股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 RMB | | | 3,690,984,633 | | 增加 / 減少 (-) | | | | 0 | | RMB | | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 RMB | | | 3,690,984,633 | | 2. 股份分類 | 普通股 | | 股 ...

Investment Rating - Maintain "Buy" rating for China Galaxy [6] Core Views - China Galaxy's 2024 performance exceeded expectations with revenue of 35.4 billion yuan (+5% YoY) and net profit attributable to parent company of 10.1 billion yuan (+29% YoY) [1] - ROE improved to 8.4% (+0.89pct YoY) [1] - 4Q24 net profit reached 3.17 billion yuan (+148.5% YoY, +23.1% QoQ) [6] - Brokerage and investment banking businesses showed significant growth [6] - Bond underwriting business grew 34.4% YoY to 481.61 billion yuan, ranking 6th in the industry [6] - Margin financing business benefited from market recovery with daily average balance of 1.78 trillion yuan in 4Q24 (+8% YoY, +26% QoQ) [6] - FICC business capabilities are industry-leading with financial investment assets reaching 351.01 billion yuan at end-3Q24 (+13.1% from beginning of year) [6] Financial Data and Forecasts - Revenue forecast for 2024-2026: 35.37 billion yuan, 40.205 billion yuan, 44.499 billion yuan [2] - Net profit forecast for 2024-2026: 10.133 billion yuan, 11.761 billion yuan, 12.965 billion yuan [2] - EPS forecast for 2024-2026: 0.85 yuan, 1.00 yuan, 1.11 yuan [2] - ROE forecast for 2024-2026: 8.93%, 9.72%, 9.99% [2] - P/E ratio forecast for 2024-2026: 16.34x, 13.91x, 12.53x [2] - P/B ratio forecast for 2024-2026: 1.41x, 1.30x, 1.21x [2] Company Fundamentals - Net asset per share: 9.77 yuan [3] - Asset-liability ratio: 81.72% [3] - Total shares outstanding: 10.934 billion [3] - A-shares outstanding: 7.243 billion [3] - H-shares outstanding: 3.691 billion [3] Market Performance - Closing price on Jan 23, 2025: 13.94 yuan [6] - 52-week high/low: 17.55 yuan/9.70 yuan [6] - Market cap of A-shares: 100.973 billion yuan [6] - Dividend yield: 2.18% [6]

中国银河证券股份有限公司 2025 年第一次临时股东大会 会议资料 2025.2.17 北京 中国银河证券股份有限公司 2025 年第一次临时股东大会议程 现场会议时间：2025 年 2 月 17 日（星期一）上午 10 时 现场会议地点：北京市丰台区西营街 8 号院 1 号楼青海金融 大厦 M1919 会议室 召集人：中国银河证券股份有限公司董事会 主持人：王晟董事长 2 一、 主持人宣布会议开始 二、 报告股东大会现场出席情况并宣读股东大会现场会议规则 三、 审议议案 四、 股东发言 五、 宣读大会议案表决办法，推选监票人和计票人 六、 现场投票表决 七、 休会，统计现场投票及网络投票结果（最终投票结果以公司 公告为准） 八、 律师宣读关于本次股东大会现场会议的表决结果和法律意 见书 目 录 议题 1：关于修订《股东大会对董事会授权方案》的议案 ........ 4 3 议题 1 关于修订《股东大会对董事会授权方案》的议案 各位股东： 为进一步完善公司治理机制、明确股东大会对董事会的授权范围， 经参考市场案例并结合公司实际情况，公司拟对《中国银河证券股份 有限公司股东大会对董事会授权方案》（以下简称《股东 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-005 中国银河证券股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开时间：2025 年 2 月 17 日 10 点 00 分 召开地点：北京市丰台区西营街 8 号院 1 号楼青海金融大厦 M1919 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年2月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2025 年 2 月 17 日至 2025 年 2 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的 ...

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个别及连带 责任。 2025 年 1 月 23 日，中国银河证券股份有限公司（以下简称"公司"）以现 场和通讯相结合的方式召开第五届董事会第二次会议（临时）。本次会议通知已 于 2025 年 1 月 14 日以电子邮件方式发出。本次会议应出席董事 10 名，实际出 席董事 10 名，其中 3 名董事以通讯表决方式出席本次会议。董事会全体董事按 照董事会议事规则的相关规定参加了本次会议的表决。本次会议的召集、召开及 表决程序符合《中华人民共和国公司法》和《中国银河证券股份有限公司章程》 的规定。 会议形成如下决议： 一、通过《关于修订<中国银河证券股份有限公司股东大会对董事会授权方 案>的议案》，并提交股东大会审议。 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 证券代码：601881 证券简称：中国银河 公告编号：2025-004 中国银河证券股份有限公司 第五届董事会第二次会议（临时）决议公告 本议案已经公司董事会合规与风险管理委员会事前审议通过。 二、通过《关于修订<中国银 ...

Financial Performance - In 2024, the company achieved operating revenue of RMB 35.37 billion, representing a year-on-year increase of 5.13%[3] - The net profit attributable to shareholders reached RMB 10.13 billion, up 28.62% compared to 2023[3] - Operating profit for 2024 was RMB 10.82 billion, reflecting a growth of 31.72% year-on-year[5] - The net profit excluding non-recurring gains and losses was RMB 10.11 billion, a rise of 28.16% year-on-year[3] - The basic earnings per share (EPS) improved to RMB 0.82, marking a 22.39% increase from the previous year[3] Assets and Equity - Total assets as of December 31, 2024, amounted to RMB 736.34 billion, an increase of 11.03% from the previous year[3] - The total equity attributable to shareholders was RMB 140.59 billion, up 7.76% from the end of 2023[3] - The company's net asset value per share was RMB 12.86, an increase of 7.76% compared to the previous year[3] Return on Investment - The company's return on equity (ROE) increased to 8.41%, up by 0.89 percentage points from 2023[3] Strategic Focus - The company emphasizes high-quality development and steady growth in investment trading and wealth management businesses[5]

Core Insights - China Galaxy (601881) reported a revenue of 35.37 billion yuan for 2024, reflecting a year-on-year growth of 5.13% [1] - The net profit attributable to shareholders reached 10.133 billion yuan, marking a significant year-on-year increase of 28.62% [1] - The basic earnings per share stood at 0.82 yuan [1] Business Performance - The company experienced robust growth in its investment trading and wealth management sectors, contributing to steady performance [1]

Core Viewpoint - Cisco Ray (688053.SH) experienced a significant drop in stock price, closing at 24.16 yuan with a decline of 12.34%, resulting in a total market capitalization of 2.416 billion yuan due to regulatory issues [1][4]. Regulatory Actions - On January 17, 2025, Cisco Ray received an administrative supervision decision from the Sichuan Securities Regulatory Bureau, which mandated corrective actions and issued warning letters to key personnel for improper revenue recognition [1][2][5]. - The Sichuan Securities Regulatory Bureau found that Cisco Ray recognized revenue of 9.9604 million yuan in 2022 without meeting the necessary conditions, leading to an overstatement of revenue and profit in the annual report [5][6]. Company Response - Cisco Ray acknowledged the issues raised in the regulatory documents and committed to improving financial controls, legal awareness, and compliance to prevent future violations [2][6]. - The company stated that its operational and financial conditions remain normal and it will cooperate with the China Securities Regulatory Commission in related matters [2][6]. IPO and Financial Details - Cisco Ray was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2022, with an initial public offering of 25 million shares at a price of 55.53 yuan per share [3][6]. - The total funds raised from the IPO amounted to 1.38825 billion yuan, with a net amount of 1.2525066 billion yuan, exceeding the original plan by 633.9425 million yuan [3][7]. - The funds were intended for various projects, including testing bases and research centers, with total issuance costs of 135.7434 million yuan [7].

Investment Rating - The report highlights the successful completion of a cross-border acquisition project by China Galaxy Securities, indicating a strong performance in international business operations [1][5]. Core Insights - The acquisition of PT Perma Plasindo Tbk (BINO Group) is a significant milestone for China Galaxy Securities, showcasing its capabilities in handling complex cross-border transactions [1][6]. - The transaction, valued at nearly 280 billion Indonesian Rupiah, allows the acquirer to rapidly enter the Indonesian market and leverage existing resources for international expansion [6][7]. - The project is seen as a classic case of Southeast Asian cross-border mergers and acquisitions, setting a new benchmark for foreign entities entering the Southeast Asian market [7][8]. Summary by Sections Cross-Border Acquisition Overview - BINO Group, established in 1992 and listed in 2021, is a prominent Indonesian holding company with a strong brand presence in the office equipment and ventilation systems sectors [2]. - The acquisition process involved a two-step approach, with the first step being the completion of the control rights acquisition by June 2024, followed by a mandatory tender offer [5][6]. Challenges and Complexity - The acquisition process is complex due to the involvement of various stakeholders, including original controlling shareholders and public shareholders, each with differing interests [6][7]. - Compliance with local regulations and effective integration of management, employees, and corporate culture are critical for the success of such transactions [7]. Industry Context and Future Outlook - The report emphasizes the importance of international business as a growth driver for domestic securities firms, with a focus on developing a first-class investment banking capability [8][10]. - China Galaxy Securities has made significant strides in international markets, with over 800 billion in cross-border business, and aims to innovate in areas like cross-border mergers and global asset allocation [10][11]. - The increasing complexity of cross-border transactions is expected to lead to more similar cases, enhancing the competitive edge of Chinese securities firms in the global market [13].

证券代码：601881 证券简称：中国银河 公告编号：2025-002 中国银河证券股份有限公司 2025年度第一期短期融资券发行结果公告 | 债券名称 | | | | | 中国银河证券股份有限公司 | 2025 | 年度第一期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 银河证券 | | | CP001 | 债券流通代码 | 072510004 | | | | 发行日 | 2025 | 年 1 | 月 | 10 | 日 | 起息日 | 2025 年 1 | 月 13 | 日 | | 到期兑付日 | 2025 | 年 4 | 月 | 15 | 日 | 期限 | 92 天 | | | | 计划发行总额 | 30 | 亿元人民币 | | | | 实际发行总额 | 30 亿元人民币 | | | | 票面年利率 | 1.64% | | | | | 发行价格 | 100 | 元/百元面值 | | 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （w ...