华林证券(002945) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions Important Notes The board and senior management assure report accuracy, highlight securities industry risks, and confirm no dividend or bonus share distribution plans - The company's board and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3] - The securities industry is highly cyclical, with operating performance significantly impacted by market conditions, facing market, credit, operational, liquidity, and reputational risks[3] - The company plans no cash dividends, bonus shares, or capital reserve conversions[4] Table of Contents The report's table of contents clearly lists nine main chapters covering important notes, company profile, MD&A, governance, significant matters, share changes, bonds, financial reports, and other data - The report comprises nine main chapters covering company operations, financials, governance, and significant matters[5] Reference Documents Reference documents include the report text signed by the legal representative, financial statements, original public disclosure documents, and other materials - Reference documents include the report text signed by the legal representative, financial statements, original public disclosure documents, and other materials[7][8][9] Definitions The report defines key terms, including company names, group structure, subsidiaries, related parties, and securities business terms, specifying the reporting period as H1 2025 - The reporting period is from January 1, 2025, to June 30, 2025[12] - Definitions for entities such as Hualin Securities, the Group, Hualin Innovation, Hualin Capital, and Dolphin Technology are clarified[12] - Securities business terms like margin financing and securities lending, buy-back, sell-back, and stock pledge repurchase are explained[12] Section II Company Profile and Key Financial Indicators I. Company Profile Hualin Securities, stock code 002945, is listed on the Shenzhen Stock Exchange, with Lin Li as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hualin Securities | | Stock Code | 002945 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Lin Li | II. Contact Persons and Information The report discloses unchanged contact information for Board Secretary Xie Yingming and Securities Affairs Representative Wang Ning, including address, phone, fax, and email - Contact information for Board Secretary Xie Yingming and Securities Affairs Representative Wang Ning remains unchanged[15][16][17] IV. Key Accounting Data and Financial Indicators In H1 2025, consolidated operating revenue grew 35.15% to CNY 835 million, and net profit attributable to parent surged 172.72% to CNY 336 million, with significant cash flow and balance sheet growth 2025 Semi-Annual Consolidated Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 834,911,588.52 | 617,773,800.51 | 35.15% | | Net Profit Attributable to Listed Company Shareholders | 336,259,245.06 | 123,298,298.24 | 172.72% | | Net Cash Flow from Operating Activities | 8,381,480,340.03 | 200,114,860.29 | 4,088.33% | | Basic Earnings Per Share | 0.12 | 0.05 | 140.00% | | Weighted Average Return on Net Assets | 4.87% | 1.94% | Up 2.93 percentage points | 2025 Semi-Annual End Consolidated Assets and Liabilities Data | Indicator | Period-End (CNY) | Prior Year-End (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 32,420,266,940.92 | 24,464,465,071.71 | 32.52% | | Total Liabilities | 25,343,953,446.79 | 17,804,077,096.68 | 42.35% | | Net Assets Attributable to Listed Company Shareholders | 7,076,313,494.13 | 6,660,387,975.03 | 6.24% | VI. Non-Recurring Gains and Losses Non-recurring gains and losses totaled CNY 38.1032 million, mainly from government grants; securities investment fair value changes and investment income are classified as recurring business income 2025 Semi-Annual Non-Recurring Gains and Losses Items | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 19,945.20 | | | Government grants recognized in profit or loss | 49,298,693.10 | Local government rewards and subsidies received by headquarters and branches | | Other non-operating income and expenses | -4,242,551.92 | | | Less: Income tax impact | 6,972,838.58 | | | Total | 38,103,247.80 | | - The company classifies fair value changes (CNY 22.101 million) and investment income (CNY 200.374 million) from securities investment as recurring income, as they are normal business operations[23] VII. Parent Company Net Capital and Risk Control Indicators Parent company net capital reached CNY 5.098 billion, up 4.61%; risk coverage and capital leverage ratios decreased, while liquidity coverage and net stable funding ratios significantly improved Parent Company Net Capital and Risk Control Indicators | Item | Period-End (CNY) | Prior Year-End (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Capital | 5,098,205,966.22 | 4,873,613,895.60 | 4.61% | | Risk Coverage Ratio | 214.77% | 266.63% | Down 51.86 percentage points | | Capital Leverage Ratio | 24.77% | 33.93% | Down 9.16 percentage points | | Liquidity Coverage Ratio | 400.75% | 215.29% | Up 185.46 percentage points | | Net Stable Funding Ratio | 201.90% | 169.93% | Up 31.97 percentage points | | Net Capital/Liabilities | 41.58% | 86.36% | Down 44.78 percentage points | Section III Management Discussion and Analysis I. Company's Main Business Activities During the Reporting Period In H1 2025, China's economy grew steadily, A-share market activity increased, and policies supported capital market development and FinTech, driving the company's digital transformation and rapid growth - In H1 2025, China's GDP grew 5.3% year-on-year, and A-share daily average turnover reached CNY 1.3902 trillion, up 61.64%[28] - Regulatory bodies issued multiple policies to promote high-quality capital market development and support FinTech application[28][29] - The company's H1 operating revenue was CNY 835 million, up 35.15%; net profit attributable to parent was CNY 336 million, up 172.72%[32] (I) Industry Development During the Reporting Period In H1 2025, China's GDP grew 5.3%, A-share daily turnover surged 61.64%, and regulators introduced policies to boost capital market quality and FinTech - In H1 2025, China's GDP reached CNY 66.05 trillion, growing **5.3%