SWSC(SH:600369)2014-03-04 16:00Financial Performance - The company's operating revenue for 2013 was ¥1,964,126,453.35, representing a 54.90% increase compared to ¥1,267,970,836.73 in 2012[44]. - Net profit for 2013 reached ¥636,428,320.70, an 85.87% increase from ¥342,407,499.38 in the previous year[44]. - The total assets at the end of 2013 amounted to ¥29,997,866,259.97, a 73.83% increase from ¥17,256,713,201.35 in 2012[44]. - Total liabilities increased by 178.38% to ¥19,074,221,119.44 in 2013 from ¥6,851,942,342.10 in 2012[44]. - Basic earnings per share for 2013 were ¥0.27, an increase of 80.00% compared to ¥0.15 in 2012[45]. - The weighted average return on equity for 2013 was 5.88%, an increase of 2.51 percentage points from 3.37% in 2012[45]. - The company's total revenue for 2013 reached RMB 1,964,126,453.35, representing a 54.90% increase compared to RMB 1,267,970,836.73 in 2012[49]. - Net profit for 2013 was RMB 636,428,320.70, an 85.87% increase from RMB 342,407,499.38 in 2012[49]. - The total assets of the company as of December 31, 2013, amounted to RMB 29,997,866,259.97, a 73.83% increase from RMB 17,256,713,201.35 in 2012[48]. - The company's non-recurring gains after tax for 2013 were RMB 24,368,234.08, compared to RMB 1,117,508.62 in 2012[47]. - The company's cash and cash equivalents decreased by 13.56% to RMB 4,854,863,017.53 in 2013 from RMB 5,616,371,340.74 in 2012[48]. - The net income from commission and fees increased by 38.24% to RMB 1,014,898,263.25 in 2013 from RMB 734,135,801.87 in 2012[49]. - The company's long-term equity investments rose by 32.74% to RMB 2,364,970,554.04 in 2013 from RMB 1,781,707,435.22 in 2012[48]. - The total liabilities increased by 178.38% to RMB 19,074,221,119.44 in 2013 from RMB 6,851,942,342.10 in 2012[49]. - The company reported a significant increase in trading financial assets, which rose by 141.16% to RMB 13,273,887,509.24 in 2013 from RMB 5,504,100,404.98 in 2012[48]. - The company's investment income for 2013 was RMB 887,805,657.92, a significant recovery from a loss of RMB 242,319,833.97 in 2012[49]. - The company achieved a revenue growth of 54.90% year-on-year, with business and management expenses amounting to RMB 1,025.03 million, an increase of 30.90% compared to the previous year[72]. - The net cash increase for the period was -RMB 119 million, with operating activities resulting in a net cash outflow of RMB 968 million[73]. - The brokerage business generated revenue of RMB 886 million, with a profit of RMB 425 million, reflecting year-on-year growth of 67.12% and 98.34% respectively[83]. - The company’s client circulation assets exceeded RMB 130 billion, a year-on-year increase of 31.39%, surpassing the market circulation value growth of 9.87%[83]. - The company’s asset management business revenue increased by 91.47% year-on-year, reaching RMB 34.92 million[70]. - The company’s brokerage market share was 0.75%, with a trading volume of RMB 726.04 billion, marking a rise in industry ranking[83]. - Interest income for 2013 reached 12,394.66 million RMB, a year-on-year increase of 201.08%[87]. - Total brokerage business income amounted to 21,820.63 million RMB, reflecting a growth of 207.43%[87]. - The number of new customers added in 2013 was 4,082, representing a significant increase of 359.20%[88]. - The company's investment banking business generated revenue of 321 million RMB, a year-on-year growth of 1.26%, while operating profit decreased by 43.17% to 44 million RMB[89]. - The self-operated business achieved revenue of 265 million RMB, up 44.22% year-on-year, with operating profit increasing by 45.45% to 188 million RMB[95]. - The total value of collateral reached 590,049.56 million RMB, an increase of 185.37% compared to the previous year[88]. - The asset management business reported net income of 7,030 million RMB, a year-on-year increase of 163%[98]. - The total assets of Xizheng Investment Company reached RMB 600.29 million, with a net asset of RMB 598.63 million, and reported a revenue of RMB 15.86 million, representing a year-on-year growth of 122.15%[127]. - Xizheng Innovation Company achieved total assets of RMB 824.41 million and a net asset of RMB 765.02 million, with a revenue of RMB 198.53 million and a net profit of RMB 144.87 million during the reporting period[128]. Business Expansion and Development - The company has expanded its business qualifications to include the sale of financial products, management of insurance funds, and stock pledge repurchase business in 2013[19]. - The company has added qualifications for providing intermediary services for futures companies in early 2014[17]. - The company has established a total of 86 securities business offices, with 10 already operational and 35 under construction, achieving full coverage in the Chongqing area[34]. - The company has been approved to operate 45 new securities business offices, expanding its market presence across 24 provinces and municipalities[34]. - The company successfully established new subsidiaries and expanded its international presence, including the establishment of Xizheng International in Hong Kong[62]. - The company completed 7 refinancing projects and 9 bond underwriting projects in 2013, with a total underwriting amount of RMB 23,797 million[66]. - The company successfully established Xizheng Innovation Company and acquired Southwest Futures Company, enhancing its business chain and profit channels[69]. - The company completed a total refinancing of RMB 4.31 billion and issued RMB 7.4 billion in short-term financing bonds during the reporting period[76]. - The company signed 31 new enterprises for over-the-counter trading and successfully completed 2 projects for the Chongqing Equity Transfer Center[68]. - The company aims to enhance its cross-border financial service capabilities through the establishment of Xizheng International Company in Hong Kong[100]. - The company has completed the non-public offering of 500 million new shares, raising a total of 4.31 billion yuan[173]. - The company has successfully acquired Southwest Futures Company and plans to further increase its capital strength[168]. - The establishment of Xizheng International Company in Hong Kong is aimed at enhancing capital strength and cross-border service capabilities[167]. - The company has gained control of Chongqing OTC to create a differentiated competitive advantage and improve market competitiveness[169]. - The company is focusing on risk prevention and compliance management, emphasizing the principle of balancing innovation and risk control[172]. - The company is developing a comprehensive business platform by integrating resources across departments and regions to enhance its overall business capabilities[110]. - The company plans to leverage its advantages as the first securities firm to hold a regional equity trading center to develop over-the-counter business and extend customer services[110]. - The company aims to improve its core competitiveness by continuously promoting collaboration among investment banking, asset management, brokerage, and proprietary trading sectors[110]. - The company is focusing on enhancing compliance risk control, financial management, and information technology to strengthen its core competitiveness[110]. - The company has introduced new business qualifications, including financial product agency and insurance fund management[182]. Risk Management - The company faced various operational risks, including market, credit, liquidity, and operational risks, and has implemented a comprehensive risk management framework[154]. - The company implemented measures to mitigate market risks, including diversifying investments in stocks and bonds to reduce risk exposure[155]. - Credit risk management was strengthened through strict financing business management systems, focusing on high credit-rated products and monitoring credit rating changes[156]. - The company maintained good liquidity by issuing short-term financing bonds and centralizing fund management to ensure liquidity[157]. - Operational risks were addressed by enhancing internal controls and improving information technology systems to ensure reliable operations[158]. - The company faced significant market volatility, impacting its brokerage and investment banking revenues, but managed to maintain sufficient net capital[159]. - The company's asset-liability ratio, excluding client transaction settlement funds, increased to 57.44%, up 40.56 percentage points from 16.88% in 2012, primarily due to increased repurchase financial assets and short-term financing bonds[138]. - The total liabilities reached ¥14.742 billion, with short-term financing bonds accounting for ¥3.4 billion and repurchase financial assets at ¥9.068 billion[138]. - The self-operated equity securities and derivatives/net capital ratio increased significantly to 70.66%, up 447.75% from the previous year[151]. Corporate Governance and Compliance - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[6]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The board of directors and management have confirmed the accuracy and completeness of the annual report[4]. - The company has not faced any major litigation or arbitration issues during the reporting period[181]. - The company had 433 remaining non-compliant accounts, which is 0.034% of the total 1,264,934 client securities accounts[146]. - The company established a net capital replenishment mechanism to address any shortfalls, including measures such as reducing high-risk investments and issuing subordinated debt[150]. - The company is committed to social responsibility through various initiatives, including increasing employment and participating in environmental investments[178]. Dividend Policy - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares, totaling 338,706,547.44 RMB, which accounts for 83.46% of the distributable profits as of the end of 2013[5]. - The company does not plan to convert capital reserves into share capital for the 2013 fiscal year[5]. - The company proposed a cash dividend of RMB 1.20 per 10 shares, amounting to a total cash distribution of RMB 338,706,547.44, which represents 83.46% of the distributable profits at the end of 2013[143]. - The remaining undistributed profits at the end of 2013 were RMB 67,104,701.21, which will be carried forward to the next fiscal year[143].