恒生电子股份有限公司 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第九届监事会第 六次会议于 2025 年 10 月 29 日以现场结合通讯表决的方式召开，应出席监事 3 名，实际出席监事 3 名。根据《公司法》和公司《章程》有关规定，会议合法有 效。 会议经全体监事讨论和表决，通过以下决议： 一、审议通过《恒生电子股份有限公司 2025 年第三季度报告》，同意 3 票， 反对 0 票，弃权 0 票。 证券代码：600570 证券简称： 恒生电子 公告编号：2025-076 恒生电子股份有限公司 第九届监事会第六次会议决议公告 本公司监事会及全体监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。 监事会认为：公司 2025 年第三季度报告的编制和审议程序符合相关法律法 规及公司《章程》的有关规定。报告的内容与格式符合有关规定。报告真实反映 了公司 2025 年第三季度的财务状况和经营成果，披露的信息真实、准确、完整， 不存在任何虚假记载、误导性陈述或重大遗漏。 特此公告。 恒生电子股份有限公司 2025 年 10 月 31 日 ...

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。 恒生电子股份有限公司 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第九届董事会第 六次会议于 2025 年 10 月 29 日以现场结合通讯表决的方式召开。本次会议应出 席董事 11 名，实际出席董事 11 名。董事长彭政纲先生主持了会议。根据《公司 法》和公司《章程》有关规定，会议合法有效。 会议经全体董事讨论和表决，通过以下决议： 证券代码：600570 证券简称： 恒生电子 公告编号：2025-075 恒生电子股份有限公司 第九届董事会第六次会议决议公告 2025 年 10 月 31 日 一、审议通过《2025 年第三季度总裁工作报告》，同意 11 票，反对 0 票， 弃权 0 票。 二、审议通过《恒生电子股份有限公司 2025 年第三季度报告》，同意 11 票，反对 0 票，弃权 0 票。该议案已经经过董事会审计委员会事先审议通过。具 体内容详见上海证券交易所网站 www.sse.com.cn 。 特此公告。 恒生电子股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,063,480,320.25, a decrease of 21.33% compared to the same period last year[5] - The total profit for the period was ¥222,984,028.26, down 49.06% year-on-year[5] - The net profit attributable to shareholders was ¥194,636,973.19, reflecting a decline of 53.17% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥98,727,344.67, a decrease of 25.05% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 3,489,900,135.84, a decrease of 16.7% compared to CNY 4,187,756,325.06 in the same period of 2024[19] - Net profit for the first three quarters of 2025 reached CNY 503,114,781.39, an increase of 12.6% compared to CNY 447,051,385.85 in the previous year[20] - Basic and diluted earnings per share remained stable at CNY 0.24 for both 2025 and 2024[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥14,300,416,799.60, a decrease of 2.91% from the end of the previous year[6] - Total current assets as of September 30, 2025, amount to ¥4,971,877,275.24, a decrease from ¥5,818,918,056.60 as of December 31, 2024[14] - Total assets amount to ¥14,300,416,799.60, down from ¥14,728,811,676.92 in the previous year[15] - The total liabilities decreased to CNY 4,493,090,473.96 in 2025 from CNY 5,321,737,442.65 in 2024, reflecting a reduction of approximately 15.5%[17] - The total equity increased to CNY 9,807,326,325.64 in 2025, up from CNY 9,407,074,234.27 in 2024, indicating a growth of about 4.3%[17] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥669,767,830.64[6] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $3.74 billion, a decrease of 7.1% compared to $4.02 billion in the same period of 2024[23] - Net cash outflow from operating activities was approximately -$669.77 million, an improvement from -$990.62 million year-over-year[24] - Cash inflow from investment activities increased to approximately $4.88 billion in 2025, up 26.1% from $3.86 billion in 2024[24] - Cash inflow from financing activities decreased to approximately $419.01 million, down 44.5% from $755.75 million in 2024[24] - The net increase in cash and cash equivalents for the first three quarters of 2025 was approximately -$1.32 billion, compared to -$1.59 billion in 2024[25] - The ending balance of cash and cash equivalents was approximately $956.26 million, an increase from $825.71 million in the previous year[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 213,767[12] - The largest shareholder, Hangzhou Hengsheng Electronic Group Co., Ltd., holds 393,743,087 shares, accounting for 20.78% of total shares[12] Revenue Breakdown - The revenue from wealth technology services decreased by 9.63% to ¥726,099,782.67 year-to-date[10] - The revenue from asset management technology services dropped by 28.23% to ¥725,155,725.82 year-to-date[10] Expenses - Research and development expenses for the first three quarters of 2025 totaled CNY 1,518,421,961.43, a decrease of 10% from CNY 1,685,343,272.80 in 2024[19] - The company reported a decrease in sales expenses to CNY 376,201,513.21 in 2025 from CNY 501,551,920.98 in 2024, a reduction of approximately 25%[19] Other Financial Metrics - The company reported a basic earnings per share of ¥0.10, down 54.55% from the previous year[6] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -6,276,442.97, slightly improved from CNY -6,509,413.10 in the previous year[20] - The company received approximately $28.33 million from minority shareholders in 2025, compared to $25 million in 2024[24] - The company paid approximately $287.33 million in debt repayments, down from $567.77 million in the previous year[24]

Core Insights - The company reported a revenue of 1.063 billion yuan for the third quarter, representing a decline of 21.33% [1] - The net profit for the third quarter was 195 million yuan, down 53.17% [1] - For the first three quarters, the total revenue was 3.49 billion yuan, a decrease of 16.66% [1] - The net profit for the first three quarters was 455 million yuan, showing a growth of 2.16% [1] Financial Performance - Third quarter revenue: 1.063 billion yuan, down 21.33% [1] - Third quarter net profit: 195 million yuan, down 53.17% [1] - Year-to-date revenue: 3.49 billion yuan, down 16.66% [1] - Year-to-date net profit: 455 million yuan, up 2.16% [1]

Group 1 - The China Securities Financial Technology Theme Index decreased by 1.26% as of October 30, 2025, with mixed performance among constituent stocks [3] - The Financial Technology ETF (516860) fell by 1.42%, with a latest price of 1.53 yuan, but has seen a 5.50% increase over the past week, ranking 1 out of 7 among comparable funds [3] - The trading volume for the Financial Technology ETF reached 93.84 million yuan, with a turnover rate of 3.78% [3] Group 2 - Quantum technology is becoming a key focus for research and development, with significant breakthroughs transitioning from theoretical research to practical applications [4] - A quantum computing company in Beijing reported that its latest product has a computing capacity of 1000 qubits, enabling the control of 1000 variables in a single calculation [4] - The first domestic optical quantum computer manufacturing plant is set to open in Shenzhen next month, entering small-scale production [4] Group 3 - The Vice Chairman of the China Securities Regulatory Commission emphasized the need to regulate the application of artificial intelligence in capital markets to mitigate risks [4] - Quantum computing is identified as a core driver of next-generation information technology, with its applications expanding from specialized to general computing, impacting sectors like finance, pharmaceuticals, and energy [4] - The quantum computing industry is at a critical turning point, with the period from 2025 to 2030 expected to be a golden window for commercialization, potentially reaching a market size of hundreds of billions [4] Group 4 - The Financial Technology ETF saw a significant increase in scale, growing by 116 million yuan over the past week, ranking 2 out of 7 among comparable funds [4] - The ETF's share count increased by 7 million shares in the past week, also ranking 1 out of 7 among comparable funds [4] - The latest net outflow for the Financial Technology ETF was 6.18 million yuan, but there were net inflows on 3 out of the last 5 trading days, totaling 26.38 million yuan [4] Group 5 - The China Securities Financial Technology Theme Index tracks companies involved in financial technology, reflecting the overall performance of these securities [5] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.55% of the total index weight [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The industry is still in a bottoming phase, but profitability continues to improve [1] - The company's revenue and profit performance exceeded expectations, with Q1-Q3 2025 revenue at 385 million yuan (down 8.53% YoY) and net profit at 103 million yuan (up 2.02% YoY) [5] - The company is expected to maintain cautious revenue growth forecasts for 2025-2027, with projected revenues of 632 million, 757 million, and 870 million yuan respectively [5][13] Financial Data and Profitability Forecast - Total revenue for 2025 is estimated at 632 million yuan, with a YoY decline of 4.8% [4] - Net profit for 2025 is projected at 189 million yuan, reflecting a YoY decrease of 2.4% [4] - The company's gross margin has shown a consistent increase, reaching 72.98% in Q3 2025 [5] - The company has successfully reduced operating expenses, with sales, management, and R&D expenses decreasing by 1%, 25%, and 12% respectively [5] Cash Flow and Contract Liabilities - Operating cash flow remains under pressure, with Q3 2025 cash received from sales at 117 million yuan, lower than revenue [5] - Contract liabilities slightly decreased from 186 million yuan in Q2 2025 to 174 million yuan in Q3 2025 [5] Market Comparison and Valuation - The company is compared with financial technology service providers such as Hengsheng Electronics and Tonghuashun, with an average PE valuation of 70 times for 2025 [13][14] - The report anticipates the company will launch a core trading system for benchmark clients in 2025, potentially increasing market share [5][13]

Group 1 - The cloud computing ETF Huatai (159273) showed a rebound after a volatile trading session, with a trading volume exceeding 30 million yuan, and its latest scale reached nearly 1.7 billion yuan, leading its peers [1] - As of October 28, the ETF's net value was 1.3825, with a slight increase of 0.07% on October 29, and the trading data indicated a total volume of 203,200 shares with a turnover rate of 1.67% [1] - Major component stocks of the ETF, such as Inspur Information and Kingdee International, experienced gains, with Inspur Information rising over 2% [1][2] Group 2 - Anthropic confirmed a partnership with Google Cloud worth several billion dollars, involving the provision of up to 1 million TPU AI chips and 1GW of power capacity, marking Anthropic's largest TPU procurement agreement to date [3] - The global AI computing power arms race is intensifying, with companies like OpenAI also forming significant partnerships with Nvidia and AMD for large-scale computing systems [3] - The demand for AI tokens has surged, leading to optimistic market expectations for AI computing investments and commercialization prospects [3][4] Group 3 - The demand for optical modules is projected to increase significantly, with estimates for 2025-2027 showing a demand of 50 million, 75 million, and 100 million units respectively [4] - Recent adjustments in procurement plans for 1.6T optical modules have raised the total industry demand from 10 million to 20 million units, driven by the rapid growth in bandwidth requirements for AI training and inference networks [5] - The semiconductor industry in China is focusing on self-sufficiency, with a strong push for domestic equipment and materials to meet the increasing demand for AI computing power [6]

Core Insights - The software service index in China has shown a strong upward trend, with a notable increase of 2.19% as of October 28, 2025, driven by significant gains in key stocks such as Kingsoft Office, which rose by 8.77% [1][3] - The software ETF has experienced a cumulative increase of 3.28% over the past week, indicating a robust performance in the sector [1][3] Market Performance - The software ETF recorded a turnover rate of 7.77% and a transaction volume of 4.51 billion yuan, reflecting active trading [3] - Over the past two weeks, the software ETF's scale has increased by 92.39 million yuan, with a notable growth in shares by 76 million [3] - The latest net inflow of funds into the software ETF was 11.84 million yuan, with a total of 112 million yuan attracted over the last ten trading days [3] Growth Projections - By 2027, the market size driven by domestic substitution in government procurement is expected to reach 1.2 trillion yuan, with a compound annual growth rate of approximately 18% [3][4] - The Chinese operating system market is projected to reach 25 billion yuan by 2025, while the database market is expected to grow to 51.2 billion yuan [4] Industry Developments - The domestic computing ecosystem is continuously improving, with companies like Cambrian optimizing AI model compatibility and reducing costs in long-sequence scenarios [4] - The market share of domestic CAD software manufacturers has risen to 27%, and breakthroughs have been made in EDA tools for circuit design [4] Key Stocks - The top ten weighted stocks in the software service index account for 62.41% of the index, with notable performers including iFlytek, Tonghuashun, and Kingsoft Office [4][6] - The performance of key stocks includes iFlytek at 2.33%, Tonghuashun at 3.65%, and Kingsoft Office at 8.77%, indicating strong market interest [6]

Group 1 - The core viewpoint of the news highlights the performance of the financial technology sector, with the China Securities Financial Technology Theme Index rising by 0.45% and notable increases in individual stocks such as Tax Friend Co., Ltd. rising by 10.00% [3] - The Financial Technology ETF (516860) has shown a 0.59% increase, marking its fourth consecutive rise, with a latest price of 1.53 yuan and a weekly cumulative increase of 3.68% as of October 27, 2025 [3] - The Shanghai Composite Index has surpassed 4000 points, achieving a 19% increase year-to-date, with historical data indicating that the index has only been above this level in 2007, 2008, and 2015 [3] Group 2 - The National Foreign Exchange Administration has introduced nine new policy measures focusing on trade facilitation, including expanding the pilot scope for cross-border trade and optimizing foreign exchange settlement for new trade entities [4] - China Galaxy Securities emphasizes that expanding financial institutional openness is essential for responding to complex international environments and is a necessary choice for constructing a new development pattern [4] Group 3 - The Financial Technology ETF has seen a significant growth in scale, increasing by 92.32 million yuan over the past week, ranking second among comparable funds [5] - The ETF's shares have also grown by 25 million shares in the same period, ranking first among comparable funds [5] - The ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 22.83 million yuan, totaling 53.99 million yuan in net inflows [5] - The China Securities Financial Technology Theme Index includes companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index [5]

Core Viewpoint - The announcement details the completion of the stock option incentive plan registration for 2025 by Hengsheng Electronics Co., Ltd, highlighting the approval processes and the specifics of the stock options granted to employees [2][6][20]. Summary by Sections Approval Process - The company held its ninth board meeting on August 21, 2025, where it approved the stock option incentive plan and related proposals [2]. - The supervisory board also reviewed and approved the plan on the same day [3]. - A public notice regarding the incentive objects was made from August 23 to September 1, 2025, with no objections received [3]. - The first extraordinary shareholders' meeting of 2025 on September 9 approved the plan and related matters [4]. Stock Option Details - The stock options, named Hengsheng Electronics Options, were granted on September 18, 2025, with a total of 15.11 million options, representing 0.80% of the company's total share capital [5][12]. - The options were granted to 619 individuals at an exercise price of 37.98 yuan per option [5][12]. Plan Overview - The stock options are sourced from the issuance of A-shares to the incentive objects [8]. - The plan has a maximum validity of 60 months from the grant date [10]. - The waiting period for the options is set at 12, 24, and 36 months, with specific conditions for exercising the options [11]. Performance Assessment - The performance assessment for the options is based on the company's net profit for the fiscal years 2025 to 2027, with specific targets set for each year [13]. - Individual performance assessments will also determine the exercise ratio of the options granted to each participant [14]. Registration Completion - The final registration of the stock options was completed on October 24, 2025, with a slight reduction in the number of options due to two individuals leaving the company [15]. Financial Impact - The company will account for the stock option expenses according to relevant accounting standards, estimating a minor impact on net profit during the option's validity period [16][19].