ZJOFHC(SH:600120) Dong Jian Yan Bao·2025-06-12 15:28Report Summary Report Industry Investment Rating No information provided. Report's Core View The report focuses on the development and future plans of Zhejiang Orient, a state - owned listed financial holding company. It details the company's progress in various aspects such as investment expansion, market value management, financial license acquisition, and the operation of its subsidiary companies, aiming to achieve high - quality development and build a first - class state - owned listed financial holding platform [23][24][26]. Summary by Relevant Catalogs 1. Research Basic Situation - The research object is Zhejiang Orient, belonging to the diversified financial industry. The reception time was June 12, 2025, and the listed company's reception personnel included the chairman or general manager, financial director, board secretary, and independent directors [16]. 2. Detailed Research Institutions - The reception objects were all investors who participated in the company's 2024 annual and Q1 2025 performance briefing online, and the reception object type was "other" [19]. 3. Research Institution Proportion No information provided. 4. Main Content Data - Investment Expansion Plan: The company follows the "extensive expansion and intensive improvement" approach. It completed the acquisition of 3.2430% of Hangzhou United Bank's shares last year and carried out diversified cooperation. It also established an investment platform through the "one - mother - multiple - sons" strategy. As of March this year, the cumulative management scale of the fund business was 29.308 billion yuan, and the existing management scale was 22.345 billion yuan, supporting over 120 key enterprises [23]. - Market Value Management: In 2024, the company established a market value management leading group and formulated a plan. It repurchased shares worth 257 million yuan, accounting for over 2% of the equity, and implemented high - dividend policies. In 2024, the net profit attributable to the parent was 936 million yuan, a year - on - year increase of 74.84% [24]. - Financial Holding License Application: Since 2017, the company has been promoting the construction of a financial holding group. It has raised the registered capital from 673 million to 3.415 billion through various means, improved the capital supplement mechanism, and is listed as a key - guided enterprise for financial holding license application in Zhejiang Province [26]. - Acquisition of Hangzhou United Bank: In March this year, the company planned to jointly acquire no more than 6.7570% of Hangzhou United Rural Commercial Bank's shares with its controlling shareholder, with the company acquiring no more than 0.6970% (corresponding to 15,197,790 shares) [26]. - Incentive Mechanism: The company is studying and promoting equity incentives in the form of restricted stocks or stock options and exploring medium - and long - term incentive tools such as project follow - up investment and excess profit sharing [28]. - Development of Guojin Leasing: In 2024, Guojin Leasing completed strategic investment and capital increase, increasing its registered capital from 80 million US dollars to 112.706462 million US dollars. In the future, it will focus on green leasing, special medical, and strategic emerging industries [29]. - Development of Insurance Company: In 2024, Dongfang Jiafu Life achieved a net profit of 1.021 million yuan. In March 2025, it issued 1.4 billion capital - supplementing bonds, and in Q1 2025, its original premium income increased by 28.45% year - on - year. In the future, it will strengthen resource linkage and innovation [30][31]. - Development of Trust Company: In 2024, Zhejin Trust had a large loss due to historical projects. As of the end of Q1 2025, its trust asset scale increased by 16.4% to 129.537 billion yuan. In the future, it will focus on risk disposal and core business development [32]. - Bond Issuance: The company has been issuing corporate bonds to meet strategic capital needs. As of the end of 2024, its asset - liability ratio was 63.23%, and it has good cash flow [33][34]. - Equity Transfer: The company stated that there was no situation of free transfer of equity to subsidiaries [34].