Financial Performance - In 2021, the company achieved a net profit of RMB 1,829,887,821.86, with a year-on-year growth of 34.94%[4] - The total operating revenue for 2021 was RMB 16.418 billion, representing a year-on-year increase of 54.36%[9] - The company will not proceed with the 2021 profit distribution plan until after the issuance of convertible bonds is completed[4] - The company reported a total revenue of 1.2 billion in 2021, representing a year-over-year growth of 15%[53] - The company achieved a significant increase in other business income, which rose by 34.79% to ¥14,354,312.96 in 2021[76] - The company reported a net profit margin of 30% for 2021, an increase from 28% in 2020[23] - The company’s total liabilities increased by 38.70% due to an increase in payable monetary guarantees[145] - The company’s investment income decreased by 16.39% to ¥1,770,298,273.93 from ¥2,117,320,763.78 in 2020[73] Business Expansion and Strategy - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming year[59] - Zhejiang Securities plans to expand its market presence by opening 10 new branches in key cities across China in 2022[22] - The company is actively pursuing new business qualifications and licenses to enhance its service portfolio and market presence[19] - The company aims to increase its digital marketing budget by 30% to boost user engagement and retention[54] - The company is focused on developing new technologies to enhance its service offerings and improve customer experience[52] - The company is exploring partnerships with fintech startups to drive innovation and expand service capabilities[195] Risk Management - The company emphasizes the importance of risk management, highlighting potential risks including policy, liquidity, market, credit, and operational risks[7] - The company has established a comprehensive risk management system, focusing on dynamic optimization and continuous improvement of risk control measures[128] - The company faces various risks including policy, compliance, liquidity, and market risks, which could adversely affect its operations[165] - The company has established a liquidity reserve to mitigate liquidity risks and strengthen cash flow management[170] Governance and Compliance - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board to ensure effective decision-making and oversight[41] - The company is committed to building a compliance management system that covers all business areas and key processes, enhancing its compliance capabilities[128] - The company has implemented a strict insider information management system to prevent insider trading and ensure proper information disclosure[179] - The company maintains complete independence in its assets, with no reliance on the controlling shareholder for operations or asset management[180] Investment and Asset Management - The company has invested in over 430 technology-driven innovative enterprises, covering sectors such as healthcare, AI, and advanced manufacturing by the end of 2021[108] - The company’s asset management business received the "2021 Golden Bull Growth Securities Collective Asset Manager" award, highlighting its strong performance in a challenging market[125] - The actively managed asset scale reached CNY 864.88 billion, accounting for 80.84% of the total, representing a year-on-year increase of approximately 17.04%[102] - The company completed 14 equity underwriting projects in 2021, with a total underwriting amount of 10.630 billion yuan, including 8 IPO projects totaling 3.103 billion yuan[95] Research and Development - The research team covered 509 listed companies and produced 3,527 research reports in 2021, a 70% increase from the previous year[115] - The company plans to strengthen its overseas research capabilities and enhance its digital service and management levels in 2022[119] - Research and development investments have increased by 30%, focusing on advanced analytics and AI technologies[194] User Engagement and Market Presence - User data indicates an increase in active users by 20% year-over-year, reaching 5 million users[54] - The company is expanding its market presence, targeting a 10% increase in market share in the next year[194] - The company has a diverse range of branch locations, including urban centers and developing regions, which may contribute to its growth strategy[56] Financial Health and Stability - The company’s net capital at the end of the reporting period was ¥21,045,733,241.05, an increase from ¥18,315,126,297.54 at the end of the previous year, reflecting a growth of approximately 9.46%[63] - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year[194] - The company’s total assets increased significantly, with cash and cash equivalents showing a notable rise[71] Remuneration and Management Structure - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 19.8245 million yuan[200] - The company has established a comprehensive remuneration management system based on national enterprise remuneration management regulations and relevant securities company remuneration management provisions[199] - The company’s board of directors is responsible for determining the remuneration of senior management personnel[199]

Capital Structure and Financial Performance - The registered capital increased from RMB 3,614,044,514 to RMB 3,878,168,795, reflecting an increase of approximately 7.3%[4] - The net capital at the end of the reporting period was RMB 20,896,054,360.54, up from RMB 18,315,126,297.54, representing a growth of about 14.1% year-over-year[13] - The company plans to distribute a cash dividend of RMB 1.30 per 10 shares, totaling RMB 504,161,943.35 to shareholders[4] - The company's operating revenue for the first half of the year reached ¥7,128,532,032.90, representing a 58.84% increase compared to ¥4,487,836,545.03 in the same period last year[30] - Net profit attributable to shareholders of the parent company was ¥878,225,234.58, up 34.16% from ¥654,594,668.52 year-on-year[30] - Total assets increased by 21.15% to ¥110,358,876,349.26 from ¥91,090,425,248.57 at the end of the previous year[30] - Total liabilities rose by 21.73% to ¥87,331,900,003.53 from ¥71,741,242,223.76 at the end of the previous year[30] - The basic earnings per share for the first half of the year was ¥0.24, a 20.00% increase from ¥0.20 in the same period last year[31] - The liquidity coverage ratio improved significantly to 403.13% from 254.73% year-on-year[32] Risk Management - The company emphasizes that its business performance is highly correlated with the domestic macroeconomic environment and capital market trends, indicating potential risks from market volatility[7] - The company has faced various risks, including policy, liquidity, market, credit, information technology, operational, and reputational risks[7] - The company emphasizes the importance of a comprehensive risk management system to ensure sustainable business development[101] - The risk management framework includes a six-tier organizational structure, with a Chief Risk Officer overseeing the entire risk management process[102] - The company actively monitors policy changes and adjusts its operations accordingly to minimize the impact of policy risks[102] - The company has implemented measures to address credit risk, particularly in financing and investment activities[98] - The company conducts regular training to raise employee awareness of risk management and compliance[102] Regulatory Compliance and Governance - The company holds a valid securities and futures business license issued by the China Securities Regulatory Commission, ensuring compliance with regulatory requirements[14] - The report indicates that there are no non-operational fund occupations by controlling shareholders or related parties[6] - The company has not violated decision-making procedures for providing guarantees to external parties[6] - The financial report has been confirmed by the company's responsible persons to be true, accurate, and complete[3] - The company has established a multi-tier governance structure, including a shareholders' meeting, board of directors, and supervisory board[189] - The financial reports have been approved by the company's board of directors on August 17, 2021[192] Business Operations and Growth Strategies - The company is focusing on digital transformation to enhance financial services and improve customer product offerings[46] - The wealth management business experienced rapid growth, supported by a comprehensive financial product and marketing service system[47] - The company aims to deepen its presence in the Yangtze River Delta region, leveraging its geographical advantages to enhance its competitive edge and brand influence[51] - The company is focusing on expanding its wealth management business, transitioning from product sales to asset allocation, indicating a long-term growth potential in this sector[61] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[160] Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and compliance with national laws, including the Environmental Protection Law and the Water Pollution Prevention Law[116] - In 2021, the company continued its "Four No Drop" policy to support poverty alleviation and rural revitalization, ensuring ongoing assistance to areas that have lifted themselves out of poverty[118] - The company established an ecological farm in Enshi, Hubei, which created over 200 jobs and aimed to integrate tourism and agriculture for rural revitalization[119] - The ecological farm serves as a model for poverty alleviation and aims to promote local agricultural products and tourism[119] Legal Matters and Litigation - The company initiated litigation against New Industry Group Co., Ltd. and others regarding a pledge-style securities repurchase dispute, with a total financing amount of 180 million RMB[126] - The company is involved in multiple ongoing litigations and arbitrations related to asset management plans, indicating active legal strategies to recover debts[128][130] - The company has submitted a forced execution application to the court regarding the New Industry Group case, which is currently under review[126] - The company has received a favorable ruling from the Hangzhou Intermediate People's Court regarding the Runchen case, supporting its claims[130] Shareholder Information and Stock Performance - The total number of shares after the issuance is 3,878,168,795, maintaining a 100% ownership structure[144] - The top shareholder, Zhejiang Shangsan Highway Co., Ltd., holds 2,124,825,159 shares, representing 54.79% of the total shares[151] - The company reported a total of 14.88 billion RMB in bond balance with an interest rate of 3.48% for the 2016 corporate bond, which matures in September 2021[159] - The company has not reported any impacts on financial indicators such as earnings per share or net assets per share due to share changes[145] Financial Instruments and Capital Management - The company plans to issue a new tier-2 bond with an interest rate of 10.00% and a maturity date set for April 25, 2025[160] - The company has established a series of measures to ensure timely and full repayment of bonds, including strengthening asset-liability management and liquidity management[163] - The company has not experienced any execution of investor protection clauses or adjustments in credit ratings during the reporting period[163]

Financial Performance - In 2020, the company achieved a total operating income of RMB 10.637 billion, representing a year-on-year increase of 87.94%[9]. - The net profit for 2020 was RMB 1.627 billion, an increase of 68.17% compared to the previous year[9]. - By the end of 2020, total assets exceeded RMB 90 billion, with net assets reaching RMB 19 billion[9]. - The company reported a total revenue of 1.2 billion CNY for the fiscal year 2020, representing a year-over-year increase of 15%[54]. - The company reported a total revenue of 1.5 billion in 2020, reflecting a year-over-year growth of 10%[56]. - The company's operating revenue for 2020 reached ¥10,636,513,832.41, an increase of 87.94% compared to ¥5,659,478,638.09 in 2019[60]. - Net profit attributable to shareholders was ¥1,627,166,025.65, reflecting a growth of 68.17% from ¥967,557,059.43 in the previous year[60]. - The company's total liabilities at the end of 2020 were ¥71,741,242,223.76, a 36.52% increase from ¥52,548,381,570.47 in 2019[60]. - The company achieved operating revenue of 10.637 billion RMB in 2020, an increase of 4.977 billion RMB, representing a growth rate of 87.94%[134]. - The company reported a net cash flow from operating activities of -¥911,593,026.88, a significant decline compared to ¥406,222,689.05 in 2019[60]. Capital and Asset Management - The registered capital of Zheshang Securities increased to CNY 3,614,044,514.00 at the end of the reporting period, up from CNY 3,333,346,474.00 at the end of the previous year, reflecting a growth of approximately 8.4%[16]. - The net capital of the company reached CNY 18,315,126,297.54, compared to CNY 12,511,338,071.20 at the end of the previous year, indicating a significant increase of about 46.5%[16]. - The company holds a total of 99 securities business offices and 22 branches, all of which possess the necessary licenses issued by the China Securities Regulatory Commission[17]. - The company has established 24 business offices and 4 branches, all licensed for securities and futures operations by the CSRC[23]. - The company has established a total of 99 securities business departments by the end of the reporting period[51]. - The company has a diverse distribution of business departments across various provinces, including 2 in Beijing and 2 in Guangdong[51]. - The company has established 22 branch offices across various regions, enhancing its market presence[49][50]. - The company has expanded its business scope to include pricing services and basis trading as of October 2014[26]. - The asset management business reported a total asset management scale of 1,315.46 billion CNY by the end of 2020, remaining stable compared to the previous year, with actively managed assets reaching 839.21 billion CNY, up 10% from the beginning of the year[114]. Strategic Initiatives and Future Plans - The company plans to optimize capital operations through four strategies: capital replenishment, liability optimization, enhanced allocation, and improved investment capabilities[10]. - The company aims to deepen its strategic alliances and explore new models for external development[10]. - The company plans to enhance its digital marketing efforts, allocating an additional 50 million CNY for online advertising campaigns[54]. - The company plans to enhance its wealth management business in 2021 by expanding the range of equity assets and increasing revenue from wealth management[104]. - The company aims to implement refined risk management in its credit business in 2021, focusing on electronic and systematic approaches to manage securities and credit limits[100]. - The company aims to enhance its asset management capabilities in 2021 by focusing on differentiated services and improving product performance, aiming to establish asset management as a core competitive advantage[119]. - The company plans to enhance retail customer service quality and strengthen institutional client service capabilities in 2021[95]. - The company aims to deepen its presence in the Yangtze River Delta region, leveraging its geographical advantages to enhance competitiveness[88]. - The company will implement a "bank + securities" business model to leverage the strengths of both sectors and provide comprehensive financial services to clients[162]. Risk Management - The company faces significant risks related to macroeconomic conditions and regulatory changes in the capital market[7]. - The company has established a comprehensive risk management system, led by a Chief Risk Officer, to monitor and assess overall risk levels[171]. - The company faces various risks, including policy, compliance, liquidity, market, credit, and operational risks, which could impact its business operations[167]. - The company has implemented measures to manage compliance risks by tracking significant regulatory changes and developing corresponding risk response strategies[173]. - The company has strengthened its reputation risk management by enhancing media relations and establishing a 24/7 monitoring mechanism for public sentiment[178]. Corporate Governance and Compliance - The company is committed to maintaining compliance with regulatory requirements and enhancing its corporate governance practices[20]. - The company has established a governance structure that includes a shareholders' meeting, a board of directors, and a supervisory board to ensure compliance with relevant laws and regulations[42]. - The company has established a clear framework for cash dividend distribution, requiring independent directors to provide opinions on proposed plans[185]. - The company emphasizes a stable and sustainable profit distribution policy, prioritizing cash dividends over stock dividends[182]. - The company has committed to enhancing anti-money laundering measures, including improving internal control mechanisms and monitoring suspicious transactions[180]. Shareholder Engagement and Profit Distribution - The independent directors have expressed support for the profit distribution plan, which is pending approval at the annual shareholders' meeting[4]. - The company reported a profit available for distribution to ordinary shareholders, but did not propose a cash profit distribution plan for 2020 due to ongoing non-public issuance of A-shares[189]. - The company plans to complete the non-public issuance of A-shares and will proceed with profit distribution in accordance with relevant laws and regulations after the issuance[189]. - The company actively engages with shareholders, especially minority shareholders, to gather feedback on dividend proposals[184]. Research and Development - Research and development investments increased by 25% to 150 million CNY, focusing on technology enhancements and user experience improvements[55]. - The company plans to enhance its research capabilities and aims to establish a leading research institute with significant market influence within one to two years[131]. - The research business achieved a sixfold increase in commission income compared to the previous year, serving 80 public institutions and 5 insurance institutions[129]. Market Expansion and Product Development - The company is focused on developing new products and technologies to meet evolving market demands and improve operational efficiency[20]. - New product launches included two innovative financial products aimed at retail investors, expected to contribute an additional 200 million CNY in revenue[55]. - The company completed a strategic acquisition of a fintech startup for 300 million CNY, aimed at enhancing digital service offerings[54]. - The company completed a strategic acquisition of a tech startup for 100 million, aimed at enhancing its technological capabilities[56].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 4,487,836,545.03, representing a 67.74% increase compared to CNY 2,675,539,170.96 in the same period last year[32]. - The net profit attributable to shareholders of the parent company was CNY 654,594,668.52, up 36.00% from CNY 481,335,091.55 year-on-year[32]. - The net cash flow from operating activities reached CNY 3,270,996,906.65, marking an 84.26% increase from CNY 1,775,184,831.00 in the previous year[32]. - Total assets at the end of the reporting period were CNY 80,249,413,669.35, a 19.06% increase from CNY 67,404,021,579.67 at the end of the previous year[32]. - Total liabilities amounted to CNY 65,038,535,248.84, reflecting a 23.77% increase from CNY 52,548,381,570.47 year-on-year[32]. - The basic earnings per share for the first half of 2020 were CNY 0.20, a 42.86% increase from CNY 0.14 in the same period last year[33]. - The weighted average return on net assets was 4.33%, an increase of 0.85 percentage points compared to 3.48% in the previous year[33]. Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact its operational performance[5]. - The report indicates that the company is subject to various risks, including policy risk, liquidity risk, market risk, credit risk, information technology risk, operational risk, and reputational risk[5]. - The company emphasizes the establishment of a comprehensive risk management system to ensure sustainable business development[107]. - A multi-dimensional limit indicator system has been established to manage risk tolerance and limits across various business lines[107]. - The company has appointed a Chief Risk Officer to oversee the comprehensive risk management framework and ensure effective monitoring and reporting of overall risk levels[107]. - The risk management culture promotes the idea that "everyone is a risk officer," enhancing employee awareness through training and internal publications[108]. - The company has developed a risk management information system to support monitoring, early warning, measurement, and reporting of various risks[107]. Business Operations - The company has 100 securities business offices and 22 branches, all holding the necessary licenses issued by the China Securities Regulatory Commission[14]. - The company has established multiple subsidiaries and expanded its business scope to include risk management services and asset management[24][23]. - The company is actively involved in the securities and futures markets, with a focus on enhancing its trading and investment capabilities[25]. - The company engaged in various business segments including securities brokerage, investment banking, and asset management, contributing to diversified revenue streams[47]. - The company successfully issued 32 new asset management products, with a total initial scale of CNY 5.486 billion during the reporting period[52]. Shareholder and Corporate Governance - The company held its 2019 annual general meeting on May 8, 2020, where several key reports and proposals were approved, including the 2019 annual report and the proposal for the 2020 daily related transactions[114]. - The company did not propose any profit distribution or capital reserve fund increase for the first half of 2020[116]. - The first extraordinary general meeting of 2020 was held on June 24, 2020, where the proposal for a non-public issuance of A-shares was approved[115]. - The company plans to implement a three-year shareholder return plan from 2020 to 2022[115]. - The company has committed to resolving competition issues related to its controlling shareholder by June 30, 2021, through internal restructuring or third-party disposal[120]. Legal Matters - There were no significant lawsuits or arbitration matters during the reporting period, with no cases exceeding RMB 10 million or 10% of the company's latest audited net assets[122]. - The company successfully recovered a total of RMB 69.1 million in principal, interest, and penalties from two financing lawsuits against Ningbo Sait and its guarantor[123]. - The company is involved in a legal dispute regarding the validity of stock pledge contracts, with the Zhejiang High Court upholding the original ruling against Silver River Co.[126]. - Zhejiang Merchants Asset Management is involved in multiple lawsuits related to bond defaults, including a case against China Huayang Economic and Trade Group for a principal amount of CNY 40 million[127]. Community Engagement and Social Responsibility - The company plans to invest CNY 3.8 million in targeted poverty alleviation efforts during the year[140]. - The company donated CNY 200,000 to support water supply projects and agricultural development in Sichuan's Yilong County[140]. - The company has invested a total of RMB 20 million in poverty alleviation efforts, helping 35 registered impoverished individuals to escape poverty[142]. - The company has conducted three on-site inspections of poverty alleviation projects to ensure quality and progress[143].

Financial Performance - Operating revenue rose by 51.19% to CNY 1,884,421,857.29 year-on-year [4] - Net profit attributable to shareholders increased by 16.84% to CNY 319,193,627.46 compared to the same period last year [4] - Basic earnings per share increased by 25.00% to CNY 0.10 compared to the previous year [4] - The company reported a net profit excluding non-recurring gains and losses of CNY 312,693,928.42, an increase of 18.01% year-on-year [4] - Total operating revenue for Q1 2020 was CNY 1,884,421,857.29, an increase of 51.1% compared to CNY 1,246,412,426.18 in Q1 2019 [17] - Net profit attributable to shareholders reached ¥319,193,627.46, an increase from ¥273,183,310.85 in the same quarter last year, representing a growth of approximately 16.9% [19] - Total operating income for Q1 2020 was ¥994,416,761.97, up from ¥591,232,955.58 in Q1 2019, indicating a year-over-year increase of about 68.2% [20] - The total profit for Q1 2020 was ¥378,234,920.83, up from ¥220,676,476.60, indicating a growth of around 71.5% [20] Assets and Liabilities - Total assets increased by 9.87% to CNY 74,059,508,774.38 compared to the end of the previous year [4] - The total assets of the company reached ¥74,059,508,774.38 as of March 31, 2020, compared to ¥67,404,021,579.67 at the end of 2019, reflecting a growth of 9.8% [12] - The company's total liabilities as of March 31, 2020, were ¥66,000,000,000, reflecting a significant increase from the previous year [12] - Total liabilities increased to CNY 50,487,173,478.59 from CNY 44,437,889,911.91, representing a rise of 13.0% [16] - Shareholders' equity totaled CNY 13,373,092,973.31, up from CNY 13,089,410,490.15, marking an increase of 2.2% [16] Cash Flow - Net cash flow from operating activities decreased by 30.08% to CNY 4,835,022,379.31 year-on-year [4] - Cash inflow from operating activities totaled approximately ¥11.45 billion in Q1 2020, down from ¥13.23 billion in Q1 2019, indicating a decrease of 13.5% [23] - The net cash flow from operating activities was approximately ¥4.84 billion in Q1 2020, compared to ¥6.92 billion in Q1 2019, reflecting a decline of 30.2% [23] - Cash inflow from financing activities was approximately ¥6.51 billion in Q1 2020, an increase from ¥4.94 billion in Q1 2019, marking a growth of 31.9% [24] - The net cash flow from financing activities was negative at approximately -¥753.77 million in Q1 2020, compared to a positive flow of ¥2.82 billion in Q1 2019 [24] Shareholder Information - The total number of shareholders reached 114,108 by the end of the reporting period [7] - Zhejiang Shangsan Expressway Co., Ltd. holds 63.74% of the shares, making it the largest shareholder [7] Investment and Income - The company's net interest income for Q1 2020 was ¥112,758,699.34, a 92.03% increase compared to ¥58,717,881.71 in Q1 2019, driven by an increase in customer deposits and lending activities [10] - The company's investment income for Q1 2020 was ¥444,739,303.36, an increase of 85.49% compared to ¥239,761,155.15 in Q1 2019, due to enhanced performance in proprietary investments [10] - The net income from fees and commissions for Q1 2020 was ¥613,949,697.59, a 64.18% increase from ¥373,939,794.59 in Q1 2019, attributed to growth in brokerage and investment banking services [10] Operating Expenses - The company reported a significant increase in operating expenses, which rose by 52.10% to ¥754,344,455.51 in Q1 2020, compared to ¥495,956,544.62 in Q1 2019, linked to performance-related compensation increases [10] - Total operating expenses were ¥607,915,183.51, up from ¥371,153,460.90, which is an increase of about 63.7% [20] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report [4] - The company did not apply new revenue and lease standards for the current reporting period [27]