Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.7 CNY per share, compared to the current price of 5.57 CNY [4][17]. Core Views - In 2023, the company achieved total revenue of 14.793 billion CNY, a year-on-year increase of 4.39%, while the net profit attributable to shareholders was 2.404 billion CNY, a decrease of 4.33% [2][8]. - The total assets as of the end of 2023 were 187.17 billion CNY, an increase of 13.875 billion CNY from the beginning of the year, primarily due to increased investments in fixed assets related to the renewable energy business [2][8]. - The company is accelerating its green business transformation in line with the Guangdong provincial government's directives [2]. Summary by Sections 1. Revenue and Profitability - The company reported a total revenue of 14.793 billion CNY in 2023, with a growth rate of 4.39% [3][8]. - The net profit attributable to shareholders was 2.404 billion CNY, reflecting a decline of 4.33% year-on-year [3][8]. - The return on equity (ROE) for 2023 was 8.66% [8]. 2. Business Segments - **Yuexiu Leasing**: Generated revenue of 4.309 billion CNY, up 4.51% year-on-year, with a net profit of 1.386 billion CNY, a growth of 6.52% [2][8]. - **Guangzhou Assets**: Revenue decreased to 1.914 billion CNY, down 2.75%, and net profit fell significantly by 79.94% to 154 million CNY [2][11]. - **Long-term Investment Income**: The company recognized investment income of 1.631 billion CNY, accounting for 49% of the net profit [2][14]. - **Other Businesses**: Revenue from other businesses was 861 million CNY, a slight decline of 0.90%, while net profit decreased by 24.82% to 355 million CNY [2][13]. 3. Future Projections - The forecast for 2024 indicates a net profit of 2.405 billion CNY, remaining stable compared to 2023, with an expected EPS of 0.48 CNY [2][17]. - The company is projected to maintain a PE ratio of 14x for 2024, with a reasonable share value of 6.7 CNY [2][17]. 4. Financial Metrics - The company’s total assets reached 187.17 billion CNY, with a debt-to-asset ratio of 77.8% [8][22]. - The company’s EBITDA for 2023 was reported at 978 million CNY [3][22]. 5. Investment Strategy - The report emphasizes the company's focus on expanding its renewable energy business, which is expected to contribute significantly to future revenue growth [2][8].

Financial Performance - The company achieved total operating revenue of CNY 14.793 billion in 2023, representing a year-on-year increase of 4.39%[35]. - The net profit attributable to shareholders was CNY 2.404 billion, a decrease of 4.33% compared to the previous year[35]. - The return on equity (ROE) for the year was 8.66%, indicating a decline of 1 percentage point from the previous year[26]. - Total assets at the end of 2023 reached CNY 187.170 billion, an increase of CNY 13.875 billion from the beginning of the year[35]. - The net assets attributable to shareholders amounted to CNY 28.629 billion, up by CNY 1.629 billion year-on-year[26]. - The company reported a net cash flow from operating activities of CNY 13.386 billion, showing significant improvement from a negative cash flow in the previous year[26]. - The basic earnings per share (EPS) for 2023 was CNY 0.5008, reflecting a decrease of 4.33% compared to the previous year[26]. - The company achieved a net profit attributable to shareholders of 2,403,640,893.83 RMB in 2023, with a distributable profit of 1,729,722,737.06 RMB at year-end[168]. Dividend Distribution - The company plans to distribute a cash dividend of 1.7 RMB per share (including tax) based on a total share capital of 5,017,132,462 shares as of December 31, 2023[4]. - The cash dividend distribution accounted for 100% of the total profit distribution amount, adhering to the requirement of a minimum of 20% for cash dividends during the growth phase[168]. - The company has maintained a high cash dividend ratio since its listing, with no instances of proposing no cash dividend despite profitability[165]. Risk Management - The company emphasizes the importance of risk management and has detailed potential risks and countermeasures in the report[4]. - The company has established a comprehensive risk management system, focusing on high-quality areas and strategic emerging industries, aligning with ESG principles[63]. - The company faces various risks, including strategic, credit, market, liquidity, operational, policy, and reputational risks, but maintains a strong capital base to withstand these challenges[111]. - The company has implemented a dynamic risk identification and assessment process for credit risk, maintaining a high-quality credit asset level[113]. - The market risk management framework includes strict authorization systems and multi-indicator monitoring, ensuring risks are kept within acceptable limits[114]. - The liquidity risk management framework focuses on maintaining strong debt repayment capabilities and sustainable business profitability[115]. - The company emphasizes operational risk control through process design, compliance monitoring, and continuous improvement of internal controls[116]. Corporate Governance - The company has established a robust governance structure to ensure transparency and accountability in its operations[10]. - The company received an A rating for 13 consecutive years in the Shenzhen Stock Exchange's information disclosure evaluation[123]. - The company has implemented a stock option incentive plan covering directors, senior executives, and key employees to enhance employee engagement and operational efficiency[61]. - The company has established a comprehensive compliance operation system with 31 internal control requirements and over 230 regulations covering various management activities[127]. - The company has maintained an independent asset structure with no ownership disputes and clear property relations with controlling shareholders[128]. - The company operates with an independent organizational structure, ensuring that the board and management can function without interference from controlling shareholders[132]. Strategic Initiatives - Future outlook includes strategic initiatives aimed at market expansion and potential mergers and acquisitions to strengthen its competitive position[10]. - The company is focused on deepening transformation and promoting growth, with a mission to provide financial services to the real economy[34]. - The company is exploring new investment opportunities and strategies to strengthen its market position[120]. - The company plans to enhance differentiated marketing capabilities and extend inclusive cooperation to improve the quality of inclusive finance business[43]. Investment and Acquisitions - The company has undergone significant asset acquisitions, including the purchase of 100% equity in Guangzhou Yuexiu Capital, completed in March 2016[9]. - The company transferred 100% equity of Guangzhou Friendship Group Co., Ltd. to Guangzhou Guangshang Capital Management Co., Ltd. in March 2019[17]. - In 2020, the company completed the transfer of 100% equity of Guangzhou Securities to CITIC Securities, marking a significant restructuring of its business[17]. - The company invested 200,000 million CNY in Yuexiu New Energy, acquiring a 100% stake to fully promote its transformation into the new energy business[92]. Sustainability and Green Initiatives - The company achieved a green investment of CNY 254.86 billion, accounting for over 50% of new investments, with CNY 160.95 billion specifically in the renewable energy sector[36]. - The renewable energy business saw a new investment of CNY 152.20 billion, with electricity revenue reaching CNY 4.61 billion, representing year-on-year growth of 894.03% and 1,096.33% respectively[44]. - The company is committed to enhancing its governance structure, ensuring clear responsibilities among its governing bodies[121]. Employee and Management - The total number of employees at the end of the reporting period was 1,231, with 174 in the parent company and 1,057 in major subsidiaries[161]. - The company has established a performance-oriented compensation culture, considering both company and individual performance for salary adjustments[162]. - The company has implemented a performance management system for senior management remuneration, which was revised and approved by the board[149]. Financial Reporting and Audit - The company’s financial reporting is backed by a certified audit, ensuring the accuracy and reliability of its financial statements[6]. - The total audit fee paid to the domestic accounting firm was 1.89 million yuan for the financial statement audit[187]. - The internal control audit firm was retained for a fee of 315,000 yuan for internal control auditing services[188]. Market Position and Growth - The company reported a total revenue of 10 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[144]. - User data indicates a growth in active users by 20% compared to the previous year, reaching 5 million active users[144]. - The company has provided a revenue guidance of 12 billion RMB for the next fiscal year, projecting a growth rate of 20%[144].

2023 年度独立董事述职报告 报告人：刘中华 广州越秀资本控股集团股份有限公司各位股东： 2023 年，本人作为广州越秀资本控股集团股份有限公司（以 下简称"公司"）独立董事，严格按照《公司法》《证券法》《上市 公司治理准则》《上市公司独立董事管理办法》等法律法规、规 范性文件和公司《章程》《独立董事工作制度》等有关要求，充 分发挥自身专业优势，诚实、勤勉、独立履行职责，推动董事会 科学决策，促进公司合规治理，依法维护公司及全体股东的合法 权益。 现将本人 2023 年度履职情况报告如下： 一、 个人基本情况 （一）个人履历信息 广州越秀资本控股集团股份有限公司 二、 2023 年履职概况 （一）参加董事会、股东大会情况 2023 年，公司共召开 22 次董事会和 6 次股东大会，本人出 席了所有应出席会议，具体情况如下： | 姓名 | | | | 参加董事会情况 | | | 参加股东大会情况 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 应参加 | 现场出 | 通讯出 | 委托出 | 缺席 | 是否连续 | | | | 董事会 | | | ...

证券代码：000987 证券简称：越秀资本 上海荣正企业咨询服务（集团）股份有限公司 关于 广州越秀资本控股集团股份有限公司 股票期权激励计划调整行权价格、第一个行权 期行权条件未成就及注销部分股票期权 之 独立财务顾问报告 二〇二四年三月 | 第一章 | 释义 1 | | --- | --- | | 第二章 | 声明 3 | | 第三章 | 基本假设 4 | | 第四章 | 本次激励计划已经履行的决策程序 5 | | 第五章 | 独立财务顾问意见 7 | | | （一）关于调整股票期权激励计划行权价格的说明 7 | | | （二）关于股票期权激励计划第一个行权期行权条件未成就及注销部分股票 | | | 期权的说明 7 | | | （三）结论性意见 9 | | 第六章 | 备查文件及咨询方式 10 | | | （一）备查文件 10 | | | （二）咨询方式 10 | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 第一章 释义 以下词语如无特殊说明，在本文中具有如下含义： 本计划、本激励计划、股票期权激励计划、《激励计划（草案）》：指《广 州越秀资本控股集团股份有限公司股票期权激励计划（草案）》 ...

广州越秀资本控股集团股份有限公司 关于调整股票期权激励计划行权价格的公告 广州越秀资本控股集团股份有限公司（以下简称"公司"或 "越秀资本"）根据《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、公司《股票期权激励计划（草案）（2023 年 1 月）》（以下简称"《激励计划（草案）》"、"本激励计划"） 的规定和公司 2023 年第一次临时股东大会的授权，于 2024 年 3 月 27 日召开第十届董事会第九次会议及第十届监事会第七次会 议，审议通过《关于调整股票期权激励计划行权价格的议案》。 公司现将具体情况公告如下： 一、本激励计划已履行的相关程序及信息披露情况 2023 年 1 月 9 日，公司召开第九届董事会第五十三次会议 及第九届监事会第二十五次会议，审议通过《关于〈股票期权激 励计划（草案）〉及其摘要的议案》《关于制定股票期权激励计 划相关管理办法的议案》《关于提请股东大会授权董事会办理公 司股票期权激励计划有关事项的议案》等议案。公司独立董事就 此发表审核意见，公司聘请的律师、独立财务顾问均发表相关意 见。 2023 年 1 月 10 日至 2023 年 1 月 19 日，本次拟授予的 ...

广州越秀资本控股集团股份有限公司 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本信息 致同会计师事务所（特殊普通合伙）（以下简称"致同所"） 成立于 1981 年，于 2011 年 12 月 22 日完成改制，成为一家特 殊普通合伙制会计师事务所。致同所执业证书由北京市财政局颁 发，序号为 NO.0014469；具有从事证券期货相关业务、从事特 大型国有企业审计业务及金融审计业务等资格。 董事会审计委员会对会计师事务所 履行监督职责情况报告 根据《公司法》《证券法》《上市公司治理准则》《国有企业、 上市公司选聘会计师事务所管理办法》等法律法规及广州越秀资 本控股集团股份有限公司（以下简称"公司"）《章程》《董事会 审计委员会工作细则》的规定和要求，公司董事会审计委员会本 着对董事会、股东大会和全体股东负责的态度，独立专业、恪尽 职守，对 2023 年会计师事务所执行审计工作实施监督，现将履 职情况汇报如下： （二）聘任会计师事务所履行的程序 经公司第十届董事会审计委员会第二次会议、第十届董事会 第三次会议及 2023 年第五次临时股东大会审议通过，公司续聘 致同所为公司 2023 年审计机构 ...

证券代码：000987 证券简称：越秀资本 公告编号：2024-006 广州越秀资本控股集团股份有限公司 2023 年年度利润分配预案 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 三、相关说明 广州越秀资本控股集团股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开第十届董事会第九次会议和第十届监事会 第七次会议，审议通过了《关于 2023 年年度利润分配预案的议 案》，该议案尚需提交公司 2023 年年度股东大会审议。公司现将 2023 年年度利润分配预案的基本情况公告如下： 一、2023 年年度财务概况 经致同会计师事务所（特殊普通合伙）审计，公司 2023 年 度 合并报表 实 现 归 属 于 上 市 公 司 股 东 的 净 利 润 为 2,403,640,893.83 元，提取法定盈余公积和一般风险准备后可分 配利润为 2,139,788,337.39 元，加上 2022 年年末未分配利润余额 8,305,712,151.00 元，减去已分配 2022 年度股利 852,912,518.54 元，截至 2023 年 12 月 31 ...

证券代码：000987 证券简称：越秀资本 公告编号：2024-012 （三）公司出席人员：董事长王恕慧先生，副董事长兼总经 理杨晓民先生，独立董事刘中华先生、冯科先生及职工代表董事、 副总经理、财务总监兼董事会秘书吴勇高先生。 二、问题征集方式 为充分尊重投资者，广泛听取投资者咨询、意见和建议，提 升交流有效性，公司将就本次业绩说明会向投资者征集问题。投 广州越秀资本控股集团股份有限公司 关于举办 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广州越秀资本控股集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日在巨潮资讯网（www.cninfo.com.cn）披露公司 《2023 年年度报告》及其摘要。为便于广大投资者进一步了解 公司《2023 年年度报告》内容及 2023 年经营管理情况，公司拟 举办 2023 年度网上业绩说明会。具体安排如下： 一、业绩说明会相关安排 （一）召开时间：2024 年 4 月 2 日（星期二）15:00 至 16:30。 （二）召开方式：网络远程。投资者可登陆"全景网" ...

广州越秀资本控股集团股份有限公司 二〇二三年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 致同会计师事务所（特殊普通合伙） 目录 内部控制审计报告 2023 年度内部控制自我评价报告 1-15 致同审字（2024）第 440A004885 号 广州越秀资本控股集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了广州越秀资本控股集团股份有限公司（以下简称"越秀资本公 司"）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是越秀资本公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务 ...

证券代码：000987 证券简称：越秀资本 公告编号：2024-010 广州越秀资本控股集团股份有限公司 关于召开 2023 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广州越秀资本控股集团股份有限公司（以下简称"公司"）将 于 2024 年 5 月 21 日召开 2023 年年度股东大会，现将会议具体 事项通知如下： 一、会议基本情况 （一）会议届次：2023 年年度股东大会。 （二）会议召集人：公司董事会，公司第十届董事会第九次 会议决议召开 2023 年年度股东大会。 （三）本次股东大会的召集程序符合有关法律、行政法规、 部门规章、规范性文件及公司《章程》的规定，召集人资格合法 有效。 （四）会议召开时间 1、现场会议：2024 年 5 月 21 日下午 15:00 开始； 2、网络投票：通过深圳证券交易所交易系统进行网络投票 的时间为 2024 年 5 月 21 日上午 9:15-9:25 和 9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票 的时间为 2024 年 5 月 21 ...