Financial Performance - Total operating revenue for the first half of 2021 was RMB 3,655,001,851.22, representing a 19.64% increase compared to RMB 3,054,876,333.96 in the same period last year[12]. - Net profit attributable to shareholders was RMB 833,382,930.15, up 24.93% from RMB 667,104,898.76 year-on-year[12]. - Basic earnings per share increased to RMB 0.27, reflecting a growth of 28.57% compared to RMB 0.21 in the previous year[12]. - The company reported a net cash flow from operating activities of RMB -559,914,293.64, compared to RMB -718,296,034.27 in the same period last year[12]. - The company’s net profit after deducting non-recurring gains and losses was RMB 834,831,722.38, a 25.72% increase from RMB 664,060,102.76 in the previous year[12]. - The company's net profit for the first half of 2021 was ¥902.79 billion, representing a year-on-year growth of 8.58%[20]. - The company achieved a net income of CNY 270 million from investment banking, representing a 46.01% increase year-on-year, with significant breakthroughs in green bonds[33]. - The company reported a significant increase in commission income, with net commission and fee income reaching RMB 890,779,178.29, a rise of 24% from RMB 718,294,341.36 in the prior year[123]. Assets and Liabilities - Total assets as of June 30, 2021, reached RMB 88,089,158,547.47, a 21.99% increase from RMB 72,212,882,184.60 at the end of the previous year[12]. - Total liabilities increased by 28.57% to RMB 69,023,187,635.09 from RMB 53,686,308,272.28 year-on-year[12]. - The company's total assets increased to RMB 81,141,968,292.26 as of June 30, 2021, compared to RMB 67,306,605,268.11 at the end of 2020, reflecting a growth of 20.5%[122]. - The total liabilities as of June 30, 2021, amounted to RMB 62,831,481,720.32, an increase of 26.9% from RMB 49,451,439,587.85 at the end of 2020[122]. Cash Flow - The net cash flow from investment activities increased by 80.14% to CNY 499,867,092.82, up from CNY 277,484,301.41 in the previous year[38]. - The company reported a total cash inflow from financing activities of RMB 14,805,938,839.63, compared to RMB 13,882,022,127.96 in the previous year[125]. - The company reported a net increase in cash and cash equivalents of 3,191,109,365.40 RMB for the first half of 2021, down from 4,222,154,790.19 RMB in the previous year[126]. Business Strategy and Development - The company is focusing on the energy sector to build differentiated core competitiveness, aligning with national development strategies[22]. - The company plans to enhance its wealth management transformation by integrating mobile terminals and optimizing customer experience in the second half of 2021[31]. - The company plans to focus on three key areas in the second half of 2021: fixed income traditional self-operated business, quantitative investment and OTC business, and equity investment, aiming for stable profit growth[36]. - The company aims to deepen its asset management capabilities by improving research strength and expanding distribution channels in the upcoming period[34]. - The company is actively promoting the construction of a "digital broker," leveraging modern technology to enhance operational efficiency[27]. Risk Management - The company has established a comprehensive risk management and compliance system, ensuring stable operations and high-quality development[28]. - The company employs a Value at Risk (VaR) model to quantify market risk exposure, estimating potential losses under normal and extreme market conditions[62]. - Credit risk management includes a unified policy and a four-tier risk management framework, with quantitative assessment models for credit-related businesses[63]. - The company emphasizes compliance risk management through preemptive measures, compliance training, and post-incident checks to prevent legal violations[68]. Shareholder Information - The annual shareholders meeting had a participation rate of 71.98% on June 21, 2021[69]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[71]. - The total number of shares is 3,103,405,351, with 1,439,224,420 shares (46.38%) under limited sale conditions and 1,664,180,931 shares (53.62%) under unlimited sale conditions[99]. - The largest shareholder, Huaneng Capital Service Co., Ltd., holds 46.38% of the shares, totaling 1,439,224,420 shares[102]. Corporate Governance - The company has not engaged in any major related party transactions during the reporting period[84]. - The company has not reported any significant changes in its business qualifications during the reporting period[85]. - The company has established a monitoring and reporting mechanism for operational risk events, ensuring timely identification and response to potential risks[67]. Social Responsibility - The company purchased agricultural products worth 1.8899 million yuan from poverty-stricken areas in the first half of 2021[73]. - A total of 3,000 yuan was donated to support education in impoverished areas during the first half of 2021[73]. - The company will continue to support rural revitalization and education assistance in the second half of 2021[74]. Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect the financial position and performance as of June 30, 2021[138]. - The company’s financial statements are prepared using the accrual basis of accounting, with historical cost as the primary measurement basis[136]. - The company recognizes goodwill in business combinations when the purchase price exceeds the fair value of identifiable net assets acquired[140].

Financial Performance - Total operating revenue for Q1 2021 was ¥1,417,261,479.35, a decrease of 2.04% compared to the same period last year[4] - Net profit attributable to shareholders was ¥304,210,395.24, down 17.69% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥284,354,796.81, a decrease of 21.78% compared to the previous year[4] - Basic earnings per share for Q1 2021 was ¥0.098, down 17.65% from ¥0.119 in the same period last year[4] - Net profit for Q1 2021 was CNY 310,975,681.97, down 16.6% from CNY 372,818,551.54 in Q1 2020[30] - Total profit for the quarter was CNY 296,028,860.79, down 32.6% from CNY 439,321,683.93 in the same period last year[32] - Net profit for the quarter was CNY 280,098,986.54, a decrease of 21.5% compared to CNY 356,890,252.11[32] Cash Flow - Net cash flow from operating activities was -¥1,222,933,261.21, a decline of 163.74% year-on-year[4] - Cash flow from operating activities showed a net outflow of CNY 1,222,933,261.21, compared to a net inflow of CNY 1,918,577,340.46 in the previous year[34] - Cash inflow from operating activities totaled CNY 8,096,137,466.22, down from CNY 9,572,990,434.63[34] - Cash outflow from operating activities increased to CNY 9,319,070,727.43 from CNY 7,654,413,094.17, reflecting a rise of 21.7%[34] - The net cash flow from financing activities was CNY 2,667,554,453.54, an increase from CNY 2,472,462,293.89 in the previous period, indicating a growth of approximately 7.9%[37] - The total cash inflow from operating activities was CNY 6,030,171,110.98, down from CNY 7,869,736,799.21 in the previous period, representing a decrease of approximately 12.3%[36] - The cash outflow from operating activities totaled CNY 7,565,837,625.44, which is an increase from CNY 6,285,287,091.32 in the previous period, indicating a rise of about 20.4%[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥80,782,781,866.56, an increase of 11.87% from the end of the previous year[4] - Total liabilities increased to CNY 61,934,539,060.08 from CNY 53,686,308,272.28, reflecting a rise of approximately 15.5%[27] - The total outstanding balance of the company's debt financing tools reached RMB 25.344 billion by the end of the reporting period[12] - The total amount of bonds payable was ¥16.97 billion, remaining stable compared to the previous quarter[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 82,502[7] - The largest shareholder, Huaneng Capital Services Co., Ltd., held 46.38% of the shares[7] - The total equity attributable to shareholders increased to CNY 18,390,747,458.03 from CNY 18,075,701,983.15, showing a growth of about 1.7%[27] Investments - The company's derivative financial assets increased by 150.75% to RMB 65,059,033.55 compared to the end of 2020, primarily due to changes in the fair value of revenue swap business[11] - The company reported a fair value gain of RMB 1,804,524.16 from its investment in the fund "东方金账簿货币 B" with an initial investment cost of RMB 349,980,000[21] - The company also recorded a fair value gain of RMB 2,045,269.80 from its investment in the fund "南方天天利 B" with an initial investment cost of RMB 328,022,450.41[21] Operational Updates - The company completed the relocation of four branch offices during the reporting period[13] - The company received approval for its securities investment fund custody qualification in March 2021, expanding its business scope[15] - The company has not disclosed any new product launches or technological advancements during this reporting period[43] - The first quarter report was not audited, indicating that the figures may be subject to change[43] Accounting Policies - The company implemented a new leasing accounting policy starting January 1, 2021, which will increase total assets and total liabilities without significantly impacting equity and net profit[16]

Financial Performance - Total revenue for 2020 reached ¥6,868,697,463.16, a 76.16% increase compared to ¥3,899,142,493.53 in 2019[33]. - Net profit attributable to shareholders for 2020 was ¥1,501,641,468.72, up 51.35% from ¥992,167,143.29 in 2019[33]. - The net profit after deducting non-recurring gains and losses was ¥1,497,258,401.35, reflecting a 51.18% increase from ¥990,357,971.98 in 2019[33]. - Total assets as of the end of 2020 amounted to ¥72,212,882,184.60, a 22.20% increase from ¥59,095,592,936.50 at the end of 2019[33]. - Total liabilities increased by 28.61% to ¥53,686,308,272.28 in 2020 from ¥41,743,400,940.95 in 2019[33]. - The basic earnings per share for 2020 was ¥0.48, a 50.00% increase compared to ¥0.32 in 2019[33]. - The weighted average return on equity rose to 8.58%, an increase of 2.63 percentage points from 5.95% in 2019[33]. Business Operations - The company operates in various sectors including securities brokerage, investment consulting, and asset management[12]. - The company has expanded its business scope to include "securities investment fund custody" as of March 2021[11]. - The company has a comprehensive range of qualifications for its securities business, including brokerage and asset management[12]. - The company has established a comprehensive wealth management system, integrating online and offline sales channels, enhancing its service capabilities[52]. - The company has obtained qualifications for new business areas including stock pledge repurchase and credit risk mitigation tools, expanding its operational scope[52]. Risk Management - The company faces risks related to market fluctuations, credit, liquidity, operational, and compliance[4]. - The company has established a comprehensive risk management and compliance framework, including a risk control committee and an audit committee[22]. - The company employs a Value at Risk (VaR) model to quantify market risk exposure, estimating potential losses under both normal and extreme market conditions[121]. - A unified credit risk management policy has been implemented, with a four-tier risk management structure and clear processes for due diligence and credit assessment[122]. - The company has established a cash flow forecasting and stress testing framework to assess potential cash flow gaps under normal and stressed scenarios[124]. Capital and Financing - The company reported a total registered capital of RMB 3,103,405,351 and net capital of RMB 15,933,730,173.02[7]. - The company has a registered capital of ¥6 billion for its subsidiary, Shenzhen Changcheng Changfu Investment Management Co., Ltd.[27]. - The company raised a total of CNY 999.81 million through public and private bond offerings in 2020, with all funds utilized for operational capital[96]. - The company issued a total of CNY 40 billion in bonds, with the first phase of CNY 10 billion issued at a rate of 3.09% for a 3-year term[96]. - The company has completed the legal registration changes for its new representatives following the board and management changes[200]. Profit Distribution - The proposed profit distribution plan for 2020 is to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 310,340,535.10[2]. - The cash dividend payout ratio for 2020 was 20.67% of the net profit attributable to ordinary shareholders, while for 2019, it was 34.41%[155]. - The company plans to distribute at least 30% of the average distributable profit over three consecutive years in cash dividends, provided there are no major investment plans or cash expenditures[149]. - The decision-making process for profit distribution involves the board of directors proposing a plan based on annual profit, funding needs, and shareholder return planning, which is then submitted to the shareholders' meeting for approval[150]. Subsidiary Performance - The subsidiary Shenzhen Changcheng Securities Investment Co., Ltd. reported a 23.25% increase in total revenue, while net profit decreased by 58.35% due to increased impairment provisions[105]. - The subsidiary Baocheng Futures Co., Ltd. experienced a 265.06% increase in total revenue and a 52.63% increase in net profit, driven by growth in brokerage business[104]. - The subsidiary Invesco Great Wall Fund Management Co., Ltd. saw a 66.88% increase in revenue and a 96.90% increase in net profit, attributed to strong fund performance and increased management scale[102]. - The subsidiary Changcheng Fund Management Co., Ltd. reported a 50.72% increase in revenue and a 73.80% increase in net profit, due to improved fund product performance[103]. Social Responsibility - The company actively supports poverty alleviation and social responsibility initiatives, signing agreements with five impoverished counties for targeted assistance[186]. - The company donated a total of 10.72 million RMB for poverty alleviation efforts in 2020, including 837,000 RMB for educational support[193]. - The company conducted 5 capital market knowledge training sessions in impoverished areas, benefiting over 2,000 individuals[191]. - The company has committed to long-term poverty alleviation plans, focusing on industrial, consumption, and public welfare assistance[186]. Regulatory Compliance - The financial report has been audited by Deloitte Huayong and received a standard unqualified opinion[2]. - The company has not reported any significant changes in the measurement attributes of its major assets during the reporting period[85]. - The company has not experienced any significant changes in project feasibility during the reporting period[98]. - The company has not reported any unfulfilled commitments as of the end of the reporting period[159].

Financial Performance - Total operating revenue for Q1 2020 was ¥1,446,749,325.68, an increase of 41.84% compared to ¥1,019,993,292.53 in the same period last year[9] - Net profit attributable to shareholders was ¥369,610,004.14, up 26.52% from ¥292,125,227.97 year-on-year[9] - Basic earnings per share increased by 33.33% to ¥0.12 from ¥0.09 in the previous year[9] - Net profit for Q1 2020 was CNY 372.82 million, compared to CNY 295.52 million in Q1 2019, reflecting an increase of about 26.1%[59] - Total operating revenue reached CNY 1.45 billion in Q1 2020, up from CNY 1.02 billion in the same period last year, marking a growth of approximately 41.8%[59] - Net interest income rose to CNY 92.79 million, compared to CNY 47.50 million in the previous year, an increase of about 95.3%[59] - The company reported a significant increase in investment income, which reached CNY 437.55 million, compared to CNY 6.93 million in the same period last year[59] - Net profit for the current period was ¥356,890,252.11, reflecting a 28.2% increase from ¥278,403,971.88 in the same period last year[64] - Basic and diluted earnings per share improved to ¥0.11, up from ¥0.09 year-on-year[64] Assets and Liabilities - Total assets at the end of the reporting period reached ¥69,650,346,852.51, a growth of 17.86% compared to ¥59,095,592,936.50 at the end of the previous year[9] - The total outstanding balance of debt financing instruments reached CNY 16.27 billion[23] - The total liabilities of the company were CNY 51,918,671,626.54, up from CNY 41,743,400,940.95, which is an increase of approximately 24.5%[53] - The company's equity attributable to shareholders reached CNY 17,295,689,278.86, compared to CNY 16,919,414,595.84, showing a slight increase of about 2.2%[54] - Total assets increased to CNY 65.68 billion as of March 31, 2020, up from CNY 55.35 billion at the end of 2019, representing a growth of approximately 18.6%[56] - Total liabilities reached CNY 38.59 billion, with short-term financing payables at CNY 2.54 billion and bonds payable at CNY 11.12 billion[78] - Owner's equity totaled CNY 16.76 billion, including undistributed profits of CNY 2.04 billion[78] Cash Flow - Net cash flow from operating activities decreased by 56.21% to ¥1,918,577,340.46 from ¥4,380,997,969.86 in the same period last year[9] - The company's cash flow from operating activities decreased by 56.21% to CNY 1,918,577,340.46, mainly due to a reduction in net cash received from securities trading[20] - Cash inflow from operating activities totaled ¥7,869,736,799.21, down 7.3% from ¥8,492,750,064.60 year-on-year[71] - The net cash flow from operating activities for the current period is ¥1,584,449,707.89, a decrease of 67.3% compared to ¥4,846,801,698.75 in the same period last year[71] - The cash outflow for operating activities was ¥6,285,287,091.32, an increase of 72.3% compared to ¥3,645,948,365.85 in the same period last year[71] Shareholder Information - The total number of shareholders at the end of the reporting period was 99,069[14] - The largest shareholder, Huaneng Capital Services Co., Ltd., holds 46.38% of the shares, totaling 1,439,224,420 shares[14] - No repurchase agreements were conducted by the top 10 shareholders during the reporting period[16] - There were no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[38] - The company did not implement any share repurchase during the reporting period[37] Government and Regulatory - The company received government subsidies amounting to ¥8,177,682.80 during the reporting period[11] - The company revised its accounting policies in accordance with the new revenue standards effective from January 1, 2020, with no significant impact on net profit or total assets[31] - The first quarter report was not audited, indicating preliminary financial results[80] - The company has implemented new revenue and leasing standards, but the impact on financial statements was not applicable for this period[80] Investment and Financial Activities - The company issued a total of CNY 35 billion in short-term financing bonds during the reporting period[22] - The company successfully raised ¥6,426,207,944.18 through bond issuance, compared to ¥3,143,330,000.00 in the previous year, indicating strong capital market activity[68] - The company reported a total investment cost of ¥1,143,188,523.05 for a specific bond, with a fair value change gain of ¥3,801,276.95[41] - The company’s securities investment included a total of ¥22,694,286,655.22 in another bond, with a reported profit of ¥98,025,270.46 during the reporting period[41] Operational Changes - The company did not establish or dissolve any branches during the reporting period[25] - The company appointed Ms. Zeng Xiaoling as the director of its wholly-owned subsidiary, Shenzhen Changcheng Changfu Investment Management Co., Ltd. in February 2020[33] - In March 2020, the board of Changcheng Changfu elected Mr. Wu Lixin as the chairman and legal representative[33] - The business scope of Changcheng Changfu was revised to include entrusted asset management and investment management, excluding certain restricted activities[33] - The company disclosed a total of 24 announcements during the reporting period, including key financial information and bond issuance results[36] - The company has completed the necessary business registration changes related to the subsidiary[34] Investor Relations - The company engaged in 42 investor consultations during the reporting period, indicating active communication with stakeholders[48] - The company has made significant disclosures regarding its bond issuance and financial performance in various financial reports[36]

证券代码：002939 证券简称：长城证券 长城证券股份有限公司 2019年年度报告 2020 年 04 月 长城证券股份有限公司 2019 年年度报告 第一节 重要提示、目录和释义 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并就其承担个别和连带的法律责任。 二、本报告经公司第一届董事会第五十七次会议审议通过。本公司全体董事均亲自出席董事会会议，未有董事对本报告提 出异议。 三、本公司年度财务报告已经德勤华永会计师事务所（特殊普通合伙）审计，并出具了标准无保留意见的审计报告。 四、本公司负责人曹宏先生、主管会计工作的负责人李翔先生、会计机构负责人阮惠仙女士声明： 保证年度报告中财务报告的真实、准确、完整。 五、本公司经董事会审议通过的 2019年度利润分配预案如下：以 3,103,405,351 股为基数，向全体股东每 10 股派发现金红 利人民币 1.1 元（含税），合计派发现金人民币 341,374,588.61 元（含税）。此预案尚须公司股东大会批准。 六、前瞻性陈述的风险声明 本报告所涉及的未来计划、发展战略等前瞻性描 ...