中泰证券(600918) - 2022 Q1 - 季度财报

Main Financial Data This section provides an overview of the company's key financial performance and position, including significant accounting data, financial indicators, and non-recurring gains and losses, along with explanations for major changes Key Accounting Data and Financial Indicators In Q1 2022, the company's performance significantly declined year-over-year, with operating revenue at CNY 1.852 billion, down 24.38%, and net profit attributable to shareholders plummeting 66.99% to CNY 220 million, while basic earnings per share decreased from CNY 0.10 to CNY 0.03, and total assets slightly increased by 0.68% to CNY 206.075 billion at period-end 2022 Q1 Key Financial Indicators | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | CNY 1.852 billion | -24.38% | | Net Profit Attributable to Shareholders of the Listed Company | CNY 220 million | -66.99% | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | CNY 186.5 million | -71.95% | | Basic Earnings Per Share (CNY/share) | CNY 0.03 | -70.00% | | Weighted Average Return on Net Assets | 0.62% | Decreased by 1.36 percentage points | | Indicator | End of Current Period | Change from End of Previous Year (%) | | Total Assets | CNY 206.075 billion | 0.68% | | Total Equity Attributable to Shareholders of the Listed Company | CNY 35.632 billion | -0.44% | Non-recurring Gains and Losses Items and Amounts In the current period, the company's total non-recurring gains and losses amounted to CNY 33.46 million, primarily from government grants, with the company clarifying that fair value changes and investment income from proprietary trading of financial assets and derivatives are classified as recurring gains and losses due to the nature of its self-operated business 2022 Q1 Non-recurring Gains and Losses Details | Item | Amount (CNY million) | | :--- | :--- | | Government Grants | 47.09 | | Other Income/Loss Items Meeting the Definition of Non-recurring Gains and Losses | 14.87 | | Gains/Losses from Disposal of Non-current Assets | 0.11 | | Other Non-operating Income and Expenses | -1.71 | | Less: Income Tax Impact | 15.09 | | Less: Impact on Minority Interests (After Tax) | 11.81 | | Total | 33.46 | - The company classifies gains and losses from changes in fair value of trading financial assets, derivative financial assets, and trading financial liabilities, as well as investment income from the disposal of related financial instruments, as recurring gains and losses, which aligns with the nature of its normal proprietary trading business[6] Analysis of Changes in Key Financial Indicators The company's key profitability indicators, including net profit and earnings per share, significantly declined this period, primarily due to reduced fair value gains from proprietary trading influenced by market fluctuations, while net cash flow from operating activities substantially increased, driven by net cash inflows from resale and repurchase businesses and a net decrease in funds lent out Major Financial Indicator Change Reasons | Item | Change | Primary Reason | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Basic Earnings Per Share (CNY/share) | Decreased | Reduced fair value gains from proprietary trading due to market fluctuations | | Net Cash Flow from Operating Activities | Increased | Net cash inflows from resale and repurchase businesses, and net decrease in funds lent out | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders, the top ten shareholders' holdings, and identified relationships among major shareholders Shareholder Holdings As of the end of Q1 2022, the company had 145,823 common shareholders, with a highly concentrated equity structure where the largest shareholder, Laiwu Steel Group Co., Ltd., held 46.37%, and state-owned legal entities dominated among the top ten shareholders, some of whom have acting-in-concert relationships - The total number of common shareholders at the end of the reporting period was 145,823[8] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | Laiwu Steel Group Co., Ltd. | State-owned Legal Person | 46.37 | 3,231,288,900 | | Shandong Energy Group Co., Ltd. | State-owned Legal Person | 6.57 | 458,091,900 | | Shandong Luxin Investment Holdings Group Co., Ltd. | State-owned Legal Person | 3.98 | 277,566,330 | | Xinwen Mining Group Co., Ltd. | State-owned Legal Person | 3.47 | 241,737,300 | | Shandong Yongtong Industrial Co., Ltd. | Domestic Non-state-owned Legal Person | 2.89 | 201,344,500 | | Dezhou Yuzuo Investment Center (Limited Partnership) | Other | 2.56 | 178,293,200 | | Jinan Xicheng Investment Development Co., Ltd. | State-owned Legal Person | 2.38 | 165,633,542 | | Shandong State-owned Assets Investment Holdings Co., Ltd. | State-owned Legal Person | 1.73 | 120,871,800 | | Tai'an Dian Shi Asset Management Co., Ltd. | State-owned Legal Person | 1.14 | 79,581,600 | | Ningbo Meishan Bonded Port Area Fenghai Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 0.87 | 60,435,900 | - Shandong Energy Group Co., Ltd. and its wholly-owned subsidiary, Xinwen Mining Group Co., Ltd., are parties acting in concert. Company director Liu Feng and his spouse can exert significant influence over Shandong Yongtong Industrial Co., Ltd. and Dezhou Yuzuo Investment Center (Limited Partnership)[9] Other Significant Matters This section covers various important corporate developments, including the delayed re-election of the Board and Supervisory Board, ongoing changes in the controlling shareholder, adjustments to branch offices, and changes in senior management Board of Directors and Board of Supervisors Re-election The terms of the company's second Board of Directors and Board of Supervisors expired on November 18, 2021, but the re-election process has been postponed to ensure continuity, with preparations ongoing and existing members continuing their duties as of the report disclosure date - The terms of the company's Board of Directors and Board of Supervisors expired in November 2021, but the re-election has been postponed and is still in preparation as of the report disclosure date[10] Progress on Change in Controlling Shareholder The change in the company's controlling shareholder is still in progress, with Zaozhuang Mining (Group) Co., Ltd.'s acquisition of company shares having passed anti-monopoly review and received an offer acquisition exemption from the Hong Kong SFC, but it still requires approval of shareholder qualifications from the China Securities Regulatory Commission and compliance confirmation from the Shanghai Stock Exchange, with share transfer yet to be completed - The change in controlling shareholder has received a letter from the Hong Kong SFC and anti-monopoly review approval from the State Administration for Market Regulation, but it still requires final confirmation from the China Securities Regulatory Commission and the Shanghai Stock Exchange, and the share transfer has not yet been completed[11] Branch Office Changes In Q1 2022, the company adjusted its branch network by establishing a new Inner Mongolia branch and relocating four securities brokerage offices and one branch (Beijing branch), with no new or closed brokerage offices during the reporting period - A new branch company was established: Inner Mongolia Branch[11][12] - Five branch offices were relocated, including brokerage offices in Wuhan, Beijing, Liaocheng, and the Beijing branch[13][14] - No new or closed securities brokerage offices were reported during the period[12][14] Changes in Senior Management During the reporting period, several senior executives changed due to personal reasons, with Chief Risk Officer Li Hengdi, General Counsel Zhang Yunwei, and Deputy General Manager Zhong Jinlong resigning, and Mr. Hu Kainan appointed as the new Chief Risk Officer - Chief Risk Officer Mr. Li Hengdi resigned, and the company appointed Mr. Hu Kainan as the new Chief Risk Officer[14] - General Counsel Mr. Zhang Yunwei resigned due to personal reasons[14] - Deputy General Manager Mr. Zhong Jinlong resigned due to personal reasons but continues to serve as Chairman of Zhongtai Futures, a controlled subsidiary[15] Quarterly Financial Statements This section presents the company's consolidated and parent company financial statements for the quarter, including balance sheets, income statements, and cash flow statements, detailing key financial positions and performance Consolidated Balance Sheet As of March 31, 2022, the company's total assets were CNY 206.075 billion, a slight increase of 0.68% from the beginning of the year, driven by significant increases in other debt investments and construction in progress, while trading financial assets and funds lent out decreased; total liabilities reached CNY 169.034 billion, up 0.90%, and equity attributable to shareholders was CNY 35.632 billion, a slight decrease Consolidated Balance Sheet Major Items | Item | March 31, 2022 (CNY billion) | December 31, 2021 (CNY billion) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,060.75 | 2,046.90 | +0.68% | | Cash and Bank Balances | 447.35 | 460.90 | -2.94% | | Funds Lent Out | 339.29 | 358.21 | -5.28% | | Trading Financial Assets | 498.63 | 533.86 | -6.60% | | Other Debt Investments | 276.06 | 208.06 | +32.68% | | Total Liabilities | 1,690.34 | 1,675.30 | +0.90% | | Financial Assets Sold Under Repurchase Agreements | 381.66 | 369.95 | +3.16% | | Client Funds for Securities Trading | 559.12 | 562.13 | -0.54% | | Bonds Payable | 455.15 | 435.26 | +4.57% | | Total Equity Attributable to Shareholders of the Listed Company | 356.32 | 357.90 | -0.44% | Consolidated Income Statement In Q1 2022, the company's total operating revenue was CNY 1.852 billion, down 24.38% year-over-year, with net profit attributable to the parent company plummeting 66.99% to CNY 220 million, primarily due to a substantial fair value loss of CNY 1.464 billion compared to CNY 172 million in the prior year, despite year-over-year growth in net interest income and investment income, which were insufficient to offset the negative impact of fair value changes, and while brokerage and asset management fee income grew, investment banking fee income declined Consolidated Income Statement Major Items | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.852 billion | 2.449 billion | -24.38% | | Net Interest Income | 685 million | 472 million | +45.13% | | Net Fee and Commission Income | 1.306 billion | 1.277 billion | +2.27% | | Of which: Brokerage Business | 977 million | 927 million | +5.42% | | Of which: Investment Banking Business | 158 million | 238 million | -33.57% | | Of which: Asset Management Business | 144 million | 89 million | +61.84% | | Investment Income | 811 million | 516 million | +57.04% | | Gains/Losses from Changes in Fair Value | -1.464 billion | -172 million | -751.16% | | Operating Profit | 289 million | 835 million | -65.39% | | Net Profit Attributable to Parent Company Shareholders | 220 million | 666 million | -66.99% | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.10 | -70.00% | Consolidated Cash Flow Statement In Q1 2022, the company's net cash flow from operating activities was CNY 5.532 billion, a significant reversal from a net outflow of CNY 1.152 billion in the prior year, primarily due to improved cash flows from resale, repurchase, and funds lent out businesses; however, net cash outflow from investing activities substantially increased to CNY 7.402 billion due to higher investment payments, while net cash inflow from financing activities decreased year-over-year to CNY 640 million, resulting in a period-end cash and cash equivalents balance of CNY 54.345 billion, a decrease of CNY 1.29 billion from the beginning of the period Consolidated Cash Flow Statement Major Items | Item | Q1 2022 (CNY billion) | Q1 2021 (CNY billion) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5.532 | -1.152 | | Net Cash Flow from Investing Activities | -7.402 | -0.453 | | Net Cash Flow from Financing Activities | 0.640 | 3.517 | | Net Increase in Cash and Cash Equivalents | -1.290 | 1.908 | | Cash and Cash Equivalents at End of Period | 54.345 | 46.875 | Parent Company Financial Statements The parent company's financial status largely mirrors the consolidated statements, showing a slight increase in total assets, a significant decline in profitability due to fair value losses from market fluctuations, and a substantial improvement in operating cash flow Parent Company Balance Sheet As of March 31, 2022, the parent company's total assets were CNY 175.138 billion, a slight increase of 0.89% from the beginning of the year, with other debt investments significantly growing by 32.06%, while trading financial assets and funds lent out decreased by 8.53% and 5.69%, respectively Parent Company Balance Sheet Major Items | Item | March 31, 2022 (CNY billion) | December 31, 2021 (CNY billion) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 175.138 | 173.583 | +0.89% | | Funds Lent Out | 32.592 | 34.556 | -5.69% | | Trading Financial Assets | 39.707 | 43.408 | -8.53% | | Other Debt Investments | 25.896 | 19.609 | +32.06% | | Total Liabilities | 140.406 | 138.785 | +1.17% | | Total Owners' Equity | 34.732 | 34.798 | -0.19% | Parent Company Income Statement In Q1 2022, the parent company's operating revenue was CNY 1.209 billion, a 34.15% year-over-year decrease, with net profit at CNY 292 million, down 47.94%, primarily due to fair value losses of CNY 1.273 billion, similar to the consolidated results, despite significant growth in net interest income and investment income Parent Company Income Statement Major Items | Item | Q1 2022 (CNY) | Q1 2021 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.209 billion | 1.835 billion | -34.15% | | Net Interest Income | 563 million | 270 million | +108.54% | | Net Fee and Commission Income | 1.085 billion | 1.093 billion | -0.73% | | Investment Income | 815 million | 541 million | +50.65% | | Gains/Losses from Changes in Fair Value | -1.273 billion | -121 million | -952.07% | | Operating Profit | 336 million | 689 million | -51.23% | | Net Profit | 292 million | 560 million | -47.94% | Parent Company Cash Flow Statement The parent company's net cash flow from operating activities in Q1 2022 significantly improved to CNY 6.02 billion from a net outflow of CNY 1.447 billion in the prior year, while net cash outflow from investing activities expanded to CNY 6.347 billion, and net cash inflow from financing activities was CNY 864 million, with cash and cash equivalents at period-end totaling CNY 43.237 billion Parent Company Cash Flow Statement Major Items | Item | Q1 2022 (CNY billion) | Q1 2021 (CNY billion) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6.020 | -1.447 | | Net Cash Flow from Investing Activities | -6.347 | -0.250 | | Net Cash Flow from Financing Activities | 0.864 | 3.683 | | Net Increase in Cash and Cash Equivalents | 0.538 | 1.986 | | Cash and Cash Equivalents at End of Period | 43.237 | 38.859 |