五矿资本(600390) - 2023 Q4 - 年度财报

Financial Performance - Net profit for 2023 reached 1,581,092,733.81 yuan, with a year-end distributable profit of 1,011,569,485.03 yuan[2] - Total operating revenue for 2023 was 9,776,282,402.97 yuan, a decrease of 11.42% compared to 2022[14] - Net profit attributable to shareholders of the listed company in 2023 was 2,256,283,557.45 yuan, a decrease of 10.82% compared to 2022[14] - Operating income in 2023 was 1,098,990,716.30 yuan, an increase of 98.46% compared to 2022, driven by the recovery of downstream enterprises of the subsidiary Wukuang Industrial Finance[14][16] - Net cash flow from operating activities in 2023 was 75,102,052.87 yuan, a significant decrease of 98.71% compared to 2022, mainly due to changes in customer equity of the subsidiary Wukuang Futures and the issuance of preferred shares[14][16] - Total assets at the end of 2023 were 167,962,289,292.52 yuan, an increase of 9.86% compared to the end of 2022[14] - Basic earnings per share in 2023 were 0.38 yuan, a decrease of 20.83% compared to 2022[15] - Weighted average return on equity in 2023 was 4.10%, a decrease of 1.30 percentage points compared to 2022[15] - Non-recurring gains and losses in 2023 amounted to 113,601,854.38 yuan, a significant decrease compared to 2022[20] - Government subsidies in 2023 were 240,974,005.61 yuan, a decrease compared to 2022[19] - The company's net profit attributable to shareholders in Q4 2023 was 304,114,748.91 yuan, the lowest among the four quarters[18] - Total assets reached 16,796,228.93 million yuan, a year-on-year increase of 9.86%[24] - Net profit attributable to shareholders of the listed company was 225,628.36 million yuan, a year-on-year decrease of 10.82%[24] - Operating income was 977,628.24 million yuan, a year-on-year decrease of 11.42%[24] - The company's net assets attributable to shareholders of the listed company increased by 9.26% to 5,279,541.24 million yuan[24] - Total assets reached 1,679.62 billion yuan, a year-on-year increase of 9.86%[47] - Net profit attributable to shareholders of the listed company was 22.56 billion yuan, a year-on-year increase of 9.26%[47] - Operating income was 97.76 billion yuan, with a net profit of 27.64 billion yuan[47] - Revenue from interest income decreased by 6.38% to 4.39 billion yuan[48] - Revenue from fees and commissions decreased by 26.00% to 4.29 billion yuan[48] - Operating costs increased by 98.75% to 1.10 billion yuan[48] - Interest expenses decreased by 14.41% to 1.78 billion yuan[48] - Expenses for fees and commissions decreased by 11.56% to 214.45 million yuan[48] - Sales expenses increased by 23.52% to 23.78 million yuan[48] - Management expenses increased by 4.76% to 3.09 billion yuan[48] - R&D expenses increased by 24.69% to 54,906,025.37 yuan compared to the previous year[49] - Financial expenses decreased by 2.34% to 337,976,744.52 yuan compared to the previous year[49] - Other income decreased by 53.61% to 247,707,215.58 yuan compared to the previous year[49] - Investment income decreased by 75.31% to 283,015,582.51 yuan compared to the previous year[49] - Operating income decreased by 11.42% to 9,776,282,400 yuan, while operating costs increased by 5.46% to 6,644,801,200 yuan[51] - The net cash flow from operating activities decreased by 98.71% to 75,102,052.87 yuan due to changes in customer equity and the issuance of preferred shares[49] - The net cash flow from investing activities increased significantly due to increased cash inflows from investment recoveries and the merger of a subsidiary[50] - The net cash flow from financing activities increased significantly due to the issuance of preferred shares and corporate bonds, as well as the redemption of preferred shares and perpetual bonds[50] - The revenue from the leasing company decreased by 5.5% to 3,178,493,662.60 yuan, while the cost decreased by 16.58%, leading to an increase in gross margin by 6.51 percentage points[52] - The revenue from the trust company decreased by 33.23% to 2,944,626,686.47 yuan, while the cost increased by 1.88%, leading to a decrease in gross margin by 15.54 percentage points[52] - Revenue in the East China region decreased by 6.63% to 1,066,966,200.80 yuan, while costs increased by 97.17% compared to the previous year[53] - The Northwest region saw a significant revenue increase of 54.91% to 2,944,626,686.47 yuan, but costs decreased by 33.23%[53] - The South China region's revenue grew by 13.68% to 2,633,971,547.87 yuan, with costs decreasing by 4.36%[53] - The North China region experienced a 50.90% revenue increase to 3,178,493,662.60 yuan, while costs decreased by 5.5%[53] - Taxes and surcharges decreased by 37.55% to 39,527,364.94 yuan compared to the same period last year[61] - Sales expenses increased by 23.52% to 23,783,357.59 yuan compared to the same period last year[61] - Management expenses increased by 4.76% to 3,089,735,017.22 yuan compared to the same period last year[61] - R&D expenses increased by 24.69% to 54,906,025.37 yuan compared to the same period last year[61] - Total R&D investment accounted for 5.22% of operating revenue, with 72.80% of R&D investment capitalized[62] - The company has 23 R&D personnel, accounting for 0.82% of the total workforce[63] - Net cash flow from operating activities decreased by 98.71% to 75,102,052.87 yuan compared to the same period last year[65] - Net cash flow from investing activities increased significantly to 3,193,039,713.16 yuan compared to the same period last year[65] - Net cash flow from financing activities increased significantly to -1,367,265,468.41 yuan compared to the same period last year[65] - Monetary funds increased by 10.86% to 20,659,730,390.42 yuan compared to the same period last year[67] - Other non-current financial assets decreased by 3.84% to 1,746,066,587.09, accounting for 1.04% of total assets[68] - Investment properties decreased by 57.51% to 146,319,902.59, accounting for 0.09% of total assets, mainly due to the transfer of investment properties to fixed assets[68] - Fixed assets increased by 75.61% to 599,137,749.69, accounting for 0.36% of total assets, primarily due to the transfer of investment properties to fixed assets[68] - Short-term borrowings decreased by 4.43% to 38,108,943,470.82, accounting for 22.69% of total assets[68] - Derivative financial liabilities decreased by 47.23% to 12,968,181.78, accounting for 0.01% of total assets, mainly due to a decrease in the scale of financial options business at a subsidiary[68] - Payables for securities trading decreased by 5.02% to 2,319,388,180.96, accounting for 1.38% of total assets[69] - Taxes payable decreased by 68.43% to 283,499,188.94, accounting for 0.17% of total assets, mainly due to changes in business structure at a subsidiary[69] - Other payables increased by 93.70% to 948,559,018.85, accounting for 0.56% of total assets, mainly due to unpaid minority shareholder dividends from a subsidiary merger[69] - Bonds payable increased by 78.15% to 7,500,000,000.00, accounting for 4.47% of total assets, mainly due to the issuance of corporate bonds by a subsidiary[69] - Overseas assets accounted for 0.20% of total assets, amounting to 3.29 billion RMB[71] - The company's deferred tax assets before offset increased by 66,884,970.42 yuan due to accounting policy changes, reaching 2,391,083,650.90 yuan[182] - The company's deferred tax liabilities before offset increased by 66,884,970.42 yuan due to accounting policy changes, reaching 188,217,768.07 yuan[182] - The offset amount for deferred tax assets and liabilities increased by 66,884,970.42 yuan, reaching 128,711,729.81 yuan[182] - The company's deferred tax assets after offset remained unchanged at 2,262,371,921.09 yuan[182] - The company's deferred tax liabilities after offset remained unchanged at 59,506,038.26 yuan[182] Dividend Distribution - The company plans to distribute a cash dividend of 1.15 yuan per 10 shares, totaling 517.28 million yuan[2] - The mid-2024 profit distribution plan proposes a cash dividend range of 20%-40% of the net profit attributable to ordinary shareholders[2] - Cash dividend distribution for 2023: RMB 0.96 per 10 shares, totaling RMB 431.81 million[151] - Proposed 2023 annual cash dividend: RMB 1.15 per 10 shares, totaling RMB 517.28 million[151] - 2024 mid-term cash dividend plan: 20%-40% of net profit attributable to ordinary shareholders[151] - Total cash dividends for 2023: RMB 949.09 million, representing 55.97% of net profit attributable to ordinary shareholders[155] Business Operations - The company's total share capital is 4,498,065,459 shares[2] - The company's registered address is in Changsha High-tech Development Zone, and its office addresses are in Beijing and Changsha[9] - The company's stock is listed on the Shanghai Stock Exchange with the ticker symbol 600390[11] - The company's financial report was audited by Tianzhi International Accounting Firm, which issued a standard unqualified opinion[2] - The company's board of directors and management guarantee the authenticity, accuracy, and completeness of the annual report[2] - The company has no non-operational fund occupation by controlling shareholders or related parties[2] - The company has no violations in external guarantee decision-making procedures[2] - The balance of trading financial assets and other non-current financial assets increased by 3,911,224,400.14 yuan to 42,232,356,164.72 yuan[22] - The balance of other debt investments increased by 1,215,016,222.32 yuan to 10,892,832,326.49 yuan[22] - The balance of other equity instrument investments increased by 1,147,222,589.85 yuan to 2,295,507,504.68 yuan[22] - The balance of trading financial liabilities increased by 4,894,274,379.60 yuan to 7,225,147,714.41 yuan[22] - The total balance of financial assets and liabilities increased by 11,152,453,778.30 yuan to 62,658,934,582.79 yuan[22] - Successfully issued preferred shares totaling 10 billion yuan and raised 4.8 billion yuan through three corporate bond issuances, significantly enhancing liquidity and risk resilience[25] - Total assets of Minmetals Trust reached 337.1 billion yuan, with net assets of 236.4 billion yuan, achieving operating income of 29.45 billion yuan and net profit of 11.9 billion yuan[26] - Minmetals Trust's trust assets totaled 7.3 trillion yuan, with 72.02% allocated to investment businesses primarily in the capital markets[26][27][28] - Minmetals Trust's asset management trust business reached 355.95 billion yuan, accounting for 52.16% of total trust assets, while asset service trust business stood at 316.85 billion yuan, accounting for 46.43%[29] - Foreign Trade Financial Leasing's total assets reached 70.16 billion yuan, with net assets of 12.67 billion yuan, achieving operating income of 31.78 billion yuan and net profit of 11.72 billion yuan[30] - Foreign Trade Financial Leasing's green leasing business balance reached 8.12 billion yuan, with 2.9 billion yuan allocated to green transportation, pollution control, and energy conservation projects[25] - Minmetals Securities established three green asset-backed special plans with a cumulative scale of 2.86 billion yuan[25] - Minmetals Futures' "insurance + futures" services covered a total insured amount of 639 million yuan, with claims amounting to 28.35 million yuan[25] - Minmetals Trust's public welfare charity trust reached a cumulative scale of 751.5 million yuan, serving as the unified outlet for Minmetals Group's external assistance[29] - Minmetals Trust's retail wealth management scale remained above 100 billion yuan, emphasizing asset allocation transformation[29] - Manufacturing industry accounted for 623,818.82 million yuan, representing 9.65% of the total[31] - Water conservancy, environment, and public facility management industry accounted for 2,189,994.42 million yuan, representing 33.86% of the total[31] - Transportation, storage, and postal industry accounted for 982,393.79 million yuan, representing 15.19% of the total[31] - Leasing and business services industry accounted for 1,594,441.83 million yuan, representing 24.65% of the total[31] - Other industries accounted for 1,077,061.25 million yuan, representing 16.65% of the total[31] - Total green leasing business balance reached 8.123 billion yuan by the end of the reporting period[32] - Minmetals Securities achieved a total operating income of 1,745,113,600 yuan, with a net profit of 275,443,300 yuan[33] - Wealth management business accounted for 460,528,500 yuan, representing 26.39% of the total operating income[34] - Investment banking business accounted for 673,283,200 yuan, representing 38.58% of the total operating income[34] - Minmetals Futures achieved a total operating income of 1,955,824,100 yuan, with a net profit of 71,680,500 yuan[36] - Trust industry is accelerating its transformation towards high-quality development with increased investment in financial technology to drive business transformation[37] - Financial leasing industry is shifting from scale expansion to quality improvement, focusing on high-end manufacturing, new infrastructure, and new energy industries[38] - Securities industry is strengthening regulation with measures to combat market manipulation, short selling, and insider trading, while optimizing the multi-level capital market system[39] - Futures market saw a cumulative trading volume of 85.01 billion contracts and a turnover of 568.51 trillion yuan in 2023, with 21 new futures and options products launched[40] - Futures industry's total revenue in 2023 was 400.90 billion yuan, with a 0.17% year-on-year decline, and net profit of 99.03 billion yuan, down 9.88% year-on-year[40] - Five Minerals Trust's business model involves using trust systems to conduct various trust businesses and investing in proprietary assets to obtain investment returns[41] - Foreign Trade Financial Leasing's business model focuses on obtaining interest income through financial leasing operations[42] - Five Minerals Securities' business model includes providing comprehensive financial products and services to earn various fees, commissions, and investment income[43] - Five Minerals Futures' business model involves offering derivative services to earn fees, interest income, and risk management business income, along with proprietary investments[44] - The company's main business is financial services such as trust, leasing, securities, and futures, with the trading business of its subsidiary, Wukuang Industrial Finance, accounting for a small proportion of total revenue[60] - The top five customers accounted for 58.41% of total annual sales, with 38.15% coming from related parties[57] - The top five suppliers accounted for 69.06% of total annual procurement, with 4.22% from related parties[58] - Silver and Lead Group Co., Ltd. was the largest supplier, accounting for 60.89% of total annual procurement[59] - The company controls 60 structured entities, which are included in the consolidated financial statements[96] - The company's financial assets measured at fair value totaled 5,542,081.87 million yuan at the end of the reporting period, with significant holdings in bonds (1,419,046.64 million yuan) and other assets (3,321,581.28 million yuan)[82] - The company's derivative investments for hedging purposes had an initial investment of 667,371.54 million yuan, with a final book value of 8,460.32 million yuan, accounting for 0.14% of the company's net assets at the end of the reporting period[84] - The actual profit and loss from the company's hedging business in the futures market during the reporting period was 4,071.28 million yuan[85] - Wutong Capital Holdings achieved a total asset of 5,455,359.18 million yuan and a net profit of 521,928.00 million yuan in 2023[89] - Wutong Trust reported a total asset of 3,370,968.88 million yuan