兴业证券(601377) - 2021 Q1 - 季度财报

Important Notes Statement on the Authenticity of the Report The Board of Directors, Supervisory Committee, and senior management confirm the authenticity, accuracy, and completeness of this unaudited quarterly report - The management guarantees the authenticity, accuracy, and completeness of the report's content and assumes individual and joint legal liability[3] - The company's first quarter report for 2021 is unaudited[3] Company Profile Key Financial Data The company achieved strong performance in Q1 2021, with significant growth in revenue and net profit attributable to shareholders Key Financial Indicators for Q1 2021 | Indicator | End of Reporting Period / YTD | End of Prior Year / Prior YTD | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet | | | | | Total Assets (Yuan) | 194,032,588,032.59 | 181,019,696,607.43 | 7.19 | | Net Assets Attributable to Shareholders of the Parent Company (Yuan) | 38,829,939,464.79 | 37,738,571,253.32 | 2.89 | | Income Statement | | | | | Operating Revenue (Yuan) | 5,504,873,069.50 | 3,609,840,900.50 | 52.50 | | Net Profit Attributable to Shareholders of the Parent Company (Yuan) | 1,195,356,530.13 | 271,323,863.06 | 340.56 | | Net Profit Attributable to Shareholders of the Parent Company after Non-recurring Gains and Losses (Yuan) | 1,104,548,054.61 | 197,552,896.48 | 459.12 | | Basic Earnings Per Share (Yuan/Share) | 0.1785 | 0.0405 | 340.74 | | Weighted Average Return on Equity (%) | 3.12 | 0.78 | Increase of 2.34 percentage points | | Cash Flow Statement | | | | | Net Cash Flow from Operating Activities (Yuan) | 7,971,845,093.89 | 11,344,016,829.07 | -29.73 | Non-recurring Profit and Loss Items and Amounts | Item | Current Period Amount (Yuan) | Description | | :--- | :--- | :--- | | Profit or Loss from Disposal of Non-current Assets | 13,038.95 | Mainly profit or loss from disposal of fixed assets | | Government Grants Included in Current Profit or Loss | 156,031,716.34 | Mainly fiscal support funds | | Other Non-operating Income and Expenses | 16,530,777.57 | Mainly tax authority handling fee refunds | | Impact on Minority Interests (After Tax) | -38,602,965.06 | - | | Impact of Income Tax | -43,164,092.28 | - | | Total | 90,808,475.52 | - | Shareholder Information As of the reporting period end, the company had 244,719 shareholders, with Fujian Provincial Department of Finance as the largest shareholder - Total number of shareholders at the end of the reporting period was 244,719[6] Top Five Shareholders | Shareholder Name | Number of Shares | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Fujian Provincial Department of Finance | 1,357,089,734 | 20.27 | State | | Fujian Investment & Development Group Co., Ltd. | 488,084,753 | 7.29 | State-owned Legal Entity | | Shanghai Shenxin (Group) Co., Ltd. | 210,340,000 | 3.14 | Domestic Non-state-owned Legal Entity | | China Securities Finance Corporation Limited | 164,588,398 | 2.46 | State-owned Legal Entity | | HUAYU Automotive Systems Company Limited | 162,240,000 | 2.42 | State-owned Legal Entity | Significant Events Analysis of Significant Changes in Key Financial Statement Items and Indicators The company experienced significant changes in multiple financial indicators due to new lease standards, business growth, and repurchase activities Changes in Balance Sheet Items Major balance sheet changes include increases in derivative financial assets, assets purchased under resale agreements, and right-of-use assets Key Balance Sheet Item Changes | Item | Mar 31, 2021 (Yuan) | Dec 31, 2020 (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 183,761,778.01 | 49,479,531.67 | 271.39 | Increase in fair value of certain stock option contracts | | Financial Assets Purchased under Resale Agreements | 8,236,865,124.89 | 4,552,495,226.73 | 80.93 | Increase in the scale of collateralized bond repurchases | | Other Equity Instrument Investments | 0.00 | 2,552,845,981.04 | -100.00 | Redemption of other equity instrument investments | | Right-of-use Assets | 919,502,759.46 | 0.00 | N/A | Impact of implementing the new lease standard | | Short-term Borrowings | 2,222,022,490.33 | 3,863,492,274.65 | -42.49 | Repayment of matured short-term borrowings | | Funds Borrowed | 0.00 | 530,079,333.33 | -100.00 | Repayment of matured bank borrowings | | Accounts Payable | 4,673,270,913.01 | 2,668,336,901.81 | 75.14 | Increase in payables for clearing and settlement and funds raised for managed products | | Lease Liabilities | 902,846,321.34 | 0.00 | N/A | Impact of implementing the new lease standard | Changes in Income Statement Items Key income statement changes were driven by growth in fee, commission, and interest income, alongside increased operating expenses Key Income Statement Item Changes | Item | Jan-Mar 2021 (Yuan) | Jan-Mar 2020 (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Net Fee and Commission Income | 2,680,242,586.20 | 1,575,456,144.45 | 70.12 | Increase in net fee income from fund management and brokerage businesses | | Net Interest Income | 375,490,731.79 | 212,321,020.50 | 76.85 | Increase in interest income from margin financing and securities lending | | Business and Management Expenses | 2,066,068,737.51 | 1,218,110,137.76 | 69.61 | Increased investment due to business team expansion and performance growth | | Credit Impairment Loss | 87,283,429.51 | 259,347,637.36 | -66.35 | Decrease in credit impairment loss provision for margin financing funds | | Other Asset Impairment Loss | -15,842,171.22 | 178,138,649.30 | -108.89 | Decrease in provision for decline in value of commodity inventories by futures risk subsidiary | | Income Tax Expense | 492,951,606.21 | 166,105,816.92 | 196.77 | Increase in profit before tax | | Minority Interest Income | 368,573,765.78 | -8,090,822.01 | N/A | Year-on-year increase in net profit of non-wholly-owned subsidiaries | Changes in Cash Flow Statement Items Net operating cash flow decreased due to net outflows from repurchase agreements, while investing and financing cash flows also saw significant shifts Key Cash Flow Statement Item Changes | Item | Jan-Mar 2021 (Yuan) | Jan-Mar 2020 (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,971,845,093.89 | 11,344,016,829.07 | -29.73 | Net outflow from repurchase business in the current period versus net inflow in the prior year period | | Net Cash Flow from Investing Activities | 2,045,925,520.28 | 1,132,477,514.03 | 80.66 | Year-on-year increase in cash received from return of investments | | Net Cash Flow from Financing Activities | -2,784,307,546.99 | -6,847,034,607.40 | N/A | Year-on-year increase in cash received from issuing bonds | Progress of Employee Stock Ownership Plan The lock-up periods for the company's two employee stock ownership plans have expired, with a reduction in participating employees and shares - The lock-up period for the first phase of the employee stock ownership plan expired on August 17, 2018, and the second phase expired on August 17, 2020[13] - As of the end of this reporting period, due to withdrawals by some holders, the total number of participants in the employee stock ownership plan was 397, holding a total of 9,198,143 shares, accounting for 0.137% of the company's total share capital[14] Appendix Financial Statements The appendix includes the unaudited Q1 2021 consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of March 31, 2021, consolidated total assets were ¥194.03 billion, and net assets attributable to shareholders were ¥38.83 billion Consolidated Balance Sheet Summary | Key Item | Mar 31, 2021 (Yuan) | Dec 31, 2020 (Yuan) | | :--- | :--- | :--- | | Total Assets | 194,032,588,032.59 | 181,019,696,607.43 | | Total Liabilities | 151,733,739,602.02 | 140,184,272,145.76 | | Total Equity Attributable to Owners of the Parent | 38,829,939,464.79 | 37,738,571,253.32 | | Total Equity | 42,298,848,430.57 | 40,835,424,461.67 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were ¥149.62 billion, with total equity of ¥35.51 billion Parent Company Balance Sheet Summary | Key Item | Mar 31, 2021 (Yuan) | Dec 31, 2020 (Yuan) | | :--- | :--- | :--- | | Total Assets | 149,621,732,385.58 | 143,247,055,507.64 | | Total Liabilities | 114,116,153,412.75 | 108,398,650,570.56 | | Total Equity | 35,505,578,972.83 | 34,848,404,937.08 | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of ¥5.50 billion and net profit attributable to parent company shareholders of ¥1.20 billion Consolidated Income Statement Summary | Item | Q1 2021 (Yuan) | Q1 2020 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 5,504,873,069.50 | 3,609,840,900.50 | | Operating Profit | 2,056,969,103.60 | 432,944,064.01 | | Total Profit | 2,056,881,902.12 | 429,338,857.97 | | Net Profit | 1,563,930,295.91 | 263,233,041.05 | | Net Profit Attributable to Shareholders of the Parent Company | 1,195,356,530.13 | 271,323,863.06 | | Basic Earnings Per Share (Yuan/Share) | 0.1785 | 0.0405 | Parent Company Income Statement In Q1 2021, the parent company's total operating revenue was ¥2.28 billion, with a net profit of ¥765.59 million Parent Company Income Statement Summary | Item | Q1 2021 (Yuan) | Q1 2020 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,281,635,373.14 | 1,160,880,540.78 | | Operating Profit | 1,017,461,808.71 | 275,025,575.77 | | Total Profit | 1,017,418,716.70 | 274,940,899.17 | | Net Profit | 765,588,057.08 | 207,605,698.54 | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was ¥7.97 billion, with cash and equivalents at period-end totaling ¥61.67 billion Consolidated Cash Flow Statement Summary | Item | Q1 2021 (Yuan) | Q1 2020 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,971,845,093.89 | 11,344,016,829.07 | | Net Cash Flow from Investing Activities | 2,045,925,520.28 | 1,132,477,514.03 | | Net Cash Flow from Financing Activities | -2,784,307,546.99 | -6,847,034,607.40 | | Net Increase in Cash and Cash Equivalents | 7,274,284,593.89 | 5,160,060,721.38 | | Cash and Cash Equivalents at End of Period | 61,665,705,841.57 | 58,069,399,153.02 | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities was ¥3.89 billion, with a period-end balance of ¥41.91 billion Parent Company Cash Flow Statement Summary | Item | Q1 2021 (Yuan) | Q1 2020 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,889,900,561.41 | 8,329,786,079.31 | | Net Cash Flow from Investing Activities | 1,829,389,570.64 | 1,035,013,714.59 | | Net Cash Flow from Financing Activities | -3,051,760,729.12 | -5,734,404,124.89 | | Net Increase in Cash and Cash Equivalents | 2,667,658,313.62 | 3,630,463,154.22 | | Cash and Cash Equivalents at End of Period | 41,911,844,876.07 | 38,949,878,946.30 | Impact of Adopting New Lease Standard The company adopted the new lease standard on January 1, 2021, adjusting opening balances without restating prior periods - The company implemented the new lease standard from January 1, 2021, adjusting the opening balances of the current year's financial statements without restating comparative period information[34] Impact of New Lease Standard on Opening Consolidated Balance Sheet | Item | Before Adjustment (Yuan) | After Adjustment (Yuan) | Adjustment Amount (Yuan) | | :--- | :--- | :--- | :--- | | Right-of-use Assets | 0.00 | 940,128,462.86 | +940,128,462.86 | | Other Assets | 2,096,303,933.42 | 2,074,191,559.21 | -22,112,374.21 | | Total Assets | 181,019,696,607.43 | 181,937,712,696.08 | +918,016,088.65 | | Lease Liabilities | 0.00 | 917,589,133.44 | +917,589,133.44 | | Total Liabilities | 140,184,272,145.76 | 141,102,288,234.41 | +918,016,088.65 |