证券代码：300803 证券简称：指南针 公告编号：2025-098 北京指南针科技发展股份有限公司 关于公司股权激励计划部分股票期权注销完成的公告 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。 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第十四届董事会第十次会议，审议通过《关于注销公司 2023 年股票期 权激励计划和 2025 年股票期权激励计划的部分股票期权的议案》，具体内容详见 公司于 2025 年 10 月 25 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于注销公司2023年股票期权激励计划和2025年股票期权激励计划的部分股票期 权的公告》（公告编号：2025-097）。 一、 本次注销部分股票期权的原因及数量 1．根据《上市公司股权激励管理办法》以及公司 2023 年股票期权激励计划 的相关规定，截至 2025 年 9 月 30 日，由于 5 名激励对象因个人原因离职，董事 会根据 2023 年第二次临时股东大会的授权，决定对 5 名激励对象已获授但尚未 行权的股 ...

Group 1 - The core transaction involved 110,200 shares of the company "指南针" (Compass), with a total transaction value of 15.979 million yuan, representing 0.2% of the total trading volume for the day [1][2] - The transaction price was set at 145 yuan per share, which is a discount of 7.74% compared to the market closing price of 157.17 yuan [1][2] - The buyer and seller were both from Ping An Securities, with the transaction occurring between their respective branches in Shanghai and Beijing [2]

Group 1 - The financial sector experienced significant gains, with multiple companies reaching their daily price limits [2] - Weiston saw a 20% increase, while Huazhong Securities and State Grid Yingda also hit their price limits [2] - Huaxin Yongdao rose over 15%, indicating strong market performance [2] Group 2 - Other companies such as Northeast Securities, Tonghuashun, Ruida Futures, Guiding Compass, and Wealth Trend also showed notable increases in their stock prices [2]

Group 1 - The core viewpoint of the news is that Beijing Guiding Compass Technology Development Co., Ltd. has seen a significant stock price increase of 5.26%, reaching 159.40 CNY per share, with a total market capitalization of 96.95 billion CNY [1] - The company was established on April 28, 2001, and went public on November 18, 2019, focusing on providing timely and professional financial data analysis and securities investment consulting services through its software terminal and internet platform [1] - The main revenue composition of the company includes 97.98% from financial information services, 1.99% from advertising, and 0.02% from leasing [1] Group 2 - From the perspective of fund holdings, the Puyin Ansheng Growth Power Mixed A Fund (519170) has a significant position in Guiding Compass, holding 204,200 shares, which accounts for 5.25% of the fund's net value, making it the third-largest holding [2] - The fund has generated an estimated floating profit of approximately 1.6254 million CNY today [2] - The Puyin Ansheng Growth Power Mixed A Fund was established on March 12, 2015, with a current scale of 646 million CNY and has achieved a year-to-date return of 15.42% [2]

Core Viewpoint - The A-share brokerage stocks have shown significant upward movement, with notable gains in several firms, driven by strong performance in the third quarter and favorable market conditions [1] Group 1: Brokerage Performance - As of October 28, 14 brokerages reported their performance for the first three quarters, with 13 firms showing comparable data, resulting in a total net profit attributable to shareholders of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42% [1] - Among these, three brokerages saw their net profits double, while eight firms experienced growth rates between 50% and 100% [1] Group 2: Market Environment - The stock price performance of brokerages, particularly those like CITIC Securities and East Money, is influenced not only by the third-quarter performance but also by the current market environment, as the Shanghai Composite Index approaches the critical 4000-point mark [1] - Market sentiment plays a significant role in influencing stock price movements during this period [1] Group 3: Stock Price Movements - Notable stock price movements include Huazhong Securities reaching a limit-up of 10.05%, Northeast Securities increasing by over 8%, and several others like GF Securities and East Money rising by more than 4% [2] - A majority of the listed brokerages have seen their stock prices increase by over 2% [2]

Group 1 - Internet brokerages experienced significant upward movement, with stocks like Tonghuashun rising over 7% and others like Zhinanzhen and Dazhihui increasing by more than 2% [1] - Financial technology ETFs, particularly the 100 billion financial technology ETF (159851), saw a rise of over 2%, with a trading volume exceeding 400 million yuan, indicating a notable increase in market activity [1][3] - Major foreign institutions such as Goldman Sachs and JPMorgan are optimistic about the Chinese stock market, suggesting a shift in investor strategy from "selling on highs" to "buying on lows" [3] Group 2 - The financial technology ETF (159851) has a current scale exceeding 10 billion yuan, with an average daily trading volume of 800 million yuan over the past month, leading among similar ETFs in terms of scale and liquidity [3] - The index tracked by the financial technology ETF covers key themes such as internet brokerages, financial IT, cross-border payments, AI applications, and domestic alternatives, aligning with current investment trends [3] - The securities industry is expected to see rapid growth in performance due to significant increases in market turnover and margin financing balances, with a recommendation to focus on internet brokerages with strong beta attributes [3]

Core Viewpoint - The stock of Beijing Guiding Technology Co., Ltd. has shown significant growth in 2023, with a year-to-date increase of 133.47% and a recent rise of 2.01% on October 29, 2023, indicating strong market interest and performance [1][2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.402 billion yuan, representing a year-on-year growth of 80.54%, and a net profit attributable to shareholders of 116 million yuan, which is a remarkable increase of 205.48% [2]. - Cumulative cash dividends since the company's A-share listing amount to 60.75 million yuan, with no dividends distributed in the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 144,700, up by 55.31%, while the average number of circulating shares per person decreased by 35.61% to 4,136 shares [2]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) three times this year, with the most recent appearance on August 18 [1]. Ownership Structure - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 17.0322 million shares, an increase of 4.3873 million shares from the previous period [3]. - The third-largest circulating shareholder is E Fund's ChiNext ETF, holding 7.7538 million shares, which decreased by 130,240 shares compared to the previous period [3].

Core Insights - The optical module index has seen a significant rise, with companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Cambridge Technology leading in gains [1] - The Growth ETF (159967) has been outperforming the broader market indices, with a recent increase of 1.41%, reaching new price highs [1] - The communication equipment sector constitutes 35.5% of the holdings in the Growth Index, with top positions held by Xinyi Sheng (16%), CATL (15%), Zhongji Xuchuang (13.1%), and Dongfang Wealth (11.55%) [1] Company Summaries - **Xinyi Sheng (300502.SZ)**: Closing price at 403.95, with a weight of 15.97% in the Growth Index [2] - **CATL (300750.SZ)**: Closing price at 386.18, holding a weight of 15.00% [2] - **Zhongji Xuchuang (300308.SZ)**: Closing price at 508.94, with a weight of 13.09% [2] - **Dongfang Wealth (300059.SZ)**: Closing price at 26.04, holding a weight of 11.55% [2] - **Shenghong Technology (300476.SZ)**: Closing price at 340.32, with a weight of 9.12% [2] - **Tonghuashun (300033.SZ)**: Closing price at 362.09, holding a weight of 4.24% [2] - **Tianfu Communication (300394.SZ)**: Closing price at 190.06, with a weight of 2.95% [2] - **Guiding Needle (300803.SZ)**: Closing price at 153.43, holding a weight of 1.81% [2] - **AVIC Chengfei (302132.SZ)**: Closing price at 86.45, with a weight of 1.60% [2] - **Xiechuang Data (300857.SZ)**: Closing price at 169.56, holding a weight of 1.29% [2]

Group 1 - The core viewpoint of the news highlights the performance of the financial technology sector, with the China Securities Financial Technology Theme Index rising by 0.45% and notable increases in individual stocks such as Tax Friend Co., Ltd. rising by 10.00% [3] - The Financial Technology ETF (516860) has shown a 0.59% increase, marking its fourth consecutive rise, with a latest price of 1.53 yuan and a weekly cumulative increase of 3.68% as of October 27, 2025 [3] - The Shanghai Composite Index has surpassed 4000 points, achieving a 19% increase year-to-date, with historical data indicating that the index has only been above this level in 2007, 2008, and 2015 [3] Group 2 - The National Foreign Exchange Administration has introduced nine new policy measures focusing on trade facilitation, including expanding the pilot scope for cross-border trade and optimizing foreign exchange settlement for new trade entities [4] - China Galaxy Securities emphasizes that expanding financial institutional openness is essential for responding to complex international environments and is a necessary choice for constructing a new development pattern [4] Group 3 - The Financial Technology ETF has seen a significant growth in scale, increasing by 92.32 million yuan over the past week, ranking second among comparable funds [5] - The ETF's shares have also grown by 25 million shares in the same period, ranking first among comparable funds [5] - The ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 22.83 million yuan, totaling 53.99 million yuan in net inflows [5] - The China Securities Financial Technology Theme Index includes companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index [5]

Summary of the Conference Call for Guiding Compass Company Industry and Company Overview - The conference call pertains to Guiding Compass Company, which operates in the financial information services industry, focusing on stock trading software and brokerage services. Key Points and Arguments 1. **Product Sales Strategy**: - The company emphasizes high-end product "Thinker" in Q1 and terminal product "Qilong Version" in Q2 and Q3, indicating a seasonal sales pattern [2][7][9]. - Pricing for high-end products is set at 20,800 RMB (one-year) and 35,000 RMB (four-year), while terminal products range from 7,800 RMB (one-year) to 11,800 RMB (three-year) [2][7]. 2. **Revenue Recognition**: - Revenue is recognized using a cash installment method, with 60% of the upfront payment counted as current revenue and the remaining 40% allocated based on the purchase month [2][8]. 3. **Investment Income**: - For the first three quarters of 2025, the company reported an investment income of approximately 201 million RMB, including over 65 million RMB from the fair value reassessment of Vanguard [2][5]. 4. **User Acquisition Costs**: - The cost to acquire new registered users remains stable at 80-100 RMB, while converting these users to paying customers costs about 800-1,000 RMB [2][12]. 5. **Sales Expenses**: - Sales expenses increased significantly, primarily due to advertising and sales personnel salaries, each accounting for roughly half of the total increase [2][10]. 6. **Market Environment**: - The overall business performance in the first three quarters of 2025 is stable, benefiting from a recovering domestic capital market [4]. 7. **Integration of Acquisitions**: - The integration of Vanguard Fund is progressing similarly to the previous acquisition of Maigao Securities, with team integration and business restructuring nearly complete [3][11]. 8. **Customer Engagement**: - Customer activity is high, and the willingness to purchase or upgrade software has increased, indicating a positive trend in user engagement [4][12]. 9. **Governance Changes**: - A new chairman, Mr. Wu, was elected on October 15, and an independent director with an AI background was appointed to enhance strategic development and transition towards a fintech-focused internet brokerage [4][17]. 10. **AI Applications**: - The company utilizes its IT team for big data-driven customer acquisition and targeted advertising, although AI applications in backend cost management are still limited [18]. 11. **Future Plans**: - There are currently no plans for overseas expansion, such as acquiring a Hong Kong brokerage [19]. 12. **Market Positioning**: - Guiding Compass differentiates itself by focusing solely on C-end users, offering unique features like analyzing large stock trades to assist investors, which appeals to retail investors [15]. Additional Important Information - The company is actively engaging in live streaming for customer acquisition, which has shown promising results [16]. - The sales rhythm is adjusted based on market conditions and customer return cycles, with a balanced investment in advertising throughout the year [4][15].