利弗莫尔证券显示，江苏日御光伏新材料股份有限公司向港交所提交上市申请书，保荐人为 国泰君安 国际证券。 ...

智通财经5月26日电，利弗莫尔证券显示，上海拓璞数控科技股份有限公司向港交所提交上市申请书， 联席保荐人为国泰君安国际和建银国际。 ...

Financial Performance - Revenue for 2024 reached HKD 4,421,609,000, a 37% increase from HKD 3,217,372,000 in 2023[27] - Net profit attributable to ordinary shareholders was HKD 347,783,000, reflecting a 73% growth compared to HKD 201,261,000 in the previous year[27] - Earnings per share increased by 71% to HKD 3.6 from HKD 2.1 in 2023[27] - Total assets grew by 21% to HKD 130,173,149,000 from HKD 107,535,153,000 in 2023[27] - The company declared a dividend of HKD 305,260,000, a 60% increase from HKD 191,078,000 in the prior year[27] - The return on equity improved to 2.3%, up from 1.4% in 2023, an increase of 0.9 percentage points[27] - The company maintained a dividend payout ratio of 88%, down from 95% in the previous year[27] - The company's net profit after tax for 2024 increased by 73% year-on-year, reaching HKD 348 million, compared to HKD 201 million in 2023[40] - Total revenue for 2024 rose by 37% to HKD 4.422 billion, up from HKD 3.217 billion in 2023[40] Revenue Sources - Commission and fee income increased by 26% to HKD 872 million, with brokerage commissions rising by 17% to HKD 512 million[40] - Interest income grew by 28% to HKD 2.314 billion, with fixed income securities interest income surging by 188% to HKD 553 million[40] - Net trading and investment income surged by 72% to HKD 1.236 billion, with financial product net income increasing by 20% to HKD 912 million[40] - Institutional investor services revenue skyrocketed by 90% to HKD 1.921 billion, driven by increased interest income and financial product net income[40] - Corporate financing services revenue rose by 61% to HKD 319 million, attributed to higher placement, underwriting, and sub-underwriting commissions[40] - Wealth management business revenue reached HKD 439 million, a year-on-year increase of 13%[42] - Wealth Management segment revenue increased by 3% year-on-year to HKD 1.919 billion, driven by a rebound in Hong Kong stock trading volume and growth in US stock trading[52] - Investment Management segment revenue increased by 72% year-on-year to HKD 264 million, mainly due to the strategic increase in low-risk, high-rated, and highly liquid fixed-income securities[52] Market and Economic Context - The Hang Seng Index increased by 17.67% over the year, closing at 20,059.95 points, marking a significant recovery[37] - The total amount raised from initial public offerings (IPOs) in Hong Kong reached approximately HKD 87.5 billion, a nearly 90% increase compared to 2023[37] - The outlook for 2025 indicates that global economic recovery faces challenges, particularly from US-China trade relations and geopolitical issues, which may impact Hong Kong's capital market[65] - The Chinese government plans to implement a series of robust policy measures to stabilize economic growth in 2025, which is expected to support economic development from multiple dimensions[65] Corporate Governance - The board emphasizes the importance of good corporate governance to maintain effective operations and long-term shareholder value, adhering to high standards of governance[67] - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors, ensuring a high level of independence[70] - The company is committed to enhancing its market value management through transparent information disclosure and active investor engagement[66] - The company will continue to promote a culture of compliance, integrity, professionalism, and prudence as part of its core values[69] - The board consists of more than one-third independent non-executive directors, exceeding the minimum independence requirements of the Listing Rules[75] Risk Management - The company emphasizes the importance of a robust internal control system to mitigate risks, including ESG risks, and regularly reviews its effectiveness[108] - The risk committee is responsible for overseeing the risk management system and ensuring its effectiveness, with discussions held with management regarding significant risks faced by the group[112] - The company has implemented a risk management framework that includes risk culture, risk appetite, and overall risk management processes[113] - The risk management framework consists of a three-tier system, with the Risk Committee authorized by the Board of Directors as the first tier[114] Employee and Diversity Initiatives - As of December 31, 2024, the group has a total of 623 employees across Hong Kong, Singapore, and Macau, with a female employee representation of 45%[63] - The company aims to maintain the current level of female employee representation and promote gender diversity in hiring practices[63] - The company has adopted a diversity policy for the board, aiming for balanced representation across various dimensions including gender and professional experience[99] Shareholder Engagement - The company maintains effective communication with shareholders and stakeholders through various channels to provide timely and transparent information[129] - The company held its annual general meeting on May 22, 2024, and two special meetings on July 5 and November 19, 2024[131] - Shareholders holding at least 5% of voting rights can request the board to convene a special meeting[132] - The company’s investor relations team is available for inquiries via email at ir@gtjas.com.hk[131] Related Party Transactions - The company has complied with the applicable disclosure requirements under the Listing Rules regarding related party transactions[189] - The company actively monitors transactions with Guotai Junan Group to ensure compliance with annual limits and agreements[190] - The company has established internal control measures to ensure that related party transactions are conducted at market prices or better, and that they are approved by relevant departments prior to execution[191] ESG Commitment - The company received an "A" rating from MSCI, Wind, and other organizations for its ESG practices, reflecting its commitment to sustainable operations and responsible management[199] - The company has identified several ESG challenges and opportunities, integrating these into its overall business strategy[199] - The ESG Committee comprises seven members, including an independent non-executive director, and is responsible for overseeing sustainability and ESG-related matters[117]

Summary of Conference Call Company Overview - The conference call was held by Guotai Junan International, focusing on the financial performance and business development for the year 2024 [1][2]. Key Industry Insights - The Hang Seng Technology Index showed strong performance, with a cumulative increase of 18.7% for the year, indicating a significant rise in market activity [2]. - The Hong Kong stock market saw an increase in daily trading volume, with a year-on-year growth of over 25% [2]. - In the IPO market, 71 companies were listed, raising a total of HKD 87.5 billion, marking a nearly 90% increase from 2023 [2]. Financial Performance Highlights - The company reported a 73% year-on-year increase in net profit, reaching HKD 3.48 billion [3]. - Total assets at the end of 2024 amounted to HKD 130.17 billion, a 21% increase from the end of 2023 [3][13]. - The company maintained a dividend payout ratio of 88%, with a total dividend of HKD 3.2 per share for the year [3][7]. Revenue Breakdown - Commission income rose by 11% to HKD 512 million, driven by increased trading volumes in the Hong Kong stock market [4]. - Revenue from fixed income securities increased significantly, with interest income rising by 188% to HKD 553 million [4]. - The company’s trading and investment net income grew by 72% to HKD 1.236 billion [4]. Asset Management and Investment Strategy - The company has shifted its asset allocation strategy to focus on high-rated, high-liquidity fixed income securities, resulting in a 96% increase in financial assets to HKD 39.1 billion [3][4]. - The company’s financial products business saw a 20% increase in net income, reaching HKD 912 million [4]. Cost Management and Financial Health - The company acknowledged an increase in costs, particularly in financing and employee expenses, but emphasized ongoing efforts to manage these costs effectively [14][15]. - The company’s liquidity position remains strong, with over HKD 62.7 billion in funding resources and a bank credit balance of HKD 38.682 billion at year-end [6]. Future Outlook and Strategic Initiatives - The management expressed confidence in the long-term performance and plans to continue expanding its wealth management services, particularly in response to market conditions [17][21]. - The company is focusing on digital wealth management solutions and has developed a system offering 120 different financial products [21][22]. - The management anticipates a favorable market environment for 2024, driven by increased demand for financial services and products [24]. Additional Insights - The company is positioned as a leading issuer of structured products and has maintained a strong credit rating, receiving stable outlooks from Moody's and S&P [7][10]. - The management highlighted the importance of market conditions and investor sentiment in shaping future business strategies, particularly in light of potential interest rate changes by the Federal Reserve [19][20]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, strategic direction, and market outlook.

Financial Performance - Total revenue for the year ended December 31, 2024, reached HKD 4,421,609,000, representing a 37% increase from HKD 3,217,372,000 in 2023[4] - Commission and fee income increased by 26% to HKD 871,755,000, up from HKD 689,574,000[4] - Net trading and investment income surged by 72% to HKD 1,235,848,000, compared to HKD 717,644,000 in the previous year[4] - Profit attributable to ordinary shareholders rose by 73% to HKD 347,783,000, from HKD 201,261,000 in 2023[4] - Basic and diluted earnings per share both increased by 71% to HKD 3.6, compared to HKD 2.1 in 2023[5] - The company reported a net profit of HKD 350,697,000 for the year, compared to HKD 206,105,000 in the previous year, which is an increase of approximately 70.0%[24] - The pre-tax profit for 2024 was HKD 366,631,000, compared to HKD 191,416,000 in 2023, indicating a significant increase of about 91.3%[26] Assets and Liabilities - Total assets increased by 21% to HKD 130,173,149,000, up from HKD 107,535,153,000[4] - Total liabilities increased significantly, with current liabilities totaling HKD 107,692,555,000, compared to HKD 77,926,518,000 in 2023[7] - The company’s total liabilities increased to HKD 19,714,804,000 in 2024 from HKD 18,048,359,000 in 2023, reflecting an increase of approximately 9.2%[13] - Total liabilities increased by 24% to HKD 115.15 billion, while total equity rose by 0.4% to HKD 15.02 billion[58] Dividends - The company declared a dividend of HKD 305,260,000, a 60% increase from HKD 191,078,000 in the previous year[4] - The company plans to distribute a total dividend of HKD 305,260,000 for the year, compared to HKD 191,078,000 in 2023, which is an increase of approximately 59.8%[28] - The proposed final dividend for the year ended December 31, 2024, is HKD 0.020 per share, totaling HKD 0.032 per share for the entire year[69] Income Sources - Interest income increased to HKD 2,314,006,000 in 2024 from HKD 1,810,154,000 in 2023, marking a rise of about 27.8%[25] - Interest income grew by 28% to HKD 2.314 billion, with fixed income securities interest income skyrocketing 188% to HKD 553 million[45] - Financial product net income increased by 20% to HKD 912 million, driven by a recovery in the stock and debt capital markets[50] Operational Segments - The operating segments include Wealth Management, Institutional Investor Services, Corporate Finance Services, and Investment Management, which are managed separately due to differing risks and returns[20] - Wealth Management provides comprehensive financial services to individual investors, SMEs, and family offices, including brokerage and financing services[22] - Institutional Investor Services offers market-making, investment, and structured product solutions to corporations, governments, and financial institutions[22] - Corporate Finance Services provides advisory services, debt, and equity securities placement and underwriting services[22] - Investment Management offers asset management and fund management services to institutional and individual clients[22] Employee and Costs - The total employee costs for 2024 were HKD 794,802,000, compared to HKD 781,340,000 in 2023, reflecting an increase of approximately 1.9%[26] - Total costs increased by 34% to HKD 4.060 billion, mainly due to rising financing costs[57] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code throughout the year 2024[73] - The Audit Committee reviewed the financial results for the year ended December 31, 2024, ensuring adherence to accounting principles and practices[75] - The external auditor confirmed that the financial data in the performance announcement is consistent with the audited consolidated financial statements for the year ended December 31, 2024[76] Future Outlook - The outlook for 2025 indicates potential challenges due to geopolitical factors, but supportive policies from the Chinese government are expected to stabilize economic growth[67] - The group aims to enhance its core competitiveness and optimize its income structure for sustainable development[68] - The group will continue to strengthen its capital management and maintain stable growth in market value[68] Share Repurchase - The company repurchased a total of 17,445,000 shares at a total cost of HKD 14,725,267 during the year, with 14,491,000 shares canceled[71] - The highest share repurchase price was HKD 1.22 and the lowest was HKD 0.60, with a total cost of HKD 14,725,267 including all expenses[72]

安國際 成示 GUOTAI JUNAN INTERNATIONAL Stock Code 股份代號 = 1788 HK ● ● ● : - - ● ● ", " . . ● ● ● ● ● . . ● - : . @ . . . . . . ..... . . ● ● ● ● � ● ● ● � ● . ● l ● 0 . . ● ● o ● ● the sub . EADY 穩健發展 IROWT INTERIM REPORT 2024 中期報告 目錄 公司資料 2 財務摘要 3 管理層討論與分析 4 其他資料 14 中期財務報告審閱報告 38 綜合損益及其他全面收益表 40 綜合財務狀況表 41 綜合權益變動表 44 簡明綜合現金流量表 46 中期財務報告附註 48 詞彙 98 ● . 國泰君安國際 | 2024中期報告 公司資料 | --- | --- | |-----------------------------------------------------|--------------------------------------------| | 董事會 | ESG 委員會成員 傅廷美博士 （ ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 2,170,922,000, representing a 41% increase compared to HKD 1,543,055,000 for the same period in 2023[3] - Net interest income increased by 30% to HKD 1,095,004,000 from HKD 840,078,000 year-on-year[3] - Net trading and investment income surged by 99% to HKD 717,407,000, up from HKD 361,002,000 in the previous year[3] - Profit attributable to ordinary shareholders rose by 63% to HKD 194,937,000, compared to HKD 119,420,000 in the same period last year[3] - Total revenue for the six months ended June 30, 2024, reached HKD 2,143,531,000, an increase from HKD 1,565,346,000 for the same period in 2023, representing a growth of approximately 36.8%[13][14] - The pre-tax profit for the group was HKD 197,309,000 for the six months ended June 30, 2024, compared to HKD 112,149,000 in the same period of 2023, indicating a growth of approximately 76.0%[13][14] - The group's profit before tax for the six months ended June 30, 2024, was HKD 194,937,000, up from HKD 119,420,000 in 2023, indicating a year-on-year increase of 63.2%[24] Dividends and Earnings - The company declared a dividend of HKD 114,576,000, a 20% increase from HKD 95,540,000 in the prior year[3] - Basic and diluted earnings per share increased by 63% to HKD 2.04, compared to HKD 1.25 for the same period in 2023[5] - The company declared an interim dividend of approximately HKD 114,576,000 or HKD 0.012 per share for the period ended June 30, 2024, compared to HKD 95,540,000 or HKD 0.01 per share in 2023, marking a 20.5% increase[23] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 122,497,696,000, reflecting a 14% increase from HKD 107,535,153,000 at the end of 2023[3] - Current liabilities total HKD 99,440,646 thousand as of June 30, 2024, compared to HKD 77,926,518 thousand as of December 31, 2023, representing an increase of approximately 27.5%[7] - Total liabilities as of June 30, 2024, were HKD 1,143,029,000, compared to HKD 712,145,000 in 2023, indicating a substantial increase of 60.5%[20] - Total assets less current liabilities stand at HKD 23,057,050 thousand as of June 30, 2024, down from HKD 29,608,635 thousand as of December 31, 2023, reflecting a decrease of approximately 22.2%[7] - The issued debt securities amount to HKD 46,420,871 thousand as of June 30, 2024, significantly higher than HKD 31,427,498 thousand as of December 31, 2023, marking an increase of approximately 47.8%[7] Financial Ratios and Returns - The annualized return on equity improved to 2.6%, up from 1.6% in the previous year, marking a 1 percentage point increase[3] - As of June 30, 2024, the group's nominal leverage ratio was 7.35 times, up from 6.39 times at the end of 2023, while the adjusted leverage ratio was 4.28 times, compared to 3.14 times at the end of 2023[51] Costs and Expenses - Employee costs, including directors' remuneration, increased to HKD 385,455,000 in 2024 from HKD 371,535,000 in 2023, reflecting a rise of about 3.0%[19] - Total costs increased by 34% to HKD 1.946 billion, mainly due to rising financing costs and increased demand for quality fixed-income assets[47] Strategic Initiatives - The company plans to continue expanding its investment management services and enhance its technology capabilities to drive future growth[13] - The company is focusing on strategic acquisitions and market expansion to strengthen its competitive position in the financial services sector[13] - The group plans to enhance its wealth management business and accelerate digital transformation, focusing on optimizing the investment application "Junhong Global" for a one-stop trading platform[58] - The group aims to leverage regional synergies through its subsidiaries in Singapore, Vietnam, and Macau to provide comprehensive financial services[58] Market Performance - The group participated in 113 bond issuances in the first half of 2024, a significant increase of 82% year-on-year, with a total issuance scale of approximately HKD 187.7 billion, up 170% year-on-year[43] - The group completed 32 ESG bond projects in the first half of 2024, a substantial increase of 220% year-on-year, with a total issuance scale of nearly HKD 70 billion, up 438% year-on-year[44] Impairments and Provisions - The company reported a net impairment provision for loans and advances of HKD 21,484,000 in 2024, compared to HKD 19,292,000 in 2023, indicating a slight increase in provisions[13][14] - The net impairment provision for loans and advances to customers was HKD 2,126,284,000 as of June 30, 2024, slightly up from HKD 2,104,800,000 at the end of 2023, showing a marginal increase of 1.0%[26] - The net impairment provision for other financial assets was HKD 3,243,000 in 2024, significantly higher than HKD 861,000 in 2023, indicating a rise of 276.0%[21] Other Financial Metrics - Cash and cash equivalents rose significantly by 63% to HKD 12.07 billion, indicating strong liquidity and financial health[41] - The net cash inflow for the group was HKD 4.67 billion for the first half of 2024, compared to HKD 4.21 billion in the same period of 2023[52] - The company's marketing, advertising, and promotional expenses rose to HKD 2,787,000 in 2024 from HKD 1,309,000 in 2023, representing a significant increase of 113.8%[21]

Financial Performance - In 2023, the company achieved a significant profit increase of 150% year-on-year despite market volatility[16]. - The company's revenue for 2023 reached HKD 3,217,372, an increase of 39% compared to HKD 2,314,917 in 2022[20]. - Profit attributable to ordinary shareholders surged by 150% to HKD 201,261, up from HKD 80,381 in the previous year[20]. - Interest income rose by 22% to HKD 1,810,154, while net trading and investment income turned positive at HKD 717,644, compared to a loss of HKD 37,486 in 2022[20]. - Wealth management revenue increased by 46% to HKD 1,856,000, driven by rising interest income[31]. - Total comprehensive income for the year was HKD 225,880, compared to HKD 33,847 in 2022, indicating strong financial performance[177]. - Basic earnings per share rose to 2.1 HK cents, up from 0.8 HK cents in the previous year, demonstrating enhanced profitability[177]. Business Transformation and Services - The company has successfully transformed from a traditional brokerage firm to a comprehensive financial services provider, covering brokerage, corporate finance, asset management, and financing[9]. - The company has expanded its services to high-net-worth individuals, corporate issuers, and financial institutions across mainland China, Hong Kong, and overseas markets[8]. - The company launched a new trading platform and cash management products as part of its digital transformation initiatives[18]. - The company is focused on enhancing its digital wealth management capabilities and developing diversified financial products[4]. - The company launched a one-stop global investment app, enhancing user experience and expanding its wealth management offerings[33]. Risk Management - The company maintained a strong risk management framework, resulting in no major risk events occurring during the year[16]. - The company emphasizes a solid risk management framework to improve risk-adjusted net asset returns, ensuring long-term support from investors[49]. - The group maintains a risk management framework that includes risk culture, governance, and the definition of risk appetite and limits, which assists the board in identifying and assessing significant risks, including ESG risks[81]. - The risk committee is responsible for overseeing the construction, execution, and monitoring of the risk management system[80]. Corporate Governance - The company adheres to high standards of corporate governance, complying with all principles of the Corporate Governance Code, except for one specific provision[51]. - The board of directors consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors, ensuring high independence for objective decision-making[53]. - The board has established effective mechanisms to maintain its independence, with over one-third of its members being independent non-executive directors[58]. - The company has implemented strict nomination procedures for directors, ensuring that all independent non-executive directors confirm their independence annually[58]. - The board meetings are scheduled with at least 14 days' notice, allowing all directors to participate[61]. Sustainability and ESG Initiatives - The company is actively promoting sustainable development and green finance initiatives[4]. - The company assisted in the issuance of 35 ESG-related bonds, with a total issuance scale exceeding HKD 80 billion[36]. - The ESG committee has approved the carbon reduction target plan and community investment plan for the upcoming year, reflecting the group's commitment to sustainability[83]. - The company successfully offset its greenhouse gas emissions from operations in 2022, achieving carbon neutrality for the first time through the purchase of carbon sink assets from certified forestry projects in mainland China[145]. Shareholder Communication - The company held its annual general meeting on May 22, 2023, and two special general meetings on October 10 and December 20, 2023, to facilitate direct communication with shareholders[93]. - The company encourages stakeholders to submit inquiries and feedback through written communication to the board via the company secretary[98]. - The company’s shareholder communication policy outlines various channels for stakeholders to express opinions on matters affecting the group[93]. - The company’s investor relations team is responsible for responding to inquiries from investors and media, facilitating meetings as needed[93]. Financial Position and Assets - The total assets of the company grew by 14% to HKD 107,535,153, reflecting strong business development[20]. - The total liabilities of the group rose by 16% to HKD 92.57 billion as of December 31, 2023 (HKD 79.52 billion at the end of 2022)[41]. - The group's equity increased by 0.2% to HKD 14.96 billion as of December 31, 2023[41]. - The gross carrying amount of loans and advances to customers was HK$7,866 million, down from HK$8,589 million in 2022, with an expected credit loss (ECL) allowance of HK$2,105 million compared to HK$2,197 million in 2022[153]. Management and Leadership - Dr. Yan Feng has been the Executive Director and Chairman since August 2012, with over 30 years of experience in the securities industry[101]. - Ms. Qi Haiying has been the Executive Director and CEO since December 2021, previously serving as Deputy CEO from March 2015 to December 2021[101]. - The company has a strong management team with members holding advanced degrees from prestigious institutions, enhancing its strategic capabilities[102]. - The management team emphasizes compliance and strategic management, reflecting a commitment to regulatory standards and market positioning[102]. Related Party Transactions - The company has established internal controls to ensure that related party transactions comply with pricing policies and regulatory requirements[139]. - The ongoing related party transactions are expected to be conducted on normal commercial terms and are in the best interest of shareholders[138]. - The company has entered into several commitment revolving loan agreements totaling HKD 1,600,000,000, with a repayment date of 12 months from the agreement date[140].

Revenue and Profit Growth - Revenue increased by 39% to HKD 3,217,372 thousand in 2023 compared to HKD 2,314,917 thousand in 2022[3] - Net profit attributable to ordinary shareholders surged by 150% to HKD 201,261 thousand in 2023 from HKD 80,381 thousand in 2022[3] - Total revenue for 2023 reached 3,217,372 thousand HKD, compared to 2,314,917 thousand HKD in 2022, representing a significant increase[23] - Revenue increased by 39% year-on-year to HKD 3.217 billion, with net profit attributable to ordinary shareholders surging 150% to HKD 201 million[43] - Net profit for the group rose to HKD 206.11 million in 2023, compared to HKD 83.04 million in 2022, reflecting improved performance across most segments[17][18] Segment Performance - Wealth Management segment revenue increased to HKD 1,855.91 million in 2023, up from HKD 1,271.27 million in 2022, driven by higher interest income and commission fees[17][18] - Institutional Investor Services segment revenue decreased to HKD 1,010.41 million in 2023 from HKD 1,329.51 million in 2022, primarily due to lower trading and investment gains[17][18] - Corporate Finance Services segment revenue declined to HKD 197.69 million in 2023 from HKD 287.02 million in 2022, reflecting reduced commission and fee income[17][18] - Investment Management segment turned profitable with revenue of HKD 153.36 million in 2023, compared to a loss of HKD 572.87 million in 2022, driven by improved trading and investment performance[17][18] - Wealth management division revenue increased by 46% to HKD 1.856 billion (2022: HKD 1.271 billion), while institutional investor division revenue decreased by 24% to HKD 1.01 billion (2022: HKD 1.33 billion)[52] - Corporate finance division revenue decreased by 31% to HKD 198 million (2022: HKD 287 million), and investment management division turned a profit of HKD 153 million (2022: loss of HKD 573 million)[52] Interest Income and Financial Products - Interest income rose by 22% to HKD 1,810,154 thousand in 2023 from HKD 1,486,261 thousand in 2022[3] - Bank and other interest income surged to 1,166,075 thousand HKD in 2023, up from 391,854 thousand HKD in 2022[23] - Interest income increased by 22% to HKD 1.81 billion (2022: HKD 1.486 billion), driven by a 198% surge in interest income from banking and other sources to HKD 1.166 billion[51] - Net revenue from financial products rose 85% year-on-year to HKD 760 million, driven by global interest rate hikes and increased client demand[43] - Trading and investment turned a profit of HKD 718 million (2022: loss of HKD 37.49 million), with financial product income up 85% to HKD 760 million[51] Assets and Liabilities - Total assets grew by 14% to HKD 107,535,153 thousand in 2023 from HKD 94,455,086 thousand in 2022[3] - Total current assets increased to HKD 89,812,402 thousand in 2023 from HKD 77,672,831 thousand in 2022[5] - Total liabilities rose to HKD 77,926,518 thousand in 2023 from HKD 66,492,350 thousand in 2022[6] - Total assets increased by 14% to HKD 107.53 billion (2022: HKD 94.46 billion), while total liabilities increased by 16% to HKD 92.57 billion (2022: HKD 79.52 billion)[54][55][56] - Current assets increased by 16% to HKD 89.81 billion, with cash and cash equivalents at HKD 7.408 billion (2022: HKD 7.757 billion)[58] Dividends and Shareholder Returns - Total dividends doubled to HKD 191,078 thousand in 2023 from HKD 95,608 thousand in 2022[3] - The company proposed a final dividend of 0.01 HKD per ordinary share for 2023, totaling 95,539 thousand HKD[27] - The company proposed a final dividend of HKD 0.010 per share for the year ending December 31, 2023, bringing the total annual dividend to HKD 0.020 per share[62] Earnings and Share Performance - Earnings per share (basic and diluted) increased by 163% to HKD 2.1 cents in 2023 from HKD 0.8 cents in 2022[3] - Basic earnings per share for 2023 were calculated based on a profit attributable to ordinary shareholders of 201,261 thousand HKD, up from 80,381 thousand HKD in 2022[30] Financial Statements and Compliance - The financial data for 2023 and 2022 is extracted from the statutory consolidated financial statements[8] - The company has submitted financial statements for the year ended December 31, 2022, and will submit for 2023 in due course[8] - The financial data is prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS)[9] - The company has not applied any new standards or interpretations that are not yet effective[10] - The adoption of revised HKFRS has no significant impact on the financial statements[10] - The company will disclose information related to Pillar Two income taxes when relevant tax laws are enacted or substantially enacted[14] - The audit committee reviewed the company's accounting principles, internal controls, and financial reporting, including the annual results announcement and consolidated financial statements for the year ending December 31, 2023[66] - The external auditor, KPMG, confirmed that the financial data in the annual results announcement matched the audited consolidated financial statements for the year ending December 31, 2023[67] Operational and Strategic Highlights - The company successfully obtained key qualifications such as the first batch of overseas eligible participants for "Swap Connect" and the first batch of eligible market makers for the "HKD-RMB Dual Counter Model"[45] - Launched the "Junhong Global Connect" app and created the HKD/USD money market fund and cash management product "Wealth Treasure" to cater to client needs[46] - Completed 4 IPO sponsorship projects in Hong Kong, including Beijing SinoHytec Co., Ltd. and UBTECH Robotics Corp., and assisted 26 companies in raising funds in the stock market[48] - Issued over HKD 80 billion in sustainable finance-related projects, including 35 ESG-related bonds, and achieved operational carbon neutrality for the first time[50] - The company expects continued global economic pressure in 2024 but plans to focus on wealth management, cross-border financial services, and digital transformation to expand customer resources and diversify revenue sources[61] Costs and Expenses - Employee costs increased to 781,340 thousand HKD in 2023 from 721,499 thousand HKD in 2022[24] - Financing costs rose significantly to 1,495,006 thousand HKD in 2023 from 676,664 thousand HKD in 2022[25] - Total costs increased by 32% to HKD 3.039 billion, with financing costs up 1.2 times due to rising global interest rates[53] Loans and Receivables - Margin loans decreased to HKD 7,631,029 thousand in 2023 from HKD 8,120,943 thousand in 2022, a decline of 6.0%[32] - Term loans to customers dropped significantly to HKD 235,365 thousand in 2023 from HKD 467,662 thousand in 2022, a decrease of 49.7%[32] - Total receivables increased to HKD 8,461,351 thousand in 2023 from HKD 5,674,142 thousand in 2022, a growth of 49.1%[33] - Brokerage and dealer receivables surged to HKD 6,660,076 thousand in 2023 from HKD 3,630,107 thousand in 2022, an increase of 83.5%[33] Payables and Borrowings - Total payables rose to HKD 18,048,359 thousand in 2023 from HKD 16,726,328 thousand in 2022, an increase of 7.9%[37] - Unsecured bank borrowings increased to HKD 9,918,099 thousand in 2023 from HKD 9,305,775 thousand in 2022, a rise of 6.6%[39] Capital Commitments and Underwriting - Capital commitments for system upgrades and property renovations amounted to HKD 11,614 thousand in 2023, up from HKD 9,798 thousand in 2022[40] - No underwriting commitments were recorded as of December 31, 2023, compared to HKD 1,755 million in 2022[41] Corporate Governance and Shareholder Meetings - The company complied with all corporate governance code provisions except for the absence of the board chairman at the 2023 annual general meeting due to other official duties[64] - The company will suspend share transfer registration from May 17 to May 22, 2024, to determine shareholders' rights to attend and vote at the annual general meeting[63] - No repurchase, sale, or redemption of listed securities was conducted by the company or its subsidiaries during the year ending December 31, 2023[64] Accounting Policy Changes - The company changed its accounting policy for long service payment liabilities following the HKICPA guidance on the cancellation of the MPF-LSP offset mechanism, effective from May 1, 2025[15] - The accounting policy change resulted in a compensatory profit adjustment for service costs up to June 2022, with no material impact on the consolidated financial position as of December 31, 2022 and 2023[15] Leverage and Debt Ratios - Nominal leverage ratio increased to 6.39x (2022: 5.44x), and debt-to-equity ratio decreased to 1.06x (2022: 1.09x)[57] Foreign Exchange and Risk Management - The company's foreign exchange risk is primarily managed through back-to-back transactions with external counterparties, with minimal impact from other foreign currencies[60] Share Issuance and Capital Structure - The company's issued shares remained unchanged at 9,553,994,707 shares for the year ending December 31, 2023[59] - The company has a HKD 35 billion medium-term note program and a USD 15 billion guaranteed structured note program, with outstanding notes of HKD 7.9 billion and USD 6 billion respectively[58] Acquisitions and Disposals - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures were made during the year ending December 31, 2023[59] Commission and Fee Income - Commission and fee income decreased by 20% to HKD 690 million (2022: HKD 866 million), with brokerage income down 9% to HKD 437 million (2022: HKD 481 million) and corporate finance income down 39% to HKD 142 million (2022: HKD 233 million)[51] - Brokerage commission revenue decreased to 436,777 thousand HKD in 2023 from 481,265 thousand HKD in 2022[23] - Placement, underwriting, and sub-underwriting commission revenue dropped to 141,754 thousand HKD in 2023 from 233,437 thousand HKD in 2022[23] - Financial product fee income declined to 55,224 thousand HKD in 2023 from 79,392 thousand HKD in 2022[23] - Interest income from customer and counterparty financing decreased to 452,244 thousand HKD in 2023 from 524,366 thousand HKD in 2022[23] Comprehensive Income and Equity - Total comprehensive income for the year was HKD 225,880 thousand in 2023, a significant increase from HKD 33,847 thousand in 2022[4] - Equity increased to 14,961,998 thousand HKD in 2023 from 14,936,196 thousand HKD in 2022[7] - Retained earnings rose to 5,135,203 thousand HKD in 2023 compared to 5,114,186 thousand HKD in 2022[7] - Non-controlling interests decreased to 122,525 thousand HKD in 2023 from 129,497 thousand HKD in 2022[7] Return on Equity - Return on equity improved by 0.9 percentage points to 1.4% in 2023 from 0.5% in 2022[3] Listing and Historical Information - The company's shares were listed on the Hong Kong Stock Exchange on July 8, 2010[8]

Financial Performance - The company reported a revenue of HKD 1,543,055,000 for the first half of 2023, representing a 28% increase compared to HKD 1,207,792,000 in the same period of 2022[7]. - Interest income rose by 29% to HKD 1,189,534,000, up from HKD 924,606,000 year-on-year[7]. - The net profit attributable to ordinary shareholders decreased by 26% to HKD 119,420,000, down from HKD 161,251,000 in the previous year[7]. - Total costs increased by 38% to HKD 1.44 billion, mainly due to a significant rise in financing costs, with the average Hong Kong Interbank Offered Rate (HIBOR) increasing 12.58 times to approximately 3.52%[20]. - Operating profit for the period was HKD 824,294,000, compared to HKD 501,245,000 in the previous year, reflecting a significant increase[60]. - The profit for the period attributable to owners of the parent was HKD 119,420,000, down from HKD 161,251,000 in the same period last year, representing a decrease of 26%[60]. - Total comprehensive income for the period attributable to owners of the parent was HKD 131,952,000, compared to HKD 118,422,000 in the previous year, indicating an increase of 11%[60]. Assets and Liabilities - Total assets increased by 9% to HKD 102,803,973,000 as of June 30, 2023, compared to HKD 94,455,086,000 at the end of 2022[7]. - Total liabilities rose by 10% to HKD 87.83 billion, up from HKD 79.52 billion at the end of 2022, primarily due to an increase in issued debt securities[23]. - The nominal leverage ratio increased to 6.02 times as of June 30, 2023, compared to 5.44 times at the end of 2022[24]. - As of June 30, 2023, the group's current assets amounted to HKD 85.33 billion, an increase of 10% compared to the end of 2022[26]. - The group's cash and cash equivalents balance was HKD 11.97 billion, up from HKD 7.76 billion at the end of 2022[26]. Dividends and Shareholder Returns - The company maintained a high dividend payout ratio of 80%, compared to 59% in the same period last year, reflecting a 21 percentage point increase[7]. - The interim dividend declared is HKD 0.01 per share, consistent with the previous year's interim dividend[33]. - The final dividend for 2022 paid to shareholders was HKD 95,540, reflecting the company's commitment to returning value to its investors[69]. Operational Developments - The company achieved its first operational carbon neutrality by offsetting greenhouse gas emissions through carbon credits from certified forestry projects[17]. - The new mobile trading application "Junhong Global" was launched to enhance digital financial services and improve customer experience[16]. - The company became one of the first qualified participants in the "Swap Connect" and "Dual Counter Model" for providing quality market-making services[15]. Risk Management and Strategic Focus - The group aims to enhance its wealth management services and expand its external asset management business in response to market opportunities[32]. - The group will continue to focus on risk management and improving risk-adjusted returns for investors[32]. Employee and Corporate Governance - The group employed a total of 617 employees as of June 30, 2023, with competitive compensation packages[31]. - The company has adopted all principles and code provisions of the Corporate Governance Code as of June 30, 2023[48]. - The audit committee consists of three independent non-executive directors, ensuring compliance with accounting principles and internal controls[52]. Financial Instruments and Derivatives - The total notional amount of current derivatives was HK$82,521,697,000, with assets of HK$1,797,266,000 and liabilities of HK$1,470,150,000[140]. - The total notional amount of interest rate derivatives was HK$12,495,536,000, with assets valued at HK$488,068,000 and liabilities of HK$271,177,000[140]. - The total financial liabilities at fair value through profit or loss amounted to HK$2,261,958 thousand as of June 30, 2023, up from HK$2,108,386 thousand as of December 31, 2022[160]. Share Options and Capital Structure - The company has a stock option plan that allows for the issuance of up to 10% of the total shares at the time of adoption, which equates to 164,000,000 shares[41]. - As of June 30, 2023, there were 43,334,428 share options outstanding, representing approximately 0.45% of the company's shares in issue[176]. - The company did not recognize any equity-settled share-based compensation expense for share options under the Share Option Scheme for the six months ended June 30, 2023[173]. Related Party Transactions - Professional and consultancy fees paid to fellow subsidiaries for capital market information amounted to HKD 19,500,000 for the period ended June 30, 2023, compared to HKD 24,000,000 in 2022[183]. - The Group's accounts receivable included a broker receivable from the ultimate holding company amounting to HKD 109,267,000, an increase of 23.8% from HKD 88,297,000 as of December 31, 2022[186].