股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 ...

Core Viewpoint - Daqo Energy (688303.SH) experienced a stock price decline of 4.35%, closing at 29.50 yuan, following a peak of 35.74 yuan on September 5, 2023 [1] Group 1: Stock Performance - Daqo Energy's stock price reached an annual high of 35.74 yuan on September 5, 2023 [1] - The current stock price is 29.50 yuan, reflecting a decrease of 4.35% [1] Group 2: Analyst Insights - Analyst Tang Jun Nan from Zhongyuan Securities published a report on September 9, 2023, indicating that Daqo Energy incurred losses in the first half of the year [1] - The report maintains an "overweight" investment rating for the company, highlighting its stable operations and strong financial position [1]

Group 1: Industry Outlook - The overall outlook for the new energy vehicle (NEV) and lithium battery industries is expected to remain positive during the 14th Five-Year Plan period, with significant growth in sales and market penetration [1][2] - NEV sales growth is projected to significantly exceed the overall growth rate of the automotive industry in China, with an expected annual compound growth rate of approximately 46.15% during the 14th Five-Year Plan [2] - The demand for lithium batteries is anticipated to continue growing, with energy storage lithium batteries becoming the primary growth driver, and the industry is expected to evolve towards green and low-carbon development [1][3] Group 2: Market Position and Competitiveness - China has maintained its position as the world's largest NEV market for ten consecutive years, with sales reaching 3.5072 million units in 2021 and an expected 16 million units by 2025, representing a global market share of 63.7% by 2024 [2] - The lithium battery industry in China is projected to reach a scale of 1.2 trillion yuan by 2024, with significant global competitive advantages, particularly in the power battery sector, which is expected to increase its global market share from 38.35% in 2020 to 68.79% by mid-2025 [3] Group 3: Technological Advancements - The importance of new energy vehicles and lithium batteries as key components of new productive forces has been emphasized in the 14th Five-Year Plan, with expectations for breakthroughs in solid-state batteries and other new technologies [1] - The integration of smart technologies in NEVs is expected to alleviate range anxiety and enhance overall competitiveness in the market [2]

Core Viewpoint - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 3.732 million shares on November 3, 2025, indicating a positive sentiment towards the company [1]. Group 1: Shareholding Changes - Over the past five trading days, southbound funds have increased their holdings on three occasions, with a total net increase of 1.344 million shares [1]. - In the last twenty trading days, there were twelve days of net reductions in holdings, totaling a decrease of 15.247 million shares [1]. - As of now, southbound funds hold 728 million shares of Zhongzhou Securities, accounting for 60.91% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Zhongzhou Securities Co., Ltd. is a Chinese company engaged in securities brokerage, operating through eight divisions [2]. - The brokerage division handles client transactions involving stocks, funds, and bonds, while the proprietary trading division focuses on equity and fixed income investments [2]. - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2]. - The credit division provides margin financing, repurchase agreements, and stock pledge services [2]. - The investment management division encompasses asset management, private fund management, and alternative investment services [2]. - The futures division covers futures brokerage, trading consulting, and risk management services [2].

Group 1 - Zhongyuan Securities issued a report on October 31, giving Ruifeng New Materials (300910.SZ, latest price: 56.81 yuan) an "Accumulate" rating [1] - The rating rationale includes steady progress in lubricant additive production capacity construction [1] - The company plans to establish a production base in Saudi Arabia, further promoting its international development process [1] Group 2 - Risks mentioned include the potential failure of composite product certification, raw material price and supply risks, overseas market expansion risks, international policy changes, and exchange rate risks [1]

Core Viewpoint - Zhongyuan Securities (601375.SH) reported strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The company achieved operating revenue of 1.439 billion yuan, representing a year-on-year increase of 11.38% [1] - The net profit attributable to shareholders reached 389 million yuan, showing a substantial year-on-year growth of 138.68% [1] Business Segments - The report highlighted robust performance in wealth management and investment businesses [1] - Zhongyuan Securities has lifted restrictions on its bond underwriting business, indicating a return to growth following regulatory challenges [1] - The quarterly report also revealed positive changes in the company's business structure [1]

Core Viewpoint - Zhongzhou Securities (01375) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the securities industry [1] Financial Performance - The company's operating revenue reached approximately 1.439 billion yuan, representing a year-on-year growth of 11.38% [1] - The net profit attributable to shareholders was about 389 million yuan, showing a substantial year-on-year increase of 138.68% [1] - Basic earnings per share were reported at 0.0839 yuan [1]

Financial Performance - For the third quarter of 2025, the company reported operating revenue of RMB 518,075,114.31, representing a significant increase of 452.90% compared to the same period last year[12]. - The total profit for the period reached RMB 156,319,661.28, with a year-to-date total profit of RMB 449,085,115.42, reflecting a remarkable growth of 213.02% year-on-year[12]. - Net profit attributable to shareholders was RMB 129,145,289.62 for the quarter, with a year-to-date figure of RMB 389,453,655.29, marking an increase of 138.68% compared to the previous year[12]. - The basic earnings per share for the quarter stood at RMB 0.0278, while the diluted earnings per share also remained at RMB 0.0278, both showing a year-on-year increase of 139.03%[12]. - Total profit from the beginning of the year to the reporting period increased by 213.02%[19]. - Net profit for the first three quarters of 2025 reached ¥390.58 million, a significant increase of 176.5% compared to ¥141.30 million in the same period of 2024[41]. - Total operating revenue for the first three quarters of 2025 was ¥1.44 billion, up 11.4% from ¥1.29 billion in the same period of 2024[40]. - Basic and diluted earnings per share for the first three quarters of 2025 were ¥0.0839, up from ¥0.0351 in 2024, indicating a growth of approximately 138%[42]. Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 57,377,497,851.74, which is an increase of 11.17% from the previous year[12]. - Total assets increased to ¥57.38 billion as of September 30, 2025, up from ¥51.61 billion on December 31, 2024, representing an increase of approximately 11.1%[35]. - Total liabilities increased to ¥42.83 billion as of September 30, 2025, compared to ¥37.33 billion on December 31, 2024, reflecting a growth of approximately 14.0%[36]. - The company's total equity increased to ¥14.55 billion as of September 30, 2025, compared to ¥14.28 billion on December 31, 2024, reflecting a growth of approximately 1.9%[36]. Cash Flow - The company reported a net cash flow from operating activities of RMB 5,497,155,421.64, reflecting a growth of 5.32% year-to-date[12]. - Net cash flow from operating activities for the first three quarters of 2025 was ¥5,497,155,421.64, compared to ¥5,219,709,646.41 in 2024, reflecting an increase of about 5.3%[44]. - Cash inflow from operating activities totaled ¥9,646,076,906.88 in 2025, down from ¥14,073,014,681.17 in 2024, showing a decrease of approximately 31.5%[44]. - Net cash flow from investing activities for the first three quarters of 2025 was ¥67,170,460.95, a decrease from ¥182,319,692.89 in 2024, indicating a decline of about 63.2%[45]. - Cash flow from financing activities showed a net outflow of ¥1,069,808,411.53 in 2025, contrasting with a net inflow of ¥1,399,417,153.63 in 2024[45]. - The company reported a net increase in cash and cash equivalents of ¥4,494,674,763.99 for the first three quarters of 2025, down from ¥6,800,347,509.71 in 2024, reflecting a decrease of about 33.9%[45]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 119,250[22]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 1,195,151,550 shares, representing 25.74% of the total shares[23]. Regulatory and Compliance - The company received a notice from the China Securities Regulatory Commission regarding the suspension of bond underwriting business from October 17, 2024, to April 16, 2025, due to regulatory violations[32]. - The company plans to enhance compliance and risk management to improve operational standards and investment banking quality[32]. Other Financial Metrics - The company's net capital reached RMB 9,879,467,057.62, up from RMB 9,468,635,644.80 at the end of the previous year[15]. - The risk coverage ratio improved to 375.29%, compared to 287.40% at the end of the previous year, indicating enhanced financial stability[15]. - The liquidity coverage ratio decreased to 210.11% from 286.47%, suggesting a tighter liquidity position[15]. - Non-recurring gains and losses for the period totaled RMB -575,737.35, with a year-end total of RMB 6,510,641.69, indicating fluctuations in non-operational income[17]. - Weighted average return on equity increased by 1.57 percentage points for the year-to-date[20]. - The company’s investment income decreased to ¥434.15 million in the first three quarters of 2025, down from ¥899.79 million in the same period of 2024, indicating a decline of 51.8%[40]. - The company’s total operating expenses decreased to ¥988.84 million in the first three quarters of 2025, down from ¥1.16 billion in the same period of 2024, a reduction of 14.8%[40]. - Total comprehensive income for the first three quarters of 2025 reached ¥380,537,731.59, compared to ¥142,333,648.83 in the same period of 2024, representing a significant increase[42]. Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first implementation[46]. - The board of directors announced the financial results on October 30, 2025[47].

Core Viewpoint - Zhongyuan Securities (601375.SH) reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1]. Financial Performance - The company's operating revenue reached 518 million yuan, representing a year-on-year increase of 452.90% [1]. - The net profit attributable to shareholders of the listed company was 129 million yuan [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 130 million yuan [1].

Financial Performance - The company's operating income for the third quarter reached ¥518,075,114.31, representing a year-on-year increase of 452.90%[5] - Total profit for the period was ¥156,319,661.28, with a year-to-date total profit of ¥449,085,115.42, reflecting a significant increase of 213.02% compared to the previous year[5] - Net profit attributable to shareholders was ¥129,145,289.62 for the quarter, with a year-to-date net profit of ¥389,453,655.29, marking an increase of 138.68% year-on-year[5] - The basic earnings per share for the quarter was ¥0.0278, with a year-to-date figure of ¥0.0839, showing a year-on-year increase of 139.03%[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,439,429,860.52, an increase of 11.4% compared to ¥1,292,372,031.84 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥390,576,477.82, compared to ¥141,298,246.47 in 2024, marking a substantial increase[19] - Basic and diluted earnings per share increased to ¥0.0839 from ¥0.0351[20] - The company reported a total comprehensive income of ¥380,537,731.59 for the period, compared to ¥142,333,648.83 in the previous year[19] Assets and Liabilities - Total assets at the end of the quarter were ¥57,377,497,851.74, reflecting an increase of 11.17% compared to the previous year-end[6] - As of September 30, 2025, total assets reached CNY 57.38 billion, an increase from CNY 51.61 billion at the end of 2024, representing a growth of approximately 11.5%[15] - The total liabilities decreased from CNY 15.00 billion to CNY 13.22 billion, showing a reduction of about 11.9%[15] - Total liabilities increased to ¥42,831,518,058.91 from ¥37,331,529,726.77, while total equity rose to ¥14,545,979,792.83 from ¥14,282,818,353.30[16] Cash Flow - Net cash flow from operating activities was ¥5,497,155,421.64, compared to ¥5,219,709,646.41 in the previous year[20] - Cash inflow from bond issuance amounted to $2,462,054,000, while total cash inflow from financing activities was $6,003,701,096.89[21] - Cash outflow for debt repayment was $3,174,041,806.27, leading to a net cash flow from financing activities of -$1,069,808,411.53[21] - The net increase in cash and cash equivalents for the period was $4,494,674,763.99, resulting in an ending balance of $23,379,752,038.91[21] - The cash and cash equivalents at the beginning of the period were $18,885,077,274.92, indicating a strong liquidity position[21] Shareholder Information - The number of shareholders with voting rights at the end of the reporting period was 119,250, with the largest shareholder holding 25.74%[12] - The top 10 shareholders collectively held 1,195,151,550 shares, accounting for 25.74% of total shares outstanding[12] Risk Management and Compliance - The company plans to enhance compliance and risk management following regulatory scrutiny, aiming to improve operational standards[14] - The risk coverage ratio improved to 375.29%, compared to 287.40% at the previous year-end[7] - The liquidity coverage ratio decreased to 210.11% from 286.47% at the previous year-end[7] Business Operations - The company reported a significant increase in wealth management and investment business revenues, contributing to the overall growth in operating income[10] - The company is focused on expanding its market presence and developing new technologies to drive future growth[14] - Net interest income rose to ¥281,662,486.92, up from ¥122,982,456.75, reflecting a significant increase in interest income to ¥620,123,061.85[18] - Net commission and fee income increased to ¥740,872,934.93, compared to ¥465,801,539.05, driven by brokerage business fees rising to ¥624,696,624.57[18] - Investment income decreased to ¥434,151,052.73 from ¥899,787,556.26, with losses from investments in associates and joint ventures amounting to ¥74,224,768.11[18] - Total operating expenses decreased to ¥988,838,377.87 from ¥1,161,740,977.69, with management expenses rising to ¥955,391,195.36[19] Accounting Standards - The company did not apply new accounting standards or interpretations starting from 2025[22] - The total cash inflow from financing activities decreased compared to the previous period, indicating a potential shift in financing strategy[21]