| 晨星全球2024年财报总览 / | | | | | | | --- | --- | --- | --- | --- | --- | | 2024年，晨星公司（纳斯达克股票代码：MORN）全年营收达 | 23亿美元 | ，较上年增长 | 11.6% | ，各业务板块协同发力下， | 晨星2024 | | 4.848亿美元 年盈利能力显著增强，合并营业利润达 ，同比大幅增长 | | 110.2% 。 | | | | | 2024年，面对复杂的市场环境，晨星凭借多元化的业务布局和专业的服务能力实现稳健增长，为全球投资者和股东创造价值，递交了 | | | | | | | 一份优异的年度答卷。 | | | | | | | 面对全球资本市场和财富管理行业变局， 晨星又有哪些新的洞见和观察？未来，晨星将在哪些方向进行战略布局，为投资者持续创造 | | | | | | | 价值？ | | | | | | | 01 | | | | | | | 财务表现：营利双增，三大板块表现亮眼 | | | | | | 2024年，三大业务板块表现亮眼： · 晨星信用业务是2024年营收增长的主要驱动力 在美联储三次降息的推动下，各地区债 ...

NEW YORK, March 28, 2025 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect", “our”, or “we”) today announced that Morningstar DBRS ("DBRS") has reaffirmed Prospect’s investment grade issuer and long term senior debt credit ratings at BBB(low), and assigned a revised trend of Stable. "We are very pleased that Morningstar DBRS, which has rated Prospect for many years, has reaffirmed our investment grade credit ratings," said Grier Eliasek, President and Chief Operating Officer at Pros ...

01 晨星基金E账户诊断： 然而，如何从"查持仓"进阶到"管资产"？如何将碎片化数据转化为账户视角的资产诊断？ 新 的服务痛点也随之而生。 "基金E账户"上线运行一周年之际， 晨星重磅推出"基金E账户"的账户诊断功能，直击账户分 析痛点，打破信息壁垒，实现个人基金资产的全面汇总与智能诊断一键双享。 对于很多基金投资者而言，在查询个人持仓时，可能都有过类似的困扰：开户太多记不住，分 散查询又太繁琐。 2024年4月，中国结算的"基金E账户"App正式推出后，投资者终于能一键查询个人的全市场公 募基金持仓。 从"碎片化查询"到"全资产透视" 从账户视角进行诊断，不仅能够对现有资产进行全面分析，还能提供更深入的投资洞察。 对投资者而言， 它不仅可一站式查看个人在各平台购买的基金资产分布，还能帮助投 资者复盘投资行为，了解个人资产配置。 对理财师而言， 通过晨星与基金E账户的对接，可在账户分析中融入晨星的专业工具， 针对账户的各类问题，为投资者提供个性化解决方案。 如果把账户诊断比作个人体检，未结合基金E账户的账户诊断就如同体检时只做了常规项目， 只能对部分基金资产进行诊断，无法对个人全面的健康情况作出评估。 晨星通 ...

近期，晨星关注到网址为 https://5092snt.taespcable.com/3vcsvbgdsb7q5b3 的网站内嵌诱 导用户下载某应用程序的二维码，并公然声称与晨星存在合作关系。对此，晨星严正声明： 经 核实确认，该网站及其所推广的应用程序与晨星及其所有分支机构均无任何形式的关联关系。 晨星已 向该网站的托管服务提供商及域名注册机构发送正式法律通知，明确指出该网站与晨星 公司 不存在任何形式的合作关系，其行为存在误导用户的嫌疑，并严重侵犯了晨星的知识产 权，特别是晨星对其注册商标的使用权。 我司将敦促相关责任方迅速采取行动，该非法网站将很快被关闭。同时，我们也在此郑重提醒 广大用户保持警惕，切勿轻信此类误导信息，以免上当受骗。 衷心感谢广大用户一直以来对晨星的信任与支持！ 特此声明！ 晨星资讯（深圳）有限公司 Morningstar, Inc.是全球目前最主要的投资研究机构之一，业务遍及北美、欧洲、澳洲及亚洲，为个人投资者、投资顾问、 基金管理公司、退休计划发起机构及私募领域的机构投资者等专业人士提供财经资讯、基金、股票的分析及评级，并致力 于发展具实用性、操作简易及功能显著的分析应用软件工具及 ...

Group 1 - The article discusses the growing investor interest in AI-themed funds, highlighting that many funds include "AI" in their names but may not have substantial AI-related holdings [1] - Financial Serenity is a financial analysis column focused on the asset management sector, managed by Tommaso Scarpellini, who has extensive experience in banking and financial analytics [1] - The initiative aims to provide in-depth analysis of the dynamics driving the asset management market, combining data analysis with actionable insights on ETFs and trending instruments [1]

晨星中国区总裁，董事总经理 张雨萌 中国深圳 - 全球独立投资研究机构晨星公司（纳斯达克股票代码：MORN）宣布张雨萌于1月6 日加入公司，担任晨星中国区总裁，董事总经理。张博士常驻深圳，负责晨星在中国的整体战 略和可持续增长的执行，向晨星全球首席财务官迈克尔·霍尔特汇报。 霍尔特表示： "雨萌是一位富有合作精神的强有力的领导者，具备推动我们在中国市场持续发 展的企业家精神。他了解中国机构及个人投资者的需求，将带领我们的团队继续构建以客户为 中心的解决方案，实现我们赋能投资者成功的使命。" 张博士此前担任L l & G l的中国区总裁 拥有近20年的行业经验 曾在英国和中国的 张博士此前担任Legal & General的中国区总裁，拥有近20年的行业经验，曾在英国和中国的 头部资产管理公司工作。他曾在伦敦的Legal & General Investment Management（LGIM）担 任投资组合经理，2013年回到中国，负责Mercer中国的投资和养老金咨询业务。随后，他加 入平安资产管理，领导其解决方案业务，为中国的机构客户提供多资产和资产负债管理 （ALM）解决方案。在回归Legal & Ge ...

近日，全球独立投资研究机构晨星公司（NASDAQ：MORN）宣布完成两项战略性收购，进 一步增强其在私募信贷和结构性金融领域的业务实力。 其中，Lumonic Inc. 是一家专注于私募信贷投资组合监测与管理的平台，收购已于美国当地时 间3月3日完成。而Dealview Technologies Limited（DealX），则提供标准化的美国商业抵押 贷款支持证券（CMBS）及全球抵押贷款凭证（CLO）数据服务，该交易已于2025年3月1日顺 利收官。 此次收购将助力晨星提升私募信贷与结构性金融业务，为机构投资者和资产管理人提供更高 效、更透明的解决方案，以优化投资决策。 01 晨星构建覆盖公募与私募的综合服务生态 晨星在公募及私募投资领域的综合能力布局独具优势，通过PitchBook提供海量私募数据与深 度洞察，借助Morningstar Indexes的私募市场指数编制能力，以及旗下全球第四大信用评级机 构Morningstar DBRS，构建起全方位的综合服务生态。 晨星全球CEO Kunal Kapoor表示， "晨星希望为投资者打造贯通私募与公募市场的投资分析 工具。通过整合Lumonic与Dea ...

Financial Performance - The company recorded revenues of $2,275.1 million for the year ended December 31, 2024, with multiple product revenue streams [476]. - Consolidated revenue for 2024 was $2,275.1 million, representing a 11.6% increase from $2,038.6 million in 2023 [489]. - Operating income increased significantly to $484.8 million in 2024, up from $230.6 million in 2023, marking a 109.8% growth [489]. - Consolidated net income for 2024 reached $369.9 million, compared to $141.1 million in 2023, reflecting a 172.5% increase [491]. - Basic net income per share rose to $8.64 in 2024, up from $3.31 in 2023, indicating a 160.4% increase [489]. - Total reportable segment revenue for 2024 reached $2,073.1 million, an increase of 11.8% from $1,854.9 million in 2023 [577]. - Adjusted operating income for 2024 was $673.7 million, up 28.7% from $523.3 million in 2023 [577]. - Revenue from the United States was $1,638.8 million in 2024, up 11.4% from $1,470.6 million in 2023 [586]. - Total international revenue increased to $636.3 million in 2024, up from $568.0 million in 2023, marking a 12.0% growth [586]. Debt and Financing - As of December 31, 2024, the company's long-term debt was $698.6 million, with floating rate borrowings under the current credit facility, exposing it to interest rate risk [292]. - The current credit facility matures in September 2027, and the company may face challenges in renegotiating or obtaining new financing [294]. - A 100 basis-point change in the Secured Overnight Financing Rate (SOFR) is estimated to impact the company's interest expense by $3.5 million annually based on the outstanding principal balance [467]. - As of December 31, 2024, total debt was $698.6 million, down from $972.4 million in 2023, with a significant reduction in the Term Facility from $608.9 million to $349.8 million [546]. Cash and Investments - The company's cash, cash equivalents, and investments balance was $551.0 million as of December 31, 2024, with a 100 basis-point change in interest rates estimated to have no material effect on the fair value of the investment portfolio [466]. - Cash and cash equivalents increased to $502.7 million in 2024, up from $337.9 million in 2023, representing a 48.7% increase [493]. - The company reported a net increase in cash and cash equivalents of $164.8 million in 2024, contrasting with a decrease of $38.7 million in 2023 [497]. - The investment portfolio's total value decreased to $48.3 million in 2024 from $51.1 million in 2023, a decline of 5.5% [588]. Shareholder Equity and Dividends - Joe Mansueto, the Executive Chairman, owned approximately 35.8% of the outstanding common stock as of December 31, 2024, which may influence shareholder decisions [296]. - The company declared dividends per common share of $1.67 in 2024, up from $1.53 in 2023, a 9.1% increase [489]. - The company may not guarantee future dividends or share repurchases, which will depend on various factors including financial condition and results of operations [299]. - The existence of the share repurchase program could potentially increase the stock price and reduce market liquidity [300]. Revenue Recognition and Segments - Revenue recognition follows a five-step model under FASB ASC Topic 606, with performance obligations satisfied over time for subscription services [525]. - License-based revenue, the largest source of customer revenue, is typically recognized over terms of 1 to 3 years [527]. - Asset-based revenue is recognized daily based on the value of assets under management, with contracts typically lasting 1 to 3 years [530]. - The company expects to recognize $1,068.0 million in revenue related to contract liabilities in 2025 [556]. Expenses and Compensation - Compensation expenses for 2024 totaled $216.1 million, compared to $173.8 million in 2023, reflecting a 24.3% increase [574]. - Stock-based compensation expense was $54.7 million in 2024, slightly up from $52.8 million in 2023 but down from $83.2 million in 2022 [497]. - The total fair value of restricted stock units (RSUs) that vested in 2024 was $50.1 million, while market stock units (MSUs) that vested totaled $5.6 million [638][642]. Foreign Currency Exposure - The company has not engaged in currency hedging, exposing it to foreign currency fluctuations, with foreign denominated revenue percentages including 2.7% from Australian dollars and 7.4% from British pounds [468]. - The estimated effect of a 10% adverse currency fluctuation on revenue could result in a loss of $16.4 million from British pounds [468]. Acquisitions and Sales - The company completed the acquisition of LCD for a total consideration of $645.5 million, which includes an initial cash payment of $600.0 million and contingent consideration of up to $50.0 million [596][597]. - The acquisition of Praemium was finalized for $44.9 million in cash, with the financial results consolidated from June 30, 2022 [602]. - The company recorded a gain of $45.3 million from the sale of its Commodity and Energy Data business for $52.4 million on September 30, 2024 [610]. - A gain of $64.0 million was recorded from the sale of customer assets to AssetMark, Inc. for approximately $65.0 million, with potential contingent consideration based on customer net flows [611]. Taxation - The effective tax rate for 2024 was 21.9%, an increase of 2.9 percentage points from 19.0% in 2023 [651]. - The company anticipates a one-time repatriation of $142.0 million in earnings from foreign subsidiaries back to the US in 2025 [654]. - The income tax expense for 2024 was $104.0 million, compared to $33.0 million in 2023 and $56.5 million in 2022 [656].

Revenue Growth - Reported revenue for Q4 2024 increased 9.7% to $591.0 million, with organic revenue growth of 10.6%[3] - Full-year 2024 revenue increased 11.6% to $2.3 billion, with organic revenue growth of 11.8%[7] - Total revenue for the year ended December 31, 2024, reached $2,275.1 million, an 11.6% increase compared to $2,038.6 million in 2023[48] - Organic revenue for the year ended December 31, 2024, reached $2,272.5 million, reflecting an 11.8% growth compared to $2,033.3 million in 2023[58] Profitability - Operating income rose 78.2% to $168.2 million, including a $64.0 million gain from the sale of US TAMP assets[3] - Consolidated net income for the year ended December 31, 2024, was $369.9 million, a 162.2% increase from $141.1 million in 2023[44] - Consolidated net income for Q4 2024 was $116.9 million, a 59% increase from $73.5 million in Q4 2023[47] - Adjusted operating income for the year increased by 51.2% to $493.8 million from $326.5 million in 2023[58] Earnings Per Share - Diluted net income per share for Q4 2024 increased 58.5% to $2.71, while adjusted diluted net income per share rose 8.6% to $2.14[10] - Adjusted diluted net income per share for the year was $7.89, a 54.1% increase from $5.12 in 2023[59] Cash Flow - Cash provided by operating activities for the full year increased 87.0% to $591.6 million, and free cash flow increased 127.5% to $448.9 million[34] - Cash provided by operating activities for Q4 2024 was $153.4 million, up from $137.8 million in Q4 2023[47] - Free cash flow for the year ended December 31, 2024, was $448.9 million, representing a 127.5% increase from $197.3 million in 2023[59] Assets and Liabilities - Reported assets under management and advisement (AUMA) increased 12.3% to $62.3 billion, supported by strong market performance[25] - Total current assets increased to $1,014.1 million as of December 31, 2024, from $815.7 million in 2023[46] - Cash and cash equivalents rose to $502.7 million in 2024, compared to $337.9 million in 2023[46] - Total liabilities decreased to $1,930.3 million in 2024 from $2,075.6 million in 2023[46] - The company’s total equity increased to $1,618.6 million as of December 31, 2024, up from $1,327.8 million in 2023[46] Business Segments Performance - Morningstar Credit revenue grew 33.8% to $82.3 million, driven by strong performance in commercial mortgage-backed securities[21] - PitchBook revenue increased 12.5% to $162.5 million, with licensed users growing 16.4%[19] - Morningstar Data and Analytics revenue grew by 5.5% year-over-year to $788.1 million in 2024, with an adjusted operating margin of 45.1%[48] - PitchBook revenue increased by 12.0% year-over-year to $618.4 million in 2024, with adjusted operating income rising by 25.9%[48] - Morningstar Credit revenue surged by 35.1% year-over-year to $291.1 million in 2024, despite a decrease in adjusted operating margin to 26.0%[48] Debt and Share Repurchase - Morningstar reduced its debt by $273.8 million net in 2024 and repurchased $11.6 million of its shares[36] - The company repurchased $11.6 million in common shares during the year, compared to $1.4 million in 2023[47] Operational Efficiency - The company reported an operating margin of 28.5% for Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[44] - Consolidated operating margin improved to 28.5% in Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[59] Future Outlook - The company aims to maintain growth across its businesses despite potential geopolitical and regulatory challenges[41]

Core Insights - WuXi Biologics has been recognized as a 2025 Industry and Regional ESG Top-Rated Company by Morningstar Sustainalytics, marking the fifth consecutive year of high ESG Risk Ratings [1][2] - The company ranks in the top 1% of companies assessed in the pharmaceutical industry, highlighting its strong ESG achievements [2] Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions for biologics [5] - The company employs over 12,000 skilled employees across multiple countries, including China, the United States, Ireland, Germany, and Singapore [6] ESG Commitment - The company views Environmental, Social, and Governance (ESG) responsibilities as integral to its business strategy and aims to be a leader in the biologics CRDMO sector [7] - WuXi Biologics has made significant progress in its ESG strategy, receiving various accolades such as the MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices for two consecutive years [3] Achievements and Recognition - The company has been included in the UNGC 20 Case Examples of Sustainable Development and awarded the Platinum Medal by EcoVadis [3] - WuXi Biologics has also been recognized in the CDP Water Security "A list" and awarded an "A-" CDP Climate Change score [3]