证券研究报告 广发证券 (1776 HK/000776 CH) 港股通 投资贡献增长，经纪提振业绩 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地/中国香港 | 证券 | 考虑到"对等关税"不确定性仍存，且近期市场交易活跃度有所下降，适当 下调全市场成交额、公司投资类收入等假设，预计 2025-2027 年 EPS 分别 为 1.39/1.51/1.66 元（前值 1.47/1.64/1.80 元，下调 6%/8%/8%），2025-2027 年 BPS 为 20.32/21.33/22.44 元。A/H 可比公司 2025E PB Wind 一致预期 均值分别为 1.05/0.72 倍，给予公司 A 股目标 PB 1.05 倍，考虑到港股市场 流动性较弱、市场对券商投资收入的稳定性存在担忧，给予 H 股目标 PB 折 价至 0.6 倍，对应 A/H 股目标价分别为人民币 21.34 元/13.13 港币（前值为 22.42 元/15.46 港币，对应 2025E PB 为 1.1/0.7 倍），均维持买入评级。 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 二零二五年第一季度報告 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的內容概不負責，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 賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. 廣發証券股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條和第13.10B條及香 港法例第571章證券及期貨條例第XIVA部刊發。 茲載列廣發証券股份有限公司（「本公司」、「公司」或「母公司」）及其附屬公司 （「本集團」）截至2025年3月31日止的2025年第一季度報告，其所載財務報告乃根 據中國企業會計準則編製，且未經審計。 本報告以中英文兩種語言編製。在對本報告的中英文版本理解上發生歧義時，以 中文為準。 承董事會命 廣發証券股份有限公司 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年4月29日 於本公告日期，本公司董事會成員包括執行董事林傳輝先生、秦力先生、孫曉燕女士及肖雪生 先生；非執行董事李秀林先生、尚書志先生及郭敬 ...

（於中華人民共和國註冊成立的股份有限公司） Annual Report 2024 年度報告 股份代號 : 1776.HK 000776.SZ 2024 年度報 告 重要提示 公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人林傳輝先生、主管會計工作負責人孫曉燕女士及會計機構負責人（會計主管人員）余莉紅女士聲 明：保證本年度報告中財務報告的真實、準確、完整。 所有董事均已出席了審議本報告的董事會會議。 公司按照國際財務報告準則編製的2024年度財務報告已經安永會計師事務所審計，並出具了標準無保留意見 的審計報告。除特別說明外，本報告所列數據以人民幣為單位。 本年度報告涉及未來計劃等前瞻性陳述，不構成公司對投資者的實質承諾，投資者及相關人士均應當對此保 持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 公司經營過程中面臨各類風險，主要包括：流動性風險、市場風險、信用風險、合規風險、操作風險、信息 技術風險、聲譽風險等。針對上述風險，公司建立並持續完善內部控制體系、合規及全面風險管理體系， 確保公 ...

Financial Performance - The audited financial report for the year ending December 31, 2024, has been prepared in accordance with international financial reporting standards and has received a standard unqualified audit opinion from Ernst & Young[6]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[27]. - The company reported a revenue increase of 22.65% year-over-year[54]. - Total revenue and other income for 2024 reached RMB 37,346 million, an increase of 12.16% compared to RMB 33,298 million in 2023[78]. - Profit before tax for 2024 was RMB 11,852 million, reflecting a 35.54% increase from RMB 8,744 million in 2023[78]. - Net profit attributable to shareholders for 2024 was RMB 9,637 million, up 38.11% from RMB 6,978 million in 2023[78]. - Basic earnings per share for 2024 were RMB 1.15, a 38.55% increase from RMB 0.83 in 2023[78]. - The weighted average return on equity for 2024 was 7.44%, up from 5.66% in 2023, an increase of 1.78 percentage points[78]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares (including tax) to all shareholders, with no bonus shares or capital increase from reserves[6]. - The company's total equity attributable to shareholders increased to RMB 147,602 million, an 8.76% rise from RMB 135,718 million in 2023[78]. Risk Management and Compliance - The company emphasizes the importance of risk management, addressing liquidity, market, credit, compliance, operational, information technology, and reputational risks[6]. - The board of directors guarantees the truthfulness, accuracy, and completeness of the annual report, taking legal responsibility for any false records or significant omissions[5]. - The company has been recognized as a member of multiple exchanges, including the Beijing Stock Exchange and the Shanghai Stock Exchange, which supports its market expansion strategy[31]. - The company is committed to compliance and risk management, being one of the first brokerages to implement comprehensive risk management strategies, ensuring stable operations[127]. Business Operations and Strategy - The company has maintained its main business operations without changes since its listing[21]. - The company focuses on four main business segments: investment banking, wealth management, trading and institutional business, and investment management[113]. - The company has established a comprehensive business system with four major business segments: investment banking, wealth management, trading and institutional services, and investment management, maintaining a leading position in multiple core business areas[122]. - The company is strategically positioning itself for future growth by continuously acquiring new qualifications and expanding its service offerings in the financial sector[32]. Market Expansion and Product Development - User data showed a growth in active users, reaching 5 million, which is a 20% increase compared to the previous quarter[27]. - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 10% to $1.32 billion[27]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[27]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[27]. - Market expansion plans include entering two new international markets, aiming for a 5% market share within the first year[27]. Subsidiaries and Capital Structure - The registered capital of GF Securities is RMB 7,621,087,664[17]. - The company has established multiple subsidiaries across various regions, enhancing its market presence and operational capabilities[66]. - The company has a registered capital of RMB 710,350,000 for Guangfa Qianhe, with a 100% ownership stake[60]. - Guangfa Futures has a registered capital of RMB 205,000,000, fully owned by the company[60]. Technological Innovation and R&D - The company is investing 1.99% of its revenue into technology research and development for innovative financial solutions[54]. - The company emphasizes technological innovation, increasing investment in fintech to enhance digital capabilities and integrate technology with business operations[123]. Awards and Recognition - The company was awarded multiple accolades, including the "Best M&A Financial Advisor" by Securities Times and the "Best Refinance Investment Bank" by New Fortune[166]. - The company has been recognized multiple times for its research capabilities, winning several prestigious awards from 2017 to 2024[189]. Future Outlook - The company plans to focus on national strategies and enhance its professional capabilities while embracing technological innovations for future growth[103]. - The company aims to improve operational efficiency, targeting a reduction in costs by 4.36% through digital transformation[54].

Financial Performance - Total operating revenue for Q3 2024 reached CNY 7,358,929,828.38, an increase of 54.08% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was CNY 2,402,057,661.53, representing an 88.90% increase year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,118,508,547.96, up 62.68% from the previous year[4] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.29, reflecting a 107.14% increase compared to the same period last year[4] - Total revenue for the period reached CNY 19,137,048,463.57, an increase from CNY 18,013,657,311.89 in the previous period, reflecting a growth of approximately 6.22%[17] - The total profit for the current period is approximately ¥8.18 billion, an increase from ¥7.39 billion in the previous period, representing a growth of about 10.76%[18] - Net profit for the current period is approximately ¥7.50 billion, up from ¥6.54 billion, reflecting a year-over-year increase of about 14.69%[18] - The total comprehensive income attributable to the parent company's owners is approximately ¥7.96 billion, an increase from ¥6.35 billion, representing a growth of about 25.51%[18] Cash Flow - The net cash flow from operating activities for the year-to-date period reached CNY 31,163,341,650.54, a significant increase of 150.77%[4] - Net cash flow from operating activities rose by 150.77% to ¥31,163,341,650.54, up from ¥12,427,006,624.21 in the previous year[7] - The net cash flow from operating activities is approximately ¥31.16 billion, significantly higher than ¥12.43 billion in the previous period, indicating a growth of about 150.00%[19] - Cash inflow from investment activities is approximately ¥12.04 billion, compared to ¥4.29 billion in the previous period, marking an increase of about 180.00%[19] - The net cash flow from financing activities shows a negative value of approximately -¥10.73 billion, worsening from -¥8.78 billion in the previous period[20] - The company reported a significant increase in cash received from interest, fees, and commissions, totaling approximately ¥17.56 billion, compared to ¥19.32 billion in the previous period[19] Assets and Liabilities - Total assets as of September 30, 2024, amounted to CNY 770,653,448,432.52, a 12.97% increase from the end of the previous year[4] - Total liabilities rose to CNY 622,558,737,908.07, compared to CNY 541,505,969,211.81 at the end of 2023, indicating an increase of around 14.98%[15] - The company's equity attributable to shareholders increased to CNY 142,788,719,467.83 from CNY 135,717,647,870.07, reflecting a growth of approximately 5.93%[16] - The total equity increased to CNY 148,094,710,524.45 from CNY 140,675,710,016.60, reflecting a growth of approximately 5.88%[16] Investment and Income - Investment income increased by 62.26% to ¥5,551,476,128.36 from ¥3,421,421,290.10 year-on-year[7] - Investment income surged to CNY 5,551,476,128.36, up from CNY 3,421,421,290.10, representing an increase of about 62.19%[17] - Other business income surged by 247.92% to ¥641,810,443.32, driven by increased sales of bulk commodities[7] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 217,432, with the top ten shareholders holding significant stakes[9] - The largest shareholder, Hong Kong Central Clearing Limited, holds 22.31% of the shares, totaling 1,700,170,760 shares[9] - Jilin Aodong Pharmaceutical Group holds 1,252,768,767 A-shares, accounting for approximately 20.05% of the total share capital[10] - Liaoning Chengda holds 1,250,154,088 A-shares, representing about 17.94% of the total share capital[10] - As of September 30, 2024, Jilin Aodong and its concerted actors hold a total of 3.61% of the company's H-shares[10] - The top 10 unrestricted shareholders hold a total of 1,700,170,760 H-shares, representing a significant portion of the company's equity[10] Financial Ratios - The weighted average return on net assets increased by 0.90 percentage points to 1.85% for Q3 2024[4] - Risk coverage ratio increased to 235.09%, up by 1.73 percentage points from 233.36%[8] - The liquidity coverage ratio decreased significantly by 89.21 percentage points to 133.22% from 222.43%[8] Capital and Contributions - The company increased its capital contribution to GF Holdings (Hong Kong) by HKD 1.1 billion, raising its paid-in capital to HKD 8.2 billion[12] - GF Financial Holdings BVI Ltd. issued USD 300 million in floating rate bonds with a 3-year term, guaranteed by the company[13] - The company has 26 branches and 331 securities business departments, totaling 357 institutions across 31 provinces and municipalities[12] Other Financial Metrics - Core net capital decreased by 1.47% to ¥64,554,987,081.19 from ¥65,515,503,102.87 at the end of the previous year[8] - Total net capital declined by 1.62% to ¥91,654,987,081.19 compared to ¥93,165,503,102.87 at the end of last year[8] - The company maintained a stable capital reserve of CNY 31,275,141,062.93, slightly decreasing from CNY 31,296,847,770.85[16] - The company received approximately ¥2.00 billion from issuing perpetual bonds during the current period, down from ¥11.50 billion in the previous period[20]

Financial Performance - Net profit attributable to shareholders for the first half of 2024 was RMB 4.538 billion, a decrease of 3.88% compared to RMB 4.717 billion in the same period of 2023[19]. - Earnings per share for the first half of 2024 was RMB 0.56, down 7.14% from RMB 0.60 in the first half of 2023[19]. - The total revenue and other income for the reporting period was RMB 17.136 billion, a decrease of 5.25% year-on-year[41]. - Total expenses amounted to RMB 12.139 billion, down 2.81% year-on-year[41]. - The net profit attributable to shareholders of the company was RMB 4.362 billion, a decline of 3.88% year-on-year[41]. - The average monthly paid-in scale of funds managed by Guangfa Xinde in Q2 2024 exceeded RMB 17.5 billion[80]. - Commission and fee income for the first half of 2024 was RMB 6,784 million, down 13.43% from RMB 7,836 million in the same period of 2023[81]. - Net investment income for the first half of 2024 was RMB 3,654 million, an increase of 40.08% compared to RMB 2,609 million in the same period of 2023[81]. Asset and Liability Overview - Total assets as of June 30, 2024, reached RMB 689.328 billion, reflecting a 1.05% increase from RMB 682.182 billion at the end of 2023[17]. - The company’s total liabilities as of June 30, 2024, were RMB 543.677 billion, a slight increase of 0.40% from RMB 541.506 billion at the end of 2023[17]. - The equity attributable to shareholders of the company reached RMB 140.703 billion, up 3.67% from the end of 2023[41]. - The debt-to-asset ratio, excluding accounts payable to brokerage clients, decreased to 73.65%, down 0.78 percentage points from 74.43% at the end of last year[89]. - Cash and cash equivalents increased to RMB 23,089 million, an increase of 18.22% compared to RMB 19,530 million a year earlier[93]. Risk Management - The company emphasizes the importance of risk management, including compliance, liquidity, market, credit, operational, IT, and reputational risks, and has established a comprehensive risk management system[3]. - The company has faced various operational risks and is committed to maintaining stable operations within controllable risk limits[3]. - The liquidity coverage ratio decreased to 188.26%, down 34.17 percentage points from 222.43% at the end of the previous year[21]. - The company is enhancing its liquidity risk management through proactive liquidity reserves and monitoring[106]. - Market risk is increasing due to the expansion of the company's business scope and capital cross-border flow, influenced by geopolitical conflicts and changes in overseas monetary policy[108]. - Credit risk management focuses on identifying and managing credit risks across all products and businesses, including new products and services[118]. Corporate Governance - The board of directors consists of 11 members, with 7 being non-executive directors, including 4 independent non-executive directors, ensuring a balance of power and responsibilities[135]. - The company has adopted the "Standard Code" and "Corporate Governance Code" to regulate the trading of its listed securities and enhance governance practices[135]. - The company has maintained compliance with the Corporate Governance Code, achieving most of the recommended best practices during the reporting period[135]. - The company has implemented a governance structure that complies with both domestic and international regulations, ensuring effective internal control and management systems[135]. Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 760,584,551.10 yuan, which represents 100% of the total profit distribution[144]. - The total distributable profit amounts to 31,134,229,822.98 yuan[144]. - The cash dividend for the first half of 2024 is RMB 760,584,551.10, accounting for 17.44% of the net profit attributable to shareholders in the consolidated financial statements for the same period[145]. Market Activity - In the first half of 2024, the A-share market saw a decrease in equity financing, with a total of 105 transactions raising 99.315 billion yuan, a year-on-year decrease of 81.48%[26]. - The number of IPOs completed in the first half of 2024 was 43, raising 30.272 billion yuan, which represents a year-on-year decrease of 86.16%[26]. - The company underwrote 293 bond issues in the first half of 2024, a year-on-year increase of 70.35%, with a total underwriting amount of 152.428 billion yuan, up 64.63%[48]. Employee and Community Engagement - The company has a total of 14,492 employees as of June 30, 2024, with 12,112 in the parent company and 2,380 in subsidiaries[147]. - The group invested a total of 12.05 million yuan in public welfare during the reporting period, including 7.36 million yuan specifically for rural revitalization and educational support initiatives[157]. - The company has committed 6.3 million yuan over three years for poverty alleviation efforts in various counties, with 3 million yuan allocated for consumption assistance[159]. Environmental and Social Responsibility - The company has implemented energy-saving measures, resulting in a 0.55 kWh/m² decrease in energy consumption per unit building area compared to the previous year[154]. - The total waste generated by the company decreased by 14.80% compared to the previous year[154]. - The company processed approximately 23 tons of recyclable waste during the reporting period, including paper, metal, and plastic[155].

Financial Performance - GF Securities reported an unaudited interim revenue of RMB 1.2 billion for the six months ending June 30, 2024, representing a year-on-year increase of 15%[5]. - Total revenue and other income for the first half of 2024 was RMB 17,136 million, a decrease of 5.25% compared to RMB 18,085 million in the same period of 2023[39]. - Profit before tax for the first half of 2024 was RMB 5,117 million, down 14.33% from RMB 5,974 million in the first half of 2023[39]. - Net profit attributable to shareholders for the first half of 2024 was RMB 4,362 million, a decline of 3.88% from RMB 4,538 million in the same period of 2023[39]. - Basic earnings per share for the first half of 2024 was RMB 0.52, down 7.14% from RMB 0.56 in the first half of 2023[39]. - The company's commission and fee income for the first half of 2024 was RMB 6.78 billion, a decrease of 13.43% from RMB 7.84 billion in the same period of 2023[136]. - Interest income for the first half of 2024 was RMB 6.25 billion, down 8.18% from RMB 6.80 billion year-on-year[136]. - The net investment income increased by 40.08% to RMB 3.65 billion in the first half of 2024, compared to RMB 2.61 billion in the same period of 2023[136]. Asset and Liability Management - Total assets as of June 30, 2024, were RMB 689,328 million, an increase of 1.05% from RMB 682,182 million at the end of 2023[39]. - Total liabilities as of June 30, 2024, were RMB 543,677 million, a slight increase of 0.40% from RMB 541,506 million at the end of 2023[39]. - Equity attributable to shareholders increased by 3.67% to RMB 140,703 million as of June 30, 2024, compared to RMB 135,718 million at the end of 2023[39]. - The asset-liability ratio decreased by 0.78 percentage points to 73.65% as of June 30, 2024, compared to 74.43% at the end of 2023[39]. - The debt-to-asset ratio, excluding client payables, decreased to 73.65%, down 0.78 percentage points from the previous year[151]. - Cash and cash equivalents increased by 18.22% to RMB 23.089 billion compared to RMB 19.530 billion as of June 30, 2023[157]. Risk Management - The company is committed to enhancing its internal control and risk management systems to mitigate various risks, including compliance, liquidity, and market risks[5]. - The company has established a comprehensive risk management framework to ensure stable operations within controllable risk parameters[5]. - The company faces liquidity risk, market risk, credit risk, compliance risk, operational risk, information technology risk, and reputation risk, which are increasingly complex due to diversified and internationalized business trends[186][190][191]. - The company emphasizes the need for effective liquidity risk management to ensure financial stability amid various risk factors[187]. - Credit risk exposure is increasing due to the complexity of securities company leverage and the development of innovative businesses, posing greater challenges for future credit risk management[191]. - The company has established a comprehensive risk management system to address various types of risks across all business lines and departments[199]. Business Operations and Strategy - The company operates in four main business segments: investment banking, wealth management, trading and institutional business, and investment management[58]. - The company aims to enhance its service quality in line with the national goal of building a strong financial country, focusing on high-quality development in the capital market[54]. - The company's main business relies on China's economic growth, wealth accumulation, and the development of the capital market, with a stable operational trend observed during the reporting period[62]. - The company has maintained a stable shareholding structure, with major shareholders consistently in the top three for 25 years, providing strong support for overcoming development bottlenecks[68]. - The company has a comprehensive business system with four major segments: investment banking, wealth management, trading, and investment management, consistently ranking among the top in China[70]. - The company actively integrates financial technology into its business, enhancing digital capabilities and promoting innovation[71]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares to shareholders, based on the number of shares after deducting 15,242,153 shares held in the repurchase account[5]. - The board has approved the interim profit distribution plan, reflecting the company's commitment to returning value to shareholders[5]. Market Trends and Performance - The average daily trading volume in the A-share market decreased by 10.46% year-on-year to RMB 870.72 billion[52]. - The total amount of equity financing in the A-share market dropped by 81.48% year-on-year to RMB 99.315 billion, with IPOs down by 86.16%[52]. - In the first half of 2024, the A-share market completed 105 equity financing transactions, raising RMB 99.31 billion, representing a year-on-year decrease of 71.93%[82]. - The domestic bond market saw a decline in corporate bond issuance by 70.94% year-on-year, amounting to RMB 39.13 billion[88]. Investment and Asset Management - The company’s total trading volume in the Shanghai and Shenzhen stock markets was approximately 33.99 trillion CNY in the first half of 2024, with a market share of 4.58%[98]. - The company’s asset management plans saw a net value scale growth of 27.13%, 0.82%, and 56.45% for collective, single, and special asset management plans respectively compared to the end of 2023, with a total growth of 17.67%[123]. - The public fund management business managed by the company totaled RMB 1,427.79 billion as of June 30, 2024, up 16.94% from RMB 1,220.67 billion at the end of 2023[130]. - The company’s financial product distribution scale exceeded 220 billion CNY, representing a year-on-year growth of 4.00%[96]. Compliance and Governance - The board of directors confirmed that all members attended the meeting to discuss the interim report, ensuring full accountability for the report's accuracy and completeness[5]. - The interim financial report has been reviewed by Ernst & Young, ensuring adherence to international accounting standards[5]. - GF Securities emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to remain aware of associated risks[5].

Financial Performance - Total operating revenue for Q1 2024 was RMB 4,949,345,961.54, a decrease of 23.59% compared to RMB 6,477,062,887.66 in the same period last year[3] - Net profit attributable to shareholders was RMB 1,538,328,759.88, down 28.67% from RMB 2,156,742,527.33 year-on-year[3] - Basic earnings per share decreased to RMB 0.17, a decline of 37.04% from RMB 0.27 in the previous year[3] - Total profit for the current period is ¥1,821,164,608.65, down from ¥2,838,034,953.16 in the previous period, a decrease of about 35.8%[19] - Total comprehensive income for the current period is ¥2,418,682,376.86, slightly down from ¥2,472,473,228.32 in the previous period, a decrease of approximately 2.2%[19] Cash Flow - The net cash flow from operating activities was RMB -11,861,776,432.59, indicating a significant outflow compared to RMB -4,582,031,552.90 in the same period last year[7] - Total cash inflow from operating activities is ¥84,621,439,959.76, compared to ¥47,907,559,435.46 in the previous period, showing an increase of about 76.7%[21] - Cash outflow from operating activities totals ¥96,483,216,392.35, up from ¥52,489,590,988.36 in the previous period, indicating an increase of approximately 83.8%[21] - The net cash flow from financing activities was approximately ¥8.29 billion, a significant improvement from a negative cash flow of ¥625.92 million in the prior period[22] - The company reported a net increase in cash and cash equivalents of approximately ¥5.06 billion, recovering from a decrease of ¥2.09 billion in the prior period[22] Assets and Liabilities - Total assets increased to RMB 759,773,963,785.73, up 11.37% from RMB 682,181,679,228.41 at the end of the previous year[3] - The company's total liabilities increased to 614.68 billion yuan from 541.51 billion yuan at the beginning of the year[16] - The total equity attributable to the owners of the parent company was 139.96 billion yuan, up from 135.72 billion yuan at the beginning of the year[17] - The company reported cash and cash equivalents of approximately 128.90 billion yuan at the end of the reporting period, compared to 118.82 billion yuan at the beginning of the year[14] Investments - The company reported a 39.61% increase in trading financial assets, reaching RMB 301,658,081,615.40, due to an increase in fixed income investments[6] - The company’s investment income decreased by 50.09% to RMB 750,966,943.33, attributed to reduced gains from trading financial instruments[6] - The net increase in cash from investment activities is ¥860,790,484.80, compared to ¥3,302,689,070.77 in the previous period, indicating a significant decrease[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 219,009, with 217,563 being A-share shareholders and 1,446 H-share shareholders[8] - The top 10 shareholders hold a combined 88.67% of the total shares, with Hong Kong Central Clearing (Agent) Limited holding 22.31% (1,700,128,840 shares) and Jilin Aodong Pharmaceutical Group Co., Ltd. holding 16.44% (1,252,768,767 shares)[10] - The company completed the acquisition of 366,000,000 shares of Wisdom Group, representing approximately 20.04% of its total issued shares[12] - The largest shareholder, Jilin Aodong, increased its stake by acquiring 2,086,600 H-shares, bringing its total holdings to 1,526,304,167 shares, or 20.0274% of the total share capital[12] Strategic Initiatives - The company announced a "Quality Return Dual Improvement" action plan aimed at enhancing investor confidence and promoting sustainable development[12] - The company aims to strengthen core competitiveness and improve governance as part of its strategic initiatives[12] Other Information - The first quarter report remains unaudited, indicating a need for further verification of the financial data presented[22] - No preferred shareholders were reported for the company, indicating a focus on ordinary shares[11]

Financial Performance - Total revenue and other income for 2023 reached RMB 33,298 million, a slight increase of 0.13% compared to RMB 33,256 million in 2022[42]. - Profit before tax decreased by 15.82% to RMB 8,744 million from RMB 10,388 million in the previous year[42]. - Net profit attributable to shareholders was RMB 6,978 million, down 12.00% from RMB 7,929 million in 2022[42]. - Basic earnings per share fell to RMB 0.83, a decrease of 18.63% from RMB 1.02 in 2022[42]. - Total assets increased by 10.52% to RMB 682,182 million, compared to RMB 617,256 million at the end of 2022[42]. - Total liabilities rose by 9.96% to RMB 541,506 million from RMB 492,463 million in the previous year[42]. - The return on average equity decreased to 5.66%, down from 7.23% in 2022[42]. - The debt-to-asset ratio increased to 74.43%, compared to 73.98% in the previous year[42]. - The company reported a 20% increase in net profit for the last quarter, amounting to RMB 10 million, compared to the previous quarter[22]. - The total expenses for 2023 amounted to RMB 25,269 million, an increase of 6.14% compared to RMB 23,808 million in 2022, primarily driven by an increase in interest expenses by RMB 1,657 million, which rose by 18.92%[127]. Risk Management - The company emphasizes the importance of risk management, including compliance, liquidity, market, credit, operational, information technology, and reputation risks[2]. - The company has established a comprehensive risk management system to address various risk types, ensuring effective operation of risk identification, assessment, monitoring, and response mechanisms[165]. - Liquidity risk management strategies include maintaining sufficient liquidity reserves and implementing a unified management approach across subsidiaries to mitigate liquidity risks[166]. - The company is experiencing heightened operational risks due to increasing business complexity and the need for effective identification and mitigation of operational hazards[162]. - Information technology risks are present, impacting operational efficiency and competitiveness, with potential threats from system failures and cyberattacks[163]. - Reputation risk arises from operational behaviors and external events that could negatively affect the company's brand value and market stability[164]. - The company has developed a multi-level market risk quantification indicator system, exploring the application of advanced risk measurement models such as ES and SVaR[168]. Corporate Governance - The company has established a governance structure that complies with both domestic and international regulations, enhancing its operational integrity and public reputation[188]. - The company has no controlling shareholder or actual controller, allowing for independent decision-making within its board and management[190]. - The company has implemented a robust internal control system to ensure the effectiveness and integrity of its operations[188]. - The company has a total of 11 board members, with 7 being non-executive directors, including 4 independent non-executive directors, ensuring a balance of power and responsibilities[188]. - The company has a clear policy for tax treatment of dividends, ensuring compliance with tax treaties and regulations for different categories of shareholders[182]. - The company has established a comprehensive asset management system, ensuring that its assets are independently managed and not subject to claims from the largest shareholder[191]. Market Expansion and Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[18]. - The company is investing in the development of new technologies, including a proprietary trading platform expected to launch in Q3 2024, aimed at improving transaction efficiency[17]. - Market expansion efforts include entering the Southeast Asian market, with an initial investment of $10 million planned for 2024[18]. - The company has identified potential acquisition targets in the fintech sector to enhance its service offerings and market presence, with a budget of $50 million allocated for acquisitions[17]. - A new product line focused on sustainable investment options is set to be introduced in Q2 2024, responding to increasing demand for ESG-compliant products[18]. - The company plans to enhance its customer service capabilities by implementing AI-driven support systems, expected to reduce response times by 40%[18]. Compliance and Regulatory Environment - The company has engaged Ernst & Young as its accounting firm for the reporting period, ensuring high standards of financial oversight[39]. - The company emphasizes compliance and risk management, being one of the first brokerages to implement comprehensive risk management strategies, ensuring stable operations[73]. - The regulatory environment is shifting towards promoting high-quality development in the securities industry, with a roadmap for creating leading investment banks and institutions[150]. - The company has not sold any significant assets during the reporting period[147]. Shareholder Relations and Dividends - The company reported a cash dividend of RMB 3.00 per 10 shares for all shareholders, based on the number of shares after deducting 15,242,153 shares held in the repurchase account[2]. - The company’s cash dividend policy and profit distribution plan for 2023 are detailed in the governance section of the report[74]. - Individual investors holding shares for over one year are exempt from personal income tax on dividends, while those holding for one year or less will have tax calculated upon stock transfer[181]. - The company adheres to a 10% withholding tax rate for dividends paid to qualified foreign institutional investors (QFII) as per the regulations from the State Administration of Taxation[182]. - For H-share shareholders, the company applies a 20% withholding tax rate on dividends for mainland individual investors through the Stock Connect program[185].

Financial Performance - GF Securities reported its annual performance for the year ending December 31, 2023, with a focus on audited financial results[1]. - The financial report for 2023 has been audited by Ernst & Young, which issued a standard unqualified audit opinion[2]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in Q3 2023, representing a 15% year-over-year growth[15]. - Total revenue and other income for 2023 amounted to RMB 33,298 million, a slight increase of 0.13% compared to RMB 33,256 million in 2022[42]. - Net profit attributable to shareholders was RMB 6,978 million, down 12.00% from RMB 7,929 million in 2022[42]. - The total assets as of December 31, 2023, reached RMB 682,182 million, reflecting a growth of 10.52% from RMB 617,256 million in 2022[42]. - The total liabilities increased by 9.96% to RMB 541,506 million compared to RMB 492,463 million in the previous year[42]. - The weighted average return on equity decreased to 5.66% from 7.23% in 2022, a decline of 1.57 percentage points[42]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares to all shareholders, based on the number of shares after deducting 15,242,153 shares held in the repurchase account[2]. - The board of directors guarantees the truthfulness, accuracy, and completeness of the annual report, with individual and joint legal responsibilities[2]. Risk Management - The company emphasizes the importance of risk management, addressing compliance, liquidity, market, credit, operational, information technology, and reputation risks[2]. - The company has established and continuously improved its internal control and comprehensive risk management systems[2]. - The company is committed to enhancing its risk management capabilities to address the growing challenges in liquidity, market, credit, compliance, and operational risks[159]. - The company has established a comprehensive risk management system covering all types of risks, business lines, departments, and subsidiaries[167]. Business Operations and Strategy - The company operates on both Shenzhen Stock Exchange and Hong Kong Stock Exchange, with stock codes 000776 and 1776 respectively[11]. - The company has maintained its main business operations without any changes since its listing[13]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in user acquisition in that region by the end of 2024[16]. - The company is focusing on enhancing its market presence through strategic qualifications and partnerships[20]. - The company aims to strengthen its competitive position in the financial market through continuous innovation and expansion[20]. Corporate Governance - The company has established a complete corporate governance structure, including a shareholders' meeting, board of directors, and five specialized committees, ensuring effective operation and compliance with regulatory requirements[196]. - The board of directors consists of 11 members, with 7 being non-executive directors, ensuring a balance of power and responsibilities[190]. - The company has implemented a comprehensive human resources management system, completely independent from the largest shareholder[194]. Market Trends and Economic Environment - The A-share market experienced fluctuations, with the CSI 300 and ChiNext indices declining by 11.38% and 19.41% respectively, while the North Exchange 50 rose by 14.92%[59]. - The total amount raised from IPOs in 2023 was 356.54 billion yuan, a decrease of 26.87% year-on-year, while the number of refinancing cases dropped by 7.74%[59]. - The company is positioned as a comprehensive service provider in the capital market, catering to diverse financial needs of enterprises and investors[62]. Innovation and Technology - Research and development investments increased by 25% in 2023, focusing on innovative financial technologies[17]. - The ongoing digital transformation in the securities industry is driven by advancements in fintech and the opening of capital markets, enhancing the company's competitive edge[155]. Social Responsibility and ESG - The company has actively engaged in social responsibility initiatives, with total charitable contributions amounting to RMB 34.8787 million during the reporting period[85]. - The company plans to continue optimizing its ESG governance structure and has been included in the Hang Seng Sustainable Development Index series due to its outstanding performance in ESG[54]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue to be between 1.3 billion and 1.5 billion, indicating a potential growth of 10% to 25%[17]. - The company aims to enhance its financial services and maintain a focus on core business development, with a strategy to deepen its operational model driven by research[53]. - The company aims to become a modern investment bank with international competitiveness and brand influence, focusing on high-quality development and optimizing business structure[156].