华安证券(600909) - 2025 Q2 - 季度财报

Important Notice The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from misrepresentation or material omissions - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[5] - This semi-annual report has not been audited[7] - The company faces major risks including market risk, credit risk, liquidity risk, operational risk, compliance risk, and reputational risk[10] 2025 Interim Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution Plan | Cash dividend of 0.4 Yuan (tax inclusive) per 10 shares | | Base Share Capital | 4,678,398,535 shares | | Total Distribution Amount | 187,135,941.40 Yuan | | Percentage of Net Profit Attributable to Parent Company | 18.08% | | Total Amount After Share Repurchase | 205,655,761 Yuan | | Percentage of Net Profit Attributable to Parent Company After Share Repurchase | 19.87% | Section I Definitions This section defines common terms used in the report, including company names, shareholders, subsidiaries, associates, regulatory bodies, and key financial terms for clear understanding - This section provides definitions for common terms used in the report, including company names, controlling shareholders, wholly-owned subsidiaries, associates, regulatory bodies, and key financial terms, ensuring clear understanding of the report content[15] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's profile, including basic information, business qualifications, and key financial data and indicators for the reporting period Company Information This section details Huaan Securities' basic information, including company name, legal representative, registered capital, net capital, and business qualifications for the company and its main subsidiaries Registered Capital and Net Capital | Indicator | As of the end of the reporting period (Yuan) | As of the end of the previous year (Yuan) | | :--- | :--- | :--- | | Registered Capital | 4,697,653,638 | 4,697,653,638 | | Net Capital | 18,468,955,706.61 | 18,429,987,534 | - The company's parent company holds a "Securities and Futures Business License" issued by the China Securities Regulatory Commission and multiple exchange membership certificates, possessing 49 business qualifications including online securities trading, entrusted investment management, open-end fund distribution, margin financing and securities lending, and sponsor institution services[20][21] - Subsidiaries Huaan Futures, Huaan Jiaye, Huafu Ruixing, Huaan Emerging, Huaan Financial Holdings, and Huaan Asset Management also hold business qualifications in their respective fields, with Huaan Financial Holdings possessing Hong Kong Securities and Futures Commission Type 1, 2, 4, 5, 9 licenses and Qualified Foreign Institutional Investor (QFII) status[22][23][24][25][26] - The company's registered address changed to No. 1018 Ziyun Road, Binhu New Area, Hefei City, Anhui Province in January 2024[28] Key Accounting Data and Financial Indicators This section outlines the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue and net profit attributable to the parent company, and a substantial increase in net cash flow from operating activities Key Accounting Data (Consolidated Statements) | Key Accounting Data | Current reporting period (Jan-Jun) (Yuan) | Same period last year (Yuan) | Change from same period last year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,807,680,766.53 | 1,962,167,794.92 | 43.09 | | Total Profit | 1,338,207,021.93 | 775,214,779.23 | 72.62 | | Net Profit Attributable to Shareholders of the Parent Company | 1,035,135,509.89 | 714,193,264.78 | 44.94 | | Net Cash Flow from Operating Activities | 4,067,962,613.15 | 1,181,078,620.62 | 244.43 | | Total Assets (Period-End) | 102,117,727,859.27 | 103,014,094,263.34 | -0.87 | | Total Liabilities (Period-End) | 78,940,620,818.80 | 80,492,380,121.85 | -1.93 | | Equity Attributable to Shareholders of the Parent Company (Period-End) | 23,106,169,159.25 | 22,450,962,433.76 | 2.92 | Key Financial Indicators (Consolidated Statements) | Key Financial Indicators | Current reporting period (Jan-Jun) | Same period last year | Change from same period last year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.22 | 0.15 | 46.67 | | Diluted Earnings Per Share (Yuan/share) | 0.21 | 0.15 | 40.00 | | Weighted Average Return on Net Assets (%) | 4.52 | 3.33 | Increased by 1.19 percentage points | Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 253,956.64 | | Government grants recognized in profit or loss | 3,616,885.09 | | Reversal of impairment provisions for individually assessed receivables | 3,672,223.38 | | Other non-operating income and expenses | 1,275,204.42 | | Less: Income tax impact | 2,218,443.71 | | Total | 6,599,825.82 | Parent Company Net Capital and Risk Control Indicators | Item | As of the end of the reporting period (Yuan) | As of the end of the previous year (Yuan) | | :--- | :--- | :--- | | Net Capital | 18,468,955,706.61 | 18,429,987,533.54 | | Net Capital / Sum of Various Risk Reserves (%) | 224.26 | 231.97 | | Net Capital / Net Assets (%) | 84.97 | 86.05 | | Capital Leverage Ratio (%) | 18.40 | 17.57 | | Liquidity Coverage Ratio (%) | 366.75 | 330.71 | | Net Stable Funding Ratio (%) | 160.06 | 160.03 | Other This section provides detailed changes in major items of the consolidated and parent company financial statements, including year-on-year increases or decreases in assets, liabilities, revenue, and profit, explaining reasons for significant variations Major Changes in Consolidated Financial Statement Items (Balance Sheet) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 4,468,083.86 | 29,713,379.14 | -84.96 | | Deposits with Exchanges | 404,180,149.87 | 291,479,502.59 | 38.67 | | Accounts Receivable | 111,721,601.87 | 397,501,331.54 | -71.89 | | Other Debt Investments | 22,485,087,647.59 | 14,044,543,053.91 | 60.10 | | Total Assets | 102,117,727,859.27 | 103,014,094,263.34 | -0.87 | | Funds Borrowed | 200,049,166.67 | 150,037,500.00 | 33.33 | | Derivative Financial Liabilities | 3,409,156.63 | 18,458,654.41 | -81.53 | | Funds from Securities Underwriting | 0.00 | 8,256,000.00 | -100.00 | | Contract Liabilities | 25,825,200.71 | 11,551,956.39 | 123.56 | | Other Liabilities | 224,113,948.05 | 131,717,908.66 | 70.15 | | Total Liabilities | 78,940,620,818.80 | 80,492,380,121.85 | -1.93 | | Total Shareholders' Equity | 23,177,107,040.47 | 22,521,714,141.49 | 2.91 | Major Changes in Consolidated Financial Statement Items (Income Statement) | Item | First Half 2025 (Yuan) | First Half 2024 (Yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,807,680,766.53 | 1,962,167,794.92 | 43.09 | | Net Fee and Commission Income | 1,102,934,633.70 | 799,924,526.04 | 37.88 | | Investment Income | 1,157,631,043.34 | 495,407,580.65 | 133.67 | | Gains from Changes in Fair Value | 27,809,645.34 | 174,378,503.13 | -84.05 | | Exchange Gains | 1,432,424.19 | 130,999.71 | 993.46 | | Gains on Disposal of Assets | 253,956.64 | 124,307.44 | 104.30 | | Operating Expenses | 1,468,652,248.14 | 1,186,750,000.16 | 23.75 | | Taxes and Surcharges | 25,272,635.54 | 13,952,035.01 | 81.14 | | Credit Impairment Losses | 5,281,091.43 | -4,184,160.05 | N/A | | Income Tax Expense | 302,885,338.55 | 70,772,060.67 | 327.97 | | Net Profit | 1,035,321,683.38 | 704,442,718.56 | 46.97 | | Net Amount of Other Comprehensive Income After Tax | 106,429,155.35 | 194,977,509.42 | -45.41 | Major Changes in Parent Company Financial Statement Items (Income Statement) | Item | First Half 2025 (Yuan) | First Half 2024 (Yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,819,382,236.98 | 1,667,005,052.08 | 9.14 | | Gains from Changes in Fair Value | 54,676,639.88 | 102,754,730.40 | -46.79 | | Operating Expenses | 945,982,979.02 | 728,651,687.38 | 29.83 | | Taxes and Surcharges | 21,126,639.18 | 12,222,070.73 | 72.86 | | Credit Impairment Losses | 10,746,484.00 | -3,744,508.17 | N/A | | Income Tax Expense | 178,993,423.55 | 49,433,716.85 | 262.09 | | Net Profit | 693,550,449.73 | 888,789,216.35 | -21.97 | | Net Amount of Other Comprehensive Income After Tax | 110,240,606.39 | 189,009,152.66 | -41.67 | Section III Management Discussion and Analysis This section provides management's discussion and analysis of the company's financial condition and results of operations, covering industry trends, business performance, core competencies, and risk factors Explanation of the Company's Industry and Principal Business Operations During the Reporting Period This section analyzes the securities industry's development in the first half of 2025, noting overall growth in operating performance and core business revenue, and describes the company's principal businesses across retail, industrial, institutional, and proprietary trading segments Industry Analysis In the first half of 2025, China's economy showed strong resilience, supporting the capital market, while regulatory policies promoted stability and reform, leading to an upward trend in the A-share market and increased activity - In the first half of 2025, the A-share market fluctuated upwards, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index cumulatively rising by 2.76%, 0.48%, and 0.53% respectively[41] - Total market turnover reached 162.64 trillion Yuan, with an average daily turnover of 1.39 trillion Yuan, a year-on-year increase of approximately 61%[41] - Margin financing and securities lending balance was 1.74 trillion Yuan, a year-on-year increase of approximately 28%; A-share equity financing scale was 762.8 billion Yuan, a year-on-year increase of approximately 400%[41] Description of Principal Business Operations The company adheres to its "integrity, prudence, professionalism, and harmony" philosophy, offering comprehensive financial services to retail, industrial, and institutional clients, alongside proprietary trading - The company's principal businesses include retail client business, industrial client business, institutional client business, and proprietary trading business[42] - Retail client business provides services such as agency trading for stocks, futures, and derivatives, financial product sales, margin financing and securities lending, asset management, and investment advisory[42] - Industrial client business offers services to enterprises including IPO advisory, sponsorship, M&A financial advisory, private equity funds, and alternative investments[42] Discussion and Analysis of Operations During the reporting period, the company achieved significant growth in operating revenue and net profit attributable to the parent company, reaching its best performance since listing, with all business segments maintaining steady development and enhanced capital strength and operating efficiency Overall Business Management The company's operating performance in the first half of 2025 was strong, with operating revenue and net profit attributable to the parent company significantly increasing year-on-year, marking its best half-year since listing, while total assets, net assets, and parent company net capital steadily grew, and operating efficiency improved - Achieved operating revenue of 2.808 billion Yuan, a year-on-year increase of 43.09%[43] - Net profit attributable to the parent company was 1.035 billion Yuan, a year-on-year increase of 44.94%[43] - As of the end of the reporting period, the company's total assets were 102.118 billion Yuan, net assets were 23.106 billion Yuan, and parent company net capital was 18.469 billion Yuan[43] - Weighted average return on net assets was 4.52%, and earnings per share were 0.22 Yuan[43] Segmental Operating Performance All business segments made positive progress in the first half of 2025, with retail client business benefiting from market recovery, industrial client business achieving breakthroughs in investment banking and private equity, institutional client business enhancing market share through research and prime brokerage, and proprietary trading achieving efficient profitability through diversified strategies Retail Client Business Retail client business saw growth in wealth management, futures, and asset management, with wealth management revenue increasing by 66.12%, new active accounts by 55.33%, futures client equity by 10.5%, and asset management scale reaching 65.616 billion Yuan, ranking 12th in net income - Wealth management business achieved agency securities trading revenue of 664 million Yuan, a year-on-year increase of 66.12%[44] - New active accounts increased by 30,600, a year-on-year increase of 55.33%; financial product distribution business revenue was 43.25 million Yuan, a year-on-year increase of 52.65%[44] - Huaan Futures' client equity at period-end was 5.154 billion Yuan, a year-on-year increase of 10.5%; cumulative futures business revenue reached 487 million Yuan, a year-on-year increase of 3.92%[45] - Huaan Asset Management's total AUM was 65.616 billion Yuan, with total asset management business revenue of 310 million Yuan, ranking 12th in the industry for net asset management business income[45] - Securities finance business revenue was 313 million Yuan, with margin financing and securities lending scale of 10.578 billion Yuan, a year-on-year increase of 14.81%[46] Industrial Client Business Industrial client business achieved significant results in investment banking, private equity, and alternative investments, with investment banking revenue growing by 229.70%, Huaan Jiaye managing over 30 billion Yuan in funds and ranking among the top 10券商私募基金子公司, and Huafu Ruixing generating 90.7511 million Yuan in operating revenue - Investment banking business revenue was 118 million Yuan, a year-on-year increase of 229.70%, completing 1 ChiNext IPO, 1 major asset sale for a Shenzhen Stock Exchange listed company, 1 New Third Board listing, and 2 New Third Board private placement projects[47] - Huaan Jiaye cumulatively managed fund assets exceeding 30 billion Yuan, achieving a total profit of 106.1454 million Yuan, with its average monthly paid-in capital and net assets under management ranking 10th in the industry[48] - Huafu Ruixing achieved operating revenue of 90.7511 million Yuan and net profit of 57.3433 million Yuan[49] Institutional Client Business Institutional client business enhanced its market influence through research and prime brokerage services, with research focusing on provincial industrial development and prime brokerage achieving a 58.94% increase in stock and fund trading volume and a 53.10% increase in net commission income - The research institute's industrial research center focused on serving provincial industrial development, building a "Sci-Tech Innovation Service Evaluation System" and completing the first "Hard-Tech 100 List" in the new energy vehicle sector[50][51] - Institutional and product clients' stock and fund trading volume increased by 58.94% year-on-year, with net commission income increasing by 53.10% year-on-year[51] Proprietary Trading Business Proprietary trading business achieved efficient profitability in the first half of 2025, benefiting from high-quality macroeconomic development and a structurally active capital market, through a diversified strategy matrix, with investment income from fixed income, financial innovation, and equity investments contributing to a 77.02% increase in proprietary trading revenue - The company's proprietary trading business aims for "absolute returns," building a "long-term investment" business model and strengthening a "platform-based, team-oriented, integrated, multi-strategy" investment research system[52] - During the reporting period, the company's proprietary trading business revenue was 765 million Yuan, a year-on-year increase of 77.02%[52] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its state-owned enterprise governance, geographic advantages as an Anhui provincial enterprise, functional strengths as a comprehensive securities firm, and unique corporate culture and institutional vitality, all supporting high-quality development and its role in serving the real economy and wealth management Governance Advantages of State-Owned Enterprises The company's actual controller is the Anhui Provincial State-owned Assets Supervision and Administration Commission, with strong support from its controlling shareholder and concerted parties, ensuring alignment with national strategies and effective balancing of functional and profitability goals through a robust modern enterprise system with Chinese characteristics - The company's actual controller is the Anhui Provincial State-owned Assets Supervision and Administration Commission, and its controlling shareholder, Anhui Guokong Group, and its concerted parties provide strong support for the company's capital operations and business development[53] - The company has established a sound modern enterprise system with Chinese characteristics, integrating Party leadership into all aspects of corporate governance, ensuring the company promptly grasps major national development policies[53] Geographic Advantages as an Anhui Provincial Enterprise Anhui Province, a hub for multiple national strategies, boasts strong regional innovation and rapid development of strategic emerging industries, positioning the company, headquartered in Hefei with over 80% of its branches in the Yangtze River Delta, Beijing-Tianjin-Hebei, and coastal regions, and Huaan Financial Holdings in Hong Kong, to integrate into provincial development and focus on sci-tech innovation - In the first half of 2025, Anhui Province's GDP was 2.57 trillion Yuan, a year-on-year increase of 5.6%; the total number of listed companies was 186, and New Third Board listed companies was 234, both ranking seventh nationally and leading in the central region[55] - The company adheres to a regional layout of "rooted in Anhui, deeply cultivated in the Yangtze River Delta, facing the whole country, and connecting with Asia-Pacific," with over 80% of its branches located in the Yangtze River Delta, Beijing-Tianjin-Hebei, and coastal provinces, and 81 branches within Anhui Province[56] - The company established Huaan Financial Holdings in Hong Kong, fully launching its international development strategy[56] Functional Advantages of a Comprehensive Securities Firm The company possesses comprehensive business qualifications and a group-based, international development structure, enabling it to meet diverse client needs, continuously improve business synergy, and drive transformation in wealth management, investment banking, asset management, and proprietary trading, with its overall strength approaching the top quartile of the industry - The company has relatively complete business qualifications and has formed a group-based, international development structure, better meeting diverse client service needs[57] - Securities brokerage business is accelerating its transformation to wealth management, investment banking business is accelerating its transformation to client-centric, industrial, and comprehensive investment banking, asset management business is accelerating its transformation to active management, and proprietary trading business is accelerating its transformation to trading-oriented, diversified, and strategy-driven models[57] - The company's overall strength has significantly improved, with key operating indicators approaching the top quartile of the industry[57] Corporate Culture Advantages and Institutional Vitality The company boasts a unique corporate culture, embodying the "five dos and five don'ts" Chinese financial culture and building a "four-together" brand, maintaining a "prudent yet proactive" risk appetite with an AAA credit rating, and fostering a young, knowledgeable, and professional talent pool through its "Ten-Hundred-Thousand" talent project - The company practices the "five dos and five don'ts" Chinese financial culture concept and has built a "four-together" cultural brand of "concentric, aligned, cooperative, and collaborative"[58] - The company's corporate credit rating has reached and maintained an AAA level[58] - As of the end of June 2025, employees under 35 years old accounted for over 50%, and 92.6% of all employees held a bachelor's degree or higher[58] Key Operating Performance During the Reporting Period This section analyzes the company's key operating performance in the first half of 2025, including changes in principal business financial accounts, profit composition, asset and liability status, investment activities, and the operating performance of major controlled and investee companies Analysis of Principal Business In the first half of 2025, the company's operating revenue increased by 43.09%, driven by growth in securities investment, brokerage, and investment banking, while operating expenses rose by 23.75% due to increased business management fees and subsidiary spot sales costs, and net cash flow from operating activities surged by 244.43% primarily due to significant changes in net decrease of financial assets held for trading Analysis of Changes in Financial Statement Accounts | Account | Current Period (Yuan) | Same Period Last Year (Yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,807,680,766.53 | 1,962,167,794.92 | 43.09 | | Operating Costs | 1,468,652,248.14 | 1,186,750,000.16 | 23.75 | | Net Cash Flow from Operating Activities | 4,067,962,613.15 | 1,181,078,620.62 | 244.43 | | Net Cash Flow from Investing Activities | -269,822,781.26 | -247,677,639.36 | N/A | | Net Cash Flow from Financing Activities | -2,962,710,077.19 | 1,564,503,866.42 | -289.37 | Significant Changes in Profit Composition or Sources | Item | First Half 2025 (Yuan) | First Half 2024 (Yuan) | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Fee and Commission Income | 1,102,934,633.70 | 799,924,526.04 | 37.88 | Increase in brokerage and investment banking net fee and commission income | | Investment Income | 1,157,631,043.34 | 495,407,580.65 | 133.67 | Increase in financial asset investment income | | Gains from Changes in Fair Value | 27,809,645.34 | 174,378,503.13 | -84.05 | Changes in fair value of financial assets | | Income Tax Expense | 302,885,338.55 | 70,772,060.67 | 327.97 | Increase in total profit leading to higher income tax expense | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets slightly decreased by 0.87%, and total liabilities decreased by 1.93%, with a stable asset structure where cash, settlement reserves, and deposits accounted for 29.64%, and financial assets and receivables for 53.06%, while the liability structure showed short-term financing payables, funds borrowed, and financial assets sold under repurchase agreements at 39.85%, and client funds for securities trading at 32.29% Assets and Liabilities Status (Period-End) | Item Name | Current Period-End (Yuan) | Percentage of Total Assets (%) | Previous Year-End (Yuan) | Percentage of Total Assets (%) | Change from Previous Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 4,468,083.86 | - | 29,713,379.14 | 0.03 | -84.96 | | Deposits with Exchanges | 404,180,149.87 | 0.40 | 291,479,502.59 | 0.28 | 38.67 | | Accounts Receivable | 111,721,601.87 | 0.11 | 397,501,331.54 | 0.39 | -71.89 | | Debt Investments | 768,133,667.71 | 0.75 | 1,301,299,517.27 | 1.26 | -40.97 | | Other Debt Investments | 22,485,087,647.59 | 22.02 | 14,044,543,053.91 | 13.63 | 60.10 | | Deferred Income Tax Assets | 6,197,168.59 | 0.01 | 11,760,124.60 | 0.01 | -47.30 | | Funds Borrowed | 200,049,166.67 | 0.20 | 150,037,500.00 | 0.15 | 33.33 | | Derivative Financial Liabilities | 3,409,156.63 | - | 18,458,654.41 | 0.02 | -81.53 | | Funds from Securities Underwriting | - | - | 8,256,000.00 | 0.01 | -100.00 | | Contract Liabilities | 25,825,200.71 | 0.03 | 11,551,956.39 | 0.01 | 123.56 | | Other Liabilities | 224,113,948.05 | 0.22 | 131,717,908.66 | 0.13 | 70.15 | - As of the end of the reporting period, the company's total assets were 102.118 billion Yuan, a decrease of 0.87% from the beginning of the year; total liabilities were 78.941 billion Yuan, a decrease of 1.93% from the beginning of the year[31][65] - Excluding client funds for securities trading, the asset-liability ratio was 69.75%, a decrease of 1.83 percentage points from the beginning of the year[66] - Overseas assets amounted to 532.380 million Yuan, accounting for 0.52% of total assets[66] Analysis of Investment Status The company's proprietary trading business, a core operation, involves frequent and diverse investments in financial assets like stocks, funds, and bonds, with disclosures on financial assets measured at fair value and derivative investments, including their categories, fair value changes, and investment income - Proprietary trading business, involving investments in stocks, funds, bonds, and other financial assets, is a principal business of the company, characterized by frequent and diverse trading activities[67] - Information on financial assets measured at fair value can be found in "Section VIII, XX, 8, Assets and Liabilities Measured at Fair Value" of this report[67] - Information on derivative investments can be found in "Section VIII, VII, 6. Derivative Financial Instruments" of this report[67] Analysis of Major Controlled and Investee Companies This section lists the operating performance of the company's major controlled subsidiaries and investee companies that significantly impact its net profit (over 10%), including Huaan Futures, Huaan Jiaye, Huafu Ruixing, Huaan Emerging, Huaan Asset Management, and Huaan Financial Holdings, all contributing positively to the company's overall performance Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaan Futures | Subsidiary | Futures Business | 100,000 | 658,661 | 123,546 | 48,733 | 3,379 | 2,539 | | Huaan Jiaye | Subsidiary | Private Equity Investment | 200,000 | 386,164 | 267,835 | 12,302 | 10,615 | 8,014 | | Huafu Ruixing | Subsidiary | Alternative Investment | 150,000 | 178,520 | 172,377 | 9,075 | 8,766 | 5,734 | | Huaan Emerging | Subsidiary | Securities Investment Advisory | 5,000 | 5,327 | 5,225 | 100 | 7 | 5 | | Huaan Asset Management | Subsidiary | Securities Asset Management | 60,000 | 215,871 | 91,026 | 29,688 | 23,134 | 17,351 | | Huaan Financial Holdings | Subsidiary | Overseas Securities Business | 42,640 | 53,238 | 36,629 | 1,870 | 80 | 82 | Structured Entities Controlled by the Company In accordance with enterprise accounting standards, the company consolidates asset management plans and private equity funds where it acts as manager, participates with its own capital, and exercises control, ensuring that financial statements accurately reflect all controlled economic entities - The company includes asset management plans and private equity funds where it acts as manager, participates with its own capital, bears certain risks, and exercises control, as structured entities controlled by the company[68] Other Disclosure Matters This section details various significant risks the company may face and its control measures, including market, credit, liquidity, operational, compliance, and reputational risks, managed through internal control systems, risk limits, securities pool systems, credit reviews, daily liquidity monitoring, institutional development, and public opinion monitoring Potential Risks The company faces market risks (stock price volatility, interest rate risk), credit risks (counterparty default, credit deterioration), liquidity risks (insufficient funds, asset-liability mismatch), operational risks (internal procedures, personnel, system failures), compliance risks (violations of laws and regulations), and reputational risks (negative public perception), which are effectively controlled through a comprehensive risk management system - The company has a medium-low tolerance for market risk, primarily controlled through risk limit management, risk hedging, a securities pool system, and risk reporting and resolution[69][70][71] - The company has a medium-low tolerance for credit risk, primarily controlled through setting risk limits, monitoring credit risk, credit review and approval, and credit enhancement mechanisms[72][73][74] - The company has a low tolerance for liquidity risk, primarily controlled by establishing a daily liquidity monitoring system, strengthening asset-liability maturity matching management, improving liquidity risk management systems, analyzing stress scenarios, and enhancing integrated financing management[75] - The company has a low tolerance for operational risk, primarily prevented by improving systems, business process controls, authorization management, technical safeguards, information system security checks, and personnel training[76][77][78] - The company continuously improves its compliance management level by strengthening compliance teams, systems, and culture, enhancing professional capabilities, conducting inspections and self-inspections, reinforcing case-based warning education, effectively handling legal and litigation disputes, and promoting proactive compliance measures[79] - The company has a low tolerance for reputational risk, controlled by improving its reputational risk management system, establishing a sound public opinion monitoring system, strengthening communication with investors, and effectively handling customer complaints[80][82] Section IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including directors, supervisors, and senior management, as well as its profit distribution plan, environmental information, and efforts in poverty alleviation and rural revitalization Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the retirement of Ms. Gong Shengxi, the appointment of Mr. Zhao Wanli as CFO, and the resignations of Mr. Gu Yong, Mr. Zhou Qinghua, Ms. Li Xiaoling, and Mr. Zheng Zhenlong, alongside the election of Ms. Zhang Chen and Mr. Wan Guangcai as independent directors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Gong Shengxi | Employee Director | Resigned | | Gong Shengxi | Chief Financial Officer | Resigned | | Gu Yong | Deputy General Manager | Resigned | | Zhou Qinghua | Deputy General Manager | Resigned | | Li Xiaoling | Independent Director | Resigned | | Zheng Zhenlong | Independent Director | Resigned | | Zhang Chen | Independent Director | Elected | | Wan Guangcai | Independent Director | Elected | | Zhao Wanli | Chief Financial Officer | Appointed | - Ms. Gong Shengxi resigned from her positions as employee director and chief financial officer due to reaching retirement age; Mr. Gu Yong and Mr. Zhou Qinghua resigned as deputy general managers due to personal reasons; Ms. Li Xiaoling and Mr. Zheng Zhenlong resigned as independent directors due to their continuous tenure exceeding six years[86][87][88] - The company appointed Mr. Zhao Wanli, the general manager, concurrently as chief financial officer, and elected Ms. Zhang Chen and Mr. Wan Guangcai as independent directors of the Fourth Board of Directors[87][89] Profit Distribution or Capital Reserve Capitalization Plan The company's 2025 interim profit distribution plan proposes a cash dividend of 0.4 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 187 million Yuan, representing 18.08% of the net profit attributable to parent company shareholders on a consolidated basis for the half-year Interim Proposed Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Whether to Distribute or Capitalize | Yes | | Dividend Per 10 Shares (Yuan) (tax inclusive) | 0.4 | | Total Distribution Amount | 187,135,941.40 Yuan | | Percentage of Net Profit Attributable to Parent Company Shareholders (Consolidated, First Half 2025) | 18.08% | | Total Cash Dividend After Share Repurchase | 205,655,761 Yuan | | Percentage of Net Profit Attributable to Parent Company Shareholders (Consolidated, First Half 2025) After Share Repurchase | 19.87% | Status and Impact of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law Although not on the mandatory disclosure list, the company actively implements national environmental protection and green development requirements, advances the "dual carbon" strategy, promotes energy conservation and emission reduction, and integrates ESG and sustainable investment strategies into its operations, balancing economic benefits with social and environmental responsibilities - The company implements national environmental protection and green development requirements, adheres to relevant environmental laws and regulations, actively implements the national "dual carbon" strategy, continuously promotes energy conservation and emission reduction management, and takes multiple measures to foster low-carbon and green operations[92] - The company applies responsible investment strategies such as positive screening, negative exclusion, ESG integration, and sustainable thematic investment in its equity investments, fixed income investments, and private equity investments within alternative investments[92] Specifics of Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization Efforts The company deeply implements the rural revitalization strategy, strengthening organizational leadership and executing its 2025 assistance plan, which allocates 7.955 million Yuan for 58 projects, with 17 projects already implemented and 813,700 Yuan invested in areas like industrial support, education improvement, ecological protection, and "insurance + futures" initiatives, demonstrating its commitment to social responsibility - The company's Party Committee approved the "Huaan Securities Company 2025 Assistance Plan for Rural Revitalization," planning to invest 7.955 million Yuan in various assistance funds and implement 58 specific tasks[94][95] - As of the end of June, 17 projects have been implemented, with 813,700 Yuan invested in assistance funds[95] - Assistance projects include allocating industrial support funds to Qingtian Township, Yuexi County, donating sports equipment and campus facilities, rewarding outstanding students, and providing comfort to disadvantaged residents, distributing quality seedlings, paving asphalt roads, and purchasing environmental protection equipment in Luzhangzhuang Village, Zhaoqiao Township, and Dazhou Village, Shihe Town, Bozhou City[95] - In the first half of the year, 4 "insurance + futures" projects were carried out in Lujiang County, Anhui Province, Mengcheng County, Anhui Province, and Lishu County, Jilin Province, with a cumulative donation of 228,800 Yuan[96] Section V Significant Matters This section addresses significant corporate events, including the fulfillment of commitments by major shareholders, regulatory penalties and rectification measures, and other important disclosures such as share repurchases and profit distribution Fulfillment of Commitments During the reporting period, the company's controlling shareholder, Anhui Guokong Group, and its concerted parties, along with investee shareholders, strictly fulfilled all commitments regarding resolving horizontal competition, related party transactions, and maintaining the company's independence, with no instances of non-compliance Fulfillment of Commitments | Commitment Type | Promisor | Summary of Commitment | Commitment Period | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Resolving Horizontal Competition | Anhui Guokong Group | Not to directly or indirectly operate businesses that compete with the company's principal businesses | Long-term | Yes | | Resolving Horizontal Competition | Anhui Energy Group | Not to engage in horizontal competition that significantly adversely affects the company's securities brokerage, stock sponsorship, and underwriting businesses | Long-term | Yes | | Resolving Horizontal Competition | Anhui Jiaokong Capital | If business expansion creates competition with the company's principal businesses, to avoid horizontal competition by transferring businesses or equity | Long-term | Yes | | Resolving Horizontal Competition | Wanneng Electric Power | Not to engage in horizontal competition that significantly adversely affects the company's principal businesses | Long-term | Yes | | Resolving Related Party Transactions | Anhui Guokong Group, Anhui Energy Group, Anhui Jiaokong Capital, Wanneng Electric Power | To minimize related party transactions, and if unavoidable, to conduct them on market-based principles and fair prices, preventing illegal occupation of company funds | Long-term | Yes | | Other | Anhui Guokong Group, Anhui Energy Group, Anhui Jiaokong Capital, Wanneng Electric Power | To ensure the company's independence in personnel, assets, finance, organization, and business | Long-term | Yes | Suspected Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller In January 2025, the company received a warning letter from the Anhui Securities Regulatory Bureau for issues in private equity fund custody business system construction and execution, and staff conduct, to which the company responded with comprehensive review and rectification, improving systems, standardizing processes, and strengthening management to enhance internal control and business quality - In January 2025, the company received a "Decision on Taking Warning Letter Measures Against Huaan Securities Co., Ltd." from the Anhui Securities Regulatory Bureau due to issues in private equity fund custody business system construction and execution, and staff professional conduct[101] - The company has conducted a comprehensive review and rectification of its private equity fund custody business as required by regulators, improving business systems, standardizing operating procedures, and strengthening employee management to further enhance internal control and business development quality[101] Explanation of Other Significant Matters During the reporting period, the company completed a share repurchase and cancellation, totaling 19,317,230 shares for 119 million Yuan, and also finalized its 2024 profit distribution plan, paying a cash dividend of 1.0 Yuan (tax inclusive) per 10 shares, amounting to 468 million Yuan - From December 11, 2024, to March 10, 2025, the company implemented a share repurchase, cumulatively repurchasing 19,317,230 shares, accounting for approximately 0.41% of the company's total share capital, with a cumulative repurchase amount of 118.765 million Yuan (excluding transaction fees), and these shares were cancelled on March 12, 2025[105] - The company's 2024 profit distribution plan has been fully implemented, distributing a cash dividend of 1.0 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 467.8398535 million Yuan[106] Section VI Changes in Shares and Shareholder Information This section details changes in the company's share capital due to share repurchases and convertible bond conversions, along with information on its shareholders, including the total number of shareholders and the holdings of the top ten shareholders Changes in Share Capital During the reporting period, the company's share capital changed due to the cancellation of repurchased shares, reducing the total share capital, while ongoing convertible bond conversions slightly increased the number of ordinary shares Share Capital Change Table | | Quantity Before This Change (shares) | Percentage Before This Change (%) | Net Increase/Decrease in This Change (+, -) (shares) | Quantity After This Change (shares) | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unlimited Tradable Shares | 4,697,715,261 | 100 | -19,316,726 | 4,678,398,535 | 100 | | III. Total Shares | 4,697,715,261 | 100 | -19,316,726 | 4,678,398,535 | 100 | - Due to the implementation of share repurchase and cancellation of 19,317,230 shares, the company's registered capital changed to 4,678,398,031 shares[110] - During the reporting period, the company's convertible bonds cumulatively converted into 504 shares, bringing the total number of ordinary shares to 4,678,398,535 shares as of the end of the reporting period[110] Shareholder Information As of the end of the reporting period, the company had 115,574 ordinary shareholders, with Anhui Provincial State-owned Capital Operation Holding Group Co., Ltd. as the largest shareholder, holding 24.34% and, together with its concerted parties, controlling 35.02% of voting rights - As of the end of the reporting period, the total number of ordinary shareholders was 115,574[110] Top Ten Shareholders' Shareholdings | Shareholder Name (Full Name) | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Anhui Provincial State-owned Capital Operation Holding Group Co., Ltd. | 1,138,750,053 | 24.34 | State-owned Legal Person | | Anhui Publishing Group Co., Ltd. | 569,073,797 | 12.16 | State-owned Legal Person | | Orient International Enterprise Ltd. | 230,341,527 | 4.92 | State-owned Legal Person | | Anhui Wanneng Co., Ltd. | 213,023,389 | 4.55 | State-owned Legal Person | | Anhui Jiaokong Capital Investment Management Co., Ltd. | 161,628,203 | 3.45 | State-owned Legal Person | | Anhui Gujing Group Co., Ltd. | 130,000,000 | 2.78 | State-owned Legal Person | | Anhui Energy Group Co., Ltd. | 125,476,294 | 2.68 | State-owned Legal Person | | Zhejiang Orient Financial Holdings Group Co., Ltd. | 93,600,000 | 2 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 84,962,481 | 1.82 | Other | | China Construction Bank Corporation - Cathay CSI All Share Securities Company ETF | 43,283,814 | 0.93 | Other | - Anhui Guokong Group, Anhui Energy Group, and Anhui Jiaokong Capital signed a "Concerted Action Agreement" on June 28, 2020, and since Wanneng Electric Power is a controlled subsidiary of Anhui Energy Group, the aforementioned four shareholder entities are concerted parties[113] Information on Directors, Supervisors, and Senior Management During the reporting period, none of the company's directors, supervisors, or senior management held company shares or were granted equity incentives - During the reporting period, none of the company's directors, supervisors, or senior management held shares in the company[114] - The company's directors, supervisors, and senior management were not granted equity incentives during the reporting period[114] Section VII Bond-Related Information This section provides comprehensive details on the company's corporate bonds and convertible corporate bonds, including issuance, outstanding balances, interest rates, repayment plans, and credit ratings, along with the utilization of raised funds Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section details the company's corporate bonds and non-financial enterprise debt financing instruments issued during the reporting period, including outstanding balances, interest rates, repayment plans, and the execution of safeguard measures, with a focus on the use of proceeds from technology innovation subordinated bonds to support technology innovation Basic Information on Corporate Bonds The company issued multiple tranches of corporate and subordinated bonds during the reporting period, including those from 2022, 2023, 2024, and a 2025 technology innovation subordinated bond, with maturities ranging from 3 to 5 years, coupon rates between 1.98% and 3.58%, all issued on the Shanghai Stock Exchange to professional investors with principal repayment at maturity and annual interest payments Basic Information on Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (Yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaan Securities Co., Ltd. 2022 Publicly Issued Corporate Bonds (Second Tranche) to Professional Investors | 22 Huaan G2 | 137729 | 2022-08-26 | 2025-08-29 | 2,000,000,000 | 2.73 | Shanghai Stock Exchange | | Huaan Securities Co., Ltd. 2023 Publicly Issued Subordinated Bonds (First Tranche) to Professional Investors | 23 Huaan C1 | 115530 | 2023-06-20 | 2026-06-21 | 1,500,000,000 | 3.58 | Shanghai Stock Exchange | | Huaan Securities Co., Ltd. 2024 Publicly Issued Corporate Bonds (First Tranche) to Professional Investors | 24 Huaan G1 | 240595 | 2024-02-26 | 2027-02-27 | 1,500,000,000 | 2.60 | Shanghai Stock Exchange | | Huaan Securities Co., Ltd. 2025 Publicly Issued Technology Innovation Subordinated Bonds (First Tranche) to Professional Investors | Huaan KC01 | 243018 | 2025-05-20 | 2028-05-21 | 500,000,000 | 1.98 | Shanghai Stock Exchange | Guarantees, Debt Repayment Plans, and Other Debt Servicing Measures: Execution and Changes During the Reporting Period and Their Impact During the reporting period, the company's outstanding corporate bonds were unsecured, and the company strictly adhered to the debt repayment plans and safeguard measures outlined in the offering circulars, ensuring timely payment of bond interest and principal and transparent disclosure of relevant information to protect investors' legitimate rights - All corporate bonds outstanding during the reporting period were unsecured[118] - The company strictly fulfilled the debt repayment plan commitments in the offering circulars, timely paying corporate bond interest and principal, and disclosing relevant information[118] - Debt servicing measures, including establishing special accounts, appointing trustees, formulating "Bondholder Meeting Rules," enhancing profitability, optimizing asset-liability structure, and strict information disclosure, were all rigorously implemented[118] Corporate Bond Proceeds Utilization The company's technology innovation subordinated bond (Huaan KC01) raised 500 million Yuan, with 236.5 million Yuan specifically supporting technology innovation through fund investments, 150 million Yuan for debt repayment, and 207.5 million Yuan for temporary liquidity (94 million Yuan already repaid), while another subordinated bond (25 Huaan C1) raised 500 million Yuan fully used for debt repayment, all in compliance with agreements and management regulations Basic Information on Corporate Bond Proceeds | Bond Code | Bond Abbreviation | Is it a Special Purpose Bond | Total Proceeds (100 million Yuan) | Proceeds Balance at Period-End (100 million Yuan) | | :--- | :--- | :--- | :--- | :--- | | 243018 | Huaan KC01 | Yes | 5 | 0 | | 243138 | 25 Huaan C1 | No | 5 | 0 | Actual Use of Proceeds | Bond Code | Bond Abbreviation | Actual Amount of Proceeds Used During Reporting Period (100 million Yuan) | Amount Used for Corporate Bond Repayment (100 million Yuan) | Amount Used for Other Purposes (100 million Yuan) | | :--- | :--- | :--- | :--- | :--- | | 243018 | Huaan KC01 | 3.865 | 1.5 | 2.365 | | 243138 | 25 Huaan C1 | 5 | 5 | - | - 236.5 million Yuan of Huaan KC01 proceeds were specifically used to support technology innovation through fund investments, with 142.5 million Yuan for national integrated circuit industry fund investment and 94 million Yuan for artificial intelligence theme fund investment[122] - 207.5 million Yuan of Huaan KC01 proceeds were used for temporary liquidity, of which 94 million Yuan has been repaid as of the end of the reporting period, with a remaining balance of 113.5 million Yuan[123] - All proceeds utilization and special account management were compliant, adhering to local government debt management regulations[123] Other Matters to Be Disclosed for Special Purpose Bonds The company's technology innovation subordinated bond (Huaan KC01), with an outstanding balance of 500 million Yuan, aims to specifically support national integrated circuit and artificial intelligence sectors through fund investments, promoting technological innovation, industrial upgrading, and the development of new quality productive forces as a financial institution issuer Technology Innovation Corporate Bond Information | Indicator | Content | | :--- | :--- | | Issuer Entity Category Applicable to This Bond | Financial Institution | | Bond Code | 243018 | | Bond Abbreviation | Huaan KC01 | | Bond Balance | 500 million Yuan | | Progress of Sci-Tech Innovation Projects | Through fund investments, specifically supports national integrated circuit and artificial intelligence sectors, promoting technological innovation and industrial upgrading, and contributing to the vigorous development of new quality productive forces | | Effectiveness in Promoting Sci-Tech Innovation Development | Deeply participates in the development of Anhui Province's strategic emerging industries, provides long-term capital support for the integrated circuit and artificial intelligence industries, accelerates key technology breakthroughs and industrial chain synergy, injecting strong momentum into the region's high-quality economic development | Important Matters Related to Corporate Bonds During the Reporting Period During the reporting period, the company had no non-operating intercompany receivables or fund borrowings on a consolidated basis, nor any overdue interest-bearing debt, maintaining a stable debt structure with 51.716 billion Yuan in interest-bearing debt, of which 33.80% were corporate credit bonds, and key financial indicators like liquidity ratio, asset-liability ratio, and interest coverage ratio remained healthy - At the beginning and end of the reporting period, the company's consolidated non-operating intercompany receivables and fund borrowings balances were both 0 Yuan, with no violations of relevant agreements or commitments in the offering circulars[127][131] - As of the end of the reporting period, there were no overdue interest-bearing debts exceeding 10 million Yuan or overdue corporate credit bonds within the company's consolidated scope[132] Company Consolidated Interest-Bearing Debt Structure (Period-End) | Interest-Bearing Debt Category | Within 1 Year (Inclusive) (100 million Yuan) | Over 1 Year (Exclusive) (100 million Yuan) | Total Amount (100 million Yuan) | Percentage of Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 64.90 | 109.87 | 174.77 | 33.80 | | Other Interest-Bearing Debts | 342.38 | — | 342.38 | 66.20 | | Total | 407.29 | 109.87 | 517.16 | 100.00 | Key Accounting Data and Financial Indicators | Key Indicator | Current Period-End | Previous Year-End | Change from Previous Year-End (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 1.92 | 1.93 | -0.24 | | Asset-Liability Ratio (%) | 69.75 | 71.58 | -2.55 | | Net Profit After Non-Recurring Gains and Losses | 1,028,535,684.07 | 710,458,179.47 | 44.77 | | Interest Coverage Ratio | 3.29 | 2.38 | 38.42 | | Cash Interest Coverage Ratio | 8.16 | 3.11 | 162.41 | Convertible Corporate Bonds The company publicly issued 2.8 billion Yuan in "Huaan Convertible Bonds" in March 2020, with a 6-year term, and as of the end of the reporting period, there were 8,918 bondholders and no guarantors, with 3,000 Yuan converted into 504 A-shares during the period, while the company maintains an AAA credit rating with a stable outlook, indicating strong future repayment capability Convertible Bond Issuance On March 12, 2020, the company publicly issued 2.8 billion Yuan of "Huaan Convertible Bonds" (bond code: 110067) with a 6-year term, featuring a progressively increasing coupon rate and an initial conversion price of 8.77 Yuan per share - On March 12, 2020, the company publicly issued 28 million convertible corporate bonds, with the bond abbreviation "Huaan Convertible Bonds" and bond code "110067"[133] - Each convertible bond issued has a face value of 100 Yuan, with a total issuance amount of 2.8 billion Yuan, and a term of 6 years from the issuance date, i.e., from March 12, 2020, to March 11, 2026[133] - The coupon rates are 0.20% for the first year, 0.40% for the second year, 0.60% for the third year, 0.80% for the fourth year, 1.50% for the fifth year, and 2.00% for the sixth year[133] Convertible Bond Holders and Guarantors During the Reporting Period As of the end of the reporting period, "Huaan Convertible Bonds" had 8,918 holders and no guarantors, with the top ten holders primarily comprising bond repurchase pledge accounts and various funds within the clearing and settlement system - At period-end, the number of convertible bond holders was 8,918[134] - The company's convertible bonds have no guarantors[134] Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | Bonds Held at Period-End (Yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Central Depository & Clearing System Bond Repurchase Pledge Special Account (Industrial and Commercial Bank of China) | 381,665,000 | 13.63 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 123,283,000 | 4.40 | | Guotai Haitong Securities Co., Ltd. | 117,304,000 | 4.19 | | China Construction Bank Corporation - Huashang Credit Enhanced Bond Fund | 98,964,000 | 3.54 | | New China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 018L - CT001 Shanghai | 88,496,000 | 3.16 | Changes in Convertible Bonds During the Reporting Period During the reporting period, "Huaan Convertible Bonds" decreased by 3,000 Yuan due to conversion into shares, with no redemptions or putbacks, resulting in a period-end balance of 2,799,185,000 Yuan Changes in Convertible Bonds During the Reporting Period | Convertible Corporate Bond Name | Before This Change (Yuan) | Increase/Decrease Due to Conversion (Yuan) | After This Change (Yuan) | | :--- | :--- | :--- | :--- | | Huaan Convertible Bonds | 2,799,188,000 | 3,000 | 2,799,185,000 | Cumulative Conversion of Convertible Bonds During the Reporting Period During the reporting period, "Huaan Convertible Bonds" converted into 3,000 Yuan worth of shares, totaling 504 shares, bringing the cumulative converted shares to 114,401, representing 0.0032% of the company's total shares before conversion, with an outstanding unconverted amount of 2,799,185,000 Yuan, accounting for 99.9709% of the total issuance Cumulative Conversion of Convertible Bonds During the Reporting Period | Convertible Corporate Bond Name | Huaan Convertible Bonds | | :--- | :--- | | Amount Converted During Reporting Period (Yuan) | 3,000 | | Number of Shares Converted During Reporting Period (shares) | 504 | | Cumulative Number of Shares Converted (shares) | 114,401 | | Cumulative Converted Shares as Percentage of Total Shares Issued Before Conversion (%) | 0.0032 | | Unconverted Amount (Yuan) | 2,799,185,000 | | Percentage of Unconverted Bonds to Total Convertible Bond Issuance (%) | 99.9709 | Historical Adjustments to Conversion Price The conversion price of "Huaan Convertible Bonds" has been adjusted multiple times since issuance, primarily due to equity distributions, stoc