晨星（中国）2025年度投资峰会最新议程及嘉宾阵容出炉！ 此次峰会将于5月22日在上海浦东香格里拉酒店举办， 报名截止日期为2025年5月20日。 欢迎扫描 下方二维码或点击文末"阅读原文"进行报名注册。 晨星投资峰会（Morningstar Investment Conference，MIC）是晨星的标志性盛会，拥有超过37年 的历史，足迹遍布中国、美国、澳大利亚、荷兰、印度、南非等国家，持续赋能全球数万名投资 者，实现财富保值与增值。 今年，晨星（中国）投资峰会即将落地上海，立足全球视角，结合海内外实践经验，与行业领袖共 探本土财富管理行业发展之道！ 峰会由晨星中国主办，广州投资顾问学院、嘉信理财、易方达基金、鹏华基金、基煜基金、盈米基 金、广州投资顾问产业链投资有限公司提供赞助支持。 晨星（中国） 2025 年度投资峰会最新议程如下： 主办方 赞助支持 charles SCHWAB 品信理 H M >RNINGSTAR 四) 广州投资顾问学院 缓易方达 投资顾问 了基熔基金 图米基金 《彩 鹏华基金 x 广州投顾产业链接资有限公司 3 2025年5月22日(星期四) Ω 上海浦东香格里拉酒店(上海浦东新 ...

Revenue Growth - Consolidated revenue for Q1 2025 increased by 7.2% to $581.9 million compared to $542.8 million in Q1 2024[110] - License-based revenue grew by 4.4%, or 6.2% on an organic basis, primarily driven by strong demand for PitchBook and Morningstar Direct Platform products[117] - Asset-based revenue increased by 11.3%, or 14.5% on an organic basis, mainly due to growth in Morningstar Retirement, Morningstar Wealth, and Morningstar Indexes[118] - Transaction-based revenue rose by 19.2%, or 21.4% on an organic basis, primarily driven by Morningstar Credit revenue[118] - Organic revenue increased by 9.1% in Q1 2025, with PitchBook, Morningstar Credit, and Morningstar Direct Platform being the largest contributors[119] - International revenue accounted for 27% of consolidated revenue in Q1 2025, with a 3.6% increase driven by strong demand for Morningstar Credit, PitchBook, and Morningstar Wealth products[122] - PitchBook total revenue increased by 10.9% to $163.7 million, with adjusted operating income rising by 30.8% to $52.3 million[142][145] - Morningstar Credit revenue grew by 21.1% to $73.0 million, with adjusted operating income increasing by 74.0% to $21.4 million[146][147] - Morningstar Wealth revenue increased by 3.9% to $61.3 million, with an adjusted operating loss of $0.8 million, improving from a loss of $5.6 million in the previous year[148] - Morningstar Retirement total revenue rose by 15.8% to $32.9 million for the three months ended March 31, 2025, with AUMA increasing by 17.7% to $277.6 billion[151] - Morningstar Indexes revenue increased by 15.0% to $3.0 million, with organic revenue growth of 15.7% due to higher investable product and licensed data revenue[156] Operating Performance - Operating income for Q1 2025 was $114.1 million, reflecting a 23.2% increase from $92.6 million in Q1 2024[110] - Operating margin improved to 19.6%, up 2.5 percentage points from 17.1% in the same period last year[110] - Adjusted operating income for Q1 2025 was $135.4 million, a 22.2% increase from $110.8 million in 2024, with an adjusted operating margin of 23.3%[131][133] - Total operating expenses were $467.8 million, representing 80.4% of consolidated revenue, a decrease of 2.5 percentage points from the prior year[123][130] Cash Flow and Investments - Cash provided by operating activities decreased by 2.8% to $91.0 million compared to $93.6 million in Q1 2024[110] - Free cash flow for Q1 2025 was $58.8 million, a slight decrease of 1.2% from $59.5 million in Q1 2024[110] - Cash used for investing activities increased significantly by 164.8% to $70.7 million from $26.7 million in Q1 2024[110] - Capital expenditures slightly decreased by 5.6% to $32.2 million from $34.1 million in the previous year[177] - As of March 31, 2025, Morningstar had cash, cash equivalents, and investments totaling $559.2 million, an increase of $8.2 million from December 31, 2024[162] Shareholder Returns - The company repurchased 368,199 shares for $109.6 million during the three months ended March 31, 2025, leaving $377.4 million available for future repurchases under the Share Repurchase Program[174] - The company paid $19.5 million in dividends during the three months ended March 31, 2025, with a quarterly dividend of $0.455 per share approved for April 30, 2025[172] Tax and Currency Exposure - Morningstar's effective tax rate increased to 25.9% for the first quarter of 2025, up from 24.9% in the prior year[161] - Foreign currency exposure for revenue includes 2.5% from Australian Dollar and 7.5% from British Pound for Q1 2025[181] - Estimated effect of a 10% adverse currency fluctuation on revenue includes a potential loss of $1.5 million from Australian Dollar and $4.5 million from British Pound[181] - Estimated effect of a 10% adverse currency fluctuation on equity includes a potential loss of $3.3 million from Australian Dollar and $23.0 million from British Pound[181] Other Financial Metrics - Cost of revenue increased by $13.3 million, primarily due to higher compensation expenses related to severance costs and increased salaries[125] - Sales and marketing expenses rose by $8.0 million, with compensation expenses increasing by $3.9 million, largely due to higher sales commissions[126] - The decline in cash flow was primarily driven by higher bonus payments in 2025 related to 2024 performance[177] - A 100 basis-point change in interest rates is estimated to have a $4.6 million impact on interest expense based on the outstanding principal balance[180]

Revenue Growth - Reported revenue increased 7.2% to $581.9 million, with organic revenue growth of 9.1% compared to the prior-year period[3] - Morningstar Credit revenue grew 21.1% to $73.0 million, with organic revenue growth of 23.2%[14] - PitchBook revenue increased 10.9% to $163.7 million, with a 13.6% growth in licensed users[12] - Morningstar Retirement revenue increased 15.8% to $32.9 million, with AUMA rising 17.7% to $277.6 billion[19] - Morningstar Direct Platform revenue grew by 1.3% to $199.2 million[40] - Consolidated revenue for Q1 2025 was $581.9 million, a 7.2% increase from $542.8 million in Q1 2024[48] - Organic revenue grew by 9.1% to $582.5 million in Q1 2025, compared to $534.1 million in Q1 2024[48] Income and Profitability - Operating income rose 23.2% to $114.1 million, while adjusted operating income increased 22.2% to $135.4 million[6] - Diluted net income per share increased 22.1% to $1.82, and adjusted diluted net income per share rose 28.9% to $2.23[7] - Operating margin for Morningstar Credit increased 8.9 percentage points to 29.3%[15] - Operating income increased by 23.2% to $114.1 million, with an operating margin of 19.6%, up from 17.1%[35] - Consolidated net income rose to $78.5 million, a 22.3% increase compared to $64.2 million in the same period last year[35] - Adjusted operating income for total reportable segments was $135.4 million, a 22.2% increase from $110.8 million in Q1 2024[40] - Adjusted diluted net income per share increased by 28.9% to $2.23 in Q1 2025, compared to $1.73 in Q1 2024[50] Assets Under Management (AUMA) - Morningstar Wealth reported assets under management and advisement (AUMA) increased 10.8% to $63.8 billion[17] - Total AUMA (Assets Under Management) increased to $339.8 billion in Q1 2025, up 17.3% from $289.7 billion in Q1 2024[42] - Morningstar Retirement total AUMA reached $277.6 billion, a 17.7% increase from $235.9 billion in the previous year[42] - Asset value linked to Morningstar Indexes grew to $208.7 billion, up 9.7% from $190.2 billion in Q1 2024[42] - Morningstar Model Portfolios AUMA increased by 9.6% to $44.5 billion in Q1 2025, compared to $40.6 billion in Q1 2024[42] - Institutional Asset Management AUMA decreased by 5.5% to $6.9 billion in Q1 2025, down from $7.3 billion in Q1 2024[42] Cash Flow and Share Repurchase - Cash provided by operating activities decreased 2.8% to $91.0 million, while free cash flow decreased 1.2% to $58.8 million[25] - The company repurchased $109.6 million of its shares during the quarter[26] - The company repurchased $109.6 million in common shares during the quarter[38] - Free cash flow for Q1 2025 was $58.8 million, slightly down 1.2% from $59.5 million in Q1 2024[50] Balance Sheet - Total current assets decreased slightly to $1,012.3 million from $1,014.1 million as of December 31, 2024[37] - Total liabilities increased to $1,977.1 million from $1,930.3 million, with long-term debt rising to $803.7 million[37] - Cash and cash equivalents at the end of the period were $511.5 million, up from $502.7 million at the beginning of the period[38]

First-Quarter 2025 Supplemental Presentation April 30, 2025 This presentation contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estima ...

晨星投资峰会（Morningstar Investment Conference，MIC）拥有超过37年的历史，是晨星享誉全 球的年度投资盛宴，足迹遍布中国、美国、澳大利亚、荷兰、印度、南非等国家，持续赋能全球数 万名投资者，实现财富保值与增值。 晨星（中国）2025年度投资峰会由晨星中国主办，广州投资顾问学院、嘉信理财、易方达基金、鹏 华基金、基煜基金、盈米基金、广州投资顾问产业链投资有限公司提供赞助支持。 此次峰会将于5月22日在上海浦东香格里拉酒店举办，围绕"智汇全球・共见未来——探索买方投顾 新生态"，设置7场圆桌对话，5大主旨演讲，深度聚焦买方投顾生态重构、AI赋能资产管理体系等 前沿议题，汇聚海内外顶尖的行业领袖和专家学者，共探本土公募基金与财富管理市场的未来新路 径！ 欢迎 扫描下方二维码 或 点击文末阅读原文 进行报名注册！ 晨星（中国） 2025 年度投资峰会最新峰会议程： | 09:00-09:10 · 开场致辞 | | | --- | --- | | . 09:10-09:40 | 主旨演讲 | | | 公募基金和财富管理的大趋势(拟) | | 09:40-10:10 . | 主旨演讲 ...

拥 有 逾 37 年 历 史 、 足 迹 遍 布 全 球 12 个 国 家 的 晨 星 年 度 投 资 峰 会 （ Morningstar Investment Conference, 简称MIC）今年再度启航！ 2025年，晨星（中国）年度投资峰会将在上海举办，峰会以 " 智汇全球・共见未来——探索买方 投顾新生态 "为主题，结合海内外实践经验探索本土化实操路径， 提升财富管理成效，赋能中国 投资者。 当前， 中国资产管理与财富管理行业正经历深刻变革 ：监管推动"降费让利"与"买方投顾转 型"双轨并行，行业加速从销售导向转向客户利益导向；ETF规模激增与AI技术迭代，重构投资组 合管理与服务模式；市场波动与财富增长双重驱动下，投资者需求向全生命周期服务跃升……如 何借力国际经验，打造中国特色买方投顾生态？ 3 ETF热潮背后的资产配置逻辑有何演变？ 4 人工智能如何重塑投顾服务全链条...... 峰会将于2025年5月22日在上海浦东香格里拉酒店举行。欢迎 扫描下方二维码 ，或 点击文末"阅读原 文" 报名参会！ 峰会线下参会报名截止时间为 2025年5月20日24:00 。 我们将以邮件/手机短信等形式， ...

居民财富管理需求加速升级，买方投顾模式已是行业转型的核心。然而，公募基金产品不断涌现，投资 者投资平台分散化，全市场持仓信息难以统一... 理财师如何从海量数据中提炼客户真实需求，并为投资者高效提供科学的资产配置方案？ 晨星基金E账户诊断服务 通过与基金E账户的深度对接，实现账户便捷同步、实时净值更新、全面持仓 诊断的功能升级，助力理财师一站式洞察投资者的基金资产分布，并用标准化工具为投资者提供更精 准、个性化的资产配置建议。 分享要点 本次晨星线上分享会上，晨星产品经理苏圳鹏将分享从账户诊断到资产配置的全流程实操，直击业务刚 需。 1 借助基金E账户，洞察客户全面真实持仓 分享嘉宾 参会方式 主讲人：苏圳鹏 晨星中国产品经理 2 如何将E账户诊断结果应用于配置建议 3 结合客户风险偏好，实现个性化资产配置 时间： 2025年4月24日（星期四）15:30-17:30 分享形式： 腾讯会议 报名方式： 扫描 下方 二维码 或点击文末 阅读原文 进行报名！ * 报名截止日期为 2025 年 4 月 24 日中午 12:00 ，审核通过后我们将以邮件形式为您发送报名成功提醒和参会信息。 如有更多疑问或需求，欢迎邮 ...

2025年5月22日 2 20 02 25 5年年 ，， 晨星（中国）投资峰会 即即将将重重磅磅登登陆陆上上海海！！ ○峰会亮点抢先看 ○ 首度落地魔都， 峰会将聚焦买方投顾新生态， 汇聚海内外顶尖行业领袖与专家学者， 分 享全球视角下的前沿洞察， 共探本土公募基金 与财富管理市场的 未来新路径! 时代变局中的财富管理升级 全球资本市场震荡不止， 然而挑战与机遇并存， 资本联动深度重构， 区域市场此消彼长。 中国金融改革持续深化， 公募基金资产规模突破30万亿元， 财富管理市场加速扩容， 产品 中国·上海 浦东香格里拉酒店 About MIC 晨星投资峰会(MIC, Morningstar Investment Conference) 拥有逾37年历史， 是一场享誉全球的投资盛会。 足迹遍布中国、美国、澳大利亚、 荷兰、印度、南非等国家， 持续赋能全球数万名投资者， 实现财富保值与增值。 探寻财富管理新航道？ 服务创新层出不穷...... 在买方投顾发展的关键时点， 如何以投资者体验为先， 晨星（中国）2025年度投资峰会， 构建全球智汇平台， 邀您一同寻找答案！ 顶级嘉宾阵容，共话行业热议 全球顶尖金融机构 ...

居民财富管理需求加速升级，买方投顾模式已是行业转型的核心。然而，公募基金产品不断涌现，投资 者投资平台分散化，全市场持仓信息难以统一... 主讲人：苏圳鹏 晨星中国产品经理 2 如何将E账户诊断结果应用于配置建议 3 结合客户风险偏好，实现个性化资产配置 时间： 2025年4月24日（星期四）15:30-17:30 分享形式： 腾讯会议 理财师如何从海量数据中提炼客户真实需求，并为投资者高效提供科学的资产配置方案？ 晨星基金E账户诊断服务 通过与基金E账户的深度对接，实现账户便捷同步、实时净值更新、全面持仓 诊断的功能升级，助力理财师一站式洞察投资者的基金资产分布，并用标准化工具为投资者提供更精 准、个性化的资产配置建议。 分享要点 本次晨星线上分享会上，晨星产品经理苏圳鹏将分享从账户诊断到资产配置的全流程实操，直击业务刚 需。 1 借助基金E账户，洞察客户全面真实持仓 分享嘉宾 参会方式 报名方式： 扫描 下方 二维码 或点击文末 阅读原文 进行报名！ * 报名截止日期为 2025 年 4 月 24 日中午 12:00 ，审核通过后我们将以邮件形式为您发送报名成功提醒和参会信息。 如有更多疑问或需求，欢迎邮 ...

不少关注基金投资的朋友，都是"晨星网"多年的深度用户。 可视化的 基金经理管理时间线 助你直观掌握基金经理的管理历程及变动情况。点击基金经理 姓名，还能深入挖掘更多维度信息，全面了解基金经理。 用更直观多维的数据，深入评估基金全貌 ！ ►► 全新设计，便捷导航 在新版晨星网上搜索你关注的某只基金，你将解锁焕然一新的基金详情页，高效获取更加丰富 直观的多维基金数据。 新页面采用Morningstar全球统一设计风格，简约专业，重塑用户体验。新增的 选项卡索引 ， 帮助你快速定位基金信息，让繁琐查找成为过去式。 成立20多年来，晨星网依托晨星全球基金数据库，凭借独创的 "投资风格箱"、"星级评价"等 特色分析指标，持续为投资者们提供专业深度的基金投资工具和研究洞察分享。 在推出 晨星基金小程序 的同时，我们也在对网页版晨星工具进行更新，希望你无论习惯手机 端的便捷操作，还是倾向于用电脑进行深度分析，都能获得更流畅的基金投资体验。 一起聊聊晨星网近期都做了哪些升级，以后还会有哪些变化吧！ 01 基金单页全新升级！ * 仅供展示，不构成投资建议 ►► 丰富数据呈现，深度洞察基金 历史业绩深度剖析 新版基金单页拓展了时 ...