一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4500 | -1.7100 | 126.32 | -0.0500 | | 每股净资产（元） | 4.97 | 4.37 | 13.73 | 6.07 | | 每股公积金(元) | 5.09 | 4.93 | 3.25 | 4.91 | | 每股未分配利润(元) | -1.16 | -1.65 | 29.7 | 0.06 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.31 | 7.19 | 43.39 | 6.58 | | 净利润(亿元) | 0.85 | -3.24 | 126.23 | -0.1 | | 净资产收益率(%) | 9.30 | -31.46 | 129.56 | -0.78 | 前十大流通股东累计持有： 4768.24万股，累计占流通股比： 30.2%，较上期变化： 122.59 万股。 | 名称 持有数量(万股) ...

宁沪高速一季度总体业绩呈现"营收大增、利润小降"的局面，主要受建造业务成本飙升影响。核心资产 沪宁高速表现出色，重大项目宁扬长江大桥已于今年正式通车，有助于公司拓展收费路桥主业。 周一晚间，宁沪高速公布一季度财报。核心要点如下： 成本增幅远超收入，净利润承压 宁沪高速Q1实现营业收入47.82亿元，同比激增37.66%，这一增长主要源于路桥建设项目的投入加大。 然而，若剔除建造收入影响，实际营业收入同比下降0.72%，主要受地产销售收入和电力销售收入同比 减少影响。 值得注意的是，由于建造业务成本率较高，公司营业成本同比飙升70.49%至31.24亿元，增速远超收入 增幅，导致盈利能力受到一定影响。归属于上市公司股东的净利润为12.11亿元，同比下降2.88%；每股 收益为0.2404元，同比下降2.88%。 然而，如果剔除非经常性损益的影响，公司扣非净利润为11.95亿元，同比增长0.63%，表明公司核心业 务盈利能力仍保持相对稳定。公司经营活动产生的现金流量净额为17.13亿元，同比增长4.48%，显示良 好的现金创造能力。 高速公路稳中有增，多元化业务冷热不均 作为公司核心业务的收费公路业务表现亮眼，多 ...

Financial Performance - The company reported a basic earnings per share (EPS) of 0.0400 yuan for Q1 2025, representing a 33.33% increase compared to 0.0300 yuan in Q1 2024 and a significant rise from 0.0200 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.09 billion yuan, up 28.57% from 0.07 billion yuan in Q1 2024 and an increase from 0.05 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.52% in Q1 2025, a 40.54% increase from 0.37% in Q1 2024 and up from 0.27% in Q1 2023 [1] - Operating revenue for Q1 2025 was 2.19 billion yuan, a slight increase of 0.92% from 2.17 billion yuan in Q1 2024 and a significant rise from 1.63 billion yuan in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 8.2283 million shares, accounting for 14.51% of the circulating shares, with an increase of 3.2150 million shares compared to the previous period [1] - New entrants among the top shareholders include Hangzhou Zhongda Junyue Investment Co., Ltd. with 1.7255 million shares (3.04%), He Qing with 1.4660 million shares (2.59%), and Morgan Stanley & Co. International PLC with 0.7271 million shares (1.28%) [2] - Notable exits from the top ten shareholders include Qian Jun with 0.7451 million shares (1.31%) and Qiu Niandi with 0.4740 million shares (0.84%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [3]

前十大流通股东累计持有： 38244.48万股，累计占流通股比： 46.14%，较上期变化： -430.80万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 新的集团有限公司 | 23276.11 | 28.08 | 不变 | | 成都欣天颐投资有限责任公司 | 11491.10 | 13.86 | 不变 | | 王万奎 | 977.14 | 1.18 | 不变 | | 成都旭光电子（600353）股份有限公司-第一期员工持股计划 | 671.89 | 0.81 | 不变 | | 香港中央结算有限公司 | 621.30 | 0.75 | 135.94 | | 吴建星 | 305.29 | 0.37 | 不变 | | 成都旭光电子股份有限公司-第二期员工持股计划 | 245.88 | 0.30 | 不变 | | 陈文君 | 226.01 | 0.27 | 新进 | | 华夏高端制造混合A | 222.77 | 0.27 | 新进 | | 杨小艳 | 206.99 | 0.25 | 新进 | | ...

苏豪弘业（600128）公告，2025年第一季度营业收入19.98亿元，同比增长19.42%。净利润337.4万元， 同比增长11.08%。 ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 426.36万股，累计占流通股比： 15.64%，较上期变化： 157.85万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 山东国子软件股份有限公司回购专用证券账户 | 137.72 | 5.05 | 不变 | | 庞瑞英 | 131.95 | 4.84 | 新进 | | 长城证券（002939）股份有限公司客户信用交易担保 | | | | | 证券账户 | 53.63 | 1.97 | 新进 | | 中国中金财富证券有限公司客户信用交易担保证券账 户 | 25.15 | 0.92 | 新进 | | 国泰君安证券股份有限公司客户信用交易担保证券账 | | | | | 户 | 21.51 | 0.79 | 新进 | | 林锦波 | 20.87 | 0.77 | 新进 | | 东财北证50指数发起式A | 18.07 | 0.66 | 新进 | | 创金合信北证50成份指数增强A | 17.46 | 0.64 | 新进 | | 较上个报告期 ...

Financial Performance - The company reported a basic earnings per share of 0.0100 yuan for Q1 2025, unchanged from Q1 2024, but a significant decrease from 0.1100 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.05 billion yuan, down 16.67% from 0.06 billion yuan in Q1 2024 and a substantial decline from 0.49 billion yuan in Q1 2023 [1] - The return on equity (ROE) decreased to 0.33% in Q1 2025 from 0.39% in Q1 2024 and significantly down from 3.25% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13,731.65 million shares, accounting for 29.43% of the circulating shares, with an increase of 1.87 million shares compared to the previous period [1] - Zhejiang Kairong Special Paper Co., Ltd. remains the largest shareholder with 10,246.79 million shares, representing 21.96% of the total share capital [2] - New entrants to the top ten shareholders include Xiao Yongfu with 693.50 million shares and Wang Qiuling with 255.79 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

Financial Performance - The company reported a basic earnings per share of 0.0700 yuan for Q1 2025, a decrease of 12.5% compared to 0.0800 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 1.7 billion yuan, representing a 25% increase from 1.36 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.06 billion yuan, down 14.29% from 0.07 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was 1.43%, a decline of 11.73% from 1.62% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 21.38 million shares, accounting for 45.67% of the circulating shares, with a change of 352,000 shares from the previous period [1] - Major shareholders include Li Weihai with 6.89 million shares (14.72%), Wang Hongqi with 6.87 million shares (14.66%), and Li Zhanghao with 2.45 million shares (5.22%), all of whom maintained their holdings [2] - New entry in the top ten shareholders is Huatai Securities Co., Ltd. with 327,100 shares (0.70%), while Liu Yuliang exited with 278,800 shares (0.60%) [2] Dividend Policy - The company has decided not to distribute dividends or allocate shares this time [2]

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit attributable to the parent company, with new business value growth exceeding expectations. The operating profit after tax (OPAT) for Q1 2025 increased by 2.4% year-on-year, primarily driven by the life and health insurance segments [5]. - The new business value for Q1 2025 surged by 34.9% year-on-year, with significant contributions from various channels, particularly the bancassurance and community finance channels, which grew by 170.8% and 171.3% respectively [5]. - The comprehensive cost ratio for the property and casualty insurance segment improved significantly, with a year-on-year reduction of 3 percentage points to 96.6% [5]. - Investment income remained stable, with a year-to-date growth of 3.3% in investment assets and an annualized comprehensive investment return of 1.3% [5]. - The solvency ratio for the life insurance segment was robust at 163.7%, reflecting a 47.3 percentage point increase from the end of 2024 [5]. Financial Overview - Revenue projections for China Ping An Insurance show a steady increase from RMB 913,789 million in 2023 to RMB 1,153,545 million by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4][11]. - Net profit is expected to fluctuate, with a forecast of RMB 120,657 million for 2025, down from RMB 126,607 million in 2024, but projected to rise to RMB 130,993 million by 2027 [4][11]. - The earnings per share (EPS) is projected to be RMB 6.63 in 2025, with a gradual increase to RMB 7.19 by 2027 [4][11]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9.2 in 2023 to 6.0 by 2027, indicating an attractive valuation [4][11]. Business Segment Performance - The life and health insurance segment is expected to see a slight recovery in premium income growth, with a forecasted increase of 1.0% in 2025 [6]. - The property and casualty insurance segment is projected to maintain a growth rate of 6.5% in premium income for 2025 [6]. - The new business value rate is anticipated to stabilize around 25.6% for 2025, reflecting a slight decrease from previous estimates [7]. Conclusion - The report maintains a positive outlook on China Ping An Insurance, emphasizing its strong market position, diversified business model, and potential for growth in new business value, supported by a solid financial foundation and attractive valuation metrics [5][11].

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5052.79万股，累计占流通股比： 59.11%，较上期变化： -123.16万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 伍江念 | 2433.91 | 28.47 | 不变 | | 黄永刚 | 738.00 | 8.63 | 不变 | | 夏琼 | 407.39 | 4.77 | -0.20 | | 周天赤 | 404.39 | 4.73 | -15.21 | | 四川发展证券投资基金管理有限公司-川发混合策略私募 证券投资基金 | 210.81 | 2.47 | -175.78 | | 国泰佳泰股票专项型养老金产品-招商银行股份有限公司 | 209.40 | 2.45 | 23.34 | | 李文军 | 207.80 | 2.43 | 不变 | | 易方达战略新兴产业股票A | 199.04 | 2.33 | 23.50 | | 王超 | 139.05 | 1.63 | -1.23 | | 国泰基金管理有限公司-社保基 ...