国金证券2025年年度报告监管问询回复：金融投资、股票质押、资管业务风险及收益情况详解

国金证券2025年度报告问询函回复公告详解：投资者须关注的关键事项

国金证券股份有限公司（600109）于2026年6月3日发布了关于2025年年度报告的信息披露监管问询函的回复公告。该公告内容详尽，涉及金融投资、股票质押业务及资产管理业务三大板块，对公司经营状况、风险敞口及潜在影响进行了全面披露。以下为投资者重点关注内容：

一、金融投资情况

金融资产规模大幅增长：截至报告期末，公司持有的各类金融投资合计达440.16亿元，同比增长47.06%。
关联方产品投资：公司持有关联方上海涌铧投资管理有限公司发行基金产品2.59亿元、云南国际信托有限公司发行信托产品5109.21万元。
公允价值变动与减值：报告期内确认公允价值变动损益3067.6万元，较去年同期下降1.55亿元。计入权益的公允价值变动为-588.43万元，去年同期为6156.67万元。计提减值59.12万元，去年同期仅7.85万元。
底层资产风险：部分投资（如房地产行业相关中期票据和资产证券化证券）已出现逾期或违约，主要由阳光城集团及广州市时代控股集团导致，投资成本合计1.66亿元，账面价值仅0.10亿元。公司已按中债估值充分计提减值，积极推进资产处置。
自有资金投向自身资管业务：期末投资成本41.88亿元，账面价值39.94亿元。部分产品发生违约或逾期，公司未承诺兜底或差额补足，近三年未承担相关责任。
会计师审计意见：年审会计师认为公司金融投资业务符合会计准则，风险披露充分。

投资者应重点关注：金融资产大幅增长伴随部分底层资产逾期违约，公允价值变动收益明显下降，减值计提增加。若违约资产处置进展不顺，可能形成进一步损失，影响公司利润与估值。

二、股票质押业务

业务规模大幅提升：表内股票质押式回购交易规模94.88亿元，较去年增长28.56%。
减值比例下降：累计计提减值准备4303.77万元，减值比例0.45%，较去年下降0.07个百分点。
无逾期或展期：全部存续合约履约保障比例高达338.68%，均在第一阶段计提减值，无逾期及展期。
利息收入下降：支持民营企业发展资管计划待回购金额上升至30.03亿元，但利息收入下降35.6%，主要因月均融出规模下降及利率下行。
行业对比：公司减值比例处于行业中位水平，风险控制较为稳健。
会计师审计意见：认为减值计提充分，风险敞口未见显著恶化。

投资者应重点关注：股票质押业务规模快速扩张，虽然当前风险控制良好，但若宏观环境或担保物价值发生显著变化，仍存在风险敞口。利息收入下降反映行业压力或业务结构调整。

三、资产管理业务

资管业务收入大幅增长：手续费净收入1.65亿元，同比增长53.16%。
私募股权基金管理规模提升：国金鼎兴在管基金32支，实缴管理规模71.57亿元，同比增长9.38%。
关联方投资：部分基金涉及公司实际控制人及重要股东控制企业，累计实缴金额达4.35亿元。
业绩持续亏损：国金鼎兴近三年净利润均为负，2025年亏损6173.46万元。主要因底层资产公允价值变动（如A创投基金互联网、医疗健康、金融科技板块估值下降，湖州国金佐誉基金汽车领域受市场环境影响估值下调，宁波鼎智金通保险公司股权估值下跌）。
公司应对措施：已提升项目承揽质量、设立投后专岗、完善数据库和风险预警系统。
风险承诺：公司管理的私募基金不承诺保本保收益，未作兜底或差额补足安排，近三年未承担相关责任。
会计师审计意见：认为资管业务风险披露充分，管理规范。

投资者应重点关注：资管业务收入虽快速增长，但子公司国金鼎兴业绩持续亏损，底层资产估值波动较大。若资产估值持续下跌，或项目退出不顺，可能拖累公司整体盈利能力。

其他重要事项

风险敞口：公司金融资产和资管产品未承诺兜底或差额补足，已充分计提减值，风险敞口受控。但部分底层资产违约及估值下降可能影响后续业绩。
关联交易：涉及关联方投资均独立决策，定价合理、公平，未损害中小股东利益。
会计师意见：公司整体财务披露充分，符合会计准则。

结论与投资者提示

本公告披露了国金证券金融资产、股票质押、资管业务的最新情况及风险，部分底层资产逾期违约、资管子公司业绩亏损、利息收入下降等均可能对公司未来盈利及估值产生影响。投资者需密切关注违约资产处置进展、资管业务底层资产估值变化及宏观环境影响。

免责声明：本文基于国金证券2025年度报告问询函回复公告整理，仅供投资参考，不构成任何投资建议。投资者需结合自身风险承受能力、市场环境变化及公司后续公告，做出独立判断。本文不对任何投资损失承担责任。

Guojin Securities 2025 Annual Report Inquiry Response: Key Issues for Investors

Guojin Securities Co., Ltd. (600109) released its reply to the 2025 annual report regulatory inquiry on June 3, 2026. The announcement covers three core areas: financial investments, stock pledge business, and asset management business, providing detailed disclosures on operations, risk exposures, and potential impacts. Here are the key points investors should note:

1. Financial Investment

Significant Asset Growth: Total financial investment reached RMB 44.016 billion, up 47.06% year-on-year.
Related Party Investments: Holdings include RMB 259 million in funds issued by Shanghai Yonghua and RMB 51.092 million in trusts issued by Yunnan International Trust.
Fair Value Changes & Impairment: Fair value change gains were RMB 30.676 million (down RMB 155 million YoY). Impairment provision totaled RMB 591,200, up sharply from last year. Notably, some underlying assets (real estate-related bonds and securitizations) have defaulted or overdue, mainly due to Sunshine City Group and Guangzhou Times Holdings, with an investment cost of RMB 166 million and book value of only RMB 10 million. Full impairment has been made.
Own Funds Invested in Own Asset Management: At period end, own fund investment cost was RMB 4.188 billion, book value RMB 3.994 billion. Some products experienced default, but no guarantees or make-up arrangements, nor has the company assumed related liabilities in the last three years.
Auditor’s Opinion: Financial investment disclosures are sufficient and compliant.

Investor Takeaway: Asset growth comes with risks—defaults on certain underlying assets, falling fair value gains, and increased impairment. If asset disposal progresses poorly, further losses may impact profits and valuation.

2. Stock Pledge Business

Business Expansion: Stock pledge repurchase business scale reached RMB 9.488 billion, up 28.56% YoY.
Declining Impairment Ratio: Total impairment provision RMB 43.0377 million, ratio 0.45%, down 0.07 percentage points.
No Overdue/Extension: Contracts have high fulfillment coverage (338.68%), all classified as Stage 1 for expected credit loss, no overdue or extension.
Interest Income Down: Despite an increase in outstanding repurchase amount (RMB 3.003 billion), interest income fell 35.6%, mainly due to lower average monthly lending and falling rates.
Industry Comparison: Impairment ratio is at median among peers, risk control is robust.
Auditor’s Opinion: Impairment provision is adequate, risk exposure is stable.

Investor Takeaway: Rapid business growth, sound risk control, but falling interest income signals market pressure or business structure adjustment. Risks may rise if macro conditions or collateral values change.

3. Asset Management Business

Fee Income Surge: Net fee income reached RMB 165 million, up 53.16% YoY.
Growth in Private Equity Fund Management: Guojin Dingxing managed 32 funds, with paid-in scale of RMB 7.157 billion, up 9.38% YoY.
Related Party Funds: Some funds involve controlling shareholders and key associates, with total paid-in amount RMB 435 million.
Continued Losses: Guojin Dingxing has reported negative net profit for three years, losing RMB 61.7346 million in 2025. Main reason: fair value declines in underlying assets (internet, healthcare, fintech funds, automotive equity, insurance company equity).
Company’s Response: Improved project quality, set up dedicated post-investment positions, upgraded information systems and risk monitoring.
Risk Commitment: No guarantee or make-up arrangements, no liability assumed in last three years.
Auditor’s Opinion: Asset management risk disclosure is sufficient and compliant.

Investor Takeaway: Rapid fee income growth, but Dingxing’s persistent losses and volatile asset valuations may drag on profitability if not resolved.

Other Key Points

Risk Exposure: No guarantees or make-up arrangements, full impairment made. Defaults and valuation declines in underlying assets may affect future results.
Related Transactions: All investments are independently decided, fairly priced, with no harm to minority shareholders.
Auditor’s Opinion: Overall financial disclosure is adequate and compliant.

Conclusion & Investor Reminder

This announcement reveals Guojin Securities’ latest situation in financial assets, stock pledge, and asset management. Defaults, loss-making asset management subsidiary, and falling interest income could affect future profits and valuation. Investors should closely monitor asset disposal progress, asset valuation changes, and macro environment impacts.

Disclaimer: This article is based on Guojin Securities’ 2025 annual report inquiry reply and is for informational purposes only. It does not constitute investment advice. Investors should consider their own risk tolerance, market environment, and subsequent company disclosures before making decisions. The author assumes no responsibility for any investment losses.