证券代码：300803 证券简称：指南针 公告编号：2024-025 北京指南针科技发展股份有限公司 第十三届董事会第二十六次会议决议公告 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 2024 年 5 月 11 日以邮件方式发出第十三届董事会第二十六次会议通知。 2. 本次董事会于 2024 年 5 月 15 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。 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《关于延长公司 2022 年度向特定对象发行 A 股股票股东大 会决议有效期的议案》 鉴于公司 2022 年度向特定对象发行 A 股股票股东大会决议有效期即将届满， 为保证本次向特定对象发行 A 股股票工作的延续性和有效性，确保相关工作顺 利推进，提请对股东大会 ...

证券代码：300803 证券简称：指南针 公告编号：2024-027 北京指南针科技发展股份有限公司 关于延长公司 2022 年度向特定对象发行 A 股股票股东大会 决议有效期及授权期限的公告 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。 一、本次向特定对象发行股票有效期的情况说明 北京指南针科技发展股份有限公司（以下简称"公司"）于 2022 年 5 月 16 日、2022 年 6 月 2 日分别召开第十三届董事会第二次会议、2022 年第三次临时 股东大会，审议通过了《关于公司 2022 年度向特定对象发行 A 股股票方案的议 案》《关于提请公司股东大会授权董事会及董事会授权人士全权办理本次向特定 对象发行 A 股股票相关事宜的议案》等相关议案。公司于 2023 年 5 月 15 日、 2023 年 6 月 1 日分别召开第十三届董事会第十一次会议、2023 年第一次临时股 东大会，审议通过了《关于延长公司 2022 年度向特定对象发行 A 股股票股东大 会决议有效期的议案》《关于提请公司股东大会延长授权董事会及董事会授权人 士全权办理本次向特定对象发行 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Insights - In Q1 2024, the company achieved total revenue of 294 million yuan, a year-on-year decrease of 13.17%. The net profit attributable to shareholders was 17 million yuan, down 70.74% year-on-year, while the net profit excluding non-recurring items was 16 million yuan, a decline of 71.42% [4]. - The financial information business was impacted by a delayed marketing schedule, while the securities business saw significant growth. Commission income from securities reached 39.99 million yuan, an increase of 178.61% year-on-year, and net interest income was 12.69 million yuan, up 132.87% [4]. - The company's expense ratio increased year-on-year, with share-based payment expenses rising due to equity incentives implemented in 2022 and 2023. The gross margin was 90.19%, a decrease of 0.73 percentage points [4]. - The government is encouraging securities firms to strengthen and optimize their operations. The company acquired a 34.21% stake in Pioneer Fund for 110 million yuan, potentially becoming the largest shareholder [4]. Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 199 million, 408 million, and 586 million yuan, respectively, with a maintained "Accumulate" rating [5]. - Key financial metrics for 2024E include total revenue of 1.279 billion yuan, a year-on-year growth of 14.9%, and a net profit of 199 million yuan, reflecting a growth of 174.0% [6]. - The gross margin is expected to be 90.9% in 2024, with a return on equity (ROE) of 9.5% [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.95 yuan, based on a 95 times PE for 2024 [5][7][8]. Core Views - The company's financial information service business is expected to recover as market conditions improve, despite a significant decline in revenue due to seasonal factors [2]. - The securities business, particularly through Mai Gao Securities, continues to be profitable, with substantial year-on-year growth in various income streams [3]. - The company is investing in brand promotion and customer expansion, which has led to a notable increase in paid users [4]. Financial Performance Summary - In Q1 2024, the company reported revenue of 294 million yuan, a year-on-year decrease of 13.17%, and a net profit of 17 million yuan, down 70.74% year-on-year [1]. - The revenue forecast for 2024-2026 is projected at 1.344 billion, 1.587 billion, and 1.879 billion yuan, with growth rates of 36%, 18%, and 18% respectively [5][6]. - The net profit forecast for the same period is expected to be 251 million, 283 million, and 324 million yuan, with growth rates of 245%, 13%, and 14% respectively [5][6]. Business Segments - The financial information service segment is highly correlated with capital market conditions, and while it faced challenges in Q1 2024, recovery is anticipated [2]. - Mai Gao Securities has shown strong performance with brokerage income, net interest income, and net investment income increasing by 179%, 133%, and 192% year-on-year respectively [3]. - The company’s cost structure has been impacted by increased expenses related to the expansion of its securities business, with sales, management, and R&D expense ratios rising [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 61.75 CNY, compared to the current price of 47.37 CNY [1]. Core Views - The traditional business faces pressure, but the securities segment is entering a positive development track. The company is increasing its investment in research and development while expanding brand promotion and customer acquisition efforts [3]. - Despite a decline in financial information service revenue, the company has successfully achieved operational profitability in its securities business, with significant growth in commission income and investment returns [3]. - The first quarter of 2024 shows a notable increase in new paying users, and the securities business continues to be profitable, although overall revenue is down due to timing effects related to the Chinese New Year [3]. Financial Performance Summary - In 2023, the company reported revenue of 1.113 billion CNY, a year-on-year decline of 11.33%. The net profit attributable to shareholders was 73 million CNY, down 78.54% [2]. - For Q1 2024, revenue was 294 million CNY, a decrease of 13.17%, with a net profit of 17 million CNY, down 70.74% [2]. - The company expects revenue growth in the coming years, projecting 1.477 billion CNY in 2024, 1.900 billion CNY in 2025, and 2.188 billion CNY in 2026, with corresponding net profits of 256 million CNY, 391 million CNY, and 502 million CNY respectively [4]. Business Segment Insights - The traditional financial information service business has seen a decline in performance, while the securities business, particularly through the acquisition of Maigao Securities, has achieved operational profitability for the first time [3]. - In 2023, Maigao Securities reported a net profit of 5.93 million CNY, with significant increases in commission income and net interest income [3]. - The first quarter of 2024 saw a 178.61% increase in commission income and a 132.87% increase in net interest income for Maigao Securities, indicating strong growth in its brokerage and proprietary trading operations [3].

Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to a specific company involved in the securities business, particularly focusing on its operations and financial data related to selling high-yield bonds. Core Points and Arguments - The company is currently engaged in a normal process of submitting materials and maintaining communication feedback, indicating a structured approach to its operations [1] - There is an emphasis on timely information disclosure following the progress of matters, suggesting a commitment to transparency and regulatory compliance [1] - Financial data related to the company's high-yield bond selling business is highlighted, indicating a focus on performance metrics and financial health [1] Other Important but Possibly Overlooked Content - The mention of "selling high-yield bonds" suggests a strategic focus on capital markets, which may indicate potential growth opportunities or risks associated with market conditions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.96 CNY, which corresponds to a P/E ratio of 61x for the year 2025 [1]. Core Views - The company's performance has declined due to adjustments in the marketing cycle and increased advertising expenses; however, the securities business continues to grow rapidly, indicating promising future growth potential [1]. - The report highlights that the decline in net profit is primarily due to two reasons: a delay in the marketing cycle of high-end products and an increase in sales expenses [1]. Summary by Sections Financial Performance - In Q1 2024, the adjusted revenue (including investment business income) was 3.24 billion CNY, with a net profit of 0.17 billion CNY, representing a year-on-year decline of 6.99% and 70.74% respectively [1]. - The expected EPS for 2024, 2025, and 2026 are projected to be 0.66 CNY, 1.16 CNY, and 1.61 CNY respectively [1]. Business Segments - The securities business has shown a significant increase, with net income from fees and commissions rising by 178.61% year-on-year, and net interest income increasing by 132.87% [1]. - The report anticipates that the rapid growth in the securities business will drive overall company performance in the future [1]. Market Position - The company is positioned as the first publicly traded enterprise in China focused on financial services for individual investors, offering advanced investment tools and solutions across four major areas: securities, futures, foreign exchange, and funds [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2024 performance was impacted by a "wrong month" effect in software sales, leading to a revenue decline of 13.17% year-on-year to 294 million yuan, and a net profit drop of 70.74% to 17 million yuan [2][3] - The financial information service revenue decreased due to the delayed marketing of high-end products, which affected cash collection timing [2] - Despite the challenges in software sales, the brokerage business of the company showed strong growth, with net commission income increasing by 178.61% year-on-year to 40 million yuan in Q1 2024 [3] Summary by Sections Financial Performance - Total revenue for 2023 was 1,113 million yuan, down 11.33% year-on-year, while the forecast for 2024 is 1,831 million yuan, representing a growth of 64.53% [2][7] - The net profit attributable to shareholders for 2023 was 73 million yuan, a significant decline of 78.54%, with projections of 141 million yuan for 2024, indicating a recovery of 94.66% [2][7] - The latest diluted EPS for 2023 was 0.18 yuan, with expectations of 0.35 yuan in 2024 [2][7] Business Segments - The software sales segment faced a decline due to the timing of product launches, while the brokerage segment continued to grow, with a 40.86% increase in client trading volume [3] - The self-operated business saw a remarkable increase in investment income, up 429.77% year-on-year to 29 million yuan in Q1 2024 [3] Valuation Metrics - The company is projected to have a P/E ratio of 132 for 2024, decreasing to 82 by 2026 [2][7] - The market capitalization is approximately 18.61 billion yuan, with a closing price of 45.51 yuan [4][5]

业绩简评 2024 年 4 月 26日，公司发布 2024 年一季报。公司2024年第一 季度实现营收 2.9 亿元，同比下滑 13.2%；实现扣非后归母净利 润 0.16 亿元，同比下滑-71.4%。 经营分析 麦高证券2024 年第一季度保持高速增长势头，且继2023年实现 盈利后，报告期内继续保持盈利。经纪业务净收入为0.40 亿元， 同比增长178.6%；利息净收入为0.13 亿元，同比增长132.9%； 报告期末代理买卖证券款为33.94亿元，较2023年末增长40.9%。 此外，公司实现 0.29 亿元投资收益，同比增长 429.8%，主要系 麦高证券自营业务经营较好。 非麦高证券业务营收为2.41 亿元，同比下滑24.3%；销售商品、 提供劳务收到的现金为2.6 亿元，同比下滑29.4%。主要系：1） 市场整体一季度交投平淡，日均成交额同比增长 1.9%；2）公司 本年度高端产品全赢系列私享家版软件于3 月 6 日至 4 月 12 日 之间展开营销，相较2023 年该产品的销售周期（2023 年 2 月 3 人民币(元) 成交金额(百万元) 日至 3 月17 日）滞后了约1 个月时间，从而导致了 ...

北京指南针科技发展股份有限公司 第十三届董事会第二十五次会议决议公告 证券代码：300803 证券简称：指南针 公告编号：2024-021 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 2024 年 4 月 23 日以邮件方式发出第十三届董事会第二十五次会议通知。 2. 本次董事会于 2024 年 4 月 26 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。 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《2024 年第一季度报告》 具体内容详见公司于同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2024 年第一季度报告》（公告编号：2024-023）。 本议案已经独立董事专门会议审议通过。 （二） 审议通过《关于调整控股股东向 ...