西部证券(002673) - 2022 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In the first three quarters of 2022, total operating revenue decreased while net profit attributable to the parent company declined significantly Core Income Statement Indicators for Q1-Q3 and Q3 2022 | Indicator | Year-to-Date (CNY) | YoY Change | Current Reporting Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,365,097,635.03 | -8.92% | 1,624,009,658.46 | 3.10% | | Net Profit Attributable to Shareholders of the Parent Company | 497,348,244.32 | -49.78% | 138,078,645.05 | -49.81% | | Net Profit Attributable to Shareholders of the Parent Company after Deducting Non-recurring Gains and Losses | 484,470,399.05 | -50.70% | 128,347,367.16 | -53.23% | Key Financial Ratios and Balance Sheet Indicators for Q1-Q3 2022 | Indicator | Year-to-Date | YoY Change / Change from Prior Year-end | | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.1113 | -49.41% | | Weighted Average Return on Equity | 1.83% | Decreased by 1.93 percentage points | | Total Assets (CNY) | 95,877,164,374.46 | 12.64% | | Equity Attributable to Shareholders of the Parent Company (CNY) | 27,086,669,599.74 | -0.06% | | Net Cash Flow from Operating Activities (CNY) | -4,174,674,009.61 | Not Applicable | Non-recurring Profit and Loss Items and Amounts The company's non-recurring profit and loss for the year-to-date period totaled CNY 12,877,845.27, primarily derived from government grants Non-recurring Profit and Loss Items from the Beginning of the Year to the Reporting Period End | Item | Amount (CNY) | | :--- | :--- | | Government Grants | 18,918,942.34 | | Other profit and loss items meeting the definition of non-recurring | 3,668,625.10 | | Minority Interest Impact (After Tax) | -3,839,216.02 | | Income Tax Impact | -5,572,353.76 | | Total | 12,877,845.27 | - The company classifies gains from fair value changes of trading financial instruments and investment income as recurring items as they fall within the scope of its normal business operations[8] Analysis of Changes in Key Financial Indicators and Reasons Multiple financial indicators experienced significant volatility, with net profit declining due to losses from fair value changes and increased interest expenses Key Balance Sheet Item Changes (Period-end vs Prior Year-end) | Item | Change | Primary Reason | | :--- | :--- | :--- | | Derivative Financial Assets | 385.54% | Scale and fair value changes of derivative financial instruments | | Financial Assets Sold Under Repurchase Agreements | 30.36% | Increased scale of repurchase business | | Bonds Payable | 193.12% | Increased scale of corporate bond issuance | | Trading Financial Liabilities | -88.68% | Deconsolidation of structured entities | Key Income Statement Item Changes (Current Period vs Prior Period) | Item | Change | Primary Reason | | :--- | :--- | :--- | | Net Interest Income | Not Applicable | Interest expense increased by 64.17% YoY | | Net Fee and Commission Income from Asset Management Business | 163.68% | Increased income from collective asset management business | | Gains from Changes in Fair Value | Not Applicable | Fair value changes of financial instruments due to stock market volatility | | Credit Impairment Losses | Not Applicable | Increased credit impairment provisions for reverse repurchase agreements and margin financing | Key Cash Flow Statement Item Changes (Current Period vs Prior Period) | Item | Change | Primary Reason | | :--- | :--- | :--- | | Cash Received from Issuing Bonds | 210.62% | Increased scale of corporate bond issuance in the current period | | Cash Paid for Repayment of Debts | 7672.57% | Increased principal repayment of matured debt financing in the current period | Shareholder Information Shareholding of Common Stock Shareholders As of the reporting period end, the company had 171,585 common stock shareholders, with a relatively stable structure dominated by state-owned legal entities - At the end of the reporting period, the total number of common stock shareholders was 171,585[13] Top Five Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Shaanxi Investment Group Co, Ltd | State-owned Legal Entity | 35.32% | 1,578,533,859 | | Shanghai Chengtou Holding Co, Ltd | State-owned Legal Entity | 10.26% | 458,496,467 | | Chang'an Huitong Investment Management Co, Ltd | State-owned Legal Entity | 2.89% | 129,032,258 | | Beijing Yuanda Huachuang Investment Co, Ltd | Domestic Non-state-owned Legal Entity | 2.64% | 117,894,200 | | Western Trust Co, Ltd | State-owned Legal Entity | 1.92% | 86,000,000 | - The controlling shareholder, Shaanxi Investment Group Co, Ltd, also holds a 57.78% stake in the fifth-largest shareholder, Western Trust Co, Ltd, establishing a related-party relationship[14] Other Significant Matters The company actively engaged in financing, with new borrowings exceeding 40% of prior year-end net assets, and also obtained ETF option market maker qualifications - In the third quarter, the company conducted multiple issuances and redemptions of short-term financing bills and completed interest payments and redemptions for some corporate bonds[15] - As of August 31, 2022, the company's cumulative new borrowings reached 41.02% of the prior year-end net assets, exceeding the 40% disclosure threshold[16] - Effective September 19, 2022, the company obtained qualifications as a primary market maker for ChiNext ETF options and a general market maker for CSI 500 ETF options on the Shenzhen Stock Exchange, as well as a general market maker for CSI 500 ETF options on the Shanghai Stock Exchange[16] - The company, as a manager, has filed for arbitration regarding a defaulted asset management plan involving approximately CNY 2.355 billion, but expects no impact on its profits or solvency[16] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2022, total assets reached CNY 95.88 billion, a 12.64% increase from the beginning of the year, driven by growth in financial assets Key Consolidated Balance Sheet Items (September 30, 2022) | Item | Period-end Balance (CNY) | Change from Beginning of Year | | :--- | :--- | :--- | | Total Assets | 95,877,164,374.46 | 12.64% | | Trading Financial Assets | 61,034,965,187.67 | 18.81% | | Financial Assets Sold Under Repurchase Agreements | 26,927,368,319.56 | 30.36% | | Total Liabilities | 68,648,380,131.09 | 18.55% | | Bonds Payable | 12,439,580,047.94 | 193.12% | | Total Equity Attributable to Shareholders of the Parent Company | 27,086,669,599.74 | -0.06% | Consolidated Income Statement For the first three quarters of 2022, operating revenue was CNY 4.37 billion, down 8.92% YoY, while net profit attributable to the parent company fell sharply by 49.78% Key Consolidated Income Statement Items (January-September 2022) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,365,097,635.03 | 4,792,626,721.29 | -8.92% | | Net Fee and Commission Income | 1,312,694,273.12 | 1,402,997,753.55 | -6.44% | | Net Interest Income | -144,118,433.32 | 204,921,425.37 | Not Applicable | | Investment Income | 1,348,568,202.90 | 1,322,024,818.70 | 2.01% | | Gains from Changes in Fair Value | -170,939,030.93 | -10,170,375.17 | Not Applicable | | Operating Profit | 696,295,072.46 | 1,339,745,912.77 | -47.95% | | Net Profit Attributable to Shareholders of the Parent Company | 497,348,244.32 | 990,435,769.91 | -49.78% | Consolidated Cash Flow Statement Net cash outflow from operating activities was CNY 4.17 billion in the first three quarters, with financing activities being the main source of cash inflow Key Consolidated Cash Flow Statement Items (January-September 2022) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,174,674,009.61 | -12,960,125,962.98 | | Net Cash Flow from Investing Activities | -123,244,844.31 | -163,308,826.20 | | Net Cash Flow from Financing Activities | 5,209,757,805.25 | 7,225,578,869.48 | | Net Increase in Cash and Cash Equivalents | 915,171,286.29 | -5,898,012,868.63 |