Core Viewpoint - In 2024, the company focuses on its core responsibilities and business collaboration, enhancing its functional positioning and financial service capabilities, leading to a comprehensive improvement in operational performance [1] Business Performance - The total assets of the company reached 52.742 billion yuan, an increase of 16.48% year-on-year, while the net assets attributable to shareholders grew by 10.02% to 16.306 billion yuan [4] - The company achieved total operating revenue of 3.532 billion yuan, a year-on-year increase of 41.91%, and a net profit attributable to shareholders of 904 million yuan, up 173.28% [4] - The significant growth in revenue is attributed to surges in self-operated and investment banking businesses, with investment income increasing by 175.75% [4] Business Segments - The self-operated investment and trading business saw total revenue increase by 688 million yuan, driven by higher investment returns [3] - Fixed income business revenue also rose by 207 million yuan, primarily due to increased net income from bond trading [3] - Investment banking revenue surged by 92.56%, mainly from underwriting and sponsorship services [3] Strategic Focus - The company emphasizes a differentiated development strategy, particularly in fixed income and investment banking, with a focus on the North Exchange [5][6] - In 2024, the company completed two IPO projects on the North Exchange and one on the Growth Enterprise Market, with an underwriting scale of 1.071 billion yuan, ranking 14th in the industry [6] - The company’s bond trading volume reached 7.4 trillion yuan, with a market-making volume of 2.29 trillion yuan in the interbank market [5] Management and Personnel Changes - The company appointed Qing Meiping as the Executive Vice President and Chen Xingzhu as Vice President, both bringing extensive experience in investment banking [1][2] Future Outlook - The company aims to enhance its comprehensive financial service capabilities driven by asset management and investment banking, aligning with national strategies such as the Beijing-Tianjin-Hebei coordinated development [8]

Core Viewpoint - The company, First Capital Securities Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary - The first quarter report has not been audited [3][9]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - The company reported no non-recurring gains or losses during the period [3][4]. - The net capital and major risk control indicators of the company comply with the relevant regulations set by the China Securities Regulatory Commission [5]. Shareholder Information - There are no changes in the top ten shareholders or the status of shares lent for margin trading compared to the previous period [6]. Debt Financing - The company has issued corporate bonds totaling 1.3 billion yuan during the reporting period to meet business development needs [6]. Regulatory Compliance - The Shenzhen Securities Regulatory Bureau issued a warning letter to the company on January 10, 2025, due to issues in private asset management business, which the company has addressed and rectified [8].

Core Viewpoint - First Capital Securities has announced significant executive changes, appointing Qing Meiping as the Executive Vice President and Chen Xingzhu as Vice President, indicating a strategic shift in leadership to enhance company performance and governance [2][4]. Group 1: Executive Appointments - Qing Meiping, born in 1987, has been appointed as the Executive Vice President, marking a trend of younger executives in the company's leadership [2][4]. - Chen Xingzhu, a seasoned professional born in the 1970s, has been promoted to Vice President, bringing extensive experience in the securities industry [7]. Group 2: Background of Executives - Qing Meiping has a robust background in the financial sector, having held various leadership roles at Tibet Bank and Beijing State Capital Operation Management Co., which is the largest shareholder of First Capital [5][6]. - Chen Xingzhu has nearly 12 years of experience at First Capital, previously holding key positions in investment banking at major firms such as Bank of China International and UBS [7]. Group 3: Company Performance - In the latest financial report for 2024, First Capital Securities achieved total revenue of 3.532 billion yuan, a year-on-year increase of 41.91%, and a net profit attributable to shareholders of 904 million yuan, up 173.28% [7]. - However, the company's performance in Q1 2025 showed a decline, with revenue of 661 million yuan, down 1.87% year-on-year, and a net profit of 118 million yuan, down 17.59% [7].

【导读】第一创业证券聘任青美平措为公司常务副总裁 中国基金报记者江右 不断有"85后"任职券商副总裁，但担任常务副总裁的尚属少见。第一创业证券日前官宣，聘任1987年出生的青美平措为公司常务副总裁。同 时，聘任1973年出生的陈兴珠为公司副总裁。 4月26日，第一创业证券发布两则重要人事公告，公司董事会同意聘任青美平措为公司常务副总裁，任期自公司董事会审议通过之日起计算， 任期截止日与公司第五届董事会第一次会议续聘的高级管理人员一致。 青美平措来自第一创业的第一大股东北京国管，自2023年6月至今任第一创业证券的董事，2024年6月起担任第一创业证券副董事长。 第一创业证券聘任两位高管，"85后"上任常务副总裁 青美平措2023年6月至今任第一创业证券董事，并自2024年6月起任公司副董事长，自2024年9月起任深圳第一创业创新资本管理有限公司董 事、总经理。 第一创业证券还公告，公司董事会同意聘任陈兴珠为公司副总裁，任期自公司董事会审议通过之日起计算，任期截止日与公司第五届董事会第 一次会议续聘的高级管理人员一致。 简历显示，青美平措，1987年6月出生，研究生学历。2014年7月至2018年10月任西藏银 ...

Group 1 - The scale of securities asset management approaches 5.5 trillion yuan, driven by a bull market in bonds, with a year-on-year growth rate of 3.04% in 2024 [1] - CITIC Securities, as the leading firm in asset management, reported an investment income of 32.486 billion yuan, a significant year-on-year increase of 71.76% [1] - Despite the growth of leading securities firms, nearly half of the securities asset management firms experienced a decline in income, indicating increased industry differentiation [1] Group 2 - The total number of public fund managers has surpassed 4,000, marking a new phase in the industry with an influx of new generation fund managers [2] - The departure of underperforming senior fund managers highlights the intensifying competition within the industry, prompting firms to strengthen their research and investment systems [2] - The transition in fund managers may lead to changes in investment styles, which investors should monitor closely [2] Group 3 - First Capital recently announced the appointment of Qing Meipingcuo and Chen Xingzhu as executive vice president and vice president, respectively, indicating a shift towards a younger and more professional management team [3] - Qing Meipingcuo, at 38 years old, brings extensive financial industry experience, which may enhance market confidence in the company [3] - Chen Xingzhu's nearly 25 years of experience in the investment banking sector is expected to further solidify the company's position in the securities industry [3] Group 4 - Shanxi Securities announced the resignation of two senior executives, which may raise concerns about the stability of the company's management [4] - The resignations were attributed to age, but they could impact investor sentiment and introduce uncertainty in the competitive securities sector [4] - The increasing regulatory scrutiny in the securities industry may exacerbate concerns regarding risk management following such executive changes [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.53 billion yuan, a year-on-year increase of 41.9%, and a net profit of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an advisory platform, with brokerage revenue reaching 380 million yuan in 2024, a growth of 8.1% year-on-year [8]. - The investment banking segment showed resilience with a revenue increase of 46.4% in 2024, despite a significant drop in IPO underwriting volume [8]. - Asset management revenue saw a slight increase of 1.8% in 2024, with the company maintaining a competitive edge in ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, with a notable increase in investment net income in 2024 [8]. Financial Summary - The company forecasts net profits of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 16% in 2025, followed by growth in subsequent years [8]. - The projected price-to-earnings ratios for 2025 to 2027 are 39.51, 34.83, and 31.22 respectively, indicating a favorable valuation trend [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.532 billion yuan, a year-on-year increase of 41.9%, and a net profit attributable to shareholders of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an investment advisory platform, with brokerage business revenue reaching 380 million yuan in 2024, a year-on-year increase of 8.1% [8]. - The investment banking business showed resilience, with revenue of 280 million yuan in 2024, up 46.4% year-on-year, despite a significant drop in IPO underwriting scale [8]. - Asset management revenue saw a slight increase, reaching 920 million yuan in 2024, up 1.8% year-on-year, with a focus on ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, achieving a net investment income of 1.44 billion yuan in 2024, a year-on-year increase of 143.3% [8]. - The report forecasts net profits for 2025-2027 to be 755 million, 857 million, and 956 million yuan respectively, with a unique advantage in fixed income business [8]. Financial Summary - In 2024, the company reported total revenue of 3.532 billion yuan, with a net profit of 904 million yuan and an EPS of 0.22 yuan [8]. - The company's total assets are projected to grow from 52.742 billion yuan in 2024 to 59.036 billion yuan by 2027 [17]. - The company maintains a debt ratio of 65.79% and a price-to-earnings ratio of 32.27 based on the latest diluted EPS [6][5].

Core Viewpoint - First Capital reported strong growth in 2024 with total revenue of 3.532 billion yuan, a year-on-year increase of 41.91%, and a net profit of 904 million yuan, up 173.28% year-on-year. However, the first quarter of 2025 showed a decline in performance, with total revenue of 661 million yuan, down 1.87%, and net profit of 118 million yuan, down 17.59% year-on-year [1][2][3]. 2024 Performance Summary - Total revenue reached 3.532 billion yuan, marking a 41.91% increase year-on-year [2]. - Major business segments showed growth: - Interest net income: 104 million yuan, up 31.75%, accounting for 2.94% of total revenue [2]. - Brokerage business net income: 380 million yuan, up 8.08%, accounting for 10.75% [2]. - Investment banking net income: 278 million yuan, up 46.40%, accounting for 7.87% [2]. - Asset management net income: 921 million yuan, up 1.77%, accounting for 26.07% [2]. - Proprietary trading income: 1.441 billion yuan, up 143.27%, accounting for 40.80% [2]. - Other business income: 191 million yuan, up 67.48%, accounting for 5.41% [2]. - The company’s subsidiary, Chuangjin Hexin, achieved revenue of 975 million yuan, up 6.11%, and net profit of 122 million yuan, up 15.26% [2]. 2025 Q1 Performance Summary - Total revenue for Q1 2025 was 661 million yuan, down 1.87% year-on-year [4]. - Business performance in Q1 2025: - Interest net income: 18 million yuan, up 29.71%, accounting for 2.78% [4]. - Brokerage business net income: 123 million yuan, up 46.88%, accounting for 18.58% [4]. - Investment banking net income: 61 million yuan, down 5.75%, accounting for 9.30% [4]. - Asset management net income: 245 million yuan, up 8.36%, accounting for 37.05% [4]. - Proprietary trading income: 152 million yuan, down 33.69%, accounting for 22.94% [4]. - Other business income: 13 million yuan, down 20.63%, accounting for 2.01% [4]. Business Strategy and Developments - The company focused on self-operated investment and trading, adapting to domestic economic conditions and external environment changes, aiming for high-quality economic development [5]. - Investment banking was the second fastest-growing segment, with net income of 278 million yuan, up 46.40%, and successful IPO projects raising a total of 1.071 billion yuan [5]. - The brokerage and credit business saw significant growth, with interest net income increasing by 31.75% and brokerage net income up 8.08% [5]. - The company added 125,300 new brokerage clients, with a total asset scale increase of 17.098 billion yuan [5]. Asset Management and Fund Management - Asset management net income was 921 million yuan, up 1.77%, with total assets under management of 53.638 billion yuan, down 12.34% [6]. - The subsidiary, Chuangjin Hexin, managed a total of 632.297 billion yuan, down 36.66%, with public fund management increasing by 27.79% [6]. Executive Changes - The company appointed two senior executives: Qing Meipingcuo as Executive Vice President and Chen Xingzhu as Vice President, both bringing extensive experience in the financial industry [9][10].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 3.53 billion yuan, up 41.9% year-on-year, and net profit attributable to shareholders at 900 million yuan, up 173.3% [1] - The company experienced a strong performance in Q4 2024, with operating income of 1.13 billion yuan, a year-on-year increase of 96.2%, and net profit of 260 million yuan, a staggering year-on-year increase of 9860.1% [1] - However, Q1 2025 showed a decline in performance, with operating income of 660 million yuan, down 1.9% year-on-year, and net profit of 120 million yuan, down 17.6% year-on-year [1] Business Segments - The brokerage business generated revenue of 380 million yuan in 2024, up 8.1% year-on-year, accounting for 11.4% of total revenue. In Q1 2025, brokerage revenue increased significantly to 120 million yuan, up 46.9% year-on-year, representing 19.0% of total revenue [2] - Investment banking revenue for 2024 was 280 million yuan, up 46.4% year-on-year, while Q1 2025 saw a slight decline to 60 million yuan, down 5.8% year-on-year. The company ranked 14th in IPO underwriting with a scale of 1.07 billion yuan, down 60.1% year-on-year [2] - Asset management revenue was 920 million yuan in 2024, a modest increase of 1.8% year-on-year, with Q1 2025 revenue at 240 million yuan, up 8.4% year-on-year. The total asset management scale was 53.6 billion yuan, down 12.3% year-on-year [4] Investment Performance - The company achieved investment net income (including fair value) of 1.44 billion yuan in 2024, a substantial increase of 143.3% year-on-year, with Q4 2024 net income at 450 million yuan, up 175.1% year-on-year. However, Q1 2025 saw a decline to 150 million yuan, down 33.7% year-on-year [4] - The company is expected to see net profit attributable to shareholders of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year changes of -16%, +13%, and +12% [4]

Core Viewpoint - The company has disclosed its financial performance and asset impairment provisions for the year 2024, highlighting a total impairment provision of RMB 88.64 million, which significantly impacts its net profit for the year [10][11][12]. Financial Data - The company reported a total asset impairment provision of RMB 88.64 million for the year 2024, which reduced the total profit by the same amount and the net profit by RMB 72.57 million [10]. - The impairment provisions include RMB 53.75 million for other debt investments, RMB 24.34 million for long-term equity investments, RMB 0.97 million for receivables, and RMB 0.81 million for lent funds [11][12][13][14]. Shareholder Information - The company has not reported any changes in the number of shareholders or significant changes in the holdings of the top ten shareholders during the reporting period [5]. Other Important Matters - The company issued corporate bonds totaling RMB 1.3 billion during the reporting period to support its business development needs [5]. - The company received a warning from the Shenzhen Securities Regulatory Bureau on January 10, 2025, due to issues in its private asset management business, which has since been rectified [6].