Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue surged by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by increased market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a significant drop in equity underwriting [7] - Asset management revenue increased by 42.9% year-on-year, indicating strong growth in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report forecasts net profits for 2025-2027 to be 12.3 billion, 13.1 billion, and 14.0 billion yuan respectively, with year-on-year growth rates of 18%, 7%, and 7% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 19.82 billion, 20.89 billion, 23.38 billion, 24.51 billion, and 25.77 billion yuan respectively, with corresponding year-on-year growth rates of 3.13%, 5.40%, 11.92%, 4.82%, and 5.15% [1] - The projected diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 0.94, 1.13, 1.41, 1.50, and 1.61 yuan per share [1] - The P/E ratios for the same years are projected to be 19.33, 16.08, 12.88, 12.08, and 11.30 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue significantly increased by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by a rise in market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a 57.5% decrease in equity underwriting scale [7] - Asset management revenue rose by 42.9% year-on-year, indicating a strong performance in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report maintains previous profit forecasts, expecting net profits of 12.3 billion, 13.1 billion, and 14.0 billion yuan for 2025-2027, representing year-on-year growth of 18%, 7%, and 7% respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 19.82 billion yuan, with a year-on-year growth of 3.13% [1] - Net profit attributable to shareholders for 2023 is expected to be 8.76 billion yuan, reflecting an 8.57% year-on-year increase [1] - The latest diluted EPS is projected at 0.94 yuan for 2023, with a P/E ratio of 19.33 [1] Business Segments - Brokerage business revenue is projected to reach 6.18 billion yuan in 2024, increasing to 7.23 billion yuan in 2025 [17] - Investment banking revenue is expected to be 0.86 billion yuan in 2024, slightly decreasing in subsequent years [17] - Asset management revenue is forecasted to grow from 0.72 billion yuan in 2024 to 0.78 billion yuan in 2025 [17] Market Position - The company holds a market share of 5.2% in margin financing, with a total margin balance of 100.1 billion yuan, reflecting a 24% increase since the beginning of the year [7] - The company ranks 8th in the industry for equity underwriting and 13th for bond underwriting, indicating a competitive position despite recent declines [7]

Group 1 - The core point of the article is that Shenzhen Hongye Jiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as the exclusive sponsor [1] Group 2 - The company is involved in the geotechnical technology sector, indicating a focus on engineering and construction-related services [1] - The listing application suggests the company's intention to raise capital for expansion or development purposes [1] - The involvement of a reputable sponsor like China Merchants Securities International may enhance investor confidence in the listing process [1]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 4,712,949,021.97, representing a year-on-year increase of 9.64% compared to RMB 4,298,673,959.40 in the same period last year[11] - Net profit attributable to shareholders for Q1 2025 was RMB 2,307,627,966.26, up 6.97% from RMB 2,157,223,258.83 in the previous year[11] - The company reported a basic earnings per share of RMB 0.25, an increase of 8.70% from RMB 0.23 in the same period last year[11] - The company’s total profit for Q1 2025 was approximately ¥2.49 billion, up from ¥2.27 billion in Q1 2024, reflecting a growth of 9.83%[32] - Net profit for Q1 2025 was RMB 3.24 billion, up 65.3% compared to RMB 1.96 billion in Q1 2024[45] Cash Flow - The net cash flow from operating activities showed a significant decline, amounting to -RMB 37,212,165,996.06, compared to a positive RMB 6,641,509,004.58 in the same period last year, reflecting a decrease of 660.30%[11] - The company reported a net cash outflow from operating activities of approximately ¥37.21 billion in Q1 2025, contrasting with a net inflow of ¥6.64 billion in Q1 2024[35] - The company reported a net decrease of $4.99 billion in cash flow from operating activities, primarily due to increased cash outflows[47] Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 661,287,758,451.72, down 8.30% from RMB 721,160,331,448.06 at the end of the previous year[13] - The total liabilities as of March 31, 2025, are RMB 529,631,899,413.42, down from RMB 590,908,098,061.63 at the end of 2024[29] - Total assets as of March 31, 2025, were RMB 597.38 billion, down from RMB 620.68 billion as of December 31, 2024, a decrease of 3.7%[39] - Total liabilities decreased to RMB 478.14 billion as of March 31, 2025, from RMB 503.80 billion as of December 31, 2024, a reduction of 5.1%[41] Equity and Shareholder Information - The total equity attributable to shareholders as of March 31, 2025, is RMB 131,581,235,192.42, an increase from RMB 130,178,629,442.55[29] - The total number of common shareholders at the end of the reporting period is 149,272[20] - The top 10 shareholders hold a total of 4,000,000,000 shares, representing 46.06% of the total shares[21] Income Sources - The net interest income increased by 75.02% to RMB 208,329,260.97 from RMB 119,032,816.75 in the previous year[19] - The net income from commission and fees rose by 47.66% to RMB 2,518,327,920.74, compared to RMB 1,705,519,588.28 in the same period last year[19] - Investment income surged to RMB 3,310,215,440.67, a significant increase of 1,465.07% from a loss of RMB 242,494,161.71 in the previous year[19] - Interest income decreased to RMB 1.99 billion in Q1 2025 from RMB 2.20 billion in Q1 2024, a decline of 9.8%[44] - The company reported a significant investment income of RMB 3.02 billion in Q1 2025, recovering from a loss of RMB 0.93 billion in Q1 2024[44] Other Comprehensive Income - The company experienced a significant decline in other comprehensive income, reporting a net loss of approximately ¥905.02 million in Q1 2025 compared to a gain of ¥184.19 million in Q1 2024[33] - Other comprehensive income for Q1 2025 showed a net loss of RMB 0.88 billion, compared to a gain of RMB 0.18 billion in Q1 2024[45] Cash and Cash Equivalents - Cash and cash equivalents decreased to RMB 111,243,148,969.80 from RMB 144,322,269,698.32[27] - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥134.11 billion, compared to ¥115.74 billion at the end of Q1 2024[36] - The company’s cash and cash equivalents increased to RMB 82.51 billion as of March 31, 2025, compared to RMB 79.51 billion at the end of Q1 2024, an increase of 3.8%[39] Risk Management - The risk coverage ratio improved to 254.70% from 239.03% at the end of the previous year, indicating enhanced risk management[15]

证券代码：600999 证券简称： 招商证券 编号： 2025－021 招商证券股份有限公司 第八届董事会第十八次会议决议公告 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）第八届董事会第十八次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。会议于 2025 年 4 月 28 日以现场结合通 讯方式召开。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 具体内容详见与本公告同日披露的《招商证券股份有限公司 2025 年第一季 度报告》。 （二）关于公司 2024 年度"提质增效重回报"行动方案评估报告的议案 1 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 12 人）。公司部分监事和高级管理人员列 席了会议。 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 ...

招商证券股份有限公司 2024 年度"提质增效重回报"行动方案评估报告 为深入贯彻落实党的二十大、二十届三中全会和中央经济工作会 议、中央金融工作会议精神，落实国务院《关于进一步提高上市公司 质量的意见》，响应上海证券交易所《关于开展沪市公司"提质增效 重回报"专项行动的倡议》，进一步推动招商证券股份有限公司（以 下简称公司）高质量发展和投资价值提升，维护全体股东合法权益， 招商证券于 2024 年 8 月 20 日发布了 2024 年度"提质增效重回报" 行动方案。公司根据行动方案积极开展相关工作，现将实施进展及评 估情况报告如下： 一、聚焦做强主业，质量效益持续提升 2024 年是招商证券新五年战略开局之年，公司积极应对市场波 动、监管新规实施、行业竞争加剧等严峻考验，保持战略定力，增强 策略活力，全力以赴拓收入控成本、抓转型推变革、调结构防风险， 业绩稳中有进，改革深入推进，新五年战略开局良好。2024 年，公 司实现营业收入 208.91 亿元，同比增长 5.40%，归属于母公司股东 的净利润 103.86 亿元，同比增长 18.51%，再次突破百亿大关； ROE8.82%，同比增加 0.91 个百分 ...

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].