香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） (1)復 牌 進 度 之 季 度 更 新； 及 (2)繼續暫停買賣 本公告乃百應控股集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交 所」）GEM證券上市規則（「GEM上市規則」）第17.10條及第17.26A條以及香港法 例 第571章證券及期貨條例第XIVA部 內 幕 消 息 條 文 作 出。 茲提述(i)本公司日期為2025年6月9日 的 公 告，內 容 有 關 聯 交 所GEM上市委員會 暫停股份買賣的決定（「停 牌」）；(ii)本公司日期為2025年6月18日 的 公 告，內 容 有 關聯交所發出的復牌指引（「復牌指引」）；及(iii)本公司日期為202 ...

Core Viewpoint - The company achieved a profit of 230 million yuan in 2025, benefiting from a favorable A-share market and proactive marketing strategies, with Mai Gao Securities contributing approximately 160 million yuan to this profit, indicating the gradual formation of a second growth curve [1] Financial Performance - In 2025, the company reported total operating revenue of 2.15 billion yuan, a year-on-year increase of 40%, with operating income of 1.54 billion yuan, interest income of 100 million yuan, and commission income of 510 million yuan, reflecting growth rates of 27%, 33%, and 110% respectively; net profit attributable to shareholders reached 230 million yuan, up 119% [2] - The fourth quarter saw total revenue of 740 million yuan and net profit of 110 million yuan, with quarter-on-quarter growth of 60% and 521% respectively [2] Business Segments - The financial information service segment generated revenue of 1.51 billion yuan in 2025, a year-on-year increase of 28%; sales expenses amounted to 1.11 billion yuan, up 38%, with advertising and online promotion costs reaching 650 million yuan, a 67% increase [2] - The company experienced significant growth in registered and paying users, with total cash inflow from sales at 1.81 billion yuan, a 17% increase year-on-year [2] Securities Business - Mai Gao Securities saw a substantial increase in profit, with total commission and net interest income reaching 610 million yuan, a year-on-year growth of 91%, and commission income from brokerage services growing at 110%, outperforming overall market trading volume [3] - By year-end, the company’s securities trading funds reached 10.12 billion yuan, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 12%, indicating a continuous growth in client deposits [3] Investment Income - The company reported consolidated investment income of 220 million yuan, a year-on-year increase of 49%, with adjusted investment income (excluding non-recurring impacts) at 160 million yuan, up 5%; the scale of trading financial assets reached 2.2 billion yuan, a 136% increase year-on-year [3] Future Outlook - Revenue projections for 2026 to 2028 are estimated at 2.66 billion yuan, 2.82 billion yuan, and 3.04 billion yuan, with year-on-year growth rates of 24%, 6%, and 8% respectively; net profit attributable to shareholders is forecasted at 390 million yuan, 380 million yuan, and 570 million yuan, with EPS of 0.63 yuan, 0.63 yuan, and 0.94 yuan per share [4] - The dynamic PE ratios for the same periods are projected at 193.4x, 195.1x, and 129.9x, indicating a positive long-term growth outlook for the company [4]

Core Viewpoint - The performance of the company meets expectations, with significant growth in its securities business reflecting synergistic effects [1] Group 1: Financial Performance - The company benefits from a favorable stock market, leading to steady growth in financial information service revenue [1] - Cash flow performance aligns with expectations, and the securities business continues to develop rapidly [1] - The market trading volume assumption has been revised down, with net profit forecasts for 2026 and 2027 adjusted to 360 million and 480 million respectively, reflecting year-on-year growth of 57% and 34% [1] Group 2: Future Projections - A new forecast for 2028 predicts a net profit of 580 million, representing a year-on-year increase of 21% [1] - The current stock price corresponds to price-to-earnings ratios of 210.8, 157.3, and 130.3 for the years 2025, 2026, and 2027 respectively [1] Group 3: Strategic Developments - The company is set to complete the acquisition and capital increase of Pioneer Fund, holding a 90% stake, which will enhance its wealth management ecosystem [1] - An annual dividend of 49 million is proposed, with a dividend payout ratio of 21% [1] Group 4: Business Synergies - The company's software and securities businesses benefit from the stock market rise, with high operational leverage resulting in significant net profit elasticity [1] - The company maintains a "buy" rating based on its performance and growth prospects [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported total revenue and net profit of 2.15 billion and 230 million respectively for 2025, representing a year-on-year increase of 40% and 119% [6] - The Q4 revenue and net profit were 740 million and 110 million respectively, showing a year-on-year decrease of 1% and 48%, but a quarter-on-quarter increase of 60% and a return to profitability [6] - The company benefits from a favorable stock market, leading to steady growth in financial information service revenue and strong cash flow performance [6] - The company has revised down its market trading volume assumptions and adjusted its net profit forecasts for 2026 and 2027 to 360 million and 480 million respectively, with a year-on-year growth of 57% and 34% [6] - The company completed the acquisition and capital increase of Pioneer Fund, holding a 90% stake, enhancing its wealth management ecosystem [6] Financial Performance Summary - In 2025, financial information service revenue was 1.51 billion, up 28% year-on-year, with sales cash inflow of 1.81 billion, up 17% year-on-year [7] - Sales expenses for 2025 were 1.11 billion, up 38% year-on-year, with advertising and online promotion expenses increasing by 67% [7] - The net income from the securities business was 610 million, up 91% year-on-year, with commission income and interest income increasing by 110% and 33% respectively [8] - The company's investment income was 220 million, up 49% year-on-year, with an investment yield of 10%, down from 21.5% in 2024 [8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 2.74 billion, 3.34 billion, and 3.86 billion respectively, with year-on-year growth rates of 27.7%, 21.8%, and 15.7% [10] - Net profit projections for the same years are 359 million, 481 million, and 580 million, with year-on-year growth rates of 57.4%, 34.0%, and 20.8% [10] - The company maintains a high gross margin, projected to be 92.2% in 2026 and 93.6% in 2028 [10]

计算机/软件开发 指南针（300803.SZ） 2026 年 02 月 01 日 投资评级：买入（维持） | 日期 | 2026/1/30 | | --- | --- | | 当前股价(元) | 124.00 | | 一年最高最低(元) | 179.01/50.40 | | 总市值(亿元) | 756.14 | | 流通市值(亿元) | 750.62 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 272.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 指南针 沪深300 相关研究报告 《销售费用环比增长，关注 Q4 高端品 销售情况—指南针 2025 三季报点评》 -2025.10.26 《新增客户数同比高增，下半年订单 弹性可期—指南针 2025 中报点评》 -2025.8.28 《扣非净利润符合预期，业绩和估值 高弹性特征突出—指南针 2025一季报 点评》-2025.4.27 业绩符合预期，证券业务高增体现协同效应 ——指南针 2025 年报点 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a total revenue of 2.146 billion yuan in 2025, representing a year-on-year growth of 40.39%, and a net profit attributable to shareholders of 228 million yuan, with a year-on-year increase of 118.74% [8] - The financial information service business showed steady growth, with revenue reaching 1.509 billion yuan, up 27.50% year-on-year, benefiting from a high market sentiment [8] - The report highlights the rapid development of the company's subsidiary, Maigao Securities, which generated revenue of 757 million yuan, a year-on-year increase of 56%, and a net profit of 165 million yuan, up 133% [8] - The company is expected to see continued revenue growth in the coming years, with projected revenues of 2.769 billion yuan in 2026, 3.277 billion yuan in 2027, and 3.736 billion yuan in 2028, with corresponding growth rates of 29.0%, 18.3%, and 14.0% respectively [8] Financial Forecasts - Revenue and profit forecasts for the company are as follows: - 2025: Revenue of 2.146 billion yuan, net profit of 228 million yuan - 2026: Revenue of 2.769 billion yuan, net profit of 326 million yuan - 2027: Revenue of 3.277 billion yuan, net profit of 373 million yuan - 2028: Revenue of 3.736 billion yuan, net profit of 429 million yuan [9] - The earnings per share (EPS) are projected to be 0.37 yuan in 2025, increasing to 0.53 yuan in 2026, 0.61 yuan in 2027, and 0.70 yuan in 2028 [9] Cost and Expense Analysis - The company has increased its advertising and online promotion expenses significantly, amounting to 653 million yuan in 2025, a year-on-year increase of 66.79% [8] - Sales, management, and R&D expenses for 2025 were 1.111 billion yuan, 650 million yuan, and 164 million yuan respectively, with year-on-year increases of 38.1%, 43.8%, and 1.2% [9]

Core Viewpoint - The merger between Xiangcai Securities and Dazhihui represents a significant move in the brokerage and fintech sectors, with Xiangcai showing strong financial performance while Dazhihui continues to struggle with losses, raising questions about the merger's potential success and synergies [1][3][10]. Financial Performance - Xiangcai Securities reported a net profit of 553 million yuan for 2025, a year-on-year increase of over 157%, with total revenue exceeding 1.9 billion yuan, marking a growth of 28.8% from the previous year [4][7]. - The brokerage's net income from brokerage services reached 742 million yuan, up 39% year-on-year, contributing nearly 40% to total revenue [7]. - Investment income also grew to 384 million yuan, reflecting a 19% increase, while investment banking revenue fell to 60 million yuan, a decline of nearly 30% [7][8]. Merger and Acquisition Dynamics - The merger aims to leverage Xiangcai's brokerage license and Dazhihui's fintech capabilities, with a strategic vision of creating a "brokerage + fintech" ecosystem [10][11]. - The merger process has faced challenges, including legal disputes regarding the merger's compliance with regulations, which temporarily affected stock prices [11][12]. - The restructuring plan has been submitted for review by the Shanghai Stock Exchange, with uncertainties surrounding its approval and implementation timeline [12][13]. Industry Context - The merger reflects broader trends in the brokerage industry, where smaller firms face increasing pressure from larger competitors, necessitating strategic partnerships and diversification [9][13]. - Xiangcai's performance highlights the importance of adapting to market conditions, particularly in brokerage services, while also addressing weaknesses in investment banking [8][9].

央视网消息：据国家网信办消息，为规范金融信息服务数据处理活动，提升金融信息服务的数据安全水平，依据《中华人民共和国网络安全法》、《中华人 民共和国数据安全法》、《中华人民共和国个人信息保护法》、《网络数据安全管理条例》、《金融信息服务管理规定》等法律法规规章和政策规定，国家 互联网信息办公室会同有关部门组织起草了《金融信息服务数据分类分级指南（征求意见稿）》，现向社会公开征求意见。公众可以通过以下途径和方式提 出反馈意见： （征求意见稿） 1 目的依据 为规范金融信息服务数据处理活动，提升金融信息服务数据安全水平，依据《中华人民共和国网络安全法》、《中华人民共和国数据安全法》、《中华人民 共和国个人信息保护法》、《网络数据安全管理条例》、《金融信息服务管理规定》等法律法规规章和政策规定，参照国家标准GB/T 43697—2024《数据 安全技术 数据分类分级规则》制定本文件。 2 适用范围 1.通过电子邮件方式发送至：shujuju@cac.gov.cn。 2.通过信函方式将意见寄至：北京市海淀区阜成路15号国家互联网信息办公室网络数据管理局，邮编100048，并在信封上注明"金融信息服务数据分类分级 指南征 ...

Macro Strategy - The economic growth target of 5% for the year was successfully achieved, with Q4 GDP growth at 4.5% and nominal GDP growth at 3.8%, indicating a narrowing decline in the GDP deflator index from -1.1% to -0.7% [1][15] - Economic growth was primarily driven by exports and services, with service sector GDP growth at 5.4% and industrial GDP growth at 4.5%. Exports increased by 6.1%, while fixed asset investment decreased by 3.8% [1][15] - Q4 price recovery was noted, but remained weak, with actual GDP growth at 4.5% and nominal GDP growth at 3.8% [1][15] Industry Insights - The aerospace sector is highlighted as a long-term strategic focus under the 15th Five-Year Plan, with continued attention on semiconductor equipment, particularly in advanced processes and domestic replacements [5] - The semiconductor equipment ETF is recommended as a key investment target due to policy and performance dimensions [5] - The commercial aerospace sector is expected to maintain its momentum, despite recent adjustments [21] Company Analysis - Zhongrong Electric (301031) is projected to exceed profit expectations for 2025, with net profits revised to 420 million, 600 million, and 800 million for 2025-2027, reflecting growth rates of 122%, 44%, and 34% respectively, maintaining a "buy" rating [11] - Junda Co., Ltd. (002865) is experiencing phase losses but is accelerating its layout for new growth points, with net profit forecasts adjusted to -1.27 billion, 470 million, and 1.04 billion for 2025-2027, maintaining a "buy" rating [12] - Tonghuashun (300033) has its profit forecast raised to 3 billion, 3.8 billion, and 4.8 billion for 2025-2027, with growth rates of 67%, 26%, and 26% respectively, maintaining a "buy" rating [13] - Putailai (603659) is expected to see net profits of 2.39 billion, 3.1 billion, and 4.02 billion for 2025-2027, with growth rates of 101%, 30%, and 30%, maintaining a "buy" rating [14]

Core Viewpoint - Tonghuashun (300033.SZ) forecasts a net profit for 2025 between 2.735 billion and 3.282 billion yuan, representing a growth of 50% to 80% compared to the previous year [2][4]. Financial Performance - The projected net profit attributable to shareholders is between 2.735 billion yuan and 3.282 billion yuan, with a year-on-year growth of 50% to 80% [2][3]. - The net profit after deducting non-recurring gains and losses is expected to be between 2.647 billion and 3.178 billion yuan, also reflecting a growth of 50% to 80% compared to the previous year [2][3]. Historical Context - In 2019 and 2020, Tonghuashun experienced net profit growth rates of 41.6% and 92.5%, respectively. The growth rates for 2021 to 2024 were 10.86%, -11.51%, -17.01%, and 30%, indicating that the 2025 growth rate will be the highest in the last five years [4]. Business Drivers - The company attributes its performance improvement to increased investments in artificial intelligence and the integration of product innovation with large model technology, enhancing core product competitiveness and user experience [4]. - The recovery of the domestic capital market has also played a significant role, with increased investor confidence and trading activity, leading to a heightened demand for financial information services [4]. - User engagement on the Tonghuashun website and app has risen, prompting the company to expand its customer base in lifestyle, consumption, and technology sectors, alongside increased demand from financial clients such as securities and funds, resulting in growth in advertising and internet promotion service revenues [4]. Shareholder Activity - The founder and controlling shareholder, Yi Zheng, announced a plan to reduce his stake by up to 684,000 shares (0.13% of total shares) but later decided to terminate this plan shortly after its announcement [5].