Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

证券代码：300803 证券简称：指南针 公告编号：2025-057 北京指南针科技发展股份有限公司 关于聘任高级管理人员及证券事务代表的公告 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开了第十四届董事会第一次会议，审议通过关于聘任公司高级管理人员及证 券事务代表的相关议案，现将相关情况公告如下： 一、聘任高级管理人员及证券事务代表的情况 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。 1.总经理：冷晓翔先生 2.财务总监：郑勇先生 3.副总经理：陈岗先生、张黎红女士、高海娜女士 4.董事会秘书：李静怡女士 5.证券事务代表：于洪丹女士 上述人员（简历详见附件）任期均为三年，自董事会审议通过之日起至公司 第十四届董事会任期届满之日止。 上述人员均不存在《中国人民共和国公司法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《公司章程》规定的不得担任公司高级管理人员、证券事务代表的情 形，不存在被中国证监会确定为市场禁入者并且尚未解除的情况，未受过中国证 ...

关于选举职工代表董事的公告 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。 鉴于北京指南针科技发展股份有限公司（以下简称"公司"）第十三届董事 会已经届满，根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等法律法规、规范性文件及公司《章程》的有关规定，公司于 2025 年 4 月 25 日召开职工代表大会，选举王浩先生为公司第十四届董事会职工代表董事 （简历见附件），任期与公司第十四届董事会任期一致。 特此公告。 北京指南针科技发展股份有限公司 董事会 证券代码：300803 证券简称：指南针 公告编号：2025-053 北京指南针科技发展股份有限公司 附件： 职工代表董事简历 王浩先生，1978 年出生，中国国籍，无境外永久居留权，本科学历；2001 年毕业于北京联合大学机械工程学院；2001 年进入指南针工作，曾担任客户经 理、产品设计经理等职务，2008 年任指南针山东分公司副总经理，2009 年起担 任指南针市场部、合规部总监；现任公司销售部门副总监。 截至本 ...

证券代码：300803 证券简称：指南针 公告编号：2025-055 北京指南针科技发展股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 1. 会议召开的时间： 现场会议时间：2025 年 4 月 25 日下午 2:30 网络投票时间：2025 年 4 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 4 月 25 日上午 9:15—9:25，9:30—11:30，下午 1:00—3:00；通过深圳证券交易所互联网 投票系统进行网络投票的时间为 2025 年 4 月 25 日上午 9:15 至下午 3:00。 2. 会议召开的地点：北京市昌平区七北路 42 号院 TBD 云集中心 2 号楼 1 单 元 5 层公司会议室 3. 会议召开的方式：采取现场投票与网络投票相结合的方式召开。 4. 会议召集人：公司董事会 5. 会议主持人：董事长顿衡先生 ...

证券代码：300803 证券简称：指南针 公告编号：2025-056 北京指南针科技发展股份有限公司 第十四届董事会第一次会议决议公告 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 3. 本次董事会由半数以上董事推荐董事顿衡先生召集和主持。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、董事会会议审议情况 本次会议以记名投票方式表决，审议通过以下事项： 1.审议通过《关于豁免董事会会议通知期限的议案》； 全体董事一致同意豁免本次董事会会议通知期限，并于 2025 年 4 月 25 日召 开第十四届董事会第一次会议。 表决结果：同意 7 票；反对 0 票；弃权 0 票 2.审议通过《选举顿衡先生为第十四届董事会董事长的议案》； 董事会同意选举顿衡先生为公司第十四届董事会董事长，任期三年，自本次 董事会审议通过之日起至第十四届董事会届满之日止。 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 4 月 ...

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 20 25 年 第 二 次 临 时 股 东 大 会 的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 大成证字[2025]第 066 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 关 于 北 京 指 南 针 科 技 发 展 股 份 有 限 公 司 20 25 年 第 二 次 临 时 股 东 大 会 的 法 律 意 见 书 大成证字[2025]第 066 号 致：北京指南针科技发展股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 ...

Financial Performance - Total revenue for Q1 2025 reached ¥542,058,996, an increase of 84.68% compared to ¥293,508,665 in the same period last year[4] - Net profit attributable to shareholders was ¥138,664,932, representing a significant increase of 725.93% from ¥16,788,949 year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥72,139,160, up 347.00% from ¥16,138,435 in the previous year[4] - Basic earnings per share rose to ¥0.23, a 666.67% increase from ¥0.03 in the same period last year[4] - The company reported total operating revenue of CNY 542,058,996, a significant increase from CNY 293,508,665 in the previous period, representing an increase of approximately 84.8%[31] - Operating profit for the current period is CNY 159,941,168, up from CNY 30,173,842 in the previous period, reflecting strong operational performance[32] - The company recorded a total profit of CNY 159,742,554 for the current period, compared to CNY 29,720,096 in the previous period, demonstrating substantial growth[32] Assets and Liabilities - Total assets increased by 5.94% to ¥11,520,128,581 from ¥10,873,691,318 at the end of the previous year[4] - The total liabilities increased to CNY 9,306,502,525 from CNY 8,647,998,414, which is an increase of approximately 7.6%[30] - The company's equity attributable to shareholders was CNY 2,231,385,006, slightly down from CNY 2,245,573,679, a decrease of about 0.6%[30] Cash Flow - The net cash flow from operating activities was ¥298,188,071, down 71.27% from ¥1,037,765,421 in the previous year[11] - Cash inflow from operating activities totaled CNY 1,202,618,343, down from CNY 1,544,020,675 in the previous period, indicating a decline in cash receipts from operations[34] - Total cash and cash equivalents at the end of the period amount to CNY 7,323,290,737, compared to CNY 3,723,885,728 at the end of the previous period, showing a strong liquidity position[35] - Investment activities resulted in a net cash outflow of CNY 418,603,091, compared to a net outflow of CNY 120,930,098 in the previous period, reflecting increased investment expenditures[35] Revenue Sources - The company reported a significant increase in financial information service revenue, contributing to a 75.91% rise in total operating income[11] - The company's financial information service business saw cash received from sales and services amounting to RMB 508 million, reflecting a 93.09% increase year-on-year[16] - The brokerage and proprietary trading businesses continued to grow rapidly, with net commission income of RMB 97.28 million, up 143.26% year-on-year, and net interest income of RMB 21.15 million, an increase of 66.59%[17] Research and Development - The company plans to continue expanding its research and development efforts, with R&D expenses increasing by 48.76% to ¥50,727,767[11] - The R&D expenses for the period were CNY 50,727,767, compared to CNY 34,100,199 in the previous period, representing an increase of about 48.8%[31] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 70,945, indicating a stable shareholder base[12] - The company has initiated a stock option incentive plan for 2025, granting 5.2909 million stock options at a price of RMB 91.75 per option to 422 eligible participants[22] - The stock option incentive plan for 2022 saw an increase in share capital from 412,563,611 shares to 598,256,675 shares due to stock option exercises[19] - The total number of stock options under the effective incentive plans was 25,520,272 shares, accounting for 4.27% of the total share capital at the end of the reporting period[25] Strategic Initiatives - The company completed the acquisition of 95.01% of Pioneer Fund, resulting in a non-recurring investment income of RMB 65.54 million, significantly impacting net profit figures[18] - The company is actively expanding its brand promotion and customer acquisition efforts, leading to a substantial increase in new registered and paying users compared to the previous year[17] - The company noted that its financial information service products are sold through an "experiential" sales model, leading to uneven revenue distribution throughout the year[16] - The company is in the waiting period for the 2023 stock option incentive plan, while the 2025 plan has been approved by the board and shareholders[20] Investment and Financing Activities - The company's total cash inflow from financing activities is CNY 342,400,700, compared to CNY 108,956,510 in the previous period, reflecting increased financing activities[35] - The company adjusted the stock option exercise prices for its incentive plans, with the 2022 plan's price reduced from CNY 49.75 to CNY 34.31, a decrease of approximately 30.9%[24] - The company completed a capital reserve transfer, increasing its total share capital to CNY 598,255,805 from CNY 412,563,611, reflecting a growth of approximately 45.0%[25]

这家公募基金迎来高管"换血"。 4月24日，先锋基金同日发布两则高管变更通知。据公告，董事长Wong Leah Kuen因个人原因于4月23日离任，副总经理兼首席信息官吴越退休。 除了董事长、副总经理变更之外，先锋基金前不久还迎来了新任总经理。根据3月1日先锋基金发布的公告，前任总经理龙涌因个人原因离职，新任张帆 为公司总经理。 公开资料显示，张帆是公募基金老将，曾任新时代证券股份有限公司副总经理、总经理助理、经纪业务管理总部董事总经理。2017年6 月至2024年4 月，任融通基金管理有限公司总经理。 值得注意的是，先锋基金近期高管频繁变更，正是发生在该公司刚股权结构变动的情况之下。 2月18日，金融信息服务商指南针与北京鹏康签署了《关于先锋基金管理有限公司之股权转让协议》，收购先锋基金22.51%股权，交易价格为1.09亿 元。加上此前所持有的39.1976%股权，至此，指南针合计持有先锋基金61.7026%股权，成为其控股股东。 3月28日，指南针公告称，此前已通过董事会决议，收购大连亚联投资管理有限公司持有的先锋基金33.3074%股权，交易价格为16132万元。转让完成 后，指南针持有先锋基金股权从 ...

Core Viewpoint - The financial technology sector is experiencing significant growth, driven by favorable policies and increasing investments, as evidenced by the performance of the China Securities Financial Technology Theme Index and related ETFs [3][4]. Group 1: Market Performance - As of April 23, 2025, the China Securities Financial Technology Theme Index rose by 2.17%, with notable increases in constituent stocks such as New Morning Technology (up 19.99%) and Lakala (up 14.79%) [3]. - The Financial Technology ETF (516860) also saw a rise of 2.19%, marking its fourth consecutive increase, with a latest price of 1.21 yuan [3]. - The ETF recorded a turnover rate of 3.18% and a transaction volume of 26.91 million yuan during the trading session [3]. Group 2: Policy and Industry Outlook - The National Development and Reform Commission and the National Bureau of Statistics have issued key work points for the development of the digital economy and society by 2025, which are expected to accelerate the digital transformation and intelligent upgrade of industries in China [3]. - Longjiang Securities suggests focusing on companies with data resources or capabilities in data product development, particularly those that have gained advantages in sectors like healthcare, finance, and education [3]. Group 3: ETF Performance Metrics - The Financial Technology ETF has shown a net value increase of 63.28% over the past year, ranking first among comparable funds [4]. - Since its inception, the ETF has achieved a maximum monthly return of 55.92% and an average monthly return of 10.57%, with a historical three-year profit probability of 96.38% [4]. - The ETF's management fee is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [4]. Group 4: Tracking Accuracy and Major Holdings - The Financial Technology ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.043% year-to-date [5]. - As of March 31, 2025, the top ten weighted stocks in the index accounted for 54.32% of the total, with stocks like Tonghuashun and Dongfang Caifu being the most significant contributors [5].