证券代码：600095 证券简称：湘财股份 公告编号：临 2025-022 湘财股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/4/15 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元~16,000 万元 8,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 694.37 | | 累计已回购股数占总股本比 | 0.24% | | 例 | | | 累计已回购金额 | 4,429.00 万元 | | 实际回购价格区间 | 元/股~6.70 元/股 5.97 | 注：因股份回购期间公司存在停牌情形，回购方案实施期限顺延至 2025 年 4 月 25 日。 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 ...

Group 1 - The company has approved a share repurchase plan using its own funds, with a total repurchase amount between RMB 80 million and 160 million, and a maximum price of RMB 10.04 per share, which will be adjusted to RMB 10.01 after the equity distribution [2] - As of February 28, 2025, the company has repurchased 6.9437 million shares, accounting for 0.24% of the total share capital, with a total expenditure of RMB 44.29 million [3] - The company has decided to adjust the funding source for the share repurchase from "own funds" to "own funds and special repurchase loans" to improve capital efficiency [4] Group 2 - The company has received a loan commitment letter from Industrial Bank Co., Ltd. Hangzhou Branch, with a loan limit of up to RMB 40 million, specifically for the purpose of repurchasing its shares [5][6] - The loan has a term of three years, and the specific terms will be finalized in a loan contract [7][8] - The share repurchase plan is not expected to have a significant impact on the company's operating performance for the year [9]

证券代码：600095 证券简称：湘财股份 公告编号：临2025-021 湘财股份有限公司 关于调整回购股份资金来源 暨收到回购专项贷款承诺函的公告 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。 截至 2025 年 2 月 28 日，公司通过集中竞价交易方式已累计回购股份 694.37 万股，已回购股份占公司总股本的比例为 0.24%，回购成交的最高价为 6.70 元/ 股，最低价为 5.97 元/股，已支付的资金总额为 4,429.00 万元（不含交易费用）。 本次回购符合相关法律法规的有关规定和公司回购股份方案的要求。 三、本次调整回购股份资金来源的具体内容 为提高资金使用效率，充分利用国家对上市公司回购股票的支持政策，根据 《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）相关授权，公司管理层决定将本次回购股份方案中的资金来源由"自 有资金"调整为"自有资金和回购专项贷款"，除上述调整外，回购股份方案的 其他内容保持不变。 四、取得金融机构《贷款承诺函》的情况 公司于近日收到兴业银 ...

Group 1 - The core point of the news is the merger between Xiangcai Co. and Dazhihui, where Xiangcai will absorb Dazhihui through a share swap, leading to Dazhihui's delisting and dissolution [1][2] - Xiangcai Co. will issue 22.94 billion shares at a swap ratio of 1:1.27, increasing its total share capital to 51.53 billion shares [1] - Post-merger, Xiangcai's controlling shareholder New Lake Holdings' stake will dilute from 40.37% to 22.4%, while Dazhihui's controlling shareholder will hold 17.28% of Xiangcai [1][2] Group 2 - Xiangcai Co. is primarily engaged in the securities service industry, while Dazhihui is a leading financial information service provider with over 10 million monthly active users [2] - For the first three quarters of 2024, Xiangcai reported a revenue of 1.549 billion, down 16.52% year-on-year, and a net profit of 146 million, down 2.93% [2] - Dazhihui's revenue for the same period was 518 million, down 5.42% year-on-year, with a net loss of 201 million, indicating a shift from profit to loss [2]

Group 1 - A-share market experienced significant volatility on March 31, 2025, influenced by a sharp decline in Japanese and South Korean stock markets, with the Shanghai Composite Index dropping nearly 1% and the Shenzhen Component Index falling over 1.5% [1] - Over 4,700 stocks in the A-share market declined, indicating widespread market weakness [1] - Xiangcai Co. and Dazhihui both resumed trading on March 31 and hit the daily limit up, following their announcement of a share swap merger, with a swap ratio of 1:1.27 [1] Group 2 - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index both fell over 1%, while Deyang Shipping saw a significant increase of over 18% after reporting a revenue increase of approximately 53.3% for the fiscal year ending December 31, 2024 [2] - The revenue from container shipping services for Deyang Shipping rose by about 58.5%, reflecting strong performance in that segment [2] Group 3 - In terms of industry performance, sectors such as general machinery, internet, software services, and aviation saw declines exceeding 2%, while telecommunications, electricity, oil, and banking sectors showed strength [3] - The manufacturing Purchasing Managers' Index (PMI) for March was reported at 50.5%, indicating a slight increase of 0.3 percentage points from the previous month, suggesting a recovery in manufacturing sentiment [3] - The non-manufacturing business activity index rose to 50.8%, reflecting an acceleration in non-manufacturing expansion [3]

Core Viewpoint - The merger between Xiangcai Co., Ltd. and DaZhiHui Co., Ltd. is a significant event in the Chinese financial market, with both companies experiencing stock price surges following the announcement of the merger plan [1][2]. Group 1: Merger Details - Xiangcai Co., Ltd. will absorb DaZhiHui through a share swap, with Xiangcai issuing A-shares to DaZhiHui shareholders as compensation [1][2]. - The share swap ratio is set at 1:1.27, meaning each share of DaZhiHui can be exchanged for 1.27 shares of Xiangcai [2]. - Following the merger, DaZhiHui will be delisted and cease to exist as a legal entity, with Xiangcai inheriting all assets, liabilities, and rights of DaZhiHui [1][3]. Group 2: Financial Aspects - The average trading price for Xiangcai shares over the 120 trading days prior to the pricing benchmark is 7.51 yuan per share, while DaZhiHui's is 9.53 yuan per share [2]. - The total amount of funds to be raised through the issuance of shares to specific investors is expected to be no more than 8 billion yuan, which will be used for business development and other related expenses [7][8]. Group 3: Shareholder Rights and Commitments - Both companies' major shareholders have committed to lock-up periods, with Xiangcai's lock-up lasting 18 months and DaZhiHui's lasting 12 months [5][6]. - Shareholders of both companies will have rights to request buyouts or cash options based on the average trading prices prior to the merger [5][6]. Group 4: Regulatory and Approval Process - The merger is classified as a major asset restructuring for both Xiangcai and DaZhiHui, requiring approval from their respective boards and shareholders, as well as regulatory bodies [9][10][11]. - The completion of the merger is contingent upon obtaining necessary approvals and registrations from the Shanghai Stock Exchange and the China Securities Regulatory Commission [11].

Core Viewpoint - Xiangcai Co., Ltd. plans to absorb and merge with Shanghai Dazhihui Co., Ltd. through a share swap, marking a significant step towards expanding into the financial technology sector [1][2][3] Group 1: Merger Details - The merger will involve a share swap ratio of 1:1.27, meaning each share of Dazhihui can be exchanged for 1.27 newly issued shares of Xiangcai [2] - Following the merger, Dazhihui will be delisted and Xiangcai will inherit all of Dazhihui's assets, liabilities, and personnel [2] Group 2: Shareholding Structure - Post-merger, Xiangcai's controlling shareholder New Lake Holdings' stake will decrease from 40.37% to 22.4%, while Dazhihui's major shareholder Zhang Changhong will hold 17.28% of Xiangcai's shares [3] - Zhang Changhong and his associates have committed not to seek control over Xiangcai [3] Group 3: Strategic Implications - The merger aligns with the current trend of accelerated consolidation in the securities industry, driven by policy encouragement [4] - This move is expected to create a unique "internet brokerage" platform by combining Xiangcai's traditional brokerage strengths with Dazhihui's financial data and user resources [5] Group 4: Market Position - If successful, Xiangcai will become the third internet brokerage in the A-share market, following Dongfang Caifu and Beijing Guiding Compass [4] - The merger is seen as a response to regulatory encouragement for market-driven mergers and acquisitions, enhancing the competitive landscape [4][5]

Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. [1] Core Views - The merger with Dazhihui is expected to enhance Xiangcai's competitiveness in the wealth management sector, leveraging Dazhihui's large online traffic and technological advantages [3] - The merger aims to improve user acquisition and transaction conversion rates, similar to successful mergers in the industry [3] - Xiangcai Securities has a solid brokerage business, with 67 operational outlets and a competitive revenue ranking, which the merger will further strengthen [3] Financial Forecast and Valuation - The report forecasts Xiangcai's net profit attributable to shareholders for 2024-2026 to be 213 million, 293 million, and 370 million yuan respectively, with year-on-year growth rates of 78%, 38%, and 26% [9] - The current market capitalization corresponds to a P/E ratio of 92, 67, and 53 for the years 2024-2026 [9] - The total revenue for 2022 was 3,516 million yuan, with a projected decline to 2,321 million yuan in 2023, followed by a slight recovery in subsequent years [10]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The merger with Dazhihui is expected to enhance Xiangcai Co.'s competitiveness in the wealth management sector, leveraging Dazhihui's extensive online traffic and technological advantages [3]. - The company aims to improve user acquisition and transaction conversion rates through this merger, similar to successful integrations seen in the industry [3]. - Xiangcai Securities has a solid competitive position in brokerage services, with a notable number of operational outlets and revenue rankings [3]. - The company has a history of collaboration with internet firms, which has laid a strong foundation for its transformation and growth in financial technology [3]. - The core business areas include brokerage and margin financing, with a focus on enhancing investment consulting services [3]. Financial Summary - The total revenue for 2022 was 3,516 million yuan, with a projected decline to 2,321 million yuan in 2023, followed by a slight recovery in subsequent years [1][10]. - The net profit attributable to shareholders is expected to improve significantly from a loss of 326 million yuan in 2022 to a profit of 119 million yuan in 2023, and further to 213 million yuan in 2024 [1][10]. - Earnings per share (EPS) is projected to rise from -0.11 yuan in 2022 to 0.04 yuan in 2023, reaching 0.07 yuan in 2024 [1][10]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 164.96 in 2023 to 92.43 in 2024, and further to 67.19 in 2025 [1][10].

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui represents a significant case of cross-industry integration in finance and technology, with potential impacts on stock prices analyzed from short-term, mid-term, and long-term perspectives [2]. Short-term Analysis - The initial trading post-resumption may attract capital, with a potential valuation recovery as the brokerage sector is currently at historical low valuations (average PB around 1.2 times) [2]. - Historical examples suggest that similar mergers can lead to significant short-term stock price increases, with a potential valuation center of 50-60 billion yuan for the merged entity, translating to a stock price of approximately 16.7-20 yuan for Xiangcai Co., indicating a potential doubling from the pre-suspension price of 6.89 yuan [2]. Share Exchange Ratio and Arbitrage Potential - Dazhihui shareholders will exchange shares at a ratio of 1:1.27, allowing for arbitrage if Xiangcai Co.'s stock price rises post-resumption [3]. - The exchange ratio is based on 2023 financial data, and any decline in Xiangcai Co.'s performance in 2024 could affect the actual exchange value [3]. Financing and Dilution Effects - Xiangcai Co. plans to raise 8 billion yuan through financing, which could lead to an approximate 50% increase in share capital, diluting earnings per share [4]. - However, the market may interpret this financing as a sign of confidence in the merged entity's future business prospects [4]. Mid-term Analysis - The potential for business synergy is significant, with Dazhihui's 10 million monthly active users potentially converting to Xiangcai's brokerage clients, which could yield an additional 1 trillion yuan in client assets [5]. - Dazhihui's financial data services could enhance Xiangcai's research efficiency and reduce operational costs, similar to the success seen with Dongfang Caifu [5][6]. - Cost savings from reduced IT and management expenses are estimated to be around 10%-15% of total costs [6]. Integration Risks and Challenges - Cultural conflicts may arise due to differing operational styles, with Xiangcai's traditional finance approach contrasting with Dazhihui's internet agility [7]. - Compliance risks are present, particularly regarding data protection laws, which could lead to regulatory penalties if mishandled [7]. - Xiangcai may face pressure to meet performance commitments related to Dazhihui, with goodwill reaching 1.21 billion yuan as of June 2024 [7]. Long-term Analysis - The merger aims to create a benchmark for specialized brokerages, potentially prompting further integrations in the "brokerage + fintech" model [8]. - Regulatory support for mergers in the brokerage sector and the emphasis on fintech as a key growth area could provide additional advantages post-merger [9]. - Valuation ceilings are influenced by growth expectations, with a potential PE ratio of 30 if annual net profit growth reaches 20%, while failure to integrate could revert valuations to the industry average PE of around 15 [10].