2015-03-30 16:00Financial Performance - The company's operating revenue for 2014 reached ¥11,002,468,274.67, representing an increase of 80.69% compared to ¥6,089,160,550.68 in 2013[38]. - Net profit attributable to shareholders was ¥3,850,672,721.41, up 72.51% from ¥2,232,090,360.47 in the previous year[38]. - The basic earnings per share for 2014 was ¥0.7224, reflecting a growth of 50.86% from ¥0.4789 in 2013[39]. - Total assets increased by 130.63% to ¥193,408,050,497.75 from ¥83,859,824,468.91 in 2013[38]. - The company's net assets attributable to shareholders rose to ¥41,537,249,645.38, a 52.94% increase from ¥27,159,315,990.23 in 2013[38]. - The weighted average return on equity improved to 10.85%, an increase of 2.40 percentage points from 8.45% in 2013[39]. - Cash flow from operating activities for 2014 was ¥19,608,939,658.68, compared to a negative cash flow of ¥18,417,547,488.52 in 2013[38]. - The total liabilities of the company reached ¥151,811,889,342.09, marking a 167.86% increase from ¥56,675,444,016.66 in 2013[38]. - The net profit for 2014 was CNY 3.88 billion, a 73.61% increase from CNY 2.24 billion in 2013[50]. - The operating revenue for the year was CNY 11.00 billion, up 80.69% from CNY 6.09 billion in 2013[50]. Capital Structure - The registered capital increased to 5,808,135,529 RMB in 2014 from 4,661,099,829 RMB in 2013, reflecting a growth of approximately 24.6%[11]. - The net capital rose significantly to 25,448,851,398.36 RMB in 2014, compared to 14,041,322,423.94 RMB in 2013, marking an increase of about 81.5%[11]. - The company reported a remaining undistributed profit of 6,670,349,969.36 RMB to be carried forward to the next year[2]. - The company reported a net fundraising of RMB 11,101,736,135.93 from a non-public offering of 1,147,035,700 shares at a price of RMB 9.72 per share[26]. - The total registered capital of the company increased to RMB 5,808,135,529 after the capital change completed on October 15, 2014[26]. - The company completed a CNY 11.1 billion equity refinancing during the reporting period, enhancing its capital strength[138]. Business Operations - The company obtained several new business qualifications in 2014, including internet securities business and Hong Kong Stock Connect trading rights, enhancing its service offerings[11]. - The company has a total of 36 business qualifications, indicating a broad range of services in the securities industry[12]. - The company operates 162 securities business outlets across various regions, with 39 in the Pearl River Delta (Guangdong) and 34 in the Yangtze River Delta (Shanghai, Jiangsu, Zhejiang)[34]. - The company opened over 60 new securities branches in 2014, contributing to increased operational costs[74]. - The company has established a comprehensive investment banking service platform, covering 11 business areas including investment banking, fixed income, and asset management[140]. Risk Management - The company emphasizes the importance of risk factors such as market risk, credit risk, and operational risk that may impact future strategic goals[9]. - The company has established a comprehensive risk management system, including core documents such as the "Risk Management System" and "Risk Management Committee Meeting Rules" to address various types of risks including market, credit, operational, and liquidity risks[193]. - A risk management indicator system has been implemented, which includes risk appetite, risk tolerance, economic capital, and risk limits to quantify and control risks, ensuring they align with the company's risk capacity and capital adequacy requirements[194]. - The company emphasizes a risk management culture that prioritizes effective risk control and compliance, aiming to balance risk and return while maximizing benefits under manageable risk conditions[195]. - Significant investments have been made in developing a market risk management information system that includes real-time market data acquisition, risk status monitoring, and multi-dimensional risk reporting[197]. Investment Activities - The company achieved a total investment of CNY 4,186,193,629.08 in securities, with a year-end book value of CNY 4,993,484,344.83, resulting in a profit of CNY 1,422,475,868.17 for the reporting period[146]. - The company holds a 49% stake in Bosera Asset Management Co., with an initial investment of CNY 3,693,190,410.96 and a year-end book value of CNY 3,763,140,847.87, reflecting a loss of CNY 444,871,157.59 during the reporting period[152]. - The company’s investment in Ping An Insurance Co. resulted in a profit of CNY 68,062,734.41, with a year-end book value of CNY 120,144,662.37[146]. - The company’s investment in China Merchants Bank generated a profit of CNY 41,882,156.08, with a year-end book value of CNY 111,059,813.97[146]. - The company’s total investment in other listed companies amounted to CNY 1,074,450,691.97, with a year-end book value of CNY 1,314,346,057.66, resulting in a profit of CNY 132,608,509.04[150]. Future Strategies - The company aims to enhance its core competitiveness and become the best investment bank in China over the next three years, focusing on "transformation, cross-border development, and innovation" strategies[185]. - The company plans to expand its retail brokerage business by increasing the scale of margin financing and stock pledge financing, and actively promoting stock options brokerage[186]. - The company will focus on asset management by expanding public fund business and enhancing product innovation capabilities[186]. - The company aims to grow its investment banking business by developing innovative products such as asset securitization and preferred shares, particularly around state-owned enterprise reform[186]. - The company plans to enhance its capabilities in marketing and product development to address challenges in its transformation process[189].