证券代码：300803 证券简称：指南针 公告编号：2025-062 北京指南针科技发展股份有限公司 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）审议通过《关于公司向银行申请综合授信额度的议案》 第十四届董事会第三次会议决议公告 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。 一、董事会会议召开情况 1. 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日以邮件方式发出第十四届董事会第三次会议通知。 2. 本次董事会于 2025 年 5 月 19 日以通讯方式召开。 3. 本次董事会由董事长顿衡先生主持，本次会议应出席会议的董事 7 人，实 际出席会议的董事 7 人。 4. 本次董事会会议的召集、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。 公司董事会同意向兴业银行北京分行申请总额不超过 20,000 万元的综合授 信；向杭州银行北京中关村支行申请总额不超过 10,000 万元的综合授信。具体 内容详见公司于同日在巨潮资讯网（http://www.cninfo.co ...

Core Viewpoint - The internet financial information service industry in China is experiencing rapid growth driven by the high-quality development of the securities market and technological innovation, with a projected market size increase from 10.07 billion yuan in 2015 to 63.52 billion yuan in 2024, representing a compound annual growth rate of 22.71% [2][3]. Industry Overview - The internet financial information service industry has emerged alongside the development of the internet, effectively utilizing its convenience and speed to provide investors with enhanced information services. The industry can be segmented into three categories: financial information terminal services, value-added information services, and online financial information services [3]. - Despite the rapid growth and diversification of services, the industry remains relatively small compared to its domestic potential and the more mature international market, indicating significant growth opportunities [3]. Development History - The internet financial sector in China began to take shape before 2005, with traditional financial institutions initially moving their operations online. The introduction of e-commerce in 1993 marked the start of a fully electronic business era, prompting banks to innovate and adapt to the internet [5]. - From 2005 to 2012, the industry saw the emergence of third-party payment systems, P2P lending, and crowdfunding, marking a shift from mere technological integration to actual business models [6]. - The year 2013 is recognized as the starting point of rapid growth for internet finance in China, highlighted by the launch of "Yu'ebao," which led to the maturation of third-party payments and explosive growth in P2P lending [6]. Relevant Policies - The Chinese government has implemented various policies to support the healthy development of the internet financial information service industry. For instance, the State Council issued guidelines in March 2025 to enhance data security and promote technological innovation in the financial sector [8][9]. - In April 2025, a plan was introduced to accelerate the construction of a financial service system that aligns with technological innovation, aiming to improve the quality and efficiency of financial services [8][9]. Industry Chain - The internet financial information service industry chain has matured, encompassing areas such as financial information, third-party payments, and online lending. The upstream includes data providers, banks, and individual funders, while the downstream consists of individual consumers, merchants, and enterprises [10]. - The relationship between merchants and third-party payment institutions is crucial, as the attractiveness and conversion rates of merchants significantly influence transaction volumes [10].

Group 1 - The China Securities Financial Technology Theme Index (930986) decreased by 0.46% as of May 16, 2025, with mixed performance among constituent stocks [3] - Leading gainers included Geling Deep Vision (688207) up 4.05%, Yinxin Technology (300231) up 1.60%, and Kela Software (300663) up 1.44%, while leading decliners were Lakala (300773) down 2.38%, Cuiwei Co. (603123) down 2.25%, and Tax Friend Co. (603171) down 2.18% [3] - The Financial Technology ETF (516860) fell by 0.58%, with the latest price at 1.2 yuan and a trading volume of 38.16 million yuan [3] Group 2 - The recent US-China trade talks in Geneva resulted in a significant reduction in tariffs, which is expected to alleviate sentiment pressure on the computer sector, highlighting potential investment opportunities [3] - Companies within the AI industry chain and financial technology sectors are anticipated to have substantial growth potential following the easing of tariff tensions [3] Group 3 - The Financial Technology ETF has reached a new high of 753 million shares, with a net inflow of 21.87 million yuan recently [4] - Over the past five trading days, there were net inflows on four days, totaling 36.30 million yuan, with an average daily net inflow of 7.26 million yuan [4] - The ETF's financing buy-in amount reached 9.61 million yuan, with a financing balance of 42.83 million yuan [4] Group 4 - As of May 15, 2025, the Financial Technology ETF has achieved a 64.04% increase in net value over the past year, ranking first among comparable funds [4] - The ETF has a historical maximum monthly return of 55.92% and an average monthly return of 10.57%, with a 66.67% annual profit percentage [4] - The probability of profit over a three-year holding period is 96.71% [4] Group 5 - The Financial Technology ETF has a Sharpe ratio of 1.21 for the past year, indicating strong risk-adjusted returns [5] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6] - The tracking error for the ETF over the past two years is 0.046%, the highest tracking precision among comparable funds [6] Group 6 - As of April 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 53.28% of the index [6] - The top stocks include Tonghuashun (300033) at 9.50%, Dongfang Caifu (300059) at 9.01%, and Hengsheng Electronics (600570) at 7.47% [8]

Core Insights - The report indicates a significant recovery in the brokerage industry, with a notable increase in both revenue and profit for listed brokerages in 2024 and Q1 2025, driven primarily by brokerage and proprietary trading businesses [2][12][17] - The competitive landscape remains concentrated, with leading firms continuing to strengthen their market positions, suggesting a trend of "the strong getting stronger" [2][65] Revenue and Profit Overview - In 2024 and Q1 2025, the adjusted operating revenue for listed brokerages increased by 3.1% and 27.9% year-on-year, respectively, while the net profit attributable to shareholders rose by 15.1% and 79.0% [2][12] - The average annualized ROE for listed brokerages reached 8.2% in Q1 2025, a significant increase of 3.5 percentage points compared to the same period in 2024 [17] Business Segment Performance - In Q1 2025, the revenue growth rates for proprietary trading, brokerage, credit, investment banking, asset management, and other businesses were +46.0%, +43.4%, +11.4%, -1.5%, -5.7%, and -20.2%, respectively [2][25] - Proprietary trading and brokerage businesses were the main drivers of revenue growth, contributing significantly to the overall performance of brokerages [2][25] Market Conditions and Policy Impact - The report highlights a favorable policy environment that is expected to support the brokerage sector, with ongoing efforts to stabilize and invigorate the capital market [3][77] - The active capital market signals are anticipated to improve the fundamentals of brokerages with high proportions of brokerage and margin financing business [3][77] Competitive Landscape - The top five brokerages accounted for 54.4% of the net profit attributable to shareholders in Q1 2025, indicating a continued increase in industry concentration [67] - The market share of leading firms such as CITIC Securities and Huatai Securities remains strong, with CITIC Securities holding a market share of 14.4% in Q1 2025 [66][67] Investment Recommendations - The report suggests focusing on brokerages with a high proportion of brokerage and margin financing business, as well as those with strong proprietary trading strategies and risk management practices [2][3][77] - Specific firms recommended for attention include China Galaxy and Guotai Junan for their robust business models and market positioning [2][3]

Investment Rating - The report suggests a positive outlook for C-end stock trading software companies and recommends focusing on companies like Zhina Zhen and Jiufang Zhitu Holdings, while also highlighting the potential recovery of IT investments in securities firms and banks, recommending attention to companies such as Hengsheng Electronics, Top Point Software, and Yuxin Technology [1][3]. Core Viewpoints - The capital market IT sector showed signs of recovery in 2024, with a notable increase in A-share average daily trading volume by 21.2% year-on-year, leading to improved trading sentiment and revenue growth for C-end trading software companies [9][11]. - The banking IT sector faced challenges, with a decline in financial technology investments from major state-owned banks and a drop in revenue for listed banking IT companies [24][26]. - The report identifies three main growth drivers for financial IT companies in 2025: Xinchuang (domestic innovation), AI, and international expansion [1][3]. Summary by Sections 1. Capital Market IT Performance - In 2024, 150 securities firms achieved a total revenue of 451.2 billion yuan, a year-on-year increase of 11.2%, with net profit rising by 21.3% to 167.3 billion yuan [9][11]. - C-end capital market IT companies performed well, with total revenue of 23.58 billion yuan, although B-end companies faced revenue declines [22][23]. - The overall revenue for 10 capital market IT companies decreased by 3.3% year-on-year, while net profit fell by 28.7% [22][23]. 2. Banking IT Sector - The total revenue for 19 banking IT companies in 2024 was 67.459 billion yuan, down 4.55% year-on-year, with a decline in net profit by 47.61% [30][26]. - The report notes a slowdown in IT investment growth among major state-owned banks, with total financial technology investment at 124 billion yuan, a slight decrease of 0.15% [25][26]. - The number of banking IT employees increased by 3.66% to 168,109, but revenue per employee decreased by 7.35% [27][30]. 3. Growth Drivers for 2025 - Financial IT companies are actively exploring growth points in Xinchuang, AI, and international markets, with a positive outlook for the first quarter of 2025 [1][3]. - The report anticipates that 2025 will be a pivotal year for AI commercialization, with financial IT companies focusing on integrating AI capabilities into existing products [38][39]. - Companies like Yuxin Technology and Tianyang Technology are developing integrated AI solutions to enhance operational efficiency and customer engagement [38][39].

证券简称：指南针 股票代码：300803 二〇二五年五月 1-1-1 北京指南针科技发展股份有限公司 （注册地址：北京市昌平区北七家镇七北路42号院2号楼1单元501室） 2022 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 北京指南针科技发展股份有限公司 2022 年度向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、高级管理人员承诺本募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承 担相应的法律责任。 本公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证本募集说明书中财务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相 反的声明均属虚假不实陈述。 根据《中华人民共和国证券法》的规定，证券依法发行后，发行人经营与收 益的变化，由发行人自行负责，由此变化引 ...

中信证券股份有限公司 关于 北京指南针科技发展股份有限公司 2022 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年五月 北京指南针科技发展股份有限公司 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"） 接受北京指南针科技发展股份有限公司（以下简称"指南针"、"发行人"或"公 司"）的委托，担任北京指南针科技发展股份有限公司 2022 年度向特定对象发行 A 股股票的保荐机构，为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《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》）、《上市公司证券发行 注册管理办法》（以下简称《注册管理办法》）、《证券发行上市保荐业务管理办法》 等有关法律、法规和中国证券监督管理委员会、深圳证券交易所的有关规定，诚 实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出 具发行保荐书，并保证所出具文件的真实性、准确性和完整性。若因保荐机构为 发行人本次发行制作、出具的文件有虚假记 ...

中信证券股份有限公司 关于 北京指南针科技发展股份有限公司 2022 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年五月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"） 接受北京指南针科技发展股份有限公司（以下简称"指南针"、"发行人"或"公 司"）的委托，担任指南针 2022 年度向特定对象发行 A 股股票的保荐机构，为 本次发行出具上市保荐书。 保荐机构和保荐代表人已根据《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》"）、《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业务管理办 法》等法律法规和中国证券监督管理委员会及深圳证券交易所的有关规定，诚实 守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐 书，并保证所出具文件的真实性、准确性和完整性。 在本上市保荐书中，除上下文另有所指，释义与《北京指南针科技发展股份 有限公司 2022 年度向特定对象发行 A 股股票募集说 ...

北 京 大 成 律 师 事 务 所 关 于 北 京 指 南 针 科 技 发 展 股 份 有 限 公 司 向 特 定 对 象 发 行 A 股 股 票 的 补充法律意见书（七） 大成证字[2025]第 089 号 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10 Chaoyangmen Nandajie, Chaoyang District, 100020, Beijing, China Tel： 8610-58137799 Fax： 8610-58137788 www.dentons.cn | 第一部分 关于审核问询的回复 5 | | --- | | 问题一 5 | | 问题二 51 | | 第二部分 关于补充核查期间的补充法律意见 66 | | 一、本次发行的批准和授权 66 | | 二、发行人本次发行主体资格 66 | | 三、本次发行的实质条件 67 | | 四、发行人的设立 77 | | 五、发行人的独立性 77 | | 六、发行人主要股东及实际控制人 77 | | 七、 ...