证券代码：600999 证券简称：招商证券 公告编号：2024-037 招商证券股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.101 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/9/19 | － | 2024/9/20 | 2024/9/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 招商证券股份有限公司（以下简称公司或本公司）2024 年 6 月 28 日的 2023 年年度股东 大会授权董事会决定公司 2024 年中期利润分配方案，金额不超过 8.8 亿元人民币。本利润分 配方案经公司 2024 年 8 月 30 日召开的第八届董事会第八次会议审议通过。 二、 分配方案 0.101 元（含税），共计派发现金红利 878,349,207.41 元。其中， ...

致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2024年9月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | A股 (上海證券交易所) | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,422,005,272 | RMB | | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's mid-year performance for 2024 slightly exceeded expectations, with a revenue of 9.6 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 4.75 billion yuan, a year-on-year increase of 0.4% [2] - The investment income has shown rapid growth, with a notable increase in the second quarter of 2024, where the net profit attributable to shareholders reached 2.59 billion yuan, reflecting a quarter-on-quarter increase of 20% [2] - The company is actively expanding its wealth management services, with a steady growth in client numbers and an optimized advisory system [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue by business line showed the following year-on-year changes: brokerage at 2.58 billion yuan (-12%), investment banking at 280 million yuan (-36%), asset management at 340 million yuan (-9%), net interest income at 470 million yuan (-50%), and investment income at 4.75 billion yuan (+21%) [2] - The total number of normal trading clients reached 18.43 million, a year-on-year increase of 7.53%, while the total client assets under custody were 3.60 trillion yuan, a decrease of 3.23% from the end of 2023 [2] Investment Banking - The company has improved its ranking in equity underwriting, with the underwriting scale for IPOs, refinancing, and debt financing in the first half of 2024 being 1.64 billion yuan, 7.26 billion yuan, and 172.1 billion yuan respectively, with market shares of 5.4%, 10.2%, and 2.8% [2] Asset Management - The total asset management scale reached 302.2 billion yuan, a growth of 2.48% from the end of 2023, with collective asset management business scale at 130.2 billion yuan, a year-on-year increase of 13% [2] Investment Analysis - The report has adjusted the profit forecast upwards, maintaining the "Outperform" rating, with expected net profits for 2024-2026 being 9.4 billion yuan, 10.65 billion yuan, and 11.74 billion yuan respectively, reflecting year-on-year growth rates of 7%, 13%, and 10% [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's proprietary business has shown outstanding performance, driving overall profit growth, while brokerage, asset management, and investment banking businesses have experienced declines. The report remains optimistic about the company's collaboration with China Merchants Group and China Merchants Bank, with a reasonable value range set at 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 9.6 billion yuan, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 4.75 billion yuan, a slight increase of 0.4%. The corresponding EPS is 0.51 yuan, with an ROE of 4.1%, down 0.3 percentage points year-on-year. The second quarter saw operating revenue of 5.3 billion yuan, down 12.2% year-on-year but up 23.2% quarter-on-quarter, and a net profit of 2.59 billion yuan, up 5.0% year-on-year and 20.1% quarter-on-quarter [5] Business Segments - Brokerage business revenue in the first half of 2024 was 2.58 billion yuan, down 12.1% year-on-year, accounting for 27.0% of total revenue. The average daily trading volume in the market was 961.6 billion yuan, down 6.4% year-on-year. The company is enhancing the professional capabilities of its wealth advisory team and optimizing the empowerment system for wealth advisors to improve client service quality [5] - Investment banking revenue in the first half of 2024 was 280 million yuan, down 36.3% year-on-year. The underwriting scale for equity business increased by 45.8% year-on-year, while bond underwriting scale rose by 35.8% year-on-year. The company ranked fifth in equity underwriting scale, with a total of 11.97 billion yuan in equity underwriting, including 3.5 billion yuan from IPOs and 8.4 billion yuan from refinancing [5] - Asset management revenue was 340 million yuan, down 8.5% year-on-year, with total asset management scale reaching 302.2 billion yuan, up 2.5% year-on-year [5] Investment Strategy - The company achieved positive growth in proprietary investments, with investment income (including fair value) of 4.75 billion yuan in the first half of 2024, up 21.3% year-on-year. The second quarter's investment income was 2.7 billion yuan, up 23.3% year-on-year. The company continues to implement a "large and stable" investment strategy, adjusting and optimizing the investment structure according to market conditions [5] Earnings Forecast - The company expects EPS for 2024-2026 to be 0.99, 1.20, and 1.28 yuan respectively, with BVPS of 13.13, 13.99, and 15.01 yuan respectively. A P/B ratio of 1.2-1.3x is assigned for 2024, corresponding to a reasonable value range of 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 18.49 CNY, compared to the current price of 14.55 CNY [1]. Core Views - The company's performance shows positive growth, with a total revenue of 9.5 billion CNY in the first half of 2024, a year-on-year decrease of 2.9%. The net profit attributable to shareholders is 4.75 billion CNY, reflecting a year-on-year increase of 0.4% [1]. - The return on equity (ROE) improved slightly to 3.8%, with a net profit margin of 49.7%, indicating a stable profitability despite market challenges [2]. - The company’s capital-intensive business has seen a recovery, primarily driven by self-operated growth, with net income from capital-intensive operations reaching 5.22 billion CNY [2]. - The brokerage business has been affected by market downturns, with brokerage income at 2.58 billion CNY, a decrease of 4.7% [2]. - Investment banking revenue showed positive growth, with total income of 280 million CNY, reflecting a quarter-on-quarter increase [2]. - The asset management business generated 340 million CNY in revenue, indicating a stable performance [2]. Financial Summary - Total revenue for 2024 is projected to be 20.89 billion CNY, with a year-on-year growth rate of 5.4%. The net profit is expected to reach 9.64 billion CNY, with a growth rate of 10% [6]. - Earnings per share (EPS) are forecasted to be 1.11 CNY for 2024, with a price-to-earnings (P/E) ratio of 13.1 [6]. - The company’s total assets are reported at 490.4 billion CNY, with a debt-to-asset ratio of 80.52% [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price set at 14.63 CNY per share, reflecting a market capitalization of 127.23 billion CNY [2][6]. Core Insights - The company reported a total operating revenue of 9.59 billion CNY, a year-on-year decrease of 3%, while the net profit attributable to shareholders remained stable at 4.75 billion CNY, with a return on equity (ROE) of 4.08%, down by 0.25 percentage points year-on-year [2][3]. - The second quarter of 2024 saw operating revenue of 5.30 billion CNY, with no year-on-year change and a quarter-on-quarter increase of 23%. The net profit for the same period was 2.59 billion CNY, reflecting a year-on-year increase of 5% and a quarter-on-quarter increase of 20% [2][3]. Revenue Breakdown - The report highlights a significant increase in securities proprietary income, which rose by 21% year-on-year. However, interest, investment banking, and brokerage revenues saw the largest declines, dropping by 50%, 36%, and 12% respectively, contributing to the overall revenue decline [3][4]. - The income structure indicates that securities investment and brokerage business revenues accounted for the highest proportions at 50% and 27% respectively, while equity investment, interest, asset management, and investment banking contributed 8%, 5%, 4%, and 3% respectively [3][4]. Fee-based Business Performance - The brokerage business net income was reported at 2.58 billion CNY, down 12% year-on-year. The retail brokerage, institutional brokerage, and financial product distribution revenues were 1.83 billion CNY, 322 million CNY, and 227 million CNY respectively, with year-on-year changes of -10%, -31%, and +6% [4]. - The investment banking revenue was 280 million CNY, a decrease of 36% year-on-year, although the company improved its market share in various segments [4]. Asset Management and Fund Performance - The entrusted asset management business generated 340 million CNY in revenue, down 9% year-on-year, with total asset management scale reaching 302.2 billion CNY, a 2% increase year-on-year [4]. - The report notes that the company's affiliated funds, including Bosera Fund and China Merchants Fund, ranked highly in the bond fund industry, with net profits of 756 million CNY and 847 million CNY respectively [4]. Financial Metrics - The company’s financial assets investment scale was 359.8 billion CNY, up 9% year-on-year, with an investment return rate of 1.31%, an increase of 0.06 percentage points year-on-year [5]. - The report projects a downward adjustment in revenue forecasts for 2024 and 2025 to 17.82 billion CNY and 21.17 billion CNY respectively, while increasing the 2026 forecast to 27.00 billion CNY [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company reported a revenue of 9.595 billion yuan in the first half of 2024, a year-on-year decline of 11%. However, the net profit attributable to shareholders increased by 0.44% to 4.748 billion yuan, with a return on equity (ROE) of 4.08%, down 0.25 percentage points year-on-year. The earnings per share (EPS) remained flat at 0.51 yuan [1]. - The decline in performance is attributed to the downturn in the capital market and a continuous decrease in commission rates. The company is actively expanding its institutional business to solidify its advantages [1]. - The wealth management transformation is deepening, with the company maintaining a leading position in custody outsourcing and steadily building an institutional business ecosystem. The market share of stock trading reached 4.59%, and the scale of entrusted customer assets was 3.6 trillion yuan, down 3.23% from the end of 2023 [1]. - Investment income accounted for nearly half of the total revenue, with investment income (including fair value changes) reaching 4.753 billion yuan, a year-on-year increase of 21.31%. The scale of financial assets rose to 369.511 billion yuan, up 10.82% year-on-year [1]. - The asset management and investment banking businesses faced pressure, with a decline in IPO financing and a 36.3% drop in investment banking revenue to 285 million yuan. However, the bond financing scale increased by 18.41% to approximately 171.4 billion yuan [1]. Financial Forecasts - The company has adjusted its profit forecasts for 2024, 2025, and 2026 downwards by 8.11%, 10.23%, and 9.63%, respectively. The projected net profit attributable to shareholders for these years is 8.955 billion yuan, 9.803 billion yuan, and 10.953 billion yuan, reflecting year-on-year growth rates of 2.2%, 9.5%, and 11.7% [1][7]. - The current price-to-earnings (PE) ratios are projected at 14.2, 13.0, and 11.6 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratios are expected to be 1.0, 1.0, and 0.9 [1][7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has demonstrated significant advantages in wealth management, with investment business driving steady growth in performance. In the first half of 2024, the company achieved operating revenue and net profit attributable to shareholders of 9.595 billion and 4.748 billion yuan, respectively, with year-on-year changes of -11.1% and +0.4% [4][5] - The company is expected to achieve net profits attributable to shareholders of 9.139 billion, 10.228 billion, and 11.362 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of +13.21%, +11.92%, and +11.09% respectively [5] Summary by Sections Financial Performance - In Q2 2024, the company reported operating revenue and net profit attributable to shareholders of 5.296 billion and 2.590 billion yuan, with year-on-year changes of -12.2% and +5.0%, and quarter-on-quarter changes of +23.2% and +20.1% [4] - The company's revenue from brokerage, investment banking, asset management, interest, and investment for the first half of 2024 was 2.577 billion, 285 million, 340 million, 467 million, and 4.753 billion yuan, with year-on-year changes of -12.1%, -36.3%, -8.5%, -50.0%, and +21.3% respectively [4] Wealth Management and Investment Business - The company has deepened its wealth management transformation, achieving positive growth in financial product distribution. The revenue from agency buying, trading seats, and distribution in the first half of 2024 was 2.628 billion, 322 million, and 227 million yuan, with year-on-year changes of -14.2%, -30.7%, and +5.8% respectively [4] - The company’s self-operated investment performance was driven by fixed-income investments, with investment income and fair value changes (excluding equity method investments) increasing by 21.3% year-on-year to 4.753 billion yuan [5] Future Projections - The company’s financial asset scale at the end of the first half of 2024 decreased by 2.1% year-on-year to 359.3 billion yuan, while the investment income increased by 21.3% year-on-year [5] - The current stock price corresponds to a price-to-book (PB) ratio of 1.11 times for 2024, maintaining the "Accumulate" rating [5]

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.01 per 10 shares, totaling approximately RMB 878.35 million based on the total shares of 8,696,526,806 as of June 30, 2024[4]. - The company has not proposed any capital reserve transfer to increase share capital for the mid-year report period[4]. - The company plans to implement a shareholder return plan for 2024-2026[147]. - The company's profit distribution policy complies with legal regulations and aims to protect the rights of minority shareholders[153]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 15% year-over-year growth[17]. - The company's operating revenue for the first half of 2024 was CNY 9,595,157,988.18, a decrease of 11.11% compared to the same period last year[24]. - Net profit attributable to shareholders of the parent company was CNY 4,747,695,567.68, showing a slight increase of 0.44% year-on-year[24]. - The net cash flow from operating activities was CNY 17,443,527,725.75, down by 8.07% from the previous year[24]. - The company's total operating revenue for the reporting period was approximately 9.60 billion yuan, a decrease of 11.11% year-on-year[74]. - The net profit for the first half of 2024 was approximately CNY 4.75 billion, a slight increase of 0.43% compared to the same period last year[75]. Risk Management - The company faces various risks including regulatory changes, credit risk, market risk, operational risk, liquidity risk, and reputational risk, which may impact its business and financial performance[6]. - The report includes a risk management framework addressing various potential risks faced by the company[6]. - A comprehensive risk management framework has been established, including a five-tier risk management structure to address market, credit, operational, and liquidity risks[109]. - The company has developed a quantitative risk management indicator system to guide resource allocation towards high-risk-return businesses, enhancing overall risk management and corporate value[113]. - The company has established a multi-level credit risk limit system to control credit risk exposure, including business scale limits and single client financing scale limits[127]. Business Strategy and Development - The company has not disclosed any significant changes in its business strategy or future outlook in the report[5]. - The company is focused on enhancing its service offerings through the optimization of account management functions, which was initiated in June 2021[13]. - The company is positioned to leverage its qualifications for market expansion and new product development in the financial sector[15]. - The company is actively pursuing partnerships with international financial institutions to broaden its service offerings[17]. - The company has expanded its investment strategies, focusing on high-dividend investments primarily in central state-owned enterprises, while also enhancing its quantitative strategies in derivatives trading[73]. Compliance and Governance - The company emphasizes the importance of compliance with laws and regulations to mitigate legal and compliance risks[6]. - The company has committed to not engaging in competitive business activities with its controlling shareholders and related parties[170]. - The company has established a robust corporate governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder interests[159]. - The company has pledged to increase internal compliance checks following regulatory penalties imposed in early 2024[174]. Employee and Training Initiatives - The company reported a total of 12,260 employees, with 11,278 in the parent company and 982 in major subsidiaries[150]. - The company implemented nearly 300 training programs in the first half of 2024, achieving a total of 200,000 learning hours and 180,000 participants[152]. - The company emphasizes a performance-oriented compensation policy, aligning fixed salaries and bonuses with market data and key performance indicators[151]. - The company's training focus includes macroeconomics, compliance risk control, and digital transformation, enhancing employee capabilities[152]. Market Position and Expansion - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[18]. - The company has completed two A-share market M&A projects with a total transaction value of CNY 4.9 billion, ranking fourth in transaction value in the industry[64]. - The company ranked 7th in A-share main underwriting amount and 10th in the number of main underwriting cases in the industry[57]. - The company has actively developed its foreign exchange business, participating in direct trading and settlement services, maintaining a leading position among securities firms[73]. Environmental and Social Responsibility - The company has adopted a green low-carbon concept in its daily operations, aiming to reduce energy consumption and waste emissions[162]. - The company has actively promoted environmental protection and energy conservation awareness among employees[163]. - The company donated CNY 373,800 to support the Aiyi Potato Daliangshan teaching project, aiding education in remote areas[167]. - The company is involved in a lawsuit related to false statements, with a total potential liability of CNY 223.44 million for investor compensation[173].

证券代码：600999 证券简称： 招商证券 编号： 2024－035 招商证券股份有限公司 2024年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：每股派发现金红利 0.101 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前招商证券股份有限公司（以下简称公 司）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将在 相关公告中披露。 一、 利润分配方案内容 截至 2024 年 6 月 30 日，公司母公司报表中期末未分配利润为人民币 25,035,297,634.14 元。经董事会决议，公司 2024 年半年度拟以实施权益分派 股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 2、2024 年半年度公司不送红股，不进行资本公积金转增股本。 3、如实施权益分派股权登记日公司总股本发生变动，公司拟维持分配总额 不变，相应调整每股分配金额。 4、以上现金红利以人 ...