NSC(SH:601990)2025-08-29 08:30Financial Performance - The company's operating revenue for the first half of the year was CNY 1,577,595,645.01, a decrease of 5.96% compared to the same period last year[25]. - Total profit increased by 12.32% year-on-year to CNY 790,838,261.68[25]. - Net profit attributable to shareholders was CNY 620,715,326.78, reflecting a growth of 13.65% compared to the previous year[25]. - The total assets at the end of the reporting period reached CNY 75,364,757,923.33, an increase of 8.02% from the end of the previous year[25]. - The total liabilities increased by 10.04% to CNY 56,721,787,083.90[25]. - Basic earnings per share rose to CNY 0.17, up 13.33% from CNY 0.15 in the same period last year[26]. - The weighted average return on equity increased by 0.28 percentage points to 3.41%[26]. - The net cash flow from operating activities was CNY -702,710,660.57, a significant decrease compared to CNY 1,272,575,036.52 in the previous year[25]. - The company reported a net profit attributable to shareholders of 621 million yuan, reflecting a year-on-year growth of 13.65%[34]. - The company achieved operating revenue of 1.578 billion yuan, with investment income and fair value changes contributing 51.16%, net commission income 25.69%, and net interest income 20.01%[34]. Capital and Dividends - The total registered capital of Nanjing Securities is CNY 3,686,361,034, unchanged from the previous year[17]. - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares, totaling CNY 184,318,051.70 based on the total shares as of June 30, 2025[5]. - The mid-term profit distribution plan does not require approval from the shareholders' meeting, as it falls within the authorized scope[5]. - The company distributed a cash dividend of 0.80 RMB per 10 shares, totaling 295 million RMB (including tax) to shareholders[94]. - The proposed cash dividend for the mid-2025 profit distribution is 0.50 RMB per 10 shares, amounting to 184 million RMB (including tax)[94]. Risk Management - The company emphasizes that its operating performance is highly correlated with macroeconomic conditions and capital market trends, highlighting potential risks[10]. - The company is actively managing various risks, including market, credit, liquidity, operational, compliance, and reputational risks[10]. - The company has implemented a risk management system that meets regulatory requirements, ensuring effective control over risk identification, assessment, monitoring, reporting, and response[76]. - The company emphasized comprehensive risk management, focusing on market, credit, liquidity, operational, and compliance risks, with no significant risk events reported during the period[64][65][67]. Business Operations - Nanjing Securities has a comprehensive range of business qualifications, including securities brokerage, investment consulting, and asset management, with a total of 37 qualifications obtained[18]. - The company is focusing on enhancing its wealth management capabilities and expanding its client base through technology and differentiated marketing strategies[35]. - The company aims to deepen its integration of technology and finance, enhancing its service capabilities in response to diverse financial needs[31]. - The company has successfully implemented a "quality improvement and efficiency enhancement" action plan for 2025, focusing on serving the high-quality development of the real economy[70]. - The company has established an industry development research center, providing over 30 decision-making references and research results to government departments[71]. Subsidiary Performance - The main subsidiary, Ningzheng Futures, reported a year-on-year decline in operating income and net profit of 69.91% and 19.98%, respectively, attributed to revenue recognition changes in commodity business[60]. - The subsidiary Nanjing Giant Stone Venture Capital saw a year-on-year increase in operating income and net profit of 163.81% and 115.05%, respectively, mainly due to increased valuations of non-listed companies in private equity investments[60]. - The subsidiary Blue Sky Investment reported a year-on-year increase in operating income and net profit of 163.49% and 137.12%, respectively, driven by gains from fair value changes in stocks[60]. - The main subsidiary, Fuan Da Fund, reported operating income of 54.59 million RMB and net profit of 8.60 million RMB, with year-on-year growth of 244.28% and 132.08%, respectively, due to market recovery[61]. Shareholder Information - The total number of ordinary shareholders as of the reporting period end was 116,689[96]. - The largest shareholder, Nanjing Zijin Investment Group, holds 921,952,751 shares, representing 25.01% of the total shares[98]. - Nanjing New Industry Investment Group holds 258,475,359 shares, accounting for 7.01% of the total shares[98]. - Nanjing Municipal Transportation Construction Investment Group holds 240,672,576 shares, which is 6.53% of the total shares[98]. - There are no significant changes in the shareholding of directors, supervisors, and senior management during the reporting period[101]. Compliance and Corporate Governance - The board of directors and management guarantee the authenticity and completeness of the financial report, with no significant omissions[8]. - The company has strengthened compliance management, with no significant compliance risk events reported during the period[75]. - The company has committed to maintaining independent operations and decision-making, respecting the rights of minority shareholders[86]. - The company has enhanced its compliance culture by conducting training for key personnel, ensuring adherence to regulatory requirements and improving overall compliance awareness[76]. Community Engagement and Social Responsibility - The company is actively engaged in rural revitalization efforts, partnering with counties to provide industry, public welfare, and cultural support, contributing to high-quality economic development[81]. - The company has established a "Insurance + Futures" project to provide price risk management services for agricultural producers, covering various agricultural products in multiple provinces[83]. - The company has made significant investments in infrastructure and educational facilities in rural areas, benefiting nearly 300 students and improving local living conditions[82]. - The company donated funds to support earthquake relief efforts in the Shigatse region of Tibet, contributing to the basic living security of affected communities[84]. - The company has initiated volunteer service activities across its organization, promoting community engagement and social responsibility[84]. Financial Instruments and Accounting Policies - The company recognizes financial assets and liabilities upon becoming a party to a financial instrument contract[185]. - Financial assets are classified based on the business model and cash flow characteristics, including amortized cost and fair value[187]. - The company measures expected credit losses for receivables and contract assets, as detailed in the financial notes[196][198]. - The company assesses expected credit losses based on all reasonable and supportable information, including forward-looking information[183]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate reflection of its financial status and performance[167].