Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

Group 1 - The core viewpoint of the news is that the recent evaluation results of securities companies by the Beijing Stock Exchange and the National Equities Exchange and Quotations reflect the competitive landscape and performance of various brokerages in the market, highlighting the strong performance of leading firms and the strategic positioning of smaller firms [1][2][4] Group 2 - In the first quarter of 2025, a total of 103 securities firms participated in the evaluation, with 102 firms scoring above 100 points. The top three firms were CITIC Securities with 152.22 points, Huatai Securities with 138.42 points, and Kaiyuan Securities with 128.03 points [2][3] - The evaluation system includes a professional quality score and compliance quality deductions, with a base score of 100 points, leading to significant changes in rankings compared to the previous year [2][3] - The top three firms in professional quality scores were CITIC Securities, Huatai Securities, and Kaiyuan Securities, with scores of 52.22, 38.42, and 30.31 respectively [3] Group 3 - Smaller securities firms are increasingly focusing on niche markets, particularly in the rapidly developing Beijing Stock Exchange and the New Third Board, to create differentiated competitive advantages [4][5] - Several smaller firms, such as Shichuang Securities and Guoyuan Securities, are actively developing their investment banking capabilities, targeting specialized clients and enhancing their service offerings [4][6] - The rapid growth of the Beijing Stock Exchange presents opportunities for smaller firms to establish a strong presence in specific business segments, avoiding direct competition with larger firms [5][6]

天眼查商业履历信息显示，深圳市怡亚通供应链股份有限公司，成立于1997年，位于深圳市，是一家以 从事批发业为主的企业。企业注册资本259700.9091万人民币，实缴资本103729.4424万人民币。公司法 定代表人为周国辉。 通过天眼查大数据分析，深圳市怡亚通供应链股份有限公司共对外投资了111家企业，参与招投标项目 1356次，知识产权方面有商标信息338条，专利信息23条，此外企业还拥有行政许可66个。 来源：金融界 金融界消息 截至2025年4月7日收盘，怡 亚 通（002183）报收于4.16元，下跌9.96%，换手率2.12%，成 交量54.94万手，成交金额2.32亿元。 资金流向方面，今日主力资金净流出3361.56万元，占比成交额14.48%。其中，超大单净流出1552.31万 元、占成交额6.69%，大单净流出1809.25万元、占成交额7.79%，中单净流出流入747.13万元、占成交 额3.22%，小单净流入2614.43万元、占成交额11.26%。 怡亚通最新一期业绩显示，截至2024三季报，公司营业总收入584.41亿元、同比减少14.41%，归属净利 润6126.98万元，同比 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 55,897,000, a decrease from HKD 618,215,000 in 2023, representing a decline of approximately 91%[2] - The net loss for the year was HKD 160,726,000, an improvement from a loss of HKD 192,454,000 in the previous year, indicating a reduction in losses of approximately 16.4%[3] - The total comprehensive loss for the year was HKD 160,831,000, compared to HKD 169,705,000 in 2023, showing a decrease of about 5.1%[3] - The group reported a pre-tax loss of HKD 133.57 million for the year ended December 31, 2024, compared to a pre-tax loss of HKD 124.53 million in 2023[14] - Total revenue and other income for the year ended December 31, 2024, was HKD 306.24 million, a decrease from HKD 574.35 million in 2023[16] - The group recorded a loss attributable to shareholders of HKD 161 million in 2024, compared to a loss of HKD 192 million in 2023[35] Assets and Liabilities - Non-current assets decreased significantly to HKD 74,185,000 from HKD 405,398,000, a decline of approximately 81.7%[4] - Current assets also saw a reduction, totaling HKD 8,708,755,000 compared to HKD 12,446,464,000 in 2023, representing a decrease of about 30.5%[4] - The total liabilities decreased from HKD 10,014,755,000 in 2023 to HKD 6,152,199,000 in 2024, indicating a reduction of about 38.5%[4] - The company's equity attributable to ordinary shareholders decreased to HKD 2,629,347,000 from HKD 2,790,178,000, a decline of approximately 5.8%[5] - The company's accounts payable decreased to HKD 3,438,149,000 in 2024 from HKD 5,945,953,000 in 2023, reflecting a 42.1% reduction[27] Income and Expenses - Interest income calculated using the effective interest method increased to HKD 251,585,000 from HKD 200,307,000, reflecting a growth of about 25.5%[2] - Interest income from bank and other sources decreased to HKD 149.80 million in 2024 from HKD 173.69 million in 2023[16] - The group incurred interest expenses related to loans amounting to HKD 12.82 million in 2024, a decrease from HKD 72.29 million in 2023[18] - The estimated tax provision for the year was HKD 27.16 million, down from HKD 67.93 million in the previous year[20] Shareholder Returns - The company did not declare any dividends for the year, maintaining a consistent policy from the previous year[2] - The company did not declare any final dividends for the year ended December 31, 2024, consistent with the previous year[29] Market and Business Operations - The global economic environment in 2024 showed a mixed recovery, with the US economy growing moderately at 5.0% and the European economy facing continued pressure[31][32] - The average daily trading volume of the Hong Kong main board reached HKD 131.8 billion in 2024, a 26% increase from 2023[34] - The number of new IPOs in Hong Kong decreased slightly to 67 in 2024, while total fundraising increased by approximately 102% to HKD 877 million[34] - The group ranked 6th among Chinese brokers in Hong Kong IPO underwriting, participating in 15 projects during the reporting period[45] - The group completed 312 offshore bond projects, ranking 5th among Chinese brokers in offshore bond underwriting, focusing on RMB internationalization and green finance[46] Business Segments - Commission and fee income increased by 3% to HKD 232 million in 2024, despite a long-term market downturn[36] - Wealth management business revenue decreased by approximately 12% year-on-year, with commission and fee income growing by about 7% to HKD 70 million in Q4 2024[39] - Corporate finance business commission and fee income rose by 28% to HKD 89 million in 2024[42] - The investment business recorded a significant loss of HKD 436 million due to valuation adjustments[42] - The asset management business faced challenges with commission income dropping by 39% to HKD 11.26 million due to market volatility and regulatory pressures[52] Compliance and Future Outlook - The group is currently evaluating the impact of new accounting standards that are expected to be adopted in the future, with no significant impact anticipated on the consolidated financial statements[12] - The company plans to focus on high-quality development and enhance its overseas platform's professional advantages, actively integrating into the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative[55] - The company aims to optimize its business structure and enhance financial service capabilities while improving compliance and risk management systems[55] - The group is committed to improving compliance and risk management while seizing market opportunities in the second half of 2024[48] Employee and Operational Metrics - The total number of full-time employees decreased to 256 as of December 31, 2024, from 283 in 2023, with total employee costs amounting to approximately HKD 233 million, down from HKD 249 million[67] - The company has maintained a policy of ensuring sufficient liquidity to meet debt repayment obligations[57] Financial Position - As of December 31, 2024, the company issued a total of 1,561,138,689 ordinary shares, with total equity attributable to ordinary shareholders approximately HKD 2.629 billion, a decrease from HKD 2.790 billion as of December 31, 2023[56] - The company held cash of HKD 440 million as of December 31, 2024, down from HKD 1.287 billion in 2023, and financial assets measured at fair value amounted to HKD 3.032 billion, down from HKD 3.663 billion[58] - The company's unused bank credit facilities totaled HKD 7.406 billion as of December 31, 2024, compared to HKD 8.001 billion in 2023[58] - The current ratio (current assets to current liabilities) improved to 142% as of December 31, 2024, from 124% in 2023, while the debt-to-equity ratio decreased to 17% from 23%[58] Audit and Reporting - The preliminary financial results for the year ending December 31, 2024, have been verified by Deloitte, confirming alignment with the audited consolidated financial statements approved by the board on March 28, 2025[72] - The annual report for 2024 will be distributed to shareholders and will be available on the Hong Kong Stock Exchange and the company's website[73] - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[73]

中信证券排名第一，业务单数为2单；东兴证券、国元证券、华泰联合证券、平安证券、申港证券、申万宏源证券、天风证券、中国银河证券、中泰证券、中信建 投证券这10家券商各1单。 文/梧桐数据中心 随着1月27日海博思创（688411）、亚联机械（001395）两家公司成功上市，2025年1月A股合计新上市公司12家，其中沪市主板1家、科创板4家、深市主板2家、 创业板4家、北交所1家。相较去年同期的14家，同比下降14.29%。这12家新上市公司募资净额为62.70亿元，相较去年同期的106.99亿元，同比下降42.82%。 一、保荐机构业绩排名 2025年1月，共有11家保荐机构承担了这12家新上市公司的IPO上市业务。 | 1 | 本六世須 | TV | | --- | --- | --- | | 2 | 、国元証券TONWOOD TREE | | | 2 | 华泰联合证券 | 1 | | 2 | 平安证券 | 1 | | 2 | 申港证券 | 1 | | 2 | 申万宏源证券 | 1 | | 2 | 一天风证券 | | | 2 01 | 中国银河证券 | | | 2 | 中泰证券 | | | 2 | 中信建投 ...

NR 25 Y SHENWAN HONGYUAN SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源 （ 香 港 ） 有 限 公 司 (於香港註冊成立之有限公司) (股份代號：218) 2024 中期報告 目錄 頁次 公司資料 2 業績 3 簡明綜合損益表 3 簡明綜合損益及其他全面收益表 4 簡明綜合財務狀況表 5-6 簡明綜合權益變動表 7 簡明綜合現金流量表 8-9 簡明綜合財務報表附註 10-27 管理層探討與分析 28-36 其他資料 37-40 申萬宏源（香港）有限公司 二零二四年中期報告 1 1 公司資料 | --- | --- | |------------------------|--------------------------------------| | | | | 董事 | 公司秘書 | | 執行董事 | 張啟昌 | | 吳萌 （主席） | | | 談偉軍 | | | 梁鈞 （行政總裁） | 主要往來銀行 | | 胡憬 （首席風險官） | 中國銀行（香港）有限公司 | | | 上海銀行（香港）有限公司 | | 非執行董事 | 中信銀行（國際）有限公司 | ...

Financial Performance - For the six months ended June 30, 2024, the company reported total revenue of HKD 146,216,000, a decrease of 59.5% compared to HKD 361,010,000 for the same period in 2023[3] - Interest income calculated using the effective interest method was HKD 73,970,000, down from HKD 111,837,000, representing a decline of 33.9%[3] - The company recorded a loss before tax of HKD 37,012,000, an improvement from a loss of HKD 70,894,000 in the previous year, indicating a reduction in losses by 47.8%[3] - The net loss for the period was HKD 37,316,000, compared to a net loss of HKD 71,344,000 in the prior year, reflecting a 47.7% decrease in losses[4] - Basic and diluted loss per share was HKD 2.39, an improvement from HKD 4.57 per share in the same period last year[3] - Total comprehensive loss for the period was HKD 37,424,000, compared to HKD 48,474,000 in the previous year, showing a decrease of 22.8%[4] Assets and Liabilities - As of June 30, 2024, total current assets amounted to HKD 11,652,405,000, down from HKD 12,446,464,000 at the end of 2023, a decline of 6.4%[5] - Current liabilities totaled HKD 9,016,035,000, a decrease from HKD 10,014,755,000, indicating a reduction of 9.9%[6] - The company's total assets less current liabilities stood at HKD 2,778,295,000, slightly down from HKD 2,837,107,000, a decrease of 2.1%[6] - The company’s equity attributable to ordinary shareholders was HKD 2,752,754,000, compared to HKD 2,790,178,000 at the end of 2023, reflecting a decrease of 1.4%[6] Revenue Sources - For the six months ended June 30, 2024, the total revenue from external customers was HKD 202,193,000, a decrease from HKD 315,416,000 in the same period of 2023, representing a decline of approximately 36%[10] - The total income from commission and fee income for the six months ended June 30, 2024, was HKD 95,895,000, down from HKD 121,268,000 in the same period of 2023, reflecting a decrease of about 21%[12] - Interest income from banks and other sources for the six months ended June 30, 2024, was HKD 112,377,000, compared to HKD 144,335,000 in the previous year, marking a decline of approximately 22%[13] - Commission and fee income decreased by 21% to HKD 95.895 million, while interest income fell by 22% to HKD 112.377 million compared to the same period last year[30] Investment Performance - The company reported a significant loss in the investment business segment, with net losses from financial assets amounting to HKD 62,056,000 for the six months ended June 30, 2024, compared to a gain of HKD 95,407,000 in the previous year[14] - The investment business saw a turnaround with a profit of HKD 5 million, compared to a loss of HKD 28 million in the previous year, marking a 118% improvement[32] Market Conditions - The average daily trading volume in the Hong Kong market decreased by 4.42% year-on-year to HKD 110.4 billion in the first half of 2024[27] - The number of new IPOs in the Hong Kong market decreased by 9.09% year-on-year, with 30 new listings in the first half of 2024 compared to 33 in the same period of 2023[27] Strategic Initiatives - The company’s strategy focuses on enhancing cross-border business collaboration and improving risk management capabilities amid a challenging economic environment[28] - The company aims to expand its underwriting project reserves and actively engage in merger and acquisition advisory projects to diversify revenue sources[37] - The company plans to leverage policy opportunities and expand its business in the Guangdong-Hong Kong-Macao Greater Bay Area[45] Employee and Operational Metrics - The total number of full-time employees as of June 30, 2024, was 270, down from 283 as of December 31, 2023, with employee costs totaling approximately HKD 1.34 billion[55] Compliance and Governance - The company has maintained compliance with all applicable corporate governance codes, except for a specific provision regarding the separation of roles between the chairman and CEO[57] - The audit committee was reconstituted to comply with listing rules after the appointment of a new independent non-executive director on June 28, 2024[60]

Financial Performance - The company's revenue for 2023 was impacted by a 39.2% year-on-year decrease in fundraising amount from IPOs, totaling RMB 356.4 billion[8]. - In 2023, the company's revenue increased by 45% year-on-year, reaching HKD 618.2 million, compared to HKD 426.3 million in 2022[15]. - The company recorded a pre-tax loss of HKD 125 million and a loss attributable to shareholders of HKD 192 million, an improvement from a pre-tax loss of HKD 871 million in 2022[15]. - Commission and fee income decreased by 5% year-on-year to HKD 224.9 million, while interest income increased by 38% to HKD 271.6 million[16]. - Investment business revenue turned positive at HKD 121.7 million, compared to a loss of HKD 6.2 million in the previous year[16]. - Wealth management business revenue increased by 10%, with commission and fee income decreasing by 35% to HKD 65.6 million[21]. - The company achieved a 49% increase in corporate finance business commission and fee income, reaching HKD 70.0 million[25]. - Investment income from corporate finance activities was HKD 101.4 million, a significant increase from a loss of HKD 11.9 million in 2022[25]. - The company completed 126 bond projects during the year, including 124 underwriting projects and 2 advisory projects[27]. - In 2023, the total revenue from investment business reached HKD 0.2 billion, an increase of 284% year-on-year[33]. - The stock trading revenue increased by 13% year-on-year to HKD 1.07 billion, despite a challenging market environment[33]. - The client bond trading volume reached USD 2.55 billion, a year-on-year growth of 59%[32]. Economic Outlook - The overall GDP growth for 2023 was 5.2%, with retail sales of consumer goods increasing by 7.2% year-on-year, indicating a recovery trend[8]. - The company anticipates a GDP growth rate of 4.5%-5.0% for 2024, supported by increased government efforts to stabilize growth[11]. - The Hang Seng Index fell by 13.82% in 2023, while net inflow from southbound funds decreased by 17.5% to HKD 318.8 billion[9]. Business Strategy and Development - The company plans to enhance its core competitiveness and revenue-generating capabilities through business transformation and new product development[12]. - The company aims to improve customer loyalty and drive fee income growth by optimizing its comprehensive service capabilities[12]. - The company intends to leverage domestic brand advantages to promote business development through domestic and international collaboration[12]. - The company is focused on increasing the application of financial technology to improve operational efficiency and management capabilities[12]. - The company is committed to building a talent team and optimizing human resource structure to enhance its competitiveness in the market[12]. - The company plans to expand its underwriting project reserves and participate in more M&A advisory projects[25]. - The company aims to enhance its product offerings and client service through innovation and market expansion strategies[37]. Risk Management - The company will strengthen its risk management framework and enhance monitoring of core risk limit indicators and major investment projects[12]. - The company is focused on enhancing its risk management capabilities and improving internal control systems[15]. - The company closely monitors foreign exchange risks, with minimal exposure due to its primary operations in HKD and USD[50]. Environmental, Social, and Governance (ESG) - The company has established an ESG governance structure, with an ESG committee comprising three executive directors and two independent non-executive directors[63]. - The company identified 18 key ESG issues for 2023, including greenhouse gas emissions, employee welfare, and compliance with laws and regulations[66]. - The company emphasizes responsible and sustainable business practices, considering the long-term impact of ESG issues on stakeholders[56]. - Direct greenhouse gas emissions from company vehicles in 2023 amounted to 4.89 tons of CO2, a reduction of approximately 14.5% compared to the previous year[68]. - Indirect greenhouse gas emissions from electricity consumption in 2023 were 501.32 tons of CO2, representing an 8.89% decrease from 2022[71]. - Total greenhouse gas emissions (Scope 1 and 2) for 2023 were 506.21 tons, down from 555.97 tons in 2022, marking a reduction of approximately 8.9%[72]. - The company aims to reduce direct greenhouse gas emissions from company vehicles by 15% by the end of 2025, targeting a total of 12.48 tons[69]. - Energy consumption in 2023 totaled 748.89 MWh, a decrease from 797.08 MWh in 2022, reflecting a continued effort to improve operational efficiency[77]. - The company has implemented energy-saving measures, including the installation of energy-efficient systems in new offices, to enhance energy usage efficiency[76]. - The company plans to achieve a 15% reduction in per capita paper usage by the end of 2025, targeting a reduction to 0.019 tons[69]. - The company has maintained high levels of corporate governance, adhering to all applicable code provisions under the Hong Kong Stock Exchange's Listing Rules[143]. Employee Management - The total number of full-time employees as of December 31, 2023, was 283, down from 315 in 2022, with total employee costs amounting to approximately HKD 2.49 billion (2022: HKD 2.98 billion)[53]. - Employee turnover rate decreased to 26% in 2023 from 36% in 2022[90]. - Total training hours for employees increased to 48.95 hours in 2023, up from 28.5 hours in 2022, representing a 71.5% increase[97]. - Percentage of employees receiving training rose to 14% in 2023 from 10.5% in 2022[97]. - The company has established strict internal policies and monitoring measures to ensure compliance with ESG-related laws and regulations[113]. Corporate Governance - The board composition includes a balanced mix of executive and non-executive directors, ensuring independent judgment in decision-making[148]. - The company has adopted a board diversity policy, considering various factors such as skills, knowledge, and professional experience in board member selection[159]. - The board ensures that all directors have access to necessary information to make informed decisions and fulfill their responsibilities[190]. - The board has established various committees, including an Executive Committee and a Management Committee, to oversee significant business strategies and daily operations[179]. - The company has formalized delegation of authority arrangements, ensuring all directors understand their responsibilities[178]. - The board has provided a balanced, clear, and comprehensive assessment of the company's performance, situation, and prospects[195].

Revenue and Income Performance - Revenue for the year ended December 31, 2023, was HK$618,215 thousand, compared to HK$426,340 thousand in 2022, representing a significant increase[5] - Revenue increased by 45% year-on-year from HKD 426 million in 2022 to HKD 618 million in 2023[58] - The company's total revenue for 2023 was 127,136 thousand HKD, a 28% increase compared to 2022[131] - Interest income increased from 197,045 thousand HKD in 2022 to 271,626 thousand HKD in 2023, accounting for 44% of total income[33] - Interest income increased by 38% from HKD 171.3 million in 2022 to HKD 235.7 million in 2023[60] - The company's total interest income increased by 38% year-on-year, reaching 272 million HKD in 2023[88] - Investment business turned profitable, with a gain of 121,727 thousand HKD in 2023 compared to a loss of 6,211 thousand HKD in 2022[33] - Investment business income turned negative, with a loss of HKD 71,000 in 2023 compared to a profit of HKD 405,000 in 2022[60] - Investment income from the company's own funds reached HKD 101 million[92] - The company's investment business achieved a turnaround, with revenue of 122 million HKD in 2023, compared to a loss in the previous year[88] - The company's total investment business income for 2023 was 20,370 thousand HKD, a significant increase from 5,298 thousand HKD in 2022[131] - Corporate finance fee and commission income increased by 49% from HKD 47 million in 2022 to HKD 70 million in 2023[62] - Corporate finance business fees and commission income increased by 49% year-on-year to HKD 70.03 million[92] - Investment business income in corporate finance surged by 951% from a loss of HKD 11.9 million in 2022 to a profit of HKD 101.4 million in 2023[62] - Total income from corporate finance and investment business increased by 389% from HKD 35.1 million in 2022 to HKD 171.5 million in 2023[62] - Institutional services and trading business investment income rose 284% year-on-year to HKD 20 million[96] - Stock business revenue increased by 13% year-on-year to HKD 107 million[97] - Fixed income sales increased, with client bond trading volume reaching USD 2.55 billion, up 59% year-on-year[95] Losses and Financial Health - The company reported a net loss of HK$192,454 thousand for 2023, a substantial improvement from the net loss of HK$879,924 thousand in 2022[5] - The company's total comprehensive loss for the year was HK$169,705 thousand in 2023, compared to HK$892,150 thousand in 2022, showing a significant reduction in losses[11] - Pre-tax loss for 2023 was HKD 125 million, compared to a pre-tax loss of HKD 871 million in 2022[58] - Shareholders' loss attributable to the company was HKD 192 million in 2023, down from HKD 880 million in 2022[58] - The company's pre-tax loss has been deducted, indicating a challenging financial performance[127] - The company's basic and diluted loss per share improved to HK$0.1233 in 2023 from HK$0.5636 in 2022, reflecting a reduction in losses per share[5] - The company's total liabilities decreased to HK$10,014,755 thousand in 2023 from HK$13,480,141 thousand in 2022, indicating improved financial health[12] - The company's liquidity ratio improved to 124% in 2023, up from 118% in 2022, while the debt-to-equity ratio decreased to 23% from 50%[73] - The company's outstanding short-term bank loans decreased to 234 million HKD in 2023 from 1.489 billion HKD in 2022[73] - The company's issued notes decreased to 417 million HKD in 2023 from 818 million HKD in 2022[73] - The company's issued bonds decreased to zero in 2023 from 1.559 billion HKD in 2022[73] - The company's total equity attributable to ordinary shareholders was 2.79 billion HKD as of December 31, 2023, down from 2.96 billion HKD in 2022[71] - The company's total equity as of December 31, 2023, was 2,790,178 thousand HKD, a decrease from 2,959,883 thousand HKD in 2022[136] Asset and Liability Management - Total assets decreased to HK$12,446,464 thousand in 2023 from HK$15,890,754 thousand in 2022, reflecting a reduction in asset base[12] - The company's net current assets increased slightly to HK$2,431,709 thousand in 2023 from HK$2,410,613 thousand in 2022[12] - The company's property, plant, and equipment increased to HK$9,882 thousand in 2023 from HK$5,977 thousand in 2022, indicating investment in fixed assets[12] - The company's deferred tax assets decreased to HK$26,743 thousand in 2023 from HK$89,326 thousand in 2022, reflecting changes in tax positions[12] - The company's cash and bank balances increased to HK$1,287,243 thousand in 2023 from HK$1,238,496 thousand in 2022, indicating improved liquidity[12] - The company held cash of HKD 1.287 billion and financial assets at fair value through profit or loss of HKD 3.663 billion as of December 31, 2023[103] - Unused bank credit facilities totaled HKD 8.001 billion as of December 31, 2023[103] - The company's accounts payable decreased to 5,945,953 thousand HKD in 2023 from 6,523,725 thousand HKD in 2022[146] - The company's cash customer receivables and margin loan balances were 22 million HKD and 1.074 billion HKD respectively as of December 31, 2023[145] - Margin loan balances to corporate clients accounted for 42% of total margin loans, up from 35% in 2022[107] Receivables and Credit Management - The company's total receivables decreased from 2,835,339 thousand HKD in 2022 to 2,697,520 thousand HKD in 2023, reflecting a reduction in expected credit losses[24] - Receivables from securities trading decreased from 2,639,111 thousand HKD in 2022 to 2,305,273 thousand HKD in 2023, with a notable drop in receivables from cash clients and other brokers[24] - Receivables from corporate financing and advisory services increased significantly from 649,404 thousand HKD in 2022 to 1,009,647 thousand HKD in 2023[24] - Receivables due within one month increased from 1,154,444 thousand HKD in 2022 to 1,381,521 thousand HKD in 2023, indicating improved short-term liquidity[26] - Receivables from the company's ultimate holding company increased significantly, with 14,297 thousand HKD in 2023 compared to 5,939 thousand HKD in 2022 for brokerage services[27] Fee and Commission Income - The company's fee and commission income decreased from 235,506 thousand HKD in 2022 to 224,862 thousand HKD in 2023, representing a drop from 55% to 36% of total income[33] - Fee and commission income decreased by 35% from HKD 101.4 million in 2022 to HKD 65.6 million in 2023[60] - The company's wealth management business revenue increased by 10%, with fee and commission income decreasing by 35% from 101 million HKD in 2022 to 65.58 million HKD in 2023[90] - The company's asset management business saw a 2% decrease in fee and commission income, from 18,679 thousand HKD in 2022 to 18,377 thousand HKD in 2023[68] - The company's asset management business saw a slight decline in fee and commission income due to the exit of some passively managed fund products[143] Business Operations and Strategy - The A-share IPO market saw a 39.2% year-on-year decline in fundraising, with 313 new listings raising 356.4 billion RMB in 2023[31] - The company upgraded its internet stock trading system and optimized its wealth management platform, enhancing the "Wynner" and "Wynner League" service systems[35] - The company completed 126 bond projects in 2023, including 124 underwriting projects and 2 financial advisory projects[64] - The company expanded its investor base by nearly 400 domestic and international investors[95] - The company plans to focus on new energy, integrated circuits, and medical technology sectors for private equity business[99] - The company plans to focus on business transformation, risk management, and financial technology applications in 2024[150] - The company's GDP growth in 2023 was 5.2%, supported by a rebound in consumption and resilient manufacturing investment[129] Employee and Dividend Information - The company's full-time employees decreased to 283 in 2023 from 315 in 2022, with total employee costs of 249 million HKD[152] - The company's board of directors has decided not to recommend the payment of a final dividend for the year ended December 31, 2023 (2022: zero Hong Kong cents per ordinary share)[159]

Financial Performance - The company reported a revenue of HKD 361,010,000 for the six months ended June 30, 2023, representing a 28.4% increase from HKD 281,338,000 in the same period of 2022[8]. - The company incurred a pre-tax loss of HKD 70,894,000, an improvement compared to a loss of HKD 127,526,000 in the previous year, reflecting a 44.4% reduction in losses[8]. - The net loss attributable to equity holders of the company was HKD 71,344,000, compared to HKD 123,430,000 in the prior year, indicating a 42.3% decrease in net losses[8]. - Total comprehensive loss for the period was HKD 48,474,000, significantly improved from HKD 157,036,000 in the same period last year, showing a 69.1% reduction[9]. - Cash generated from operating activities was HKD 735,506,000, a turnaround from cash used of HKD 1,044,737,000 in the prior year, reflecting a positive cash flow shift[20]. - The basic and diluted loss per share for the six months ended June 30, 2023, was HKD 4.57, an improvement from HKD 7.91 in the previous year[39]. - The company reported a significant increase in interest income from banks and other sources, totaling HKD 93,112,000 for the six months ended June 30, 2023, compared to HKD 14,255,000 in 2022[31]. - The company reported a total of HKD 144,335,000 in interest income from various sources for the six months ended June 30, 2023, compared to HKD 93,851,000 in the previous year[31]. Assets and Liabilities - Non-current assets decreased to HKD 432,495,000 as of June 30, 2023, down from HKD 625,929,000 at the end of 2022, representing a 30.9% decline[12]. - Current assets totaled HKD 15,223,627,000, slightly down from HKD 15,890,754,000 at the end of 2022, indicating a 4.2% decrease[12]. - The company's total liabilities decreased to HKD 12,686,407,000 from HKD 13,480,141,000, reflecting a 5.9% reduction in current liabilities[12]. - The net asset value of the company was HKD 2,911,409,000 as of June 30, 2023, compared to HKD 2,959,883,000 at the end of 2022, showing a slight decrease of 1.6%[13]. - The company experienced a decrease in other financial assets by HKD 372,545,000 compared to HKD 697,775,000 in the previous year, indicating a 46.4% reduction[18]. - The fair value of debt securities measured at fair value through other comprehensive income decreased to HKD 74,789,000 as of June 30, 2023, from HKD 251,968,000 as of December 31, 2022, a decline of 70.3%[42]. - The total fair value of financial assets measured at fair value through profit or loss increased to HKD 6,147,303,000 as of June 30, 2023, compared to HKD 5,667,984,000 as of December 31, 2022, indicating an increase of approximately 8.4%[59]. Operational Strategy and Future Outlook - The company plans to continue focusing on enhancing its operational efficiency and exploring new market opportunities to drive future growth[7]. - The company is currently evaluating the impact of new accounting standards that will take effect from January 1, 2024, but does not expect significant effects on the consolidated financial statements[27]. - The company plans to continue developing low-risk, light-capital businesses and enhance its cross-border asset management platform[117]. - The company aims to expand its alternative asset management capabilities and enhance brand influence while focusing on regulatory policies and cross-border asset management needs[113]. - The company anticipates global economic recession pressures to gradually spread from developed markets to emerging markets in the second half of the year[114]. - The future outlook includes a positive growth forecast, with performance guidance suggesting a potential increase of 15% in revenue for the next quarter[149]. - Market expansion strategies are being implemented, targeting new geographic regions to increase market share[149]. Employee and Operational Costs - The company reported a decrease in short-term employee benefits to HKD 27,401,000 for the six months ended June 30, 2023, down from HKD 37,652,000 in the same period of 2022, representing a decline of approximately 27.5%[69]. - Employee costs for the period amounted to approximately HKD 1.34 billion, unchanged from the same period in 2022[134]. - The total number of full-time employees as of June 30, 2023, was 303, down from 315 as of December 31, 2022[134]. Market Conditions and Business Environment - The overall financing environment remained tight, with a contraction in the issuance of offshore Chinese bonds due to ongoing interest rate hikes by the Federal Reserve[84]. - The macroeconomic environment in mainland China showed signs of pressure in the second quarter, with retail sales growth of 8.2% and fixed asset investment growth of 3.8% in the first half of 2023[81]. - The average daily trading volume in Hong Kong stocks decreased by 16.5% year-on-year to HKD 115.5 billion, reflecting reduced investor sentiment amid market volatility[92]. Investment and Financial Activities - The company completed 50 offshore bond projects, assisting clients in raising approximately USD 4.099 billion from state-owned enterprises and USD 1.893 billion from financial institutions[101]. - The company recorded an investment business loss of HKD 13.74 million, a decrease of 129% year-on-year due to high funding costs and a contraction in bond scale[108]. - The margin loan balance was HKD 11.95 billion as of June 30, 2023, decreased from HKD 13.09 billion as of December 31, 2022[127]. - 41% of the margin loan balance was lent to corporate clients, an increase from 35% as of December 31, 2022[128]. Compliance and Governance - The company maintained compliance with all applicable corporate governance codes during the six months ending June 30, 2023[143]. - No major events affecting the company occurred after June 30, 2023[133].