Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,712,949,021.97, representing a 9.64% increase compared to CNY 4,298,673,959.40 in the same period last year[5]. - Net profit attributable to shareholders was CNY 2,307,627,966.26, up 6.97% from CNY 2,157,223,258.83 year-on-year[5]. - Total operating revenue for Q1 2025 reached CNY 4.71 billion, a 9.66% increase from CNY 4.30 billion in Q1 2024[21]. - Net profit for Q1 2025 was CNY 2.31 billion, up 6.98% from CNY 2.16 billion in Q1 2024[21]. - The total comprehensive income for Q1 2025 was CNY 1.40 billion, a decrease from CNY 2.34 billion in Q1 2024[22]. - The total comprehensive income for Q1 2025 was CNY 2,359,503,030.03, compared to CNY 2,132,831,786.26 in Q1 2024, an increase of 10.6%[29]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -37,212,165,996.06, a significant decrease of 660.30% compared to CNY 6,641,509,004.58 in the previous year[5]. - The net cash flow from operating activities showed a significant decline, resulting in a net outflow of CNY 37.21 billion in Q1 2025, compared to an inflow of CNY 6.64 billion in Q1 2024[24]. - The company reported a significant decrease in cash flow from operating activities, with total cash inflows of 7,065,055,342.79 RMB in Q1 2025 compared to 56,349,512,298.26 RMB in Q1 2024[30]. - The liquidity coverage ratio decreased to 147.73% from 208.98% year-on-year, indicating a tighter liquidity position[7]. - The company's cash and cash equivalents were RMB 111.24 billion, down from RMB 144.32 billion, indicating a decrease of about 22.8%[18]. - The total cash and cash equivalents at the end of Q1 2025 stood at 106,030,163,807.11 RMB, up from 90,768,997,855.67 RMB in Q1 2024[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 661,287,758,451.72, down 8.30% from CNY 721,160,331,448.06 at the end of the previous year[6]. - Total assets as of March 31, 2025, amounted to CNY 597,377,392,064.68, down from CNY 620,676,526,964.34 at the end of 2024[27]. - Total liabilities stood at RMB 529.63 billion, down from RMB 590.91 billion, representing a reduction of approximately 10.4%[19]. - Total liabilities decreased to CNY 478,140,655,745.98 from CNY 503,799,293,675.67 at the end of 2024, reflecting a reduction of 5.1%[27]. - The company's equity attributable to shareholders increased to RMB 131.58 billion from RMB 130.18 billion, showing a growth of about 1.1%[19]. - The company's equity increased to CNY 119,236,736,318.70 as of March 31, 2025, from CNY 116,877,233,288.67 at the end of 2024, reflecting a growth of 2.0%[27]. Investment and Income - The net interest income increased by 75.02% to CNY 208,329,260.97 compared to CNY 119,032,816.75 in the previous year[11]. - The net interest income for Q1 2025 was CNY 193,744,661.48, compared to CNY 75,697,011.26 in Q1 2024, marking an increase of 155.5%[28]. - Investment income surged to CNY 3,310,215,440.67, a remarkable increase of 1,465.07% from a loss of CNY -242,494,161.71 in the same period last year[11]. - The investment income for Q1 2025 was CNY 3,016,290,672.12, a significant recovery from a loss of CNY 927,511,398.32 in Q1 2024[28]. - The net income from commission and fee increased significantly to CNY 2.52 billion, up 47.73% from CNY 1.71 billion in Q1 2024[21]. Risk Management - The risk coverage ratio improved to 254.70% from 239.03% year-on-year, indicating better risk management[7].

Group 1 - The core viewpoint of the announcement is that 招商证券 (China Merchants Securities) reported a year-on-year increase in both revenue and net profit for the first quarter of 2025 [1] - The company's operating revenue for Q1 2025 reached 4.713 billion yuan, reflecting a growth of 9.64% compared to the previous year [1] - The net profit for the same period was 2.308 billion yuan, showing a year-on-year increase of 6.97% [1]

Investment Rating - The investment rating for the company is "Hold" [4][9]. Core Views - The company reported a revenue of 20.891 billion yuan in 2024, an increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up by 18.51% [1]. - The wealth management transformation is progressing steadily, with a significant increase in the number of high-net-worth clients and a rise in managed assets [2]. - The company faced significant pressure in equity underwriting, with a 54.84% decrease in equity underwriting scale, while bond underwriting showed strong performance with a 30.91% increase [3]. - The asset management scale slightly declined, with total assets under management at 267.392 billion yuan, down by 9.31% [4]. - The self-operated business performed well, with a revenue increase of 41.56%, and the company maintained a leading position in the derivatives market [8]. - The company is expected to further enhance its overall performance as the wealth management transformation deepens, with projected earnings per share of 1.32 yuan, 1.36 yuan, and 1.45 yuan for 2025-2027 [9]. Summary by Sections Financial Performance - In 2024, the company achieved a net income of 10.386 billion yuan, reflecting an 18.51% growth, and a basic earnings per share of 1.13 yuan, up by 20.21% [1]. - The return on equity (ROE) for 2024 was 8.82%, an increase of 0.91 percentage points from the previous year [1]. Wealth Management - The company reported net income from brokerage business of 6.183 billion yuan, an increase of 11.79%, and a significant rise in the number of wealth management clients to 627,500, a 16.66% increase [2]. - The company ranked fourth in the industry for non-monetary market funds and equity funds, with managed assets of 95.9 billion yuan and 69.9 billion yuan respectively [2]. Investment Banking - The investment banking segment saw a net income of 856 million yuan, a decrease of 34.25%, with equity underwriting down by 54.84% [3]. - Bond underwriting performed well, with a total scale of 4,265.24 billion yuan, up by 30.91%, and asset-backed securities underwriting increased by 57.84% [3]. Asset Management - The asset management business generated a net income of 717 million yuan, with total assets under management at 267.392 billion yuan, down by 9.31% [4]. Self-Operated Business - The self-operated business reported a revenue of 9.527 billion yuan, an increase of 41.56%, with a focus on bond investments [8].

Core Viewpoint - The report highlights that China Merchants Securities has shown strong performance in proprietary trading and wealth management, supporting overall earnings growth, and maintains a "hold" rating for the stock [1][8]. Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%), with a basic earnings per share of 1.13 yuan (+20.21%) [2]. Wealth Management Progress - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and securities trading income of 6.779 billion yuan (+18.29%). The wealth management client base reached 627,500 (+16.66%), with high-net-worth clients totaling 34,700 (+9.46%) [3]. Investment Banking Performance - Investment banking revenue decreased to 856 million yuan (-34.25%), with equity underwriting down to 9.126 billion yuan (-54.84%). However, bond underwriting showed strong growth, reaching 426.524 billion yuan (+30.91%) [4]. Asset Management Trends - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale slightly declined to 267.392 billion yuan (-9.31%) [5]. Credit Business Overview - The credit business revenue fell to 1.134 billion yuan (-21.90%), with a financing balance of 90.879 billion yuan (+9.81%) [6]. Proprietary Trading and Derivatives - Proprietary trading income surged to 9.527 billion yuan (+41.56%), with financial assets totaling 378.822 billion yuan (+1.13%). The company leads in the number of derivatives market-making qualifications [7]. Future Outlook - The company is expected to enhance overall performance as wealth management transformation deepens, with projected earnings per share of 1.32 yuan, 1.36 yuan, and 1.45 yuan for 2025-2027 [8].

Core Viewpoint - The report from China Merchants Securities indicates that the central bank's net injection of 500 billion yuan in Medium-term Lending Facility (MLF) reflects a signal to replenish mid-term liquidity for banks, suggesting a continued need for accommodative monetary policy to stabilize the economy [1] Group 1 - The central bank's net injection of 500 billion yuan in MLF is aimed at supplementing mid-term liquidity for banks [1] - The current lending scale of banks in the interbank market remains below the levels seen in the second half of last year, indicating a need for additional mid-term funding [1] - Given the increasing uncertainty in the external environment, it is essential for the central bank to maintain a moderately accommodative monetary policy [1] Group 2 - There is a possibility of further reserve requirement ratio (RRR) cuts by the central bank to provide long-term funding for banks [1] - The expectation is that the environment of moderately accommodative liquidity will continue [1]

Financial Performance - The company achieved an operating revenue of RMB 20.891 billion and a net profit attributable to shareholders of RMB 10.386 billion, marking a significant growth in performance[12]. - The company achieved revenue and profit growth, with net profit surpassing 10 billion yuan, marking the best performance in nearly three years[22]. - The annual profit attributable to shareholders for 2024 was RMB 10,385.87 million, an increase of 18.51% from RMB 8,763.96 million in 2023[82]. - The pre-tax profit for the year was RMB 11.219 billion, reflecting a growth of 20.70% compared to the previous year[165]. - The total revenue for 2024 reached RMB 30,622.28 million, representing a year-on-year increase of 2.00% compared to RMB 30,020.44 million in 2023[82]. - The basic earnings per share for 2024 was RMB 1.13, reflecting a growth of 20.21% compared to RMB 0.94 in 2023[84]. - The weighted average return on equity (ROE) for 2024 was 8.82%, an increase of 0.91 percentage points from 7.91% in 2023[84]. - The net cash generated from operating activities was RMB 22.261 billion, up 41.17% from the previous year[165]. - The company reported a decrease in total expenses to RMB 20.886 billion, down 6.17% year-on-year[165]. Strategic Initiatives - The company aims to enhance its strategic focus on "digital intelligence, green technology, and life sciences" as part of its new five-year strategy[14]. - The company successfully implemented its new five-year strategic plan, aiming to become a leading investment bank in China[23]. - The company has established a clear vision to become a leading investment bank in China, aligning its mission with national technological self-reliance[14]. - The company is focused on enhancing its wealth management transformation, emphasizing product capability and asset allocation to improve client service quality[112]. - The company launched the "Partner+" overseas fund administrative outsourcing service brand, accelerating its internationalization efforts[110]. Business Expansion and Qualifications - The company is focused on international business expansion and aims to deepen its transformation and innovation efforts[17]. - The company has obtained new business qualifications, including participation in carbon emission trading and swap convenience business, expected to be operational by December 2024 and October 2024 respectively[43]. - The company has expanded its business qualifications to include various derivatives and futures trading, enhancing its market capabilities[45]. - The company has a strong presence in the market with qualifications from multiple exchanges, including the Zhengzhou Commodity Exchange and Dalian Commodity Exchange, enhancing its trading capabilities[55]. - The company has been actively expanding its qualifications, with recent additions including options settlement qualifications from China Securities Depository and Clearing Corporation in October 2023[53]. Risk Management and Compliance - The company emphasizes risk management and compliance as it navigates external uncertainties and domestic demand challenges[17]. - No new default losses were reported throughout the year, indicating strong asset quality and effective risk management[25]. - The company established a comprehensive and effective credit risk management system, with no negative credit events occurring during the reporting period[146]. Market Position and Performance - The company ranks among the top five in the industry for key wealth management indicators, demonstrating strong performance in this sector[12]. - Key indicators such as net income from financial agency business and scale of non-monetary funds maintained a top five ranking in the industry[22]. - The company was recognized as a "benchmark" enterprise in the 2023 annual assessment by the State-owned Assets Supervision and Administration Commission[23]. - The company has maintained a leading net profit margin and business management expense ratio among comprehensive securities firms[12]. - The company’s investment banking business saw improvements in key metrics such as stock and bond underwriting amounts[22]. Customer and Asset Management - The company achieved a total income from wealth management and institutional business of RMB 16,349.00 million, accounting for 53.39% of total operating income[98]. - The company’s wealth management customer count reached 627,500, with entrusted assets amounting to RMB 1.56 trillion, reflecting a year-on-year growth of 13.88%[102]. - The total scale of the company's custody outsourcing products reached RMB 3.46 trillion, with a market share of 21.72% in private fund custody products, maintaining the industry’s top position for eleven consecutive years[110]. - The company’s asset management scale for non-monetary market funds reached RMB 959 billion, ranking 4th in the securities industry[101]. Financial Health and Assets - The net capital increased to RMB 87,411,626,102.24, representing a growth of 10.4% compared to the previous year's RMB 79,370,429,988.47[42]. - The total assets at the end of 2024 amounted to RMB 721,160.33 million, a 3.64% increase from RMB 695,852.99 million at the end of 2023[82]. - The company's total liabilities amounted to RMB 590.91 billion, an increase of RMB 17.09 billion or 2.98% compared to the end of 2023[192]. - The equity attributable to shareholders reached RMB 130.18 billion at the end of 2024, reflecting an increase of RMB 8.22 billion or 6.74% from the previous year[195]. Operational Efficiency - The company has a comprehensive organizational structure including various committees and subsidiaries to support its operations and strategic development[72]. - The company has expanded its operations with 265 securities business branches across various regions[73]. - The company employs KPMG Huazhen LLP as its domestic accounting firm, ensuring compliance and accuracy in financial reporting[80]. - The company has a robust legal advisory framework in place, with King & Wood Mallesons serving as its overseas legal advisor[80].

6099 羅立女士 劉振華先生 劉輝女士 李德林先生 李曉霏先生 黃堅先生 張銘文先生 丁璐莎女士 獨立非執行董事 葉熒志先生 張瑞君女士 陳欣女士 曹嘯先生 豐金華先生 董事名單與其角色和職能 - 1 - 招商證券股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 附註： 執行董事 C： 相關委員會之主席 霍達先生 （董事長） 吳宗敏先生 （總裁） 非執行董事 - 2 - 本公司董事會下設五個委員會。下表載列各委員會成員的資料： 委員會 董事 戰略與可持續 發展委員會 風險管理 委員會 審計委員會 薪酬與考核 委員會 提名委員會 霍達先生 C M 吳宗敏先生 M M 羅立女士 M M 劉振華先生 M 劉輝女士 M C M 李德林先生 M 李曉霏先生 M M 黃堅先生 M 張銘文先生 M M 丁璐莎女士 M M 葉熒志先生 M C 張瑞君女士 C M 陳欣女士 M M C 曹嘯先生 M M 豐金華先生 M M M： 相關委員會之成員 中國，深圳 2025年4月21日 ...

招商证券股份有限公司 关于招商证券国际有限公司及其 下属全资子公司2025年度担保授权的公告 证券代码：600999 证券简称： 招商证券 编号：2025－020 一、担保情况概述 1.同意招证国际及其下属全资子公司之间为取得融资或进行交易等主体提 供担保，包括融资类担保（包括但不限于银行借款、银团贷款、发行债券或票 据等）、交易类担保(包括但不限于国际衍生品框架协议(ISDA)、主结算协议 (Master Clearing Agreement) 、 债 券 市 场 协 会 (The Bond Market Association；TBMA)/国际证券市场协会(International Security Management Association；ISMA)全球回购协议(Global Master Repurchase Agreement; GMRA) 、 主 券 商 服 务 协 议 、 全 球 有 价 证 券 借 贷 主 协 议 (Global Master Securities Lending Agreement；GMSLA)、大宗商品交易等)以及其他担保（包 括但不限于租赁担保等）。 （一）担保基本 ...

证券代码：600999 证券简称： 招商证券 编号： 2025－019 招商证券股份有限公司 第八届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第十七次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。会议于 2025 年 4 月 18 日以通讯表决方 式召开。 应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、 董事会会议审议情况 （一）关于补选公司第八届董事会专门委员会委员的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 （二）关于招商证券国际有限公司及其下属全资子公司 2025 年度担保授权 方案的议案 同意招商证券国际有限公司及其下属全资子公司 2025 年度担保授权方案。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 1 本议案尚需提交公司股东大会审议。 具 ...

证券代码：600999 证券简称： 招商证券 编号：2025－018 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规、上述批复文件的要求及公司股东大会的授权，办 理本次永续次级公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 招商证券股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，招商证券股份有限公司（以下简称公司）收到中国证券监督管理委员 会《关于同意招商证券股份有限公司向专业投资者公开发行永续次级公司债券注 册的批复》（证监许可〔2025〕529 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 60 亿元永续次级公司 债券的注册申请。 二、本次发行永续次级公司债券应严格按照报送上海证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 招商证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获得中国证券 ...