Capital and Financial Performance - The registered capital of China Merchants Securities Co., Ltd. remains at CNY 8,696,526,806.00, unchanged from the previous year[13]. - The net capital increased to CNY 72,833,938,093.62 from CNY 72,735,158,477.64, reflecting a growth of approximately 0.13%[13]. - The total revenue for the first half of 2022 was reported at RMB 5.2 billion, representing a year-on-year increase of 15%[19]. - The net profit attributable to shareholders for the same period was RMB 1.2 billion, up 20% compared to the previous year[19]. - The company's operating revenue for the first half of 2022 was CNY 10,620,582,866.81, a decrease of 25.95% compared to the same period last year[26]. - The net profit attributable to shareholders of the parent company was CNY 4,288,121,463.88, down 25.36% year-on-year[26]. - The total assets at the end of the reporting period were CNY 601,076,312,472.72, reflecting a slight increase of 0.65% from the end of the previous year[26]. - The basic earnings per share decreased to CNY 0.46, down 24.59% compared to CNY 0.61 in the same period last year[27]. - The weighted average return on net assets was 3.98%, a decrease of 1.75 percentage points from the previous year[27]. - The company's net capital at the end of June 2022 was CNY 72,833,938,093.62, slightly up from CNY 72,735,158,477.64 at the end of the previous year[29]. Risk Management - The company faces various risks including market risk, credit risk, and liquidity risk, which are being managed through a comprehensive risk management framework[6]. - The company has established a modern risk management framework consisting of five levels to manage risks in the securities market[115]. - The company has established a comprehensive risk management system covering various types of risks, including market risk, credit risk, operational risk, liquidity risk, reputation risk, and anti-money laundering risk[120]. - The risk management framework includes three lines of defense: self-control by departments, professional risk management by relevant departments, and post-event supervision by the audit and inspection departments[119]. - The company has implemented a quantitative risk management indicator system that includes risk appetite, risk tolerance, economic capital, and risk limits, guiding resource allocation towards high-risk-return businesses[121]. - A comprehensive stress testing mechanism is in place to evaluate liquidity risk, credit risk, market risk, and net capital under extreme scenarios[122]. - The company has developed an integrated risk management platform that supports cross-border, global, and multi-currency risk management, significantly improving risk management efficiency[125]. - The company emphasizes a strong risk management culture, integrating compliance and risk control into its corporate culture and performance evaluation systems[123]. Business Expansion and Strategy - The company plans to launch three new financial products by the end of 2022, aiming to capture a larger market share[19]. - The company is exploring potential mergers and acquisitions to strengthen its market position in the Asia-Pacific region[19]. - The company aims to enhance its market presence by expanding into new geographical areas, particularly in Southeast Asia[19]. - The company has successfully obtained new business qualifications, including membership in the Guangzhou Futures Exchange in June 2022[18]. - The investment banking segment aims to accelerate IPO project issuance and explore innovative businesses like public REITs[85]. - The investment management segment will strengthen its core competitiveness based on research capabilities and expand the scale of private equity funds[85]. Compliance and Governance - The company emphasizes the importance of compliance with regulatory changes in the securities industry, which may impact business strategies and operational costs[6]. - The board of directors and senior management confirm the accuracy and completeness of the financial report for the reporting period[3]. - The company adheres to the corporate governance standards set by the Hong Kong Stock Exchange and has complied with the majority of the recommended best practices[170]. - The company maintains a governance structure that ensures separation and checks and balances among the shareholders' meeting, board of directors, supervisory board, and management[170]. Employee and Community Engagement - The total number of employees in the parent company is 11,300, and the total number of employees including major subsidiaries is 12,232[162]. - The company implemented a training program that achieved a total of 260,000 hours of training and 290,000 participants in the first half of the year[164]. - The company formed a volunteer team to assist in community pandemic prevention efforts, with 96 employees participating in activities from February 17 to March 5, 2022[175]. - The company donated CNY 353,600 to support the "Deli Pupu Primary School Teaching Project" to aid education in impoverished areas[173]. - The company purchased agricultural products worth CNY 1.65 million to support rural revitalization efforts[174]. Financial Transactions and Related Party Transactions - The company reported a total of ¥150,000 million in joint investments with related parties during the first half of 2022[188]. - The company engaged in related transactions with China Merchants Bank, generating ¥13,042.98 million in expenses from various financial services in the first half of 2022, accounting for 2.81% of similar business[185]. - The total cash inflow from interbank borrowing, bond trading, and related transactions was ¥10,157,049.08 million, with a cash outflow of ¥10,112,007.58 million[194]. Financial Products and Services - The company has been authorized to conduct fund investment advisory services by the China Securities Regulatory Commission in June 2021[14]. - The company has been authorized to conduct stock option trading by the China Securities Regulatory Commission in January 2015[15]. - The company has been recognized as a market maker for the CSI 300 ETF options by the Shenzhen Stock Exchange in December 2019[14]. - The company’s credit ABS business underwriting amount was 250.48 billion yuan, maintaining the top position in the industry[65]. Challenges and Regulatory Issues - The company received a warning letter from the Shenzhen Securities Regulatory Bureau on August 9, 2022, citing insufficient due diligence in investment banking activities, including revenue recognition and debt situation assessments[182]. - The company has taken corrective measures to improve its investment banking business structure and due diligence requirements following regulatory scrutiny[182]. - The company has experienced a turnover of 3 senior management personnel during the reporting period, accounting for 10.71% of the total[158].

Financial Performance - In 2021, the company achieved a total revenue and other income of CNY 40.342 billion, a year-on-year increase of 24%[9] - The net profit attributable to shareholders reached CNY 11.645 billion, marking a 23% year-on-year growth, both figures being the highest in the company's 30-year history[9] - The total revenue for the year reached RMB 40.34 billion, representing a year-on-year growth of 24.25%[89] - The pre-tax profit amounted to RMB 13.70 billion, with a year-on-year increase of 21.18%[89] - The net profit attributable to shareholders was RMB 11.65 billion, reflecting a growth of 22.69% compared to the previous year[89] - Total expenses increased to RMB 28.24 billion, marking a year-on-year rise of 27.18%[91] - Commission and fee income grew by 19.58% to RMB 15.30 billion, driven by increased brokerage and underwriting activities[90] - Interest income rose by 16.73% to RMB 11.34 billion, primarily due to the growth in margin financing business[90] - Investment income increased significantly by 39.39% to RMB 9.45 billion, supported by higher dividend and interest income from financial assets[90] Market Position and Strategy - The company ranked among the top three in market share for agency trading business and achieved a record high in the number of new investors, leading the industry[9] - The total scale of entrusted outsourcing surpassed CNY 30 trillion, solidifying the company's leading position in the industry[9] - The company is focusing on wealth management and digital development as part of its strategic goals during the "14th Five-Year Plan" period[6] - The company plans to distribute a cash dividend of RMB 5.40 per 10 shares, totaling approximately RMB 4.70 billion based on 8,696,526,806 shares as of December 31, 2021[12] - The company aims to enhance its asset management capabilities and diversify its service offerings in the coming year[20] - Future outlook includes plans for market expansion and potential mergers and acquisitions to strengthen its competitive edge[20] - The company is committed to promoting green finance and supporting the national strategy of "carbon peak and carbon neutrality"[10] Risk Management - The company faces various risks including regulatory changes, credit risk from counterparties, and market risk due to adverse market conditions[14] - The company is committed to risk management through organizational structure, system frameworks, and information technology systems[14] - The company has established a risk management committee to oversee risk management decisions and ensure compliance with internal controls[135] - The company has developed a comprehensive risk management system that covers various types of risks, including market, credit, operational, liquidity, and reputational risks[137] - The company has implemented a liquidity risk management plan, including maintaining high-quality liquid asset reserves and a minimum reserve amount[168] Corporate Governance - The company emphasizes board diversity, including 2 female members and 8 members with master's degrees[176] - The board consists of 15 members, with 1 executive director, 7 non-executive directors, and 5 independent non-executive directors[176] - The company has established a party committee to enhance governance and decision-making processes[182] - The company has implemented various information disclosure systems to ensure transparency and timely communication with shareholders[183] - The company respects and protects the rights of stakeholders, including creditors, customers, and employees, to promote sustainable development[184] Digital Transformation and Innovation - The company has implemented a digital transformation strategy, launching a series of innovative products and services to leverage new opportunities in the capital market[123] - The company achieved significant results in digital transformation, with monthly active users of the招商证券 APP rising to the top 5 among large brokerages, serving over 2.9 million users through the WeChat ecosystem[124] - The company is investing in financial technology to build a "technology-enabled" ecosystem, aiming for sustainable growth[131] - The company is focused on enhancing its corporate governance structure through the expertise of its board members[192] Client Engagement and Growth - The total number of wealth management clients reached 563,500, an increase of 24.12% year-on-year, with managed assets amounting to 1.67 trillion yuan, up 21.90%[61] - The company achieved a record high in new account openings, with a year-on-year growth of 81.77%, bringing the total client base to approximately 14.79 million, a 29.07% increase[59] - The monthly active users (MAU) of the company's app increased by 15.45% year-on-year, placing it among the top 5 large brokerage firms[60] - The company continues to enhance its digital transformation and private traffic operations, serving over 2.9 million users through its WeChat ecosystem[60] Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25%[190] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of 50 million allocated for potential mergers[190] - Future outlook indicates a focus on digital transformation and innovation, with plans to enhance technological capabilities[191] - The company is exploring potential mergers and acquisitions to strengthen its market position and drive growth[191]

Financial Performance - The total revenue for the first quarter of 2022 was CNY 3,696,270,114.27, representing a decrease of 38.01% compared to the same period last year[1] - The net profit attributable to shareholders was CNY 1,489,516,271.33, down 42.99% year-on-year[1] - The net profit after deducting non-recurring gains and losses was CNY 1,465,711,053.20, a decrease of 43.90% compared to the previous year[1] - The basic earnings per share were CNY 0.15, reflecting a decline of 46.43% year-on-year[1] - Net profit for Q1 2022 was approximately ¥1.49 billion, a decrease of 43.0% from ¥2.62 billion in Q1 2021[13] - Net profit for Q1 2022 was CNY 1,652,971,714.66, a decrease of 7.0% from CNY 1,777,319,973.59 in Q1 2021[19] Cash Flow - The net cash flow from operating activities was CNY 21,250,974,414.47, showing a significant recovery compared to the previous year[4] - Cash flow from operating activities for Q1 2022 was approximately ¥21.25 billion, compared to a negative cash flow of ¥21.16 billion in Q1 2021[15] - Cash inflow from operating activities totaled approximately ¥31.40 billion, an increase from ¥22.57 billion in Q1 2021[15] - Cash flow from operating activities generated CNY 19,886,400,775.43, a significant improvement from a negative cash flow of CNY -17,669,567,558.33 in the previous year[21] - The company experienced a net cash outflow from financing activities of CNY -8,597,144,744.53, compared to a net inflow of CNY 8,353,576,594.11 in the same quarter last year[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 602,653,646,125.61, an increase of 0.91% from the end of the previous year[2] - The total liabilities of the company were RMB 493.65 billion, compared to RMB 484.63 billion at the end of 2021, indicating a rise of approximately 1.9%[12] - The company's total liabilities reached 450,734,426,132.83 as of March 31, 2022, compared to 439,071,324,789.12 at the end of 2021[18] - The company's equity decreased to 100,238,337,887.15 as of March 31, 2022, from 103,607,681,425.67 at the end of 2021[18] Shareholder Equity - Shareholders' equity attributable to shareholders was CNY 108,910,479,648.85, down 3.19% from the end of the previous year[2] - The company's equity attributable to shareholders was RMB 108.91 billion, down from RMB 112.50 billion at the end of 2021, showing a decrease of around 3.2%[12] Operating Expenses and Income - Total operating expenses were approximately ¥2.10 billion, a decrease of 26.5% compared to ¥2.85 billion in Q1 2021[13] - Total operating expenses were CNY 1,520,507,478.66, down 33.0% from CNY 2,269,719,623.84 in the same period last year[19] Investment and Financial Activities - The net cash flow from investing activities was CNY -2,517,715,231.63, a decrease of 125.86% year-on-year[6] - The net cash flow from financing activities was CNY -8,569,624,667.16, down 154.08% compared to the previous year[6] - The company's short-term borrowings decreased to RMB 4.98 billion from RMB 5.25 billion, a reduction of about 5.1%[12] - The company's monetary funds increased to 74,751,674,412.23 as of March 31, 2022, compared to 63,563,514,214.46 at the end of 2021[17] Investor Relations - The company engaged in 131 investor relations activities during the reporting period, maintaining close communication with analysts and investors[10]

Financial Performance - The company's operating revenue for Q1 2022 was CNY 3,696,270,114.27, a decrease of 38.01% compared to the same period last year[4] - Net profit attributable to shareholders for Q1 2022 was CNY 1,489,516,271.33, down 42.99% year-on-year[4] - The basic earnings per share for Q1 2022 was CNY 0.15, reflecting a decline of 46.43% compared to the previous year[4] - Total operating revenue for Q1 2022 was RMB 3,251,911,876.03, a decrease of 25.5% compared to RMB 4,365,325,859.63 in Q1 2021[26] - Net profit for Q1 2022 was RMB 1,652,971,714.66, a slight decrease of 7.0% compared to RMB 1,777,319,973.59 in Q1 2021[27] - The company reported a total profit of RMB 1,592,667,462.38 for Q1 2022, down 48.7% from RMB 3,108,794,667.18 in Q1 2021[17] Assets and Liabilities - The total assets at the end of Q1 2022 amounted to CNY 602,653,646,125.61, representing a slight increase of 0.91% from the end of the previous year[5] - The total assets as of March 31, 2022, were 550,972,764,019.98 RMB, up from 542,679,006,214.79 RMB at the end of 2021[23] - Total liabilities as of March 31, 2022, were RMB 493.65 billion, compared to RMB 484.63 billion at the end of 2021, representing an increase of approximately 1.1%[13][14] - The total equity attributable to shareholders decreased by 3.19% to CNY 108,910,479,648.85 compared to the end of the previous year[5] - The total equity as of March 31, 2022, was 100,238,337,887.15 RMB, down from 103,607,681,425.67 RMB at the end of 2021[25] Cash Flow - The net cash flow from operating activities for Q1 2022 was CNY 21,250,974,414.47, showing a significant improvement compared to the previous year's negative cash flow[8] - Cash flow from operating activities generated a net inflow of RMB 19,886,400,775.43, a significant recovery from a net outflow of RMB -17,669,567,558.33 in Q1 2021[29] - The cash flow from investment activities in Q1 2022 included cash received from investment income of 324,248,837.33 RMB, a decrease from 963,121,937.45 RMB in Q1 2021[21] - The total cash inflow from financing activities in Q1 2022 was 15,559,581,061.34 RMB, down from 51,760,778,589.02 RMB in Q1 2021[21] - The net cash flow from financing activities in Q1 2022 was -8,569,624,667.16 RMB, compared to 15,846,514,262.77 RMB in Q1 2021[21] Income and Expenses - The company reported a significant increase in operating expenses, which totaled CNY 1,644,555,992.67, down 33.01% year-on-year due to reduced labor costs[8] - Total operating expenses for Q1 2022 were RMB 2,095,593,810.27, down 26.5% from RMB 2,853,241,783.10 in Q1 2021[17] - Investment income decreased to RMB 1,786,376,081.59, a decline of 10.0% compared to RMB 1,982,907,234.03 in Q1 2021[16] - Net commission and fee income fell to RMB 2,545,228,773.18, down 8.3% from RMB 2,776,622,931.58 in the previous year[16] Other Financial Metrics - The company experienced a 154.25% increase in other income, totaling CNY 78,663,164.83, primarily due to increased government subsidies received[8] - Interest income for the year-to-date period was CNY 188,131,094.62, a decrease of 63.01% compared to the same period last year[8] - The company reported a decrease in receivables from RMB 1.06 billion to RMB 0.61 billion, a decline of approximately 42%[12] - The company experienced a foreign exchange loss of -84,613,898.84 RMB in Q1 2022, compared to -12,920,853.12 RMB in Q1 2021[22]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.40 per 10 shares, totaling approximately RMB 4.70 billion based on the total shares of 8,696,526,806 as of December 31, 2021[4]. - The company will announce the specific dates for the dividend distribution and related shareholder registration details in due course[4]. - The company did not allocate statutory surplus reserves for the year 2021, maintaining the total distribution amount unchanged even if the total share capital changes[4]. Financial Performance - The company's operating revenue for 2021 was CNY 29.43 billion, an increase of 21.22% compared to CNY 24.28 billion in 2020[42]. - Net profit attributable to shareholders for 2021 reached CNY 11.65 billion, reflecting a growth of 22.69% from CNY 9.49 billion in 2020[42]. - The total assets at the end of 2021 amounted to CNY 597.22 billion, representing a year-on-year increase of 19.51%[42]. - The total liabilities increased by 23.03% to CNY 484.63 billion in 2021, up from CNY 393.90 billion in 2020[42]. - Basic earnings per share for 2021 were CNY 1.25, a rise of 17.92% compared to CNY 1.06 in 2020[44]. - The weighted average return on equity for 2021 was 11.52%, an increase of 0.67 percentage points from 10.85% in 2020[44]. - The net cash flow from operating activities for 2021 was negative CNY 41.19 billion, worsening from negative CNY 9.80 billion in 2020[42]. - The company's net capital at the end of 2021 was CNY 72.74 billion, up from CNY 58.65 billion at the end of the previous year[45]. Risk Management - The company faces various risks including regulatory changes, credit risk from counterparties, market risk from adverse market changes, and liquidity risk related to funding needs[8]. - The company emphasizes the importance of compliance with legal and regulatory frameworks to mitigate potential legal and compliance risks[8]. - The company has a robust risk management framework in place, addressing organizational structure, systematization, and information technology systems to manage identified risks[8]. - The company has established a comprehensive risk management system covering various types of risks, including market risk, credit risk, operational risk, liquidity risk, reputation risk, and anti-money laundering risk[168]. - The company has implemented a multi-level business authorization management system to control credit risk in financing-related businesses[186]. - The company emphasizes the importance of liquidity risk management, with measures including maintaining a reserve of high-quality liquid assets[195]. Market Expansion and Qualifications - The company has been actively involved in market expansion, acquiring qualifications for various derivative trading and market-making activities since 2014[18]. - The company obtained qualifications for various business operations, including credit protection bond repurchase and fund investment advisory services, in June 2021[17]. - The company has expanded its qualifications to include participation in the Sci-Tech Innovation Board's securities lending business as of July 2019[18]. - The company is positioned to leverage its qualifications for future growth in the rapidly evolving financial market[18]. - The company continues to focus on enhancing its service offerings and expanding its market reach through strategic qualifications and partnerships[18]. Client and Asset Management - The number of new accounts opened reached a historical high, with a year-on-year growth of 81.77%, resulting in approximately 14.79 million customers by the end of 2021, a 29.07% increase year-on-year[67]. - The company's managed client assets reached 4.45 trillion yuan, reflecting a year-on-year growth of 16.51%[67]. - The wealth management client base grew to 563,500, with managed assets of 1.67 trillion yuan, representing year-on-year increases of 24.12% and 21.90%, respectively[68]. - The company's private fund custody product count reached 3.54 million, with a scale of 3.60 trillion yuan, reflecting a year-on-year growth of 34.74% and 25.55% respectively[79]. Investment Banking and Underwriting - The company ranked 7th in A-share IPO underwriting amount and number of cases, and 9th in refinancing underwriting amount and cases[83]. - The company completed 14 IPO projects in the Hong Kong market with an underwriting amount of USD 750 million, ranking 5th among Chinese securities firms[83]. - The company's domestic bond underwriting amount reached CNY 489.54 billion in 2021, a year-on-year increase of 18.81%, ranking 7th in the industry[88]. - In 2021, the total scale of A-share equity financing reached CNY 1,596.04 billion, a year-on-year increase of 15.70%[82]. Digital Transformation and Technology - The company plans to enhance its digital transformation and improve core business competitiveness while maintaining stable growth in operating performance[105]. - The company has established a financial technology center and upgraded its digital capabilities, including the launch of a cloud-native core trading system[150]. - The company's APP monthly active users (MAU) increased by 15.45% year-on-year, ranking among the top 5 large brokerages[69]. Compliance and Governance - The company has a comprehensive approach to maintaining a good market image and compliance with regulatory requirements in both mainland China and Hong Kong[200]. - The governance structure of the company complies with relevant laws and regulations, ensuring a balanced separation of powers among shareholders, the board, and management[200]. - The company has engaged Deloitte as its domestic and international accounting firm for the reporting period[41].

CMS ூ 招商证券 (於中華人民共和國註冊成立的股份有限公司) 股份代號: 6099 2020 年度報告 TI 2020 年度報告 霍達 董事長 不負時代向未來 霍達董事長2020年年報致辭 2020年，兩個「一百年」奮鬥目標歷史交匯，世紀疫情和百年變局交織。在這個極不平凡的年份裡，招商 證券牢固樹立「金融報國」的價值追求，戰疫情，推改革，控風險，創業績，全力打好疫情防控阻擊戰、復工 復產陣地戰和年度目標攻堅戰。在既定的戰略軌道上，公司發展穩中有進、變中有新。 這一年來，公司直面疫情挑戰，迎難而上，拓收增效，實現營業收入242.78億元（中國會計準則），歸屬 於上市公司股東的淨利潤94.92億元，均取得公司歷史第二好的經營業績，同比分別增長29.77%和30.34%。 公司核心業務指標中，經紀業務代理買賣淨收入份額這一「基本盤」業務指標躍升至行業第2，託管業務穩居行 業第1，機構業務、主動資產管理規模等關鍵業務指標穩步提升。同時，公司堅持合規穩健經營，較好地控制 了各類風險，連續13年獲得分類監管A類AA級評級。 這一年來，我們保持戰略定力，搶抓市場機遇，扎扎實實擴優勢、補短板、強弱項，著力做好打基礎、 管 ...