2024 年度内部控制评价报告 华西证券股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和 其他内部控制监管要求（以下简称企业内部控制规范体系）， 结合华西证券股份有限公司（以下简称公司）内部控制制度 和评价办法，在内部控制日常监督和专项监督的基础上，我 们对公司2024年12月31日（内部控制评价报告基准日）的内 部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实 施内部控制，评价其有效性，并如实披露内部控制评价报告 是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导公司内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报 告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责 任。 公司内部控制的目标是合理保证经营管理合法合规、资 产安全、财务报告及相关信息真实完整，提高经营效率和效 果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变 1 化可能导致内部控制变得不恰当，或对控制政策和程序 ...

华西证券股份有限公司2024年度独立董事述职报告 （蔡春） 2024年，本人作为华西证券股份有限公司（以下简称"华西证券" 或"公司"）第四届董事会独立董事，在任期内严格按照《公司法》 《证券法》《上市公司独立董事管理办法》等法律法规以及《华西证 券股份有限公司章程》（以下简称"《公司章程》"）的规定，本着 客观、公正、独立的原则，勤勉尽责，积极、审慎地履行独立董事职 责，切实维护公司整体利益和全体股东尤其是中小股东的合法权益。 发挥了独立董事在公司治理中应有的作用。现将本人2024年度履职情 况报告如下： 一、独立董事基本情况 蔡春，现任西南财经大学会计学院教授（二级）、博士生导师， 自2020年11月起任华西证券独立董事。主要工作经历：1987年6月至 2020年11月，在西南财经大学工作，历任会计系任助教、讲师；会计 系副主任、副教授；会计系（学院）系副主任、副院长、院长、教授； 会计学院院长、教授、博导；科研处处长、教授、博导；会计学院， 教授、博导； 2020年11月至今，担任华西证券独立董事。兼任中国 兵器装备集团自动化研究所有限公司独立董事、四川金顶（集团）股 份有限公司。 2024年，本人未在 ...

Financial Performance - The company reported a basic earnings per share of 0.2800 yuan for 2024, a 75% increase compared to 0.1600 yuan in 2023 [1] - Net profit for 2024 reached 7.28 billion yuan, reflecting a significant growth of 71.29% from 4.25 billion yuan in 2023 [1] - Operating revenue increased to 39.2 billion yuan, up 23.23% from 31.81 billion yuan in the previous year [1] - The return on equity (ROE) improved to 3.14%, a 67.02% increase from 1.88% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 156,646.81 million shares, accounting for 59.66% of the circulating shares, with a decrease of 731.61 million shares from the previous period [1] - The largest shareholder, Luzhou Laojiao Group, holds 47,594.01 million shares, representing 18.13% of the total share capital [2] - New entrant in the top ten shareholders is Wan Zhongbo, holding 2,741.19 million shares, which is 1.04% of the total [2] Dividend Distribution - The company announced a dividend distribution plan of 0.85 yuan per share (including tax) [3]

Financial Performance - Total operating revenue for Q1 2025 reached ¥1,085,232,701.75, an increase of 67.59% compared to ¥647,567,514.65 in the same period last year[5] - Net profit attributable to shareholders was ¥301,009,773.68, representing a 138.26% increase from ¥126,334,550.14 year-on-year[5] - Basic and diluted earnings per share both increased to ¥0.11, up 120.00% from ¥0.05 in the same period last year[5] - Net income for the period reached ¥300,772,543.64, an increase of 138.92% compared to ¥125,888,329.52 in the previous period[14] - Total operating revenue increased significantly, contributing to a 187.40% rise in operating profit to ¥389,618,548.98 from ¥135,565,831.54[14] - The total profit for the period was ¥390,247,807.34, reflecting a 187.72% increase from ¥135,634,443.36[14] Cash Flow - The net cash flow from operating activities was ¥869,172,909.88, a significant recovery from a negative cash flow of -¥1,178,265,321.71 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was ¥869,172,909.88, a significant improvement compared to a net outflow of ¥1,178,265,321.71 in the same period last year[30] - Cash inflows from operating activities totaled ¥6,246,462,219.08, up from ¥3,318,860,155.75 in Q1 2024, indicating a year-over-year increase of approximately 88%[30] - The net cash flow from investing activities was negative at -¥2,392,394,037.36, a decline from a positive cash flow of ¥2,284,148,431.80 in the previous year[31] - The company reported a cash outflow of ¥3,005,847,963.98 for investment payments, which is an increase from ¥1,961,822,776.35 in the previous year[31] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥100,392,896,849.50, a slight increase of 0.05% from ¥100,346,123,216.56 at the end of the previous year[5] - Total liabilities decreased to ¥76,530,345,349.76 from ¥76,783,440,666.16, a reduction of 0.3%[26] - Total equity increased to ¥23,862,551,499.74, compared to ¥23,562,682,550.40, reflecting a growth of 1.3%[26] Investment Performance - Investment income surged by 289.92% to ¥328,223,192.68, up from ¥84,176,743.58, driven by increased returns on financial asset investments[14] - The net profit from investment activities was ¥328,223,192.68, reflecting the company's normal business operations[8] - Net interest income rose to ¥245,523,589.37, up from ¥226,166,654.49, reflecting a growth of 8.8%[27] - Net commission and fee income increased to ¥531,881,357.71, a 42.7% rise from ¥372,773,367.26 year-over-year[28] Shareholder Information - The company’s total number of ordinary shareholders at the end of the reporting period was 82,253[16] - The largest shareholder, Luzhou Laojiao Group, holds an 18.13% stake, amounting to 475,940,143 shares[17] Changes and Legal Matters - The company has ongoing litigation related to financing disputes, with significant amounts involved, including CNY 7.35 million and CNY 7.92 million in principal loans[21][22] - The company has faced legal challenges regarding real estate development contracts, resulting in a court ruling requiring the return of CNY 8.54 million in investment funds[23] - The company has made changes to branch names and addresses, including the relocation of two branches in Fuzhou and Dazhou[19] - The company has announced plans for bond issuance and other financial instruments, with several announcements made in early 2025[20] Financial Ratios - The weighted average return on equity rose to 1.27%, an increase of 0.72 percentage points compared to 0.55% in the previous year[5] - The liquidity coverage ratio improved significantly to 348.42%, up 82.87 percentage points from 265.55% in the previous year[10] - The net capital to net assets ratio increased to 79.15%, up 1.03 percentage points from 78.12% at the end of the previous year[10] Other Financial Metrics - Total operating expenses rose by 35.86% to ¥695,614,152.77, primarily due to increased business and management fees[14] - The company's cash and cash equivalents decreased from CNY 31.48 billion at the beginning of the period to CNY 28.56 billion at the end, representing a decline of approximately 9.2%[25] - Client funds deposits decreased from CNY 27.28 billion to CNY 25.52 billion, a reduction of about 6.4%[25] - The company's financial investments increased from CNY 29.05 billion to CNY 33.93 billion, marking an increase of approximately 16.6%[25] - The trading financial assets rose from CNY 24.58 billion to CNY 27.05 billion, reflecting an increase of about 10.1%[25] - The company's other debt investments increased significantly from CNY 4.19 billion to CNY 6.60 billion, a growth of approximately 57.5%[25] - The company reported a decrease in settlement reserve funds from CNY 7.19 billion to CNY 6.15 billion, a decline of about 14.5%[25] Audit Status - The first quarter report for 2025 was not audited[32]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion in Q3 2023[34]. - User data showed a growth of 25% in active users, totaling 5 million by the end of the quarter[34]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting $1.32 billion[34]. - New product launches contributed to a 30% increase in sales, with the latest product generating $300 million in revenue[34]. - The company reported a net profit margin of 12%, up from 10% in the previous quarter[36]. - The company reported a net profit of ¥775,447,495.75 for the parent company, a significant increase of 95.75% from ¥396,141,055.45 in 2023[10]. - The total revenue for the parent company was ¥3,808,433,090.49, marking a 26.11% increase from ¥3,019,907,437.58 in 2023[10]. - The company achieved an operating revenue of 3.92 billion yuan, a year-on-year increase of 23.22%[71]. - The net profit attributable to shareholders reached 728 million yuan, up 71.31% year-on-year[71]. - The total assets of the company amounted to 100.35 billion yuan, an increase of 12.89% from the beginning of the period[71]. Business Operations and Strategy - The company operates in the securities industry, which may face significant fluctuations due to the cyclical nature of the Chinese securities market[2]. - The company has not experienced any changes in its main business operations since its listing, which includes securities brokerage, investment consulting, and asset management[15]. - The company has established a comprehensive risk management framework to address various operational risks, including market and credit risks[2]. - The company is focused on increasing its market share through the establishment of new branches and subsidiaries[32]. - The company plans to continue its expansion strategy, targeting key growth areas in the financial services sector[32]. - The company aims to enhance its comprehensive strength and industry ranking through the "325 strategic plan" focusing on wealth management, investment banking, and investment management as the three main pillars for revenue growth over the next 3-5 years[143][146]. - The investment banking sector will leverage mergers and acquisitions to meet the lifecycle financing needs of specialized industry clients, while optimizing organizational structure and enhancing service capabilities[146]. - The company is currently in the process of expanding its market presence and exploring new strategies for growth[186]. Risk Management - The company emphasizes the increased legal responsibilities and risks associated with the new Securities Law and the implementation of a comprehensive registration system[2]. - The company faces policy risks due to regulatory changes in the highly regulated securities industry, and it will strengthen macro policy analysis and compliance awareness[158][159]. - Market risks include equity and fixed income market fluctuations, with the company employing a risk management model based on VaR and stress testing to monitor and mitigate these risks[160]. - Credit risk arises from potential defaults by financing parties or counterparties, which the company will manage through robust credit assessment and monitoring processes[161]. - The company has established a comprehensive risk prevention and monitoring mechanism for margin financing and stock pledge repurchase transactions, including limits on total business scale and single client concentration[163]. Corporate Governance - The company has established a sound corporate governance structure, ensuring clear responsibilities and effective checks and balances[176]. - The company operates independently from its controlling shareholders in terms of business, personnel, assets, institutions, and finances[178]. - The company has implemented a compliance management framework, continuously enhancing its compliance culture and conducting strict compliance reviews of new business initiatives[169]. - The company held 2 shareholder meetings, 6 board meetings, and 3 supervisory board meetings during the reporting period[176]. Subsidiaries and Business Expansion - The company has established two wholly-owned subsidiaries under Huaxi Futures, with registered capital of CNY 200 million and CNY 50 million respectively[39]. - The company has established a subsidiary, Huaxi Fund, with a registered capital of 200 million yuan and a 90.07% ownership stake[31]. - The company has expanded its presence in the Sichuan Free Trade Zone, establishing multiple subsidiaries in the region[31]. - The company has established multiple branches across major cities, including Shenzhen, Shanghai, and Beijing, to enhance market presence[29]. Technology and Innovation - The company is actively enhancing its digital capabilities to improve customer service experience and operational efficiency[65]. - The company is committed to compliance and risk management, establishing a comprehensive risk management system to ensure high-quality service and effective business control[155]. - The company plans to invest in new technologies and product development to drive future growth[192]. Awards and Recognition - The company won multiple industry awards, including the "Best Fund Advisory Award" and "Best ETF Ecosystem Award" in 2024[55]. - The company won multiple awards in 2024, including "Best Fund Advisory Award" and "Best ETF Ecosystem Award" at the "Wealth Management·Hua Zun Award" evaluation[73].

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

智通财经APP获悉，华西证券发布研报称，家居板块，短期看，多重政策组合拳下，地产数据改善趋势 不变，政策行情逐渐向兑现行情过渡，以旧换新政策预计能有效刺激家居换新需求;中长期则随着二手 房、改善房、保障房等需求释放，行业保持稳步增长，行业属性也将逐渐从地产后周期属性转向消费属 性。龙头企业在品牌、渠道、产品、产能等优势突出，持续抢占中小企业市场份额，业绩增速仍然在地 产链中表现突出。 华西证券主要观点如下： 事件 统计局发布2025年3月社零、地产数据：1)社零方面，2025年1-3月社零总额同比+4.6%：家具、文化办 公用品、化妆品、金银珠宝、线上社零增速分别为+18.1%、+21.7%、+3.2%、+6.9%、+7.9%;3月社零 整体同比+5.9%，超Wind一致预期(+4.36%),其中家具、文化办公用品、化妆品、金银珠宝增速分别为 +29.5%、+21.5%、+1.1%、+10.6%。2)地产方面，2025年1-3月全国住宅新开工面积、竣工面积、销售 面积、住宅开发投资完成额分别同比-23.9%、-14.7%、-2.0%、-9.0%;3月全国住宅新开工面积、竣工面 积、销售面积、住宅开发投资完成额 ...

智通财经APP获悉，华西证券发布研报称，据年报显示，H&H国际控股(01112)目标于25年上半年完结 前完成"国标"过渡，这将为25年全年整体婴配粉销售额恢复增长奠定基础，公司期望25年收入重拾升 轨。根据公司年报，该行预测25-26年收入由138.2/149.9亿元下调至137.7/146.6亿元，新增27年收入 154.8亿元;归母净利由6.6/8.0亿元下调至5.4/6.6亿元，新增27年归母净利7.6亿元;EPS由1.02/1.24元下调 至0.84/1.02元，新增27年EPS为1.18元。2025年04月14日收盘价HKD 9.55元对应P/E分别为10/9/7倍，维 持"买入"评级。 事件：2024年公司实现营收130.52亿元，同比-6.3%;归母净利润-0.54亿元，同比-109.2%;经调整可比纯 利5.41亿元，同比-30.5%。24H2公司实现营收63.10亿元，同比-9.7%;归母净利润-3.6亿元，同 比-1272.1%;经调整可比纯利1.94亿元，同比-26.8%。 华西证券主要观点如下： 婴配粉业务下滑，营养补充品仍为核心增长动力 按产品分部来看，24FY公司营养补充品/婴幼 ...

华西证券股份有限公司 2025 年面向专业投资者公开发行公司债 券（第一期）在深圳证券交易所上市的公告 | 债券名称 | 华西证券股份有限公司 2025 | | | 年面向专业投资者公开发 | | --- | --- | --- | --- | --- | | | 行公司债券（第一期） | | | | | 债券简称 | 华股 25 01 | | | | | 债券代码 | 524209 | | | | | 信用评级 | 主体 AAA/债项 AAA | | | | | 评级机构 | 联合资信评估股份有限公司 | | | | | 发行总额（亿元） | 19.00 | | | | | 债券期限 | 3 年 | | | | | 票面年利率（％） | 1.95 | | | | | 利率形式 | 固定利率 | | | | | 付息频率 | 每年付息一次 | | | | | 发行日 | 2025 年 4 月 8 日至 2025 年 | 4 | 月 | 9 日 | | 起息日 | 2025 年 4 月 9 日 | | | | | 上市日 | 年 月 日 2025 4 15 | | | | | 到期日 | 2028 年 4 月 ...

Group 1 - The core point of the announcement is that Jin Ying Fund Management Co., Ltd. will start selling certain funds through Huaxi Securities from April 11, 2025, and will offer fund conversion and regular investment services with fee discounts [1][2]. - Investors can perform various fund-related operations such as account opening, subscription, redemption, conversion, and regular investment through Huaxi Securities, following the relevant regulations and legal documents [1][2]. - The fund "Jin Ying Tian Xing One-Year Regular Open Bond Fund" is currently in a closed period and will not open for subscription, redemption, or conversion until further notice [2]. Group 2 - The fund conversion service is not applicable to certain funds, including those with a backend fee model and FOF products, which cannot convert with non-FOF funds [2]. - The minimum discount for subscription, regular investment, and conversion fees for applicable funds through Huaxi Securities is set at 10%, with additional discounts implemented by Huaxi Securities not restricted by the fund management company [2]. - If additional funds are added to Huaxi Securities as distribution agents, fund conversion, regular investment, and fee discounts will also be available without further announcements [2].