Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.55 RMB [1][2] Core Views - The company's revenue and net profit are expected to grow steadily, with projected revenue of 18,857.07 million RMB in 2024, 20,269.02 million RMB in 2025, and 21,219.12 million RMB in 2026 [1][3] - Net profit attributable to the parent company is forecasted to be 2,805.17 million RMB in 2024, 3,011.71 million RMB in 2025, and 3,198.93 million RMB in 2026 [1][3] - The company's mobile game revenue has shown steady growth, with a 19.82% year-on-year increase in 2024H1, contributing to an overall gross margin increase of 1.08 percentage points to 79.62% [1] Financial Performance - In 2024H1, the company achieved revenue of 9,232 million RMB, a year-on-year increase of 18.96%, and net profit attributable to the parent company of 1,265 million RMB, a year-on-year increase of 3.15% [1] - The company's sales expense ratio increased by 2.92 percentage points to 58.06% in 2024H1, while the management expense ratio decreased by 0.11 percentage points to 3.20% [1] - The company's R&D expense ratio decreased by 1.20 percentage points to 3.80% in 2024H1, reflecting strategic adjustments in game development focus [1] Product Portfolio and Strategy - The company has a rich product pipeline, including self-developed games such as "The Legend of the Three Kingdoms: Honghu Overlord" and "Mecha Domination," as well as agency games like "Time Grocery Store" and "Primal Conquest: Dino Era" [1] - The company has diversified its game portfolio across multiple genres, including MMORPG, SLG, card, and simulation games, with 9 self-developed and 17 agency games in the pipeline [1] Dividend Policy - The company announced a mid-term dividend plan for 2024, proposing to distribute 2.10 RMB per 10 shares in cash dividends, totaling 466 million RMB, with a current dividend yield of approximately 1.55% [1]

证券研究报告·公司点评报告·游戏Ⅱ 三七互娱（002555） 2024 年半年报点评：业绩稳健增长，连续季 度分红回报股东 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 16406 | 16547 | 18521 | 20341 | 21416 | | 同比（%） | 1.17 | 0.86 | 11.93 | 9.83 | 5.29 | | 归母净利润（百万元） | 2954 | 2659 | 2676 | 3061 | 3454 | | 同比（%） | 2.74 | (10.01) | 0.66 | 14.36 | 12.85 | | EPS-最新摊薄（元/股） | 1.33 | 1.20 | 1.21 | 1.38 | 1.56 ...

丨证券研究报告丨 公司研究丨点评报告丨三七互娱（002555.SZ） [Table_Title] 流水整体稳健，业绩持续改善，连续季度高分红 报告要点 | --- | |-------------------------------------------------------------------------------------| | [Table_Summary] 公司披露 24Q2 业绩，24Q2 实现营收 44.82 亿（同比+12.16%，环比-5.65% | | 6.48 亿（同比+43.63%，环比+5.25%），扣非净利润 6.59 亿（同比+47.99%，环比 | | 公司拟每 10 股派 2.1 元，合计派发现金红利 4.66 亿元，占公司 Q2 净利润约 72% | | 戏赛道优势延续，存量游戏表现稳健，上半年境外游戏收入环比增长，海外新游逐渐起量，前 | | 期投放或陆续回收叠加投放优化，Q2 业绩继续环比改善。 | 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SFC：BUX177 三七互娱（002555.SZ） cjzqd ...

2024 年 08 月 27 日 公司点评 增持/维持 三七互娱(002555) 昨收盘:13.67 传媒互联网 24Q2 业绩企稳，连续分红回馈投资者 事件： | --- | |---------------------------------------------------------------| | 公司 2024H1 实现营收 92.32 亿元，同比增长 18.96%；归母净利润 | | 亿元，同比增长 3.15%；归母扣非净利润 12.75 亿元，同比增长 | | 其中，2024Q2 实现营收 44.82 亿元，同比增长 12.16%；归母净利润 | | 亿元，同比增长 43.63%；归母扣非净利润 6.59 亿元，同比增长 | | --- | |----------------------------------------------------------------------| | ➢ 2024H1 营收同增 18.96%，Q2 营收环比下降-5.65% | | 2024H1 公司营收同比增长 18.96%，主要系 2023 下半年上线的小游戏《寻 | | 道大千》、《灵魂序章》、《 ...

| --- | --- | --- | |--------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------| | 24Q2 | | 业绩良性增长，净利率持续回升 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： 2024-08-27 | | ⚫[Table_Summary] 业绩简评： | | [Table_BaseData] 收盘价（元） | 13.67 | 公司发布 2024 年半年报。24H1,公司营业收入 92.32 亿元，同比 | | 近 12 个月最高/最低（元） | 26.88/12.04 | 增长 18.96%；归母净利润为 12.65 亿元，同比增长 3.15%；扣非归母 | | 总股本（百万股） | 2,218 | 净利润为 ...

持续高分红，期待买量回收 | --- | |-----------------------------| | 华泰研究 | | 2024 年 8 月 27 日│中国内地 | 研究员 朱珺 SAC No. S0570520040004 SFC No. BPX711 zhujun016731@htsc.com +(86) 10 6321 1166 研究员 吴珺 SAC No. S0570523100001 wujun023190@htsc.com +(86) 755 8249 2388 24H1 扣非净利同增 14%，维持"买入"评级 公司发布半年报：24H1 营收 92.32 亿元（yoy+18.96%），归母净利 12.65 亿元（yoy+3.15%），扣非归母净利 12.75 亿元（yoy+14.27%）。其中 Q2 营收 44.82 亿元（yoy+12.16%，qoq-5.65%），归母净利 6.48 亿元 （yoy+43.63%，qoq+5.25%）。公司拟每 10 股派送现金股利 2.10 元（含 税），现金分红总额 4.66 亿元。考虑到产品上线节奏及较大的买量投放，我 们下调 24-26 年归母净 ...

证券研究报告-中报点评 买入(维持) 市场数据(2024-08-26) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 12.43 | | 一年内最高/最低(元) | 26.68/12.18 | | 沪深 300 指数 | 3,324.22 | | 市净率(倍) | 2.18 | | 流通市值(亿元) | 199.45 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 5.70 | | 每股经营现金流(元) | 0.96 | | 毛利率(%) | 79.63 | | 净资产收益率_摊薄(%) | 10.00 | | 资产负债率(%) | 34.02 | | 总股本/流通股(万股) | 221,786.43/160,459.3 | | | 9 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 三七互娱 沪深300 -49% -41% -33% -25% -17% -10% -2% 6% 2023.08 2023.12 2024.04 2024.08 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved effective cost control in Q2 2024, with significant reductions in sales, management, and financial expenses [1] - The company's long-term operational capabilities for existing games have strengthened, with notable performance in overseas markets and significant efficiency improvements from AI tools [1] - The company's overseas business saw an increase in gross margin, with its SLG (Strategy Game) segment continuing to solidify its advantages [1] Financial Performance - In H1 2024, the company reported revenue of RMB 9.232 billion, a YoY increase of 18.96%, and net profit attributable to shareholders of RMB 1.265 billion, a YoY increase of 3.15% [1] - In Q2 2024, the company's revenue was RMB 4.482 billion, a YoY increase of 12.16%, and net profit attributable to shareholders was RMB 648 million, a YoY increase of 43.63% [1] - The company's gross margin in Q2 2024 was 77.41%, a decrease of 4.31 percentage points QoQ [1] Game Performance and Strategy - The company's self-developed card game "Douluo Continent: Soul Master Showdown" and MMORPG "Ren Xiu Xian Zhuan: Xiu Pian" successfully activated user engagement through new content and IP-driven strategies [1] - The company's overseas revenue in H1 2024 was RMB 2.898 billion, a YoY decrease of 4.27%, but the gross margin for overseas business increased by 3.32 percentage points to 76.13% [1] - The company launched new SLG games such as "MechaDomination" and "Puzzles & Chaos," which performed well in global markets, entering the top 20 strategy game charts in multiple regions [1] AI and Operational Efficiency - The company's internal AI tool "Xiao Qi" was upgraded, covering functions such as querying, graphic design, translation, and data analysis, with over 90% employee coverage, significantly improving operational efficiency [1] - The company is exploring AI-driven game production, including AI-generated game plots, materials, voiceovers, and music, and is developing intelligent NPC systems and game community content generation platforms [1] Future Projections - The company is expected to achieve revenues of RMB 18.532 billion, RMB 20.571 billion, and RMB 23.245 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.0%, 11.0%, and 13.0% [1] - Net profit attributable to shareholders is projected to be RMB 2.761 billion, RMB 3.202 billion, and RMB 3.780 billion in 2024, 2025, and 2026, with YoY growth rates of 3.9%, 16.0%, and 18.0% [1]

业绩简评 8 月 26 日，公司发布 24 年中报，H1 营收 92.3 亿/yoy+19.0%，， 归母净利 12.6 亿元/yoy+3.2%，扣非归母 12.7 亿元/yoy+14.3%； Q2 收入 44.8 亿元/yoy+12.2%，归母净利润 6.5 亿元/yoy+43.6%， 扣非净利润 6.6 亿元/yoy+48.0%，24 年中期拟现金分红 0.21 元/ 股，截至 1H24，公司分红 2 次，合计现金分红 0.42 元/股。 经营分析 收入：小程序游戏表现突出，Q2 保持双位数增长。1）分产品： H1 手游 89.6 亿/yoy+19.8%，主要系小程序游戏《寻道大千》《灵 魂序章》（斗罗 IP）等表现亮眼，带动收入提升；网页游戏 2.1 亿/yoy-15.5%，预计主要系用户向移动端转移+页游投入减少。2） 分地区：增长主要由国内市场贡献，境外市场稳健。境内收入 63.3 亿/yoy+33.8%；境外收入 29.0 亿/yoy-4.3%。3）逐季度看，Q2 收入同比保持较高速的增长，增速较 Q1 放缓主要系去年 Q2 基数 相对较高，环比-5.65%，在运营游戏表现稳健。 盈利：Q2 销售 ...

Financial Performance - Revenue for the reporting period was RMB 9,231,969,089.44, an increase of 18.96% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company was RMB 1,264,633,578.95, up 3.15% year-on-year[13] - Net cash flow from operating activities was RMB 2,129,183,514.99, a decrease of 8.22% compared to the same period last year[13] - Total assets at the end of the reporting period were RMB 19,331,593,556.82, an increase of 1.03% compared to the end of the previous year[13] - Revenue for the reporting period reached 9.232 billion yuan, a year-on-year increase of 18.96%[24] - Net profit attributable to shareholders, excluding non-recurring gains and losses, was 1.275 billion yuan, up 14.27% year-on-year[24] - Revenue increased by 18.96% YoY to RMB 9,231,969,089.44, driven by strong performance of mobile games such as "Xun Dao Da Qian," "Ba Ye," and "Ling Hun Xu Zhang"[45] - Mobile game revenue accounted for 97.04% of total revenue, growing 19.82% YoY to RMB 8,958,803,229.22[46] - Domestic revenue surged 33.82% YoY to RMB 6,333,847,795.59, representing 68.61% of total revenue[46] - Overseas revenue decreased by 4.27% YoY to RMB 2,898,121,293.85, accounting for 31.39% of total revenue[46] - Sales expenses rose by 25.26% YoY to RMB 5,360,351,377.24 due to increased internet traffic costs for key games[45] - R&D investment decreased by 9.66% YoY to RMB 350,778,127.57 as the company adjusted its strategic game categories[45] - Operating cash flow decreased by 8.22% YoY to RMB 2,129,183,514.99[45] - Investment cash flow decreased by 72.89% YoY to RMB -2,253,026,693.16 due to increased financial product purchases and redemptions[45] - Revenue from the mobile game segment reached 8,958,803,229.22 yuan, a year-on-year increase of 19.82%, with a gross margin of 80.98%[47] - Web game revenue decreased by 15.54% year-on-year to 213,942,038.14 yuan, with a significant increase in operating costs by 126.56%[47] - Domestic revenue increased by 33.82% year-on-year to 6,333,847,795.59 yuan, while overseas revenue decreased by 4.27% to 2,898,121,293.85 yuan[47] - Game sharing costs accounted for 91.04% of total operating costs, increasing by 14.46% year-on-year to 1,712,060,939.88 yuan[48] - Server costs increased by 33.39% year-on-year to 130,404,806.42 yuan due to higher user activity in games like "Xun Dao Da Qian" and "Soul Chapter"[48] - The company's monetary funds decreased by 12.06% to 3,909,071,141.06 yuan, primarily due to cash outflows from investment and financing activities[50] - Intangible assets increased by 4.74% to 1,967,049,751.39 yuan, mainly due to the acquisition of land use rights[50] - The company's overseas assets, including other equity assets and monetary funds, totaled 2,032,992,665.13 yuan, accounting for 16.07% of the company's net assets[51] - The company's investment income was 62,436,738.05 yuan, accounting for 4.25% of total profit, mainly from equity investments and financial products[49] - The company's trading financial assets increased by 3.93% to 2,804,612,941.44 yuan, driven by increased purchases of low-risk bank wealth management products and structured deposits[50] - The fair value of financial assets at the end of the period was RMB 3,969,929,904.58, with a decrease of RMB 34,091,307.29 in fair value changes during the period[52] - The company's total investment during the reporting period was RMB 11,964,977,515.44, a 29.90% increase compared to the same period last year[55] - The company invested RMB 10,000,000 in Guangzi Information Technology (Shanghai) Co., Ltd., acquiring a 0.54% stake[55] - The company invested RMB 20,000,000 in Leixin Technology (Guangzhou) Co., Ltd., acquiring a 1.23% stake[56] - The company invested RMB 35,413,500 in Baichuan Ltd. Friends, acquiring a 0.27% stake[56] - The company invested RMB 21,318,300 in SHIXIANG GLOBAL FLAGSHIP FUND L.P., acquiring a 9.00% stake[56] - The company invested RMB 15,000,000 in Huayi Boao (Beijing) Quantum Technology Co., Ltd., acquiring a 0.79% stake[56] - The total restricted assets at the end of the reporting period amounted to RMB 2,858,511,495.72, including RMB 1,129,038,633.80 in restricted cash[54] - The company's fixed assets of RMB 648,512,436.26 were used as collateral for bank loans[54] - The company's other non-current financial assets increased by RMB 594,215.10 during the reporting period, reaching RMB 917,919,232.30 at the end of the period[52] - The company invested RMB 10 million in Shanghai Lingyu Technology Development Co., Ltd., acquiring a 3.33% stake, focusing on children's education companion robots and pocket reading machines[57] - The company's Guangzhou headquarters building project has accumulated an investment of RMB 1.806 billion, with a project progress of 80%[58] - The company's investment in Chayou Technology (HKEX: 02660) resulted in a loss of RMB 35.37 million, with the ending book value at RMB 40.42 million[59] - The company's investment in Xindong Company (HKEX: 02400) yielded a profit of RMB 17.22 million, with the ending book value at RMB 37.65 million[59] - The company's investment in Huaqiang Fantawild (NEEQ: 834793) incurred a loss of RMB 200,000, with the ending book value at RMB 16.10 million[59] - The company's investment in Chabaidao (HKEX: 02555) resulted in a loss of RMB 37.78 million, with the ending book value at RMB 106.18 million[59] - The total investment in securities amounted to RMB 198.71 million, with a total loss of RMB 56.13 million and an ending book value of RMB 200.35 million[59] - Foreign exchange forward contracts initial investment amount was 696.16 million yuan, with a fair value change loss of -340,900 yuan during the reporting period[60] - The ending amount of foreign exchange forward contracts was 112.19 million yuan, accounting for 0.89% of the company's net assets at the end of the reporting period[60] - The total raised funds from the 2021 non-public stock issuance was 2.93 billion yuan, with a net amount of 2.90 billion yuan[63] - As of June 30, 2024, the balance of the raised funds in the special account was 2.11 billion yuan[63] - The company used 282.98 million yuan of raised funds during the reporting period, with a cumulative usage of 1.03 billion yuan[63] - No changes were made to the use of raised funds during the reporting period, with a cumulative change ratio of 0.00%[63] - The company's hedging strategy effectively reduced the adverse impact of exchange rate fluctuations[60] - The company's internal audit department regularly and irregularly checks the actual transaction contract signing and execution[60] - The company's foreign exchange hedging business follows the principle of locking in exchange rate risks for hedging purposes, not for speculation[60] - The fair value analysis of derivatives uses the market value revaluation report from financial institutions[61] - The total investment in the "Network Game Development and Operation Project" is 154,500万元, with a cumulative investment of 31,895.56万元, achieving 36.50% of the adjusted investment target[64] - The "5G Cloud Gaming Platform Project" has a total investment of 159,500万元, with a cumulative investment of 1,545.44万元, achieving only 1.77% of the adjusted investment target[64] - The "Guangzhou Headquarters Building Project" has a total investment of 115,600万元, with a cumulative investment of 69,889.12万元, achieving 60.46% of the investment target[64] - The company's subsidiary, Anhui 37 JiYu Network Technology Co., Ltd., reported a net profit of 438,283,212.43元, contributing significantly to the overall performance[69] - The subsidiary, 37 Interactive Entertainment (Shanghai) Technology Co., Ltd., reported a net profit of 832,967,267.66元, further boosting the company's financial results[69] - The company acquired Shanghai Tingxiong Network Technology Co., Ltd. through cash purchase, aligning with its strategic planning and promoting business development[70] - The company joined Guangdong Qianxing Zhiqing Venture Capital Partnership (Limited Partnership), which is in line with its strategic planning and beneficial for business growth[70] - The company controls the structured entity "37 Lexin (Guangzhou) Industrial Investment Partnership (Limited Partnership)" with a combined capital contribution of 72.00%[71] - The company also controls the structured entity "Wuhu 37 Interactive Entertainment Wanxin Investment Center (Limited Partnership)" with a combined capital contribution of 77.50%[72] - The company controls 52.94% of the equity in the 37 Technology Investment Fund through its subsidiaries, which is included in the consolidated financial statements[73] - The company controls 96.77% of the equity in the Qianxing Zhiqing Fund through its subsidiary Anhui Taiyun, which is included in the consolidated financial statements[74] - The company faces risks from industry policy changes, particularly in areas such as minor protection and anti-addiction measures, which could impact operations and brand image[74] - The company is implementing a "high-quality, diversified, and globalized" strategy to enhance core competitiveness, focusing on R&D, product innovation, and overseas market expansion[75] - The company is strengthening its talent retention and development through innovative management mechanisms, performance incentives, and comprehensive training programs[78] - The company has upgraded its welfare system to include interest-free loans, health insurance, and a fertility fund of 20,000 RMB per child for employees with over 2 years of service[79] - The company is actively monitoring and investing in cutting-edge technologies to stay ahead of industry trends and mitigate risks associated with technological obsolescence[80] - The company and its executives are under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, with no conclusion yet[81] - The company's cash dividend distribution plan is 2.10 yuan per 10 shares, with a total cash dividend of 465,751,499.01 yuan, accounting for 100% of the total profit distribution[85] - The company's distributable profit is 3,579,382,199.85 yuan, with a total cash dividend (including other methods) of 566,455,938.98 yuan[85] - The third employee stock ownership plan holds 1,161,886 shares, accounting for 0.05% of the company's total shares[87] - The fourth employee stock ownership plan holds 16,301,534 shares, accounting for 0.74% of the company's total shares[86] - The company's 2024 semi-annual share-based payment expense is 40,965,800 yuan[88] - The company aims to achieve carbon neutrality in its operations by 2025 and has set a near-term greenhouse gas reduction target validated by the Science Based Targets initiative (SBTi)[89][90] - The company's fourth employee stock ownership plan's second lock-up period ended on June 29, 2024, and the 2023 performance targets were not met, resulting in no unlocking of shares[88] - The company funded 2,628 outstanding high school students across 7 provinces through the Guangdong Youxin Foundation[91] - The company invested over 250,000 yuan to support the development of specialty industries such as lotus seeds and tea in Anhui, Yunnan, and Guangdong[92] - The company donated 1 million yuan to the First Affiliated Hospital of Sun Yat-sen University as part of a 5 million yuan donation plan[94] - The company completed the third phase of a 1 million yuan donation to support clinical medical talent development[94] - The company organized 25 social volunteer service activities covering areas such as special needs children care and digital literacy education[94] - The company's chairman, Li Weiwei, fulfilled a commitment not to reduce his shareholding within 6 months after completing a share increase[96] - The company and its executives are under investigation by the China Securities Regulatory Commission for suspected information disclosure violations[98] - The company is involved in ongoing litigation with total claims of 6,259,460 yuan as plaintiff and 3,587,430 yuan as defendant[100] - Total daily related-party transactions amounted to 80.1344 million yuan, accounting for a small proportion of similar transactions[103] - The largest related-party transaction was with Guangzhou Xuyang Network Technology Co., Ltd., amounting to 79.3921 million yuan, accounting for 0.86% of similar transactions[103] - The company's new headquarters building project in Guangzhou covers an area of 6,427 square meters with a total construction area of approximately 89,000 square meters[111] - The company leases office spaces totaling 21,821 square meters in Guangzhou and Wuhu[112] - No significant asset or equity acquisition or sale transactions occurred during the reporting period[104] - No co-investment related-party transactions occurred during the reporting period[106] - No non-operating related-party debt or credit transactions occurred during the reporting period[107] - No financial transactions occurred between the company and related financial institutions[108][109] - No significant related-party transactions other than daily operations occurred during the reporting period[110] - No significant guarantees were made during the reporting period[113] - Anhui Leihu Network Technology Co., Ltd. received a guarantee of 10,000 RMB on March 19, 2024, under a 90,000 RMB guarantee limit[114] - Anhui Leihu Network Technology Co., Ltd. received a guarantee of 15,000 RMB on April 18, 2024, under a 90,000 RMB guarantee limit[114] - Anhui Sanqi Network Technology Co., Ltd. received a guarantee of 3,990 RMB on October 26, 2023, under a 60,000 RMB guarantee limit[114] - Anhui Sanqi Network Technology Co., Ltd. received a guarantee of 2,350 RMB on November 23, 2023, under a 60,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 1,700 RMB on March 29, 2023, under a 200,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 3,300 RMB on April 26, 2023, under a 200,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 1,500 RMB on July 7, 2023, under a 180,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 2,000 RMB on July 12, 2023, under a 180,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 1,500 RMB on July 19, 2023, under a 180,000 RMB guarantee limit[114] - Anhui Xuhong Information Technology Co., Ltd. received a guarantee of 3,000 RMB on July 25, 2023, under a 180,000 RMB guarantee limit[114] - The total approved guarantee quota for subsidiaries during the reporting period is 417,000 thousand RMB, with actual guarantees issued amounting to 263,837.22 thousand RMB[116] - The total approved guarantee quota for subsidiaries at the end of the reporting period is 417,000 thousand RMB, with actual guarantee balances totaling 149,809.5 thousand RMB[116] - The total approved guarantee quota for subsidiaries during the reporting period is 233,000 thousand RMB, with actual guarantees issued amounting to 47,456.37 thousand RMB[117] - The total approved guarantee quota for subsidiaries at the end of the reporting period is 233,000 thousand RMB, with actual guarantee balances totaling 11,299.42 thousand RMB[117] - The total approved guarantee quota during the reporting period is 650,000 thousand RMB, with actual guarantees issued amounting to 311,293.59 thousand RMB[117] - The total approved guarantee quota at the end of the reporting period is 650,000 thousand RMB, with actual guarantee balances totaling 161,108.92 thousand RMB[117] - The actual guarantee balance (A4+B4+C4) accounts for 12.74% of the company's net assets[117] - The company's entrusted wealth management products using own funds amount to 160,000 thousand RMB, with an outstanding balance of 40,000 thousand RMB[118] - The company's entrusted wealth management products using raised funds amount to 405,000 thousand RMB, with an outstanding balance of 190,000 thousand RMB[118] - The total entrusted wealth management products amount to 565,000 thousand RMB, with an outstanding balance of 246,000 thousand RMB[118] - The company has a total of 565,000 in entrusted wealth management, with an expected total return of 2,841.13 and an actual return of 2,169.17[120] - The company plans to distribute cash dividends not exceeding 500 million RMB per quarter in 2024, with a total annual dividend