据证券之星公开数据整理，近期浙江东方(600120)发布2025年中报。截至本报告期末，公司营业总收入 38.71亿元，同比下降37.51%，归母净利润4.07亿元，同比上升175.71%。按单季度数据看，第二季度营 业总收入22.13亿元，同比下降35.29%，第二季度归母净利润2.46亿元，同比上升145.68%。本报告期浙 江东方三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达97.84%。 本次财报公布的各项数据指标表现一般。其中，毛利率3.39%，同比减13.68%，净利率13.35%，同比增 493.46%，销售费用、管理费用、财务费用总计4.43亿元，三费占营收比11.45%，同比增104.09%，每股 净资产4.66元，同比增7.46%，每股经营性现金流0.34元，同比增47.14%，每股收益0.12元，同比增 200.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 61.95 Z | 38.71亿 | -37.51% | | 归母净利润(元) | 1.48 Z | 4. ...

Core Viewpoint - The Shanghai Stock Exchange has raised five key questions regarding the 2024 annual report of Founder Securities, focusing on financial asset investments, pledged stock business, and impairment losses, which have drawn significant market attention [1][2]. Financial Asset Investment Losses - Founder Securities reported a significant loss in financial asset investments, with a total revenue of 7.718 billion yuan, up 8.42% year-on-year, and a net profit of 2.207 billion yuan, up 2.55% year-on-year for 2024 [2]. - The company's total assets reached 255.628 billion yuan, and net assets were 48.978 billion yuan by the end of 2024 [2]. - The book value of various financial investments was 113.664 billion yuan, a 14.54% increase year-on-year, but net investment income and fair value changes totaled only 1.349 billion yuan, a 13.91% decrease [2]. - Losses included 649 million yuan from trading financial assets and 1.475 billion yuan from derivative financial instruments [2]. Impairment of Core Collateral Assets - The value of collateral assets has significantly decreased, with investment properties valued at 1.188 billion yuan at the end of 2024, down from 1.763 billion yuan at the end of 2023, resulting in a fair value change loss of 590 million yuan [4]. - Major losses were attributed to the Zhengzhou Yuda International Trade Building and Beijing Jinqianguang Cinema, with losses of 493 million yuan and 87 million yuan, respectively [4][5]. Stock Pledge Business and Impairment Provisions - All stock pledge businesses were overdue, with a total balance of 886 million yuan for buy-back financial assets, and impairment provisions increased to 659 million yuan in 2024 [6]. - The company has ceased new stock pledge repurchase business, with existing projects being managed for risk [6]. Fund Lending and Impairment Discrepancies - By the end of 2024, the balance of funds lent was 42.021 billion yuan, a 28.14% increase year-on-year, with impairment provisions rising by 43.52% to 451 million yuan [7]. - Domestic impairment provisions increased significantly due to market volatility, while overseas provisions were high due to a single counterparty default [7]. Goodwill Impairment Provisions - The company reported goodwill of 4.523 billion yuan with provisions of 183 million yuan, primarily related to the acquisition of subsidiaries [8]. - Despite poor performance from one subsidiary, the company did not recognize additional goodwill impairment, citing non-recurring losses and stable operations from another subsidiary [8].