Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software tool provider to a comprehensive financial service provider, enhancing its product offerings and expanding its market presence [7] - The report anticipates significant growth in net profit for 2025-2027, with projections of 306 million yuan, 414 million yuan, and 539 million yuan respectively, reflecting a strong long-term growth outlook [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, a year-on-year increase of 85%, and a net profit of 139 million yuan, up 726% [1][7] - The company's total revenue for 2023 is projected at 1,113 million yuan, with a forecasted growth to 2,022 million yuan by 2025 [1][22] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 112.72 [1][22] Business Segments - The software segment saw a significant increase in revenue, driven by active capital markets and targeted marketing of high-end products, with a 76% year-on-year growth in financial information service revenue [7] - Brokerage and proprietary trading businesses also experienced rapid growth, with net commission income rising by 143% to 97 million yuan in Q1 2025 [7] Cost and Efficiency - Operating costs increased by 45% year-on-year to 42 million yuan, primarily due to rising employee compensation and communication expenses [7] - The report notes a decrease in expense ratios despite rising costs, indicating improved operational efficiency [7] Strategic Initiatives - The company is deepening its "one body, two wings" strategy, including acquiring a 95% stake in Pioneer Fund to enhance its service offerings [7] - The company is exploring advanced tools for stock selection, leveraging AI and deep learning to optimize investment strategies [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

关于选举职工代表董事的公告 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。 鉴于北京指南针科技发展股份有限公司（以下简称"公司"）第十三届董事 会已经届满，根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等法律法规、规范性文件及公司《章程》的有关规定，公司于 2025 年 4 月 25 日召开职工代表大会，选举王浩先生为公司第十四届董事会职工代表董事 （简历见附件），任期与公司第十四届董事会任期一致。 特此公告。 北京指南针科技发展股份有限公司 董事会 证券代码：300803 证券简称：指南针 公告编号：2025-053 北京指南针科技发展股份有限公司 附件： 职工代表董事简历 王浩先生，1978 年出生，中国国籍，无境外永久居留权，本科学历；2001 年毕业于北京联合大学机械工程学院；2001 年进入指南针工作，曾担任客户经 理、产品设计经理等职务，2008 年任指南针山东分公司副总经理，2009 年起担 任指南针市场部、合规部总监；现任公司销售部门副总监。 截至本 ...

证券代码：300803 证券简称：指南针 公告编号：2025-057 北京指南针科技发展股份有限公司 关于聘任高级管理人员及证券事务代表的公告 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开了第十四届董事会第一次会议，审议通过关于聘任公司高级管理人员及证 券事务代表的相关议案，现将相关情况公告如下： 一、聘任高级管理人员及证券事务代表的情况 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。 1.总经理：冷晓翔先生 2.财务总监：郑勇先生 3.副总经理：陈岗先生、张黎红女士、高海娜女士 4.董事会秘书：李静怡女士 5.证券事务代表：于洪丹女士 上述人员（简历详见附件）任期均为三年，自董事会审议通过之日起至公司 第十四届董事会任期届满之日止。 上述人员均不存在《中国人民共和国公司法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《公司章程》规定的不得担任公司高级管理人员、证券事务代表的情 形，不存在被中国证监会确定为市场禁入者并且尚未解除的情况，未受过中国证 ...

证券代码：300803 证券简称：指南针 公告编号：2025-055 北京指南针科技发展股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 1. 会议召开的时间： 现场会议时间：2025 年 4 月 25 日下午 2:30 网络投票时间：2025 年 4 月 25 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 25 日上午 9:15—9:25，9:30—11:30，下午 1:00—3:00；通过深圳证券交易所互联网 投票系统进行网络投票的时间为 2025 年 4 月 25 日上午 9:15 至下午 3:00。 2. 会议召开的地点：北京市昌平区七北路 42 号院 TBD 云集中心 2 号楼 1 单 元 5 层公司会议室 3. 会议召开的方式：采取现场投票与网络投票相结合的方式召开。 4. 会议召集人：公司董事会 5. 会议主持人：董事长顿衡先生 ...

证券代码：300803 证券简称：指南针 公告编号：2025-056 北京指南针科技发展股份有限公司 第十四届董事会第一次会议决议公告 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、董事会会议召开情况 3. 本次董事会由半数以上董事推荐董事顿衡先生召集和主持。本次会议应出 席会议的董事 7 人，实际出席会议的董事 7 人。 4. 本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 本次会议以记名投票方式表决，审议通过以下事项： 1.审议通过《关于豁免董事会会议通知期限的议案》； 全体董事一致同意豁免本次董事会会议通知期限，并于 2025 年 4 月 25 日召 开第十四届董事会第一次会议。 表决结果：同意 7 票；反对 0 票；弃权 0 票 2.审议通过《选举顿衡先生为第十四届董事会董事长的议案》； 董事会同意选举顿衡先生为公司第十四届董事会董事长，任期三年，自本次 董事会审议通过之日起至第十四届董事会届满之日止。 1. 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 4 月 ...

北 京 大 成 律 师 事 务 所 关 于 北 京 指 南 针 科 技 发 展 股 份 有 限 公 司 20 25 年 第 二 次 临 时 股 东 大 会 的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 大成证字[2025]第 066 号 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10 Chaoyangmen Nandajie, Chaoyang District, 100020, Beijing, China Tel: 8610-58137799 Fax: 8610-58137788 www.dentons.cn 关 于 北 京 指 南 针 科 技 发 展 股 份 有 限 公 司 20 25 年 第 二 次 临 时 股 东 大 会 的 法 律 意 见 书 大成证字[2025]第 066 号 致：北京指南针科技发展股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 ...

Financial Performance - Total revenue for Q1 2025 reached ¥542,058,996, an increase of 84.68% compared to ¥293,508,665 in the same period last year[4] - Net profit attributable to shareholders was ¥138,664,932, representing a significant increase of 725.93% from ¥16,788,949 year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥72,139,160, up 347.00% from ¥16,138,435 in the previous year[4] - Basic earnings per share rose to ¥0.23, a 666.67% increase from ¥0.03 in the same period last year[4] - The company reported total operating revenue of CNY 542,058,996, a significant increase from CNY 293,508,665 in the previous period, representing an increase of approximately 84.8%[31] - Operating profit for the current period is CNY 159,941,168, up from CNY 30,173,842 in the previous period, reflecting strong operational performance[32] - The company recorded a total profit of CNY 159,742,554 for the current period, compared to CNY 29,720,096 in the previous period, demonstrating substantial growth[32] Assets and Liabilities - Total assets increased by 5.94% to ¥11,520,128,581 from ¥10,873,691,318 at the end of the previous year[4] - The total liabilities increased to CNY 9,306,502,525 from CNY 8,647,998,414, which is an increase of approximately 7.6%[30] - The company's equity attributable to shareholders was CNY 2,231,385,006, slightly down from CNY 2,245,573,679, a decrease of about 0.6%[30] Cash Flow - The net cash flow from operating activities was ¥298,188,071, down 71.27% from ¥1,037,765,421 in the previous year[11] - Cash inflow from operating activities totaled CNY 1,202,618,343, down from CNY 1,544,020,675 in the previous period, indicating a decline in cash receipts from operations[34] - Total cash and cash equivalents at the end of the period amount to CNY 7,323,290,737, compared to CNY 3,723,885,728 at the end of the previous period, showing a strong liquidity position[35] - Investment activities resulted in a net cash outflow of CNY 418,603,091, compared to a net outflow of CNY 120,930,098 in the previous period, reflecting increased investment expenditures[35] Revenue Sources - The company reported a significant increase in financial information service revenue, contributing to a 75.91% rise in total operating income[11] - The company's financial information service business saw cash received from sales and services amounting to RMB 508 million, reflecting a 93.09% increase year-on-year[16] - The brokerage and proprietary trading businesses continued to grow rapidly, with net commission income of RMB 97.28 million, up 143.26% year-on-year, and net interest income of RMB 21.15 million, an increase of 66.59%[17] Research and Development - The company plans to continue expanding its research and development efforts, with R&D expenses increasing by 48.76% to ¥50,727,767[11] - The R&D expenses for the period were CNY 50,727,767, compared to CNY 34,100,199 in the previous period, representing an increase of about 48.8%[31] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 70,945, indicating a stable shareholder base[12] - The company has initiated a stock option incentive plan for 2025, granting 5.2909 million stock options at a price of RMB 91.75 per option to 422 eligible participants[22] - The stock option incentive plan for 2022 saw an increase in share capital from 412,563,611 shares to 598,256,675 shares due to stock option exercises[19] - The total number of stock options under the effective incentive plans was 25,520,272 shares, accounting for 4.27% of the total share capital at the end of the reporting period[25] Strategic Initiatives - The company completed the acquisition of 95.01% of Pioneer Fund, resulting in a non-recurring investment income of RMB 65.54 million, significantly impacting net profit figures[18] - The company is actively expanding its brand promotion and customer acquisition efforts, leading to a substantial increase in new registered and paying users compared to the previous year[17] - The company noted that its financial information service products are sold through an "experiential" sales model, leading to uneven revenue distribution throughout the year[16] - The company is in the waiting period for the 2023 stock option incentive plan, while the 2025 plan has been approved by the board and shareholders[20] Investment and Financing Activities - The company's total cash inflow from financing activities is CNY 342,400,700, compared to CNY 108,956,510 in the previous period, reflecting increased financing activities[35] - The company adjusted the stock option exercise prices for its incentive plans, with the 2022 plan's price reduced from CNY 49.75 to CNY 34.31, a decrease of approximately 30.9%[24] - The company completed a capital reserve transfer, increasing its total share capital to CNY 598,255,805 from CNY 412,563,611, reflecting a growth of approximately 45.0%[25]

本公司及监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、监事会会议召开情况 1. 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日以邮件方式发出第十四届监事会第三十次会议通知。 2. 本次监事会于 2025 年 4 月 10 日以通讯方式召开。 3. 本次监事会由监事会主席税翎女士主持，本次会议应出席会议的监事 3 人， 实际出席会议的监事 3 人。 4. 本次监事会会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 证券代码：300803 证券简称：指南针 公告编号：2025-051 北京指南针科技发展股份有限公司 第十四届监事会第三十次会议决议公告 二、监事会会议审议情况 三、备查文件 1.北京指南针科技发展股份有限公司第十四届监事会第三十次会议决议。 （一） 审议通过《关于豁免监事会会议通知期限的议案》 全体监事一致同意豁免本次监事会会议提前 3 日通知的程序，一致同意于 2025 年 4 月 10 日召开本次监事会。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 （二） 审议通过 ...