Core Viewpoint - The compensation management and performance fluctuations of the senior management at First Capital Securities have drawn market attention, particularly in light of their recent financial performance and the compensation structure in comparison to industry peers [2][3]. Group 1: Compensation Management - First Capital Securities has established a robust assessment and incentive system for senior management that aligns with industry culture and sustainable development goals [2]. - The total compensation for senior management in 2024 amounted to 17.1871 million yuan, reflecting a year-on-year decline of 11.55% [2]. - The compensation for the chairman of the supervisory board, vice chairman, senior management, and employee representative supervisors for 2024 is still under confirmation, indicating that the reported figures may not fully represent the total compensation for the year [2]. Group 2: Financial Performance - In the 2024 financial report, First Capital Securities 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% [3]. - The net profit growth rate positions First Capital Securities among the top five in the industry, suggesting that the significant increase in net profit may provide more room for higher compensation [3]. - However, the company experienced a decline in performance in the first quarter of 2025, with revenue of 661 million yuan, down 1.87% year-on-year, and a net profit of 118 million yuan, down 17.59% year-on-year [3].

证券行业降薪持续之际，第一创业（002797.SZ）因高管薪酬与业绩波动问题引发关注。5月8日，第一 创业证券在深交所互动易平台集中回应投资者关于"薪酬机制合理性""业绩剧烈波动"及"市值管理"等敏 感问题。 面对投资者对于公司高管薪酬管理的询问，第一创业回应称，公司已建立健全以行业文化为牵引、与可 持续发展目标相适应的高级管理人员考核与激励约束体系。高级管理人员的薪酬依据公司相关制度确 定。 事实上，据21世纪经济报道，截至4月27日披露年报的内资券商中，董事长或总经理薪酬超过300万元的 仅剩东方财富、华鑫股份、第一创业3家。其中，东方财富并非严格意义上的传统证券公司，而是以金 融信息服务商起步的互联网券商，其是否在券业限薪范围内有待讨论。 此外，第一创业的年报还提到，公司监事会主席、副董事长、高级管理人员及职工代表监事2024年度报 酬总额仍在确认过程中，其余部分待确认后另行披露。 从业绩方面来看，第一创业2024年交出营收35.32亿元，同比增长41.91%；归母净利润9.04亿元，同比 增长173.28%的亮眼成绩单。但细究其近4年表现，业绩波动犹如"过山车"，2021年至2023年归母净利润 连续 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 3.532 billion yuan, up 41.91% year-on-year, and net profit attributable to shareholders at 904 million yuan, up 173.28% [1] - The first quarter of 2025 showed a decline in revenue and net profit, with revenue at 661 million yuan, down 1.87% year-on-year, and net profit at 118 million yuan, down 17.59% [1] - The company's solid fixed income business has strengthened its competitive edge, with bond trading volume reaching 7.4 trillion yuan in 2024, ranking first in local government bond bidding amounts [1] Asset Management Business - The asset management business generated revenue of 921 million yuan in 2024, a year-on-year increase of 1.77%, while total assets under management (AUM) decreased by 36.66% to 632.297 billion yuan [2] - Public fund AUM increased by 27.79% to 145.754 billion yuan, indicating a focus on differentiated development and creating a boutique asset management institution [2] Proprietary Trading Business - The investment business revenue surged to 1.441 billion yuan in 2024, reflecting a growth of 143.27%, with financial investment funds increasing by 2.4 billion yuan, up 11.42% [2] - The OCI equity account saw an increase of 1.5 billion yuan, with year-end holdings at 4.1 billion yuan, up 57.47%, while OCI debt scale rose significantly by 8.68 billion yuan, up 1377.78% [2] Investment Banking Business - The investment banking segment reported revenue of 278 million yuan in 2024, a growth of 46.40%, with the company ranking second in the number of sponsored listings and underwriting scale on the Beijing Stock Exchange [3] - The company completed 53 debt financing projects with a total underwriting amount of 26.25 billion yuan, up 110.02% year-on-year, indicating strong growth potential in this area [3] Brokerage Business - The brokerage business accelerated its wealth management transformation, adding 125,300 new clients in 2024, with financial product sales growing by 7.83% to 12.517 billion yuan [3] - The assets under advisory for investment consulting increased significantly by 712.96%, showcasing the company's commitment to enhancing its wealth management capabilities [3]

第一创业证券股份有限公司 关于举行 2024 年年度报告暨 2025 年第一季度报告 网上业绩说明会的公告 证券代码：002797 证券简称：第一创业 公告编号：2025-028 问题征集二维码： 为与广大投资者进行充分、有效的交流，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。欢迎广大投资者于 2025 年 5 月 13 日（星期二）17:00 前，将您关注的问题通过电子邮件方式发送至公司投资者 关系邮箱 IR@fcsc.com，或通过扫描以下本次业绩说明会问题征集二维码提交您 关注的问题。公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 出席本次业绩说明会的人员有：公司董事、总裁王芳女士，董事会秘书屈婳 女士，副总裁、财务总监马东军先生，独立董事刘晓华女士。 欢迎广大投资者积极参与。 1 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 第一创业证券股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露 了《2024 年年度报告》及其摘要、《2025 年第一季度报告》，相关内容请详见 深圳证券交易所官方网站 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has demonstrated strong financial performance with a total revenue of 3.532 billion yuan in 2024, representing a year-on-year increase of 41.91%, and a net profit of 903.63 million yuan, up 173.28% year-on-year [2] - The company aims to become a securities firm with a focus on fixed income and asset management, showing a clear strategic direction [10] Financial Performance Summary - In 2024, the company achieved total revenue of 35.32 billion yuan, with a net profit of 9.04 billion yuan and a basic earnings per share of 0.215 yuan [2] - As of the end of 2024, total assets reached 527.42 billion yuan, a year-on-year increase of 16.48%, while net assets were 163.06 billion yuan, up 10.02% [2] - The company plans to distribute a cash dividend of 0.64 yuan per 10 shares for 2024, which accounts for 50.44% of the distributable profits [3] Business Segment Analysis - The fixed income business is a key focus, with revenue from this segment reaching 6.46 billion yuan in 2024, a year-on-year increase of 47.33%, contributing 18.29% to total revenue [4] - The company sold a total of 4,857 fixed income products in 2024, with a sales amount of 198.4 billion yuan, reflecting an 11.96% increase year-on-year [5] - Asset management revenue accounted for over 65% of the company's income structure, indicating the effectiveness of its strategic planning [6] Future Projections - Revenue forecasts for 2025 and 2026 are set at 32.50 billion yuan and 32.71 billion yuan, respectively, with net profit projections of 9.29 billion yuan and 9.41 billion yuan [10] - The company expects to maintain a steady growth trajectory with an EPS forecast of 0.221 yuan for 2025 and 0.224 yuan for 2026 [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has demonstrated strong financial performance with a significant increase in revenue and net profit for 2024, achieving total revenue of 3.532 billion yuan, up 41.91% year-on-year, and a net profit of 903.63 million yuan, up 173.28% year-on-year [2] - The company aims to become a securities firm with a focus on fixed income and asset management, showing a clear strategic direction [10] Financial Performance Summary - For 2024, the company reported total revenue of 35.32 billion yuan, with a year-on-year increase of 41.91%, and a net profit of 9.04 billion yuan, up 173.28% year-on-year [2] - The company’s total assets reached 527.42 billion yuan, a year-on-year increase of 16.48%, and net assets were 163.06 billion yuan, up 10.02% year-on-year [2] - The earnings per share (EPS) for 2024 was 0.215 yuan [2] Dividend Distribution - The company proposed a cash dividend of 0.64 yuan per 10 shares for 2024, which represents 50.44% of the distributable profits [3] Business Segment Performance - The fixed income business generated revenue of 6.46 billion yuan in 2024, a year-on-year increase of 47.33%, accounting for 18.29% of total revenue [4] - The company sold a total of 4,857 fixed income products in 2024, with a sales amount of 198.4 billion yuan, up 11.96% year-on-year [5] - Asset management revenue accounted for over 65% of the company's income structure, indicating a successful strategic focus on asset management [6] Future Projections - Revenue forecasts for 2025 and 2026 are maintained at 3.250 billion yuan and 3.271 billion yuan respectively, with net profit forecasts of 928.69 million yuan and 940.51 million yuan [10] - The company expects to achieve an EPS of 0.221 yuan for 2025 and 0.224 yuan for 2026 [10] Shareholder Background - The company’s major shareholder, Beijing Guokai, holds 20.87% of the shares, enhancing the company's shareholder background and strategic support [9]

Group 1 - The overall performance of the securities industry has improved significantly, with 42 listed securities firms reporting profits in the first quarter of 2025, benefiting from increased market activity [1][2] - Among the 42 firms, 38 reported year-on-year profit growth, with nine firms experiencing growth exceeding 100%. Notable performers include Northeast Securities, Guotai Junan, and Guolian Minsheng, with profit increases of 859.84%, 391.78%, and 271.95% respectively [1][2] - The estimated securities investment income for the 42 firms reached 48.566 billion yuan in the first quarter of 2025, a 51.02% increase from 32.159 billion yuan in the same period last year [1][2] Group 2 - The retirement of Wu Zongmin, the president of China Merchants Securities, has raised market concerns regarding the company's future strategic direction. The company will appoint a new president soon, with the chairman temporarily taking over the role [3][4] - The impact of this leadership change on the overall brokerage sector is expected to be limited, but it may attract attention from peers within the industry [3][4] Group 3 - Public funds have distributed over 80 billion yuan in dividends in the first four months of this year, indicating enhanced market liquidity and investor confidence. The total dividends from equity funds have increased to 8.4 times compared to the same period last year [4] - ETFs have emerged as the leading dividend payers, which may attract more capital into the stock market and boost market activity [4] Group 4 - Central Huijin Investment has revealed its recent portfolio adjustments, including becoming a major shareholder in Huatai Securities and significantly increasing its holdings in multiple CSI 300 ETFs [5] - This move reflects a strengthened market confidence from Central Huijin, potentially leading to increased capital inflow into the brokerage sector and providing support for large-cap blue-chip stocks [5]

Core Viewpoint - The company reported significant growth in 2024, with a revenue increase of 41.9% year-on-year and a net profit increase of 173.3% year-on-year, indicating strong operational performance and market positioning [1] Financial Performance - In 2024, the company achieved operating revenue of 3.53 billion yuan and a net profit attributable to shareholders of 900 million yuan, with a weighted average ROE of 5.80% and EPS of 0.22 yuan [1] - For Q1 2025, the company reported operating revenue of 660 million yuan, a decrease of 1.9% year-on-year, and a net profit of 110 million yuan, down 18.2% year-on-year [1] - The company's revenue from various business lines in 2024 included brokerage (380 million yuan), investment banking (280 million yuan), asset management (920 million yuan), credit (100 million yuan), and proprietary trading (1.44 billion yuan), with respective year-on-year growth rates of 8%, 46%, 2%, 32%, and 143% [1] - In Q1 2025, the revenue from these business lines was 120 million yuan, 60 million yuan, 250 million yuan, 20 million yuan, and 150 million yuan, with year-on-year growth rates of 46%, -6%, 8%, 29%, and -33% respectively [1] Asset Management and Fund Performance - The company has enhanced its active management capabilities, with total assets under management in its asset management business reaching 53.638 billion yuan by the end of 2024, a decrease of 12.34% from the previous year [2] - The company's public fund subsidiary managed a total of 632.3 billion yuan by the end of 2024, a decrease of 36.66%, while the public fund scale increased by 27.79% [2] Fixed Income Sales and Trading - In 2024, the company sold a total of 4,857 fixed income products, a decrease of 3.46%, while the total sales amount reached 198.4 billion yuan, an increase of 11.96% [2] - The company's bond trading volume in the interbank and exchange markets was 7.40 trillion yuan in 2024, a decrease of 6.94%, ranking 7th in the industry for government bond trading volume [2] Investment Banking and Debt Financing - The company focused on the Beijing Stock Exchange (BSE) for its investment banking activities, ranking 14th in the industry for IPO underwriting scale in 2024, with the number of BSE listings and underwriting scale ranking 2nd in the industry [3] - In debt financing, the company completed 53 projects with a total underwriting amount of 26.25 billion yuan in 2024, an increase of 110.02%, and ranked 30th in the industry for corporate and company bond underwriting, rising 24 places from the previous year [3] Investment Recommendation - The company maintains a "Buy-A" investment rating, benefiting from strong self-operated income and a recovering investment banking business, with projected EPS for 2025-2027 at 0.23 yuan, 0.24 yuan, and 0.26 yuan respectively [3]

"2024年第一创业聚焦主责主业，多业务协同发力，并且强化突出功能性定位，加强金融'五篇大文 章'服务能力，重点着力特色化、差异化经营，持续构建核心竞争力，经营业绩取得全面提升。"第一创 业相关人士告诉记者。 值得注意的是，年报发布同时，第一创业高管人事也发生调整。其中，第一创业公告聘任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。 前者历任北京国管综合管理部副总经理、投资管理二部副总经理、重大项目投资部副总经理、重大项目 投资部总经理、基金管理部总经理，2023年6月至今任第一创业证券董事，并自2024年6月起任副董事 长，自2024年9月起任深圳第一创业创新资本董事、总经理。 后者则是资深投行人士，其中，2000年10月至2006年9月任中银国际证券投资银行部经理，2006年10月 至2009年6月任瑞银证券投资银行部执行总经理，2009年6月至2013年4月任中银国际证券投资银行部董 事总经理。2013年5月加入一创投行，历任企业融资主管、投资银行部负责人、总经理办公会委员、副 总经理，现任一创投行总经理。 在上述业务动态和这两项人事变动下，北京国管与第一创业 ...

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].