国信证券(002736) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, defines key terms, and outlines the report structure, ensuring clarity and legal compliance Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility - The company's management guarantees the truthfulness, accuracy, and completeness of the report content and assumes corresponding legal responsibilities[6] - The company's 2024 semi-annual financial report is unaudited[6] - The company explicitly states no cash dividends, bonus shares, or capital increase from provident funds will be distributed for the first half of 2024[6] Definitions This chapter defines key terms used in the report, such as 'Company' and 'Reporting Period' (January 1 to June 30, 2024), providing a foundation for understanding the content - The reporting period is defined as January 1 to June 30, 2024[8] Company Profile and Key Financial Indicators This section presents the company's fundamental information and a comprehensive overview of its key financial performance and position for the reporting period Company Profile This section provides the company's basic information, including its stock ticker 'Guosen Securities', stock code '002736', listing exchange (Shenzhen Stock Exchange), and legal representative Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Guosen Securities | | Stock Code | 002736 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhang Nasha | Key Accounting Data and Financial Indicators In the first half of 2024, total operating revenue decreased by 5.49% year-on-year, and net profit attributable to shareholders decreased by 12.56%, while net cash flow from operating activities significantly increased by 1491.21% Key Financial Performance (Consolidated Statement) | Indicator (Consolidated Statement) | Jan-Jun 2024 | Jan-Jun 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Million Yuan) | 7,757.50 | 8,207.71 | -5.49% | | Net Profit Attributable to Shareholders (Million Yuan) | 3,138.73 | 3,589.56 | -12.56% | | Basic Earnings Per Share (Yuan/Share) | 0.26 | 0.31 | -16.13% | | Weighted Average Return on Net Assets | 3.04% | 3.76% | Down 0.72 percentage points | | Net Cash Flow from Operating Activities (Million Yuan) | 22,554.57 | 1,417.44 | 1491.21% | Key Financial Position (Consolidated Statement) | Indicator (Consolidated Statement) | June 30, 2024 | Dec 31, 2023 | Period-end vs. Year-start Change | | :--- | :--- | :--- | :--- | | Total Assets (Million Yuan) | 465,681.14 | 462,960.17 | 0.59% | | Net Assets Attributable to Shareholders (Million Yuan) | 112,619.59 | 110,459.52 | 1.96% | Parent Company Net Capital and Risk Control Indicators As of the end of the reporting period, the parent company's risk control indicators exceeded regulatory standards, demonstrating strong capital adequacy and enhanced risk mitigation capabilities Parent Company Risk Control Indicators | Indicator | June 30, 2024 | Regulatory Standard | | :--- | :--- | :--- | | Risk Coverage Ratio | 313.31% | ≥ 100% | | Capital Leverage Ratio | 14.28% | ≥ 8% | | Liquidity Coverage Ratio | 229.37% | ≥ 100% | | Net Stable Funding Ratio | 141.97% | ≥ 100% | Management Discussion and Analysis This section provides an in-depth analysis of the company's principal operations, core competencies, financial performance, and risk management strategies during the reporting period Overview of Principal Businesses The company's main businesses include wealth management, investment banking, investment and trading, and asset management, all maintaining leading positions despite a volatile A-share market in H1 2024 - The company's principal businesses are categorized into four segments: wealth management and institutional business, investment banking, investment and trading, and asset management[22] - In the first half of 2024, the A-share market experienced overall volatility, with the Shanghai Composite Index declining by 0.25%, the Shenzhen Component Index by 7.10%, and total A-share transaction volume decreasing by 10.20% year-on-year[22] Analysis of Core Competencies The company's core competencies stem from its strategic location in Shenzhen, strong state-owned shareholder background, market-oriented innovation, leading financial technology, and prudent operational philosophy - As a leading state-owned securities firm in the Guangdong-Hong Kong-Macao Greater Bay Area, the company actively supports Shenzhen's 'Dual Zone' development, ranking first in the number of sponsored listed companies in Shenzhen[22] - The company's top five shareholders are state-owned enterprises and institutions, collectively holding over 80% of shares, providing a solid foundation for stable development[22] - Adhering to the 'technology-led business' philosophy, the company has developed flagship fintech products like 'Guosen Jintaiyang', achieving 100% AI empowerment across all business segments[26] Analysis of Principal Operations In H1 2024, total operating revenue was 7.757 billion yuan, a 5.49% year-on-year decrease, with growth in investment and trading and asset management offsetting declines in wealth management and investment banking Principal Business Revenue Breakdown | Business Segment | Total Operating Revenue (Million Yuan) | Proportion of Total Operating Revenue | YoY Change in Total Operating Revenue | | :--- | :--- | :--- | :--- | | Wealth Management and Institutional Business | 3,602.60 | 46.44% | -4.70% | | Investment Banking Business | 409.54 | 5.28% | -45.97% | | Investment and Trading Business | 3,386.14 | 43.65% | 11.33% | | Asset Management Business | 416.01 | 5.36% | 87.10% | - Looking ahead to the second half of the year, the company plans to thoroughly implement the new 'Guo Jiu Tiao' and the '1+N' policy system for the capital market, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to serve the high-quality development of the real economy and capital market[27] Wealth Management and Institutional Business This segment generated 3.603 billion yuan in revenue, a 4.70% year-on-year decrease, while client assets under custody reached nearly 2.1 trillion yuan and margin financing and securities lending balance was 53.3 billion yuan - Brokerage client assets under custody are nearly 2.1 trillion yuan, with 27.225 million users for the Jintaiyang mobile securities app[37] - As of June 2024, the company's margin financing and securities lending balance was 53.3 billion yuan, with a steady increase in market share[43] - Subsidiary Guosen Futures' brokered trading volume and value increased by 1.14% and 28.01% year-on-year respectively, significantly outperforming the market[45] Investment Banking Business Investment banking revenue significantly declined by 45.97% to 410 million yuan due to market conditions, with the company completing 4.83 equity underwriting projects raising 4.922 billion yuan Equity Underwriting Performance | Equity Underwriting Category | Jan-Jun 2024 Lead Underwriting Amount (Billion Yuan) | Number of Underwriting Projects | | :--- | :--- | :--- | | Initial Public Offerings | 1.208 | 1 | | Refinancing Issues | 3.714 | 3.83 | | Total | 4.922 | 4.83 | Bond Underwriting Performance | Bond Underwriting Category | Jan-Jun 2024 Lead Underwriting Amount (Billion Yuan) | Number of Underwriting Projects | | :--- | :--- | :--- | | Corporate Bonds | 47.396 | 48.38 | | Debt Financing Instruments | 32.848 | 50.22 | | Financial Bonds | 19.873 | 2.21 | | Total | 104.481 | 110.78 | Investment and Trading Business Investment and trading revenue increased by 11.33% year-on-year to 3.386 billion yuan, driven by successful navigation of equity market volatility and favorable bond market conditions - Equity investment business achieved moderate-to-low risk absolute returns in a volatile market, based on fundamental research[59] - Fixed income investment business achieved favorable returns on held assets in a positive bond market environment through in-depth analysis and proactive responses[60] - Subsidiary Guosen Capital added 4 new project investments, continuously strengthening its investment layout in strategic emerging industries such as new energy, high-end manufacturing, and biomedicine[62] Asset Management Business Asset management revenue surged by 87.10% year-on-year to 416 million yuan, with total net asset under management reaching 152.746 billion yuan by period-end Asset Management Business Net AUM | Asset Management Business Type | June 30, 2024 Net AUM (Billion Yuan) | Change from Year-end | | :--- | :--- | :--- | | Collective Asset Management | 79.052 | 2.03% | | Single Asset Management | 43.993 | -11.32% | | Special Asset Management | 29.701 | 6.18% | | Total | 152.746 | -1.49% | - Subsidiary Guosen Hongsheng added nearly 1.3 billion yuan in fund management scale, with a deep focus on strategic emerging industries such as advanced manufacturing, new energy, and healthcare[67] Other Businesses Other businesses, primarily through associate company Penghua Fund, contributed 1.789 billion yuan in revenue and 382 million yuan in net profit, with Penghua Fund's AUM reaching 1.202 trillion yuan - Associate company Penghua Fund (50% stake) achieved 1.789 billion yuan in operating revenue and 382 million yuan in net profit in the first half of the year[68] - As of June 2024, Penghua Fund's asset management scale reached 1.202 trillion yuan (excluding subsidiaries), with public fund management scale at 939 billion yuan, a 16.44% increase from the beginning of the year[68] Analysis of Assets and Liabilities As of June 2024, total assets were 465.681 billion yuan and total liabilities were 353.062 billion yuan, both showing slight increases from the year-start, with a stable and liquid asset-liability structure - As of June 2024, the company's total assets were 465.681 billion yuan, a 0.59% increase from the beginning of the year; total liabilities were 353.062 billion yuan, a 0.16% increase from the beginning of the year[76][81] - Excluding client brokerage funds, the company's asset-liability ratio was 72.16%[81] Analysis of Major Holding and Associate Companies During the reporting period, the company established Guosen Securities Asset Management Co., Ltd., and major subsidiaries like Guosen Hongsheng and Guosen Hong Kong operated stably, with Penghua Fund contributing significant investment income Major Holding and Associate Companies' Financial Performance | Company Name | Relationship | Jan-Jun 2024 Total Operating Revenue (Million Yuan) | Jan-Jun 2024 Net Profit (Million Yuan) | | :--- | :--- | :--- | :--- | | Guosen Hongsheng | Subsidiary | 61.06 | 21.08 | | Guosen Hong Kong | Subsidiary | 82.03 | 2.85 | | Guosen Capital | Subsidiary | 25.05 | 7.11 | | Penghua Fund | Associate Company | 1,789.05 | 382.34 | - On April 23, 2024, Guosen Securities Asset Management Co., Ltd. completed its business registration and was newly established[93] Risks and Countermeasures The company addresses market, credit, operational, and liquidity risks through a robust risk management system, including limit management, stress testing, due diligence, and dynamic monitoring - Market Risk: Measured and controlled using tools such as Value at Risk (VaR) and stress testing[95] - Credit Risk: Managed throughout the process via due diligence, internal ratings, and limit management; the average maintenance margin ratio for margin financing and securities lending was 236.38% at period-end[96] - Operational Risk: Mitigated using three key management tools: risk and control self-assessment, key risk indicator monitoring, and risk event collection[98][99] - Liquidity Risk: Effectively prevented through diversified financing channels, sufficient liquidity reserves, dynamic indicator monitoring, and stress testing[100] Corporate Governance This section details the company's corporate governance structure, including information on shareholders' meetings and changes in the board, supervisory board, and senior management Shareholders' Meeting Information During the reporting period, the company held one annual general meeting and three extraordinary general meetings, approving significant proposals including charter revisions, director and supervisor elections, and profit distribution plans - A total of 4 shareholders' meetings were held during the reporting period, including the 2023 Annual General Meeting and three extraordinary general meetings[115] Changes in Directors, Supervisors, and Senior Management The reporting period saw multiple changes in the company's directors, supervisors, and senior management, including the election of new members and appointments of vice president and board secretary, alongside several departures - Li Shishan was elected as a director, Li Jinyi and Zhu Yingzi as independent directors, and Xie Xiaojuan as a supervisor[117] - Wu Guofang was appointed as the company's Vice President, and Liao Ruifeng as the Board Secretary[117] Environmental and Social Responsibility This section outlines the company's commitment and actions in environmental protection, social responsibility initiatives, and contributions to rural revitalization efforts Environmental Protection As a financial enterprise, the company is not a major polluter but actively promotes green finance and operations by issuing green bonds and establishing 'dual carbon' themed funds, while implementing energy-saving measures - In the first half of 2024, 3 green bonds were successfully issued, with an underwriting scale of 417 million yuan[121] - Subsidiary Guosen Hongsheng co-initiated the first 'dual carbon' themed industrial fund, 'Anhui Guosen Xinneng Fund', with a total scale of 1.5 billion yuan[121] Social Responsibility and Rural Revitalization In H1 2024, the company invested 4.6822 million yuan in 16 rural revitalization projects, leveraging financial expertise and volunteer efforts to consolidate poverty alleviation achievements Rural Revitalization Assistance Investment | Assistance Type | Amount Invested (Million Yuan) | | :--- | :--- | | Industrial Development Assistance | 1.15 | | Consumption Assistance | 3.3783 | | Ecological Protection Assistance | 0.1539 | | Total | 4.6822 | - In the first half of the year, subsidiary Guosen Futures launched 43 'Insurance + Futures' projects in Guangxi, Xinjiang, and other regions, supporting rural revitalization with innovative financial tools[127] Significant Matters This section reports on major events impacting the company, including significant litigation, regulatory penalties, rectification efforts, and key developments concerning subsidiaries Litigation Matters During the reporting period, the company disclosed progress on several business-related lawsuits and arbitrations, including the Huaze Cobalt & Nickel case where payments were made, and the Bailong case where the company was not held liable - Huaze Cobalt & Nickel Case: The company has paid a total of 134 million yuan in accordance with the effective judgment[140] - Bailong Case: Involving a total amount of 280 million yuan, the Guangdong High People's Court upheld the original judgment in 158 second-instance cases, ruling that the company bears no liability[146] - Haikou Rural Commercial Bank Case: In June 2024, the plaintiff refiled a lawsuit with the Shanghai Financial Court, seeking joint and several compensation of 118 million yuan plus interest from the company and other intermediaries; the case has not yet been heard[148] Penalties and Rectification During the reporting period, the company received warning letters from several CSRC bureaus regarding issues such as inadequate stock pledge management, insufficient ongoing supervision, and non-compliant cooperation with third-party platforms, all of which have been rectified - Received a warning letter from the Shenzhen CSRC Bureau concerning issues related to stock pledge business, distressed asset product management, and private equity subsidiary management[150] - Received a warning letter from the Guangdong CSRC Bureau for failing to timely urge Opt's IPO sponsor to fulfill procedures for changes in fundraising investment plans during ongoing supervision[150] - Received a warning letter from the Zhejiang CSRC Bureau because Lierda, which it sponsored, incurred a loss in its listing year[150] Significant Matters of Subsidiaries During the reporting period, Guosen Securities Asset Management Co., Ltd. was established, Guosen Futures branches relocated or changed names, and Guosen Hong Kong, Guosen Hongsheng, and Guosen Capital all appointed new chairpersons and legal representatives - In April 2024, Guosen Securities Asset Management Co., Ltd. completed its business registration and was officially established[163] - Guosen Hong Kong, Guosen Hongsheng, and Guosen Capital respectively elected Mr. Wu Guofang, Mr. Zhou Zhongguo, and Mr. Jie Guanzhou as their new chairpersons[166][167][168] Share Changes and Shareholder Information This section provides details on the company's share capital structure, including any changes in shares and a comprehensive overview of its shareholder base and major holdings Share Changes During the reporting period, the company's total share capital remained unchanged at 9,612,429,377 shares, with restricted shares accounting for 4.93% and unrestricted shares for 95.07% Share Capital Structure | Share Type | Number of Shares | Proportion | | :--- | :--- | :--- | | Restricted Shares | 473,587,570 | 4.93% | | Unrestricted Shares | 9,138,841,807 | 95.07% | | Total Shares | 9,612,429,377 | 100.00% | Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 101,656 common shareholders, with the top three shareholders being Shenzhen Investment Holdings Co., Ltd. (33.53%), China Resources SZITIC Trust Co., Ltd. (22.23%), and Yunnan Hehe (Group) Co., Ltd. (16.77%) - As of the end of the reporting period, the company had a total of 101,656 common shareholders[175] Top Shareholders | Shareholder Name | Shareholding Proportion | Number of Shares Held at Period-end | | :--- | :--- | :--- | | Shenzhen Investment Holdings Co., Ltd. | 33.53% | 3,223,114,384 | | China Resources SZITIC Trust Co., Ltd. | 22.23% | 2,136,933,667 | | Yunnan Hehe (Group) Co., Ltd. | 16.77% | 1,611,627,813 | | National Council for Social Security Fund | 4.75% | 456,690,209 | Preferred Share Information This section clarifies the company's status regarding preferred shares, confirming that no such shares were issued during the reporting period Company Has Not Issued Preferred Shares During the reporting period, the company did not issue any preferred shares - The company has not issued preferred shares[186] Bond Information This section details the company's outstanding corporate bonds and other debt financing instruments, including issuance, repayment, and current balances Corporate Bonds During the reporting period, the company's outstanding corporate bonds and perpetual subordinated bonds were serviced on time, with a total bond balance of 72.986 billion yuan at period-end and no overdue bonds - As of the end of the reporting period, the company's outstanding perpetual subordinated bonds amounted to 30 billion yuan[188][193] - During the reporting period, the company newly issued 5 corporate bonds, raising a total of 7.8 billion yuan[197] Other Debt Financing Instruments During the reporting period, the company issued 10 short-term financing bills and 462 new income certificates, raising 4.473 billion yuan, with an outstanding balance of 11.8 billion yuan for income certificates at period-end - During the reporting period, the company newly issued 462 income certificates, raising 4.473 billion yuan, with an outstanding balance of 11.8 billion yuan at period-end[203] Financial Report This section presents the company's unaudited financial statements for the reporting period, including balance sheets, income statements, cash flow statements, and notes Audit Report The company's 2024 semi-annual financial report is unaudited - The company's 2024 semi-annual financial report is unaudited[205] Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, statements of changes in owners' equity, and detailed notes to the financial statements for H1 2024 Consolidated Balance Sheet Summary | Statement Item (Consolidated) | June 30, 2024 (Yuan) | Dec 31, 2023 (Yuan) | | :--- | :--- | :--- | | Total Assets | 465,681,139,775.63 | 462,960,169,833.37 | | Total Liabilities | 353,061,546,135.87 | 352,500,645,731.96 | | Total Equity Attributable to Parent Company Owners | 112,619,593,639.76 | 110,459,524,101.41 | Consolidated Income Statement Summary | Statement Item (Consolidated) | Jan-Jun 2024 (Yuan) | Jan-Jun 2023 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 7,757,496,967.11 | 8,207,714,090.75 | | Operating Profit | 3,214,210,160.26 | 3,868,679,982.77 | | Net Profit | 3,138,731,142.10 | 3,589,563,661.48 | | Total Comprehensive Income | 6,022,331,298.35 | 4,969,077,322.17 |