Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,085,877,120, a decrease of 39.91% compared to CNY 1,807,078,426.17 in the same period last year[20]. - The net profit attributable to shareholders of the parent company was CNY 87,709,328.57, down 85.39% from CNY 600,312,605.07 year-on-year[20]. - The net cash flow from operating activities increased by 142.33% to CNY 6,367,623,822.02, compared to CNY 2,627,617,632.80 in the previous year[20]. - Total assets at the end of the reporting period reached CNY 93,333,039,263.26, reflecting a 7.12% increase from CNY 87,128,874,813.89 at the end of the previous year[20]. - The total liabilities increased by 8.27% to CNY 74,711,611,952.12, compared to CNY 69,005,316,900.50 at the end of the previous year[20]. - The basic earnings per share decreased by 85.71% to CNY 0.03 from CNY 0.21 in the same period last year[21]. - The weighted average return on equity decreased by 3.00 percentage points to 0.48% from 3.48% year-on-year[21]. Business Operations - The company's main business is highly correlated with the domestic macroeconomic environment and capital market trends, which poses significant operational risks[7]. - Guolian Securities holds various qualifications for securities business, including membership in both Shanghai and Shenzhen Stock Exchanges[12][13]. - The company has a comprehensive range of business qualifications, including internet securities business pilot qualifications and private fund comprehensive custody qualifications[13]. - The brokerage and wealth management business generated revenue of RMB 3.78 billion, a year-on-year increase of 1.36%[32]. - The investment banking business reported revenue of RMB 1.73 billion, a decline of 42.76% year-on-year[32]. - The asset management and investment business achieved revenue of RMB 3.21 billion, a significant increase of 98.31% year-on-year[32]. - The credit trading business's revenue was RMB 1.27 billion, down 17.07% year-on-year[32]. - The securities investment business saw revenue drop to RMB 0.12 billion, a decrease of 98.41% year-on-year[32]. Risk Management - The company emphasizes the importance of risk management in light of potential economic and policy changes affecting its performance[7]. - The company faces significant risks including market risk, credit risk, operational risk, and liquidity risk, with ongoing pressures from macroeconomic uncertainties in the second half of 2024[90]. - The company has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, aiming for long-term value maximization[91]. - The risk management structure includes a board of directors, senior management, and dedicated risk management departments to oversee and implement risk management policies[92]. - The company has established a comprehensive market risk monitoring system, utilizing daily calculations of profit and loss, exposure, basis points, duration, and derivatives Greeks[99]. - Credit risk primarily arises from stock pledge repurchase transactions, financing business, and various types of bond investment transactions, including government bonds and corporate bonds[100]. - The company has implemented a daily position management and periodic liquidity analysis mechanism to dynamically manage the scale of fund usage across various businesses[101]. Client and Market Engagement - The company added 119,400 new clients during the reporting period, bringing the total client base to 1,855,800, a year-on-year increase of 10.06%[35]. - The total number of clients signed for fund advisory services reached 319,400, representing a year-on-year growth of 13.35%, with authorized account asset scale remaining stable at 6.958 billion RMB[35]. - Financial product sales (excluding cash management products) amounted to 9.647 billion RMB, a decrease of 14.24% year-on-year, while the ending balance of financial products was 19.370 billion RMB, remaining stable year-on-year[35]. Corporate Governance - The company held one shareholders' meeting during the reporting period, which complied with relevant laws and regulations[114]. - The company appointed Xue Chunfang as the chairman of the supervisory board, replacing Xu Faliang who retired[115]. - The company completed the employee stock ownership plan in 2022, raising a total of 68.11 million yuan with 342 participants[118]. - As of the end of the reporting period, the employee stock ownership plan had 298 participants holding a total of 16,686,000 shares, representing approximately 0.5892% of the company's total share capital[120]. Environmental and Social Responsibility - The company has committed to supporting green industries through various financial tools, with detailed information to be disclosed in the annual sustainability report[126]. - In March, the company allocated CNY 100,000 to support the "Tsinghua Friends - Guolian Securities Talent Scholarship" for rural revitalization and ESG research[128]. - In June, the company spent CNY 1.211 million to purchase agricultural products from poverty alleviation areas, contributing to the consolidation of poverty alleviation results[128]. - The company participated in a donation campaign, contributing CNY 446,000 to humanitarian aid and disaster relief efforts[128]. Debt and Financing - The company has issued bonds with a total balance of 10 billion RMB at an interest rate of 3.29%, maturing on August 30, 2024[161]. - The second bond issued has a total balance of 15 billion RMB at an interest rate of 3.50%, maturing on November 22, 2024[161]. - The company raised a total of RMB 1.5 billion through bond issuance, with the funds allocated to repay maturing corporate bonds[171]. - The actual amount used from the raised funds for repaying corporate bonds was RMB 1.49865 billion[174]. - The company has maintained compliance with the debt repayment guarantees and has timely paid all principal and interest on its bonds[167]. Compliance and Regulatory Matters - The company has taken steps to strengthen compliance and oversight in response to identified regulatory issues[134]. - The company has implemented corrective measures in response to regulatory warnings, including enhancing training on bond regulations and improving internal control processes[134]. - The company has not faced any credit rating adjustments during the reporting period[168]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[158].

Financial Performance - Guolian Securities expects a net profit of RMB 82.62 million for the first half of 2024, a decrease of RMB 517.69 million or 86.24% compared to the same period last year [2]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be RMB 74.93 million, down RMB 517.17 million or 87.34% year-on-year [2]. - In the same period last year, the net profit attributable to the parent company was RMB 600.31 million [4]. Market Conditions - The decline in performance is attributed to poor domestic securities market indices and trading activity, leading to reduced profitability in the company's securities investment business [5]. Business Strategy - The company has been expanding its capital and asset scale steadily while enhancing its financial leverage and diversifying its business structure [5]. - Guolian Securities aims to continue transforming its business model while closely monitoring market trends to improve its core competitiveness and service capabilities [5]. Earnings Forecast - The earnings forecast has not been audited by registered accountants [4]. - There are currently no significant uncertainties that could affect the accuracy of the earnings forecast [6]. - The data provided is preliminary and the final financial figures will be disclosed in the official 2024 semi-annual report [6].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 173,420,445.95, a decrease of 74.44% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY -218,754,276.47, representing a decline of 205.50% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -226,728,574.83, down 211.91% from the previous year[4] - The net profit for Q1 2024 was CNY -216,647,616.36, compared to a net profit of CNY 207,346,319.54 in Q1 2023[18] - Net profit for Q1 2024 was -263,354,225.36, compared to a profit of 220,689,283.37 in Q1 2023[26] - The company reported a total comprehensive income of 97,211,031.38 for Q1 2024, down from 547,755,142.60 in Q1 2023[27] Cash Flow - The net cash flow from operating activities was CNY -1,018,886,181.06, not applicable for year-on-year comparison[4] - In Q1 2024, the company reported a net cash flow from operating activities of -1,018,886,181.06 RMB, compared to -373,105,033.42 RMB in Q1 2023, indicating a significant increase in cash outflow[21] - Cash flow from operating activities resulted in a net outflow of -1,230,557,441.19, compared to an inflow of 874,085,420.40 in the same quarter last year[28] - Total cash inflow from operating activities reached 11,379,043,727.26 RMB, up from 5,153,333,598.55 RMB in the same period last year, reflecting a growth of approximately 120%[21] - The company achieved a net cash flow from investing activities of 2,645,572,124.88 RMB, a recovery from a negative cash flow of -1,009,265,870.12 RMB in Q1 2023[21] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 93,232,012,683.67, an increase of 7.00% from the end of the previous year[5] - The total assets as of March 31, 2024, amounted to CNY 93,232,012,683.67, up from CNY 87,128,874,813.89 as of December 31, 2023[17] - Total liabilities as of March 31, 2024, were CNY 74,964,364,077.00, compared to CNY 69,005,316,900.50 at the end of 2023[17] - The company's total liabilities increased to 74,040,958,797.63 RMB from 68,127,372,370.75 RMB, indicating a rise of about 8.5%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 108,644[9] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 543,901,329 shares, accounting for 19.21% of total shares[9] - The second-largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 442,495,570 shares, representing 15.63%[9] - The company has a total of 390,137,552 shares held by Guolian Trust Co., Ltd., which accounts for 13.78%[9] - The total number of A-share shareholders is 108,548, with H-share non-registered shareholders totaling 96[10] - The company’s major shareholders collectively hold 48.60% of the shares through various entities[10] - The company has no other known related party relationships or concerted actions among its major shareholders[10] Investment and Financing Activities - The company is planning to acquire control of Minsheng Securities through the issuance of A-shares, which is currently in the planning stage[14] - The company has decided to terminate the issuance of A-shares for the acquisition of Minsheng Securities due to uncertainties[13] - The company’s stock was suspended from trading on April 26, 2024, due to the planning of a major asset restructuring[14] - The company received cash from bond issuance amounting to 3,191,350,000.00 RMB in Q1 2024, down from 7,509,960,000.00 RMB in Q1 2023[23] - The cash outflow from financing activities was 2,011,857,519.48 RMB in Q1 2024, compared to 4,404,728,416.35 RMB in the same period last year, showing a decrease of approximately 54%[23] Income and Expenses - Total operating expenses for Q1 2024 were CNY 473,490,650.96, an increase from CNY 400,559,791.85 in Q1 2023[18] - Total operating expenses decreased to 299,604,125.95 from 320,620,249.13, reflecting a reduction in costs[26] - The company's interest and commission income increased to 713,497,105.29 RMB in Q1 2024 from 638,201,311.89 RMB in Q1 2023, reflecting a growth of about 11.8%[21] - The net interest income for Q1 2024 was CNY -26,790,613.64, a decline of 148.94% year-on-year[8] - Net interest income for Q1 2024 was CNY -26,790,613.64, compared to CNY 54,738,909.86 in Q1 2023[18] - Investment income showed a loss of -915,815,381.60, contrasting with a gain of 529,740,156.10 in the previous year[26] Equity and Returns - The equity attributable to shareholders of the listed company was CNY 17,910,673,625.94, up 0.80% from the end of last year[5] - The company's total equity as of March 31, 2024, was CNY 18,267,648,606.67, compared to CNY 18,123,557,913.39 at the end of 2023[17] - The company reported a total equity of 17,541,685,842.93 RMB as of March 31, 2024, slightly up from 17,444,474,811.55 RMB at the end of 2023[25] - The weighted average return on equity was -1.23%, a decrease of 2.45 percentage points compared to the previous year[4] - The basic earnings per share for Q1 2024 was CNY -0.08, down from CNY 0.07 in Q1 2023[20] Other Financial Metrics - The fair value changes in other equity investments resulted in a gain of CNY 373,708,489.64 in Q1 2024, compared to CNY 253,197,138.15 in Q1 2023[20] - The company experienced a foreign exchange gain of 39,248.23 in Q1 2024, compared to a loss of -357,138.48 in Q1 2023[29]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 173,420,445.95, representing a decrease of 74.44% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of RMB 218,754,276.47, reflecting a decline of 205.50% year-on-year[5]. - Basic and diluted earnings per share were both RMB -0.08, down 214.29% from the previous year[5]. - The net profit for the first quarter of 2024 was reported at -¥299.41 million, a significant decline compared to a profit of ¥277.91 million in the same period of 2023[26]. - The company's total operating income for Q1 2024 was ¥173.42 million, down from ¥678.37 million in Q1 2023, indicating a decrease of 74.5%[26]. - The company reported a significant loss in investment income of -¥867.99 million for Q1 2024, contrasting with a gain of ¥595.94 million in Q1 2023[26]. - The company reported a net loss of CNY 263.35 million for Q1 2024, compared to a net profit of CNY 220.69 million in Q1 2023, indicating a significant decline in profitability[33]. - The total comprehensive income for Q1 2024 was 144.09 million RMB, down from 529.99 million RMB in Q1 2023, indicating a decrease of about 72.8%[27]. - The total comprehensive income for Q1 2024 was CNY 97.21 million, a decrease from CNY 547.76 million in Q1 2023, indicating a decline of approximately 82.3%[33]. Cash Flow - The net cash flow from operating activities was negative at RMB -1,018,886,181.06, indicating significant cash outflow[5]. - Cash inflow from operating activities in Q1 2024 was 11.38 billion RMB, compared to 5.15 billion RMB in Q1 2023, reflecting an increase of approximately 120.5%[28]. - The net cash flow from investing activities in Q1 2024 was -2.65 billion RMB, a significant improvement from -1.01 billion RMB in Q1 2023[28]. - Cash flow from financing activities in Q1 2024 was 1.18 billion RMB, down from 3.11 billion RMB in Q1 2023, showing a decrease of about 61.9%[29]. - The company reported a significant increase in cash inflow from operating activities, totaling CNY 10.61 billion in Q1 2024, compared to CNY 4.79 billion in Q1 2023[34]. - The ending balance of cash and cash equivalents as of Q1 2024 was $17.90 billion, compared to $15.15 billion at the end of Q1 2023[35]. Assets and Liabilities - Total assets increased by 7.00% to RMB 93,232,012,683.67 compared to the end of the previous year[5]. - The company's total liabilities increased to ¥74.96 billion as of March 31, 2024, compared to ¥69.01 billion on December 31, 2023, reflecting a rise of 8.5%[24]. - The total assets of the company reached ¥93.23 billion as of March 31, 2024, up from ¥87.13 billion at the end of 2023, representing a growth of 7.4%[24]. - Total liabilities increased to CNY 74.04 billion as of March 31, 2024, up from CNY 68.13 billion as of December 31, 2023, representing an increase of approximately 8.5%[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 108,644[11]. - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 543,901,329 shares, accounting for 19.21% of the total shares[12]. - The second-largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 442,495,570 shares, representing 15.63% of the total shares[12]. - The total shareholding of the top ten shareholders amounts to 48.60% when including indirect holdings[15]. - The number of shares held by the top ten unrestricted shareholders totals 1,080,000,000[14]. Investment and Restructuring Plans - The company plans to issue A-shares to specific targets, with the application accepted by the Shanghai Stock Exchange on March 2, 2023[19]. - The company has decided to terminate the issuance of A-shares for acquiring control of Minsheng Securities and has withdrawn the related application documents[20]. - The company is planning a major asset restructuring by acquiring control of Minsheng Securities through the issuance of A-shares, with the transaction still in the planning stage[21]. - The company plans to actively advance its restructuring efforts during the trading suspension period, which is expected to last no more than 10 trading days[21]. Financial Assets - The company's financial assets at fair value increased significantly, with a fair value change income of RMB 718,095,784.67, compared to a loss of RMB -223,321,129.74 in the same period last year[10]. - The company reported a decrease in net interest income of RMB -26,790,613.64, down 148.94% year-on-year[10]. - The company's interest, fees, and commission cash receipts in Q1 2024 were 713.50 million RMB, an increase from 638.20 million RMB in Q1 2023, reflecting a growth of approximately 11.8%[28]. - The company's financial investments in trading assets increased to 38.80 billion RMB as of March 31, 2024, from 32.49 billion RMB as of December 31, 2023, representing an increase of about 19.5%[30].

Company Overview and Shareholding Structure - Guolian Securities Co., Ltd. is registered in the People's Republic of China with stock code 1456[1] - Guolian Group directly and indirectly holds 48.60% of the company's shares, making it the controlling shareholder[4] - The company holds 100% equity in Guolian Tongbao Capital Investment Co., Ltd. and Guolian Innovation Investment Co., Ltd.[4] - The company holds 75.5% equity in Guolian Fund Management Co., Ltd.[4] - Guolian Securities holds 100% equity in Guolian Securities (Hong Kong) Co., Ltd.[4] - The company holds 100% equity in Huaying Securities Co., Ltd.[5] - Guolian Securities holds 9.43% equity in Zhonghai Fund Management Co., Ltd.[6] Financial Performance and Key Metrics - Revenue, net investment income, and other income increased by 11.59% to RMB 4,385.57 million in 2023 compared to 2022[17] - Profit before tax decreased by 14.50% to RMB 825.42 million in 2023 compared to 2022[17] - Net profit attributable to shareholders decreased by 12.51% to RMB 671.32 million in 2023 compared to 2022[17] - Total assets increased by 17.14% to RMB 87,128.87 million in 2023 compared to 2022[18] - Total liabilities increased by 19.76% to RMB 69,005.32 million in 2023 compared to 2022[18] - Equity attributable to shareholders increased by 6.01% to RMB 17,768.69 million in 2023 compared to 2022[18] - Basic earnings per share decreased by 11.11% to RMB 0.24 in 2023 compared to 2022[17] - Weighted average return on equity decreased by 0.73 percentage points to 3.89% in 2023 compared to 2022[16] - Asset-liability ratio increased by 3.15 percentage points to 76.79% in 2023 compared to 2022[18] - Net cash flow from operating activities decreased by 60.10% to RMB 779.79 million in 2023 compared to 2022[17] - Total revenue, net investment income, and other income for 2023 reached RMB 43.86 billion, an increase of 11.59% year-over-year, while net profit attributable to shareholders decreased by 12.51% to RMB 6.71 billion[27] - Total assets as of December 31, 2023, amounted to RMB 871.29 billion, with net assets attributable to shareholders at RMB 177.69 billion and a weighted average ROE of 3.89%[27] Business Segments and Operations - Brokerage and wealth management business revenue decreased by 7.57% to RMB 9.69 billion, while asset management and investment business revenue surged by 139.06% to RMB 4.70 billion[27] - The company added 150,600 new clients in 2023, bringing the total client base to 1.7364 million, a year-over-year increase of 9.64%[30] - Fund investment advisory signed clients reached 300,200, up 24.93% year-over-year, with authorized account assets totaling RMB 6.594 billion[30] - Financial product sales (excluding cash management products) amounted to RMB 18.403 billion, a decrease of 14.76%, while the year-end financial product balance grew by 8.16% to RMB 19.330 billion[30] - In 2023, the company completed 6 equity financing projects with a total underwriting amount of RMB 3.956 billion, achieving full coverage across the Shanghai, Shenzhen, and Beijing Stock Exchanges[33] - IPO underwriting projects in 2023 totaled RMB 2.368 billion across 4 deals, with an additional 1 project approved and awaiting issuance, 1 project approved, 3 projects under review, and 17 projects in the counseling stage[34] - The company's bond underwriting business achieved a total underwriting amount of 515.81 billion yuan in 2023, with the number of underwriting deals and scale increasing by 22.22% and 30.94% year-on-year respectively[38] - The company completed 135 bond underwriting projects and 19 government bond distribution projects in 2023, with 40 approved bond projects pending issuance and 32 bond projects under review, with a pending issuance scale exceeding 100 billion yuan[38] - The company's asset management business managed a total of 300 asset management plans with entrusted funds of 1,172.93 billion yuan at the end of 2023, a year-on-year increase of 14.94%[44] - The company's asset management business achieved a revenue of 189.77 million yuan in 2023, a year-on-year increase of 2.55%, with public fund products (including large collections) accounting for 87.73 billion yuan in assets[44] - The company acquired 75.5% equity of Zhongrong Fund in 2023, which was renamed Guolian Fund on August 1, marking a new development phase[47] - The company plans to focus on the Beijing Stock Exchange IPO business in 2024, aiming to enhance project reserves and consolidate its industry ranking[36] - The company aims to improve bond service quality and innovation capabilities in 2024, while expanding market share and enhancing bond sales capabilities[40] - The company completed 157 financial advisory projects in 2023, including 6 new三板 listing projects and 5定增 projects, with 92 new三板持续督导 enterprises[41] - The company plans to deepen industry research and seize merger and acquisition opportunities in 2024, while enhancing comprehensive financial advisory service capabilities[42] - The company's asset management business ranked in the top 10% for pure bond fixed-income products, top 40% for含权类 products, and top 30% overall in 2023, with ABS new issuance scale ranking 9th in the industry[44] - Public fund industry's total management scale reached 27.6 trillion yuan by the end of 2023, with ETF market size exceeding 2 trillion shares, marking a significant milestone[48] - Guolian Fund's total asset management scale reached 148.767 billion yuan by the end of 2023, with non-monetary public fund management scale breaking 100 billion yuan at 101.573 billion yuan, ranking 44th in the industry[49] - Guolian Fund's active stock management ability ranked 14th out of 107 fund companies over the past three years and 22nd out of 99 over the past four years[49] - Private equity market saw 8,322 new funds established in 2023, a 4.67% year-on-year decrease, with new fund subscription scale dropping 9.36% to 614.06 billion USD[51] - Guolian Tongbao established 5 new funds in 2023, adding 1.272 billion yuan in management scale, with total management scale reaching 6.15 billion yuan by the end of the reporting period[52] - Margin financing and securities lending business achieved interest income of 606 million yuan in 2023, a 6.69% year-on-year increase, with daily average balance reaching 10.231 billion yuan, up 10.72% year-on-year[54] - Stock pledge repurchase business principal balance stood at 2.394 billion yuan by the end of 2023, a 37.93% year-on-year decrease, with investment-type (on-balance sheet) balance at 1.329 billion yuan and management-type (off-balance sheet) balance at 1.065 billion yuan[57] - The company's equity securities investment business achieved excess returns, significantly outperforming the CSI 300 Index in 2023[60] Strategic Plans and Outlook - The company plans to focus on high-quality development in 2024, aiming to enhance its product and service offerings in niche markets and deepen its wealth management transformation[119] - The company will improve its investment research capabilities and expand the scale of its asset management subsidiary and Guolian Fund, aiming to build a strong active management brand[119] - The company aims to apply for new niche business licenses to diversify its financial market business and enhance its anti-cyclical capabilities[119] - The company will explore the application of AI and large models in business and daily operations to improve IT self-research capabilities[119] - The company will continue to optimize its funding structure, explore new financing instruments and models, and ensure liquidity safety while maintaining a reasonable leverage level[120] - The company expects global economic challenges in 2024, with weakening global demand and structural supply shortages, while domestic monetary policy in China is expected to have more room for adjustment due to shifts in overseas monetary policies[116] - The company highlights the increasing dominance of leading securities firms in the industry, with top firms showing better profitability and resilience through cycles, supported by regulatory policies aimed at fostering first-class investment banks and institutions[117] Risk Management and Compliance - The company has established a comprehensive risk management framework, including a four-tier structure, to ensure risk is measurable, controllable, and acceptable[126][127][128][129] - The company has established a Risk Management Committee at the senior management level, responsible for comprehensive risk management, including policy formulation, risk limit approval, and decision-making on significant risk-related matters[130] - The Chief Risk Officer is responsible for coordinating comprehensive risk management, including the implementation of risk management plans, approval of risk measurement methods and models, and assessment of major market, credit, liquidity, and reputational risks[130] - The company's risk management functions include the Risk Management Department, Compliance and Legal Department, Financial Accounting Department, and others, which are responsible for developing risk management tools, monitoring risk limits, and conducting stress tests[131] - The company has established a market risk limit management system, allocating risk limits to various business departments and lines, with daily monitoring of indicators such as profit and loss, exposure, and duration[133] - Credit risk is managed through an internal credit rating system, stress testing, and sensitivity analysis, with a focus on monitoring counterparty credit risk and using a credit risk management system[134] - The company has implemented a daily liquidity management and regular liquidity analysis mechanism, with liquidity risk limits set based on business scale, nature, and market conditions[135] - Operational risk is managed through continuous optimization of internal controls, risk identification, and effectiveness assessments, with a focus on process standardization and risk event collection[136] - The company has established a comprehensive compliance risk management system, including compliance monitoring, inspections, reviews, and training to control compliance risks effectively[137] Dividend and Shareholder Information - The company's 2023 net profit was RMB 587,568,168.76, with distributable profit after deductions amounting to RMB 406,058,811.21[141] - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, totaling RMB 402,111,789.86, with the remaining undistributed profit of RMB 2,960,489,772.21 carried forward to the next year[141] - The company's total undistributed profit for 2023, including previous years' retained earnings, was RMB 3,362,601,562.07[141] - The company's H-share dividend tax rate for non-resident enterprise shareholders is 10%, in accordance with Chinese tax regulations[159] - The company's distributable reserves as of December 31, 2023, amounted to RMB 3,362,601,562.07[161] Related Party Transactions - The company renewed the securities and financial services framework agreement and property leasing and related services framework agreement with Guolian Group, setting annual caps for the period from January 1, 2024, to December 31, 2026[172] - The company provides financial services to Guolian Group and its associates, including securities brokerage, futures IB services, and asset management services[173] - The company engages in securities and financial product transactions with Guolian Group, including repurchase agreements and trust plan subscriptions[174] - Pricing for securities and financial services is determined based on market rates and must not be lower than the rates charged to independent third parties[175] - The commission for securities brokerage services is determined based on market rates and the estimated scale of transactions[176] - Asset management service fees are set within market ranges and consider factors such as asset conditions[177] - The pricing for single asset management plans varies based on target assets and market conditions[178] - Financial product distribution fees are determined based on product risk and market prices[179] - Financial advisory service fees are benchmarked against similar transactions with independent third parties[180] - Underwriting and sponsorship service fees are determined based on market rates and the total funds to be raised[181] - The company's securities and financial services generated revenue of RMB 14.85 million in 2023, against a maximum transaction limit of RMB 80.03 million, while expenses amounted to RMB 2.07 million against a limit of RMB 7.43 million[193] - The company's total funds inflow from securities and financial product transactions (excluding repurchase and pledged repurchase transactions) with related parties was RMB 0 in 2023, against a maximum limit of RMB 330 million, while the outflow was also RMB 0 against a limit of RMB 315 million[195] - The maximum daily balance (including interest) for repurchase and pledged repurchase transactions with related parties was RMB 0 in 2023, against a maximum limit of RMB 525 million[197] - The company's property leasing and related services generated revenue of RMB 0.54 million in 2023, against a maximum limit of RMB 3.00 million, while expenses amounted to RMB 19.66 million against a limit of RMB 33.70 million[200] Miscellaneous - The company has no significant foreign currency assets or liabilities, and most business transactions are settled in RMB, making exchange rate fluctuation risk insignificant[165] - The company has no major suppliers due to the nature of its business[161] - The company has no significant penalties or public reprimands during the reporting period[169] - No major contracts were signed during the reporting period, apart from those disclosed in the report[170] - The company has complied with all relevant laws and regulations in both Mainland China and Hong Kong during the reporting period[163] - The company has no stock-linked agreements or share option arrangements during the reporting period[166] - The company has no significant litigation or arbitration cases concluded during the reporting period[170]

Financial Performance - The company's total revenue for 2023 was approximately CNY 2.96 billion, representing a year-over-year increase of 12.68% compared to CNY 2.62 billion in 2022[32]. - The net profit attributable to shareholders of the parent company for 2023 was CNY 671.32 million, a decrease of 12.51% from CNY 767.28 million in 2022[32]. - The net cash flow from operating activities for 2023 was negative CNY 713.98 million, compared to positive CNY 883.37 million in 2022[32]. - Total assets increased by 17.14% to CNY 87.13 billion in 2023 from CNY 74.38 billion in 2022[33]. - Total liabilities rose by 19.76% to CNY 69.01 billion in 2023 from CNY 57.62 billion in 2022[33]. - The weighted average return on equity decreased to 3.89% in 2023 from 4.62% in 2022, a decline of 0.73 percentage points[34]. - The company's net capital at the end of the reporting period was CNY 14.90 billion, down from CNY 16.36 billion at the end of the previous year[35]. - The liquidity coverage ratio improved to 167.36% in 2023 from 160.06% in 2022[35]. - Non-recurring gains and losses amounted to CNY 77.63 million in 2023, compared to CNY 37.58 million in 2022[39]. - The company reported a basic earnings per share of CNY 0.24 for 2023, down 11.11% from CNY 0.27 in 2022[34]. Business Operations and Strategy - The company’s main business is highly correlated with the domestic macroeconomic environment and capital market trends, which may significantly impact operational performance[5]. - The company’s future strategies will focus on expanding its market presence and enhancing its service offerings in the securities sector[4]. - The company is focused on enhancing customer service through the establishment of new branches[27]. - The company is actively managing its branch network to improve efficiency and reduce costs[28]. - The company is committed to maintaining a strong market presence through strategic branch management[28]. - The company plans to focus on the North Exchange IPO as a key business direction for 2024, aiming to enhance project reserves and industry ranking[59]. - The company plans to enhance bond service quality and expand market share in 2024, focusing on high-quality bond project development[63]. - The company aims to improve its asset management services and enhance its product supply capabilities across various financial sectors[69]. Risk Management - The company emphasizes the importance of risk management due to potential economic and policy changes affecting the capital market[5]. - The company has established a dynamic monitoring mechanism for risk control indicators, ensuring compliance with regulatory requirements for net capital and liquidity indicators[145]. - The risk management department is responsible for evaluating and monitoring the overall risk level of the company, providing independent risk management reports to senior management[139]. - The company has implemented a liquidity risk limit management system, dynamically managing funding usage and establishing a liquidity reserve asset management system[141]. - The company has developed a comprehensive risk management framework, including a board-level risk control committee and a dedicated risk management department[147]. - The company has a credit risk management system in place, utilizing internal credit rating systems and market tracking to assess and manage credit risk[140]. - The company has established an operational risk management system to enhance internal controls and prevent operational failures[142]. - The company has a compliance risk management system that includes monitoring, checks, and training to mitigate legal and regulatory risks[143]. Corporate Governance - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[2]. - The company has maintained compliance with regulatory requirements, with no violations reported regarding decision-making procedures for external guarantees[4]. - The company adheres to the corporate governance code of the Hong Kong Stock Exchange, meeting the majority of the recommended best practices[150]. - The company has established a governance structure that ensures checks and balances among the shareholders' meeting, board of directors, and supervisory board[150]. - The company held six shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[154]. - The company is focused on compliance and risk control, integrating these aspects into its compensation management system[183]. Shareholder Returns - The company plans to implement a shareholder return plan for the next three years (2024-2026) to enhance shareholder value[175]. - A cash dividend of RMB 1.42 per 10 shares will be distributed, totaling RMB 402,111,789.86, which represents 59.90% of the net profit attributable to ordinary shareholders in the consolidated financial statements[192]. - The total undistributed profit at the end of the fiscal year 2023 amounts to RMB 2,960,489,772.21, which will be carried forward to the next year[189]. - The company maintains a cash dividend policy prioritizing cash distributions when conditions allow, ensuring stability and continuity in profit distribution[187]. Employee and Management - The company reported a total of 3,586 employees, with 2,678 in the parent company and 908 in major subsidiaries[182]. - The company has a diverse professional composition, with 1,882 employees in brokerage services and 496 in investment banking[182]. - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period amounted to 17.2625 million yuan[167]. - The performance bonus for senior management is 40% deferred for three years, distributed equally[167]. - The company is committed to enhancing employee welfare, including mandatory social insurance and supplementary medical insurance[184]. - The company emphasizes a multi-dimensional training system to improve professional capabilities in key business areas such as wealth management and financial technology[185]. Market Position and Growth - The company achieved a significant increase in market influence, being recognized as a top trading institution in the bond market and for market innovation in 2023[85]. - The company is exploring new partnerships to enhance distribution channels and expand its customer base[160]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[160]. - A strategic acquisition of a smaller tech firm is anticipated to enhance the company's product offerings and increase market competitiveness[160]. Financial Investments and Acquisitions - The company completed the acquisition of Guolian Fund for 2.226 billion RMB, holding a 75.50% stake[112]. - The company approved the acquisition of 100% equity in Zhongrong Fund during the fourth board meeting on February 7, 2023[169]. - The company launched its first global asset allocation index GCARS and introduced a pension FOF fund, enhancing product diversity in asset management[123]. Research and Development - Total R&D investment amounted to ¥29.94 million, representing 1.01% of total revenue[101]. - Research and development investments have increased by 30%, focusing on advanced technologies and sustainable practices[160].

Financial Performance - The company reported its annual performance for the year ending December 31, 2023, in compliance with the Hong Kong Stock Exchange regulations[1]. - Total revenue for 2023 reached RMB 4,385,566, an increase of 11.59% compared to RMB 3,930,127 in 2022[33]. - Net profit attributable to shareholders for 2023 was RMB 671,319, a decrease of 12.51% from RMB 767,285 in 2022[33]. - Operating cash flow for 2023 was RMB 779,788, down 60.10% from RMB 1,954,599 in 2022[33]. - The total revenue for 2023 reached RMB 4,385.57 million, up 11.56% from RMB 3,930.13 million in 2022[141]. - The company achieved a pre-tax profit of RMB 825.42 million for 2023, a decrease of 14.54% from RMB 965.43 million in 2022[144]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 87,128,874, representing a growth of 17.14% from RMB 74,381,997 in 2022[34]. - Total liabilities increased by 19.76% to RMB 69,005,316 in 2023 from RMB 57,621,443 in 2022[34]. - The company's debt-to-asset ratio rose to 76.79% in 2023, up from 73.64% in 2022, an increase of 3.15 percentage points[34]. - The total assets of the group reached RMB 87,128.87 million, growing by 17.14% compared to the end of 2022[93]. - Total liabilities reached RMB 69,005.32 million, increasing by RMB 11,383.88 million or 19.76% year-on-year[130]. Equity and Shareholder Information - Basic earnings per share for 2023 were RMB 0.24, a decrease of 11.11% from RMB 0.27 in 2022[33]. - The total equity attributable to shareholders increased by 6.01% to RMB 17,768,691 in 2023 from RMB 16,760,554 in 2022[34]. - The total equity amounted to RMB 18,123.56 million, an increase of 8.13% year-on-year, driven by operational accumulation and the acquisition of Guolian Fund[138]. - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, amounting to a total cash dividend of RMB 402,111,789.86, with undistributed profits carried forward to the next year totaling RMB 2,960,489,772.21[191]. Business Operations and Strategy - The company is focused on expanding its market presence and enhancing its service offerings through strategic investments[8]. - The company plans to enhance its asset allocation services and expand its online service capabilities in 2024[51]. - The company aims to enhance its role as a leading investment bank focused on providing comprehensive financial solutions, contributing to the economic development of the Wuxi and southern Jiangsu regions[163]. - The company plans to optimize its strategy and channel layout to expand the scale of its asset management subsidiaries and improve its active management brand[164]. Risk Management - The company has implemented a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, maximizing long-term value[172]. - The company has established a comprehensive compliance risk management system to monitor and control compliance risks effectively[187]. - Liquidity risk management includes daily position management and periodic liquidity analysis to ensure sufficient funds for obligations[184]. Market and Industry Insights - The bond market in 2023 saw a total issuance of various bonds amounting to 65.62 trillion RMB, a year-on-year growth of 6.79%[58]. - The company anticipates that the global economic environment will remain challenging in 2024, with a focus on stabilizing growth through monetary policy adjustments[160]. - The company recognizes the increasing advantages of leading securities firms, with a focus on business innovation and mergers to strengthen its market position[162]. Corporate Governance - The company emphasizes its commitment to corporate governance and compliance with relevant regulations[12]. - The board of directors includes Mr. Ge Xiaobo as the executive director and chairman, with a team of non-executive and independent directors[2]. - The company has established a comprehensive internal mechanism to manage reputation risk, including monitoring and emergency response systems[188].

2023 年第三季度报告 单位：元 币种：人民币 1 / 16 证券代码：601456 证券简称：国联证券 国联证券股份有限公司 2023 年第三季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人葛小波、主管会计工作负责人及会计机构负责人（会计主管人员）尹磊保证季度报告 中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期 年初至报告期 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|------------------------------|-------------------|-------------------- ...

Financial Performance - The company's operating revenue for Q3 2023 was RMB 700,138,741.89, a decrease of 10.36% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2023 was RMB 126,467,837.76, down 38.70% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 68,807,654.20, a decline of 66.49% compared to the previous year[5] - Basic earnings per share for Q3 2023 were RMB 0.04, a decrease of 42.86% year-on-year[5] - Total operating revenue for the first three quarters of 2023 reached RMB 2,507,217,168.06, an increase of 21.9% compared to RMB 2,054,741,067.40 in 2022[20] - Net profit attributable to shareholders of the parent company was RMB 726,780,442.83, up 12.9% from RMB 643,534,947.46 in the same period last year[21] - Operating profit for the first three quarters was RMB 891,194,658.82, representing a growth of 11.2% from RMB 801,446,790.58 in 2022[20] - Net profit for the first three quarters of 2023 was RMB 671,231,634.61, a decrease of 5.7% from RMB 711,863,195.33 in 2022[27] Assets and Liabilities - Total assets at the end of Q3 2023 amounted to RMB 89,882,664,010.20, representing an increase of 20.84% from the end of the previous year[6] - The total liabilities increased to RMB 71.65 billion from RMB 57.62 billion, reflecting a rise of approximately 24.4%[18] - The company's total liabilities increased to ¥70,772,154,688.13 as of September 30, 2023, compared to ¥57,190,772,990.45 at the end of 2022, representing a rise of 23.7%[25] - The total equity of the company as of September 30, 2023, was ¥17,585,055,227.81, an increase from ¥16,523,915,571.83 at the end of 2022, indicating a growth of 6.4%[25] Cash Flow - The company reported a net cash flow from operating activities of RMB -1,650,034,767.90, indicating a significant cash outflow[5] - Net cash flow from operating activities was negative at RMB -1,650,034,767.90, slightly improved from RMB -1,687,632,397.02 in the previous year[22] - Cash inflow from investment activities for the first three quarters of 2023 reached ¥10,768,799,289.06, a significant increase of 68.9% compared to ¥6,388,609,040.26 in the same period of 2022[23] - Cash flow from operating activities resulted in a net outflow of RMB 560,557,311.56, an improvement from a net outflow of RMB 1,065,520,872.72 in 2022[28] - Cash flow from investment activities showed a net outflow of RMB 2,033,879,378.91, compared to a smaller outflow of RMB 285,823,319.73 in the same period last year[29] - Cash flow from financing activities generated a net inflow of RMB 4,091,997,637.49, up from RMB 2,031,290,027.86 in 2022[29] Shareholder Information - The top ten shareholders held a total of 1,200,000,000 shares, representing a significant portion of the company's equity[11] - The company has 97,004 shareholders as of September 30, 2023, with 96,907 being A-share shareholders[14] - The company’s major shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 19.21% of the shares directly and an additional 29.40% indirectly, totaling 48.60%[14] Future Plans and Developments - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[9] - The company is actively progressing with the issuance of A-shares to specific investors, with the application accepted by the Shanghai Stock Exchange on March 2, 2023[15] Other Financial Metrics - The weighted average return on net assets for Q3 2023 was 0.71%, a decrease of 0.53 percentage points compared to the previous year[5] - The company's cash and cash equivalents amounted to RMB 10.98 billion, up from RMB 10.03 billion, indicating a growth of about 9.5%[17] - The company's derivative financial assets increased to RMB 1.88 billion from RMB 979.88 million, showing a growth of approximately 91.5%[17] - The company's goodwill as of September 30, 2023, was RMB 1.14 billion, indicating the acquisition of new assets or businesses[18] - The company's short-term financing payables increased significantly to ¥3,397,200,739.77 in 2023 from ¥705,301,479.48 in 2022, marking a rise of 382.5%[25]

Financial Performance - Total revenue and other income for the first half of 2023 reached RMB 2,521,247,000, a 29.61% increase compared to RMB 1,945,197,000 in the same period of 2022[5] - Profit before tax for the first half of 2023 was RMB 758,959,000, reflecting a 39.09% increase from RMB 545,652,000 year-on-year[5] - Net profit attributable to shareholders for the first half of 2023 was RMB 600,313,000, up 37.30% from RMB 437,237,000 in the previous year[5] - Basic and diluted earnings per share for the first half of 2023 were both RMB 0.21, representing a 40.00% increase from RMB 0.15 in the same period of 2022[5] - The company reported a total revenue of RMB 1.2 billion for the six months ended June 30, 2023, representing a year-on-year increase of 15%[106] - The net profit attributable to shareholders for the same period was RMB 300 million, up 20% compared to the previous year[106] - The company reported a total comprehensive income of RMB 989,601 thousand for the six months ended June 30, 2023, compared to RMB 461,985 thousand for the same period in 2022, marking an increase of 114.0%[117] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 86,160,832,000, a 15.84% increase from RMB 74,381,997,000 at the end of 2022[6] - Total liabilities as of June 30, 2023, were RMB 68,059,041,000, an 18.11% increase from RMB 57,621,443,000 at the end of 2022[6] - Equity attributable to shareholders increased by 5.90% to RMB 17,749,424,000 from RMB 16,760,554,000 at the end of 2022[6] - The asset-liability ratio as of June 30, 2023, was 76.24%, an increase of 2.60 percentage points from 73.64% at the end of 2022[6] - As of June 30, 2023, total assets amounted to RMB 86,160,832 thousand, an increase from RMB 74,381,997 thousand as of December 31, 2022, representing a growth of approximately 15.5%[113] - The total liabilities increased to RMB 48,237,867 thousand from RMB 38,707,622 thousand, reflecting a rise of approximately 24.3%[113] Cash Flow - Net cash generated from operating activities for the first half of 2023 was RMB 2,946,717,000, compared to a net cash used of RMB 1,761,497,000 in the same period of 2022[5] - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 1,011,426 thousand, compared to RMB 802,935 thousand for the same period in 2022, representing a year-on-year increase of 25.9%[120] - The net cash generated from financing activities was RMB 3,368,367 thousand, significantly up from RMB 1,017,727 thousand in the previous year, indicating a growth of 231.5%[120] - The net cash used in investing activities was RMB (1,276,959) thousand, a decrease from RMB 3,115,322 thousand in the same period last year, reflecting a change of 141.0%[120] Business Segments - The investment banking business generated revenue of RMB 305 million, up 12.12% year-on-year[13] - The asset management and investment business saw revenue growth of 60.48%, reaching RMB 162 million[13] - The securities investment business achieved revenue of RMB 1.060 billion, marking an impressive year-on-year increase of 89.00%[13] - The brokerage and wealth management segment generated revenue of RMB 400,032,000, while the investment banking segment contributed RMB 285,213,000 for the first half of 2023[134] - The asset management and investment segment's revenue was RMB 148,716,000, up from RMB 75,493,000 in the same period last year, indicating a growth of approximately 97%[137] Customer and Market Growth - The total number of customers reached 1.6861 million, a year-on-year increase of 13.47%[15] - The financial product sales scale (excluding cash management products) was RMB 11.249 billion, up 14.95% year-on-year[15] - User data showed an increase in active clients by 25%, reaching a total of 500,000 clients as of June 30, 2023[106] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[106] Risk Management - The company has implemented a comprehensive risk management system covering various business types and risks, ensuring risks are controllable, measurable, and bearable[67] - The company has established a four-tier risk management structure, including the Board of Directors and Risk Control Committee, senior management, and dedicated risk management departments[68] - The Chief Risk Officer is responsible for implementing the company's risk management work and evaluating significant market, credit, and liquidity risks[72] - Credit risk is managed through an internal credit rating system, which assesses counterparties and adjusts credit limits based on risk evaluations[77] - The company emphasizes the importance of reputation risk management, implementing mechanisms for internal constraints, public opinion monitoring, emergency response, and information disclosure[81] Corporate Governance - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board maintains an appropriate power balance[91] - The board of directors consists of nine members, including one executive director and three independent non-executive directors, ensuring compliance with legal and regulatory requirements[93] - The audit committee held two meetings during the reporting period, reviewing and approving ten proposals, and confirmed that the financial reports comply with applicable accounting standards[94] - The company has not reported any new developments in ongoing litigation cases during the reporting period, maintaining a stable legal standing[97] Employee and Operational Efficiency - The company has optimized its salary and training policies to align employee performance with compensation, enhancing overall business development[66] - The company has allocated RMB 100 million for research and development of new technologies in the upcoming fiscal year[106] - The company aims to improve operational efficiency by implementing new digital tools, expecting a 5% reduction in operational costs[106] Future Plans - The company plans to enhance its wealth management ecosystem and focus on asset allocation in the second half of 2023[16] - The company aims to strengthen its professional capabilities and extend its customer service system for institutional clients[16] - Huaying Securities will focus on enhancing its comprehensive financial services to promote M&A and restructuring business development in the second half of 2023[29]