Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant growth in revenue and net profit in Q1 2025, with revenue reaching 1.562 billion yuan, a year-on-year increase of 800.98%, and net profit of 376 million yuan, up 271.95% [1] - The self-operated investment segment has expanded significantly, with revenue of 709 million yuan, a year-on-year increase of 573.27%, indicating a strong performance in investment activities [1] - The integration of Minsheng Securities is expected to enhance the company's investment banking capabilities and overall performance [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.562 billion yuan, with a year-on-year growth of 800.98% and a net profit of 376 million yuan, reflecting a 271.95% increase [1] - The earnings per share (EPS) for Q1 2025 was 0.08 yuan, a 200.00% increase year-on-year [1] - The return on equity (ROE) was 0.96%, up 2.19 percentage points from the previous year [1] Business Segments - Investment business revenue was 709 million yuan, up 573.27% year-on-year, while brokerage business revenue reached 469 million yuan, increasing by 333.69% [1][2] - The investment banking segment generated 174 million yuan in revenue, a year-on-year increase of 124.54%, with bond underwriting volume reaching 33.874 billion yuan, up 197.90% [2] - Asset management revenue was 162 million yuan, reflecting a 13.82% increase year-on-year [3] Financial Projections - The company forecasts net profits of 972 million yuan, 1.102 billion yuan, and 1.251 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 144.6%, 13.4%, and 13.5% [3][4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 55.3, 48.8, and 43.0 respectively, while the price-to-book (PB) ratios are all projected at 1.0 [3][4]

Investment Rating - The report maintains a "Buy" rating for Guolian Minsheng [3] Core Views - Guolian Minsheng's performance in Q1 2025 exceeded expectations, with revenue reaching 1.56 billion yuan, a year-on-year increase of 801% and a quarter-on-quarter increase of 130%. The net profit attributable to shareholders was 380 million yuan, compared to a loss of 220 million yuan in Q1 2024 [1][6] - The company has seen significant growth in its various business segments post-merger, with brokerage revenue increasing by 334% year-on-year, investment revenue recovering from a loss to 710 million yuan, and investment management revenue growing by 14% [6] - The report highlights the complementary advantages of the merged entities, suggesting that the integration of Guolian Securities and Minsheng Securities could lead to enhanced performance through resource sharing and business collaboration [6] Financial Data and Profit Forecast - Revenue projections for Guolian Minsheng are as follows: 2025E at 4.75 billion yuan, 2026E at 6.76 billion yuan, and 2027E at 7.91 billion yuan, with year-on-year growth rates of 77.1%, 42.2%, and 17.1% respectively [2][7] - The net profit attributable to shareholders is forecasted to be 990 million yuan in 2025E, 1.21 billion yuan in 2026E, and 1.48 billion yuan in 2027E, reflecting year-on-year growth rates of 149%, 22.4%, and 22.4% respectively [2][7] - The report indicates an increase in the company's return on equity (ROE) from 0.96% in Q1 2025 to an estimated 2.85% in 2025E [2][6] Market Position and Business Segments - Guolian Minsheng's brokerage business has seen a significant increase in market share, with a daily average trading volume of 1.75 trillion yuan in Q1 2025, a year-on-year increase of 71% [6] - The company has also improved its position in margin financing, with a market share increase to 0.95% as of Q1 2025 [6] - The report notes that while the company's performance in equity underwriting has lagged behind the industry, its bond underwriting has doubled year-on-year, and it ranks fifth in the industry for IPO underwriting on the Sci-Tech Innovation Board [6]

证券代码：601456 证券简称：国联民生 公告编号：2025-030 号 国联民生证券股份有限公司 第五届董事会第二十四次会议决议公告 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 国联民生证券股份有限公司（以下简称"公司"）第五届董事会第二十四次 会议于 2025 年 4 月 15 日以书面方式发出通知，于 2025 年 4 月 29 日在公司总部 国联金融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：董事长葛小波先生、董事 杨振兴先生、独立董事高伟先生、独立董事郭春明先生以通讯方式出席）。会议 由董事长葛小波先生主持，公司监事和相关高级管理人员列席会议。 会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 及《国联民生证券股份有限公司章程》（以下简称《公司章程》）、《国联民生证券 股份有限公司董事会议事规则》的相关规定。 二、董事会会议审议情况 （一）《国联民生证券股份有限公司 2025 年第一季度报告》 表决结果：同意 9 票 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,562,489,599.05, representing an increase of 800.98% compared to the same period last year[4] - Net profit attributable to shareholders was ¥376,144,390.86, a significant recovery from a loss of ¥218,754,276.47 in the previous year[4] - The net cash flow from operating activities improved to ¥729,755,962.41, compared to a negative cash flow of ¥1,018,886,181.06 in the same quarter last year[4] - Net profit for Q1 2025 reached ¥378.83 million, a significant recovery from a net loss of ¥216.65 million in Q1 2024[23] - Total operating revenue for Q1 2025 was ¥1.56 billion, a substantial increase from ¥173.42 million in Q1 2024, reflecting a growth of approximately 803.5%[23] - The company reported a net interest income of -¥4.68 million in Q1 2025, an improvement from -¥26.79 million in Q1 2024[23] - Commission and fee income for Q1 2025 was ¥845.79 million, up from ¥338.34 million in Q1 2024, indicating a growth of about 150.5%[23] - Investment income for Q1 2025 was ¥689.62 million, a recovery from a loss of -¥867.99 million in Q1 2024[23] - The company reported a total comprehensive income of ¥243.52 million for Q1 2025, compared to ¥97.21 million in Q1 2024[32] Asset and Liability Management - Total assets increased by 79.53% year-on-year, reaching ¥174,517,507,696.98 at the end of the reporting period[5] - The company's total liabilities increased significantly, with accounts payable rising to 874,547,862.46, a 128.27% increase from the previous year, primarily due to newly consolidated subsidiaries[10] - Total assets as of March 31, 2025, amounted to CNY 128.04 billion, an increase from CNY 95.14 billion at the end of 2024[29] - The company's total liabilities were CNY 78.29 billion, slightly up from CNY 77.05 billion at the end of 2024[30] - Total liabilities rose to ¥123.54 billion, compared to ¥78.26 billion at the end of 2024, marking an increase of about 58.0%[20] Equity and Capital Structure - The total equity attributable to shareholders increased by 171.68% to ¥50,490,133,266.27 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to CNY 49.76 billion from CNY 18.09 billion at the end of 2024[30] - The net capital of the parent company rose to ¥17,938,915,523.01, up from ¥16,342,765,035.57 at the end of the previous year[6] - The company completed the issuance of 2,640,269,065 new A-shares, increasing total A-shares to 5,029,402,233[19] Cash Flow Analysis - The net cash flow from investing activities surged to 15,697,421,692.86, a 493.35% increase compared to 2,645,572,124.88 in Q1 2024, mainly attributed to newly consolidated subsidiaries[10] - Operating cash flow for Q1 2025 was CNY 729.76 million, a significant improvement from a net outflow of CNY 1.02 billion in Q1 2024[26] - Cash and cash equivalents at the end of Q1 2025 reached CNY 46.00 billion, compared to CNY 18.49 billion at the end of Q1 2024[27] - The net cash flow from operating activities for Q1 2025 was ¥891.43 million, a significant improvement from a negative cash flow of ¥1.23 billion in Q1 2024[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 101,094, with no preferred shareholders with restored voting rights[11] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 23.86% of the shares, while the combined holdings of related parties amount to 38.52%[13] Other Financial Metrics - The liquidity coverage ratio improved to 237.79%, compared to 161.85% at the end of the previous year[6] - The company achieved a weighted average return on equity of 0.96%, an increase of 2.19 percentage points from the previous year[4] - The basic and diluted earnings per share for the period were CNY 0.08, compared to a loss of CNY 0.08 in the previous period[24] - The company raised CNY 4.57 billion through bond issuance in Q1 2025, compared to CNY 3.19 billion in the same period last year[27]

国联民生证券股份有限公司 关于副总裁退休及证券事务代表辞职的公告 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。 国联民生证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 第五届董事会第二十四次会议，审议通过《关于尹红卫到龄退休不再担任公司副 总裁的议案》，鉴于尹红卫女士到龄退休，其不再担任公司副总裁职务。 2025 年 4 月 29 日，公司收到证券事务代表张辉先生的辞职报告。张辉先生 因工作调整原因，提请辞去公司证券事务代表职务。上述辞职事项自辞职报告送 达公司董事会之日起生效。 证券代码：601456 证券简称：国联民生 公告编号：2025-032 号 公司董事会对尹红卫女士和张辉先生在任职期间对公司发展做出的努力和 贡献表示衷心感谢！ 特此公告。 国联民生证券股份有限公司董事会 2025 年 4 月 29 日 1 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-029 号 国联民生证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： 2、会议召开地点：上证路演中心（https://roadshow.sseinfo.com/） 3、召开方式：上证路演中心网络互动 问题征集：投资者可于 2025 年 4 月 25 日（星期五）至 5 月 6 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，或者通过公 司邮箱（glsc-ir@glsc.com.cn）进行提问。公司将在业绩说明会上就投资者普遍 关心的问题予以回答。 国联民生证券股份有限公司（以下简称"公司"）已于 2025 年 3 月 26 日发 布公司 2024 年年度报告并拟于 4 月 29 日发布 2025 年第一季度报告。为便于广 大投资者更加全面深入地了解公司 2024 年度、2025 年第一季度业绩与经营情况， 公司拟于 2025 年 5 月 7 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-028 号 类型：有限责任公司（非自然人投资或控股的法人独资） 住所：中国（上海）自由贸易试验区浦明路 8 号 法定代表人：葛小波 注册资本：人民币 20,000 万元整 成立日期：2011 年 04 月 20 日 国联民生证券股份有限公司 关于子公司名称完成工商变更登记的公告 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。 近日，国联民生证券股份有限公司全资子公司华英证券有限责任公司完成名 称变更登记手续，其名称由"华英证券有限责任公司"变更为"国联民生证券承 销保荐有限公司"，并取得了上海市市场监督管理局换发的营业执照，相关登记 信息如下： 统一社会信用代码：91320214717884755C 名称：国联民生证券承销保荐有限公司 1 经营范围：许可项目：证券业务；债券市场业务。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可 证件为准）一般项目：证券财务顾问服务。（除依法须经批准的项目外，凭营业 执照依法自主开展 ...

华泰联合证券有限责任公司 关于国联民生证券股份有限公司 控股股东延长股份锁定期的核查意见 经中国证券监督管理委员会同意注册，国联民生证券股份有限公司（以下简 称"上市公司"或"公司"）向控股股东无锡市国联发展（集团）有限公司（以 下简称"国联集团"）发行股份购买资产，发行价格为 11.17 元/股，本次发行的 新增股份已于 2025 年 1 月 3 日在中国证券登记结算有限责任公司上海分公司办 理完毕股份登记手续。具体内容请参见公司于 2025 年 1 月 7 日披露的《关于发 行股份购买资产之发行结果暨股本变动公告》（公告编号：2025-004 号）等公告 文件。 一、股份锁定承诺情况 根据《上市公司重大资产重组管理办法》的规定，国联集团承诺： "1、本公司在本次重组中认购的上市公司股份，自：1）本公司取得标的资 产之日（持股日）起 60 个月；或 2）本次重组新增股份发行结束之日起 36 个月 内（以孰晚者为准）不得转让；但是，在适用法律许可前提下的转让不受此限。 本次重组完成后6个月内如上市公司股票连续20个交易日的收盘价低于发行价， 或者重组完成后 6 个月期末收盘价低于发行价的，本公司持有上市公司股 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-027 号 国联民生证券股份有限公司 3、如本次重组因涉嫌所提供或披露的信息存在虚假记载、误导性陈述或者 重大遗漏，被司法机关立案侦查或者被中国证券监督管理委员会立案调查的，在 案件调查结论明确以前，不转让本公司在上市公司拥有权益的股份。若本公司所 认购股份的锁定期与证券监管机构的最新监管意见不相符，本公司将根据证券监 1 关于控股股东延长股份锁定期的公告 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。 经中国证券监督管理委员会同意注册，国联民生证券股份有限公司（以下简 称"上市公司"或"公司"）向控股股东无锡市国联发展（集团）有限公司（以 下简称"国联集团"）发行股份购买资产，发行价格为 11.17 元/股，本次发行的 新增股份已于 2025 年 1 月 3 日在中国证券登记结算有限责任公司上海分公司办 理完毕股份登记手续。具体内容请参见公司于 2025 年 1 月 7 日披露的《关于发 行股份购买资产之发行结果暨股本变动公告》（公告编号：2025-004 号） ...