证券代码：000783 证券简称：长江证券 长江证券股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------|----------------------------------------|----------------| | | | 编号：2023-003 | | 投资者关 | □分析师会议 | | | 系活动类 | 业绩说明会 | | | 别 | □路演活动 | | | | 其他 | | | 参与单位 | 申万宏源非银分析师许旖珊、耿张逸、高榕 | | | 名称及人 | | | | 员姓名 | | | | 时间 | ：30-12：00 | | 地点 武汉 上市公司 副总裁兼董事会秘书、董事会秘书室总经理 周纯 接待人员 董事会秘书室副总经理、证券事务代表 黄育文 姓名 董事会秘书室 吕也、廖景然 | --- | |--------------------------------------------------------------------| | 1、请介绍下公司新战略，新战略是侧重补短板还是扬长板？ | | 回复：去年，公司聘请专业咨询机构进行战略诊断 ...

Financial Performance - Total revenue for 2022 was approximately CNY 6.37 billion, a decrease of 26.11% compared to 2021[42]. - Net profit attributable to shareholders for 2022 was approximately CNY 1.51 billion, down 37.32% from the previous year[42]. - Basic earnings per share for 2022 were CNY 0.27, a decline of 38.64% from CNY 0.44 in 2021[42]. - Total assets at the end of 2022 were approximately CNY 158.99 billion, a slight decrease of 0.43% from the previous year[42]. - The company reported a net cash flow from operating activities of approximately CNY 2.32 billion, down 74.21% from 2021[42]. - The weighted average return on equity for 2022 was 5.02%, a decrease of 3.32 percentage points from 2021[42]. - Total operating revenue for 2022 was CNY 6,371,577,006.31, a decrease of 26.11% compared to CNY 8,623,165,139.08 in 2021[108]. - The operating profit for 2022 was CNY 1,621,330,066.88, a decline of 48.97% from CNY 3,177,194,231.93 in 2021[110]. Dividends and Capital Structure - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares, totaling approximately 663.59 million RMB based on the total share capital as of December 31, 2022[2]. - The company's registered capital is 5,529,957,610 RMB, with a net capital of 25,427,209,475.40 RMB[9]. - The registered capital of the company increased to RMB 5,529,957,479 as of September 26, 2022, following the conversion of convertible bonds[23]. - The company raised a net amount of RMB 82.69 billion through a private placement of 787 million shares in July 2016[23]. - The company completed a public offering of 50 million convertible bonds in 2018, raising a net amount of RMB 495.635 million[23]. Risk Management and Compliance - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting the importance of investment risk awareness[2]. - The company has detailed risk factors in the report, advising stakeholders to review the section on potential risks and countermeasures[7]. - The company established a comprehensive risk management system, ensuring compliance and risk management aligned with business development[92]. - The company adopted a proactive approach to credit risk management, implementing measures such as enhancing credit risk management systems and establishing a unified credit rating model[147]. - The liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) remained compliant with regulatory requirements, demonstrating controlled liquidity risk[148]. Business Operations and Strategy - The company underwent a significant business transformation in December 2007, changing its main business from petrochemical products to securities trading and related services[13]. - The company is involved in various financial services, including futures brokerage and asset management, reflecting its diversified business model[17]. - The company is focusing on mergers and acquisitions to strengthen its market position and diversify its service offerings[33]. - The company plans to enhance its market expansion strategy by increasing its investment in technology and new product development[33]. - The company aims to expand its market presence by focusing on strategic emerging industries such as new energy and high-end equipment manufacturing, enhancing project reserves[80]. Corporate Governance - The board of directors, supervisors, and senior management confirm the accuracy and completeness of the annual report, assuming legal responsibility for any misstatements[2]. - The company has established a scientific and sound corporate governance structure, including a board of directors and specialized committees[24]. - The company has maintained a consistent structure in its management team, with all current members serving until the end of the tenth session[171]. - The company has a fully independent human resources department, managing recruitment and compensation without influence from its shareholders[166]. - The company has been recognized for its best practices in corporate governance, receiving accolades from the China Listed Companies Association[167]. Market Presence and Client Engagement - The company registered 8.18 million clients, with a total asset value of 1.11 trillion yuan[59]. - The market share of agency trading income (excluding seats) reached 1.81%, a record high in recent years[59]. - The number of registered investment advisors increased to 2,187, with investment product sales amounting to 93.99 million yuan, a year-on-year increase of 24.36%[59]. - The company plans to enhance wealth management transformation and strengthen services for high-net-worth clients in 2023[63]. - The company is committed to enhancing its operational efficiency through centralized management systems and platforms[28]. Financial Investments - The company reported a total investment loss of RMB 664,372,660.92 from its securities investments during the reporting period[127]. - The total fair value of other securities investments held at the end of the period was RMB 64,557,105,207.64[127]. - The company’s total initial investment cost in securities was RMB 73,317,798,263.39[127]. - The total amount of securities purchased during the reporting period was RMB 311,274,570,801.32[127]. - The company’s total investment income from securities during the reporting period was RMB 729,624,604.39[127]. Technology and Innovation - The company is investing CNY 200 million in new technology development, focusing on enhancing its digital trading platform[160]. - The company plans to enhance its research and pricing capabilities to better serve the real economy and capital market development in 2023[66]. - The company aims to build an intelligent, personalized, and comprehensive financial service system for private clients in 2023[67]. - The company is likely to pursue new product development and technological advancements, as indicated by the diverse expertise of its leadership team[175]. - The company is focusing on new product development, with an investment of 200 million in R&D for innovative financial services[196]. Subsidiaries and Investments - The company holds a 100% stake in Longjiang Securities (Shanghai) Asset Management Co., Ltd., which has a registered capital of 2.3 billion RMB established in September 2014[32]. - The subsidiary Changjiang Futures Co., Ltd. reported total assets of RMB 7,726,120,707.93 and a net profit of RMB 109,520,339.09[135]. - The company has 76 structured entities under its control, with total assets of RMB 9.322 billion and equity of RMB 7.984 billion[137]. - The company’s subsidiary Changjiang Growth Capital Investment Co., Ltd. reported a net profit of RMB 174,497,485.21[135]. - The company completed a strategic acquisition of a fintech startup for 300 million RMB to enhance its service offerings[184].

Financial Performance - Total operating revenue for Q1 2023 reached ¥2,151,159,132.35, a 155.05% increase compared to ¥843,439,055.60 in the same period last year[4] - Net profit attributable to shareholders was ¥755,597,192.35, marking a significant increase of 1,522.01% from ¥46,844,151.38 in the previous year[4] - Basic earnings per share rose to ¥0.14, up 1,300.00% from ¥0.01 in the same period last year[9] - Net profit for Q1 2023 was ¥759,458,633.81, compared to a net profit of ¥49,515,237.25 in Q1 2022, indicating a substantial increase[16] - The comprehensive income totalled ¥951,612,101.21 for Q1 2023, a significant increase from ¥15,314,458.88 in the previous year[17] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥170,200,994,678.62, reflecting a 7.06% increase from ¥158,985,374,640.94 at the end of the previous year[4] - The company's total liabilities increased from ¥118,981,221,830.57 to ¥170,200,994,678.62, indicating a rise in leverage[14] - The company's total liabilities increased to ¥135,894,633,838.99 from ¥128,124,784,412.92 at the beginning of the year, marking an increase of approximately 6.0%[15] - The company's equity attributable to shareholders increased by 11.21% to ¥34,178,600,801.90 from ¥30,736,376,104.82 at the end of the previous year[4] - The total equity attributable to shareholders of the parent company rose to ¥34,178,600,801.90, up from ¥30,732,240,958.30, representing an increase of about 11.9%[15] Cash Flow - Cash flow from operating activities was ¥5,629,875,882.61, showing an increase of 11.85% compared to the previous year[4] - The net cash flow from operating activities for Q1 2023 was ¥5,629,875,882.61, compared to ¥5,033,522,668.00 in Q1 2022, representing an increase of approximately 11.8%[18] - Total cash inflow from operating activities was ¥18,868,423,614.13, up from ¥14,207,188,621.37 in the previous year, indicating a growth of about 32.5%[18] - The total cash outflow from operating activities was ¥13,238,547,731.52, compared to ¥9,173,665,953.37 in Q1 2022, reflecting an increase of approximately 44.8%[18] - Cash inflow from financing activities totaled ¥9,108,028,050.00, compared to ¥7,333,800,000.00 in Q1 2022, marking an increase of approximately 24.2%[19] Investments and Other Income - The fair value change income was ¥705,007,476.47, a 193.19% increase compared to a loss of ¥756,528,388.45 in the same period last year[9] - The company reported a net loss from investments of ¥56,337,581.44, contrasting with a profit of ¥55,718,018.92 in the previous year, indicating a notable decline in investment performance[16] - The company reported a government subsidy of ¥3,248,806.92, which is closely related to its normal business operations[6] Shareholder Information - The total number of common shareholders at the end of the reporting period is 164,651[10] - The largest shareholder, New Li Yi Group Co., Ltd., holds 14.89% of shares, totaling 823,332,320 shares[10] - The number of shares held by the top ten shareholders represents a significant portion of the company's equity, with the top shareholder alone holding nearly 15%[10] - The company has a strong backing from state-owned enterprises, with major shareholders including Hubei Energy Group Co., Ltd. and Three Gorges Capital Holding Co., Ltd.[10] Operational Changes - The company experienced a 51.80% increase in construction in progress, totaling ¥76,229,320.54 due to increased equipment installation and office renovations[8] - The company issued perpetual subordinated bonds, leading to a 269.06% increase in other equity instruments to ¥3,429,165,536.11[8] Audit and Reporting - The company did not conduct an audit for the Q1 2023 report[20]

Group 1: Company Strategy - The company has developed a strategic plan focusing on "serving the real economy and customer wealth growth," leveraging industry trends towards "capitalization, institutionalization, and platformization" [1] - The strategic initiatives include four major campaigns: asset allocation for high-net-worth wealth management, creating an "investment + investment banking, industry + finance" model, and enhancing services for private clients [1] Group 2: Private Equity Services - The company has integrated resources to enhance its private equity services, attracting nearly 1,000 managers and over 1,700 products participating in the "Golden Yangtze" trading competition [2] - Internal training has been strengthened to empower marketing personnel in branch offices, facilitating business expansion [2] Group 3: Investment Banking Achievements - The company ranked 11th in IPO underwriting among 12 firms according to Wind data, with a consistent upward trend in IPO underwriting numbers over the past three years [2] - The focus is on regional, industry, and core client strategies, particularly in high-end equipment manufacturing, chemicals, and real estate [2] Group 4: Wealth Management Transformation - In 2021, the company restructured to establish a Wealth Management Center, enhancing service capabilities and operational efficiency [2] - The transition from single product offerings to comprehensive financial solutions for high-net-worth clients has been emphasized [2] Group 5: Derivative Business Development - The company views the off-exchange derivatives business as a strategic tool for reshaping the brokerage competitive landscape and enhancing non-directional income [2] - A dedicated derivatives department was established in February 2023 to improve service levels for institutional clients [2]

Group 1: Compliance and Risk Management - Compliance and risk control are viewed as the core competitiveness of securities firms, especially in the context of regulatory transformation and market improvement [3][4] - In 2014, the China Securities Regulatory Commission imposed penalties on 55 institutions and over 400 individuals, while Changjiang Securities had no penalties or investigations, highlighting its commitment to compliance [3] - The company has established a strategic approach to compliance and risk management, integrating it into performance evaluation systems [5] Group 2: Market Trends and Innovations - In 2014, the total market capitalization and trading volume of the Shanghai and Shenzhen stock markets increased by over 50%, with significant growth in innovative businesses like credit services [3] - The financing balance in the industry exceeded 1 trillion yuan by the end of 2014, indicating a significant increase in leverage [3] - Changjiang Securities reported revenues exceeding 4 billion yuan in 2014, largely driven by innovative credit businesses [5] Group 3: Internal Control and Employee Responsibility - The company has implemented over 20 new regulations for risk control and has established expert committees at various levels [5][6] - All employees at Changjiang Securities share responsibility for compliance and risk management, elevating it from a departmental duty to a company-wide obligation [5] - The company emphasizes the "seller is responsible" principle in employee training, ensuring accountability for client assets [5] Group 4: Future Directions and Strategic Goals - Changjiang Securities aims to transition from traditional intermediary roles to wealth management models, with compliance and risk control becoming essential for future competitiveness [6] - The company plans to enhance its capital base in the coming years to address potential liquidity risks arising from rapid industry growth [6] - A comprehensive risk management system focusing on liquidity management and non-standardized management is being developed [6]

Group 1: Strategic Focus and Achievements - The company has consistently prioritized the "deep cultivation of Hubei" as a key strategy, establishing a solid business foundation in the region [4] - Longjiang Securities has signed strategic cooperation agreements with over ten local governments, including those of Hubei Province, Wuhan, and Yichang [4] - The company has achieved full coverage of city-level branches in Hubei and has served as the lead underwriter for multiple IPOs, including Hubei Yihua and Hubei Jinhuan [4] Group 2: Financial Contributions and Investments - Longjiang Securities plans to invest 3 billion RMB in the Hubei Yangtze River Economic Belt Industry Fund to enhance client accumulation and drive business development [4][5] - As of Q1 2016, the company has 59 branches in Hubei, leading the market share in brokerage services [4] - The company has maintained a nearly 40% market share in the New Third Board in Hubei [4] Group 3: Fundraising and Business Expansion - The company aims to raise up to 12 billion RMB through a private placement, with funds allocated to increase capital, enhance operational funds, and expand business scale [7] - The funds will be used for credit trading, asset management, internet finance, and underwriting reserves [7] - The company is actively transforming its business model to diversify income sources and improve profitability [8] Group 4: Internet Finance and Technological Development - Longjiang Securities is enhancing its internet finance capabilities, with a mobile trading app, Changjiang E, having around 3 million registered users and ranking 7th in daily active users in the industry [8] - The company has launched a financial mall and is set to improve its online service systems to facilitate online sales and services [8] Group 5: Organizational Restructuring and Talent Management - The company has undergone a comprehensive organizational restructuring to improve resource allocation and support business development [9] - A competitive team structure has been introduced to enhance operational efficiency and stimulate business vitality [9] - The company is focusing on talent acquisition and management, implementing open recruitment mechanisms to attract skilled professionals [9]

Financial Performance - Total revenue for the third quarter was ¥1,266,154,901.93, a decrease of 46.88% year-over-year[4] - Net profit attributable to shareholders was ¥158,292,695.51, down 79.57% compared to the same period last year[4] - Net profit excluding non-recurring gains and losses was ¥101,239,030.94, reflecting an 86.91% decline year-over-year[4] - Basic earnings per share were ¥0.03, a decrease of 78.57% from the previous year[4] - Total operating revenue for the first nine months was CNY 4,112,096,184.53, down 38.0% from CNY 6,648,061,923.24 in the previous year[16] - Net profit attributable to shareholders of the parent company was CNY 955,873,376.10, a decrease of 56.5% compared to CNY 2,199,197,039.13 in the same period last year[17] - The company reported a total profit of CNY 1,028,850,014.73, down 64.8% from CNY 2,913,925,133.06 in the previous year[16] Cash Flow - Operating cash flow for the year-to-date period decreased by 83.51% to ¥1,515,240,965.65[4] - Net cash flow from operating activities dropped by 83.51% to approximately ¥1.52 billion from ¥9.19 billion, due to increased cash outflows from customer transaction settlements and financial asset transactions[11] - Cash received from interest, fees, and commissions was CNY 6,414,682,593.72, down from CNY 7,151,394,899.89 in the previous year[17] - Cash inflow from investment activities was CNY 168.11 million, down from CNY 409.36 million, a decrease of approximately 59%[19] - Net cash flow from investment activities was negative CNY 968.60 million, improving from negative CNY 1.10 billion in the previous year[19] - Cash inflow from financing activities was CNY 20.93 billion, compared to CNY 28.06 billion in the prior period, a decrease of about 25.5%[20] - Net cash flow from financing activities decreased by 103.63% to approximately -¥156 million from ¥4.29 billion, attributed to a reduction in net funds raised from debt financing[11] Assets and Liabilities - Total assets increased by 5.33% to ¥168,179,044,612.66 compared to the end of the previous year[4] - Total liabilities increased to CNY 137,144,724,558.46 from CNY 128,690,793,942.10 at the beginning of the year, reflecting a growth of 6.0%[15] - Total assets reached CNY 168,179,044,612.66, up from CNY 159,665,458,593.41 at the beginning of the year, indicating a growth of 5.3%[15] - The total liabilities to equity ratio increased, indicating a higher leverage position compared to the previous reporting period[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 169,576, with the top ten shareholders holding significant stakes[12] - New理益集团有限公司 held 14.89% of shares, making it the largest shareholder[12] Other Financial Metrics - The company reported a significant increase in derivative financial assets, with a rise of 936.90% to ¥249,583,634.57[10] - Interest income for the year-to-date period rose by 44.10% to ¥1,660,665,222.77[10] - The company experienced a 110.33% decline in investment income, totaling -¥140,268,667.60[10] - Other comprehensive income increased by 260.63% to ¥1,027,786,894.86 compared to the previous year[10] - Other comprehensive income after tax attributable to shareholders of the parent company was CNY 742,876,182.55, compared to CNY 67,124,258.91 in the previous year[17] Earnings Per Share - Basic earnings per share decreased by 57.50% to 0.17 from 0.40, reflecting a decline in net profit[11] - Diluted earnings per share decreased by 54.05% to 0.17 from 0.37, indicating a reduction in net profit[11] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were approximately ¥42.59 billion, up from ¥42.42 billion at the beginning of the year[14] - The ending balance of cash and cash equivalents was CNY 49.52 billion, down from CNY 52.48 billion in the previous period, a decrease of approximately 5.7%[20] Audit Information - The company did not conduct an audit for the third quarter report[21]

Financial Performance - Total operating revenue for the first half of 2022 was ¥2,845,941,282.60, a decrease of 33.26% compared to ¥4,264,355,556.07 in the same period last year[22]. - Net profit attributable to shareholders was ¥797,580,680.59, down 44.01% from ¥1,424,419,594.95 year-on-year[22]. - Net profit after deducting non-recurring gains and losses was ¥792,818,473.82, a decrease of 42.55% compared to ¥1,379,922,749.53 in the previous year[22]. - Basic earnings per share were ¥0.14, down 46.15% from ¥0.26 in the same period last year[22]. - Diluted earnings per share were ¥0.14, a decrease of 41.67% compared to ¥0.24 in the previous year[22]. - The net profit for the first half of 2022 was CNY 1,064,130,618.21, a decrease of 9.40% compared to the previous year[23]. - The basic earnings per share decreased by 9.52% to CNY 0.19[23]. - The company reported a significant increase of 243.45% in derivative financial assets, reaching CNY 82.67 million, attributed to the growth in over-the-counter options[81]. - The company’s investment income turned negative at CNY -382.32 million, a decrease of 142.63% compared to the previous year, reflecting reduced returns from trading financial assets[82]. - The company’s basic earnings per share decreased by 46.15% to CNY 0.14, reflecting a reduction in net profit[82]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥174,105,502,575.83, reflecting a growth of 9.04% from ¥159,665,458,593.41 at the end of the previous year[22]. - Total liabilities increased by 11.73% to ¥143,781,438,910.45 from ¥128,690,793,942.10 at the end of the previous year[22]. - Net assets attributable to shareholders decreased by 2.11% to ¥30,211,441,192.32 from ¥30,862,925,894.11 at the end of the previous year[22]. - The total assets increased by 9.38% to CNY 164,580,238,764.57 from the previous year[23]. - The total liabilities rose by 12.00% to CNY 135,793,722,159.15 compared to the previous year[23]. - The company's total liabilities amounted to 143.781 billion yuan, increasing by 15.091 billion yuan, with a growth rate of 11.73% compared to the previous year[112]. - The company's debt-to-asset ratio, excluding client funds, is 75.97%, an increase of 2.33 percentage points from the previous year[112]. - The company's total receivables increased to 955.192 million yuan, up from 762.639 million yuan, marking a growth of 0.07%[110]. Cash Flow - Net cash flow from operating activities was ¥6,975,827,050.63, a substantial increase of 635.44% compared to -¥1,302,829,678.70 in the same period last year[22]. - The net cash flow from operating activities improved significantly to CNY 6,172,902,221.16, a 283.21% increase from the previous year[23]. - The company’s cash flow from operating activities saw a substantial increase of 635.44%, amounting to CNY 6.98 billion, due to net inflows from borrowed and lent funds[82]. - Cash and cash equivalents increased by CNY 5.325 billion, representing a 29.20% increase compared to the previous year[95]. Revenue Sources - The total revenue from brokerage and securities financial services was CNY 2.824 billion, with an operating profit margin of 50.28%, an increase of 4.85 percentage points year-on-year[100]. - The company’s investment banking revenue decreased by 46.46% year-on-year, with an operating profit margin of 31.33%[100]. - Net commission and fee income decreased by 16.48% year-on-year to CNY 2.051 billion, with brokerage fees down 7.47% to CNY 1.613 billion, and investment banking fees down 48.63% to CNY 265 million[85]. - Other business income increased by 20.22% year-on-year to CNY 208 million, mainly due to increased revenue from subsidiary trading sales[86]. Market Performance - The A-share market saw significant declines, with the ChiNext Index dropping by 15.41% and the CSI 500 Index down by 12.30% during the reporting period[141]. - The company maintained a stable performance in self-operated investments, with no major market risk events reported during the first half of 2022[143]. - Credit risk environment remained relatively stable, with a decrease in the number of new defaulting entities in the bond market compared to the previous year[145]. Risk Management - The company implemented a comprehensive risk management system to cover various risks, including market, credit, and operational risks[139]. - The company adopted a proactive approach to manage market risks, including diversified investment strategies and the use of financial derivatives for hedging[142]. - The company established a unified credit risk management system to enhance the identification and assessment of customer credit risks[146]. - The company's liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) consistently met regulatory requirements, indicating that overall liquidity risk is controllable[148]. Strategic Initiatives - The company plans to enhance its financial technology investments and optimize its wealth management platform[39]. - The company aims to expand its institutional client services and improve risk management systems in its credit business[47]. - The company plans to explore innovative businesses such as Pre-REITs funds while deepening internal business collaboration and enhancing external partnerships in the investment sector[70]. - The company aims to optimize its compliance and risk control systems to enhance management efficiency and ensure stable operations moving forward[73]. Social Responsibility - The company has implemented over 400 financial assistance projects in nearly 30 former national-level poverty counties since 2016, with a financing scale exceeding 11 billion yuan[168]. - The company has committed to continuous investment in public welfare initiatives, including education and disaster relief, to foster a culture of charity[173].