 million shares and a transaction value of 4.308 billion [1] - Lakala (300773) closed at 25.42, down 5.71% with a trading volume of 426,100 shares and a transaction value of 1.114 billion [1] - ST Nengmao (6650009) closed at 8.58, down 4.98% with a trading volume of 52,000 shares and a transaction value of 45.5848 million [1] - Huajin Capital (000532) closed at 14.70, down 4.73% with a trading volume of 115,200 shares and a transaction value of 173 million [1] - New Power Financial (600318) closed at 10.22, down 4.66% with a trading volume of 418,200 shares and a transaction value of 434 million [1] Capital Flow Analysis - The diversified financial sector saw a net outflow of 1.32 billion from institutional investors, while retail investors had a net inflow of 1.265 billion [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like ST Xiongmao and ST Rindong experiencing significant outflows from institutional investors [2]

Core Viewpoint - The company, Yuexiu Capital, is currently undergoing significant changes in its investment strategies and financial performance, particularly in its futures business and investments in real estate and automotive sectors [2][3]. Group 1: Stock Performance - As of September 2, 2025, Yuexiu Capital's stock closed at 7.77 yuan, down 2.14%, with a turnover rate of 1.3%, trading volume of 650,900 shares, and a transaction value of 504 million yuan [1]. Group 2: Corporate Actions and Responses - The board of directors approved a plan for its subsidiary, Guangzhou Asset, to purchase Hong Kong-listed shares of Yuexiu Property, which is still within the authorization period, and the execution will depend on market conditions [2]. - The futures business revenue significantly declined from 3.6 billion yuan in the previous year to 1.56 billion yuan this year, attributed to new accounting rules affecting revenue recognition [2]. - The company has not disclosed its investment involvement in Yushutech and is adhering to legal and disclosure requirements regarding its investments [2]. Group 3: Capital Flow - On September 2, 2025, the net outflow of main funds was 80.54 million yuan, accounting for 15.97% of the total transaction value, while retail investors saw a net inflow of 21.31 million yuan, representing 4.22% of the total [3].

Core Viewpoint - Yuexiu Capital (000987.SZ) reported a decline in total revenue for the first half of 2025, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - The company achieved total operating revenue of 5.537 billion yuan, a year-on-year decrease of 17.94% [1] - Net profit attributable to shareholders reached 1.558 billion yuan, reflecting a year-on-year increase of 53.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.551 billion yuan, marking a year-on-year growth of 78.96% [1] - Basic earnings per share were reported at 0.3093 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.90 yuan (including tax) for every 10 shares to all shareholders [1]

Group 1 - The core viewpoint of the article highlights that Yuexiu Capital has achieved significant growth in its operating performance during the first half of 2025, with a net profit attributable to shareholders of 1.558 billion yuan, representing a year-on-year increase of 53.40% [1] - The company reported a record high net profit after deducting non-recurring items, amounting to 1.551 billion yuan [1] - The board of directors proposed the company's first-ever interim dividend since its listing, planning to distribute a cash dividend of 0.90 yuan per 10 shares (tax included), with an expected total payout of 450 million yuan [1] Group 2 - Yuexiu Capital has consistently returned value to its shareholders, having distributed a total of 6.786 billion yuan in cash dividends since its listing in 2000, and has introduced annual dividend plans for 25 consecutive years [1] - The introduction of an interim dividend reflects the company's commitment to rewarding shareholder trust and sharing the benefits of its growth [1]

Core Viewpoint - The company reported significant growth in its operating performance for the first half of 2025, driven by its renewable energy business and strategic investments [1] Financial Performance - Total operating revenue reached 5.537 billion yuan, with a notable contribution from the renewable energy sector [1] - The net profit attributable to shareholders was 1.558 billion yuan, reflecting a year-on-year increase of 53.40% [1] - The net profit after deducting non-recurring items was 1.551 billion yuan, marking a historical high for the same period [1] - Return on equity (ROE) improved to 5.05%, an increase of 1.55 percentage points year-on-year [1] - As of the end of the reporting period, total assets amounted to 212.243 billion yuan, with net assets attributable to shareholders at 31.9 billion yuan [1] - The debt-to-asset ratio stood at 77.68%, indicating a stable financial condition [1] Strategic Focus - The company capitalized on the stable development opportunities in the capital market, achieving good returns from its investment business [1] - It continued to focus on its core responsibilities, aligning with the strategic framework of enhancing financial services and supporting new productive forces [1] - The dual-platform business model of "development and operation + investment management" in the renewable energy sector has matured, becoming a new engine for performance growth [1]

Core Insights - Yuexiu Capital reported a total revenue of 5.537 billion yuan for the first half of 2025, with significant support from its new energy business [1] - The company achieved a net profit attributable to shareholders of 1.558 billion yuan, marking a year-on-year increase of 53.40% [1] - The return on equity (ROE) improved to 5.05%, up by 1.55 percentage points compared to the previous year [1] Financial Performance - Yuexiu Capital's total assets reached 212.243 billion yuan, with a net asset value of 31.9 billion yuan and a debt-to-asset ratio of 77.68% [1] - Yuexiu Leasing, a subsidiary, generated a revenue of 3.498 billion yuan, reflecting a year-on-year growth of 29.29%, and a net profit of 1.033 billion yuan, up by 25.75% [2] - Yuexiu New Energy, another subsidiary, reported a revenue of 2.199 billion yuan, with a remarkable growth of 122.37%, and a net profit of 516 million yuan, increasing by 133.80% [2] Business Segments - Guangzhou Asset Management, focusing on non-performing asset management, achieved a revenue of 259 million yuan and turned a profit with a net income of 17 million yuan [3] - Yuexiu Industry Investment Fund and Yuexiu Industry Investment reported a combined revenue of 435 million yuan and a net profit of 151 million yuan, showing increases of 5.25 million yuan and 4.18 million yuan respectively [4] - Guangzhou Futures, engaged in futures business, recorded a revenue of 1.516 billion yuan and a net profit of 26.77 million yuan, with significant growth in brokerage and asset management services [5]