智通财经4月30日电，利弗莫尔证券显示，活力集团控股有限公司向港交所提交上市申请书，联席保荐 人为招商证券国际、民银资本。 ...

Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%) [1] - The basic earnings per share reached 1.13 yuan (+20.21%), with a return on equity (ROE) of 8.82%, an increase of 0.91 percentage points year-on-year [1] Wealth Management Transformation - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and income from agency securities trading of 6.779 billion yuan (+18.29%) [2] - The total transaction volume for stock-based transactions was 26.71 trillion yuan (+6.08%), with a market share of 4.51% [2] - The number of wealth management clients reached 627,500 (+16.66%), including 34,700 high-net-worth clients (+9.46%) [2] Investment Banking Performance - The investment banking segment saw a significant decline, with net income of 856 million yuan (-34.25%) and equity underwriting volume of 9.126 billion yuan (-54.84%) [3] - Bond underwriting performed well, with a total underwriting volume of 426.524 billion yuan (+30.91%), including financial bonds at 166.136 billion yuan (+36.14%) [3] - Asset-backed securities underwriting volume increased to 144.9 billion yuan (+57.84%) [3] Asset Management - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale decreased to 267.392 billion yuan (-9.31%) [4] - The scale of collective asset management increased to 126.562 billion yuan (+9.87%), while single and special asset management continued to decline [4] Credit Business - The credit business reported income of 1.134 billion yuan (-21.90%), with a financing margin balance of 90.879 billion yuan (+9.81%) [5] - The balance of stock pledge repurchase business decreased to 18.489 billion yuan (-18.82%) [5] Proprietary Trading and Derivatives - The proprietary trading segment showed strong performance with income of 9.527 billion yuan (+41.56%) [6] - The scale of financial assets reached 378.822 billion yuan (+1.13%), with a focus on bond investments [6] Investment Outlook - The company is expected to enhance overall performance due to strong capabilities in proprietary and wealth management businesses, alongside a moderate upward trend in the secondary market [7] - Earnings per share forecasts for 2025-2027 are 1.32 yuan, 1.36 yuan, and 1.45 yuan, respectively [7]

Core Viewpoint - The announcement emphasizes the commitment of the board and management of the company to ensure the accuracy and completeness of the quarterly report, affirming that there are no false statements or significant omissions [2][8]. Financial Data - The first quarter financial statements are not audited, and the company continues to meet the capital and risk control indicators as required by the China Securities Regulatory Commission [3][7]. - The company will implement new accounting standards starting from January 1, 2025, which may affect the financial statements [7]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific data is not provided in the text [6]. Board Meeting - The eighth board meeting of the company was held on April 28, 2025, with all 15 directors present, confirming compliance with legal and regulatory requirements [8][9]. - The board unanimously approved the first quarter report and the evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan for 2024 [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, with target prices set at HKD 15.22 and RMB 21.99 [8][9]. Core Insights - The company reported a revenue of RMB 4.713 billion for Q1 2025, representing a year-on-year increase of 9.64%, and a net profit attributable to shareholders of RMB 2.308 billion, up 6.97% year-on-year. The investment performance has declined amid market volatility, but other business segments have shown good growth, particularly in brokerage services [1][2]. - The average daily trading volume for the entire market reached RMB 1.75 trillion in Q1 2025, a significant year-on-year increase of 71%. The company has enhanced its wealth advisory team's professional service capabilities and increased support for ETF products, leading to a brokerage net income of RMB 1.966 billion, up 49% year-on-year [2][3]. - The asset management segment remains strong, with net income of RMB 222 million in Q1 2025, a 43% increase year-on-year. The investment banking and interest income have also shown significant recovery, with net income from investment banking reaching RMB 187 million, up 112% year-on-year [3][4]. Summary by Sections Financial Performance - The company achieved investment income of RMB 1.512 billion in Q1 2025, a decline of 26% year-on-year, primarily due to bond market fluctuations. The financial investment scale at the end of the quarter was RMB 362.7 billion, a slight decrease of 3% from the beginning of the year [4][5]. - The earnings per share (EPS) for 2025 is projected at RMB 1.24, with a book value per share (BPS) of RMB 15.71. The estimated price-to-book (PB) ratios for comparable companies are 1.28 for A-shares and 0.68 for H-shares [5][7]. Valuation Analysis - The report adjusts the investment income assumptions downward due to ongoing bond market volatility, with EPS estimates for 2025-2027 revised to RMB 1.24, RMB 1.37, and RMB 1.56, reflecting decreases of 8%, 9%, and 10% respectively. The target PB is set at 1.4 for A-shares and 0.9 for H-shares, with a target price of RMB 21.99 and HKD 15.22 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue surged by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by increased market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a significant drop in equity underwriting [7] - Asset management revenue increased by 42.9% year-on-year, indicating strong growth in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report forecasts net profits for 2025-2027 to be 12.3 billion, 13.1 billion, and 14.0 billion yuan respectively, with year-on-year growth rates of 18%, 7%, and 7% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 19.82 billion, 20.89 billion, 23.38 billion, 24.51 billion, and 25.77 billion yuan respectively, with corresponding year-on-year growth rates of 3.13%, 5.40%, 11.92%, 4.82%, and 5.15% [1] - The projected diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 0.94, 1.13, 1.41, 1.50, and 1.61 yuan per share [1] - The P/E ratios for the same years are projected to be 19.33, 16.08, 12.88, 12.08, and 11.30 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue significantly increased by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by a rise in market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a 57.5% decrease in equity underwriting scale [7] - Asset management revenue rose by 42.9% year-on-year, indicating a strong performance in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report maintains previous profit forecasts, expecting net profits of 12.3 billion, 13.1 billion, and 14.0 billion yuan for 2025-2027, representing year-on-year growth of 18%, 7%, and 7% respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 19.82 billion yuan, with a year-on-year growth of 3.13% [1] - Net profit attributable to shareholders for 2023 is expected to be 8.76 billion yuan, reflecting an 8.57% year-on-year increase [1] - The latest diluted EPS is projected at 0.94 yuan for 2023, with a P/E ratio of 19.33 [1] Business Segments - Brokerage business revenue is projected to reach 6.18 billion yuan in 2024, increasing to 7.23 billion yuan in 2025 [17] - Investment banking revenue is expected to be 0.86 billion yuan in 2024, slightly decreasing in subsequent years [17] - Asset management revenue is forecasted to grow from 0.72 billion yuan in 2024 to 0.78 billion yuan in 2025 [17] Market Position - The company holds a market share of 5.2% in margin financing, with a total margin balance of 100.1 billion yuan, reflecting a 24% increase since the beginning of the year [7] - The company ranks 8th in the industry for equity underwriting and 13th for bond underwriting, indicating a competitive position despite recent declines [7]

Group 1 - The core point of the article is that Shenzhen Hongye Jiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as the exclusive sponsor [1] Group 2 - The company is involved in the geotechnical technology sector, indicating a focus on engineering and construction-related services [1] - The listing application suggests the company's intention to raise capital for expansion or development purposes [1] - The involvement of a reputable sponsor like China Merchants Securities International may enhance investor confidence in the listing process [1]

证券代码：600999 证券简称： 招商证券 编号： 2025－021 招商证券股份有限公司 第八届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第十八次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。会议于 2025 年 4 月 28 日以现场结合通 讯方式召开。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 具体内容详见与本公告同日披露的《招商证券股份有限公司 2025 年第一季 度报告》。 （二）关于公司 2024 年度"提质增效重回报"行动方案评估报告的议案 1 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 12 人）。公司部分监事和高级管理人员列 席了会议。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 ...

招商证券股份有限公司 2024 年度"提质增效重回报"行动方案评估报告 为深入贯彻落实党的二十大、二十届三中全会和中央经济工作会 议、中央金融工作会议精神，落实国务院《关于进一步提高上市公司 质量的意见》，响应上海证券交易所《关于开展沪市公司"提质增效 重回报"专项行动的倡议》，进一步推动招商证券股份有限公司（以 下简称公司）高质量发展和投资价值提升，维护全体股东合法权益， 招商证券于 2024 年 8 月 20 日发布了 2024 年度"提质增效重回报" 行动方案。公司根据行动方案积极开展相关工作，现将实施进展及评 估情况报告如下： 一、聚焦做强主业，质量效益持续提升 2024 年是招商证券新五年战略开局之年，公司积极应对市场波 动、监管新规实施、行业竞争加剧等严峻考验，保持战略定力，增强 策略活力，全力以赴拓收入控成本、抓转型推变革、调结构防风险， 业绩稳中有进，改革深入推进，新五年战略开局良好。2024 年，公 司实现营业收入 208.91 亿元，同比增长 5.40%，归属于母公司股东 的净利润 103.86 亿元，同比增长 18.51%，再次突破百亿大关； ROE8.82%，同比增加 0.91 个百分 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,712,949,021.97, representing a 9.64% increase compared to CNY 4,298,673,959.40 in the same period last year[5]. - Net profit attributable to shareholders was CNY 2,307,627,966.26, up 6.97% from CNY 2,157,223,258.83 year-on-year[5]. - Total operating revenue for Q1 2025 reached CNY 4.71 billion, a 9.66% increase from CNY 4.30 billion in Q1 2024[21]. - Net profit for Q1 2025 was CNY 2.31 billion, up 6.98% from CNY 2.16 billion in Q1 2024[21]. - The total comprehensive income for Q1 2025 was CNY 1.40 billion, a decrease from CNY 2.34 billion in Q1 2024[22]. - The total comprehensive income for Q1 2025 was CNY 2,359,503,030.03, compared to CNY 2,132,831,786.26 in Q1 2024, an increase of 10.6%[29]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -37,212,165,996.06, a significant decrease of 660.30% compared to CNY 6,641,509,004.58 in the previous year[5]. - The net cash flow from operating activities showed a significant decline, resulting in a net outflow of CNY 37.21 billion in Q1 2025, compared to an inflow of CNY 6.64 billion in Q1 2024[24]. - The company reported a significant decrease in cash flow from operating activities, with total cash inflows of 7,065,055,342.79 RMB in Q1 2025 compared to 56,349,512,298.26 RMB in Q1 2024[30]. - The liquidity coverage ratio decreased to 147.73% from 208.98% year-on-year, indicating a tighter liquidity position[7]. - The company's cash and cash equivalents were RMB 111.24 billion, down from RMB 144.32 billion, indicating a decrease of about 22.8%[18]. - The total cash and cash equivalents at the end of Q1 2025 stood at 106,030,163,807.11 RMB, up from 90,768,997,855.67 RMB in Q1 2024[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 661,287,758,451.72, down 8.30% from CNY 721,160,331,448.06 at the end of the previous year[6]. - Total assets as of March 31, 2025, amounted to CNY 597,377,392,064.68, down from CNY 620,676,526,964.34 at the end of 2024[27]. - Total liabilities stood at RMB 529.63 billion, down from RMB 590.91 billion, representing a reduction of approximately 10.4%[19]. - Total liabilities decreased to CNY 478,140,655,745.98 from CNY 503,799,293,675.67 at the end of 2024, reflecting a reduction of 5.1%[27]. - The company's equity attributable to shareholders increased to RMB 131.58 billion from RMB 130.18 billion, showing a growth of about 1.1%[19]. - The company's equity increased to CNY 119,236,736,318.70 as of March 31, 2025, from CNY 116,877,233,288.67 at the end of 2024, reflecting a growth of 2.0%[27]. Investment and Income - The net interest income increased by 75.02% to CNY 208,329,260.97 compared to CNY 119,032,816.75 in the previous year[11]. - The net interest income for Q1 2025 was CNY 193,744,661.48, compared to CNY 75,697,011.26 in Q1 2024, marking an increase of 155.5%[28]. - Investment income surged to CNY 3,310,215,440.67, a remarkable increase of 1,465.07% from a loss of CNY -242,494,161.71 in the same period last year[11]. - The investment income for Q1 2025 was CNY 3,016,290,672.12, a significant recovery from a loss of CNY 927,511,398.32 in Q1 2024[28]. - The net income from commission and fee increased significantly to CNY 2.52 billion, up 47.73% from CNY 1.71 billion in Q1 2024[21]. Risk Management - The risk coverage ratio improved to 254.70% from 239.03% year-on-year, indicating better risk management[7].