2025 年度 广州越秀资本控股集团股份有限公司 信用评级报告 编号：CCXI-20252369M-02 2025 年度广州越秀资本控股集团股份有限公司信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 7 月 10 日 2 关 注 评级总监： 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任 ...

广州越秀资本控股集团股份有限公司 2023 年面向专业投资者公开发行公司债券更名公告 广州越秀资本控股集团股份有限公司（以下简称"发行人"）发行不超过人 民币 70 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1007 号 文注册通过。广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开 发行公司债券（第三期）（以下简称"本期债券"）发行规模为不超过 10 亿元（含 10 亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"广州越秀资本控股集团 股份有限公司 2023 年面向专业投资者公开发行公司债券"变更为"广州越秀资 本控股集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期）"。 本期债券名称变更不改变原签订的与本期公司债券发行相关的法律文件效力，原 签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文件包括 但不限于《广州越秀资本控股集团股份有限公司与兴业证券股份有限公司关于 2023 年面向专业投资者公开发行公司债券之债券受托管理协议》等文件。 特此公告。 （本页无正文，为《广州越秀资本控股集团股份有限公司 2023 年面向专业投资 者公开 ...

股票简称：越秀资本 股票代码：000987. SZ 广州越秀资本控股集团股份有限公司 （住所：广州市天河区珠江西路 5 号 6301 房自编 B 单元） 2025 年面向专业投资者公开发行公司债券（第三期） 募集说明书 发行人： 广州越秀资本控股集团股份有限公司 牵头主承销商、簿记管理人： 中信证券股份有限公司 联席主承销商、受托管理人： 兴业证券股份有限公司 联席主承销商： 国泰海通证券股份有限公司、中国国际金 融股份有限公司、中信建投证券股份有限 公司、华泰联合证券有限责任公司、广发 证券股份有限公司 本期债券发行金额： 不超过人民币 10 亿元 担保或其他增信情况： 无担保或其他增信 信用评级结果： 主体 AAA/债项 AAA 信用评级机构： 中诚信国际信用评级有限责任公司 牵头主承销商、簿记管理人 联席主承销商、受托管理人 联席主承销商 签署日期： 年 月 日 2025 10 13 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、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。 发行人如有董事、高级管理人员、持股比例 ...

广州越秀资本控股集团股份有限公司 （住所：广州市天河区珠江西路 5 号 6301 房自编 B 单元） 2025 年面向专业投资者公开发行公司债券 （第三期）发行公告 联席主承销商 签署日：2025 年 10 月 13 日 广州越秀资本控股集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期）发行公告 牵头主承销商、簿记管理人 联席主承销商、受托管理人 本公司及其全体董事、高级管理人员或履行同等职责的人员保证公告内容 真实、准确和完整。 重要事项提示 1、广州越秀资本控股集团股份有限公司（以下简称"发行人"或"公司"） 于 2024 年 6 月 28 日获得中国证券监督管理委员会证监许可〔2024〕1007 号文 同意向专业投资者发行面值不超过人民币 70 亿元公司债券。 发行人本次债券采取分期发行的方式，本期债券为本次债券批文项下第五期 发行，本期债券发行面值不超过 10 亿元（含 10 亿元）。 2、本期债券分为两个品种，其中品种一期限为 2 年期，品种二期限为 10 年期，品种一和品种二的发行规模可互拨，且回拨比例不受限。 本期债券引入双向回拨选择权，回拨比例不受限制。发行人和簿记管理人将 ...

Core Insights - Yuexiu Capital's performance forecast for the first three quarters of 2025 is better than expected, with a projected net profit attributable to shareholders of 2.92 to 3.09 billion yuan, representing a year-on-year increase of 70% to 80% [1] - The company's non-recurring net profit is expected to be between 1.41 to 1.58 billion yuan, reflecting a year-on-year growth of 18% to 32% [1] - The strong performance is driven by the steady development of the new energy business and high investment returns due to a prosperous capital market [1] Financial Performance - In Q3 2025, the company is expected to achieve a net profit attributable to shareholders of 1.36 to 1.54 billion yuan, marking a year-on-year increase of 94% to 118% [1] - The company has changed its accounting method for equity investments, which is expected to contribute a one-time gain of 2.02 and 0.30 billion yuan, adding approximately 1.18 billion yuan to Q3 2025 net profit [2] - However, the company anticipates asset impairment and credit impairment provisions of 1.4 to 1.6 billion yuan, which will reduce the net profit for the first nine months of 2025 by 720 to 820 million yuan [2] New Energy Business - The new energy business continues to grow, with total electricity generation of 7.81 billion kWh in the first half of 2025, resulting in electricity revenue of 2.42 billion yuan, a year-on-year increase of 123% [3] - Yuexiu New Energy, a subsidiary, achieved revenue of 2.20 billion yuan and a net profit of 520 million yuan in the first half of 2025, reflecting year-on-year increases of 122% and 134%, respectively [3] - The company plans to focus on solar, wind, and energy storage sectors to diversify its new energy product offerings and enhance operational efficiency [3] Investment Outlook - The company is expected to maintain a high growth trajectory for the full year, with projected net profits of 3.41 billion yuan, 3.67 billion yuan, and 4.01 billion yuan for 2025 to 2027, representing year-on-year growth of 49%, 8%, and 9% respectively [3] - Current closing prices correspond to dynamic price-to-book ratios of 1.23x, 1.15x, and 1.07x, and dynamic price-to-earnings ratios of 12.0x, 11.2x, and 10.2x for 2025 to 2027 [3]

Core Insights - As of October 14, 72 listed companies in the A-share market have released performance reports for the first three quarters of 2025 [1] Group 1: Profit Scale - A total of 22 companies reported a net profit exceeding 500 million yuan for the first three quarters [1] - New China Life Insurance and Luxshare Precision both reported net profits over 10 billion yuan, specifically 32.054 billion yuan and 11.117 billion yuan respectively [1] - Salt Lake Industry, Yuexiu Capital, and Lingyi iTech reported net profits above 2 billion yuan, with figures of 4.5 billion yuan, 3.008 billion yuan, and 2.005 billion yuan respectively [1] Group 2: Profit Growth - 22 companies reported a year-on-year net profit growth of over 100% for the first three quarters [1] - Chujiang New Materials, Yinglian Co., Guangdong Mingzhu, Limin Co., and Morning Light Biological reported net profit growth rates exceeding 300%, with increases of 2150.09%, 1602.05%, 964.95%, 659.48%, and 372.8% respectively [1]

10月13日，越秀资本涨5.29%，截至发稿，报8.36元/股，成交1.83亿元，换手率0.45%，总市值419.43亿 元。 截至发稿，罗文杰累计任职时间12年178天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 153.6%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居越秀资本十大流通股东。南方中证500ETF（510500）二季度增持 320.52万股，持有股数2250.71万股，占流通股的比例为0.45%。根据测算，今日浮盈赚取约945.3万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1134.38亿。今年以来收益31.05%，同类 排名1735/4220；近一年收益31.8%，同类排名1577/3855；成立以来收益148.66%。 南方中证500ETF（510500）基金经理为罗文杰。 资料显示，广州越秀资本控股集团 ...

Group 1: Innovation in Pharmaceuticals - The State Council has introduced regulations to standardize clinical research and application of biomedical technologies, promoting innovation and ensuring medical quality and safety [1] - The innovative pharmaceutical industry is experiencing positive fundamentals, with overseas licensing amounts exceeding $66.8 billion by mid-2025, and 31% of innovative drugs introduced by international pharmaceutical companies originating from China [1] Group 2: Infrastructure Development - Seven departments, including the Ministry of Industry and Information Technology, have released a plan to enhance new information infrastructure, focusing on the integration of "5G + industrial internet" and the development of computing power infrastructure [2] - The plan aims to promote the resourceization and assetization of industrial data, and to integrate artificial intelligence technologies with service-oriented manufacturing [2] Group 3: Financial Standards - The China Securities Regulatory Commission has published three financial industry standards related to securities exchanges and asset securitization, effective immediately [3] Group 4: Housing and Urban Development - The Ministry of Housing and Urban-Rural Development is deepening reforms in the housing and real estate sectors during the 14th Five-Year Plan, aiming to establish a new model for real estate development and improve the housing supply system [4] Group 5: Healthcare Pricing Regulation - The National Healthcare Security Administration has initiated a special rectification of "dual pricing" practices in designated retail pharmacies, emphasizing the need for fair pricing for insured patients [5][6] Group 6: Cloud Computing Standards - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a comprehensive cloud computing standardization system, aiming to establish over 30 new national and industry standards by 2027 [7] Group 7: Company News - Nengke Technology plans to raise up to 1 billion yuan for the development of its AI training platform [8] - Various companies reported significant year-on-year profit increases, with notable growth from Dao Shi Technology (408.27%) and Dongyangguang (171.08% - 199.88%) [8]

Core Viewpoint - Yuexiu Group has successfully acquired full ownership of Hong Kong Life Insurance, marking its entry into the Hong Kong insurance market and completing its financial sector "full license" strategy [2][3]. Group 1: Acquisition and Market Entry - The acquisition of Hong Kong Life Insurance signifies Yuexiu Group's formal entry into one of the world's most developed insurance markets, enhancing its competitive capabilities in the financial sector [3][4]. - The completion of this acquisition allows Yuexiu Group to establish a comprehensive cross-border financial ecosystem centered around banking, insurance, securities, and investment [4]. Group 2: Financial Performance and Business Contributions - Yuexiu Group's total assets are projected to exceed 1 trillion yuan, reaching 1,138.5 billion yuan by 2024, with a steady increase in revenue from 406 billion yuan in 2016 to 1,055.1 billion yuan in 2022 [4][5]. - Despite revenue growth, net profit has significantly declined from 190 billion yuan in 2020 to an estimated 66 billion yuan in 2024, indicating a need for strategic adjustments [4][5]. Group 3: Strategic Directions and Synergies - The group plans to focus on "pension insurance + health care communities" and "insurance funds + patient capital" as key areas for future development [6][7]. - With over 1.7 million elderly individuals in Hong Kong, the demand for integrated living, medical, and entertainment services in retirement communities is expected to rise, aligning with Yuexiu's existing capabilities in the health care sector [6][8]. - The collaboration between Yuexiu's health care and real estate divisions aims to create comprehensive retirement communities, enhancing both social and economic benefits [8].

Core Viewpoint - Recently, Yuexiu Group completed a strategic acquisition of Hong Kong Life Insurance, becoming its 100% actual controller after a transaction valued at HKD 17.68 billion [1][3]. Group 1: Acquisition Details - The acquisition was officially completed on October 9, following regulatory approval on September 25, 2023 [1][2]. - The transaction is noted as the largest life insurance acquisition in the Hong Kong market since 2024, with a total value of HKD 17.68 billion [3]. - After the acquisition, Yuexiu Group holds 83.33% of Hong Kong Life through a newly established wholly-owned subsidiary, while the original shareholder retains 16.67% [3]. Group 2: Future Plans and Investments - Yuexiu Group plans to inject an additional HKD 1 billion into Hong Kong Life to enhance its capital base and support the development of various insurance products and services [1][6]. - The chairman of Yuexiu Group emphasized that the acquisition will strengthen the group's capabilities in Hong Kong and enhance its financial ecosystem, which includes banking, insurance, securities, and investment [5]. - The company aims to leverage the aging population in Hong Kong, with projections indicating that the number of seniors aged 65 and above will rise from 1.7 million to 2.75 million by 2046, to develop integrated health and insurance services [5].