（原标题：湘财吸收合并大智慧推进中！最新业绩来了） 备受关注的湘财股份吸收合并大智慧正在推进中。 近日，两家公司双双发布2025年三季报，湘财股份前三季度净利润4.42亿元，同比增长超2倍，而大智慧也出现净利大幅扭亏的现象。 值得一提的是，目前A股市场上两家互联网券商东方财富和指南针也披露了前三季度业绩。 若将湘财股份与大智慧当前的营收与净利润简单相加，合并后的实体在规模上将超越指南针，跃居互联网券商领域的第二把交椅。 业绩出炉：湘财净利大增，大智慧减亏 近日，湘财股份与大智慧均发布三季度财报，数据呈现出一派积极态势。 湘财股份三季报显示，2025年第三季度，该公司实现营业总收入6.55亿元，同比增长43.77%；归属于上市公司股东的净利润3亿元，同比增幅 315.25%。纵观前三季度，其累计营业总收入为17.99亿元，同比增长16.15%；净利润为4.42亿元，同比增长203.39%，已超过去年全年水平。 对于业绩的强劲增长，湘财股份给出了解释。一是，核心子公司湘财证券功不可没，其积极把握市场机遇，优化资产配置，推动经纪、信用、投 顾等财富管理业务以及自营业务业绩显著提升，最终实现净利润4.87亿元，同比增 ...

备受关注的湘财股份吸收合并大智慧正在推进中。 近日，两家公司双双发布2025年三季报，湘财股份前三季度净利润4.42亿元，同比增长超2倍，而大智慧也出 现净利大幅扭亏的现象。 值得一提的是，目前A股市场上两家互联网券商东方财富和指南针也披露了前三季度业绩。 若将湘财股份与大智慧当前的营收与净利润简单相加，合并后的实体在规模上将超越指南针，跃居互联网券商 领域的第二把交椅。 业绩出炉：湘财净利大增，大智慧减亏 近日，湘财股份与大智慧均发布三季度财报，数据呈现出一派积极态势。 湘财股份三季报显示，2025年第三季度，该公司实现营业总收入6.55亿元，同比增长43.77%；归属于上市公司 股东的净利润3亿元，同比增幅315.25%。纵观前三季度，其累计营业总收入为17.99亿元，同比增长16.15%； 净利润为4.42亿元，同比增长203.39%，已超过去年全年水平。 对于业绩的强劲增长，湘财股份给出了解释。一是，核心子公司湘财证券功不可没，其积极把握市场机遇，优 化资产配置，推动经纪、信用、投顾等财富管理业务以及自营业务业绩显著提升，最终实现净利润4.87亿元， 同比增长66.71%。同时，参股公司大智慧的经营状 ...

备受关注的湘财股份（600095）吸收合并大智慧，仍在持续推进中。 对于业绩的强劲增长，湘财股份给出解释：一是核心子公司湘财证券功不可没。湘财证券积极把握市场 机遇，优化资产配置，推动经纪、信用、投顾等财富管理业务以及自营业务业绩显著提升，最终实现净 利润4.87亿元，同比增长66.71%。同时，参股公司大智慧的经营状况改善带来了直接利好。报告期内， 大智慧大幅减亏，加上湘财股份持有的存续可交换债券因部分投资者换股带来投资收益增加，以及公司 财务费用同比下降，共同推动了利润增长。 相较于湘财股份的全面盈利，大智慧虽仍处于亏损状态，但改善趋势明显。大智慧三季报显示，公司前 三季度营业收入为5.64亿元，同比增长8.78%；归属于上市公司股东的净利润为-2956.24万元。尽管这一 数值为负，但相较于去年同期亏损额收窄超过八成。 近日，两家公司双双发布2025年三季报。其中，湘财股份前三季度净利润4.42亿元，同比增长超2倍， 而大智慧也出现了净利大幅减亏的迹象。 值得一提的是，目前A股市场上两大互联网券商——东方财富（300059）、指南针（300803）也披露了 前三季度业绩。若将湘财股份与大智慧当前的营收、 ...

备受关注的湘财股份吸收合并大智慧，仍在持续推进中。 近日，两家公司双双发布2025年三季报。其中，湘财股份前三季度净利润4.42亿元，同比增长超2倍， 而大智慧也出现了净利大幅减亏的迹象。 值得一提的是，目前A股市场上两大互联网券商——东方财富、指南针也披露了前三季度业绩。若将湘 财股份与大智慧当前的营收、净利润分别简单相加，合并后的实体将在营收与净利润的规模上超越指南 针，跃居互联网券商第二。 湘财净利大增大智慧减亏 湘财股份三季报显示，2025年第三季度，该公司实现营业总收入6.55亿元，同比增长43.77%；归属于上 市公司股东的净利润3亿元，同比增幅315.25%。纵观前三季度，湘财股份累计营业总收入为17.99亿 元，同比增长16.15%；净利润为4.42亿元，同比增长203.39%，已超过去年全年水平。 对于业绩的强劲增长，湘财股份给出解释：一是核心子公司湘财证券功不可没。湘财证券积极把握市场 机遇，优化资产配置，推动经纪、信用、投顾等财富管理业务以及自营业务业绩显著提升，最终实现净 利润4.87亿元，同比增长66.71%。同时，参股公司大智慧的经营状况改善带来了直接利好。报告期内， 大智慧大幅减 ...

Core Viewpoint - Xiangcai Co. is set to absorb Dazhihui through a share swap, raising 8 billion yuan for financial technology initiatives, with a swap ratio of 1:1.27 [1][5][9] Group 1: Merger Details - The share swap prices are set at 7.51 yuan per share for Xiangcai and 9.53 yuan per share for Dazhihui, based on the average stock prices over the last 120 trading days [4][5] - The total number of shares to be issued by Xiangcai is approximately 2.282 billion shares [5] - Following the merger, Dazhihui will be delisted and its legal entity will be dissolved, with Xiangcai inheriting all assets, liabilities, and operations of Dazhihui [5][6] Group 2: Funding and Investment Plans - Xiangcai plans to raise up to 8 billion yuan from no more than 35 specific investors, allocating funds for various projects including 2.5 billion yuan for financial models and digital securities, 1 billion yuan for big data projects, and 2 billion yuan for working capital [5][6] Group 3: Control and Ownership - The actual controller of Xiangcai, Huang Wei, will remain unchanged post-merger, ensuring no shift in control [5][6] - After the merger, Zhang Changhong and his associates will hold 17.32% of the new company, with a commitment to lock their shares for 12 months [6] Group 4: Historical Context and Strategic Rationale - The merger marks a significant historical connection between Xiangcai and Dazhihui, dating back to 2015 when initial acquisition plans were disrupted [8][9] - The merger is expected to create synergies in business operations, enhancing service offerings and market competitiveness, particularly in AI-driven financial services [9]

Core Insights - The report highlights a steady growth in the national electrification rate, projected to reach approximately 35% by 2030, with an annual increase of about 1 percentage point [6] - The construction of "vehicle-road-cloud integration" pilot cities is accelerating, with companies rapidly expanding their layouts, indicating potential investment opportunities in related stocks [7] - The semiconductor and AI sectors are experiencing significant advancements, with companies like Zhongtai Co. and Guokewi planning to enhance their product offerings in AI chips and battery technologies [8] Domestic Financial Market - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index rose by 1.80% to 13356.14, indicating a positive market sentiment [4] - The market saw a total trading volume of 2.33 trillion, a decrease of 167.6 billion from the previous trading day, suggesting a slight contraction in trading activity [9] Industry Developments - Six departments have prohibited the addition of new cement clinker and flat glass production capacity, requiring new projects to develop capacity replacement plans, which may impact related industries [6] - The "AI investment advisory brokerage" is nearing realization, with advancements in platforms like "Xiangcai + Dazhihui," indicating a shift towards AI-driven financial services [7] Company Focus - Zhongtai Co. is expected to achieve a net profit of 325 million to 355 million, representing a year-on-year growth of 71.36% to 87.19% by the third quarter of 2025 [8] - Guokewi plans to develop a full range of vehicle-mounted AI chips over the next three years, indicating a strong focus on innovation in the automotive sector [8] - The company Qiaocheng Ultrasonic has made progress in advanced semiconductor packaging, receiving formal orders for its products, which may enhance its market position [8]

Core Viewpoint - Xiangcai Co. is progressing with the absorption merger of Dazhihui through a share exchange, aiming to enhance its market position and operational capabilities in the competitive landscape of internet brokerage firms [1][2][3]. Group 1: Merger Details - The merger plan involves Xiangcai Co. issuing A-shares to all shareholders of Dazhihui, with a share exchange ratio of 1:1.27 [2]. - The transaction is subject to further board approvals and regulatory approvals, with due diligence and auditing nearly complete [1][2]. - Post-merger, Xiangcai Co.'s total share capital will increase to 5.153 billion shares, while the controlling shareholder's stake will decrease from 40.37% to 22.4% [3]. Group 2: Strategic Implications - The merger is seen as a strategic move to overcome operational challenges faced by both companies, leveraging their long-term cooperation [1][4]. - Xiangcai Co. aims to become the third internet brokerage in the A-share market, following the successful models of other firms like Dongfang Caifu and Zhihui [3]. - The merger is expected to enhance customer acquisition through Dazhihui's user base of approximately 10 million monthly active users, potentially improving Xiangcai Co.'s performance [4]. Group 3: Industry Context - The merger reflects a broader trend of consolidation among small and medium-sized brokerages, which are seeking to enhance their competitiveness through strategic mergers and technology integration [4][5]. - Xiangcai Co. is focusing on a light-asset strategy, emphasizing financial technology and wealth management to differentiate itself in a competitive market [5]. - The integration of Dazhihui's advanced technology and user ecosystem is anticipated to create a new model of "AI advisory brokerage," enhancing the overall service capabilities of Xiangcai Co. [5].

湘财股份吸收合并大智慧正在积极推进中。 与此同时，双方最新业绩均已浮出水面，大智慧2024年净利润由盈转亏，2025年一季度则扭亏为盈。而湘财股 份2024年实现营业总收入21.92亿元，同比下降5.56%；净利润1.09亿元，同比下降8.59%，不过，扣非后的净 利润2.27亿元，同比增长152.92%。 对于两者的吸收合并，业界仍然较为看好，认为这是一次中小券商突破同质化竞争、应对头部集中压力的主动 尝试，两者合并一体化效应下的"AI投顾券商"逐渐出现雏形。 积极推进交易，审计尽调尚未完成 今年3月28日，湘财股份和大智慧双双发布公告，正在筹划由湘财股份通过向大智慧全体A股换股股东发行A股 股票的方式，换股吸收合并大智慧并发行A股股票募集配套资金。双方确认并同意，大智慧与湘财股份的换股 比例为1:1.27，即每1股大智慧股票可以换得1.27股湘财股份新增发行的A股对价股票。 时间走过一个月，目前进展如何？4月28日，湘财股份和大智慧发布类似公告称，自本次交易预案披露以来， 湘财股份及有关各方正在积极推进本次交易相关工作。截至本公告披露日，本次交易相关的审计、尽职调查等 工作尚未完成，湘财股份将在本次交易涉 ...