Group 1 - The core viewpoint of the report is that the company Mifusi (02556) is expected to achieve revenue of 2.358 billion, 3.026 billion, and 3.717 billion yuan from 2025 to 2027, with adjusted net profit of 102 million, 214 million, and 305 million yuan respectively, indicating a strong growth trajectory [1] - The current price-to-sales (PS) ratios are projected to be 4.46, 3.47, and 2.83 for the years 2025, 2026, and 2027 respectively, suggesting potential valuation attractiveness [1] Group 2 - The digitalization level of enterprises in China is relatively low, with significant growth potential in the marketing and sales SaaS market, which is expected to reach 155.6 billion yuan by 2027, growing at a compound annual growth rate (CAGR) of 28.6% from 2022 to 2027 [2] - The marketing and sales SaaS market size is projected to grow from 20.6 billion yuan in 2022 to 74.5 billion yuan in 2027, with a CAGR of 29.3%, indicating strong demand for these solutions [2] Group 3 - Mifusi is a leading domestic marketing and sales SaaS provider, having launched two flagship products, T Cloud and Zhenke, which cater to SMB and KA clients, respectively, and have served over 200,000 enterprises across various industries [3] - The company holds a 2.6% market share, making it the largest provider of marketing and sales SaaS solutions in China as of 2022 [3] Group 4 - Mifusi is actively integrating AI capabilities into its offerings, having launched the Tforce marketing model and AI-Agentforce intelligent platform, which enhance its next-generation AI+SaaS solutions [4] - Over 90% of the products provided to clients include AI modules, indicating a commitment to continuous product capability upgrades [4]

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications, and voting results of the 2024 Annual General Meeting of Changcheng Securities Co., Ltd. [1][18] Meeting Procedures - The meeting was convened by the company's board of directors and announced through public channels including Securities Times and China Securities Journal [5][6] - The meeting combined on-site and online voting, held on June 25, 2025, with specific voting times outlined [6][7] Qualifications of Participants - A total of 374 shareholders participated, representing 2,809,340,469 shares, which is 69.6342% of the total voting shares [6][7] - The qualifications of the attendees were verified against legal requirements and company regulations [6][18] Voting Procedures and Results - All proposed resolutions were reviewed and voted on, with the following results: - For the first resolution: 2,808,257,148 votes in favor (99.9614%), 878,321 against (0.0313%), and 205,000 abstentions (0.0073%) [7] - For the second resolution: 2,808,105,248 votes in favor (99.9560%), 888,221 against (0.0316%), and 347,000 abstentions (0.0124%) [8] - For the third resolution: 2,808,296,148 votes in favor (99.9628%), 987,021 against (0.0351%), and 57,300 abstentions (0.0020%) [9] - The voting results for small investors were also reported, showing a high approval rate [12][16] Conclusion - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results are in compliance with relevant laws and regulations [18]

Company Overview - The company, Great Wall Securities Co., Ltd., maintains a long-term credit rating of AAA, with several bonds rated AA+ and a stable outlook [1][5][6] - As a comprehensive listed securities company in China, it has a strong shareholder background and complete business qualifications, with operations across major domestic regions [6][19] - The company has a robust capital adequacy, with net capital of 25.165 billion yuan as of March 2025, and maintains a good liquidity position [6][10] Financial Performance - In 2024, the company experienced stable revenue with a slight increase in net profit, indicating strong profitability [6][19] - The total assets reached 125.838 billion yuan by March 2025, reflecting growth in the company's financial base [10][19] - The company's revenue structure shows that wealth management remains the primary source of income, while investment banking and asset management have seen fluctuations [19][24] Business Segments - Wealth management business generated 22.76 billion yuan in revenue in 2024, maintaining stability compared to the previous year [24] - The securities investment and trading business saw a significant increase in trading volume, with a 27.47% year-on-year growth in transaction amounts [24][26] - Investment banking revenue has decreased due to intensified market competition and regulatory changes affecting IPOs [19][24] Industry Context - The securities industry is experiencing heightened activity, with core business revenues from brokerage, credit, and proprietary trading performing well [17][18] - Regulatory scrutiny remains stringent, necessitating enhanced compliance and risk management capabilities among securities firms [18][19] - The industry is characterized by significant competition and consolidation, with larger firms benefiting from stronger capital and technological advantages [18][19]

证券代码：002939 证券简称：长城证券 公告编号：2025-042 长城证券股份有限公司 关于 2024 年度第十一期短期融资券兑付完成的公告 本公司及公司全体董事会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。 长城证券股份有限公司（以下简称公司）于 2024 年 12 月 6 日发行了公司 2024 年度第十一期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.73%， 发行期限为 200 天，兑付日为 2025 年 6 月 24 日。 2025 年 6 月 24 日，公司兑付了 2024 年度第十一期短期融资券本息共计人 民币 1,009,479,452.05 元。 特此公告。 长城证券股份有限公司董事会 2025 年 6 月 26 日 ...

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于长城证券股份有限公司 2024 年度股东大会的 法律意见书 国枫律股字[2025]C0076 号 致：长城证券股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东会 规则》）、《律师事务所从事证券法律业务管理办法》（以下简称《证券法律业务管理办法》）、 《律师事务所证券法律业务执业规则（试行）》（以下简称《证券法律业务执业规则》）等 相关法律、行政法规、规章、规范性文件及《长城证券股份有限公司章程》（以下简称 《公司章程》）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资 格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-043 长城证券股份有限公司 2024 年度股东大会决议公告 本公司及公司全体董事会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。 ★特别提示： 1.本次股东大会未出现否决议案； 2.本次股东大会未变更以往股东大会已通过的决议； 3.第 8 项议案涉及关联交易，且需逐项表决，投票表决时关联股东已回避表 决，亦未接受其他股东的委托进行投票。 一、会议召开情况 1.会议时间 （1）现场会议召开时间：2025 年 6 月 25 日 14:30 （2）网络投票时间：2025 年 6 月 25 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 25 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统进行网络投票的时 间为 2025 年 6 月 25 日 9:15-15:00 期间的任意时间。 5.会议主持人：公司董事长王军先生通过视频方式主持 6.本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、会议出席情况 （一） ...

长城证券股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕5266 号 联合资信评估股份有限公司通过对长城证券股份有限公司及其 相关债券进行跟踪分析和评估，确定维持长城证券股份有限公司主 体长期信用等级为 AAA，维持"21 长城 08""22 长城 02""22 长城 03""23 长城 09""23 长城 10""23 长城 11""23 长城 12""24 长城 01""24 长城 02""24 长城 03""24 长城 04""24 长城 05""24 长城 06"和"25 长证 K1"的信用等级为 AAA，维持"24 长城 C1""24 长城 C2""24 长城 C3""25 长城 C1"和"25 长城 C2"的信用等级 为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象 ...

Core Viewpoint - The company actively engages in financial services to support the real economy and high-quality development, focusing on five strategic areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, contributing to national strategies and market demands [1] Group 1: Technology Finance - The company emphasizes the strategic importance of technological self-reliance and allocates resources to cutting-edge innovation areas, creating a comprehensive service platform that connects financial support with industrial needs [2] - As the lead underwriter, the company successfully issued 1.5 billion yuan in "digital economy" technology innovation bonds in July 2024, enhancing financial support for technological self-reliance [2] - The issuance of the first technology innovation bonds by a securities company on May 9, 2025, represents a key initiative to implement the national innovation-driven development strategy [2] Group 2: Green Finance - The company integrates green development concepts into its operations, actively responding to the national "dual carbon" goals [3] - It has issued four green bonds totaling 5.21 billion yuan and one sustainable-linked bond of 700 million yuan as the lead underwriter by the end of 2024, highlighting its role in green financing [3] - The launch of the "Longcheng Securities Electric Power Energy Credit Bond Basket" in October 2024 marks a significant innovation in green financial products [4] Group 3: Inclusive Finance - The company aims to lower the barriers to quality financial services, benefiting a broader range of market participants [5] - It is developing a wealth management platform to provide personalized and precise services, enhancing the accessibility of financial products [5] - The company supports rural revitalization by conducting financial literacy training in various counties, improving local financial knowledge and risk awareness [6] Group 4: Pension Finance - The company is actively developing pension finance services in response to the aging population [7] - It has launched an elder-friendly version of its app, enhancing usability for older investors [7] - Regular community-based educational activities are conducted to promote pension investment knowledge among elderly investors [7] Group 5: Digital Finance - The company is driving digital transformation in the securities industry through financial technology, enhancing service quality and risk management capabilities [8] - It has developed a strategic plan for financial technology, focusing on collaboration between technology and business [8] - The company has implemented various digital platforms to improve user experience and operational efficiency, including the "Zhiyuan AI Center" and "Strategic Management Digital Platform" [9]

Group 1 - The report provides an overview of the bond issuance by Great Wall Securities Co., Ltd., detailing various bond types, their codes, issuance scales, interest rates, and terms [1][5][6][7]. - The bonds issued include "21 Great Wall 01" with a scale of RMB 1 billion at an interest rate of 3.57%, and "22 Great Wall 01" with a scale of RMB 1 billion at an interest rate of 3.00% [5][11]. - The total assets of the issuer as of December 31, 2024, are RMB 123.26 billion, reflecting a 6.58% increase from the previous year [15][16]. Group 2 - The issuer's main business includes wealth management, investment banking, asset management, and securities trading, with a focus on providing various financial services [13][14]. - The issuer's net profit attributable to shareholders for 2024 is RMB 1.58 billion, showing a 9.82% increase compared to the previous year [16][17]. - The issuer has established a special account for the use of raised funds, ensuring proper management and allocation of resources [19][21]. Group 3 - The issuer has maintained a strong debt repayment capability, with a loan repayment rate of 100% and an interest repayment rate of 100% [17][24]. - The issuer has a good credit record and meets all regulatory requirements, ensuring a stable financing environment [24][25]. - The report confirms that all bond interest payments for the year 2024 have been completed on time [26].

Summary of Key Points Core Viewpoint - The company, Guokai Hengtai (Beijing) Medical Technology Co., Ltd., is utilizing part of its oversubscribed funds to permanently supplement its working capital, which has been approved by its board and supervisory committee, and is awaiting shareholder approval [1][5]. Group 1: Fundraising Overview - The company was approved to publicly issue 70.6 million shares at a price of RMB 13.39 per share, raising a total of RMB 945.334 million, with a net amount of RMB 843.209 million after deducting issuance costs of RMB 102.125 million [1][2]. - The funds were fully received by July 5, 2023, and are being managed in a dedicated account with a tripartite supervision agreement in place [2]. Group 2: Use of Oversubscribed Funds - The company held meetings on August 2, 2023, and August 18, 2023, to approve the use of RMB 136.5 million of oversubscribed funds for permanent working capital [2][4]. - The plan includes using RMB 68.25 million, which constitutes approximately 30% of the total oversubscribed funds, to enhance liquidity and improve financial efficiency [4]. Group 3: Compliance and Approval Process - The use of oversubscribed funds will not conflict with the implementation of fundraising investment projects and complies with relevant regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange [4][5]. - The supervisory committee has agreed that this use of funds will not harm the interests of the company or its shareholders, and the proposal is pending approval from the shareholders' meeting [5][6].