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。 重要内容提示： 截至 2024 年 11 月 18 日，湘财股份有限公司（以下简称"公司"）控股 股东新湖控股有限公司（以下简称"新湖控股"）持有公司股份 689,855,361 股，占公司总股本的 24.13%，本次质押后新湖控股累计质押股份数量为 689,791,893 股，占其持股数量的 99.99%，占公司总股本的 24.13%。 截至 2024 年 11 月 18 日，新湖控股及其一致行动人合计持有公司股份 1,162,362,767 股，占公司总股本的 40.65%。本次质押后新湖控股及其一致行动 人累计质押公司股份数量为 1,130,251,893 股，占其持股数量的 97.24%，占公 司总股本的 39.53%。 公司于近日接到新湖控股通知，获悉其所持有本公司的股份办理了质押业务， 具体事项如下： 证券代码：600095 证券简称：湘财股份 公告编号：临 2024-076 湘财股份有限公司 关于控股股东股份质押的公告 | 股东 | 是否为控 | 本次质押股 | 是 ...

关于控股股东股份解除质押的公告 证券代码：600095 证券简称：湘财股份 公告编号：临 2024-075 湘财股份有限公司 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。 重要内容提示： 截至 2024 年 11 月 15 日，湘财股份有限公司（以下简称"公司"）控股 股东新湖控股有限公司（以下简称"新湖控股"）持有公司股份 689,855,361 股， 占公司总股本的 24.13%，本次解除质押后新湖控股累计质押股份数量为 627,591,893 股，占其持股数量的 90.97%，占公司总股本的 21.95%。 截至 2024 年 11 月 15 日，新湖控股及其一致行动人合计持有公司股份 1,162,662,767 股，占公司总股本的 40.66%。本次解除质押后新湖控股及其一致 行动人累计质押公司股份数量为 1,068,051,893 股，占其持股数量的 91.86%， 占公司总股本的 37.36%。 公司于近日接到新湖控股通知，获悉其所持有本公司的股份办理了解除质押 业务，具体事项如下： | | 本次解质股 | 占其 ...

截至 2024 年 11 月 13 日，湘财股份有限公司（以下简称"公司"）控股 股东的一致行动人衢州信安发展股份有限公司（以下简称"衢州发展"）持有公 司股份 472,807,406 股，占公司总股本的 16.54%，本次解除质押后衢州发展累 计质押股份数量为 440,460,000 股，占其持股数量的 93.16%，占公司总股本的 15.41%。 截至 2024 年 11 月 13 日，衢州发展及其一致行动人合计持有公司股份 1,162,662,767 股，占公司总股本的 40.66%。本次解除质押后衢州发展及其一致 行动人累计质押公司股份数量为 1,130,251,893 股，占其持股数量的 97.21%， 占公司总股本的 39.53%。 公司于近日接到衢州发展通知，获悉其所持有本公司的股份办理了解除质押 业务，具体事项如下： 注：因四舍五入原因导致数据在尾数上略有差异。 证券代码：600095 证券简称：湘财股份 公告编号：临 2024-074 湘财股份有限公司 关于控股股东之一致行动人股份解除质押的公告 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 ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2024-073 湘财股份有限公司 关于控股股东之一致行动人股份解除质押的公告 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。 重要内容提示： 截至 2024 年 11 月 5 日，湘财股份有限公司（以下简称"公司"）控股 股东的一致行动人衢州信安发展股份有限公司（以下简称"衢州发展"）持有公 司股份 474,263,406 股，占公司总股本的 16.59%，本次解除质押后衢州发展累 计质押股份数量为 458,460,000 股，占其持股数量的 96.67%，占公司总股本的 16.03%。 截至 2024 年 11 月 5 日，衢州发展及其一致行动人合计持有公司股份 1,164,118,767 股，占公司总股本的 40.72%。本次解除质押后衢州发展及其一致 行动人累计质押公司股份数量为 1,148,251,893 股，占其持股数量的 98.64%， 占公司总股本的 40.16%。 注：因四舍五入原因导致数据在尾数上略有差异。 1 股东名称 本次解质股 份（股） 占其所 ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2024-072 湘财股份有限公司 关于股东减持股份暨权益变动超过 1%的提示性公告 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。 重要内容提示： | 信息披露义务 | 名称 | 衢州信安发展股份有限公司 | | | | --- | --- | --- | --- | --- | | 人基本信息 | 住所 | 浙江省衢州市世纪大道 677 | 号 601 室 | | | 权益变动明细 | 权益变动方式 集中竞价 | 变动期间 2024 年 9 月 25 日 | 减持股份数 （股） | 变动比 例 | | | | | 28,300,000 | 0.99% | | | | 2024 年 10 月 31 日 | | | | | 大宗交易 | 2024 年 11 月 4 日 | 5,929,000 | 0.21% | | 合计 | —— | —— | 34,229,000 | 1.20% | 1 注：公司于 2024 年 8 月 30 日披露了《湘财股份有限公司股东减持股份计 ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2024-071 一、 回购股份的基本情况 湘财股份有限公司（简称"公司"）于 2024 年 4 月 14 日召开第十届董事会第 三次会议，审议通过《关于以集中竞价交易方式回购股份方案的议案》，同意公司 以自有资金通过集中竞价交易方式回购公司股份，用于员工持股计划或股权激励， 拟回购价格不超过人民币10.04元/股(含)，本次回购资金总额不低于人民币8,000 万元且不超过 16,000 万元（均含本数），具体回购资金总额以实际使用的资金总 额为准。2024 年 4 月 16 日，公司披露回购报告书。具体详见公司披露的《湘财股 份关于以集中竞价交易方式回购股份的方案》（公告编号：临 2024-021）、《湘财 股份关于以集中竞价交易方式回购股份的回购报告书》（公告编号：临 2024-022）。 因公司实施 2023 年度权益分派事宜，根据《回购报告书》的约定相应调整本 次回购的价格区间。本次集中竞价方式回购股份的价格上限，自 2024 年 5 月 27 日（权益分派除权除息日）起，由不超过人民币 10.04 元/股（含）调整为不超过 人民币 10.01 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant improvement in profitability in Q3 2024, with a notable increase in net profit by 437.65% year-on-year to 72.28 million yuan, despite a revenue decline of 19.53% to 456 million yuan in the same quarter [1] - The introduction of state-owned capital from Zhejiang is expected to enhance the company's ability to provide financial services to the real economy, improving governance capabilities [3] - The company's net profit forecasts for 2024-2026 have been raised to 213 million, 293 million, and 370 million yuan respectively, reflecting expected growth rates of 78%, 38%, and 26% [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company's total revenue increased by 16.52% year-on-year to 1.549 billion yuan, while net profit decreased by 2.93% to 146 million yuan [1] - The Q3 2024 total revenue was 456 million yuan, down 19.53% year-on-year, with a net profit of 72.28 million yuan [1] Business Segments - The light asset business faced pressure with a 26% decline in net commission income to 410 million yuan, while the heavy asset business remained relatively stable with a 5% decrease in net interest income to 344 million yuan and a 65% increase in self-operated business income to 387 million yuan [2] - The industrial segment saw a revenue decline of 19% to 411 million yuan as the company continued to optimize its business structure and dispose of inefficient assets [2] Strategic Developments - The introduction of Zhejiang state-owned shareholders is expected to enhance the company's governance and operational capabilities, providing a competitive edge in the market [3] - The company is focusing on wealth management and financial technology as key growth areas following the strategic partnership with Zhejiang state-owned enterprises [3]

Investment Rating - The report maintains a "Recommend" rating for Xiangcai Co Ltd (600095) with a target price of 9.37 RMB, compared to the current price of 7.57 RMB [1] Core Views - Xiangcai Co Ltd's Q3 2024 performance met expectations, with a significant recovery in profits driven by its proprietary trading business [1] - The company's total revenue for the first three quarters of 2024 reached 1.55 billion RMB, a 16.5% YoY increase, while net profit attributable to shareholders was 150 million RMB, a slight 2.9% YoY decrease [1] - Q3 2024 revenue was 460 million RMB, a 19.5% YoY decrease, but net profit surged to 70 million RMB, a 437.6% YoY increase [1] Securities Business Analysis - Light capital business faced pressure, with Q1-Q3 fee and commission income at 410 million RMB, a 25.9% YoY decrease [2] - Proprietary trading business showed strong growth, with Q1-Q3 income of 397 million RMB, a 59.7% YoY increase, and Q3 income of 170 million RMB, a 291.5% YoY increase [2] - The average proprietary trading yield reached 2.21% in Q3, a significant improvement from previous quarters [2] - Asset management business grew, with Xiangcai Fund's non-monetary fund AUM reaching 6.315 billion RMB, a 40.7% YoY increase [2] Industrial Business Analysis - The industrial segment implemented cost reduction and efficiency improvement measures, with Q1-Q3 revenue of 411 million RMB, a 19.1% YoY decrease [2] - Most industrial revenue came from low-margin trade business, having minimal impact on overall net profit [2] Financial Projections - The report slightly raised earnings forecasts, expecting EPS of 0.07/0.08/0.09 RMB for 2024/2025/2026 [2] - Projected PB ratios are 1.80/1.78/1.75 for 2024/2025/2026, with weighted average ROE of 1.55%/1.82%/2.03% [2] - Total revenue is projected to be 2.321/2.195/2.332/2.452 billion RMB for 2023/2024/2025/2026 [3] - Net profit attributable to shareholders is forecasted at 119/186/221/252 million RMB for 2023/2024/2025/2026 [3] Valuation and Investment Thesis - The report values Xiangcai Co Ltd at 2.2x PB for 2025 earnings, supporting the 9.37 RMB target price [2] - The company's "Internet + Securities" model and potential access to quality business resources through state-owned shareholders are seen as key advantages [2]

Financial Performance - Total operating revenue for Q3 2024 was CNY 455,778,556.24, a decrease of 19.53% year-on-year[2] - Net profit attributable to shareholders was CNY 72,276,797.85, an increase of 437.65% compared to the same period last year[2] - Basic earnings per share for Q3 2024 was CNY 0.0253, up 438.30% year-on-year[4] - Total revenue for the first three quarters of 2024 was CNY 1,549,176,872.89, a decrease of 16.4% compared to CNY 1,855,653,366.42 in the same period of 2023[21] - Operating income for the first three quarters of 2024 was CNY 410,566,913.67, down 19.2% from CNY 507,695,063.43 in 2023[21] - The company reported a net profit of CNY 690,023,920.92 for the first three quarters of 2024, compared to CNY 647,651,037.69 in the same period of 2023[20] - The company reported a total comprehensive income of $117.69 million, down from $198.51 million in the previous period[24] - Basic and diluted earnings per share for the current period are both $0.0510, slightly down from $0.0525 in the previous period[24] - Net profit for the current period is $142.36 million, compared to $146.81 million in the previous period, reflecting a decrease of approximately 3.06%[22] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 40,585,188,520.11, an increase of 22.83% from the end of the previous year[4] - Total assets as of the end of Q3 2024 were CNY 40,585,188,520.11, an increase from CNY 33,041,353,328.97 at the end of Q3 2023[20] - Total liabilities reached CNY 28,718,470,901.40, up from CNY 21,141,767,734.52 in the previous year[20] - Shareholders' equity totaled CNY 11,866,717,618.71, a slight decrease from CNY 11,899,585,594.45 in 2023[20] Cash Flow - Cash flow from operating activities for the year-to-date reached CNY 6,647,889,531.78, showing significant growth compared to the previous year[4] - The company's operating cash inflow for the first three quarters of 2024 is $12.61 billion, significantly higher than $4.77 billion in the same period last year[25] - The net cash flow from operating activities is $6.65 billion, a turnaround from a negative cash flow of $882.46 million in the previous year[25] - The cash flow from investment activities resulted in a net outflow of $33.86 million, contrasting with a net inflow of $114.99 million in the previous year[25] - Cash inflow from financing activities totaled approximately ¥2.05 billion, a decrease from ¥2.38 billion in the previous period[26] - The company reported a net increase in cash and cash equivalents of approximately ¥4.53 billion, contrasting with a decrease of -¥1.62 billion in the previous year[26] Shareholder Information - The total number of common shareholders at the end of the reporting period was 100,313[7] - The top ten shareholders held a total of 488,492,406 shares, with the largest shareholder being Quzhou Xin'an Development Co., Ltd.[9] - The company has initiated a share repurchase plan, with a total repurchase amount of no less than RMB 80 million and no more than RMB 160 million, with a maximum repurchase price of RMB 10.04 per share[14] - As of September 30, 2024, the company has repurchased a total of 6.9437 million shares, accounting for 0.24% of the total share capital, with a total payment of RMB 44.29 million[15] Operational Efficiency - The company implemented cost reduction and efficiency enhancement measures, resulting in improved asset management[6] - Management expenses were CNY 823,910,187.91, a decrease of 10.0% compared to CNY 915,681,961.91 in the same period last year[21] - Research and development expenses increased slightly to CNY 364,825.42, compared to CNY 326,225.01 in 2023[21] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 0.6076%, an increase of 0.4909 percentage points[4] - Non-recurring gains and losses for the current period amounted to CNY 4,431,486.92[6] - The company experienced a foreign exchange loss of $336,672.31, compared to a gain of $1.06 million in the previous period[22] - The company did not apply new accounting standards for the current reporting period[27]

证券代码：600095 证券简称：湘财股份 公告编号：临 2024-070 截至本公告披露日，衢州发展及其一致行动人合计持有公司股份 1,178,347,767 股，占公司总股本的 41.21%。本次解除质押后衢州发展及其一致 行动人累计质押公司股份数量为 1,163,251,893 股，占其持股数量的 98.72%， 占公司总股本的 40.68%。 公司于近日接到衢州发展通知，获悉其所持有本公司的股份办理了解除质押 业务，具体事项如下： | | 本次解质股 | 占其所 持股份 | 占公司 总股本 | | | 持股比 | 剩余被质押股 | 剩余被质押 股份数量占 | 剩余被质 押股份数 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | | | 解质时间 | 持股数量（股） | | | | 量占公司 | | | 份（股） | 比例 | 比例 | | | 例（%） | 份数量（股） | 其所持股份 | | | | | （%） | （%） | | | | | 比例(%) | 总股本比 | | | | | | | | ...