证券代码：300803 证券简称：指南针 公告编号：2024-057 北京指南针科技发展股份有限公司 关于调整公司 2022 年度向特定对象发行 A 股股票方案的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 北京指南针科技发展股份有限公司（以下简称"公司"）于 2022 年 5 月 16 日召开第十三届董事会第二次会议、第十四届监事会第二次会议，于 2022 年 6 月 2 日召开 2022 年第三次临时股东大会，审议通过了《关于公司 2022 年度向特 定对象发行 A 股股票方案的议案》，并授权董事会及董事会授权人士全权办理本 次向特定对象发行 A 股股票相关事宜。公司于 2023 年 5 月 15 日召开第十三届 董事会第十一次会议、第十四届监事会第十次会议，审议通过了《关于调整公司 2022 年度向特定对象发行 A 股股票方案的议案》《关于延长公司 2022 年度向特 定对象发行 A 股股票股东大会决议有效期的议案》《关于提请公司股东大会延长 授权董事会及董事会授权人士全权办理本次向特定对象发行 A 股股票相关事宜 的议案》，公司于 2023 ...

3、调整后的本次发行募集资金使用可行性分析报告对募集资金使用的可行 性进行了分析，本次募集资金投资项目的用途符合国家相关政策的规定以及公司 的实际情况和发展需求，符合公司所处行业现状及发展趋势，符合公司的长远发 展目标和全体股东的利益，符合相关法律法规的要求。 4、调整后的本次发行摊薄即期回报填补措施以及相关主体就保障填补措施 的切实履行出具的承诺，符合《国务院办公厅关于进一步加强资本市场中小投资 者合法权益保护工作的意见》（国办发〔2013〕110 号）和《关于首发及再融资、 重大资产重组摊薄即期回报有关事项的指导意见》（中国证券监督管理委员会公 告〔2015〕31 号）等相关法律、法规和规范性文件的规定。公司关于填补本次 向特定对象发行摊薄即期回报采取的措施切实可行，相关主体对公司填补回报措 北京指南针科技发展股份有限公司监事会 关于调整公司 2022 年度向特定对象发行 A 股股票相关事项 的书面审核意见 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司证券发行注册管理办法》（以下简称《注 册管理办法》）等有关法律、法规和规范性文件以及《北 ...

证券代码：300803 证券简称：指南针 公告编号：2024-053 北京指南针科技发展股份有限公司 关于控股股东部分股份质押展期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2. 股东股份累计被质押的情况 截至公告披露日，广州展新所持质押股份情况如下： 股东 名称 持股数量 （股） 持股 比例 (%) 本次质押 展期后质 押股份数 量（股） 占其 所持 股份 比例 （%） 占公司总 股本比例 （%） 已质押股份 情况 未质押股份 情况 已质押股份 限售和冻 结、标记数 量（股） 占已质押 股份比例 （%） 未质押股份 限售和冻结 数量（股） 占未质押 股份比例 （%） 广州 展新 165,626,536 40.45 10,250,000 6.19 2.50 0 0 0 0 合计 165,626,536 40.45 10,250,000 6.19 2.50 0 0 0 0 3. 公司控股股东广州展新质押的股份数量占其所持公司股份数量比例未达 到 50%，目前不存在平仓风险，公司将持续关注广州展新股份质押的情况，并按 照相关规定及时履行信息披露义务。 ...

证券代码：300803 证券简称：指南针 公告编号：2024-052 北京指南针科技发展股份有限公司 关于参与先锋基金管理有限公司股权司法拍卖的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、公司参与先锋基金股权司法拍卖的基本情况 具体内容详见公司于 2023 年 12 月 25 日、2024 年 12 月 4 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告（公告编号：2023-071、2024-051）。 二、进展情况 公司于 2024 年 12 月 6 日收到江苏省泰州市中级人民法院发来的（2019）苏 12 执 904 号之四《执行裁定书》，裁定如下： "1.原属联合创业集团有限公司所持先锋基金管理有限公司比例为 34.2076%的股权归买受人北京指南针科技发展股份有限公司（统一社会信用代 码：911101087263410239）所有，附着于上述股权上的查封、他项权登记效力灭 失。 2.买受人北京指南针科技发展股份有限公司可持本裁定书到财产管理机构 办理上述股权的过户登记手续。 本裁定送达后即发生法律 ...

北京指南针科技发展股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日参与江苏省泰州市中级人民法院在淘宝网司法拍卖网络平台开展的"被执 行人联合创业集团有限公司所持有先锋基金管理有限公司（以下简称"先锋基 金"）比例为 34.2076%股权"的司法拍卖，并以 110,211,594.5 元的价格竞得。 公司已于 2023 年 12 月 22 日召开第十三届董事会第十九次会议授权经营层以自 有资金参与先锋基金股权司法拍卖。具体内容详见公司于 2023 年 12 月 25 日在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于参与先锋基金管理有限公 司股权司法拍卖的公告》（公告编号：2023-071）。 二、进展情况 证券代码：300803 证券简称：指南针 公告编号：2024-051 北京指南针科技发展股份有限公司 关于参与先锋基金管理有限公司股权司法拍卖的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、公司参与先锋基金股权司法拍卖的基本情况 特此公告。 北京指南针科技发展股份有限公司 董事会 2024 ...

证券代码：300803 证券简称：指南针 编号：2024-006 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | □新闻 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a total revenue of 231 million yuan for Q3 2024, representing a year-over-year increase of 34.50%. However, the net profit attributable to shareholders was -61 million yuan, a decrease of 3.53% year-over-year. For the first three quarters of 2024, total revenue reached 776 million yuan, up 13.61% year-over-year, while the net profit attributable to shareholders was -110 million yuan, a significant decline of 171.18% year-over-year [5][6]. - The growth in revenue for the first three quarters of 2024 was primarily driven by the performance of Maigao Securities. The company's financial information services are highly correlated with the capital market's performance, particularly the total trading volume in the securities market, which has seen a decline compared to the previous year, negatively impacting the financial information services business [5][7]. - Maigao Securities continued to experience rapid growth in its brokerage and proprietary trading businesses, with net commission income of 135 million yuan, a year-over-year increase of 125.92%, and net interest income of 46 million yuan, up 92.70% year-over-year. As of the end of the reporting period, the amount of securities bought and sold on behalf of clients reached 5.22 billion yuan, an increase of 116.60% compared to the end of the previous year [5][6]. - The increase in expenses, particularly in sales and marketing, along with a decline in financial information service revenue, were the main reasons for the drop in profits. The company has focused on expanding brand promotion and customer acquisition, which has led to increased advertising and personnel costs [7][8]. - The market environment has impacted the company's performance, but the company is leveraging its business synergies to enhance its core competitiveness, particularly through Maigao Securities, which is seen as a second growth driver. Revenue projections for 2024-2026 are 1.367 billion yuan, 1.775 billion yuan, and 2.081 billion yuan, respectively, with net profits of 122 million yuan, 292 million yuan, and 455 million yuan, corresponding to PE ratios of 312.49, 131.21, and 84.07 [8][10]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 1.367 billion yuan, with a gross profit margin of 89%. The operating expenses are expected to be 725 million yuan, representing 53% of total revenue [19]. - The net profit for 2024E is forecasted to be 122 million yuan, with an EPS of 0.30 yuan. The company’s total assets are projected to reach 5.623 billion yuan by 2024E [19].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 545 million yuan for the first half of 2024, representing a year-over-year increase of 6.58%. However, the net profit attributable to shareholders was a loss of 49 million yuan, a significant decline of 366.48% year-over-year [6][7]. - The securities business of Maigao Securities achieved revenue of 164 million yuan, marking a substantial year-over-year increase of 118.72%. In contrast, the financial information service business saw a revenue decline of 4.40%, totaling 423 million yuan [6][7]. - The company’s total assets reached 6.899 billion yuan by the end of the first half of 2024, reflecting a growth of 27.03% compared to the end of the previous year, primarily driven by the expansion of Maigao Securities' brokerage business [6][7]. Summary by Sections Financial Performance - The company experienced a decrease in cash received from sales and services, totaling 489 million yuan, down 4.63% year-over-year. However, the net cash flow from operating activities increased by 16.14% to 1.181 billion yuan, mainly due to increased client deposits in the brokerage business [6][7]. - The decline in profit was attributed to rising expenses and a drop in revenue from the financial information services, which are closely tied to market conditions. The overall trading environment in the securities market was weak, leading to a decrease in total trading volume [7][8]. Business Segments - Maigao Securities showed impressive growth, with net commission income reaching 82.218 million yuan, up 138.08% year-over-year, and net profit increasing by 142.52% to 9.8471 million yuan [8]. - The company aims to leverage its business synergies to enhance its core competitiveness, focusing on Maigao Securities as a key growth driver for the future [8]. Future Projections - The company is projected to achieve revenues of 1.367 billion yuan, 1.775 billion yuan, and 2.081 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 122 million yuan, 292 million yuan, and 455 million yuan, with price-to-earnings ratios of 312.49, 131.21, and 84.07 [8][19].

Investment Rating - Maintains a "Buy" rating for the company [1] Core Views - The company's financial information service business is highly correlated with the capital market's prosperity, and the securities business is in a growth phase with low base and high potential [2] - The company's brokerage business revenue is expected to grow steadily due to a certain scale of customer base and experience in traffic diversion [2] - The company's capital intermediary business is steadily growing, and its proprietary business is also growing steadily [2] - The company's financial information service business is expected to be positively impacted in the fourth quarter due to increased demand for C-end products from retail investors [2] Financial Performance - In the first three quarters of 2024, the company achieved a total operating income of 776 million yuan, a year-on-year increase of 13.61%, and a net profit attributable to the parent company of -110 million yuan, a year-on-year decrease of 171.18% [1] - In the third quarter of 2024, the company achieved a total operating income of 231 million yuan, a year-on-year increase of 34.50%, and a net profit attributable to the parent company of -61 million yuan, a year-on-year decrease of 3.53% [1] - The company's financial information service revenue in the first three quarters of 2024 was 595 million yuan, a year-on-year decrease of 0.73%, accounting for 77% of the total revenue [2] - The company's net income from handling fees and commissions in the first three quarters of 2024 was 135 million yuan, a year-on-year increase of 126% [2] - The company's net interest income in the first three quarters of 2024 was 46 million yuan, a year-on-year increase of 92.70% [2] - The company's proprietary business income in the first three quarters of 2024 was 99 million yuan, a year-on-year increase of 104% [2] Profit Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 365, 253, and 184 times [2] - The company's operating income is expected to be 1,445 million yuan, 1,948 million yuan, and 2,721 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.85%, 34.83%, and 39.64% [1] - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.88%, 44.07%, and 38.03% [1] - The company's EPS is expected to be 0.26 yuan, 0.37 yuan, and 0.52 yuan in 2024, 2025, and 2026, respectively [1] Market Data - The company's closing price is 94.55 yuan, with a one-year low/high price of 33.14/118.00 yuan [5] - The company's P/B ratio is 21.22 times, with a circulating A-share market value of 38,217.12 million yuan and a total market value of 38,668.76 million yuan [5] Basic Data - The company's net asset per share is 4.46 yuan, with an asset-liability ratio of 79.41% [6] - The company's total share capital is 408.98 million shares, with circulating A-shares of 404.20 million shares [6]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 110.00 CNY, up from a previous forecast of 48.60 CNY [4][8]. Core Views - The company's revenue growth is attributed to the rapid development of its securities business, while profit decline is primarily due to decreased revenue from financial information services and increased sales expenses. The market is currently active, and there is optimism for a performance rebound [3][8]. Summary by Sections Financial Performance - For Q3 2024, the adjusted revenue (including investment business income) is reported at 87.5 million CNY, with a net profit of -11 million CNY, reflecting a year-on-year change of -19.62% and -171.18%, respectively, which is below expectations [8]. - The company’s revenue increased year-on-year, mainly driven by the rapid growth of its securities brokerage and proprietary trading businesses, with net commission income reaching 135 million CNY, up 125.92% year-on-year, and net interest income at 46 million CNY, up 92.70% [8]. Market Outlook - The report indicates that the market is showing signs of recovery, with the Wande All A Index rising 28% from September 24 to October 30, and daily stock trading volume reaching 2 trillion CNY, which is expected to benefit both the financial information services and securities businesses [8]. - The company is in the process of issuing stock to specific investors, which is currently under review by the Shenzhen Stock Exchange, and the progress has been slower than expected due to various factors [8]. Financial Projections - The net profit forecasts for 2024-2026 have been adjusted to 104 million CNY, 408 million CNY, and 588 million CNY, respectively, with corresponding EPS of 0.26 CNY, 1.00 CNY, and 1.44 CNY [8][9]. - The report highlights a significant increase in sales expenses, which rose by 25% year-on-year to 479 million CNY in Q3 2024, attributed to expanded brand promotion and customer acquisition efforts [8].