(於中華人民共和國以中文公司名稱「恒泰證券 股份有限公司」註冊成立的股份有限公司， 在香港以「恒投證券」(中文)及「HENGTOU SECURITIES」(英文)名義開展業務) 股份代碼：1476 2024 2024 年度報告 (a joint stock company incorporated in the People's Republic of China with limited liability under the Chinese corporate name "恒泰證券股份有限公司" and carrying on business in Hong Kong as "恒投證券" (in Chinese) and "HENGTOU SECURITIES" (in English)) Stock Code: 1476 年度報告 2024 Annual Report Annual Report 目錄 | 重要提示 | | 2 | | --- | --- | --- | | 董事長致辭 | | 3 | | 第一節 釋義 | | 4 | | 第二節 | 重大風險提示 | 8 | | 第三節 | 公司概況 ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | 恒投证券 | | | | | | | | | HENGTOU SECURITIES | | | | | | | | | (於中華人民共和國以中文公司名稱「恒泰证券 股份有限公司」註冊成立的股份有限公司， 在香港以「恒投證券」(中文)及「HENGTOU SECURITIES」(英文)名義開展業務) | | | | | | | | | 股份代碼：1476 | | | | | | | | | | | | | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 恒投證券 HENGTOU SECURITIES （於 中華人民共和國以中文公司名稱「恒泰證券股份有限公司」 註冊成立的股份有限公 司，在香港 以「恒投證券」（中 文） 及「HENGTOU SECURITIES」（英 文）名義開展業務） （「本公司」） （股份代碼：01476） 截 至2024年6月30日止六個月之中期業績公告 本 公 司 董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司 截 至2024年6月 30日 止 六 個 月 之 未 經 審 計 中 期 業 績。本 公 告 列 載 本 公 司2024年中期報告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求 及 已 經 本 公 司 審 計 委 ...

恒投证券 HENGTOU SECURITIES (於中華人民共和國以中文公司名稱「恒泰证券 股份有限公司」註冊成立的股份有限公司 · 在香港以「恒投證券」(中文)及「HENGTOU SECURITIES」(英文)名義開展業務) 股份代碼：1476 (ac (D) 2023 目錄 | --- | --- | |---------------------------------------------|-------| | | | | 重要提示 | 2 | | 董事長致辭 | 3 | | 第一節 釋義 | 4 | | 第二節 重大風險提示 | 8 | | 第三節 公司概況 | 9 | | 第四節 會計數據和財務指標摘要 | 21 | | 第五節 管理層討論與分析 | 28 | | 第六節 董事會報告 | 84 | | 第七節 其他重要事項 | 97 | | 第八節 股本（資本）變動及主要股東情況 | 109 | | 第九節 董事、監事、高級管理人員及員工情況 | 115 | | 第十節 企業管治報告 | 141 | | 附錄 證券營業部詳情 | 189 | | 獨立核數師報告 | 202 | | 合併損益及其他全 ...

Financial Performance - The company reported its annual performance for the year ending December 31, 2023, with a focus on implementing the spirit of the 20th National Congress of the Communist Party of China[2]. - Total revenue for 2023 was RMB 2,513,314 thousand, a decrease of 7.78% compared to RMB 2,725,455 thousand in 2022[35]. - Profit before tax for 2023 was RMB 16,665 thousand, a significant increase of 100.83% from a loss of RMB 2,008,380 thousand in 2022[35]. - Net profit attributable to ordinary shareholders for 2023 was RMB 64,145 thousand, up 104.99% from a loss of RMB 1,286,372 thousand in 2022[35]. - Basic and diluted earnings per share for 2023 were both RMB 0.02, a recovery from a loss of RMB 0.49 in 2022, representing an increase of 104.08%[35]. - The group reported total revenue and other income of RMB 2,513.31 million, a year-on-year decrease of 7.78%[70]. - The net profit before tax was RMB 16.66 million, representing a significant increase of 100.83% year-on-year[76]. - The total management scale of Xinhua Fund decreased to RMB 48,099 million, a year-on-year decline of RMB 9,499 million, or 16.49%[63]. Business Strategy and Development - The company emphasized the importance of sustainable development and established a vision to become a comprehensive financial service provider covering the entire life cycle and multi-level risk preferences[6]. - The company aims to optimize its business structure and growth model while firmly advancing wealth management transformation[6]. - The company plans to continue integrating into the new development pattern and actively support high-quality development in the financial sector[6]. - The company is committed to long-term stable development, avoiding short-term speculation, and focusing on serving the real economy[6]. - The company is focused on expanding its market presence through strategic investments and the establishment of new subsidiaries[26]. - The company aims to enhance its wealth management services through a comprehensive financial product service system, focusing on retail and institutional business[53]. - The company plans to enhance innovation in brokerage services and diversify its business offerings in 2024[49]. - The company is actively transforming its brokerage business towards wealth management, optimizing its organizational structure and business layout[158]. Risk Management - The company faces major risks including strategic planning risks due to macroeconomic and capital market changes, credit risks from debtors or counterparties, and market risks such as equity asset price fluctuations, interest rate risks, and exchange rate risks[11]. - The company has established an internal control and risk management system to mitigate various operational risks[11]. - The company has a risk control and monitoring committee to oversee risk management practices[14]. - The company has established a four-level risk management system involving the board of directors, management, risk management departments, and business departments[148]. - The company employs a risk management framework that includes Value at Risk (VaR), basis point value (DV01), and maximum drawdown as part of its market risk indicator system[141]. - The company has implemented measures for market risk management, including limit management, daily monitoring, stress testing, and risk reporting[141]. - The company continuously monitors liquidity risk indicators such as Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) and conducts stress tests at least biannually[142]. Corporate Governance - The board of directors proposed no profit distribution for the fiscal year ending December 31, 2023[2]. - The company has a total of 9 directors, including 3 independent non-executive directors[13]. - The company has established a comprehensive human resources management system to protect employee rights and enhance their professional development[181]. - The company has not engaged in equity financing during the reporting period[126]. - The company has entered into non-competition agreements with several entities, ensuring they will not engage in competing businesses post-listing[173]. Compliance and Legal Matters - The company strictly adheres to legal regulations, including the Company Law and Securities Law of the People's Republic of China, ensuring compliance in its operations[190]. - The company faced administrative penalties due to compliance management issues, with specific incidents occurring on April 10, 2023, and July 14, 2023[194]. - The company is involved in ongoing litigation related to the Qinghui Leasing Phase I Asset Support Special Plan, with claims totaling approximately RMB 53 million against the original rights holder and other parties[199]. - The company has received adverse court rulings in multiple cases related to investment losses, with some cases already executed[198]. Social Responsibility - The company actively participated in social responsibility initiatives, including poverty alleviation and community support, by organizing various charitable activities[187]. - The company signed procurement agreements with local cooperatives to support rural revitalization efforts, demonstrating its commitment to social responsibility[188]. - The national-level investor education base received an "Excellent" rating in the 2023 assessment, and the company won the "2023 Golden Wisdom Award" for outstanding investor education[186]. Financial Position - Total assets as of December 31, 2023, were RMB 31,202,650 thousand, a slight increase of 0.58% from RMB 31,021,248 thousand in 2022[36]. - Total liabilities as of December 31, 2023, were RMB 23,012,586 thousand, an increase of 0.78% from RMB 22,835,492 thousand in 2022[36]. - The debt-to-asset ratio increased to 60.42% in 2023 from 57.49% in 2022, reflecting a rise of 2.93 percentage points[36]. - The net capital as of December 31, 2023, was RMB 6,384.05 million, an increase of RMB 961.41 million from RMB 5,422.64 million at the end of 2022[44].

HENGTOU SECURITIES (於中華人民共和國以中文公司名稱「恒泰證券 股份有限公司」註冊成立的股份有限公司， 在香港以「恒投證券」(中文)及「HENGTOU SECURITIES」(英文)名義開展業務) 股份代碼：1476 2023 中期報告 目 錄 | --- | --- | --- | --- | --- | |--------|------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | 重要提示 | | | 2 | | 第一節 | 釋義 . | | | 3 | | 第二節 | 公司簡介. | | | 7 | | 第三節 | 會計數據和財務指標摘要 ... ... ... ... ... .................... | | | 10 | | 第四節 | 管理層討論與分析 | | | 14 | | 第五節 | 其他重要事項 . | | | 34 | | 第六節 | 股份變動及股東情況 . | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 恒投證券 HENGTOU SECURITIES （於 中華人民共和國以中文公司名稱「恒泰證券股份有限公司」 註冊成立的股份有限公 司，在香港 以「恒投證券」（中 文） 及「HENGTOU SECURITIES」（英 文）名義開展業務） （「本公司」） （股份代碼：01476） 截 至2023年6月30日止六個月之中期業績公告 本 公 司 董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司 截 至2023年6月 30日 止 六 個 月 之 未 經 審 計 中 期 業 績。本 公 告 列 載 本 公 司2023年中期報告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求 及 已 經 本 公 司 審 計 委 ...

Market Performance - In 2022, the major indices of the Chinese securities market experienced declines, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 15.13%, 25.85%, and 29.37% respectively[4]. - The company heavily relies on the economic and market conditions in China, which can suddenly change and significantly impact its business and financial performance[9]. - The overall competition in the securities industry is intensifying, with increasing industry concentration and a clear Matthew effect, putting significant pressure on small and medium-sized securities firms[147]. - As of 2022, the company remains positioned as a small to medium-sized securities firm within the industry, facing challenges amid increasing competition and market reforms[148]. Financial Performance - Total revenue for 2022 was RMB 2,725,455,000, a decrease of 28.74% compared to RMB 3,824,610,000 in 2021[33]. - The company reported a pre-tax loss of RMB 2,008,380,000 for 2022, representing a significant increase in losses of 633.66% from a profit of RMB 376,340,000 in 2021[33]. - Net loss attributable to ordinary shareholders for 2022 was RMB 1,286,372,000, a decrease of 560.66% compared to a profit of RMB 279,248,000 in 2021[33]. - The company's total revenue and other income for the reporting period was RMB 2,725.46 million, a decline of 28.74% compared to 2021[45]. - The group reported an operating loss of RMB 2,008.38 million in 2022, compared to a profit of RMB 376.34 million in 2021[114]. Risk Management - The company faces major risks including strategic planning risks due to macroeconomic changes, credit risks from debtors, and market risks from asset price fluctuations[9]. - The company has established internal control and risk management systems to mitigate various operational risks[9]. - The company has established a comprehensive risk management system covering market risk, liquidity risk, credit risk, operational risk, and reputation risk[141]. - The company conducts regular stress tests to predict potential losses under extreme conditions and issues timely risk alerts when control indicators are breached[135]. Corporate Governance and Compliance - The company is committed to compliance with legal and regulatory requirements to avoid legal and compliance risks[9]. - The company has been proactive in addressing environmental concerns through resource recycling and energy conservation initiatives[184]. - The company is committed to enhancing internal management and governance following regulatory scrutiny[187]. - The company received a warning from the China Securities Regulatory Commission due to governance risks, which has since been rectified by appointing a new chairman[187]. Organizational Structure and Strategy - The company plans to reform its organizational structure and management mechanisms to address existing issues and enhance operational efficiency[4]. - The company aims to enhance its regulatory standards and professional capabilities, focusing on key businesses, regions, and clients for breakthroughs[4]. - The company is committed to fostering a corporate culture that emphasizes stability, professionalism, service excellence, and teamwork[4]. - The company plans to enhance its wealth management transformation and diversify its brokerage services in 2023[47]. Investment and Asset Management - The company aims to enhance its asset management capabilities by expanding product lines and creating a professional asset management platform for investors[132]. - The company plans to focus on expanding its asset management and advisory services to improve revenue streams in the future[82]. - The investment banking business will continue to deepen reforms and expand service channels to better serve the real economy, leveraging existing customer bases[132]. - The company will continue to manage existing projects and enhance risk control in private equity investments[63]. Social Responsibility and Community Engagement - The company donated RMB 100,000 to a school in Yunnan Province for the construction of a multimedia classroom as part of its social responsibility initiatives[180]. - The company actively participated in community support during the pandemic, donating RMB 100,000 for essential supplies and support for frontline workers[182]. - The company has established a national-level investor education base and two provincial-level bases, aiming to enhance investor financial literacy and risk awareness[177]. - The company made charitable donations totaling approximately RMB 361,500 during the reporting period[185]. Human Resources and Talent Management - The company prioritizes talent strategy and has established a market-oriented employee incentive mechanism to attract and retain key personnel[154]. - The company has implemented a comprehensive human resources management system to protect employee rights and enhance their professional development[174]. - Over 2% of the company's headquarters staff have more than three years of relevant experience in risk management, providing a talent guarantee for effective risk management[145]. Legal and Regulatory Matters - The company is involved in multiple ongoing litigations, including a significant case where it was ordered to compensate RMB 60 million to various financial institutions[189]. - The company is currently appealing several court decisions related to financial compensations, indicating ongoing legal challenges[190]. - The arbitration case involving the Dongxu series of special account products resulted in a ruling requiring the company to pay RMB 1.17 billion in compensation to Industrial and Commercial Bank of China Beijing Branch[193]. Environmental Initiatives - The company has implemented internal recycling measures for consumables to reduce resource consumption and environmental impact[184]. - The company encourages energy-saving practices in offices, promoting reduced lighting and air conditioning usage[184].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 恒投證券 HENGTOU SECURITIES （於 中華人民共和國以中文公司名稱「恒泰證券股份有限公司」 註冊成立的股份有限公 司，在香港 以「恒投證券」（中 文） 及「HENGTOU SECURITIES」（英 文）名義開展業務） （「本公司」） （股份代碼：01476） 截 至2022年12月31日止年度之 年度業績公告 本 公 司 董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司 截 至2022年12月 31日止年度之經審計年度業績。本公告列載本公司2022年年度報告全文， 並符合香港聯合交易所有限公司證券上市規則中有關年度業績初步公 告 附 載 的 資 料 之 要 求 及 已 經 本 公 司 審 計 委 員 會 審 閱。 董事會建議不進行截至2022年12月31日 止 年 度 的 利 潤 分 配。 刊 ...