Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a significant increase in net investment income in Q4, exceeding expectations, with a total revenue of 19.8 billion yuan in 2023, a year-on-year increase of 3.1%, and a net profit of 8.76 billion yuan, up 8.6% year-on-year [6][7]. - The company's net investment remains the largest source of income, contributing 67.9 billion yuan in 2023, a year-on-year increase of 34% [6]. - The brokerage business shows a steady increase in market share, with a trading market share of 5.23% in 2023, reflecting a growth trend since 2019 [6]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 4.95 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 21% [6]. - The total revenue for 2023 was 19.8 billion yuan, with a net profit of 8.76 billion yuan, indicating a positive growth trajectory [6][7]. Investment Income - The net investment income for 2023 was 67.9 billion yuan, with a growth rate of 34% year-on-year, while brokerage income decreased by 14% to 55.3 billion yuan [6]. - The investment asset scale reached 374.6 billion yuan by the end of 2023, with an investment return rate of 2.0%, up 0.36 percentage points year-on-year [6]. Brokerage Business - The company’s brokerage business has shown a consistent increase in market share, with a customer base of approximately 17.76 million, an 8% year-on-year growth [6]. - The average monthly active users of the company's app increased by 4.7%, ranking fifth among the top ten brokerages [6]. Public Fund Business - The company holds stakes in two public funds, with significant contributions to profits, accounting for nearly 20% of total profits [6]. - The public fund business saw a year-on-year increase in non-monetary public fund scale, with the company ranking high in the industry [6]. Future Outlook - The report projects net profits for 2024-2026 to be 9.64 billion, 10.77 billion, and 11.90 billion yuan respectively, reflecting a growth of 10% to 12% year-on-year [6][7].

Financial Performance - In 2023, the company achieved a year-on-year increase in operating revenue, net profit, and ROE by 3%, 9%, and 0.37 percentage points respectively, maintaining industry-leading profit margins and expense ratios [13]. - The company's operating revenue for 2023 reached ¥19,821,213,073.58, representing a 3.13% increase compared to ¥19,219,229,958.91 in 2022 [56]. - Net profit attributable to shareholders for 2023 was ¥8,763,959,184.96, an increase of 8.60% from ¥8,070,242,869.23 in 2022 [56]. - The company's total operating revenue for the reporting period was approximately ¥19.82 billion, representing a 3.13% increase compared to the previous year [129]. - Net profit for the period reached approximately ¥8.77 billion, reflecting an 8.57% year-over-year growth [129]. - Basic earnings per share for 2023 were ¥0.94, reflecting a 9.30% increase from ¥0.86 in 2022 [57]. - The company's net capital at the end of 2023 was ¥79,370,429,988.47, up from ¥70,444,812,948.68 at the end of the previous year [60]. - The liquidity coverage ratio decreased to 169.06% in 2023 from 210.95% in 2022 [60]. Asset and Liability Management - The company's total assets reached RMB 695.9 billion by the end of 2023, representing a 128% increase compared to the end of 2018 [15]. - Total assets at the end of 2023 amounted to 695.85 billion RMB, reflecting a growth of 13.76% year-on-year [67]. - The total liabilities increased by 15.59% to ¥573,816,058,013.50 in 2023 from ¥496,419,930,018.64 in 2022 [56]. - The total liabilities reached CNY 573.82 billion, reflecting an increase of CNY 77.40 billion or 15.59% year-on-year [149]. - The asset-liability ratio, excluding securities trading funds, was 78.89%, up by 1.70 percentage points from the previous year [151]. Business Expansion and Qualifications - The company holds a total of 56 business qualifications, with the latest being for insurance agency business in April 2020 [31]. - The company has been actively expanding its business qualifications, including recent approvals for market-making in crude oil and nickel futures in October 2018 [31]. - The company has been involved in cross-border business pilot programs since April 2018, indicating a strategic focus on international expansion [31]. - The company has qualifications for both onshore and offshore trading, including the Hong Kong Stock Connect business since October 2014 [31]. - The company has a diverse portfolio of qualifications, allowing it to engage in various financial instruments and services, enhancing its competitive edge in the market [31]. Digital Transformation and Innovation - The company plans to focus on technology finance, green finance, and digital finance as part of its new five-year strategic plan, aiming to cultivate new profit growth points [15]. - The company is focusing on enhancing its digital capabilities, having completed 10 major digital strategy projects that effectively empower core business development [19]. - The company launched the upgraded version of its wealth management app, achieving a successful online and offline integration in marketing services [171]. - The company established a digital office to enhance its digital capabilities and drive digital transformation projects, including the completion of a new core trading system based on cloud-native architecture [171]. - The company is committed to digital transformation and optimizing human resource management to improve operational efficiency and risk compliance [112]. Risk Management - The company emphasized risk management and cost control, maintaining low levels of risk losses and high asset quality [13]. - The risk management framework includes a five-tier structure, ensuring comprehensive risk management aligned with the company's operational strategy [182]. - The company has established a clear risk preference and tolerance indicator system, monitoring and reporting on risk management effectiveness monthly [188]. - The company conducts regular stress testing to evaluate liquidity, credit, and market risks under extreme conditions [189]. - The company emphasizes a robust risk management culture, integrating compliance and risk control into its corporate ethos, highlighting that "professional compliance and risk control can not only safeguard the bottom line but also facilitate business expansion" [190]. Market Position and Competitive Edge - The company maintained a top-five ranking in key market segments, including securities trading and private fund custody, with the latter achieving the highest industry ranking for ten consecutive years [17]. - The company’s private fund product custody market share reached 21.91%, maintaining the industry’s leading position for ten consecutive years [90]. - The company ranked 9th in A-share main underwriting amount, with a total of 202.08 billion yuan in 2023, down 50.74% year-on-year [96]. - The company ranked third in the number of merger and acquisition projects under review in the industry by the end of 2023 [102]. Shareholder Returns - A cash dividend of RMB 2.52 per 10 shares (including tax) will be distributed to shareholders, totaling approximately RMB 2.19 billion based on the total share count as of December 31, 2023 [6]. - The company's net profit attributable to shareholders for the year was CNY 8.76 billion, with dividends distributed amounting to CNY 1.61 billion [153]. Strategic Vision and Future Outlook - The company aims to maintain a steady growth trajectory while promoting transformation and innovation, with a focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [19]. - The company anticipates a stable improvement in industry performance despite challenges, driven by digital transformation and comprehensive financial services [176]. - The investment banking segment aims to fully advance the modernization transformation, focusing on semiconductor, biomedicine, and dual-carbon sectors, while accelerating quality IPO and refinancing project reserves [180].

Dividend and Financial Reserves - The company plans to distribute a cash dividend of RMB 2.52 per 10 shares, totaling RMB 2,191,524,755.11 based on 8,696,526,806 shares as of December 31, 2023[4]. - The company will not allocate statutory surplus reserves for the fiscal year 2023, and no bonus shares will be issued[4]. - The company will pay dividends to A-share shareholders in RMB and to H-share shareholders in HKD, with the exchange rate based on the average rate published by the People's Bank of China[4]. Financial Reporting and Audit - The company emphasizes that its financial report is accurate, complete, and free from misleading statements, with a standard unqualified audit opinion from Deloitte[4]. - The company will issue its annual report and performance announcement on the Hong Kong Stock Exchange and its own website[1]. Risk Management - The company faces various risks including regulatory changes in the securities industry, credit risk from counterparties, and market risk due to adverse market conditions[6]. - The company has established measures to mitigate risks related to organizational structure, risk management culture, and information technology systems[6]. - The company is committed to comprehensive risk prevention and control, particularly in high-risk business areas, ensuring sustained asset quality[11]. - The company has a clear risk appetite and tolerance indicator system that is monitored and reported monthly, allowing for continuous assessment of risk management effectiveness[187]. - The risk management committee meets quarterly to review risk reports and assess the company's overall risk management situation[183]. Financial Performance - In 2023, the company achieved a year-on-year increase in operating revenue, net profit, and ROE by 3%, 9%, and 0.37 percentage points respectively, maintaining industry-leading profit margins and expense ratios[7]. - Total revenue for 2023 reached RMB 30,020,438, an increase of 2.33% compared to RMB 29,335,800 in 2022[56]. - Net profit attributable to shareholders for 2023 was RMB 8,763,960, reflecting an 8.60% increase from RMB 8,070,244 in 2022[56]. - The weighted average return on equity for 2023 was 7.91%, an increase of 0.37 percentage points from 7.54% in 2022[57]. Asset and Liability Management - The company's total assets reached RMB 695.9 billion by the end of 2023, representing a 128% increase compared to the end of 2018, effectively doubling its asset scale[7]. - Total liabilities increased by 15.59% to RMB 573,816,059 from RMB 496,419,932 in 2022[56]. - The company's debt-to-asset ratio, excluding accounts payable to brokerage clients, was 78.89%, an increase of 1.70 percentage points from the end of 2022[150]. Market Position and Competitive Advantage - The company ranked in the top five for net profit attributable to shareholders for three consecutive years (2021, 2022, and the first three quarters of 2023), demonstrating strong competitive positioning[8]. - The company has maintained its status as a market maker for various financial products, enhancing its competitive position in the market[23]. - The company has been recognized as a "benchmark" enterprise in the 2022 annual assessment of "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission, indicating successful reform and innovation efforts[9]. Strategic Focus and Future Plans - The company plans to focus on technology finance, green finance, and digital finance in its new five-year strategic plan, aiming to cultivate new profit growth points[8]. - The company aims to enhance its collaborative capabilities and optimize management mechanisms, focusing on risk control and asset quality maintenance[11]. - The company will continue to strengthen its professional review and monitoring of substantial and high-risk businesses[11]. Digital Transformation and Innovation - The company is committed to enhancing its digital capabilities and has completed ten major digital strategy projects, which are expected to empower core business development[10]. - The company has established a digital office to enhance digital capabilities and launched the upgraded version of its APP, which supports integrated online and offline marketing services[170]. - The company has actively explored generative AI technologies, launching multiple applications such as AI research assistants and AI programming partners[170]. Client and Market Engagement - The number of active trading clients reached approximately 17.76 million, representing an 8.03% year-on-year growth[69]. - The total client assets under custody reached RMB 3.72 trillion[69]. - The company has launched a professional service platform for institutional clients, enhancing its comprehensive service capabilities for institutional clients[79]. Regulatory Compliance and Governance - The company’s net capital and risk control indicators continued to meet the requirements set by the China Securities Regulatory Commission as of December 2023[60]. - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board, oversight by the supervisory board, and risk management decisions by senior management and the risk management committee[182]. Investment Banking and Underwriting - The company completed 2 A-share M&A restructuring projects in 2023, with a total transaction amount of RMB 11.135 billion[95]. - The company’s domestic bond underwriting amount reached RMB 325.81 billion in 2023, an increase of 18.49% year-on-year[89]. - The company completed 5 Hong Kong stock underwriting projects with an underwriting amount of USD 2.697 million, ranking 6th among Chinese brokers in terms of Hong Kong IPO sponsorship[85].

招商证券股份有限公司（以下简称公司）第八届监事会第二次会议通知于 2024 年 3 月 15 日以电子邮件方式发出，会议于 2024 年 3 月 28 日以现场结合电 话方式在广东省深圳市召开。 本次会议由监事会召集人朱立伟先生召集并主持，应出席监事 8 人，实际出 席 8 人（其中：以通讯方式出席会议的监事 4 人）。公司副总裁（财务负责人）、 董事会秘书刘杰先生、证券事务代表罗莉女士列席会议。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 监事会会议审议情况 经审议，会议通过以下决议： 证券代码：600999 证券简称： 招商证券 编号： 2024－012 招商证券股份有限公司 第八届监事会第二次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 （一）审议通过《公司 2023 年年度报告》 公司 2023 年年度报告包括 A 股年报和 H 股年报，分别根据公司证券上市地 上市规则、中国企业会计准则和国际财务报告准则编制。监事会 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－013 招商证券股份有限公司 2023年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： 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。 本年度现金分红比例低于 30%的简要原因说明：2023 年公司实现归属 于母公司股东净利润 8,763,959,184.96 元，公司拟分配利润 2,191,524,755.11 元，占净利润的比例低于 30%，主要原因是为确保公司发展战略有效落地，应对 激烈的行业竞争，公司需要增厚净资本，增强抵御风险的能力，促进公司长远发 展，提升股东回报。 一、 利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）会计师事务所审计，截至 2023 年 12 月 31 日，公司母公司报表中期末可供分配利润为 25,183,599,022.54 元。 经董事会决议，公司 2023 年年度拟以实施权益分派 ...

招商证券股份有限公司 内部控制审计报告 2023 年 12月 31 日 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mgf.ggf.cn）"进行查验 内部控制审计报告 德师报(审)字(24)第 S00181 号 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了招商证 券股份有限公司(以下简称"招商证券")2023年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是招商证券董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并对 注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可能 导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推测未 来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为, ...

本人向华，作为招商证券股份有限公司（简称公司）独立董事， 严格按照《中华人民共和国公司法》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第1号——规范运作》《香港联合交易所证券上市规则》以及 《招商证券股份有限公司章程》（简称《公司章程》）、《招商证券 股份有限公司独立董事制度》等规定，切实履行诚信勤勉义务，依法 履职尽责，充分发挥独立董事决策、监督、咨询作用，促进公司规范 运作，推动公司高质量发展。现将2023年度履职情况报告如下： 一、基本情况 本人自 2017 年 7 月起任公司独立非执行董事、董事会薪酬与考 核委员会召集人、董事会战略与可持续发展委员会及董事会风险管理 委员会委员。 本人自2024年 2月起任数字金融集团有限公司非执行董事，2021 年 10 月起任联裕投资有限公司、联裕资本有限公司董事。2018 年 1 月至 2022 年 1 月任图瑞投资管理有限公司行政总裁。曾任国家外汇 管理局国际收支司、综合司干部、副处长及中央外汇业务中心处长， 中国华安投资有限公司总经理，博海资本有限公司行政总裁兼营运总 监。本人分别于 1994 年 7 月 ...

重要内容提示： 一、日常关联交易基本情况 证券代码：600999 证券简称： 招商证券 编号： 2024－014 招商证券股份有限公司 关于公司2024年度预计日常关联交易的公告 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。 （一）日常关联交易履行的审议程序 招商证券股份有限公司（以下简称公司）于 2024 年 3 月 28 日召开的第八届 董事会第三次会议审议通过了《关于公司 2024 年度预计日常关联交易的议案》， 并同意将该议案提交公司股东大会审议。 在审议公司与招商银行股份有限公司及其子公司之间的关联交易时，关联董 事霍达董事长、张健董事、邓伟栋董事、刘威武董事、吴宗敏董事、马伯寅董事、 李晓霏董事、黄坚董事回避表决，也未代理其他董事行使表决权；在审议公司与 招商局集团有限公司及其关联方（含重要上下游企业，不含招商银行及其子公司） 的关联交易时，关联董事霍达董事长、张健董事、邓伟栋董事、刘威武董事、吴 宗敏董事、马伯寅董事、李晓霏董事回避表决，也未代理其他董事行使表决权； 在审议公司与中国远洋海运集团有限公司及其关联 ...

1 招商证券股份有限公司 董事会审计委员会 2023 年度履职情况报告 2023 年，招商证券股份有限公司（以下简称公司、本公司）董 事会审计委员会（以下简称审计委员会）根据《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》《香港联合交易所有限公司 证券上市规则》《招商证券股份有限公司章程》《招商证券股份有限 公司董事会审计委员会工作规则》《招商证券股份有限公司董事会审 计委员会年报工作规程》等相关规则及公司制度规定，勤勉尽责、切 实有效地开展工作，现将履职情况报告如下： 一、审计委员会人员情况 2023年，审计委员会由五位委员组成，分别为肖厚发独立董事（召 集人）、刘威武董事、黄坚董事、胡鸿高独立董事、丰金华独立董事。 2024年1月18日，审计委员会换届选举，委员为张瑞君独立董事（召 集人）、刘威武董事、黄坚董事、曹啸独立董事、丰金华独立董事。 审计委员会委员均为非执行董事，具备相应的专业知识和商业经验， 独立董事占比超过半数，由会计专业人士担任召集人。审计委员会的 人员构成符合监管机构和公司相关制度的规定。 审计委员会委员的具体情况详见公司与本报告同日在上海证券 交易所网站公告的《招商证券股 ...

中国广东省深圳市福田街道 福华一路111号招商证券大厦 邮编: 518046 如需进一步了解，请致电: 0755-82943666 全国统一客服热线:95565 招商证券官方网站：www.cmschina.com 招商证券股份有限公司 社会责任报告 2023 目录 CONTENTS 13 69 践行绿色发展 | 应对气候风险 | 71 | | --- | --- | | 践行绿色运营 | 78 | | 发展绿色金融 | 83 | 23 97 担当社会责任 | 保障员工权益 | 99 | | --- | --- | | 助力员工发展 | 103 | | 践行公益慈善 | 109 | 43 117 保障稳健经营 | 完善企业治理 | 119 | | --- | --- | | 坚持党建引领 | 122 | | 风险内控管理 | 123 | | 廉洁合规管理 | 126 | 51 60 | 关于本报告 | 01 | | --- | --- | | 董事会声明 | 03 | | 走进招商证券 | 05 | | 公司概况 | 07 | | 主要业务及服务内容 | 10 | | 年度关键绩效 | 11 | | 奖项及荣誉 ...