[Main Financial Data](index=1&type=section&id=一、%20主要财务数据) This section provides an overview of the company's key financial performance and position, including significant accounting data, financial indicators, and non-recurring gains and losses, along with explanations for major changes [Key Accounting Data and Financial Indicators](index=1&type=section&id=一、%20主要财务数据-%28一%29主要会计数据和财务指标) In Q1 2022, the company's performance significantly declined year-over-year, with operating revenue at **CNY 1.852 billion**, down **24.38%**, and net profit attributable to shareholders plummeting **66.99%** to **CNY 220 million**, while basic earnings per share decreased from **CNY 0.10** to **CNY 0.03**, and total assets slightly increased by **0.68%** to **CNY 206.075 billion** at period-end 2022 Q1 Key Financial Indicators | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | CNY 1.852 billion | -24.38% | | Net Profit Attributable to Shareholders of the Listed Company | CNY 220 million | -66.99% | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | CNY 186.5 million | -71.95% | | Basic Earnings Per Share (CNY/share) | CNY 0.03 | -70.00% | | Weighted Average Return on Net Assets | 0.62% | Decreased by 1.36 percentage points | | **Indicator** | **End of Current Period** | **Change from End of Previous Year (%)** | | Total Assets | CNY 206.075 billion | 0.68% | | Total Equity Attributable to Shareholders of the Listed Company | CNY 35.632 billion | -0.44% | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=一、%20主要财务数据-%28二%29非经常性损益项目和金额) In the current period, the company's total non-recurring gains and losses amounted to **CNY 33.46 million**, primarily from government grants, with the company clarifying that fair value changes and investment income from proprietary trading of financial assets and derivatives are classified as recurring gains and losses due to the nature of its self-operated business 2022 Q1 Non-recurring Gains and Losses Details | Item | Amount (CNY million) | | :--- | :--- | | Government Grants | 47.09 | | Other Income/Loss Items Meeting the Definition of Non-recurring Gains and Losses | 14.87 | | Gains/Losses from Disposal of Non-current Assets | 0.11 | | Other Non-operating Income and Expenses | -1.71 | | Less: Income Tax Impact | 15.09 | | Less: Impact on Minority Interests (After Tax) | 11.81 | | **Total** | **33.46** | - The company classifies gains and losses from changes in fair value of trading financial assets, derivative financial assets, and trading financial liabilities, as well as investment income from the disposal of related financial instruments, as recurring gains and losses, which aligns with the nature of its normal proprietary trading business[6](index=6&type=chunk) [Analysis of Changes in Key Financial Indicators](index=2&type=section&id=一、%20主要财务数据-%28三%29主要会计数据、财务指标发生变动的情况、原因) The company's key profitability indicators, including net profit and earnings per share, significantly declined this period, primarily due to reduced fair value gains from proprietary trading influenced by market fluctuations, while net cash flow from operating activities substantially increased, driven by net cash inflows from resale and repurchase businesses and a net decrease in funds lent out Major Financial Indicator Change Reasons | Item | Change | Primary Reason | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Basic Earnings Per Share (CNY/share) | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Net Cash Flow from Operating Activities | Increased | Net cash inflows from resale and repurchase businesses, and net decrease in funds lent out | [Shareholder Information](index=3&type=section&id=二、%20股东信息) This section details the company's shareholder structure, including the total number of common shareholders, the top ten shareholders' holdings, and identified relationships among major shareholders [Shareholder Holdings](index=3&type=section&id=二、%20股东信息-%28一%29普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表) As of the end of Q1 2022, the company had **145,823** common shareholders, with a highly concentrated equity structure where the largest shareholder, Laiwu Steel Group Co., Ltd., held **46.37%**, and state-owned legal entities dominated among the top ten shareholders, some of whom have acting-in-concert relationships - The total number of common shareholders at the end of the reporting period was **145,823**[8](index=8&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | Laiwu Steel Group Co., Ltd. | State-owned Legal Person | 46.37 | 3,231,288,900 | | Shandong Energy Group Co., Ltd. | State-owned Legal Person | 6.57 | 458,091,900 | | Shandong Luxin Investment Holdings Group Co., Ltd. | State-owned Legal Person | 3.98 | 277,566,330 | | Xinwen Mining Group Co., Ltd. | State-owned Legal Person | 3.47 | 241,737,300 | | Shandong Yongtong Industrial Co., Ltd. | Domestic Non-state-owned Legal Person | 2.89 | 201,344,500 | | Dezhou Yuzuo Investment Center (Limited Partnership) | Other | 2.56 | 178,293,200 | | Jinan Xicheng Investment Development Co., Ltd. | State-owned Legal Person | 2.38 | 165,633,542 | | Shandong State-owned Assets Investment Holdings Co., Ltd. | State-owned Legal Person | 1.73 | 120,871,800 | | Tai'an Dian Shi Asset Management Co., Ltd. | State-owned Legal Person | 1.14 | 79,581,600 | | Ningbo Meishan Bonded Port Area Fenghai Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 0.87 | 60,435,900 | - Shandong Energy Group Co., Ltd. and its wholly-owned subsidiary, Xinwen Mining Group Co., Ltd., are **parties acting in concert**. Company director Liu Feng and his spouse can exert significant influence over Shandong Yongtong Industrial Co., Ltd. and Dezhou Yuzuo Investment Center (Limited Partnership)[9](index=9&type=chunk) [Other Significant Matters](index=4&type=section&id=三、%20其他提醒事项) This section covers various important corporate developments, including the delayed re-election of the Board and Supervisory Board, ongoing changes in the controlling shareholder, adjustments to branch offices, and changes in senior management [Board of Directors and Board of Supervisors Re-election](index=4&type=section&id=三、%20其他提醒事项-%28一%29董事会、监事会换届事项) The terms of the company's second Board of Directors and Board of Supervisors expired on November 18, 2021, but the re-election process has been postponed to ensure continuity, with preparations ongoing and existing members continuing their duties as of the report disclosure date - The terms of the company's Board of Directors and Board of Supervisors expired in **November 2021**, but the re-election has been postponed and is still in preparation as of the report disclosure date[10](index=10&type=chunk) [Progress on Change in Controlling Shareholder](index=5&type=section&id=三、%20其他提醒事项-%28二%29控股股东变更) The change in the company's controlling shareholder is still in progress, with Zaozhuang Mining (Group) Co., Ltd.'s acquisition of company shares having passed anti-monopoly review and received an offer acquisition exemption from the Hong Kong SFC, but it still requires approval of shareholder qualifications from the China Securities Regulatory Commission and compliance confirmation from the Shanghai Stock Exchange, with share transfer yet to be completed - The change in controlling shareholder has received a letter from the Hong Kong SFC and anti-monopoly review approval from the State Administration for Market Regulation, but it still requires final confirmation from the China Securities Regulatory Commission and the Shanghai Stock Exchange, and the share transfer has not yet been completed[11](index=11&type=chunk) [Branch Office Changes](index=5&type=section&id=三、%20其他提醒事项-%28三%29分支机构变更) In Q1 2022, the company adjusted its branch network by establishing a new Inner Mongolia branch and relocating four securities brokerage offices and one branch (Beijing branch), with no new or closed brokerage offices during the reporting period - A new branch company was established: **Inner Mongolia Branch**[11](index=11&type=chunk)[12](index=12&type=chunk) - **Five** branch offices were relocated, including brokerage offices in Wuhan, Beijing, Liaocheng, and the Beijing branch[13](index=13&type=chunk)[14](index=14&type=chunk) - No new or closed securities brokerage offices were reported during the period[12](index=12&type=chunk)[14](index=14&type=chunk) [Changes in Senior Management](index=6&type=section&id=三、%20其他提醒事项-%28四%29公司高级管理人员变更) During the reporting period, several senior executives changed due to personal reasons, with Chief Risk Officer Li Hengdi, General Counsel Zhang Yunwei, and Deputy General Manager Zhong Jinlong resigning, and Mr. Hu Kainan appointed as the new Chief Risk Officer - Chief Risk Officer Mr. Li Hengdi resigned, and the company appointed Mr. Hu Kainan as the new Chief Risk Officer[14](index=14&type=chunk) - General Counsel Mr. Zhang Yunwei resigned due to personal reasons[14](index=14&type=chunk) - Deputy General Manager Mr. Zhong Jinlong resigned due to personal reasons but continues to serve as Chairman of Zhongtai Futures, a controlled subsidiary[15](index=15&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=四、%20季度财务报表) This section presents the company's consolidated and parent company financial statements for the quarter, including balance sheets, income statements, and cash flow statements, detailing key financial positions and performance [Consolidated Balance Sheet](index=6&type=section&id=四、%20季度财务报表-%28二%29合并资产负债表) As of March 31, 2022, the company's total assets were **CNY 206.075 billion**, a slight increase of **0.68%** from the beginning of the year, driven by significant increases in other debt investments and construction in progress, while trading financial assets and funds lent out decreased; total liabilities reached **CNY 169.034 billion**, up **0.90%**, and equity attributable to shareholders was **CNY 35.632 billion**, a slight decrease Consolidated Balance Sheet Major Items | Item | March 31, 2022 (CNY billion) | December 31, 2021 (CNY billion) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **2,060.75** | **2,046.90** | **+0.68%** | | Cash and Bank Balances | 447.35 | 460.90 | -2.94% | | Funds Lent Out | 339.29 | 358.21 | -5.28% | | Trading Financial Assets | 498.63 | 533.86 | -6.60% | | Other Debt Investments | 276.06 | 208.06 | +32.68% | | **Total Liabilities** | **1,690.34** | **1,675.30** | **+0.90%** | | Financial Assets Sold Under Repurchase Agreements | 381.66 | 369.95 | +3.16% | | Client Funds for Securities Trading | 559.12 | 562.13 | -0.54% | | Bonds Payable | 455.15 | 435.26 | +4.57% | | **Total Equity Attributable to Shareholders of the Listed Company** | **356.32** | **357.90** | **-0.44%** | [Consolidated Income Statement](index=8&type=section&id=四、%20季度财务报表-%28三%29合并利润表) In Q1 2022, the company's total operating revenue was **CNY 1.852 billion**, down **24.38%** year-over-year, with net profit attributable to the parent company plummeting **66.99%** to **CNY 220 million**, primarily due to a substantial fair value loss of **CNY 1.464 billion** compared to **CNY 172 million** in the prior year, despite year-over-year growth in net interest income and investment income, which were insufficient to offset the negative impact of fair value changes, and while brokerage and asset management fee income grew, investment banking fee income declined Consolidated Income Statement Major Items | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **1.852 billion** | **2.449 billion** | **-24.38%** | | Net Interest Income | 685 million | 472 million | +45.13% | | Net Fee and Commission Income | 1.306 billion | 1.277 billion | +2.27% | | Of which: Brokerage Business | 977 million | 927 million | +5.42% | | Of which: Investment Banking Business | 158 million | 238 million | -33.57% | | Of which: Asset Management Business | 144 million | 89 million | +61.84% | | Investment Income | 811 million | 516 million | +57.04% | | Gains/Losses from Changes in Fair Value | -1.464 billion | -172 million | -751.16% | | **Operating Profit** | **289 million** | **835 million** | **-65.39%** | | **Net Profit Attributable to Parent Company Shareholders** | **220 million** | **666 million** | **-66.99%** | | **Basic Earnings Per Share (CNY/share)** | **0.03** | **0.10** | **-70.00%** | [Consolidated Cash Flow Statement](index=10&type=section&id=四、%20季度财务报表-%28四%29合并现金流量表) In Q1 2022, the company's net cash flow from operating activities was **CNY 5.532 billion**, a significant reversal from a net outflow of **CNY 1.152 billion** in the prior year, primarily due to improved cash flows from resale, repurchase, and funds lent out businesses; however, net cash outflow from investing activities substantially increased to **CNY 7.402 billion** due to higher investment payments, while net cash inflow from financing activities decreased year-over-year to **CNY 640 million**, resulting in a period-end cash and cash equivalents balance of **CNY 54.345 billion**, a decrease of **CNY 1.29 billion** from the beginning of the period Consolidated Cash Flow Statement Major Items | Item | Q1 2022 (CNY billion) | Q1 2021 (CNY billion) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5.532 | -1.152 | | Net Cash Flow from Investing Activities | -7.402 | -0.453 | | Net Cash Flow from Financing Activities | 0.640 | 3.517 | | Net Increase in Cash and Cash Equivalents | -1.290 | 1.908 | | Cash and Cash Equivalents at End of Period | 54.345 | 46.875 | [Parent Company Financial Statements](index=11&type=section&id=母公司财务报表) The parent company's financial status largely mirrors the consolidated statements, showing a slight increase in total assets, a significant decline in profitability due to fair value losses from market fluctuations, and a substantial improvement in operating cash flow [Parent Company Balance Sheet](index=11&type=section&id=母公司资产负债表) As of March 31, 2022, the parent company's total assets were **CNY 175.138 billion**, a slight increase of **0.89%** from the beginning of the year, with other debt investments significantly growing by **32.06%**, while trading financial assets and funds lent out decreased by **8.53%** and **5.69%**, respectively Parent Company Balance Sheet Major Items | Item | March 31, 2022 (CNY billion) | December 31, 2021 (CNY billion) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **175.138** | **173.583** | **+0.89%** | | Funds Lent Out | 32.592 | 34.556 | -5.69% | | Trading Financial Assets | 39.707 | 43.408 | -8.53% | | Other Debt Investments | 25.896 | 19.609 | +32.06% | | **Total Liabilities** | **140.406** | **138.785** | **+1.17%** | | **Total Owners' Equity** | **34.732** | **34.798** | **-0.19%** | [Parent Company Income Statement](index=13&type=section&id=母公司利润表) In Q1 2022, the parent company's operating revenue was **CNY 1.209 billion**, a **34.15%** year-over-year decrease, with net profit at **CNY 292 million**, down **47.94%**, primarily due to fair value losses of **CNY 1.273 billion**, similar to the consolidated results, despite significant growth in net interest income and investment income Parent Company Income Statement Major Items | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **1.209 billion** | **1.835 billion** | **-34.15%** | | Net Interest Income | 563 million | 270 million | +108.54% | | Net Fee and Commission Income | 1.085 billion | 1.093 billion | -0.73% | | Investment Income | 815 million | 541 million | +50.65% | | Gains/Losses from Changes in Fair Value | -1.273 billion | -121 million | -952.07% | | **Operating Profit** | **336 million** | **689 million** | **-51.23%** | | **Net Profit** | **292 million** | **560 million** | **-47.94%** | [Parent Company Cash Flow Statement](index=15&type=section&id=母公司现金流量表) The parent company's net cash flow from operating activities in Q1 2022 significantly improved to **CNY 6.02 billion** from a net outflow of **CNY 1.447 billion** in the prior year, while net cash outflow from investing activities expanded to **CNY 6.347 billion**, and net cash inflow from financing activities was **CNY 864 million**, with cash and cash equivalents at period-end totaling **CNY 43.237 billion** Parent Company Cash Flow Statement Major Items | Item | Q1 2022 (CNY billion) | Q1 2021 (CNY billion) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6.020 | -1.447 | | Net Cash Flow from Investing Activities | -6.347 | -0.250 | | Net Cash Flow from Financing Activities | 0.864 | 3.683 | | Net Increase in Cash and Cash Equivalents | 0.538 | 1.986 | | Cash and Cash Equivalents at End of Period | 43.237 | 38.859 |

中泰证券股份有限公司 2021 年年度报告 公司代码：600918 公司简称：中泰证券 中泰证券股份有限公司 2021 年年度报告 1 / 328 中泰证券股份有限公司 2021 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人李峰、主管会计工作负责人袁西存及会计机构负责人（会计主管人员）刘健声明： 保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以公司总股本为基数，向实施权益分派股权登记日登记在册的全体股东每10股派发现金红利 0.63元（含税）。按2021年末公司总股本6,968,625,756.00股计算，合计派发现金红利439,023,422.63 元，占2021年合并报表归属于母公司股东净利润的比例为13.72%，剩余可供分配的未分配利润结 转下一年度。预案尚需公司股东大会审议。公 ...

Group 1: Event Details - The company will participate in the "2021 Annual Investor Online Collective Reception Day" organized by Shandong Securities Regulatory Bureau and Shandong Listed Companies Association [2] - The event will be held online on November 16, 2021, from 14:00 to 16:00 [2] - Investors can join the event via the "Panorama Roadshow" website [2] Group 2: Communication Topics - Company directors will discuss corporate governance and social responsibility/ESG [2] - Topics will also include operational status, development strategy, investor protection, and the third-quarter report [2] Group 3: Company Assurance - The board of directors guarantees that the announcement contains no false records, misleading statements, or significant omissions [2] - The board takes individual and joint responsibility for the truthfulness, accuracy, and completeness of the content [2]

Main Financial Data [Key Accounting Data and Financial Indicators](index=1&type=section&id=(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) ZT Securities showed strong financial performance in Q3 2021 and YTD, with year-over-year growth in operating revenue and net profit attributable to shareholders, alongside steady increases in total assets and owner's equity Key Financial Indicators for Q3 2021 and YTD | Item | Current Period (Q3 2021) (Yuan) | Year-over-Year Change (%) | Year-to-Date (YTD 2021) (Yuan) | Year-over-Year Change (%) | | :----------------------------------- | :------------------------ | :------------------------ | :----------------------- | :------------------------ | | Operating Revenue | 3,242,585,779.61 | 18.91 | 9,003,418,747.89 | 19.58 | | Net Profit Attributable to Shareholders | 843,179,531.47 | -7.51 | 2,544,352,546.75 | 10.88 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses | 839,948,059.46 | -7.88 | 2,486,117,613.80 | 9.38 | | Basic Earnings Per Share (Yuan/share) | 0.12 | -7.69 | 0.37 | 12.12 | | Diluted Earnings Per Share (Yuan/share) | 0.12 | -7.69 | 0.37 | 12.12 | | Weighted Average Return on Net Assets (%) | 2.42 | Decreased by 0.38 percentage points | 7.39 | Increased by 0.29 percentage points | | **Period-End Indicators** | **End of Current Period** | | **End of Previous Year** | **Change from End of Previous Year (%)** | | Total Assets | 199,196,967,811.34 | | 174,509,560,415.70 | 14.15 | | Owner's Equity Attributable to Shareholders | 35,147,488,534.13 | | 33,278,256,110.96 | 5.62 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=(II)%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 3.23 million Yuan, with a cumulative 58.23 million Yuan from the beginning of the year to the end of the reporting period, primarily including disposal gains/losses on non-current assets and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (Yuan) | Amount from Year-to-Date (Yuan) | | :---------------------------------------------------------------------------------------------------------------------- | :----------------------- | :---------------------- | | Disposal gains/losses on non-current assets (including the write-off portion of asset impairment provisions) | -919,901.89 | 40,935,467.90 | | Government subsidies recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, and continuously enjoyed at fixed or quantitative standards) | 5,429,054.37 | 16,541,055.12 | | Reversal of impairment provisions for receivables subject to separate impairment testing | | 1,074,749.81 | | Other non-operating income and expenses apart from the above items | -113,296.85 | 2,700,137.39 | | Other profit and loss items that meet the definition of non-recurring gains and losses | -2,432.65 | 16,557,134.05 | | Less: Income tax impact | 1,098,424.62 | 19,432,694.84 | | Impact on minority shareholders' equity (after tax) | 63,526.35 | 140,916.48 | | Total | 3,231,472.01 | 58,234,932.95 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=2&type=section&id=(III)%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the current reporting period, the company's net cash flow from operating activities significantly changed, primarily due to increased cash received from agency securities trading, decreased net increase in financial assets held for trading, and reduced net increase in funds lent - The significant change in net cash flow from operating activities was primarily driven by increased cash received from agency securities trading, a reduced net increase in financial assets held for trading, and a decreased net increase in funds lent[7](index=7&type=chunk) Shareholder Information [Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=3&type=section&id=(I)%20Total%20Number%20of%20Common%20Shareholders%2C%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had 156,260 common shareholders, with the top ten primarily state-owned legal entities, led by Laiwu Steel Group Co., Ltd. with a 41.32% stake, and some shareholders having pledged shares - As of the end of the reporting period, the total number of common shareholders was **156,260**[8](index=8&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Amount (shares) | | :----------------------------------- | :--------------------- | :----------------------------- | :-------------------------- | :---------------------------------------- | :----------- | :-------------- | | Laiwu Steel Group Co., Ltd. | State-owned Legal Entity | 2,879,559,900 | 41.32 | 2,879,559,900 | None | | | Shandong Energy Group Co., Ltd. | State-owned Legal Entity | 458,091,900 | 6.57 | 458,091,900 | None | | | Jigang Group Co., Ltd. | State-owned Legal Entity | 351,729,000 | 5.05 | 351,729,000 | None | | | Shandong Luxin Investment Holdings Group Co., Ltd. | State-owned Legal Entity | 277,566,330 | 3.98 | 277,566,330 | None | | | Xinwen Mining Group Co., Ltd. | State-owned Legal Entity | 241,737,300 | 3.47 | 241,737,300 | None | | | Jinan Xicheng Investment Development Co., Ltd. | State-owned Legal Entity | 215,697,300 | 3.10 | 0 | None | | | Shandong Yongtong Industrial Co., Ltd. | Domestic Non-state-owned Legal Entity | 203,366,200 | 2.92 | 0 | None | | | Dezhou Yuzuo Investment Center (Limited Partnership) | Other | 178,793,200 | 2.57 | 0 | Pledged | 51,600,000 | | Shandong Provincial State-owned Assets Investment Holdings Co., Ltd. | State-owned Legal Entity | 120,871,800 | 1.73 | 120,871,800 | None | | | Tai'an Dian Shi Asset Management Co., Ltd. | State-owned Legal Entity | 79,581,600 | 1.14 | 0 | Pledged | 79,581,600 | - Laiwu Steel Group Co., Ltd., a wholly-owned subsidiary of Shandong Iron and Steel Group Co., Ltd., holds **41.32%** of the company's shares. Jigang Group Co., Ltd., also a wholly-owned subsidiary of Shandong Iron and Steel Group Co., Ltd., holds **5.05%** of the company's shares. Shandong Energy Group Co., Ltd. holds **6.57%** of the company's shares. Xinwen Mining Group Co., Ltd., a wholly-owned subsidiary of Shandong Energy Group Co., Ltd., holds **3.47%** of the company's shares. Shandong Yongtong Industrial Co., Ltd. holds **2.92%** of the company's shares, with company director Liu Feng and his spouse Lin Xuyan indirectly controlling it through Yongfeng Group Co., Ltd. Dezhou Yuzuo Investment Center (Limited Partnership) holds **2.57%** of the company's shares, where company director Liu Feng is a limited partner and can exert significant influence with his spouse Lin Xuyan[9](index=9&type=chunk) Other Noteworthy Matters [Major Litigation and Arbitration Matters](index=4&type=section&id=(I)%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters requiring disclosure, but provided updates on pending cases exceeding 50 million Yuan and a new margin trading dispute - During the reporting period, the company had no major litigation or arbitration matters with an involved amount exceeding **10 million Yuan** and accounting for more than **10%** of the company's latest audited net assets[10](index=10&type=chunk)[43](index=43&type=chunk) - Previously disclosed debt disputes involving Dongxu Optoelectronic, Anhui Foreign Economic Construction Group, and HNA Finance showed no further progress; the Huayang Economic and Trade debt dispute has entered bankruptcy liquidation. The Wuhai Hongyuan finance lease contract enforcement dispute was terminated due to the counterparty's bankruptcy liquidation after partial execution payments were received, and the company is now declaring its claim[11](index=11&type=chunk)[44](index=44&type=chunk) - A new margin trading dispute involving Liu was initiated by the company in Jinan Intermediate People's Court, with a claim amount of **56,304,765.07 Yuan**, currently in the first-instance trial[11](index=11&type=chunk)[44](index=44&type=chunk) [Changes in Branch Offices](index=5&type=section&id=(II)%20Changes%20in%20Branch%20Offices) From July to September 2021, the company adjusted some branch offices, relocating three securities branches and six securities business departments, closing four securities business departments, and converting one subsidiary's business department into a branch Relocated Branch Offices | No. | Branch Name Before Relocation | Branch Name After Relocation | Address After Relocation | | :-- | 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[Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section covers the company's comprehensive business qualifications, key financial performance metrics, and specific items like non-recurring gains/losses and fair value measurements [Company Information and Business Qualifications](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) ZT Securities is a comprehensive securities firm with complete business licenses, including its parent company and subsidiaries, covering brokerage, investment banking, asset management, futures, and international business, and recently obtained new qualifications for debt financing and fund investment advisory services - The company's business scope is broad, encompassing core services such as securities brokerage, investment consulting, underwriting and sponsorship, proprietary trading, margin financing and securities lending, and fund distribution and custody[12](index=12&type=chunk) - The company holds comprehensive business licenses in asset management, futures, and international financial services through its subsidiaries, including **ZT Asset Management**, **Luzheng Futures**, and **ZT International**[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - During the reporting period, the company obtained qualifications as a lead underwriter for non-financial enterprise debt financing instruments and a pilot qualification for fund investment advisory business, further expanding its business scope[31](index=31&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2021, the company achieved operating revenue of **CNY 5.76 billion**, a **19.96%** increase, and net profit attributable to parent company shareholders of **CNY 1.70 billion**, up **22.99%**, while net cash flow from operating activities significantly decreased by **79.61%** Key Accounting Data for H1 2021 | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,760,832,968.28 | 4,802,218,063.26 | 19.96 | | Net Profit Attributable to Parent Company Shareholders | 1,701,173,015.28 | 1,383,125,268.50 | 22.99 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 1,646,169,554.34 | 1,361,164,731.90 | 20.94 | | Net Cash Flow from Operating Activities | 1,292,608,332.47 | 6,339,807,671.68 | -79.61 | | **Item** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **YoY Change (%)** | | Total Assets | 183,825,778,245.93 | 174,509,560,415.70 | 5.34 | | Equity Attributable to Parent Company Shareholders | 34,888,807,975.59 | 33,278,256,110.96 | 4.84 | Key Financial Indicators for H1 2021 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.24 | 0.19 | 26.32% | | Diluted Earnings Per Share (CNY/share) | 0.24 | 0.19 | 26.32% | | Weighted Average Return on Net Assets (%) | 4.99 | 4.27 | Increased by 0.72 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 4.83 | 4.20 | Increased by 0.63 percentage points | Parent Company Net Capital and Risk Control Indicators (End of Reporting Period) | Item | End of Current Period (CNY) | End of Prior Year (CNY) | | :--- | :--- | :--- | | Net Capital | 27,209,956,406.39 | 25,657,836,200.06 | | Net Assets | 33,708,666,060.60 | 32,312,053,757.79 | | Risk Coverage Ratio (%) | 241.81 | 231.59 | | Capital Leverage Ratio (%) | 16.55 | 16.64 | | Liquidity Coverage Ratio (%) | 610.28 | 243.62 | | Net Stable Funding Ratio (%) | 153.74 | 149.74 | [Non-Recurring Gains and Losses](index=10&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E5%B8%B8%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 55.00 million**, primarily from disposal gains on non-current assets and government subsidies Non-Recurring Gains and Losses Items for H1 2021 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 41,855,369.79 | | Government Subsidies | 11,112,000.75 | | Other Non-Operating Income and Expenses | 3,888,184.05 | | **Total** | **55,003,460.94** | [Fair Value Measurement Items](index=10&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%87%E7%94%A8%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%A1%B9%E7%9B%AE) At the end of the reporting period, items measured at fair value primarily included trading financial assets, other debt investments, and other equity instrument investments, collectively impacting current period profit by **CNY 1.60 billion** Fair Value Measurement Items: Period-End Balance and Impact on Current Period Profit | Item Name | Period-End Balance (CNY) | Impact on Current Period Profit (CNY) | | :--- | :--- | :--- | | Trading Financial Assets | 44,830,293,706.25 | 842,423,503.81 | | Other Debt Investments | 19,521,884,477.32 | 424,952,522.40 | | Other Equity Instrument Investments | 3,733,979,518.77 | 258,166,909.24 | | Derivative Financial Instruments | 82,271,288.36 | 72,544,667.87 | | **Total** | **-** | **1,603,263,632.31** | [Management Discussion and Analysis (MD&A)](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's industry landscape, core competencies, detailed operational performance across various business segments, and a comprehensive risk assessment [Industry and Principal Business](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2021, China's stable economic recovery and deepening capital market reforms created a favorable environment for the securities industry, enabling the company to provide comprehensive investment and financing services across various business areas - In H1 2021, capital market trading activity increased, with stock and fund transaction volume growing by **21.07%** year-on-year, providing a favorable environment for securities firm business development[30](index=30&type=chunk) - The company's principal businesses are comprehensive, including investment banking, wealth management, institutional business, investment business, credit business, asset management, international business, and futures business, meeting diverse client financial service needs[31](index=31&type=chunk)[32](index=32&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its clear "1142" strategy, enhanced regional market presence, client-centric comprehensive financial services, robust risk control, and strong financial technology support - The company established its “one leadership, one center, four major strategies, and two supports” overall development strategy, and formulated its 14th Five-Year Plan[34](index=34&type=chunk) - Implementing a regional breakthrough strategy of “deeply cultivating Shandong, deploying heavily in the South, and strengthening Beijing,” the company maintained its leading market share in Shandong and achieved rapid development in the Yangtze River Delta, Pearl River Delta, and Beijing regions[35](index=35&type=chunk) - Wealth management served **6.96 million accounts** and obtained pilot qualification for fund investment advisory; investment banking achieved historically best market rankings in multiple indicators[36](index=36&type=chunk) - The company continuously increased technology investment, with its self-developed **XTP high-speed trading system** serving nearly **300 private equity firms**, contributing over **CNY 5 trillion** in annual trading volume and driving wealth management business transformation[39](index=39&type=chunk) [Operating Performance of Business Segments](index=14&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2021, all business lines achieved steady growth, with investment banking completing **16 equity underwriting projects**, wealth management client assets reaching **CNY 971.25 billion**, and significant growth in asset management, international, and futures businesses [Investment Banking Business](index=14&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%95%E8%B5%84%E9%93%B6%E8%A1%8C%E4%B8%9A%E5%8A%A1) Investment banking performed strongly in H1, completing **16 equity underwriting projects** with a scale of **CNY 11.42 billion**, ranking 7th in the industry, and **328 bond underwriting projects** totaling **CNY 71.41 billion**, ranking 13th - A total of **16 equity lead underwriting projects** were completed, including **7 IPOs** and **9 private placements**, with a combined underwriting scale of **CNY 11.42 billion**, ranking 7th in the industry for financing scale[41](index=41&type=chunk) - **328 bond underwriting projects** were completed, with an underwriting scale of **CNY 71.41 billion**, including **135 lead underwriting projects** totaling **CNY 53.40 billion**, ranking 13th in the industry for financing scale[42](index=42&type=chunk) - The New Third Board business continued to supervise **279 listed companies**, maintaining a leading position in terms of recommended listings, private placement frequency, and ongoing supervision numbers[44](index=44&type=chunk) [Wealth Management Business](index=15&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86%E4%B8%9A%E5%8A%A1) Wealth management transformation deepened, serving **6.96 million clients** and managing **CNY 971.25 billion** in client assets by the end of the reporting period, with financial product distribution growing **19.41%** Brokerage Business Transaction Volume (CNY billion) | Item | Jan-Jun 2021 | Jan-Jun 2020 | | :--- | :--- | :--- | | Stock Transaction Volume | 5,794.805 | 5,449.901 | | Fund Transaction Volume | 248.246 | 202.368 | | Bond Transaction Volume | 1,914.304 | 954.851 | Financial Product Distribution Holding Scale (CNY billion) | Item | June 30, 2021 | December 31, 2020 | Growth | | :--- | :--- | :--- | :--- | | Financial Product Holdings | 49.129 | 41.144 | 19.41% | [Institutional Business](index=16&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%9C%BA%E6%9E%84%E4%B8%9A%E5%8A%A1) Institutional business developed steadily, with the research institute publishing **2,286 reports** and serving **107 public fund institutions**, while institutional trading client numbers and asset scale achieved double-digit growth - The research institute, led by Chief Economist Li Xunlei, has **106 researchers** and published **2,286 research reports** in H1, cumulatively serving **107 public fund institutions**[47](index=47&type=chunk) Institutional Trading Business Growth | Item | June 30, 2021 | December 31, 2020 | Growth | | :--- | :--- | :--- | :--- | | Institutional Trading Period-End Client Accounts | 1,479 | 1,244 | 18.89% | | Institutional Trading Period-End Asset Scale (CNY billion) | 60.525 | 52.033 | 16.32% | [Investment Business](index=16&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%95%E8%B5%84%E4%B8%9A%E5%8A%A1) The company's investment business revenue grew steadily, with fixed income and equity investments employing prudent risk management, and alternative investment subsidiary ZT Venture achieving significant revenue and net profit growth - The company's proprietary investment business revenue grew steadily, with both fixed income and equity investments adopting prudent risk management strategies[48](index=48&type=chunk) - Alternative investment subsidiary **ZT Venture** achieved operating revenue of **CNY 129 million** and net profit of **CNY 93 million** in H1, both significantly increasing from the same period last year[49](index=49&type=chunk) [Credit Business](index=17&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%BF%A1%E7%94%A8%E4%B8%9A%E5%8A%A1) Credit business maintained stable operations, with margin financing and securities lending balance growing **5.19%** to **CNY 33.59 billion**, and stock pledge business scale continuously reduced by **CNY 1.94 billion** Margin Financing and Securities Lending Business Overview | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Margin Financing and Securities Lending Balance (CNY billion) | 33.589 | 31.932 | | Period-End Maintenance Margin Ratio | 270.85% | 262.97% | Stock Pledge Business Scale (CNY billion) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Stock Pledge Repurchase Balance | 6.748 | 8.688 | | Of which: Proprietary Capital Financing Scale | 4.532 | 5.807 | [Asset Management Business](index=17&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86%E4%B8%9A%E5%8A%A1) Asset management scale steadily increased, with **ZT Asset Management** reaching **CNY 154.30 billion** and **WanJia Fund** managing **CNY 218.08 billion**, reflecting significant growth in public fund business ZT Asset Management Business Scale (CNY billion) | Business Type | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Collective Asset Management Business | 39.600 | 33.544 | | Single Asset Management Business | 98.025 | 101.297 | | Public Fund Business | 15.361 | 10.656 | | **Total** | **154.304** | **146.959** | WanJia Fund Public Fund Management Scale (CNY billion) | Product Category | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Money Market Funds | 94.934 | 67.923 | | Non-Money Market Funds | 123.145 | 120.797 | | **Total** | **218.079** | **188.720** | [Overseas Business](index=18&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%E5%A2%83%E5%A4%96%E4%B8%9A%E5%8A%A1) Subsidiary **ZT International** was active in the Hong Kong market, completing **3 IPOs** with **HKD 3.11 billion** in financing and **26 bond projects** with **USD 4.19 billion** in financing, enhancing the company's international brand influence - In H1 2021, Hong Kong's IPO financing volume increased by **125%** year-on-year, providing a favorable opportunity for **ZT International's** business development[56](index=56&type=chunk) - **ZT International** completed **3 IPO projects** (financing **HKD 3.11 billion**), **26 bond projects** (financing **USD 4.19 billion**), and **2 financial advisory projects** in H1[57](index=57&type=chunk) [Futures Business](index=19&type=section&id=%EF%BC%88%E5%85%AB%EF%BC%89%E6%9C%9F%E8%B4%A7%E4%B8%9A%E5%8A%A1) Holding subsidiary **Luzheng Futures** achieved significant performance growth, with net profit increasing by **89.75%** to **CNY 75.05 million** in H1, and client equity rising **34.43%** to **CNY 14.09 billion** - **Luzheng Futures** 2021 H1 achieved operating revenue of **CNY 976 million** and net profit of **CNY 75.05 million**, representing an **89.75%** year-on-year increase[57](index=57&type=chunk) Luzheng Futures Client Equity (CNY billion) | Category | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Average Daily Equity | 12.716 | 9.043 | | Period-End Equity | 14.092 | 10.483 | [Analysis of Key Operating Conditions](index=19&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, total assets grew to **CNY 183.83 billion**, operating revenue increased by **19.96%**, and net profit attributable to parent company shareholders rose by **22.99%**, driven by brokerage and investment banking fee income and investment gains Analysis of Major Financial Statement Item Changes | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | 19.96 | Increase in brokerage and investment banking net fee income, and growth in investment income and fair value change gains | | Operating Costs | 17.86 | Increase in business and management expenses | | Credit Impairment Losses | -116.50 | Decrease in impairment provisions for funds lent and financial assets purchased under resale agreements | | Net Cash Flow from Operating Activities | -79.61 | Decrease in net cash received from client securities trading, and increase in net funds from resale and repurchase business | | Net Cash Flow from Financing Activities | 508.12 | Lower base due to repayment of CNY 6 billion perpetual bonds in the prior period | - From a business segment perspective, the gross profit margin of securities investment business increased by **22.81 percentage points** year-on-year, while that of securities brokerage and asset management businesses decreased[63](index=63&type=chunk) - As of the end of the reporting period, the company's total assets were **CNY 183.83 billion**, a **5.34%** increase from the end of the previous year; total liabilities were **CNY 147.75 billion**, a **5.47%** increase from the end of the previous year, maintaining a reasonable asset-liability structure[66](index=66&type=chunk)[67](index=67&type=chunk) [Risk Analysis](index=26&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces compliance, market, credit, liquidity, operational, reputational, and anti-money laundering risks, managed through a multi-layered risk management framework and various control measures - The company established a comprehensive risk management organizational structure involving the board of directors, supervisory board, management, departments, and subsidiaries to address seven major categories of risks, including compliance, market, and credit risks[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - Regarding market risk, as of the end of the reporting period, the company's one-day **95% Market Risk VaR** for its investment portfolio was **CNY 94.73 million**, accounting for **0.35%** of the company's net capital, indicating controllable risk exposure[82](index=82&type=chunk) - In terms of liquidity risk, the company maintained sufficient liquid asset reserves during the reporting period, with both the **liquidity coverage ratio (610.28%)** and **net stable funding ratio (153.74%)** meeting regulatory standards[84](index=84&type=chunk)[26](index=26&type=chunk) [Corporate Governance](index=31&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the company's corporate governance structure, including shareholder meeting resolutions and significant changes in the board, supervisory board, and senior management [Shareholder Meetings](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) During the reporting period, the company held two shareholder meetings, the First Extraordinary General Meeting of 2021 and the 2020 Annual General Meeting, with all proposals approved - The company held two shareholder meetings on **January 29, 2021**, and **June 1, 2021**, respectively, reviewing and approving important proposals such as amendments to the Articles of Association, appointment of accounting firms, annual reports, and profit distribution plans[89](index=89&type=chunk)[90](index=90&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's Chief Information Officer and Chief Legal Counsel changed, with new appointments made, and three independent directors departed due to term expiration Changes in Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Cheng Long | Chief Information Officer | Resigned | | Zhang Yong | Chief Information Officer | Appointed | | Qi Bing | Chief Legal Counsel | Dismissed | | Zhang Yunwei | Chief Legal Counsel | Appointed | [Environmental and Social Responsibility (ESG)](index=33&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's commitment to environmental protection and social responsibility, including initiatives for green development, poverty alleviation, and rural revitalization [Environmental Information](index=33&type=section&id=%E4%B8%80%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company actively supports national green and "carbon neutrality" strategies by implementing internal energy-saving measures and leveraging financial expertise to promote green transformation in various industries - The company internally promotes measures such as water and electricity conservation, saving office supplies, and standardizing the disposal of hazardous waste and old equipment, advocating a green and environmentally friendly philosophy[95](index=95&type=chunk) - The company actively supports green, low-carbon, and sustainable development by hosting "carbon neutrality" themed investment summits, sponsoring energy-saving and environmental protection enterprises for listing, and investing in photovoltaic companies[98](index=98&type=chunk) [Social Responsibility](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfills its social responsibility by leveraging its financial expertise for poverty alleviation, collaborating with local governments on rural revitalization, and engaging in consumer and employment support - The company leverages its full-chain financial service advantages to provide capital market services such as equity and debt financing, and mergers and acquisitions for enterprises in impoverished areas, promoting county-level economic development[98](index=98&type=chunk) - Actively engaged in consumer and employment poverty alleviation by purchasing agricultural products from impoverished areas (**CNY 7.58 million**) and arranging employment for university graduates from Xinjiang[100](index=100&type=chunk) [Significant Matters](index=36&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section reports on significant corporate events, including major litigation and arbitration cases, as well as administrative penalties and regulatory measures imposed on the company and its subsidiaries [Major Litigation and Arbitration](index=39&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no new major litigation or arbitration cases exceeding **CNY 10 million** or **10%** of net assets, but disclosed progress on several pending cases over **CNY 50 million** involving bond defaults and stock pledge disputes - As trustee, the company applied for arbitration against Fucheng Group regarding the default of **"18 Fucheng 03"** and **"19 Fucheng 01"** bonds; the arbitration commission has ruled Fucheng Group to pay principal, interest, and penalties, with the case currently in execution[109](index=109&type=chunk) - The company filed a lawsuit due to a default on a stock pledge repurchase transaction by Beijing Mianshi Fangda Investment Co., Ltd., with a subject amount of approximately **CNY 335 million**, and the case is currently in its first-instance trial[110](index=110&type=chunk) [Penalties and Regulatory Measures](index=40&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A) During the reporting period, the company and its subsidiaries received administrative penalties and regulatory measures, including a **CNY 0.95 million** fine for anti-money laundering issues and rectification orders for information system security and employee violations - On **January 28, 2021**, the company was fined **CNY 0.95 million** by the Jinan Branch of the People's Bank of China for anti-money laundering issues, including failure to properly identify clients[111](index=111&type=chunk) - On **May 8, 2021**, the company was ordered to rectify issues by the Shandong Securities Regulatory Bureau due to an inadequate information system security monitoring mechanism[111](index=111&type=chunk) [Share Changes and Shareholder Information](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, particularly the lifting of sales restrictions on shares, and provides an overview of the shareholder structure, including major shareholders [Share Capital Changes](index=47&type=section&id=%E4%B8%80%E3%80%81%20%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at **6,968,625,756 shares**; however, **1.91 billion restricted shares** were lifted on **June 3, 2021**, increasing unrestricted shares to **37.44%** of total capital - On **June 3, 2021**, **1.912 billion restricted shares** of the company were released from lock-up, increasing unrestricted tradable shares to **2.609 billion**, accounting for **37.44%** of the total share capital[127](index=127&type=chunk) Share Change Table | Share Class | Quantity Before Change | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | | Restricted Shares | 6,271,763,180 | 4,359,556,230 | 62.56 | | Unrestricted Tradable Shares | 696,862,576 | 2,609,069,526 | 37.44 | | **Total Shares** | **6,968,625,756** | **6,968,625,756** | **100** | [Shareholder Information](index=51&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **152,424 common shareholders**, with the top five being state-owned legal entities holding over **60%** of the shares, led by **Laiwu Steel Group Co., Ltd.** at **41.32%** - As of the end of the reporting period, the company had a total of **152,424 shareholders**[131](index=131&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Number of Shares Held | Proportion (%) | Nature of Shares | | :--- | :--- | :--- | :--- | | Laiwu Steel Group Co., Ltd. | 2,879,559,900 | 41.32 | State-owned Legal Entity | | Shandong Energy Group Co., Ltd. | 458,091,900 | 6.57 | State-owned Legal Entity | | Jigang Group Co., Ltd. | 351,729,000 | 5.05 | State-owned Legal Entity | | Shandong Luxin Investment Holdings Group Co., Ltd. | 277,566,330 | 3.98 | State-owned Legal Entity | | Xinwen Mining Group Co., Ltd. | 241,737,300 | 3.47 | State-owned Legal Entity | [Bond-Related Information](index=55&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides an overview of the company's outstanding corporate bonds, company bonds, and non-financial enterprise debt financing instruments, including their terms and repayment status [Overview of Outstanding Bonds](index=55&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) As of the end of the reporting period, the company and its subsidiaries had multiple outstanding public and non-public corporate and subordinated bonds in CNY and USD, with all repayment plans and guarantees unchanged and timely - The company's outstanding publicly issued corporate bonds include various types such as **"18 ZT 01"**, **"19 ZT 01"**, and **"20 ZT 01"**, with maturities covering short-term and medium-term, and interest rates ranging from **3.27% to 4.55%**[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) - The company's outstanding non-publicly issued corporate bonds and subordinated bonds include **"20 ZT F1"** and **"19 ZT C1"**, primarily issued to qualified or professional investors[147](index=147&type=chunk)[148](index=148&type=chunk) - During the reporting period, the company's debt repayment plans and other debt servicing guarantee measures remained unchanged, with all bonds paying interest and/or principal on time and in full[146](index=146&type=chunk) [Financial Report](index=61&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and detailed notes on key financial items and their composition [Financial Statements](index=61&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of **June 30, 2021**, the consolidated financial statements show total assets of **CNY 183.83 billion**, total liabilities of **CNY 147.75 billion**, and equity attributable to parent company shareholders of **CNY 34.89 billion**, with H1 operating revenue of **CNY 5.76 billion** Consolidated Balance Sheet Summary (June 30, 2021) | Item | Amount (CNY) | | :--- | :--- | | **Total Assets** | **183,825,778,245.93** | | Cash and Bank Balances | 41,616,371,632.78 | | Funds Lent | 34,428,225,255.77 | | Trading Financial Assets | 44,830,293,706.25 | | **Total Liabilities** | **147,747,438,040.41** | | Client Funds for Securities Trading | 48,841,820,142.51 | | Financial Assets Sold Under Repurchase Agreements | 27,447,886,293.64 | | Bonds Payable | 38,176,370,793.35 | | **Total Owners' Equity** | **36,078,340,205.52** | | Owners' Equity Attributable to Parent Company | 34,888,807,975.59 | Consolidated Income Statement Summary (Jan-Jun 2021) | Item | Amount (CNY) | | :--- | :--- | | **I. Total Operating Revenue** | **5,760,832,968.28** | | Net Fee and Commission Income | 2,767,367,765.16 | | Net Interest Income | 913,336,823.85 | | Investment Income | 934,583,383.09 | | Gains from Changes in Fair Value | 321,240,840.79 | | **III. Operating Profit** | **2,171,467,467.97** | | **V. Net Profit** | **1,746,412,762.45** | | Net Profit Attributable to Parent Company Shareholders | 1,701,173,015.28 | [Notes to Consolidated Financial Statement Items](index=121&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Financial statement notes detail account compositions and changes, showing trading financial assets primarily in bonds and public funds, and securities brokerage as the largest contributor to net fee and commission income - As of the end of the period, the fair value of bonds and public funds within trading financial assets was **CNY 29.996 billion** and **CNY 5.653 billion**, respectively, constituting the main components[308](index=308&type=chunk) - Within net fee and commission income, net income from securities brokerage business was **CNY 1.649 billion**, and net income from investment banking business was **CNY 702 million**, serving as primary revenue sources[391](index=391&type=chunk) - As of the end of the period, the total book value of assets with restricted ownership or use rights was **CNY 35.981 billion**, primarily consisting of trading financial assets and other debt investments used for pledge repurchases and securities lending collateral[422](index=422&type=chunk) [Securities Company Information Disclosure](index=219&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%AF%81%E5%88%B8%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2) This section covers significant administrative licenses obtained by the company and its regulatory classification results from supervisory authorities [Major Administrative Licenses](index=219&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E8%A1%8C%E6%94%BF%E8%AE%B8%E5%8F%AF%E4%BA%8B%E9%A1%B9%E7%9A%84%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company obtained two key administrative licenses: approval to increase capital in its Hong Kong subsidiary and permission to pilot fund investment advisory services - On **February 8, 2021**, the company was approved to increase capital in **ZT Financial International Co., Ltd**[534](index=534&type=chunk) - On **June 2, 2021**, the company was approved to pilot fund investment advisory business[534](index=534&type=chunk) [Regulatory Classification Results](index=219&type=section&id=%E4%BA%8C%E3%80%81%20%E7%9B%91%E7%AE%A1%E9%83%A8%E9%97%A8%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%9A%84%E5%88%86%E7%B1%BB%E7%BB%93%E6%9E%9C) According to regulatory classification, ZT Securities received an **A-class A-level** rating in **2021** - In **2021**, the company's regulatory classification rating was **A-class A-level**[534](index=534&type=chunk)

ธ股份有限公司 I SECURITIES CO 2020 年度报告 ANNUAL REPORT 中泰证券股份有限公司 2020 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | --- | --- | --- | --- | |----------------|----------------|----------------------|--------------| | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 董事 | 刘锋 | 工作原因 | 李峰 | | 董事 | 曹孟博 | 工作原因 | 李峰 | 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人李峰、主管会计工作负责人袁西存及会计机构负责人（会计主管人员）刘健声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 以公司总股本为基数，向实施权益分派 ...

2020 年半年度报告 公司代码：600918 公司简称：中泰证券 中泰证券股份有限公司 2020 年半年度报告 1/224 2020 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李玮、主管会计工作负责人袁西存及会计机构负责人（会计主管人员）刘健声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者注意 投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司主营业务与国内外经济形势、资本市场走势相关，资本市场波动、行业监管政策调整等 因素都将对公司经营业绩产生直接或间接的影响。 公司已在本报告中详细描述在日常经营 ...