Financial Performance - The company reported a total revenue of 1.84 billion, reflecting a year-over-year increase of 12%[112]. - The company achieved operating revenue of 2.741 billion RMB, a year-on-year increase of 15.91%[53]. - The net profit attributable to shareholders reached 977 million RMB, reflecting a growth of 20.71% compared to the previous year[53]. - The company's operating revenue for 2021 was ¥2,741,633,842.89, representing a 15.91% increase compared to ¥2,365,296,802.01 in 2020[29]. - The net profit attributable to shareholders of the parent company for 2021 was ¥977,274,472.85, a 20.71% increase from ¥809,594,147.08 in 2020[29]. - The total assets at the end of 2021 reached ¥51,714,086,701.24, marking a 16.03% increase from ¥44,569,613,317.44 at the end of 2020[29]. - The total liabilities increased by 21.82% to ¥34,919,849,621.33 in 2021 from ¥28,665,166,023.05 in 2020[29]. - The basic earnings per share for 2021 was ¥0.27, up 12.50% from ¥0.24 in 2020[30]. - The weighted average return on equity for 2021 was 6.06%, a decrease of 0.68 percentage points from 6.74% in 2020[30]. - The company’s equity attributable to shareholders increased by 5.59% to CNY 16.79 billion from CNY 15.90 billion year-over-year[39]. Capital Structure and Shareholder Returns - The proposed profit distribution plan for 2021 includes a cash dividend of 1.00 RMB per 10 shares, totaling approximately 368.64 million RMB, which accounts for 37.72% of the net profit attributable to shareholders[3]. - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling 368,636,103.40 yuan, which represents 37.72% of the net profit attributable to shareholders for 2021[145]. - The company has a three-year shareholder return plan approved by the shareholders' meeting, which remains unchanged[145]. - The cash dividend policy stipulates that at least 20% of the distributable profit should be distributed in cash when the company has positive net profit and retained earnings[144]. - The company emphasizes a stable and proactive profit distribution policy, prioritizing cash dividends over stock dividends[144]. - The board of directors must consider the opinions of independent directors and communicate with minority shareholders before adjusting the profit distribution policy[143]. Business Operations and Strategy - The company’s business scope includes securities brokerage, investment consulting, financial advisory related to securities transactions, underwriting, proprietary trading, margin financing, and asset management[11]. - The company has established a strong presence in the market with various qualifications for financial product distribution and asset management services[12]. - The company has been actively involved in the development of new financial services, including private fund custody and military-related consulting services[13]. - The company is focusing on technology integration in financial services, enhancing operational efficiency and customer service through financial technology[41]. - The company aims to enhance its wealth management business following the acquisition of public fund investment advisory qualifications, potentially opening new growth avenues[51]. - The company plans to enhance its wealth management and comprehensive financial services, aiming to become a leading modern investment bank in China[81]. Risk Management and Compliance - The company emphasizes compliance and risk management in its brokerage operations, enhancing supervision to prevent business risks[162]. - The company has established a comprehensive risk management system to address various risks, including policy, market, credit, liquidity, operational, information technology, and reputational risks[86]. - The company is committed to enhancing compliance and risk control effectiveness by implementing a robust risk management culture and ensuring adherence to regulatory requirements[84]. - The company has effectively managed its credit risk, primarily arising from margin financing, stock pledge repurchase transactions, and fixed-income self-investment businesses[88]. - The company has maintained a strict control over market risk exposure, utilizing a multi-level risk limit system and employing Value at Risk (VaR) as a primary indicator for market risk management[88]. Corporate Governance - The company has a governance structure that includes a board of directors with 15 members, of which 5 are independent directors, ensuring compliance with legal and regulatory requirements[100]. - The board of directors has established four specialized committees, including a compensation and nomination committee, an audit committee, and a compliance and risk management committee, with independent directors holding a majority in these committees[101]. - The company has implemented a comprehensive account management system, including various management guidelines and procedures to ensure compliance and risk management[96]. - The company has a clear commitment to maintaining operational independence from its controlling shareholders, as evidenced by its governance practices[102]. - The company has established a robust internal audit and compliance monitoring system to oversee the implementation of its account management policies[96]. Market Expansion and Client Base - The company has expanded its client base, with the number of brokerage clients increasing by 11.14% year-on-year and the scale of entrusted assets growing by 20.38%[45]. - The company launched nearly 4,000 financial products for sale, with revenue from selling financial products reaching 48.25 million yuan, a significant increase of 100.81% year-on-year[45]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 25% growth in that region by 2023[115]. - The company plans to launch three new financial products in Q2 2022, aiming to capture a 10% market share in the new segments[115]. Social Responsibility and Community Engagement - The company donated a total of 1.5 million yuan to support project assistance for families of workers in difficulty and 1 million yuan for rural revitalization efforts in Ningxia[163]. - The company actively participated in community support during the COVID-19 outbreak, sending 17 batches of volunteers to assist in various districts[164]. - The company received multiple awards for its contributions to poverty alleviation and corporate social responsibility, including recognition as a top charity organization[163]. - The company invested in the construction of a kindergarten project in Guizhou to improve rural education facilities[164]. Financial Technology and Innovation - The company has increased its investment in financial technology to improve customer service and operational efficiency, aiming for a competitive advantage[80]. - The company is leveraging financial technology, including big data and artificial intelligence, to enhance business development and operational management, with a focus on increasing user numbers for its financial technology products like the Jinluopan APP[83].

[Company Overview and Key Financial Indicators](index=1&type=section&id=Item%20I.%20Company%20Overview) This section provides an overview of the company's basic situation and core financial performance metrics for the reporting period [Key Accounting Data and Financial Indicators](index=1&type=section&id=Item%20(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2022, the company experienced a year-on-year decline in performance, with revenue down 20.12% and net profit attributable to shareholders down 29.14%, while operating cash flow significantly turned positive Key Financial Indicators for Q1 2022 | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 393.44 million CNY | -20.12% | | Net Profit Attributable to Parent Company Shareholders | 125.20 million CNY | -29.14% | | Net Cash Flow from Operating Activities | 2.03 billion CNY | N/A | | Basic Earnings Per Share (CNY/share) | 0.03 CNY | -29.14% | | Weighted Average Return on Net Assets (%) | 0.76% | Decreased by 0.35 percentage points | | **Indicator** | **End of Current Period** | **Change from End of Prior Year (%)** | | Total Assets | 50.05 billion CNY | -3.21% | | Total Equity Attributable to Parent Company Shareholders | 16.57 billion CNY | 0.78% | [Non-recurring Gains and Losses](index=1&type=section&id=Item%20(II)%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled -15,382.59 CNY, having a negligible impact on net profit, with the company classifying financial instrument-related gains as recurring Details of Non-recurring Gains and Losses | Item | Amount for Current Period (CNY) | | :--- | :--- | | Non-current asset disposal gains and losses | 35,426.96 | | Government grants recognized in current profit or loss | 4,956.78 | | Other non-operating income and expenses | -55,156.63 | | Less: Income tax impact | -4,123.99 | | Less: Impact on minority interests (after tax) | 4,733.69 | | **Total** | **-15,382.59** | - As a securities operating institution, the company classifies fair value changes and investment income from holding trading financial instruments and derivatives as recurring gains and losses[5](index=5&type=chunk) [Shareholder Information](index=2&type=section&id=Item%20II.%20Shareholder%20Information) This section details the company's shareholder structure, including the total number of shareholders and the top ten shareholders' holdings [Shareholding Status](index=2&type=section&id=Item%20(I)%20Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the reporting period end, the company had 156,985 common shareholders, with the top ten primarily state-owned legal entities holding a significant combined stake, led by Nanjing Zijin Investment Group Co., Ltd. at 25.01% - As of the end of the reporting period, the company had **156,985 common shareholders**[6](index=6&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | | Nanjing Zijin Investment Group Co., Ltd. | State-owned legal entity | 25.01 | | Nanjing Xingong Investment Group Co., Ltd. | State-owned legal entity | 7.01 | | Nanjing Municipal Transportation Construction Investment Holding (Group) Co., Ltd. | State-owned legal entity | 6.53 | | Jiangsu Phoenix Real Estate Co., Ltd. | State-owned legal entity | 4.73 | | Nanjing Zijin Asset Management Co., Ltd. | State-owned legal entity | 3.19 | | Nanjing State-owned Assets Management Co., Ltd. | State-owned legal entity | 1.66 | | Nanjing Agricultural Reclamation Industry (Group) Co., Ltd. | State-owned legal entity | 1.66 | | Nanjing Yiyue Real Estate Development Co., Ltd. | State-owned legal entity | 1.63 | | Nanjing Southeast State-owned Assets Investment Group Co., Ltd. | State-owned legal entity | 1.45 | | Nanjing Port (Group) Co., Ltd. | State-owned legal entity | 1.31 | - Among the top ten shareholders, Nanjing Zijin Investment Group and its controlled Nanjing Zijin Asset Management Co., Ltd., along with several other companies under the control of Nanjing State-owned Assets Supervision and Administration Commission, have **related party relationships or concerted action arrangements**[7](index=7&type=chunk) [Quarterly Financial Statements](index=3&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) This section presents the company's consolidated financial statements for the quarter, including the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2022, total assets were 50.05 billion CNY, a 3.21% decrease from the prior year-end, while total liabilities decreased by 5.13% and equity attributable to the parent company slightly increased by 0.78%, maintaining a stable financial structure Key Balance Sheet Item Changes | Item | March 31, 2022 (CNY) | December 31, 2021 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 50.05 billion | 51.71 billion | -3.21% | | Total Liabilities | 33.13 billion | 34.92 billion | -5.13% | | Total Equity Attributable to Parent Company | 16.57 billion | 16.44 billion | 0.78% | [Consolidated Income Statement](index=5&type=section&id=Consolidated%20Income%20Statement) In Q1 2022, total operating revenue was 393 million CNY, a 20.12% year-on-year decrease, with operating profit down 38.01% and net profit attributable to the parent company at 125 million CNY, a 29.14% decline, largely due to increased fair value change losses Core Income Statement Data | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 393.44 million | 492.52 million | -20.12% | | Operating Profit | 141.39 million | 228.08 million | -38.01% | | Net Profit Attributable to Parent Company Shareholders | 125.20 million | 176.68 million | -29.14% | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.05 | -40.00% | Composition of Major Business Revenue | Revenue Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 215.93 million | 241.33 million | -10.53% | | Net Fee and Commission Income | 189.48 million | 234.32 million | -19.14% | | Of which: Brokerage Business Net Fee Income | 129.28 million | 170.21 million | -24.05% | | Investment Banking Business Net Fee Income | 45.06 million | 47.65 million | -5.43% | | Investment Income | 51.77 million | 44.12 million | 17.35% | | Fair Value Change Gains | -74.83 million | -35.34 million | -111.76% | [Consolidated Cash Flow Statement](index=7&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2022, net cash flow from operating activities significantly improved to 2.03 billion CNY from a negative 633.71 million CNY year-on-year, while financing activities resulted in a net outflow of 2.48 billion CNY due to debt repayment, with cash and cash equivalents at 13.78 billion CNY Key Cash Flow Statement Items | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2.03 billion | -633.71 million | | Net Cash Flow from Investing Activities | -4.09 million | -14.02 million | | Net Cash Flow from Financing Activities | -2.48 billion | -512.55 million | | Net Increase in Cash and Cash Equivalents | -447.55 million | -1.16 billion | - The significant improvement in operating cash flow was primarily driven by a **net increase of 1.62 billion CNY in repurchase business funds** and a **net decrease of 468 million CNY in funds lent**[16](index=16&type=chunk) - The increased net cash outflow from financing activities was mainly due to **2.46 billion CNY paid for debt repayment**, significantly higher than 1.19 billion CNY in the prior year period[17](index=17&type=chunk)

Financial Performance - The company's operating revenue for Q3 2021 was RMB 630,456,394.06, representing a year-on-year increase of 9.00%[5] - The net profit attributable to shareholders for the same period was RMB 208,506,584.10, up 9.42% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 202,087,034.08, reflecting a 6.29% increase year-on-year[5] - Total operating revenue for the first three quarters of 2021 reached CNY 2,109,747,083.6, an increase from CNY 1,898,148,158.66 in the same period of 2020, representing a growth of approximately 11.1%[16] - Net profit attributable to shareholders of the parent company for the first three quarters of 2021 was CNY 883,175,333.25, up from CNY 715,287,390.73 in 2020, reflecting a year-on-year increase of about 23.4%[16] - Total comprehensive income for the third quarter of 2021 reached CNY 1,009,920,025.98, an increase from CNY 528,755,058.93 in the same period of 2020[17] - Basic and diluted earnings per share for Q3 2021 were both CNY 0.24, up from CNY 0.22 in Q3 2020[17] Assets and Liabilities - The total assets at the end of the reporting period reached RMB 52,241,002,638.30, which is a 17.21% increase from the end of the previous year[5] - The company's total assets as of September 30, 2021, amounted to CNY 52,241,002,638.30, compared to CNY 44,569,613,317.44 at the end of 2020, indicating a growth of approximately 17.3%[14] - The company's total liabilities as of September 30, 2021, were CNY 35,571,714,252.35, up from CNY 28,665,166,023.05 at the end of 2020, which is an increase of approximately 24.1%[14] - Total liabilities amounted to ¥28,665,166,023.05, a decrease from ¥28,750,485,864.55[23] - Total equity reached ¥15,904,447,294.39, reflecting stability in shareholder equity[23] - The company reported a total capital reserve of ¥8,086,842,866.22, indicating strong financial backing[23] - The unallocated profit stood at ¥1,956,418,500.53, showcasing retained earnings for future investments[23] Cash Flow - The company reported a net cash flow from operating activities of RMB -3,502,141,120.15 for the year-to-date[5] - Net cash flow from operating activities for the first three quarters of 2021 was -CNY 3,502,141,120.15, an improvement from -CNY 4,188,773,927.01 in the same period of 2020[20] - Cash inflow from operating activities totaled CNY 5,521,404,495.61 for the first nine months of 2021, compared to CNY 3,180,594,886.66 in 2020[20] - Cash outflow from operating activities increased to CNY 9,023,545,615.76 in 2021 from CNY 7,369,368,813.67 in 2020[20] - Cash flow from financing activities generated a net inflow of CNY 3,840,138,865.20 in 2021, down from CNY 4,825,118,620.58 in 2020[20] - The company reported a total cash and cash equivalents balance of CNY 14,145,854,487.21 at the end of Q3 2021, compared to CNY 12,241,482,775.63 at the end of Q3 2020[20] - The net increase in cash and cash equivalents for the first nine months of 2021 was CNY 307,906,820.14, compared to CNY 548,442,865.52 in the same period of 2020[20] Income and Expenses - The net interest income for the first three quarters of 2021 was CNY 746,198,318.14, compared to CNY 676,128,219.71 in 2020, marking an increase of about 10.4%[16] - The net fee and commission income for the first three quarters of 2021 was CNY 816,956,681.03, compared to CNY 787,648,561.88 in 2020, showing a growth of about 3.5%[16] - The company's investment income for the first three quarters of 2021 was CNY 423,189,031.53, compared to CNY 365,089,243.65 in 2020, indicating an increase of about 15.9%[16] - The total operating expenses for the first three quarters of 2021 were CNY 972,118,109.25, slightly up from CNY 971,902,053.58 in 2020, showing a marginal increase of about 0.02%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 178,520[7] - The largest shareholder, Nanjing Zijin Investment Group Co., Ltd., held 25.01% of the shares[7] Government Support - The company received government subsidies amounting to RMB 9,231,177.35 during the reporting period[6] Other Financial Obligations - The company has a total of ¥7,660,108,144.32 in payable bonds, highlighting its debt obligations[23] - Employee compensation liabilities were recorded at ¥359,994,740.78, reflecting the company's commitment to its workforce[23] - The company reported contract liabilities of ¥4,356,164.38, indicating future revenue obligations[23] - Deferred income tax liabilities amounted to ¥61,328,803.11, which may impact future tax expenses[23] - The company has recognized lease liabilities of ¥85,319,841.50 under the new leasing standards[24]

Capital Structure and Financial Position - The registered capital of Nanjing Securities is CNY 3,686,361,034, remaining unchanged from the previous year[10]. - The net capital increased to CNY 15,633,189,166.91, up from CNY 14,640,877,075.80, representing a growth of approximately 6.8%[10]. - The total assets at the end of the reporting period amounted to CNY 51,426,124,272.79, which is a 15.38% increase from the end of the previous year[28]. - The total liabilities increased by 23.02% to CNY 35,264,164,057.55 compared to the previous year[28]. - The company's equity attributable to shareholders was 16.043 billion CNY, an increase of 1.63% compared to the end of the previous year[37]. - The company's total liabilities at the end of the reporting period were approximately CNY 51.5 billion, with bonds payable amounting to CNY 8.81 billion, a 15.04% increase from the previous year[47]. - The company's total equity at the end of the reporting period was CNY 51.5 billion, with retained earnings increasing by 9.83% to CNY 2.15 billion[47]. - The asset-liability ratio increased to 60.54%, up 12.63% from 53.75% at the end of the previous year[103]. - The total owner's equity at the end of the reporting period is RMB 11,066,396,399.67, an increase from RMB 10,926,619,156.63 at the end of the previous period[125]. Profitability and Revenue - The company's operating revenue for the first half of 2021 was CNY 1,479,290,689.54, representing a 12.09% increase compared to the same period last year[28]. - The net profit attributable to shareholders of the parent company reached CNY 674,668,749.15, marking a 28.57% increase year-on-year[28]. - The company's net profit for the reporting period was CNY 34.08 billion, a decline of 91.15% primarily due to a decrease in cash received from bond issuance[45]. - The company achieved a net income from the sale of financial products of RMB 2.54 billion, a year-on-year increase of 4.81%[40]. - The investment banking segment saw a net income of RMB 267.81 billion, up 21.13% year-on-year, with 245 companies completing IPOs raising RMB 210.95 billion[41]. - The total operating income for the first half of 2021 was CNY 1,479,290,689.54, an increase of 12.1% compared to CNY 1,319,724,830.83 in the same period of 2020[110]. - The net profit for the first half of 2021 was CNY 677,305,011.41, an increase of 28.2% from CNY 528,293,328.51 in the same period of 2020[110]. Risk Management and Compliance - The report includes a detailed description of potential risks faced by the company and corresponding countermeasures[5]. - The company has maintained compliance with all regulatory requirements and has no violations in decision-making procedures for external guarantees[4]. - The company has established a comprehensive risk management system that includes a five-tier organizational structure for risk management, ensuring effective operation of the risk management framework[54]. - The company faces various risks including policy risk, credit risk, liquidity risk, market risk, operational risk, and information technology risk, with specific measures in place to mitigate each[54]. - The company emphasizes compliance and risk management by strengthening its governance structure and enhancing the professional capabilities of its risk management team[56]. - The company actively manages liquidity risk through daily cash flow monitoring and has implemented a net capital management system for dynamic risk control[57]. Business Operations and Expansion - The company continues to expand its business scope, including securities brokerage, investment consulting, and asset management services[11]. - The company has received multiple qualifications from regulatory bodies to conduct various financial services, enhancing its operational capabilities[11]. - The company established a wholly-owned subsidiary with an investment of RMB 200 million to engage in direct investment business, approved on February 28, 2012[15]. - The company was granted the qualification to conduct margin financing and securities lending business on May 3, 2012[15]. - The company was approved to participate in stock index futures trading for its asset management business on September 25, 2012[15]. - The company was approved to conduct stock option trading and brokerage business on January 20, 2015[19]. - The company was granted permission to conduct private fund comprehensive custody business on October 19, 2015[19]. - The company was approved to participate in the transfer of securities lending business for the Sci-Tech Innovation Board on October 11, 2019[20]. - The company received approval to participate in the transfer of securities lending business for the ChiNext Board on August 19, 2020[20]. Shareholder and Corporate Governance - The company has made changes in its board and supervisory personnel, with new appointments made during the annual shareholders' meeting[65]. - The company has not disclosed any employee stock ownership plans or other incentive measures[67]. - The total share capital of the company is 3,686,361,034 shares, with 100% ownership structure[86]. - The largest shareholder, Nanjing Zijin Investment Group, holds 921,952,751 shares, representing 25.01% of total shares[92]. - The top ten shareholders include several state-owned enterprises, reflecting a concentrated ownership structure[92]. - The company has no pledged, marked, or frozen shares among its major shareholders[92]. Community Engagement and Social Responsibility - The company actively participated in poverty alleviation efforts, donating 500,000 yuan to the Nanjing Fire Rescue Public Welfare Fund and organizing employee donations totaling 433,700 yuan to the Nanjing Charity Federation[71]. - The company established a modern efficient agricultural greenhouse in Ningxia, which is gradually being put into use to help local residents develop specialty agriculture[71]. - The company’s work team in Ningxia was awarded the title of "Advanced Collective in Poverty Alleviation" by the Ningxia Hui Autonomous Region[71]. - The company received the "Outstanding Contribution Award for Capital Market Services in Guizhou Poverty Alleviation" for its efforts in supporting poverty alleviation initiatives[71]. Financial Instruments and Accounting Policies - The company recognizes expected credit losses for receivables and contract assets, with specific methods detailed in the financial instruments section[154][156]. - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[147]. - The company uses the balance sheet liability method for income tax accounting, with current tax expenses calculated based on the taxable income for the year[192]. - The company recognizes right-of-use assets and lease liabilities at the start of the lease term, measuring the right-of-use asset at cost[195]. - The company assesses expected credit losses for financing business using an expected credit loss model[198]. - The company applies consistent accounting policies for segment reporting as used in the preparation of its financial statements[199].

Financial Performance - Net profit attributable to shareholders decreased by 23.46% to CNY 176.68 million year-on-year[5] - Operating revenue declined by 14.71% to CNY 492.52 million compared to the same period last year[5] - The company reported a decrease in net profit after deducting non-recurring gains and losses by 24.35% to CNY 177.01 million[5] - Basic earnings per share fell by 28.57% to CNY 0.05[5] - The company reported a net profit of RMB 1,920,409,120.57 for Q1 2021, compared to RMB 1,757,234,332.00 in Q1 2020, reflecting a growth of 9.26%[14] - Net profit for Q1 2021 was CNY 176.98 million, down 23.5% from CNY 231.63 million in Q1 2020[18] - Investment income decreased to ¥44,115,422.43 from ¥122,934,058.27, a decline of ¥78,818,635.84 or 64.11% due to reduced returns from financial instruments[10] - Investment income for Q1 2021 was CNY 40.15 million, a decline of 61.1% from CNY 103.12 million in Q1 2020[17] Assets and Liabilities - Total assets increased by 2.97% to CNY 45.89 billion compared to the end of the previous year[5] - Total assets reached ¥45,894,272,988.11, up from ¥44,569,613,317.44, reflecting a growth in overall asset base[11] - Total liabilities included short-term financing payables of ¥1,212,139,973.91, down from ¥1,629,119,309.16, indicating a reduction in short-term debt obligations[11] - Total liabilities increased to RMB 28,955,895,485.30 from RMB 27,611,187,297.87, marking a growth of 4.85%[14] - Total assets as of March 31, 2021, reached RMB 44,696,057,618.51, an increase from RMB 43,185,710,129.64 at the end of 2020[13] - Total liabilities reached RMB 28,750,485,864.55, with short-term financing payables at RMB 1,629,119,309.16 and bonds payable at RMB 7,660,108,144.32[24] Cash Flow - Net cash flow from operating activities improved to -CNY 633.71 million, a significant reduction from -CNY 2.05 billion in the previous year[5] - Net cash flow from operating activities improved by ¥1,413,868,868.04, moving from -¥2,047,578,211.08 to -¥633,709,343.04, indicating better cash management[10] - In Q1 2021, the net cash flow from operating activities was -633,709,343.04 RMB, an improvement from -2,047,578,211.08 RMB in Q1 2020, indicating a significant reduction in losses[20] - Total cash inflow from operating activities reached 3,393,343,040.51 RMB, compared to 1,768,124,331.36 RMB in the same period last year, reflecting a year-over-year increase of approximately 92%[20] - The company reported a total cash outflow from operating activities of 4,027,052,383.55 RMB, up from 3,815,702,542.44 RMB in the previous year[20] Shareholder Information - The total number of shareholders reached 178,234 by the end of the reporting period[7] - The largest shareholder, Nanjing Zijin Investment Group, holds 25.01% of the shares[7] Other Income and Expenses - Other income increased to ¥5,888,165.78 from ¥2,640,965.63, a rise of ¥3,247,200.15 or 122.96% due to higher government subsidies[10] - Total operating expenses for Q1 2021 were CNY 219.22 million, a reduction of 7.6% compared to CNY 237.21 million in Q1 2020[18] - The company experienced a significant increase in tax expenses, which rose to CNY 50.56 million in Q1 2021 from CNY 64.24 million in Q1 2020[18] Financial Investments - Derivative financial assets increased significantly to ¥59,591,409.98 from ¥871,140.00, a change of ¥58,720,269.98 or 6740.62% due to business scale expansion[9] - The company’s derivative financial assets increased significantly to RMB 59,591,409.98 from RMB 871,140.00, showing a substantial growth[13] - Financial investments included trading financial assets of RMB 5,053,182,900.67 and other debt investments totaling RMB 13,001,025,878.22[23] Comprehensive Income - Other comprehensive income after tax decreased significantly to ¥1,834,404.93 from ¥116,837,827.70, a drop of ¥115,003,422.77 or 98.43% due to reduced fair value changes in other debt investments[10] - The company reported a total comprehensive income of CNY 178.81 million for Q1 2021, down from CNY 348.47 million in Q1 2020[16]

Financial Performance - The proposed cash dividend for 2020 is CNY 1.3 per 10 shares, totaling CNY 479,226,934.42, which accounts for 59.19% of the net profit attributable to shareholders[5]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2020, representing a year-over-year increase of 10%[33]. - The net profit attributable to shareholders of the parent company for 2020 was CNY 809,594,147.08, a 14.06% increase from CNY 709,811,700.41 in 2019[39]. - The company reported a net profit margin of 25%, maintaining strong profitability despite market challenges[33]. - The company's operating revenue for 2020 was CNY 2,365,296,802.01, representing a 7.43% increase compared to CNY 2,201,777,265.63 in 2019[39]. - The net profit for the year was CNY 815,104,051.82, representing a 13.98% increase compared to the previous year[48]. - The company reported a significant increase in non-operating income, which reached CNY 6,738,576.99, up 61.67% from the previous year[48]. - The company reported a net cash flow from operating activities of -CNY 4,630,318,154.69 for 2020, a decrease of 576.10% compared to CNY 972,557,930.40 in 2019[39]. - The basic earnings per share for 2020 was CNY 0.24, a 9.09% increase from CNY 0.22 in 2019[40]. Capital Structure and Shareholder Information - The registered capital increased to CNY 3,686,361,034 due to a non-public issuance of 387,537,630 new shares during the reporting period[13]. - The total number of shares as of December 31, 2020, was 3,686,361,034[5]. - The company has a total of 30,000 million CNY registered capital after its transformation into a joint-stock company in September 2012[29]. - The company’s total share capital as of December 31, 2020, was 3,686,361,034 shares[110]. - The top shareholder, Nanjing Zijin Investment Group, holds 921,952,751 shares, representing 25.01% of total shares[157]. - The number of ordinary shareholders increased from 178,234 to 196,181 during the reporting period[158]. - The company has a significant shareholder, Nanjing Zijin Investment Group Co., Ltd., holding 895,380,564 shares, which will become tradable on June 13, 2021[160]. - The company has no foreign capital shares listed domestically or abroad[147]. Business Operations and Market Position - The company operates in various sectors including securities brokerage, investment consulting, and asset management, with multiple qualifications obtained since 2002[13]. - The company has a diversified business model including securities brokerage, self-investment, investment banking, and asset management[51]. - The company is focused on expanding its capital strength and diversifying its business in response to increasing competition and declining commission rates in the securities industry[87]. - The company is actively pursuing digital transformation and financial technology innovation to enhance business development and adapt to market competition[87]. - The company is considering strategic acquisitions to enhance its market position, targeting firms with complementary services valued at around 500 million RMB[33]. - The company plans to expand its market presence with new branch offices established in various regions, including Jiangxi and Zhejiang[36]. - The company aims to become a leading modern investment bank in China, focusing on market-oriented, professional, and customer-centric reforms and innovations[88]. Risk Management and Compliance - The company emphasizes that its performance is highly correlated with macroeconomic conditions and capital market trends, facing risks such as policy, market, credit, liquidity, and operational risks[8]. - The company has strengthened its compliance and risk management systems, ensuring stable and sustainable development[56]. - The company has established a comprehensive risk management system that includes quantifiable risk indicators and a professional talent team to address various risk factors such as policy, credit, liquidity, market, and operational risks[91]. - The company is managing credit risk through enhanced client credit management and due diligence processes, ensuring thorough risk assessments before transactions[94]. - The company is implementing measures to control policy risks by strengthening governance and compliance management to adapt to new regulatory environments[94]. Future Outlook and Strategic Initiatives - The company provided a forward guidance of 5% revenue growth for the next fiscal year, projecting revenues to reach approximately 1.575 billion RMB[33]. - The company plans to enhance its digital platform, aiming for a 40% increase in online transactions by the end of the next fiscal year[192]. - The company is investing 100 million RMB in technology development to enhance its trading platform and improve user experience[33]. - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities in the financial services sector[174]. - The company plans to continue its "One Company One County" poverty alleviation initiative, focusing on industry development and financial support for local enterprises[141]. Charitable Contributions and Social Responsibility - The company actively engaged in poverty alleviation efforts, contributing 8 million yuan for pandemic prevention and supporting local economic development[135]. - The company donated a total of 1.5 million RMB to various charitable causes, including 200,000 RMB to the civil affairs bureau in Suqian County for poverty alleviation efforts[137]. - The company has implemented a comprehensive poverty alleviation strategy, focusing on financial, industrial, and educational support[134]. - The company received the "Most Caring Charitable Donation Unit" award at the provincial level for its charitable contributions[140]. Audit and Governance - The company has received a standard unqualified audit report from Tianheng Accounting Firm[4]. - The company appointed Tianheng Accounting Firm as the auditor for the 2020 financial report, with an audit fee of 75 million[119]. - The board of directors is required to consider the opinions of independent directors and conduct thorough discussions before proposing any adjustments to the profit distribution policy[106]. - The company has a structured approach to governance with a clear decision-making process for remuneration[196]. - The company has not faced any penalties from securities regulatory agencies in the past three years[200].

Financial Performance - Net profit attributable to shareholders was ¥715,287,390.73, reflecting a growth of 9.72% year-on-year[6]. - Operating revenue for the period was ¥1,898,148,158.66, representing a 14.38% increase compared to the same period last year[6]. - Basic and diluted earnings per share were both ¥0.22, up 10.00% from ¥0.20 in the previous year[6]. - Net profit for Q3 2020 was CNY 192,185,619.99, a decrease of 28.9% from CNY 270,409,056.62 in Q3 2019[21]. - Net profit for Q3 2020 was ¥185.08 million, down from ¥211.51 million in Q3 2019, indicating a decrease of 12.5%[24]. - The net profit for the first three quarters of 2020 was ¥605.64 million, an increase from ¥578.84 million in the same period of 2019, showing a growth of 4.6%[24]. Assets and Liabilities - Total assets reached ¥42,154,915,925.01, an increase of 16.91% compared to the end of the previous year[6]. - The company's total liabilities increased by 102.69% to CNY 8,584,202,507.60 due to the issuance of corporate bonds[10]. - The total liabilities stood at CNY 30.65 billion, compared to CNY 24.85 billion at the end of 2019, marking an increase of around 23.1%[16]. - Total liabilities increased to CNY 30,019,541,175.07, up 24.0% from CNY 24,148,067,916.27 in the previous year[20]. - The company's equity attributable to shareholders rose to CNY 11.38 billion from CNY 11.09 billion, showing an increase of about 2.6%[16]. Cash Flow - The net cash flow from operating activities was -¥4,188,773,927.01, a significant decrease of 3,805.33% compared to the previous year[6]. - The net cash flow from operating activities for the first nine months of 2020 was negative CNY 4,188,773,927.01, a decrease of 3805.33% compared to a positive CNY 113,047,318.89 in 2019[12]. - The total cash inflow from financing activities in Q3 2020 was 9,314,690,000.00 RMB, an increase from 4,732,090,000.00 RMB in Q3 2019[27]. - The net cash flow from financing activities for the first three quarters of 2020 was 4,825,118,620.58 RMB, compared to 3,016,488,694.89 RMB in the same period of 2019[27]. - The total cash inflow from operating activities for the first three quarters of 2020 was 3,060,776,202.29 RMB, down from 9,095,919,273.88 RMB in 2019[28]. Shareholder Information - The total number of shareholders was 199,591 at the end of the reporting period[8]. - The largest shareholder, Nanjing Zijin Investment Group, held 27.14% of the shares, totaling 895,380,564 shares[8]. Investment and Financing Activities - The company's investment income for the first nine months of 2020 rose by 115.56% to CNY 365,089,243.65 from CNY 169,366,630.63 in the same period of 2019[11]. - The company plans to issue up to 659,764,680 new shares as part of a non-public offering approved by the China Securities Regulatory Commission[12]. - The company's cash flow from financing activities increased by 59.96% to CNY 4,825,118,620.58, primarily due to the increase in bond issuance[12]. Other Income and Expenses - Government subsidies recognized in the current period amounted to ¥601,019.77, with a total of ¥11,212,511.67 for the year-to-date[7]. - Non-operating income and expenses for the year-to-date totaled ¥432,774.09[7]. - The company reported a 1214.81% increase in other income, reaching CNY 5,995,548.91, attributed to increased subsidies received[11]. Comprehensive Income - The company's other comprehensive income after tax for the first nine months of 2020 showed a significant decline of 555.32%, resulting in a loss of CNY 191,723,889.57[11]. - The company reported a decrease in other comprehensive income, which fell to CNY -44.57 million from CNY 146.85 million, indicating a significant decline[16]. - The total comprehensive income for Q3 2020 was CNY 50,325,529.18, a decrease of 83.1% compared to CNY 297,500,937.40 in Q3 2019[21].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,319,724,830.83, representing a 31.66% increase compared to CNY 1,002,404,979.62 in the same period last year[24]. - The net profit attributable to shareholders of the parent company reached CNY 524,731,933.73, a 36.70% increase from CNY 383,854,900.18 in the previous year[24]. - The total assets at the end of the reporting period were CNY 42,365,236,548.17, up 17.49% from CNY 36,058,606,742.76 at the end of the previous year[24]. - The total liabilities increased by 24.38% to CNY 30,912,856,856.12 from CNY 24,853,738,942.18 year-over-year[24]. - The basic earnings per share for the first half of 2020 was CNY 0.16, reflecting a 33.33% increase compared to CNY 0.12 in the same period last year[25]. - The weighted average return on equity rose to 4.63%, an increase of 1.07 percentage points from 3.56% in the previous year[25]. - The company's net capital at the end of the reporting period was CNY 9,787,869,119.01, up from CNY 9,666,972,089.34 at the end of the previous year[26]. - The risk coverage ratio improved to 451.23% from 433.97% year-over-year[26]. Business Operations and Services - The company’s business scope includes securities brokerage, investment consulting, and asset management among others[11]. - The company has been granted various qualifications for its business operations, including online securities commission and stock underwriting[11]. - The company obtained qualifications for various financial services, including margin trading and securities lending, in 2012, expanding its business scope significantly[15]. - The company has maintained its membership qualifications with major financial associations, including the Shanghai Stock Exchange and Shenzhen Stock Exchange, ensuring its operational credibility[19]. - The company has been actively expanding its service capabilities, including the approval for conducting private fund comprehensive custody services in 2015[18]. - The company engaged in various financial services including securities brokerage, investment banking, and asset management, contributing to its revenue growth[29]. Risk Management - Nanjing Securities faces significant risks including policy risk, market risk, credit risk, liquidity risk, and operational risk, which are detailed in the report[5]. - The company has established a comprehensive risk management framework covering all departments and subsidiaries, addressing various risk types including policy, credit, liquidity, market, and operational risks[55]. - The company is implementing measures to control policy risks through improved governance and compliance management[57]. - Credit risk is managed by enhancing client credit assessments and implementing transaction counterparty limits[59]. - Liquidity risk is controlled through dynamic monitoring of risk indicators and stress testing mechanisms[59]. - The company has a structured approach to risk management, including a five-tier risk management organization and a risk control indicator system centered on net capital[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 201,367[87]. - The top ten unrestricted shareholders held a total of 1,000,000,000 shares, with 南京紫金投资集团有限责任公司 holding 895,380,564 shares, accounting for 27.14%[89][91]. - 南京新工投资集团有限责任公司 held 249,617,964 shares, representing 7.57% of the total shares[91]. - 南京市交通建设投资控股（集团）有限责任公司 owned 209,671,691 shares, which is 6.36% of the total[91]. Corporate Governance - The company appointed Tianheng Certified Public Accountants as the auditor for the 2020 financial report and internal control audit[67]. - The company’s third board of directors consists of 10 non-independent directors and 5 independent directors, reflecting a structured governance approach[95]. - The company has appointed new executives, including Jiang Nian Nan as Chief Engineer and Chief Information Officer, and Liu Ning as Chief Financial Officer[96]. Social Responsibility - The company actively engaged in poverty alleviation efforts, particularly in Tongxin County, Ningxia, contributing to its exit from the poverty list[74]. - The company invested a total of 165,000 RMB in poverty alleviation initiatives during the reporting period[75]. - The company supported two industrial development poverty alleviation projects with an investment of 40,000 RMB[76]. - The company provided financial assistance to 25 impoverished students during the reporting period[76]. Financial Position - The company's total assets as of June 30, 2020, amounted to CNY 42.365 billion, an increase from CNY 36.059 billion at the end of 2019[115]. - The company's total liabilities reached CNY 30.913 billion, up from CNY 24.854 billion at the end of 2019, indicating a growth of 24.83%[114]. - The company's equity attributable to shareholders increased to CNY 11.336 billion as of June 30, 2020, compared to CNY 11.092 billion at the end of 2019, showing a growth of 2.20%[115]. Cash Flow and Financing - The net cash flow from operating activities was a net outflow of CNY 1,745,759,820.26, a significant decrease from a net inflow of CNY 1,693,218,698.39 in the previous year, representing a change of -203.10%[44]. - The net cash flow from financing activities increased to CNY 3,738,894,643.25, up CNY 823,190,849.75 or 28.23% year-on-year, primarily due to increased cash from bond issuance[44]. - The company reported a significant increase in cash and cash equivalents, with a net increase of CNY 1,920,664,490.16, compared to CNY 4,526,050,899.51 in the first half of 2019[124]. Accounting Policies - The company prepares its financial statements based on the going concern assumption, ensuring sufficient operating funds for at least 12 months from the approval date of the financial statements[138]. - The financial statements comply with the requirements of the accounting standards, accurately reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[140]. - The company utilizes the equity method for accounting for investments in subsidiaries and joint ventures, ensuring proper recognition of assets and liabilities[143]. Investment and Capital Management - The company has allocated 10% of its after-tax profit to statutory reserves after offsetting previous losses, with additional allocations for general risk and trading risk reserves[193]. - The company recognizes that financial assets and liabilities can be offset in the balance sheet if certain legal rights and settlement plans are met[158]. - The company has established methods for determining expected credit losses for receivables and contract assets, aligning with the standards set in the financial instruments section[160][162].

Financial Performance - Net profit attributable to shareholders increased by 9.39% to CNY 230,832,848.27 year-on-year[4] - Operating income rose by 13.89% to CNY 577,467,625.85 compared to the same period last year[4] - Basic earnings per share increased by 16.67% to CNY 0.07[4] - Total operating revenue for Q1 2020 was CNY 577.47 million, an increase of 13.83% compared to CNY 507.02 million in Q1 2019[22] - Net profit for Q1 2020 was CNY 231.63 million, an increase of 9.73% compared to CNY 211.15 million in Q1 2019[23] - The company reported a total profit of CNY 295.87 million for Q1 2020, up 11.27% from CNY 265.93 million in Q1 2019[23] - Other comprehensive income after tax for Q1 2020 was CNY 116.84 million, significantly higher than CNY 22.10 million in the previous year[23] Assets and Liabilities - Total assets increased by 12.28% to CNY 40,488,195,401.84 compared to the end of the previous year[4] - Total liabilities rose to CNY 28.93 billion, compared to CNY 24.85 billion, reflecting a growth of about 16.5% year-over-year[18] - Owner's equity totaled CNY 11.55 billion, an increase from CNY 11.20 billion, indicating a growth of approximately 3.1% year-over-year[18] - The company's cash and cash equivalents amounted to CNY 10.06 billion, compared to CNY 8.52 billion, showing a growth of about 18.1% year-over-year[19] - Total assets amounted to CNY 36.06 billion, with total liabilities at CNY 24.85 billion, resulting in total equity of CNY 11.20 billion[32] Cash Flow - Net cash flow from operating activities decreased significantly by 170.88% to -CNY 2,047,578,211.08[4] - Cash inflow from operating activities totaled CNY 1,768,124,331.36 in Q1 2020, down from CNY 5,920,105,896.39 in Q1 2019, indicating a decline of about 70%[26] - The net cash flow from financing activities increased significantly to ¥3,546,911,127.47, up 181.77% from ¥1,258,812,047.28, mainly due to cash received from bond issuance[14] - The net cash flow from financing activities was CNY 3,546,911,127.47 in Q1 2020, up from CNY 1,258,812,047.28 in Q1 2019, reflecting an increase of approximately 182%[27] Shareholder Information - The total number of shareholders reached 222,579 by the end of the reporting period[6] - The largest shareholder, Nanjing Zijin Investment Group, holds 27.14% of the shares[6] Government Subsidies and Non-Operating Income - The company reported a total of CNY 3,363,703.36 in government subsidies related to normal business operations[5] - Non-operating income and expenses resulted in a net loss of CNY 3,153,808.12 for the period[5] Financial Investments and Derivatives - Derivative financial assets increased to ¥2,840,545.00, a rise of 161.44% compared to ¥1,086,517.00 from the previous period, primarily due to the growth in the scale of derivative business[10] - Derivative financial liabilities surged to ¥25,011,495.00, reflecting a 588.71% increase from ¥3,631,620.42, attributed to the expansion of derivative business[10] - Accounts receivable reached ¥12,716,127.00, up 96.56% from ¥6,469,457.02, mainly driven by increased investment banking revenue and asset management fees[10] Tax and Other Financial Obligations - Tax payable increased to ¥158,543,549.43, a 93.55% rise from ¥81,915,425.91, mainly due to higher corporate income tax obligations[10] - Short-term financing payables rose to ¥2,849,172,077.41, a 71.64% increase from ¥1,659,999,273.57, primarily due to the issuance of short-term income certificates during the period[10] Future Plans and Strategic Focus - The company plans to continue expanding its investment banking and asset management services to drive future growth[24] - The report indicates a commitment to transparency with the adoption of updated accounting standards for revenue and leases[36]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in Q3 2023[33]. - The company’s operating revenue for 2019 was CNY 2,201,777,265.63, representing a 78.44% increase compared to CNY 1,233,927,907.56 in 2018[38]. - Net profit attributable to shareholders of the parent company reached CNY 709,811,700.41, a significant increase of 206.24% from CNY 231,780,216.69 in the previous year[38]. - The total operating revenue for Nanjing Securities reached approximately CNY 2.20 billion, a 78.44% increase compared to the previous year[49]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2019, representing a year-over-year increase of 10%[173]. Shareholder Information - The proposed cash dividend for 2019 is CNY 0.7 per 10 shares, totaling CNY 230,917,638.28, which accounts for 32.53% of the net profit attributable to shareholders[4]. - The total number of shares as of December 31, 2019, was 3,298,823,404[4]. - The total share capital as of December 31, 2019, was 3,298,823,404 shares, following a capital increase of 549,803,901 shares from the previous year[109]. - The company has a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% for mature companies without major capital expenditure plans[108]. - The company’s profit distribution plan must be discussed with shareholders, especially minority shareholders, to gather their opinions before the shareholders' meeting[107]. Risk Management - The company faces significant risks including policy, market, credit, liquidity, and operational risks, which could impact its performance[6]. - The company has established a comprehensive risk management system that includes a quantifiable risk indicator system and effective risk response mechanisms[90]. - Market risk is primarily derived from equity investments, non-equity investments, and derivatives, with a focus on risk assessment and real-time monitoring[93]. - Credit risk management includes strengthening client credit assessments and implementing strict contract approval processes[94]. - The company implemented a liquidity risk management strategy, including dynamic monitoring and stress testing of liquidity indicators[96]. Business Expansion and Strategy - The company has been actively expanding its qualifications and business scope since 2007, enhancing its competitive position in the market[16]. - The company plans to continue expanding its investment banking and asset management services to enhance revenue streams[51]. - Market expansion efforts have led to a 30% increase in presence across new regions, with plans to enter two additional markets by Q1 2024[33]. - The company aims to improve operational efficiency by 12% through the implementation of advanced technologies[171]. - The company is focusing on expanding its investment banking business and aims to leverage opportunities from the Sci-Tech Innovation Board[88]. Compliance and Governance - The company has maintained a good integrity status, with no significant debts or unfulfilled judgments reported[125]. - The company has a well-defined governance structure, including a board of supervisors with 7 members, ensuring oversight of management activities[197]. - The company has not faced any penalties from securities regulatory agencies in the past three years[189]. - The company has a structured decision-making process for profit distribution, requiring board approval and independent director opinions before submission to the shareholders' meeting[106]. - The company appointed Tianheng Accounting Firm as the new auditor for the 2019 annual financial report, replacing Lixin Accounting Firm, with a fee reduction from RMB 950,000 to RMB 750,000[119]. Community and Social Responsibility - The company implemented a comprehensive poverty alleviation strategy, focusing on various aspects such as financial support and industrial development to assist impoverished areas[133]. - In 2019, the company donated a total of 1,170.35 million RMB for poverty alleviation efforts, including 350 million RMB to Li Bao Village for building a specialty breeding farm[134]. - The company received multiple honors, including recognition from the China Securities Association and the Ningxia Poverty Alleviation Development Leading Group for its contributions to poverty alleviation[139]. - The company aims to enhance its community support activities, including donations and assistance to low-income households during important holidays[140]. - The company signed a strategic cooperation agreement with Guizhou Province's Congjiang County, donating 200 million RMB for local development[135]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue between $1.6 billion and $1.7 billion, representing a growth of 10% to 13%[33]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[171]. - The company plans to pursue strategic acquisitions, targeting at least one acquisition in the financial technology sector by the end of 2020[181]. - The company aims to diversify its product offerings, with a target of introducing three new financial products by the end of 2020[173]. - The company plans to implement a new marketing strategy, aiming for a 15% increase in brand awareness by mid-2024[33].