Core Viewpoint - The appointment of Lu Wei as Vice President and President of the Investment Banking Division at Guosen Securities marks a significant internal promotion after a vacancy of seven months, with expectations for him to revitalize the investment banking performance amid a new policy cycle in the IPO and M&A markets [2][3][5]. Group 1: Appointment and Background - Lu Wei has been with Guosen Securities since 1998, bringing over 20 years of investment banking experience, including participation in various IPOs and financing projects [3][6]. - His previous roles include General Manager of the Comprehensive Management Department and the Listing Advisory Department within the Investment Banking Division, and he has served as Vice President since around 2014 [3][4]. - The position of Vice President overseeing investment banking had been vacant since the departure of Hu Huayong in December 2018, with the division temporarily managed by President Deng Ge [3][4]. Group 2: Current Challenges and Market Position - Guosen Securities has faced declining performance in investment banking, with its net income ranking dropping from 3rd place in 2000-2011 to 9th place in 2018, and it has struggled to regain its former standing [6][8][10]. - The investment banking division reported a revenue of 1.051 billion yuan in 2024, a year-on-year decline of 25.92%, with a profit margin of only 1.52%, the lowest among major brokerages [10]. - The company has seen a decline in its rankings for IPO underwriting, with 2022-2024 figures showing it ranked 8th and 9th in terms of underwriting amounts and numbers, respectively [12][9]. Group 3: Future Opportunities - The current policy environment presents new opportunities for Guosen Securities, particularly in the areas of IPOs and M&A, as regulatory changes are expected to facilitate these processes [15][16][17]. - The company has a strong historical focus on supporting technology-driven enterprises, which may position it well to capitalize on upcoming market trends and policy shifts [17].

Company Overview - Wanhe Securities Co., Ltd. is a non-listed joint-stock company established on January 18, 2002, approved by the China Securities Regulatory Commission [3] - As of May 31, 2025, the registered capital of the company is RMB 2,272,997,710 [3] - The company operates in various areas including securities brokerage, proprietary trading, investment consulting, margin financing, and asset management [3] Financial Reporting - The financial statements include consolidated and parent company balance sheets as of December 31, 2024, and May 31, 2025, as well as profit and cash flow statements for the year 2024 and the first five months of 2025 [1][2] - The financial statements are prepared based on the going concern principle and are intended for the purpose of the acquisition of 96.08% of the company's shares by Guosen Securities [4] - The company confirms that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months [4] Accounting Policies - The financial statements comply with the requirements of the Enterprise Accounting Standards and reflect the company's financial position, operating results, and cash flows accurately [4][5] - The company uses the Chinese Yuan as its functional currency for accounting purposes [5] - Important accounting policies include the recognition and measurement of financial instruments, revenue recognition, and the assessment of impairment for financial assets [5][12] Financial Performance - The financial statements provide insights into the company's financial condition, including assets, liabilities, and equity, as well as income and expenses over the reporting periods [1][2] - The company has established specific accounting policies for financial instruments, including impairment assessments based on expected credit losses [12][15] Corporate Structure - The parent company of Wanhe Securities is Shenzhen Capital Operation Group Co., Ltd. [3] - As of May 31, 2025, the company has two subsidiaries, 27 branches, and 22 securities business departments, employing a total of 771 staff members [3]

Core Viewpoint - Guosen Securities Co., Ltd. plans to issue shares to acquire the equity of Wanhe Securities Co., Ltd. held by Shenzhen Capital Operation Group Co., Ltd. and other shareholders, with an asset valuation report prepared by Zhonglian Asset Appraisal Group Co., Ltd. [4][5][24] Group 1: Company Overview - Guosen Securities is a listed company with a registered capital of 961,242.9377 million RMB, established on June 30, 1994, and located in Shenzhen [10]. - Shenzhen Capital Operation Group Co., Ltd. is a limited liability company with a registered capital of 1,552,000.00 million RMB, established on June 22, 2007, and located in Shenzhen [10]. - Wanhe Securities Co., Ltd. is a non-listed company with a registered capital of 227,299.771 million RMB, established on January 18, 2002, and located in Haikou [11]. Group 2: Valuation Details - The valuation of Wanhe Securities' equity was conducted as of November 30, 2024, using market value as the valuation type [6]. - The assessed market value of Wanhe Securities' equity is 22,996.3 million RMB, reflecting a growth rate of 0.42% compared to the book value of the consolidated financial statements [6][17]. Group 3: Financial Performance - As of November 30, 2024, Wanhe Securities' consolidated total assets amounted to 540,615.71 million RMB, with a net profit of 2,920.46 million RMB for the period from January to November 2024 [17][19]. - The financial status of Wanhe Securities shows total assets of 1,155,003.10 million RMB and liabilities of 611,436.53 million RMB as of November 30, 2024 [19]. Group 4: Strategic Context - The acquisition is part of a broader trend towards consolidation in the financial industry, driven by recent regulatory changes from the State Council and the China Securities Regulatory Commission [24]. - The transaction aims to enhance the operational capabilities of both Guosen Securities and Wanhe Securities, facilitating their non-organic growth objectives [24].

Core Points - The company held its 42nd meeting of the 5th Board of Directors on June 13, 2025, with 8 out of 9 directors present, complying with relevant laws and regulations [1] - The board approved the appointment of Mr. Lu Wei as Vice President, effective from the date of the board's approval until the end of the current board's term [1] - The board also approved the delegation of directors to various subsidiaries and important affiliated companies, with unanimous support from the attending directors [2] Summary by Sections - **Appointment of Vice President** - Mr. Lu Wei was appointed as Vice President with unanimous approval from the board [1] - **Delegation of Directors** - The board approved the delegation of directors to: - Guo Xin Hong Sheng Private Fund Management Co., Ltd. [2] - Guo Xin Securities Asset Management Co., Ltd. [2] - Guo Xin Capital Co., Ltd. [2] - Qingdao Blue Ocean Equity Exchange Center Co., Ltd. [2] - All delegations received unanimous support from the attending directors [2] - **Amendments and Financial Reports** - The board approved amendments to the articles of association for Qianhai Equity Investment Holdings (Shenzhen) Co., Ltd. [2] - The board reviewed and approved the asset evaluation report and financial statements related to the acquisition of assets, with specific directors abstaining from the vote due to conflicts of interest [2][3]

本 报 告 依 据 中 国 资 产 评 估 准 则 编 制 国信证券股份有限公司拟发行股份购买 深圳市资本运营集团有限公司等股东持有的 万和证券股份有限公司股份所涉及的 万和证券股份有限公司股东全部权益价值 资 产 评 估 报 告 中联评报字【2025】第 2447 号 中联资产评估集团有限公司 二〇二五年六月二十日 | > | | --- | | 附件 67 | | --- | 国信证券股份有限公司拟发行股份购买深圳市资本运营集团有限公司等股东持有的 万和证券股份有限公司股份所涉及的万和证券股份有限公司股东全部权益价值 • 资产评估报告 声 明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国 资产评估协会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法 规规定和本资产评估报告载明的使用范围使用资产评估报告；委托人 或者其他资产评估报告使用人违反前述规定使用资产评估报告的，本 资产评估机构及其资产评估专业人员不承担责任。 本资产评估报告仅供委托人、资产评估委托合同中约定其他资产 评估报告使用人和法律、行政法规规定的资产评估报告使用人使用； 除此之外 ...

万和证券股份有限公司 一年一期审阅报告 | | | | 第 | 1 页 | | --- | --- | | 一、审阅报告…………………………………………………………… | | | 二、财务报表…………………………………………………………第 | 2—7 | | | 页 | | --- | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | 第 | 2 | 页 | | | （二）母公司资产负债表………………………………………… | 第 | 3 | 页 | | | （三）合并利润表………………………………………………… | 第 | 4 | 页 | | | （四）母公司利润表……………………………………………… | 第 | 5 | 页 | | | （五）合并现金流量表…………………………………………… | 第 | 6 | 页 | | | （六）母公司现金流量表………………………………………… | 第 | 7 | 页 | | 三、财务报表附注…………………………………………………第 8—122 页 | | | 审 阅 报 告 天健审〔2025〕7-692 号 ...

证券代码：002736 证券简称：国信证券 公告编号：2025-047 国信证券股份有限公司 议案表决情况：两票赞成、零票反对、零票弃权。关联监事谢晓隽回避表决。 上述加期资产评估报告、财务报表审阅报告与本决议同日公告。 特此公告。 国信证券股份有限公司监事会 2025 年 6 月 24 日 第五届监事会第二十六次会议（临时）决议公告 本公司及监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。 国信证券股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日以电子邮 件的方式发出第五届监事会第二十六次会议（临时）通知。经全体监事一致同意， 豁免本次会议通知时间要求。本次会议于 2025 年 6 月 20 日以通讯方式召开， 应出席监事 3 名，实际出席监事 3 名。截至 2025 年 6 月 20 日，公司董事会秘 书收到 3 名监事送达的通讯表决票。本次会议的召开符合《公司法》等相关法律 法规和《公司章程》的规定。 出席会议的监事审议了会议通知所列明的议案，并通过决议如下： 审议通过《关于公司发行股份购买资产交易相关的标的资产加期资产评估 报告及财务报表审阅报 ...

证券代码：002736 证券简称：国信证券 公告编号：2025-046 国信证券股份有限公司 第五届董事会第四十二次会议（临时）决议公告 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。 国信证券股份有限公司（以下简称"公司"）于2025年6月13日发出第五届 董事会第四十二次会议（临时）（以下简称"本次会议"）书面通知，2025年6月 17日发出本次会议的书面补充通知。本次会议于2025年6月20日以通讯方式召开。 本次会议应出席董事9名，实际出席董事8名，张蕊董事因个人原因缺席。本次会 议的召开符合《公司法》等相关法律法规和《公司章程》的规定。 出席会议的董事审议了会议通知所列明的议案，并通过决议如下： 一、审议通过《关于聘任公司副总裁的议案》 同意聘任鲁伟先生为公司副总裁，其任期从公司董事会审议通过之日起至公 司第五届董事会履职期限届满之日止。 议案表决情况：八票赞成、零票反对、零票弃权。 本议案已经公司第五届董事会提名委员会 2025 年第一次会议审议通过。 鲁伟先生简历请见本公告附件。 二、审议通过《关于向国信弘盛私募基金管理有限公司委派董事的议案》 ...

Group 1: Economic Reform and Innovation - Shenzhen's R&D investment as a percentage of GDP increased from 4.93% in 2020 to 6.46% in 2024[4] - The number of national high-tech enterprises in Shenzhen exceeds 25,000, with 1,025 classified as "little giant" enterprises[4] - Strategic emerging industries' value added as a percentage of GDP rose from 37.1% in 2020 to 42.3% in 2024[10] Group 2: Talent and Education Reform - Shenzhen introduced a talent service company, with nearly 44,000 new talents registered in the first five months of 2025[4] - High-skilled talents in Shenzhen reached 1.59 million, accounting for 39.2% of skilled talents[4] - The city aims to establish a comprehensive talent support system, including housing and office space[4] Group 3: Financial and Data Empowerment - Shenzhen's financial measures include "Tengfei Loan" and "Park Loan" to support tech and small enterprises[10] - The establishment of the Shenzhen Data Exchange in 2022 aims to enhance data trading and management[10] - The issuance of the first targeted technology innovation bond post-implementation of the reform opinions indicates practical outcomes[3] Group 4: Open Economy and Trade - Shenzhen's total foreign trade volume reached 4.5 trillion yuan in 2024, a year-on-year increase of 16.4%[20] - The city has established a cross-border fund pool pilot, reducing cross-border fund transfer time from 2 days to 5 minutes[20] - Shenzhen aims to adapt to high-standard trade rules like CPTPP and RCEP to enhance its open economy[20] Group 5: Governance and Public Services - Public spending on people's livelihoods increased from 68% of the general public budget in 2020 to nearly 70% in 2024[24] - The number of three-tier hospitals in Shenzhen rose from 22 at the end of 2020 to 33 by the end of 2024[24] - PM2.5 concentration decreased from 20 micrograms per cubic meter in 2020 to 17.3 micrograms per cubic meter in 2024[24]

国信证券和万和证券均为深圳国资委控制下的券商。对于此次收购，国信证券表示，本次交易有利于完 善上市公司跨区域布局。 业绩方面，今年一季度，国信证券受益于投资收益和经纪业务大增，公司营业收入为52.82亿元，同比 增长57.1%；归母净利润23.29亿元，同比增长89.52%，增幅近九成。 长江商报消息 ●长江商报记者 潘瑞冬 国信证券收购万和证券有了新进展。 6月19日晚间，国信证券（002736.SZ）披露公告称，其收购万和证券96.08%股权交易已获交易所并购重 组委审核通过。 长江商报记者注意到，本次收购在审核层面较为速度。该笔交易于4月10日获深交所受理，次日，深交 所即向国信证券发布问询函；6月10日，国信证券完成反馈答复，仅经历一轮问询便顺利上会，从受理 到"过会"仅耗时2个多月。 整体而言，万和证券盈利能力相对较弱。2024年财务报表显示，万和证券2024年营业收入为5.14亿元， 归母净利润仅为6431.73万元。 "国信+万和"整合案持续推进 2024年8月21日，国信证券发布《关于筹划发行股份购买资产事项的停牌公告》，正式披露了收购万和 证券的初步计划。 据了解，最初国信证券仅计划以发行A ...