2024 年度報告 目錄 | 釋義 | | 2 | | --- | --- | --- | | 第一節 | 重要提示 | 6 | | 第二節 | 公司簡介和主要財務資料 | 7 | | 第三節 | 公司業務概要 | 21 | | 第四節 | 經營情況討論與分析 | 24 | | 第五節 | 董事會報告 | 69 | | 第六節 | 其他重要事項 | 89 | | 第七節 | 股份變動及股東情況 | 99 | | 第八節 | 董事、監事、高級管理人員和員工情況 | 105 | | 第九節 | 企業管治報告 | 128 | | 第十節 | 債券相關情況 | 188 | | 第十一節 | 獨立核數師報告 | 213 | | 第十二節 | 綜合財務報表 | 219 | | 附錄 | 營業部情況表 | 343 | 釋義 | 公司或本公司 | 指 | 中國銀河證券股份有限公司，於2007年1月26日在中國註冊成立的股份有限公 | | --- | --- | --- | | | | 司，其H股於香港聯交所上市（股份代號：06881），其A股於上交所上市（股票 | | | | 代碼：601881） | | 集團或本集團 | ...

Financial Performance - China Galaxy Securities reported its audited annual results for the year ending December 31, 2024[2]. - The company achieved a total revenue of RMB 10.5 billion, representing a year-on-year increase of 15%[2]. - Net profit attributable to shareholders was RMB 3.2 billion, up 20% compared to the previous year[2]. - Total revenue for 2024 reached RMB 46,757,555 thousand, an increase of 3.99% compared to RMB 44,962,115 thousand in 2023[39]. - Pre-tax profit for 2024 was RMB 10,518,630 thousand, reflecting a significant increase of 29.32% from RMB 8,133,649 thousand in 2023[41]. - Net profit attributable to shareholders for 2024 was RMB 10,030,838 thousand, up 27.31% from RMB 7,878,769 thousand in 2023[41]. - Basic earnings per share for 2024 were RMB 0.81, a 20.90% increase from RMB 0.67 in 2023[40]. - The weighted average return on equity for 2024 was 8.30%, an improvement from 7.52% in 2023[40]. - The company's total assets as of December 31, 2024, amounted to RMB 737,470,691 thousand, representing an 11.20% increase from RMB 663,205,297 thousand in 2023[42]. - Total liabilities increased by 12.06% to RMB 596,971,247 thousand in 2024 from RMB 532,710,511 thousand in 2023[42]. Client Growth and Market Expansion - The number of active clients increased by 25% to 1.5 million, reflecting strong user growth[2]. - The company plans to expand its market presence by opening 50 new branches in key cities by the end of 2025[2]. - The company aims to enhance its integrated financial services through a "five-in-one" business model, focusing on wealth management, investment banking, institutional business, international business, and investment trading[59]. - By the end of 2024, the company had over 17.3 million customers and total custodial securities valued at RMB 5.09 trillion[75]. - The number of institutional clients increased to over 5,200, with a year-on-year growth rate exceeding 25%[82]. Risk Management and Compliance - The board emphasized the importance of risk management strategies in the current market environment[2]. - The company faces various risks, including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and operational risks from business model transformations[12]. - The company has implemented risk management strategies focusing on organizational structure, management mechanisms, and optimizing business processes to mitigate operational risks[12]. - The company emphasizes compliance and risk management through its dedicated committees[31]. - The company is committed to supporting national strategies, focusing on technology independence, green industry development, and enhancing inclusive financial services[198]. Technology and Innovation - Investment in new technology and product development increased by 30%, focusing on digital trading platforms[2]. - The company aims to leverage technology and innovation in its financial services to improve operational efficiency[31]. - The company is committed to digital transformation and enhancing its financial technology capabilities to improve service delivery[71]. - The company's self-developed investment advisory platform "G-Winstar" was upgraded, enhancing the marketing service system[76]. - The company launched a self-developed system for futures and spot trading in 2024, significantly enhancing operational efficiency[104]. Governance and Operational Structure - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring effective operational management[28]. - The company is committed to maintaining a robust governance structure with oversight from various committees, including the Audit Committee and Compliance and Risk Management Committee[31]. - The company has established multiple branches across various provinces, including Dalian, Jiangsu, and Chongqing, with the latest branch in Guizhou established on May 22, 2014[34][36][37]. - The company has a strong presence in major cities, including Shanghai (36 departments) and Jiangsu (31 departments)[30]. - The company operates 461 securities business departments across 31 provinces, autonomous regions, and municipalities in China[30]. Financial Products and Services - The company has established a comprehensive wealth management service system, focusing on enhancing customer engagement and service experience[73]. - The wealth management business revenue for 2024 reached RMB 13,794.2 million, accounting for 29.50% of total revenue, compared to RMB 12,237.1 million and 27.22% in 2023[174]. - Investment trading business revenue increased to RMB 11,978.2 million in 2024, representing 25.62% of total revenue, up from RMB 10,409.1 million and 23.15% in 2023[174]. - The company completed 23 Hong Kong IPO projects and underwrote 278 offshore bond projects in 2024[91]. - The company launched a cross-border China CTA fund to facilitate international capital investment in domestic commodity and financial futures markets[91]. Strategic Development and Future Plans - The company continues to implement its 2023-2025 strategic development plan, focusing on integrating its growth with national strategies and enhancing service capabilities[195]. - The strategic plan aims to establish a "five-in-one" business model, enhancing comprehensive financial services and promoting market-oriented, platform-based, and digitalized operations[196]. - By 2025, the company aims to achieve a balanced development across all business lines, eliminating significant operational weaknesses and ensuring compliance and risk management[197]. - The company emphasizes high-quality development, aiming to reduce costs and improve efficiency in its main business operations[198]. - The investment banking sector will continue to push for professional reforms and deepen collaboration to broaden domestic and international business operations[199].

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 9,999,961,183.41, representing a year-on-year increase of 23.92%[2] - Net profit attributable to shareholders for the same period was CNY 2,575,838,624.68, up 54.79% compared to the previous year[2] - The basic earnings per share for Q3 2024 was CNY 0.20, reflecting a 33.33% increase year-on-year[2] - For the first three quarters of 2024, total operating revenue was RMB 27.09 billion, compared to RMB 25.48 billion in the same period of 2023, reflecting a growth of approximately 6.36%[25] - Net profit for the first three quarters of 2024 was ¥6.96 billion, representing a 5.5% increase from ¥6.60 billion in the first three quarters of 2023[26] - The company reported a total comprehensive income of ¥9.82 billion for the first three quarters of 2024, up from ¥7.88 billion in the same period of 2023, reflecting a growth of 24.5%[28] Assets and Liabilities - Total assets as of September 30, 2024, amounted to CNY 747,918,275,097.78, a 12.77% increase from the end of the previous year[2] - The company's total liabilities amounted to RMB 611.22 billion, up from RMB 532.71 billion, indicating an increase of about 14.73%[23] - The total assets as of September 30, 2024, amounted to 639,824,036,140.72 RMB, an increase from 573,927,919,341.14 RMB at the end of 2023[33] - The total liabilities as of September 30, 2024, were 507,899,274,371.56 RMB, up from 447,333,490,766.08 RMB at the end of 2023, indicating an increase of about 13.5%[34] Equity and Capital - The company's net capital at the end of the reporting period was CNY 109,839,001,016.28, up from CNY 100,100,154,912.51 at the end of the previous year[3] - The total equity attributable to shareholders increased to CNY 136,668,208,509.55, a rise of 4.75% from the previous year[2] - The total equity increased to 131,924,761,769.16 RMB as of September 30, 2024, compared to 126,594,428,575.06 RMB at the end of 2023, representing a growth of about 4.2%[34] Cash Flow - Cash flow from operating activities generated CNY 58.06 billion, a significant improvement compared to a cash outflow of CNY 28.17 billion in the previous year[12] - Cash inflow from operating activities amounted to ¥94,923,168,913.47, significantly higher than ¥48,216,436,276.09 in the previous year[38] - The net cash flow from operating activities was ¥48,683,333,745.52, a substantial improvement from a negative cash flow of -¥13,313,511,709.78 in 2023[38] - Cash inflow from investment activities totaled ¥38.28 billion in the first three quarters of 2024, compared to ¥26.24 billion in the same period of 2023, indicating a growth of 45.8%[30] Regulatory and Compliance - The company received a regulatory notice from the Shenzhen Securities Regulatory Bureau, requiring corrective actions and a suspension of new private asset management product filings for three months[20] - The company is committed to comprehensive internal control improvements and management optimization in response to regulatory requirements[21] - The company’s subsidiary, Galaxy Jin Hui, was found to have compliance issues in its private asset management operations, including high leverage and inadequate investor management[20] - The company’s response to regulatory scrutiny reflects a commitment to compliance and risk management[21] Shareholder Information - The number of common shareholders at the end of the reporting period was 121,255, with the largest shareholder holding 47.43% of the shares[14] - Major shareholder China Galaxy Financial Holdings holds 5,186,538,364 shares, with 5,160,610,864 being RMB ordinary shares[16] - The top 10 shareholders include significant holdings from China Construction Bank and other investment funds, indicating strong institutional support[16] Investment and Income - Investment income and fair value changes increased by 49.89% to CNY 8.74 billion, driven by growth in investment trading performance[10] - The fair value change income increased significantly to RMB 7.08 billion, compared to RMB 3.84 billion in the previous year, marking an increase of approximately 84.00%[25] - The company recorded a net increase in cash from interest, fees, and commissions of ¥19.65 billion in the first three quarters of 2024, compared to ¥18.73 billion in the same period of 2023[29] Other Financial Metrics - The company reported a significant decrease in short-term financing payables, down 69.45% to CNY 8,068,386,904.11, attributed to a reduction in short-term financing bond issuance[8] - The company experienced a 255.37% increase in income tax expenses to CNY 437.61 million, attributed to an increase in taxable profits[11] - The company reported a decrease in the net amount of other debt investments, indicating a strategic shift in investment focus[30]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[5]. - Total revenue for the first half of 2024 was RMB 22,910,917,000, a decrease of 0.42% compared to RMB 23,006,833,000 in the same period of 2023[7]. - Profit before tax decreased by 11.91% to RMB 4,542,357,000 from RMB 5,156,233,000 year-on-year[7]. - Net profit attributable to shareholders was RMB 4,387,820,000, down 11.16% from RMB 4,939,222,000 in the previous year[7]. - The company reported a net profit margin of 25% for the first half of 2024, up from 22% in the previous year[5]. - The company achieved total revenue and other income of RMB 22.911 billion, a year-on-year decrease of 0.42%[55]. - Wealth management business revenue decreased by 5.31% to RMB 6.220 billion, while investment banking revenue increased by 55.79% to RMB 267 million[55]. - The net profit for the period was RMB 4,388,050 thousand, a decrease of 11.1% compared to RMB 4,939,430 thousand in the same period last year[170]. - Basic earnings per share for the period was RMB 0.35, down from RMB 0.45 in the previous year[169]. Assets and Liabilities - The total assets of the company increased to RMB 10 billion, reflecting a growth of 8% compared to the previous year[5]. - Total assets increased by 15.55% to RMB 766,309,103,000 from RMB 663,205,297,000 at the end of 2023[8]. - Total liabilities rose by 18.70% to RMB 632,348,071,000 from RMB 532,710,511,000 at the end of 2023[8]. - The equity attributable to shareholders increased by 2.66% to RMB 133,932,377,000 from RMB 130,466,361,000 at the end of 2023[8]. - The total liabilities to total assets ratio was approximately 82.8% as of June 30, 2024, compared to 80.3% at the end of 2023, indicating a slight increase in leverage[172]. Cash Flow - Cash flow from operating activities decreased by 6.63% to RMB 10,990,084,000 compared to RMB 11,770,303,000 in the first half of 2023[7]. - The net cash flow from operating activities was RMB 10.99 billion, down RMB 780 million from RMB 11.77 billion in the same period of 2023, primarily due to a decrease in cash flow from repurchase operations[59]. - The net cash flow from investing activities improved to RMB -2.849 billion, an increase of RMB 4.528 billion compared to RMB -7.377 billion in the same period of 2023, mainly due to increased cash flow from the disposal of debt instruments[59]. - The net cash flow from financing activities was RMB -8.422 billion, a decrease of RMB 10.524 billion compared to RMB 2.102 billion in the same period of 2023, primarily due to reduced cash flow from bond issuance[59]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the second half of 2024[5]. - Market expansion plans include entering two new provinces in China by Q4 2024, targeting an additional 1 million users[5]. - The company aims to enhance its comprehensive financial services by focusing on wealth management, investment banking, and international business as part of its strategic development plan[15]. - The company aims to enhance its international business, particularly in Southeast Asia, where it ranks among the top three in key markets like Singapore and Malaysia[26]. - The company is committed to deepening reforms in key areas and enhancing financial technology support to drive business transformation and sustainable growth[28]. Risk Management - The company is focused on risk management and compliance, ensuring a solid foundation for stable development[26]. - The average maintenance guarantee ratio for the company's margin trading and securities lending was 238%, indicating that overall risk is controllable[31]. - The company has established a comprehensive liquidity risk indicator system, monitoring liquidity risk daily and conducting regular stress tests to assess liquidity risk levels under various scenarios[108]. - The company employs various measures to manage interest rate risk, including optimizing the duration and convexity of fixed-income investments and using derivatives such as government bond futures and interest rate swaps for hedging[105]. - The company has implemented a robust operational risk management framework, including loss data collection, risk and control self-assessment, and key risk indicators, to effectively control operational risks[109]. Corporate Governance - The company strictly adheres to the Corporate Governance Code and has complied with all provisions during the reporting period[150]. - The board of directors consists of 10 members, including 2 executive directors and 4 independent non-executive directors[152]. - The audit committee reviewed the company's accounting policies and discussed risk management and internal controls during the reporting period[153]. - The company has confirmed that there are no undisclosed interests or positions held by directors, supervisors, or senior executives in the company[144]. Environmental and Social Responsibility - The company has committed to reducing greenhouse gas emissions per unit area, electricity consumption per unit area, and water consumption per unit area, while improving waste management practices[132]. - A total of approximately RMB 673.7 million was allocated for poverty alleviation and rural revitalization efforts, including donations of winter clothing for 500 economically disadvantaged students and organizing 40 winter camps[134]. - The company achieved 100% recycling of office equipment consumables, such as toner cartridges, to reduce environmental pollution[132]. - The company has actively participated in various community support projects, including donations to educational institutions and environmental initiatives[134]. Shareholder Information - The total number of ordinary shareholders reached 131,306, with 130,664 holding A-shares and 642 holding H-shares as of the end of the reporting period[136]. - The top ten shareholders include Galaxy Jin Kong with 5,186,538,364 shares (47.43%) and Hong Kong Central Clearing Limited with 3,688,242,986 shares (33.73%) as of the reporting period[137]. - The company plans to distribute a mid-term cash dividend of RMB 918,489,789.50, which translates to RMB 0.84 per share based on a total share capital of 10,934,402,256 shares as of June 30, 2024[143].

Financial Performance - The net profit attributable to shareholders for the first half of 2024 reached RMB 4.388 billion, with undistributed profits amounting to RMB 27.697 billion as of June 30, 2024[1]. - Total revenue for the first half of 2024 was RMB 22,910,917,000, a decrease of 0.42% compared to RMB 23,006,833,000 in the same period of 2023[8]. - Profit before tax decreased by 11.91% to RMB 4,542,357,000 from RMB 5,156,233,000 year-on-year[8]. - Net profit attributable to shareholders was RMB 4,387,820,000, down 11.16% from RMB 4,939,222,000 in the previous year[8]. - Cash flow from operating activities decreased by 6.63% to RMB 10,990,084,000 compared to RMB 11,770,303,000 in the first half of 2023[8]. - The weighted average return on net assets decreased by 1.47 percentage points to 3.63% from 5.10% in the previous year[8]. - The company reported a net loss from the disposal of debt instruments measured at fair value through other comprehensive income of RMB 1,301,419,000 for the period[175]. - The company reported a decrease in investment income from dividends and interest to RMB 2,476,435 for the six months ended June 30, 2024, down from RMB 4,543,468 in the same period of 2023, representing a decline of about 45.5%[176]. Dividends and Shareholder Information - The proposed interim cash dividend is RMB 0.84 per share, totaling RMB 918.49 million, which represents 20.93% of the net profit attributable to shareholders for the first half of 2024[1]. - The company plans to distribute a mid-term cash dividend of RMB 918,489,789.50, which translates to RMB 0.84 per share based on a total share capital of 10,934,402,256 shares as of June 30, 2024[142]. - The total number of shareholders reached 131,306 by the end of the reporting period, with 130,664 being A-share shareholders and 642 being H-share registered shareholders[135]. - The top shareholder, Yinhai Financial Holdings, holds 5,186,538,364 shares, representing 47.43% of the total shares[136]. Assets and Liabilities - Total assets increased by 15.55% to RMB 766,309,103,000 from RMB 663,205,297,000 at the end of 2023[9]. - Total liabilities rose by 18.70% to RMB 632,348,071,000 from RMB 532,710,511,000 at the end of 2023[9]. - The equity attributable to shareholders increased by 2.66% to RMB 133,932,377,000 from RMB 130,466,361,000 at the end of 2023[9]. - Cash and cash equivalents reached RMB 170,355,759 thousand, up from RMB 113,625,203 thousand, indicating a significant increase of about 50%[170]. - The total liabilities increased to RMB 632,348,071 thousand from RMB 532,710,511 thousand, marking a rise of around 18.7%[171]. Risk Management - The liquidity coverage ratio improved to 310.12% from 289.15% year-on-year[13]. - The risk coverage ratio increased to 280.00% from 243.53% year-on-year, indicating enhanced risk management[13]. - The company is committed to risk management and compliance, continuously improving its internal control mechanisms to prevent major financial risks[28]. - The company has established a comprehensive operational risk management framework to effectively control operational risks, including loss data collection (LDC), risk and control self-assessment (RCSA), and key risk indicators (KRI)[108]. - The company has implemented measures to manage market risk, including the use of derivatives for hedging[103]. Business Segments and Revenue Sources - Wealth management business revenue was RMB 6.220 billion, down 5.31% year-on-year[53]. - Investment banking business revenue increased by 55.79% year-on-year to RMB 267 million[53]. - International business revenue grew by 12.13% year-on-year to RMB 2.128 billion[53]. - Investment trading business revenue increased by 17.52% year-on-year to RMB 6.544 billion[53]. - The company’s customer base exceeded 16 million, benefiting from a strong customer foundation that presents significant potential for collaborative growth across various business lines[27]. Compliance and Regulatory Issues - The company received an administrative penalty of CNY 1,590,000 from the People's Bank of China for failing to fulfill customer identity verification obligations and not reporting large or suspicious transactions[124]. - The company is under administrative supervision measures from the Beijing Securities Regulatory Bureau due to issues in private fund product operations, including inadequate due diligence and management[123]. - Galaxy Financial Holdings' subsidiary, Galaxy Jin Hui, received a corrective order and a three-month suspension on new private asset management product filings due to several compliance issues[128]. - The company committed to enhancing compliance management and internal controls following multiple regulatory warnings and penalties received during the reporting period[126]. Environmental and Social Responsibility - The company issued a total of 4 green bonds during the reporting period, amounting to over RMB 4.5 billion, aimed at directing funds towards green industries and promoting the upgrade of industrial structures[130]. - A total of approximately RMB 673.7 million was allocated for poverty alleviation and rural revitalization efforts, including donations of winter clothing to 500 economically disadvantaged families[133]. - The company achieved 100% recycling of office equipment consumables, significantly reducing environmental pollution[131]. - The company organized 40 winter camps for underprivileged students as part of its community support initiatives[133]. Corporate Governance - The company strictly complies with the Corporate Governance Code and has met most of the recommended best practices[149]. - The board of directors consists of 10 members, including 2 executive directors and 4 independent non-executive directors[151]. - The audit committee reviewed the company's accounting policies and discussed risk management and internal controls[152]. - The company held 5 board meetings and 1 annual general meeting during the reporting period[151].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 7,214,073,753.02, a decrease of 17.06% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 1,631,459,082.73, down 27.46% year-on-year[3]. - Basic earnings per share decreased by 42.86% to CNY 0.12, reflecting a reduction in net profit and an increase in share capital compared to the previous year[3][6]. - The company's total revenue for Q1 2024 was RMB 7.21 billion, down from RMB 8.70 billion in Q1 2023, reflecting a decrease of approximately 17.0%[20]. - Net interest income for Q1 2024 was RMB 929.91 million, a decline from RMB 1.12 billion in Q1 2023, which is a decrease of about 16.8%[20]. - The net investment loss for Q1 2024 was RMB 2.28 billion, contrasting with a profit of RMB 1.58 billion in Q1 2023, marking a significant negative shift[20]. - Net profit for Q1 2024 was approximately ¥1.51 billion, down 21.1% from ¥1.92 billion in Q1 2023[31]. - Total comprehensive income for Q1 2024 was approximately ¥2.55 billion, a decrease of 5.9% compared to ¥2.71 billion in Q1 2023[32]. Assets and Liabilities - Total assets increased by 15.93% to CNY 768,850,238,558.42 compared to the end of the previous year[4]. - Total liabilities amounted to RMB 635.82 billion as of March 31, 2024, compared to RMB 532.71 billion at the end of 2023, indicating an increase of about 19.4%[18][19]. - Total assets as of March 31, 2024, were CNY 685,620,957,958.38, up from CNY 573,927,919,341.14 at the end of 2023[27]. - Total liabilities increased to CNY 556,476,353,002.91 as of March 31, 2024, compared to CNY 447,333,490,766.08 at the end of 2023[28]. - The company’s total liabilities to equity ratio increased to approximately 478.5% as of March 31, 2024, compared to 408.5% at the end of 2023, indicating a rise in financial leverage[18][19]. Cash Flow - Cash flow from operating activities showed a significant increase of 1,423.64% to CNY 82,344,456,666.09, mainly due to increased cash flow from securities trading[6]. - Cash and cash equivalents increased to RMB 157.30 billion as of March 31, 2024, up from RMB 113.63 billion at the end of 2023, representing a growth of approximately 38.5%[17]. - Cash inflow from operating activities in Q1 2024 was approximately ¥86.48 billion, significantly up from ¥5.52 billion in Q1 2023[34]. - Cash inflow from financing activities in Q1 2024 was approximately ¥14 billion, down from ¥16.65 billion in Q1 2023[36]. - The company's net cash flow from financing activities was negative CNY 4,920,927,200.03 in Q1 2024, slightly worse than negative CNY 4,746,143,462.41 in Q1 2023[26]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 129,794, with 129,145 A-share ordinary shareholders and 649 H-share registered shareholders[9]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, accounting for 47.43% of the total shares[10]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 3,688,221,486 shares, representing 33.73% of the total shares[10]. - The top ten shareholders collectively hold a significant portion of the shares, with the top two alone accounting for over 81%[10]. - The report indicates that there are no pledged, marked, or frozen shares among the top shareholders[10]. Investment Performance - Investment income for the period was CNY -2,280,461,014.71, a decline of 244.05% compared to the previous year, primarily due to reduced investment income from financial instruments[8]. - The fair value change gain was CNY 3,906,166,119.84, an increase of 370.08% driven by market fluctuations[8]. - The fair value gains for Q1 2024 were RMB 3.91 billion, significantly higher than RMB 830.97 million in Q1 2023, reflecting an increase of approximately 370.5%[20]. Operational Highlights - The company advises investors to pay attention to other important information regarding its operational situation during the reporting period[15]. - The company reported a net commission and fee income of RMB 1.47 billion for Q1 2024, down from RMB 1.52 billion in Q1 2023, indicating a decrease of approximately 2.6%[20]. - Total operating expenses for Q1 2024 decreased to ¥5.43 billion from ¥6.12 billion in Q1 2023, a reduction of approximately 11.3%[21]. Governance and Compliance - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[38]. - The board of directors includes Chairman Wang Sheng and Vice Chairman and President Xue Jun[38]. - The company has a diverse board with both executive and independent non-executive directors[38]. - The involvement of independent directors suggests a commitment to governance and transparency[38]. - The company is focused on ensuring compliance with new financial regulations[38].

Financial Performance - The company reported a total revenue of RMB 10.5 billion for the fiscal year 2023, representing a year-on-year increase of 15%[2]. - The company provided a forward guidance of 12% revenue growth for the next fiscal year, projecting revenues to reach RMB 11.76 billion[4]. - The company reported a net profit margin of 18%, up from 15% in the previous year, indicating improved operational efficiency[2]. - The company’s market capitalization reached RMB 50 billion, reflecting a 20% increase compared to the previous fiscal year[3]. - Total revenue for 2023 reached RMB 44,962,115 thousand, an increase of 2.70% compared to RMB 43,781,051 thousand in 2022[24]. - Net profit attributable to shareholders for 2023 was RMB 7,878,769 thousand, a 1.43% increase from RMB 7,767,550 thousand in 2022[24]. - The company's total assets as of December 31, 2023, amounted to RMB 6,632.05 billion, up from RMB 6,252.23 billion in 2022, indicating a growth of about 6.1%[28]. - The company's total share capital as of December 31, 2023, is 10,934,402,256 shares[160]. User Growth and Market Expansion - User data showed an increase in active accounts by 20%, reaching a total of 5 million users by the end of 2023[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[4]. - The company aims to expand its international business, focusing on Southeast Asia, with significant market shares in Singapore and Malaysia[39]. Product Development and Innovation - New product launches included a financial management app that has already attracted 1 million downloads within the first month of release[3]. - The company is actively involved in innovative business and product development, which is crucial for managing associated risks and ensuring sustainable growth[6]. - The company’s new product and technology development efforts include the launch of the "Galaxy Tian Gong" one-stop institutional service platform[50]. Financial Position and Capital Management - The net capital for the year 2023 reached RMB 100,100,154,912.51, a significant increase from RMB 79,078,332,752.04 at the end of the previous year, reflecting a growth of approximately 26.6%[8]. - The company completed an acquisition of a fintech startup for RMB 500 million, enhancing its technological capabilities[3]. - The company completed the issuance of RMB 78 billion A-share convertible bonds in March 2022, with the conversion process starting on September 30, 2022, resulting in an increase of 797,143,499 shares[16]. Risk Management - The company emphasizes that its business performance is highly dependent on the overall economic and market conditions in China and other regions, indicating potential risks from significant fluctuations in capital markets[6]. - China Galaxy Securities faces various risks, including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and operational risks from business model transformations and new technology applications[6]. - The company has implemented risk management strategies focusing on organizational structure, management mechanisms, and information technology to mitigate market and credit risks[6]. - The overall risk management framework remains effective, with no major business risks reported during the reporting period[127]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure in compliance with relevant laws and regulations, enhancing operational mechanisms[17]. - The financial report for 2023 was audited by Ernst & Young, confirming the accuracy and completeness of the financial data presented[6]. - The company has not faced any objections from its board members regarding the financial report, indicating a consensus on the reported data[6]. Shareholder Returns and Dividends - The company distributed a cash dividend of CNY 2,405,568,496.32, which accounts for 30.53% of the net profit attributable to ordinary shareholders in the consolidated financial statements[159]. - The cash dividend per 10 shares is CNY 2.20, with no stock dividends or capital reserve transfers reported[159]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends when conditions permit[158]. Social Responsibility and Community Engagement - The company invested approximately RMB 9.6 million in charitable assistance during the reporting period[181]. - The total donations made by the group during the reporting period amounted to approximately RMB 11.40 million, benefiting around 98,000 people[190]. - The company has implemented various social responsibility projects, including infrastructure development and educational support, contributing to rural revitalization efforts in Gansu and Shandong provinces[191]. Strategic Outlook - The company anticipates that the global economic recovery will remain weak in 2024, with significant geopolitical conflicts continuing to impact the market[122]. - The company has initiated a comprehensive implementation of the 2023-2025 strategic development plan, aiming to become a modern investment bank with a focus on customer-centric services and high-quality development[123]. - The new strategic plan introduces a "five-in-one" business model and a "three transformations and one integration" mechanism, emphasizing market-oriented, platform-based, and digital approaches[124].

Company Overview - The audited annual performance report for China Galaxy Securities Co., Ltd. for the year ended December 31, 2023, has been announced[1]. - The company is listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange, with stock codes 06881 and 601881 respectively[4]. - The controlling shareholder, China Galaxy Financial Holdings, held 47.43% of the issued share capital as of the reporting period end[4]. - The report will be sent to shareholders by the end of April 2024 and will be available on the Hong Kong Stock Exchange and the company's website[1]. - The report period covers from January 1, 2023, to December 31, 2023[5]. - The company is subject to the regulations of the China Securities Regulatory Commission and the Beijing Securities Regulatory Bureau[4]. - The company’s H shares are traded in Hong Kong dollars, while A shares are traded in Renminbi[5]. - The company has a 100% ownership of several subsidiaries, including Galaxy Innovation Capital and Galaxy Futures[5]. Financial Performance - Total revenue for 2023 reached RMB 44,962,115 thousand, an increase of 2.70% compared to RMB 43,781,051 thousand in 2022[25]. - Total expenses amounted to RMB 36,826,150 thousand, reflecting a 2.83% increase from RMB 35,811,056 thousand in the previous year[25]. - Profit before tax was RMB 8,133,649 thousand, up by 2.04% from RMB 7,970,867 thousand in 2022[25]. - Net profit attributable to shareholders was RMB 7,878,769 thousand, representing a 1.43% increase from RMB 7,767,550 thousand in 2022[25]. - The company reported a net profit attributable to shareholders of RMB 104.30 billion for the year 2023, up from RMB 100 billion in 2022[29]. - The total equity attributable to shareholders reached RMB 126.59 billion in 2023, compared to RMB 99.25 billion in 2022[32]. - The total assets of the group as of December 31, 2023, amounted to RMB 663.205 billion, an increase of 6.08% compared to the end of the previous year[39]. - The net cash flow from operating activities in 2023 was RMB -30,193 million, a decrease of RMB 59,019 million compared to RMB 28,826 million in 2022[66]. Risk Management - The company emphasizes that its business performance is highly dependent on the overall economic and market conditions in China and other regions, indicating potential risks from significant fluctuations in capital markets[7]. - The company has outlined various risks including legal and compliance risks, strategic risks due to market changes, operational risks from business model transformations, and market risks from price fluctuations of held securities[7]. - The company is focused on optimizing risk management processes, particularly in innovative business and product areas, to mitigate operational and market risks[7]. - The company has established a comprehensive risk management system to address potential risks, ensuring overall risk remains controllable without significant business risks occurring during the reporting period[128]. - The company has implemented strict risk limit management to control exposure, scale, concentration, loss limits, VaR, and sensitivity indicators[132]. Corporate Governance - The company emphasizes compliance with corporate governance codes as per the Hong Kong Stock Exchange listing rules[4]. - The board of directors and senior management have confirmed the authenticity and accuracy of the financial data presented in the report, taking joint responsibility for its content[7]. - The company’s governance structure complies with relevant laws and regulations, ensuring a scientific and standardized operation mechanism[18]. - The company has established a multi-level compliance management system to ensure adherence to legal and regulatory requirements[190]. Business Operations - The company operates under a wide range of business qualifications, including securities brokerage, investment consulting, and financial advisory services, among others[10]. - The company has expanded its business scope to include internet securities and private equity fund management qualifications[12]. - The company has established a presence in the interbank bond market and has qualifications for interbank lending[11]. - The company has a strategic focus on market expansion and new product development, as indicated by its various business qualifications[11]. Shareholder Information - The company distributed a cash dividend of CNY 2,405,568,496.32, which accounts for 30.53% of the net profit attributable to ordinary shareholders in the consolidated financial statements[160]. - The cash dividend per 10 shares is CNY 2.20, with no stock dividends or capital increases reported[160]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends when conditions allow[159]. Future Outlook - Future plans and strategic developments are subject to market conditions, and the company warns investors to be aware of investment risks associated with these plans[7]. - The company anticipates a complex international macroeconomic environment in 2024, with a focus on stabilizing economic growth and enhancing the attractiveness of the A-share market[123]. - The company has initiated a comprehensive implementation of the 2023-2025 strategic development plan, aiming to become a modern investment bank that is respected domestically and internationally[124]. Compliance and Legal Matters - The company has established a compliance monitoring system to detect and warn against abnormal trading behaviors, effectively preventing customer fraud[190]. - The company has no significant litigation or arbitration matters involving amounts exceeding RMB 10 million, accounting for more than 10% of the latest audited net assets during the reporting period[194]. - The company and its controlling shareholders maintained good credit and integrity, with no significant debts or court judgments outstanding[197].

Financial Performance - Operating revenue for Q3 2023 was RMB 8,069,687,837.08, a decrease of 11.01% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2023 was RMB 1,664,084,413.08, down 21.26% year-on-year[2] - Basic earnings per share for Q3 2023 decreased by 25.00% to RMB 0.15[2] - The company experienced a 19.67% decrease in net profit excluding non-recurring gains and losses for Q3 2023[2] - The weighted average return on net assets for Q3 2023 was 1.60%, down 0.43 percentage points from the previous year[2] - Total revenue for the first three quarters of 2023 was RMB 25.48 billion, a decrease of 6.5% compared to RMB 27.28 billion in the same period of 2022[23] - The company's net profit for the first three quarters of 2023 was RMB 6.60 billion, slightly up from RMB 6.44 billion in the same period of 2022, representing an increase of 2.5%[24] - The company reported a total comprehensive income of RMB 7.88 billion for the first three quarters of 2023, up from RMB 6.97 billion in 2022, indicating an increase of 13.1%[26] - The basic earnings per share for the first three quarters of 2023 was RMB 0.60, compared to RMB 0.59 in the same period of 2022, reflecting a growth of 1.7%[26] Assets and Liabilities - Total assets as of September 30, 2023, reached RMB 676,322,766,219.97, an increase of 8.17% from the end of the previous year[3] - Shareholders' equity attributable to the parent company increased by 17.52% to RMB 120,573,136,958.20 compared to the end of the previous year[3] - Total liabilities as of September 30, 2023, amounted to RMB 555.73 billion, an increase of 6.3% from RMB 522.60 billion at the end of 2022[21] - The total liabilities increased to RMB 181.99 billion for repurchase agreements, up from RMB 158.50 billion, reflecting a rise of approximately 14%[20] - Deferred tax liabilities increased by 119.89% to CNY 418,721,702.37, mainly due to fair value changes of financial instruments[8] - Other liabilities rose by 55.85% to CNY 46,562,258,034.16, primarily due to an increase in client transaction performance guarantees[8] Cash Flow - Cash flow from operating activities showed a significant decline of 217.91% year-to-date, primarily due to increased cash outflows from trading instruments and derivative financial instruments[6] - Cash flow from operating activities showed a significant decline of 217.91%, resulting in a net outflow of CNY 28,167,717,136.12, attributed to increased cash outflows from trading instruments[11] - Cash flow from investing activities generated CNY 2,830,761,172.35, a notable improvement compared to the previous year's net outflow[11] - Cash flow from financing activities decreased by 77.57% to CNY 2,088,257,615.28, primarily due to reduced cash inflows from bond issuance and income certificates[11] - In the first three quarters of 2023, the net cash flow from operating activities was -28.17 billion RMB, a significant decrease compared to 23.89 billion RMB in the same period of 2022[27] - The net cash flow from investment activities showed a recovery with a positive figure of 2.83 billion RMB, contrasting with a negative 41.89 billion RMB in the previous year[28] Investments and Income - Investment income decreased by 51.93% to CNY 1,986,929,402.21, mainly due to reduced returns from derivative financial instruments[9] - The company’s investment income for the first three quarters of 2023 was ¥1,592,928,501.25, down from ¥3,139,374,050.96 in 2022, indicating a decline of approximately 49%[33] - The company reported a significant increase in other comprehensive income, which reached ¥1,293,848,603.62 in 2023, compared to ¥394,981,021.55 in 2022[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 119,948, with the top ten shareholders holding significant stakes[12] - The outstanding amount of convertible bonds ("Zhongyin Convertible Bonds") not yet converted is RMB 3.73 billion, accounting for 47.78% of the total issuance[16] Management Changes - The company has appointed a new business director, Liu Bing, effective from August 10, 2023, following the resignation of the previous director[15]

Financial Performance - The company reported a total revenue of RMB 78 billion for the first half of 2023, representing a year-on-year increase of 15%[4]. - Total revenue for the first half of 2023 was RMB 23,006,833, a decrease of 0.61% compared to RMB 23,148,616 in the same period of 2022[8]. - Profit before tax increased by 3.16% to RMB 5,156,233 from RMB 4,998,454 year-on-year[8]. - Net profit attributable to the company's owners rose by 14.15% to RMB 4,939,222, compared to RMB 4,327,003 in the previous year[8]. - The company reported a net profit margin of 18%, slightly down from 20% in the previous year, attributed to increased operational costs[5]. - Basic earnings per share increased by 15.38% to RMB 0.45, while diluted earnings per share rose by 13.16% to RMB 0.43[8]. - The company achieved total revenue and other income of RMB 23.007 billion, a year-on-year decrease of 0.61%[38]. - The profit attributable to equity holders of the company for the six months ended June 30, 2023, was RMB 4,939,222 thousand, an increase from RMB 4,327,003 thousand in the same period of 2022, representing a growth of approximately 14.1%[166]. Assets and Liabilities - The company's total assets reached RMB 200 billion, with a year-on-year growth of 12% as of June 30, 2023[4]. - Total assets as of June 30, 2023, reached RMB 690,490,545, reflecting a growth of 10.44% from RMB 625,222,928 at the end of 2022[8]. - Total liabilities increased by 9.62% to RMB 572,899,193 from RMB 522,601,017 at the end of 2022[8]. - The company's equity attributable to owners increased by 14.59% to RMB 117,567,959 from RMB 102,598,726 at the end of 2022[8]. - The asset-liability ratio slightly increased to 79.30% from 79.29% at the end of 2022[8]. - The company's net assets were RMB 117.568 billion, with a weighted average return on net assets of 5.10%, an increase of 0.90 percentage points year-on-year[20]. Customer Growth and Market Expansion - User data indicates a growth in active clients by 20%, reaching a total of 1.5 million clients by June 30, 2023[5]. - The company is expanding its market presence by entering three new provinces in China, aiming to increase its market share by 5% in these regions[5]. - The total number of customers exceeded 15 million, with the total market value of customer-held securities reaching RMB 3.81 trillion, capturing a market share of 5.32% and ranking 4th in the industry[19]. - The number of institutional clients increased by 4.32% to 29,700, with PB business scale reaching RMB 273.3 billion[25]. Product Development and Innovation - New product launches include a digital asset trading platform, which is anticipated to contribute an additional RMB 5 billion in revenue by the end of 2023[4]. - Research and development expenses increased by 25% to RMB 1.5 billion, focusing on technology upgrades and innovative financial products[4]. - The company aims to enhance its comprehensive financial services through a "five-in-one" business model and a "three transformations and one integration" mechanism[12]. - The company launched its first interest rate-linked OTC derivative product with a nominal value of RMB 150 million, providing effective tools for asset allocation and risk management for clients[29]. Risk Management - The company has a robust risk management framework, emphasizing compliance and proactive internal control measures to mitigate financial risks[18]. - The company employs various measures to manage exchange rate risk, including the use of foreign exchange derivatives and setting reasonable exposure limits[76]. - The overall interest rate risk is controllable, with the company optimizing the duration and convexity of fixed-income investments to manage DV01 sensitivity indicators[75]. - The company has established a liquidity risk indicator system, monitoring liquidity risk daily and conducting regular stress tests to assess liquidity levels under pressure scenarios[78]. Cash Flow and Financing Activities - Cash flow from operating activities significantly decreased by 75.82% to RMB 11,770,303 from RMB 48,674,843 in the same period last year[8]. - The net cash flow from financing activities was RMB 2.102 billion, significantly up from RMB 0.006 billion in the same period of 2022, an increase of RMB 2.096 billion[37]. - The company issued A-share convertible bonds totaling RMB 7.8 billion, with a face value of RMB 100 per bond, consisting of 78 million bonds[45]. - The net proceeds from the bond issuance, after deducting issuance costs, amounted to approximately RMB 77.35 billion, allocated for investment trading, capital intermediary business, and other operational funding[46]. Corporate Governance and Compliance - The company strictly complies with the Corporate Governance Code and has met most of the recommended best practices[115]. - The audit committee reviewed the interim financial data for the six months ending June 30, 2023, and discussed risk management and internal controls[119]. - The company has not faced any penalties for environmental regulation violations during the reporting period, adhering strictly to relevant environmental laws[98]. - The company has not received any administrative penalties or regulatory measures from financial regulatory authorities during the reporting period[95]. Environmental and Social Responsibility - The company has committed to controlling greenhouse gas emissions and energy consumption per unit area at low levels, implementing energy-saving measures in office areas[100]. - The company allocated a total of RMB 8.26 million for poverty alleviation and rural revitalization efforts, including RMB 6.8 million for targeted assistance in Jingning County[101]. - The company has actively participated in green finance initiatives, including assisting local governments in issuing green bonds for ecological protection[99].