2023 年第一季度报告 证券代码：601198 证券简称：东兴证券 东兴证券股份有限公司 2023 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 （一）公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、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）公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 （三）第一季度财务报表是否经审计 □是√否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | --- | |-----------------------------------------------|-------------------|--------------------|----------------------------------------| | 项目 | 本报告期 | | 本报告期比上年同期增减变 ...

Financial Performance - The company reported a total revenue of 1.5 billion CNY for the fiscal year 2022, representing a year-over-year increase of 15%[32] - The company reported a total revenue of 1.2 billion in 2022, representing a year-over-year growth of 15%[33] - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[164] - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2022, representing a 20% growth compared to the previous year[165] - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[32] - The company provided a positive outlook for the next quarter, projecting revenue growth of 10% to 12%[164] - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues of approximately 1.32 billion[162] - The company has set a future outlook with a revenue guidance of 1.5 billion for the next fiscal year, indicating a growth target of 25%[171] Profit Distribution - The proposed profit distribution plan for 2022 includes a cash dividend of RMB 0.05 per share, totaling RMB 161,622,276.00, which accounts for 31.25% of the net profit attributable to shareholders[4] - The company’s profit distribution plan for 2022 was approved, considering internal and external factors, current status, development plans, future funding needs, and long-term interests of shareholders[192] - The company distributed cash dividends of CNY 468,853,311.69 for the 2020 fiscal year, representing 30.45% of the net profit attributable to shareholders[200] - For the 2021 fiscal year, the cash dividends distributed amounted to CNY 840,435,835.20, which accounted for 50.87% of the net profit attributable to shareholders[200] Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact its operational performance[6] - The company has implemented measures to mitigate various risks, including legal, market, credit, operational, liquidity, and reputational risks[7] - The company emphasizes the importance of compliance with laws and regulations to avoid legal and compliance risks[7] - The company has established a comprehensive risk management framework that covers all business activities and processes[144] - The company has developed a clear risk control indicator system to monitor various types of risks, including market, credit, liquidity, operational, compliance, money laundering, and reputational risks[144] - The company has established a reputation risk management strategy to enhance communication with external media and improve response capabilities[142] - The company has maintained a strong credit rating and has a comprehensive external credit line exceeding RMB 100 billion[124] - The company has established a comprehensive liquidity risk management system, including various management policies and emergency plans[123] Organizational Structure - The company has a diverse organizational structure with multiple subsidiaries and branch offices to enhance market presence[24] - The company operates 75 securities business departments across various regions, with the highest concentration in Fujian (34 departments) and Beijing (6 departments)[30] - As of December 31, 2022, the company has 5 wholly-owned subsidiaries, including Dongxing Futures with a registered capital of 51,800,000 RMB and Dongxing Investment with 200,000,000 RMB[24] - The company has established a complete governance structure with clear responsibilities among the shareholders' meeting, board of directors, supervisory board, and senior management[149] - The board of directors consists of 15 members, including 5 independent directors and 4 executive directors, ensuring compliance with legal requirements[149] - The supervisory board comprises 4 members, including 2 shareholder representatives and 2 employee representatives, effectively overseeing financial status and risk management[150] Market Expansion and Strategy - The company has expanded its business scope to include internet securities and financial product distribution, indicating a strategic move towards digital finance[15] - Market expansion plans include entering three new provinces, targeting a 5% market share within the first year[32] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million CNY allocated for this purpose[32] - The company plans to enhance its bond financing business by leveraging its full licensing advantages and focusing on innovative products like AMC+ABS/Reits[82] - The company aims to expand its services in the North Exchange and continue to develop its financial advisory business, particularly in debt restructuring and asset reorganization[83] - The company is focused on expanding its market reach through strategic mergers and acquisitions, as evidenced by its historical activities[21] Compliance and Governance - The company has not faced any administrative penalties or regulatory measures related to its role as a sponsor for a specific IPO[8] - The company’s management structure includes 274 management personnel, 90 research staff, and 1,293 brokerage staff among others[193] - The company’s compliance and risk management personnel totaled 147, ensuring effective internal controls[193] - The company’s board of directors and management adhered to legal and regulatory requirements, with no violations reported[191] - The company has implemented various internal regulations to enhance governance and operational efficiency, aligning with regulatory standards[149] Financial Position - The net profit attributable to shareholders for 2022 was CNY 517,197,649.74, down 68.70% from CNY 1,652,243,606.93 in the previous year[38] - The company's operating revenue for 2022 was CNY 3,429,193,721.41, a decrease of 36.21% compared to CNY 5,375,748,343.46 in 2021[38] - The total assets as of December 31, 2022, were CNY 101,753,397,289.12, reflecting a 2.82% increase from CNY 98,965,019,340.87 at the end of 2021[39] - The total liabilities increased by 4.69% to CNY 75,664,746,197.04 in 2022, compared to CNY 72,271,904,877.92 in 2021[39] - The company's debt-to-asset ratio was 69.49%, an increase of 3.35 percentage points from the previous year[110] Technology and Innovation - The company is investing 200 million CNY in research and development for new technologies aimed at enhancing user experience[32] - The company is investing in new technology development, allocating $50 million towards R&D initiatives[164] - The company is exploring partnerships with tech firms to leverage AI capabilities, aiming to increase operational efficiency by 20%[165] - The company is committed to absolute returns in investments, expanding cross-border investment scale, and improving comprehensive service capabilities in OTC derivatives[132] Customer Engagement - The company has a dedicated customer service hotline (95309) to enhance client engagement and support[18] - The company reported a 20% increase in customer retention rates due to improved service quality and support[32] - Customer satisfaction ratings improved to 90%, up from 85% last year, reflecting better service and product quality[33] Management Changes - In 2022, the company appointed Li Juan as the new chairman and legal representative after the resignation of Wei Qinghua[167] - The company reported significant management changes, including the appointment of Liu Liang as the compliance officer and chief risk officer[168] - The company is actively seeking new independent directors to maintain compliance with board composition requirements[168] - The company has experienced turnover in key management positions, indicating potential shifts in strategic direction[167]

证券代码：601198 证券简称：东兴证券 公告编号：2023-008 东兴证券股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2023 年 04 月 06 日（星期四）下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 03 月 30 日（星期四）至 04 月 04 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dshms@dxzq.net.cn 进行提问。公司将在 2022 年度业绩说明会上就投资者普遍关 注的问题进行回答。 东兴证券股份有限公司（以下简称"公司"）将于 2022 年 03 月 31 日发布 公司 2022 年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成 果、财务状况 ...

Financial Performance - Operating revenue decreased by 18.04% year-on-year to CNY 2,803,410,242.44, and decreased by 26.71% year-to-date[4] - Net profit attributable to shareholders decreased by 39.11% year-on-year to CNY 547,100,169.71, and decreased by 53.65% year-to-date[4] - Basic earnings per share decreased by 47.85% year-on-year to CNY 0.169[4] - Total revenue for the first three quarters of 2022 was ¥2,803,410,242.44, a decrease of 26.6% compared to ¥3,824,878,302.18 in the same period of 2021[21] - Net profit for the third quarter was ¥547,066,485.13, a decrease of 53.7% compared to ¥1,180,662,408.63 in the same quarter of 2021[22] - Net profit for the third quarter of 2022 was ¥723.45 million, down 27.8% from ¥1.00 billion in the same quarter of 2021[31] Assets and Liabilities - Total assets decreased by 4.90% compared to the end of the previous year, amounting to CNY 94,113,722,321.07[6] - Total assets as of September 30, 2022, were ¥94,113,722,321.07, down from ¥98,965,019,340.87 at the end of 2021, a reduction of 4.3%[20] - Total liabilities decreased to ¥67,575,571,172.45 from ¥72,271,904,877.92, reflecting a decline of 6.5%[20] - The total liabilities as of September 30, 2022, included short-term financing payables of CNY 2,418,703,638.63, slightly down from CNY 2,487,518,431.44 at the end of 2021[26] - The company's equity attributable to shareholders was ¥26,500,158,363.49, down from ¥26,658,735,548.01, a decrease of 0.6%[20] Cash Flow - Cash flow from operating activities increased by 34.91% year-on-year to CNY 8,722,201,716.44[10] - The net cash flow from operating activities for the first three quarters of 2022 was CNY 8,722,201,716.44, compared to CNY 6,465,404,810.36 in the same period of 2021, representing a 35% increase[24] - The net cash flow from investment activities was CNY -7,069,732,779.65, reflecting increased cash outflows for investments[10] - The net cash flow from investing activities for Q3 2022 was -CNY 7,069,732,779.65, a significant decrease from CNY 1,984,290,872.85 in Q3 2021[24] - The net cash flow from financing activities for Q3 2022 was -CNY 6,455,697,741.04, compared to -CNY 5,938,471,397.60 in Q3 2021[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 96,106[11] - The largest shareholder, China Orient Asset Management Co., Ltd., holds 1,454,600,484 shares, accounting for 45.00% of the total shares[11] - Jiangsu Railway Group Co., Ltd. holds 128,194,061 shares, representing 3.97% of the total shares[11] - The company distributed a cash dividend of RMB 0.26 per share, totaling RMB 840,435,835.20, based on a total share capital of 3,232,445,520 shares[14] Corporate Changes and Legal Matters - The company changed its business scope and reissued its business license in August 2022 to adapt to operational development needs[15] - The chairman of the board, Wei Qinghua, resigned on September 26, 2022, and Li Juan was elected as the new chairman on October 18, 2022[16] - The company is currently involved in ongoing litigation, including a loan contract dispute and a stock pledge repurchase dispute[17] Investment and Income - Net interest income increased to ¥1,068,319,620.09 from ¥738,183,239.62, reflecting a growth of 44.7% year-over-year[21] - Net commission and fee income was ¥1,631,180,808.46, slightly up from ¥1,612,307,647.30, indicating a marginal increase of 1.4%[21] - Investment income decreased significantly to ¥351,584,757.85 from ¥706,508,861.99, representing a decline of 50.2%[22] - The company reported a significant increase in cash and cash equivalents, totaling ¥15,027,299,713.26, down from ¥19,121,474,885.04, a decline of 21.5%[20] - The company’s investment banking fee income rose to ¥851.03 million, up 20.4% from ¥706.49 million in the previous year[29]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,782,753,700.41, a decrease of 30.89% compared to ¥2,579,496,426.55 in the same period last year[19]. - Net profit attributable to shareholders of the parent company was ¥273,300,539.37, down 62.59% from ¥730,606,968.98 year-on-year[19]. - The net cash flow from operating activities increased by 112.95% to ¥7,748,892,529.44, compared to ¥3,638,847,126.29 in the previous year[19]. - Total assets at the end of the reporting period were ¥102,903,041,615.18, reflecting a 3.98% increase from ¥98,965,019,340.87 at the end of the previous year[19]. - Total liabilities increased by 6.24% to ¥76,780,398,942.67 from ¥72,271,904,877.92 year-on-year[19]. - Basic earnings per share decreased by 67.92% to ¥0.085 from ¥0.265 in the same period last year[20]. - The weighted average return on net assets dropped to 1.02%, a decrease of 2.38 percentage points from 3.40% year-on-year[20]. - The company's net capital at the end of the reporting period was ¥20,272,130,203.22, down from ¥21,751,669,087.73 at the end of the previous year[21]. - The liquidity coverage ratio decreased to 218.40% from 344.56% year-on-year[21]. - Non-recurring gains and losses totaled ¥11,526,669.64, primarily from government subsidies and other non-operating income[23]. Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact operational performance[4]. - The operational risks include market price fluctuations of financial positions and potential credit risks from clients failing to fulfill contractual obligations[4]. - The company emphasizes the importance of compliance with legal and regulatory requirements to mitigate legal and compliance risks[4]. - There are no significant changes in the risk factors compared to the previous year[4]. - The company has established a comprehensive risk management system, enhancing its risk control capabilities and effectively managing various operational risks[110]. - A four-tier risk management structure has been implemented, ensuring that risk management covers all departments and personnel within the company[111]. - The company has developed a risk tolerance framework and key risk limit indicators, which are effectively enforced[112]. - The company has implemented a dynamic monitoring system for risk control indicators, achieving T+1 day monitoring and automatic early warning[105]. - The company actively manages financing channels to ensure the stability and reliability of funding sources[98]. - The company has established a capital replenishment mechanism to adjust the scale and structure of its operations based on changes in regulatory risk control indicators[106]. Business Qualifications and Market Presence - The company holds various business qualifications, including membership in the Beijing Stock Exchange since November 2021 and as a Qualified Domestic Institutional Investor since August 2021[12]. - The company has been authorized for fund investment advisory pilot business by the China Securities Regulatory Commission since June 2021[12]. - The company achieved a significant milestone by obtaining the qualification for non-financial corporate debt financing instruments underwriting business in January 2021[12]. - The company has expanded its capabilities with qualifications for interest rate swap trading and market-making in the interbank bond market since October 2020[12]. - The company has been actively involved in the Hong Kong market, obtaining licenses for asset management and securities trading since February 2017[13]. - The company has been a member of the China Securities Investment Fund Association since May 2015, enhancing its position in the fund management sector[13]. - The company has qualifications for various financial services, including securities brokerage and investment consulting, since May 2008[14]. - The company has been involved in the underwriting and sponsorship of securities since May 2008, indicating its active role in capital markets[14]. - The company has qualifications for third-party custody of transaction settlement funds since June 2007, ensuring compliance and security in financial transactions[14]. - The company has continuously expanded its business qualifications, reflecting its growth strategy and commitment to enhancing service offerings in the financial sector[12][13][14]. Legal and Compliance Issues - There were no significant lawsuits or arbitration matters reported during the reporting period, indicating a stable legal standing[124]. - The company has not faced any legal penalties or public reprimands during the reporting period[141]. - The company has not reported any significant reputation risk events during the reporting period[104]. - The company has undertaken various commitments related to compliance management, risk management, and information system construction from 2021 to 2023[123]. - The company has successfully adhered to its commitments regarding the repurchase of shares and compensation for investor losses in cases of false disclosures[121]. - The company is currently in the process of enforcing the court's decision, which has not materially affected its operations[127]. - The company continues to monitor and manage its legal risks associated with ongoing litigation[133]. - The company has engaged legal counsel to navigate the complexities of the lawsuits, particularly those involving securities law[133]. - The company remains committed to protecting its financial interests through legal avenues as necessary[133]. Shareholder and Capital Structure - The registered capital remains at CNY 3,232,445,520.00, unchanged from the previous year[11]. - The company has a three-year dividend plan in place from 2021 to 2023, demonstrating its commitment to shareholder returns[123]. - The total number of ordinary shareholders reached 96,401 by the end of the reporting period[155]. - The largest shareholder, Jiangsu Railway Group, holds 1,454,600,484 shares, representing 45.00% of the total shares[155]. - The company did not experience any changes in total shares or share capital structure during the reporting period[153]. - The company reported a profit distribution of CNY 840,435,835.20, which was allocated to undistributed profits[188]. - The total equity attributable to shareholders decreased by CNY 420,491,020.10 during the first half of 2022[188]. - The capital reserve at the end of the first half of 2022 was CNY 13,761,149,188.72, unchanged from the beginning of the year[188]. - The paid-in capital remained stable at CNY 3,232,445,520.00 throughout the reporting period[188]. - The company has not reported any stock incentive plans for directors, supervisors, or senior management during the reporting period[157]. Investment and Asset Management - The company’s public fund management scale surpassed CNY 30 billion, with multiple products showing strong investment performance[40]. - The company is focused on transforming its brokerage business into wealth management, with steady progress noted in this area[39]. - The company aims to enhance its investment banking capabilities by leveraging the advantages of its parent company, China Orient[35]. - The company’s investment activities generated a net cash flow of CNY -6,812,930,686.22, indicating a significant increase in cash outflows compared to the previous year[27]. - The company’s total assets under management amounted to 28.73 billion RMB, with a decrease of 8.53% year-on-year[63]. - The company’s bond underwriting amount was 9.579 billion yuan, a decrease of 53.32% compared to the same period last year[59]. - The company aims to develop ESG bonds and other types of bonds in line with national policies to expand its bond business[61]. - The company plans to enhance its non-directional investment strategies and increase the scale and proportion of such investments in the future[53]. - The company’s investment income dropped to CNY 29,338,195.49, down 94.15% from CNY 501,079,870.26 in the same period last year[26]. - The company’s asset management segment generated operating income of 4.5 million yuan, representing 2.55% of total revenue[62]. Cash Flow and Financial Position - The net cash flow from operating activities for the first half of 2022 was CNY 8,428,856,853.84, a significant increase from CNY 2,940,756,149.57 in the same period of 2021, representing a growth of approximately 186%[182]. - The total cash inflow from operating activities was CNY 13,996,792,009.02, compared to CNY 7,385,799,804.96 in the previous year, indicating a year-over-year increase of about 89%[182]. - The net cash flow from investment activities was negative CNY 6,700,152,237.84, a decline from a positive cash flow of CNY 3,704,035,974.79 in the first half of 2021[182]. - The cash flow from financing activities resulted in a net outflow of CNY 1,843,677,060.43, improving from a net outflow of CNY 6,067,479,151.71 in the same period last year[182]. - The total liabilities decreased by CNY 1,170,377,527.34, reflecting a reduction in financial obligations compared to the previous year[182]. - The company’s interest income from operating activities increased to CNY 2,810,599,280.86 from CNY 2,428,387,121.28, marking a growth of approximately 16%[182]. - The company reported a net increase in cash and cash equivalents of CNY -110,490,820.06 for the first half of 2022, compared to an increase of CNY 575,436,204.05 in the same period of 2021[182]. - The total comprehensive income for the first half of 2022 was CNY 395,846,369.89, down from CNY 631,134,953.63 in the same period of 2021[178]. - The company’s total equity at the end of the reporting period was CNY 26,693,114,462.95, reflecting a decrease due to comprehensive losses during the period[183]. - The total comprehensive income for the period was approximately 731.66 million, with a significant decrease of 1.94 million compared to the previous period[187].

Financial Performance - The proposed profit distribution plan for 2021 includes a cash dividend of RMB 2.60 per 10 shares, totaling RMB 840,435,835.20, which accounts for 50.87% of the net profit attributable to shareholders [4]. - The company reported a total revenue of 1.2 billion in 2021, representing a year-over-year growth of 15% [32]. - Total revenue for 2021 was CNY 5,375,748,343.46, a decrease of 5.48% compared to 2020 [38]. - Net profit attributable to shareholders of the parent company was CNY 1,652,243,606.93, an increase of 7.31% year-on-year [38]. - The company reported a total revenue of RMB 5.376 billion for 2021, a decrease of 5.48% compared to the previous year, while net profit attributable to shareholders increased by 7.31% to RMB 1.652 billion [105]. - The company achieved a net profit margin of 12%, reflecting improved operational efficiency [174]. Assets and Liabilities - The net capital at the end of 2021 was RMB 21,751,669,087.73, up from RMB 17,864,109,080.41 in the previous year [13]. - Total assets as of December 31, 2021, reached CNY 98,965,019,340.87, representing a 14.58% increase from 2020 [39]. - Total liabilities amounted to CNY 72,271,904,877.92, a rise of 10.86% compared to the previous year [39]. - The company's total assets reached RMB 98.965 billion, a year-on-year increase of 14.58%, while net assets grew by 26.00% to RMB 26.693 billion [105]. - The company's asset-liability ratio was 66.14% as of December 31, 2021, a decrease of 3.79 percentage points from the end of 2020 [120]. Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact its operational performance [7]. - The company has implemented measures to mitigate risks, including optimizing business processes and enhancing organizational structure [7]. - The company emphasizes the importance of compliance with legal and regulatory requirements to avoid legal and operational risks [7]. - The company has established a liquidity risk management framework, including various management policies and emergency response plans [131]. - The company has implemented a comprehensive risk management system, emphasizing proactive risk identification and control measures [143][146]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025 [15]. - The company is investing in new technology development, with a budget allocation of $50 million for R&D in the upcoming fiscal year [15]. - The company aims to enhance its competitive edge by focusing on digital transformation and integrating resources from its parent company, China Orient [59]. - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $200 million allocated for this purpose [174]. - The company plans to implement a shareholder return plan for the next three years (2021-2023) [198]. Corporate Governance - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities and operational norms [157]. - The board of directors comprises 15 members, including 5 independent directors, and has effectively made decisions on major operational matters [159]. - The company has appointed several independent directors with extensive backgrounds in finance and economics, enhancing its governance structure [172]. - The company is focusing on expanding its market presence and enhancing its compliance and risk management frameworks [170]. Compliance and Audit - The audit report issued by PwC confirmed the financial statements' accuracy and completeness [3]. - The financial statements for 2021 received a standard unqualified audit opinion from PwC, indicating that they fairly reflect the company's financial position and operating results [200]. - The company has not faced any penalties from securities regulatory agencies in the past three years [184]. Subsidiaries and Business Segments - As of December 31, 2021, the company has five wholly-owned subsidiaries, including Dongxing Futures with a registered capital of RMB 518 million and Dongxing Investment with RMB 2 billion [26][27]. - The company completed 132 bond underwriting projects in 2021, ranking 23rd in the industry [59]. - The company's wealth management business generated revenue of CNY 2.20 billion in 2021, accounting for 40.90% of total revenue, with a year-on-year growth of 11.20% [66]. Technology and Innovation - The company is focusing on digital transformation and enhancing resource utilization efficiency through digital operations [139]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience [174]. - The company is actively exploring new digital and technological applications to drive innovation and collaboration [139].

Profit Distribution - The proposed profit distribution plan for 2019 includes a cash dividend of RMB 1.40 per 10 shares, totaling approximately RMB 386.11 million, which accounts for 31.63% of the net profit attributable to shareholders[7]. - The cash dividend distribution for 2018 was RMB 1.10 per 10 shares, totaling RMB 303.38 million, representing 30.10% of the net profit attributable to shareholders[181]. - The company has established a three-year shareholder return plan (2018-2020) to ensure a stable dividend mechanism[178]. - As of December 31, 2019, the company's distributable profits amounted to RMB 3.12 billion[181]. - The company’s profit distribution policy is compliant with industry regulations and provides a clear decision-making process for dividend distribution[179]. - The company will adjust the per-share distribution ratio if there are changes in total share capital before the equity distribution date[182]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits during the reporting period[183]. Financial Performance - The company reported a total revenue of 1.2 billion in 2019, representing a year-over-year growth of 15%[39]. - In 2019, the company's operating income reached CNY 3,973,389,371.74, representing a year-on-year increase of 19.88% compared to CNY 3,314,496,768.38 in 2018[44]. - The net profit attributable to shareholders of the parent company was CNY 1,220,698,859.37, up 21.10% from CNY 1,008,047,034.40 in the previous year[44]. - The company achieved net income of CNY 1.04 billion in 2019, with a net profit attributable to the parent company of CNY 8.44 billion[64]. - The wealth management business generated 1.521 billion RMB in revenue, accounting for 38.29% of total operating income, with a year-on-year growth of 12.70%[76]. - The proprietary trading business saw revenue rise by 38.97% year-on-year, contributing 698.88 million RMB, or 17.59% of total revenue[76]. - The investment banking segment reported revenue of RMB 786,205,967.64, growing by 37.06% compared to the previous year[117]. Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact its operational performance[10]. - The company has implemented measures to mitigate risks, including optimizing business processes and enhancing organizational structure[10]. - The company has maintained a consistent approach to risk management, with no significant changes from the previous year[10]. - The company has established a comprehensive risk management system, continuously improving its risk control mechanisms to ensure stable business development[69]. - The company has implemented strict investment research and approval processes to manage market risk, including exposure limits and stress testing[158]. - The company has established an internal credit evaluation mechanism to control credit risk associated with bond investments and has implemented a diversified investment strategy[160]. - The company emphasizes liquidity risk management by monitoring the maturity structure of assets and liabilities and establishing a liquidity risk limit and early warning system[161]. Business Expansion - The company has expanded its business scope to include securities brokerage, investment consulting, and asset management services[18]. - The company has been actively involved in market expansion, evidenced by its membership in multiple trading centers and qualification for various financial services[18]. - The company aims to leverage its extensive network of securities business departments to capture a larger market share in the financial services sector[38]. - The company is focused on enhancing its service offerings through the establishment of new business locations in various provinces[38]. - The company is actively pursuing international expansion through the establishment of overseas subsidiaries and partnerships, aiming to tap into new growth areas[149]. Regulatory Compliance - Deloitte Huayong issued a standard unqualified audit report for the company[6]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[9]. - The company’s financial performance is closely tied to the regulatory environment and market trends in the securities industry[10]. - The company has established a comprehensive compliance management system with a four-level organizational structure, including the board of directors, compliance director, legal department, and compliance personnel from subsidiaries[164]. Financial Instruments and Standards - The company implemented new financial instrument standards effective from January 1, 2019, impacting the classification and measurement of financial assets[186]. - The company’s financial assets are now categorized into three main types based on cash flow characteristics and management business models[187]. - The expected credit loss model replaced the incurred loss model, leading to an increase in credit loss provisions to RMB 799,660,381.62 from RMB 377,867,282.73[197]. - The total amount of financial assets measured at fair value decreased by RMB 12,733,307,151.79 due to reclassification adjustments[199]. Market Position - The company has established a significant presence in the securities market, with a total of 70 business locations, indicating a robust operational footprint[38]. - The company completed 9 IPO projects and 14 equity refinancing projects in 2019, ranking 10th in the industry for the number of lead underwriting[92]. - The company’s bond underwriting amount reached 40.58 billion yuan in 2019, a year-on-year increase of 147.61%[96]. - The top 10 securities companies accounted for 41.82% of the industry's revenue and 52.95% of its net profit in 2019, showing a concentration of market power[147]. Technology and Innovation - The company invested 150 million in R&D for new technologies, focusing on AI and machine learning[39]. - The company successfully launched the 198 Comprehensive APP, which won multiple awards and saw a 48.13% increase in trading volume compared to the previous year[81]. - The application of financial technology is increasingly reshaping the competitive landscape of the financial industry, enhancing customer experience and operational efficiency[150]. - The company is enhancing its financial technology capabilities to build a digital platform that supports sustainable and efficient business operations, improving operational efficiency and risk control capabilities[155].

2018 年第三季度报告 公司代码：601198 公司简称：东兴证券 东兴证券股份有限公司 2018 年第三季度报告 1 / 18 | 一、 重要提示 3 | | --- | | 二、 公司基本情况 3 | | 三、 重要事项 5 | | 四、 附录 9 | 2018 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | 项目 | 本期金额 | | 年初至报告期末金额 | 说明 | | | | （7-9 | 月） | （1-9 月） | | | | 计入当期损益的政府补助，但与公司正 常经营业务密切相关，符合国家政策规 | | | | | | | | 4,359.60 | | 2,507,130.91 | | 无 | | 定、按照一定标准定额或定量持续享受 | | | | | | | 的政府补助除外 | | | | | | | 除上述各项之外的其他营业外收入和支 | -1,565,779.89 | | 1,772,811.32 | | ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,470,051,891.72, representing a 4.16% increase compared to CNY 1,411,343,024.47 in the same period last year[25]. - The net profit attributable to shareholders of the parent company was CNY 575,843,620.48, a 1.99% increase from CNY 564,588,702.25 year-on-year[25]. - The total assets at the end of the reporting period reached CNY 85,761,997,704.54, marking a 10.26% increase from CNY 77,780,746,289.12 at the end of the previous year[25]. - The total liabilities increased by 12.97% to CNY 66,119,519,796.04 from CNY 58,527,462,905.17 at the end of the previous year[25]. - The basic earnings per share for the first half of 2018 was CNY 0.209, up 1.95% from CNY 0.205 in the same period last year[26]. - The weighted average return on equity decreased to 2.97%, down 0.05 percentage points from 3.02% year-on-year[26]. - The liquidity coverage ratio decreased to 154.06% from 239.83% year-on-year[26]. - The total non-recurring gains and losses amounted to CNY 4,380,486.87 during the reporting period[27]. Capital and Funding - The registered capital of Dongxing Securities remains at CNY 2,757,960,657, unchanged from the previous year-end[15]. - The net capital decreased to CNY 17,840,195,911.37 from CNY 19,608,892,499.77, reflecting a decline of approximately 9.0%[15]. - The company raised a total of 6.636 billion RMB in new borrowings in the first half of 2018, including 5.3 billion RMB from new corporate bonds[127]. - The company issued a total of CNY 20 billion in subordinated bonds, with "16 Dongxing 02" having a coupon rate of 3.68%[156]. - The company has a total outstanding bond balance of RMB 17,079.52 million and a subordinate bond balance of RMB 5 billion[159]. Risk Management - Major risks include market risk, credit risk, liquidity risk, operational risk, and compliance risk, which are closely tied to the domestic macroeconomic environment and capital market fluctuations[6]. - The company emphasizes the importance of regulatory compliance and risk management in its operations to mitigate potential impacts from market volatility[6]. - The risk coverage ratio was 206.31%, down from 230.43% at the end of the previous year[26]. - Credit risk is managed through strict client suitability assessments and internal credit evaluation mechanisms[85]. - Liquidity risk is mitigated by maintaining a robust liquidity management system and holding highly liquid financial instruments[87]. Business Operations - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, enhancing its operational capabilities[15]. - The report indicates that the company is focused on expanding its service offerings and enhancing its market presence through strategic initiatives[6]. - The company established 5 new branches and 2 new business departments, increasing the total number of branches from 79 to 82[59]. - The company completed 12 equity projects and 15 debt projects, with a total underwriting amount of RMB 290.53 billion, an increase of 25.53% year-on-year[64]. - The company’s investment banking business net income was RMB 3.29 billion, reflecting a growth of 16.01% compared to the previous year[63]. Shareholder and Stock Management - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - The company plans to reduce its shareholding in Dongxing Securities by no more than 2% of the total shares each year after the lock-up period expires[101]. - The company will implement measures to stabilize its stock price, including stock buybacks and increasing shareholdings by major shareholders[101]. - The company will disclose specific measures for stabilizing stock prices within 15 trading days after triggering conditions[101]. - A cash dividend of no less than 5% of the distributable profit from the previous fiscal year will be distributed to all shareholders if stabilization measures are not executed[102]. Compliance and Governance - The company has appointed Deloitte Huayong as the financial audit and internal control audit institution for the year 2018[105]. - The company received a warning and a fine of RMB 1,000 from the State Administration of Foreign Exchange for failing to register direct investment stock rights from 2015 to 2016, and has completed the necessary rectification[106]. - The company has committed to maintaining the legal rights of all shareholders and will not engage in actions that harm the interests of Dongxing Securities or its shareholders[104]. - The company has established a compensation mechanism for investors in case of losses due to false statements in the prospectus[103]. - The company has not faced any penalties or investigations involving its directors, supervisors, or senior management during the reporting period[106]. Social Responsibility - The company invested approximately 1.06 million RMB in targeted poverty alleviation efforts during the first half of 2018, conducting 10 visits and assessments[120]. - A total of 1.0583 million RMB was allocated for social poverty alleviation, with 1 million RMB specifically for the poverty alleviation public welfare fund[119]. - The company received the "Outstanding Contribution Award for Poverty Alleviation Work in 2017" from the China Poverty Alleviation Foundation in March 2018[119]. - The company plans to continue its "Financial Poverty Alleviation + Educational Poverty Alleviation" strategy, focusing on four designated poverty-stricken counties in 2018[121].

Financial Performance - The proposed profit distribution plan for 2017 is to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 413,694,098.55, which accounts for 31.60% of the net profit attributable to the parent company [7]. - The company’s net profit for 2017 was 1.31 billion RMB, a decrease of 3.23% compared to the previous year [79]. - Total operating revenue for 2017 was CNY 3,626,978,660.51, representing a 1.51% increase compared to CNY 3,573,200,156.02 in 2016 [44]. - The net profit attributable to shareholders of the parent company decreased by 3.23% to CNY 1,309,249,598.89 from CNY 1,352,929,314.59 in the previous year [44]. - The comprehensive income for 2017 was CNY 2,539,397.43, a significant recovery from a loss of CNY 710,669,272.81 in 2016 [44]. - The company achieved a net profit of RMB 20.45 billion, RMB 13.53 billion, and RMB 13.09 billion for the years 2015, 2016, and 2017 respectively, demonstrating consistent profitability [139]. Capital Structure and Financing - The company's registered capital remains at RMB 2,757,960,657, while the net capital decreased to RMB 19,608,892,499.77 from RMB 20,022,118,906.82 in the previous year [17]. - The company raised a total of RMB 24 billion from a public bond issuance and RMB 45.80 billion from three private bond issuances during the reporting period [135]. - The company’s total liabilities increased by 32.91% to CNY 2,113,271.02 million, mainly due to the issuance of corporate bonds and subordinated debt [122]. - The company reported a total of 0 RMB in guarantees provided to external parties during the reporting period [197]. - The company has no overdue guarantees or contingent liabilities related to guarantees [197]. Risk Management - The company faces significant risks related to market fluctuations, credit, liquidity, operational, and compliance risks, which could impact its performance [10]. - A comprehensive risk control system will be established to manage market, credit, liquidity, operational, and compliance risks effectively [148]. - The company implemented a net capital replenishment mechanism, adjusting business scale and structure based on regulatory risk control indicators and its risk tolerance [155]. - The company has established measures to protect shareholder rights and ensure compliance with regulatory requirements [170]. - The company has implemented corrective measures to enhance internal controls and compliance following regulatory scrutiny [180]. Business Operations and Strategy - The company has been expanding its service offerings, including securities lending and margin trading, which are crucial for enhancing its market competitiveness [24]. - The company is focused on technological advancements in its trading systems to enhance user experience and operational efficiency [24]. - The company plans to enhance its capital strength and risk resistance through strategic investments and capital increases, following the introduction of strategic investors [68]. - The company aims to transform into a comprehensive financial service provider focusing on wealth management and investment services, leveraging product innovation and cross-financial services [144]. - The company plans to continue optimizing its risk management systems in response to evolving market conditions [154]. Shareholder Relations and Governance - The company is committed to improving investor relations and transparency by regularly disclosing financial performance and strategic initiatives through various media channels [22]. - The cash dividend policy was executed in accordance with regulations, ensuring the protection of minority shareholders' rights [162]. - The company will notify shareholders 3 trading days in advance before any planned share reduction by the controlling shareholder [165]. - The company will bear legal liability for any losses caused to investors due to violations of share lock-up commitments [166]. - The company has committed to compensating investors for losses incurred due to misleading statements or omissions in its prospectus [170]. Market Presence and Growth - The company is actively involved in mergers and acquisitions, as evidenced by the absorption of Shanghai Dazhong by Shanghai Guosheng in 2014, which aimed to consolidate resources and improve operational efficiency [26]. - The overseas business generated revenue of 375 million RMB in 2017, accounting for 10% of the company's total revenue, an increase of nearly 9 percentage points from 2016 [73]. - The company plans to accelerate the development of overseas business, leveraging the gradual opening of capital markets [142]. - The company achieved a market share of 1.02% in the total stock trading volume of 2.28 trillion RMB for the year [92]. - The company plans to continue expanding branch offices in regions such as Xinjiang and Fujian, enhancing its brokerage talent pool and management [95].