方正证券(601901) - 2020 Q4 - 年度财报

Definitions This chapter defines key company entity abbreviations, common terms, and professional terminology used in the report, providing a foundation for understanding its content - This chapter defines key company entity abbreviations, common terms, and professional terminology, providing a basis for understanding the report's content, including Founder Securities (the Company) and Founder Group (controlling shareholder) and its subsidiaries[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, historical development, organizational structure, and key financial performance over the past three years Company Information This chapter provides Founder Securities' basic business information, including names, legal representative, registered and net capital, and lists 54 securities and futures-related business qualifications Registered Capital and Net Capital (As of December 31, 2020) | Indicator | Year-end 2020 (CNY) | Year-end 2019 (CNY) | | :--- | :--- | :--- | | Registered Capital | 8,232,101,395.00 | 8,232,101,395.00 | | Net Capital | 20,958,329,450.55 | 20,903,236,065.74 | - The company possesses comprehensive business qualifications, covering multiple licenses in securities brokerage, investment consulting, asset management, underwriting and sponsorship, margin financing and securities lending, futures brokerage, and Hong Kong market operations, totaling 54 items[11][12] Other Company Information This chapter outlines the company's historical evolution, organizational structure, and branch network, detailing its transformation into a nationwide comprehensive securities firm with 6 major subsidiaries and 372 branches - Key milestones in the company's development include renaming to Founder Securities in 2003, absorbing and merging with Taiyang Securities in 2008, listing on the Shanghai Stock Exchange in 2011, and acquiring China Minzu Securities in 2014[22][26][27][25] - The group's organizational structure centers around the executive committee, with various business and functional departments, providing diversified financial services through 6 domestic and overseas holding subsidiaries, including Founder Underwriting & Sponsorship, Founder Hesheng Investment, Founder Mid-term Futures, Founder Securities Investment, Founder Fubon Fund, and Founder Hong Kong Financial Holdings[32][33][34][35] - As of year-end 2020, the company operated 347 securities branches and 25 sub-branches, forming an extensive nationwide business network[39] Key Accounting Data and Financial Indicators for the Past Three Years During the reporting period, the company achieved steady operational growth, with operating revenue of CNY 7.542 billion and net profit attributable to parent company shareholders of CNY 1.096 billion in 2020, while maintaining robust financial health with all risk control indicators meeting regulatory requirements Key Accounting Data for the Past Three Years (Consolidated Statements) | Indicator | 2020 (CNY) | 2019 (CNY) | YoY Change (%) | 2018 (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 7,541,809,241.46 | 6,594,941,981.46 | 14.36 | 5,722,593,356.59 | | Operating Profit | 1,598,955,369.10 | 1,105,519,767.03 | 44.63 | 875,574,918.89 | | Net Profit Attributable to Parent Company Shareholders | 1,096,492,270.90 | 1,007,595,631.59 | 8.82 | 661,365,890.51 | | Net Cash Flow from Operating Activities | 7,560,165,073.16 | 25,308,338,518.16 | -70.13 | -6,389,566,460.98 | | Total Assets (Period-end) | 123,256,369,688.39 | 136,595,190,001.95 | -9.77 | 148,221,762,529.66 | | Equity Attributable to Parent Company Shareholders (Period-end) | 39,620,740,244.32 | 38,551,805,514.29 | 2.77 | 37,753,056,946.74 | Key Financial Indicators | Indicator | 2020 | 2019 | Change | 2018 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.13 | 0.12 | 8.33% | 0.08 | | Weighted Average Return on Net Assets (%) | 2.81 | 2.65 | Increased by 0.16 percentage points | 1.76 | | Net Assets Per Share Attributable to Parent Company Shareholders (CNY/share) | 4.81 | 4.68 | 2.78% | 4.59 | Parent Company Net Capital and Key Risk Control Indicators (Year-end 2020) | Indicator | Value | Regulatory Standard | | :--- | :--- | :--- | | Net Capital (CNY) | 20,958,329,450.55 | - | | Risk Coverage Ratio (%) | 337.16 | ≥100% | | Capital Leverage Ratio (%) | 27.30 | ≥8% | | Liquidity Coverage Ratio (%) | 154.60 | ≥100% | | Net Stable Funding Ratio (%) | 142.08 | ≥100% | Quarterly Financial Data The company's 2020 performance showed quarterly fluctuations, with the third quarter being the strongest in net profit attributable to parent company shareholders, while the fourth quarter recorded a loss Key Quarterly Financial Data for 2020 (Unit: CNY) | Item | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,684,801.34 | 1,457,261,176.35 | 2,331,597,482.31 | 1,817,265,781.46 | | Net Profit Attributable to Parent Company Shareholders | 378,859,238.84 | 262,753,523.55 | 840,813,744.87 | -385,934,236.36 | | Net Cash Flow from Operating Activities | 8,740,684,768.57 | -3,752,772,987.86 | 1,080,013,359.09 | 1,492,239,933.36 | Business Overview This section outlines the company's main business segments, operating model, industry conditions, significant asset changes, and core competitive advantages Description of Company's Main Businesses, Operating Model and Industry Conditions During the Reporting Period The company's main businesses are divided into five segments: wealth management, investment banking, asset management, institutional services, and investment and trading, benefiting from capital market reforms and favorable liquidity conditions in 2020 - The group's main businesses are divided into five major segments: wealth management, investment banking, asset management, institutional services, and investment and trading[55] - In 2020, capital market reforms deepened, with IPO and refinancing amounts increasing by 74.69% and 41.67% year-on-year, respectively, while A-share annual trading volume grew by 62% and margin financing and securities lending balances increased by 59%, creating a favorable environment for securities firm business development[56] Explanation of Significant Changes in Company's Major Assets During the Reporting Period As of year-end 2020, the company's total assets decreased by 9.77% to CNY 123.256 billion, primarily due to adjustments in financial asset investment scale, while margin financing and securities lending balances increased Major Asset Item Changes (Year-end 2020 vs Year-end 2019) | Asset Item | Year-end 2020 (CNY Billion) | Change from Previous Year-end (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Total Assets | 123.256 | -9.77 | - | | Funds Lent Out | 23.952 | +18.09 | Increase in margin financing and securities lending scale | | Financial Assets Held for Trading | 20.906 | -29.14 | Decrease in financial asset investment scale | | Other Debt Investments | 14.190 | -43.01 | Decrease in financial asset investment scale | | Financial Assets Purchased Under Resale Agreements | 1.487 | -61.40 | Decrease in stock pledge and bond repurchase scale | Analysis of Core Competencies During the Reporting Period The company's core competencies include strong comprehensive strength, leading wealth management, optimized business models, excellent professional talent, and robust compliance and risk control capabilities - The company demonstrates strong comprehensive strength, with its total assets, net assets, and operating revenue ranking 19th, 15th, and 19th in the industry in 2020, respectively[63] - Its wealth management business is industry-leading, serving over 12 million customers and operating 407 branches, with core indicators such as mobile APP monthly active users and product sales ranking in the top tier of the industry[64] - The company has developed a synergistic business model where wealth management drives other businesses, and financial technology and research drive wealth management, investment and trading, and institutional services, leading to balanced development across its five major business segments[65] - The company has received an A-class rating from the CSRC for three consecutive years, and its subsidiary Founder Mid-term Futures has been rated AA for eight consecutive years, demonstrating robust compliance and risk control capabilities[67] Discussion and Analysis of Operations This section discusses the company's operational performance, financial condition, future development strategies, and comprehensive risk management implementation Discussion and Analysis of Operations In 2020, despite challenges from its controlling shareholder's restructuring, the company achieved operating revenue of CNY 7.542 billion (up 14.36%) and net profit attributable to parent company shareholders of CNY 1.096 billion (up 8.82%), driven by strong wealth management and record-high investment banking performance 2020 Key Operating Performance | Indicator | 2020 (CNY Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 7.542 | 14.36 | | Operating Profit | 1.599 | 44.63 | | Net Profit Attributable to Parent Company Shareholders | 1.096 | 8.82 | - Wealth Management Business: Net income from securities brokerage business reached CNY 3.689 billion, a 51.67% year-on-year increase; the "Xiaofang APP" ranked 4th in the industry for monthly active users; total customer count exceeded 12 million, ranking 6th in the industry[69] - Investment Banking Business: Achieved operating revenue of CNY 0.604 billion, a new historical high; equity underwriting scale reached CNY 3.65 billion, up 142% year-on-year; bond underwriting scale reached CNY 75.034 billion, with corporate bonds and enterprise bonds ranking 16th in the industry[76][77][78] - Asset Management Business: Total entrusted asset scale reached CNY 127.382 billion; active management transformation showed significant results, with equity product scale growing 6.36 times to CNY 3.552 billion, and channel-based products reduced by over CNY 50 billion[80][82] - Investment and Trading Business: Fund market-making business revenue reached CNY 0.145 billion, a 135% year-on-year increase, and the company was rated as an "AA-grade ETF lead market maker" by the Shanghai and Shenzhen Stock Exchanges[88] Key Operating Conditions During the Reporting Period This chapter analyzes the company's financial position and operating results, highlighting a 42.73% increase in net fee and commission income as the main driver of revenue growth, while total assets and liabilities decreased due to active compression of financial asset investments and debt Profit Statement Key Item Variation Analysis | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Net Fee and Commission Income | 5,238,940,907.22 | 3,670,492,803.69 | 42.73 | Increase in brokerage and investment banking business income | | Investment Income | 1,254,728,040.03 | 1,918,070,762.16 | -34.58 | Decrease in proprietary trading and other business income | | Credit Impairment Losses | 969,932,834.64 | 469,342,916.18 | 106.66 | Increase in credit impairment provisions for financial assets | | Net Cash Flow from Operating Activities | 7,560,165,073.16 | 25,308,338,518.16 | -70.13 | Changes in scale of financial assets, repurchases, and interbank borrowings | Balance Sheet Key Item Variation Analysis | Item | Current Period End (CNY) | Prior Period End (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Purchased Under Resale Agreements | 1,487,479,876.71 | 3,853,273,932.37 | -61.40 | Decrease in stock pledge repurchase scale | | Other Debt Investments | 14,190,249,453.69 | 24,901,391,747.20 | -43.01 | Decrease in financial asset investment scale | | Short-term Financing Payables | 10,719,391,771.17 | 2,017,503,661.39 | 431.32 | Increase in income certificate scale | | Bonds Payable | 6,854,255,985.84 | 19,939,519,050.91 | -65.62 | Maturity and repayment of corporate bonds | - The company's financing channels primarily include bonds, income certificates, re-financing, and interbank borrowing; despite some obstacles from the controlling shareholder's restructuring in 2020, the company secured approximately CNY 23 billion in financing by adjusting its strategies, ensuring stable business operations[107][109][110] Discussion and Analysis of Company's Future Development The company aims to become a stable, efficient, and distinctive large-scale comprehensive securities firm, focusing on consolidating wealth management, seizing investment banking opportunities, and strengthening asset management, institutional services, and investment trading, while actively managing credit, liquidity, and market risks - Future Development Strategy: Adhere to a business model that emphasizes wealth management driving asset management, supporting investment banking, investment and trading, and institutional services, with financial technology and research driving wealth management, investment and trading, and institutional services, ensuring balanced and synergistic development across all five major business segments[124] - 2021 Operating Plan: Consolidate transaction-based wealth management and expand into asset allocation wealth management; seize opportunities from the registration-based IPO system to achieve leapfrog development in investment banking; pursue active management and scale expansion in asset management; enhance institutional service capabilities; and expand non-directional investment scale[126][127][128] - Key Risk Identification: - Credit Risk: Primarily arises from client defaults in credit businesses such as margin financing and securities lending, and stock pledges, as well as bond investment default risks - Liquidity Risk: Refers to the risk of being unable to obtain sufficient funds in a timely manner at a reasonable cost - Market Risk: Refers to the risk of changes in the fair value of financial instruments due to adverse market price movements (equity prices, interest rates, exchange rates)[131][135][136] Implementation of Comprehensive Risk Management The company has established a comprehensive risk management system aligned with its development strategy, covering all subsidiaries, business departments, and branches, ensuring risks are measurable, controllable, and acceptable through continuous monitoring, measurement, analysis, and response mechanisms - The company ensures comprehensive risk management through "establishing systems, recruiting talent, implementing systems, and increasing investment," with risk management covering all holding subsidiaries, business departments, branches, and major risk types including credit, market, liquidity, and operational risks[147][148] - The company utilizes various indicators such as VaR, basis point value, and stress testing to measure different types of risks and has established a mature internal rating system covering corporate clients in credit risk businesses[150] Significant Matters This section details significant corporate events including profit distribution, major litigation, controlling shareholder's integrity status, and other material developments Proposed Profit Distribution or Capital Reserve Conversion Plan for Ordinary Shares The company's 2020 profit distribution plan proposes a cash dividend of CNY 0.10 per 10 shares (tax inclusive), totaling no more than CNY 82.32 million, with dividends for shareholder Zhengquan Holdings withheld due to capital withdrawal issues Dividend Distribution Plans for the Past Three Years | Dividend Year | Dividend per 10 shares (CNY) (tax inclusive) | Cash Dividend Amount (CNY) (tax inclusive) | Ratio to Net Profit Attributable to Parent Company Shareholders (%) | | :--- | :--- | :--- | :--- | | 2020 | 0.10 | 82,321,013.95 | 7.51 | | 2019 | — | — | — | | 2018 | 0.26 | 213,744,729.63 | 32.32 | - According to the Supreme People's Court's judgment, the cash dividends corresponding to the shares held by shareholder Zhengquan Holdings will not be distributed until its capital withdrawal issue is rectified[158] Significant Litigation and Arbitration Matters During the reporting period, the company and its subsidiaries were involved in multiple litigation and arbitration cases, primarily related to stock pledge repurchase disputes, margin financing and securities lending disputes, and securities misrepresentation liability disputes - Investor lawsuits against the company and Founder Group for securities misrepresentation liability: Arising from the 2017 administrative penalty, Changsha Intermediate People's Court accepted 2,992 cases, of which 2,978 have been judged or settled with compensation paid, while a few remaining cases are still pending[172] - Stock Pledge and Margin Financing & Securities Lending Disputes: Involve multiple client default cases, such as litigation or enforcement cases with Yang Lijie (LeEco), Cai Mengjun, Guangzhou Ruifeng Group, and Changlehui Company, where the company is pursuing debt recovery through legal channels[169][171][173] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company's controlling shareholder, Peking University Founder Group Co., Ltd., was ruled by the court to undergo restructuring in February 2020, with a consortium of Zhuhai Huafa Group, Ping An Insurance, and Shenzhen TEFA Group confirmed as restructuring investors in January 2021 - In February 2020, the Beijing No. 1 Intermediate People's Court ruled for the restructuring of Founder Group; on January 29, 2021, a consortium comprising Zhuhai Huafa, China Ping An, and Shenzhen TEFA was confirmed as the restructuring investor[174] Explanation of Other Significant Matters During the reporting period, the company increased capital in several subsidiaries to support business development, including CNY 0.489 billion to Founder Hong Kong Financial Holdings, and also provided a guarantee for a USD 48.5 million loan for Founder Hong Kong Financial Holdings - Capital increases completed for several subsidiaries: - Founder Hong Kong Financial Holdings: Capital increase of CNY 0.489 billion, increasing registered capital to HKD 1.046 billion - Founder Securities Investment: Capital increase of CNY 0.6 billion, increasing registered capital to CNY 1.5 billion - Founder Underwriting & Sponsorship: Capital reserve conversion of CNY 0.6 billion, increasing registered capital to CNY 1.4 billion - Founder Mid-term Futures: Capital reserve and undistributed profit conversion, increasing registered capital to CNY 1.005 billion[184][185][186][187] - Provided a margin pledge guarantee for a USD 48.5 million overseas bank loan of its wholly-owned subsidiary, Founder Hong Kong Financial Holdings[189] Changes in Ordinary Shares and Shareholder Information This section presents information on changes in ordinary share capital, the company's shareholder structure, and details of its controlling shareholder and actual controller Changes in Ordinary Share Capital During the reporting period, the company's total share capital and capital structure remained unchanged at 8,232,101,395 shares, all of which are unrestricted tradable A-shares, with all previously repurchased shares sold to supplement working capital - As of year-end 2020, the company's total share capital was 8,232,101,395 shares, with no changes observed[216] - By June 23, 2020, the company had sold all previously repurchased 11,150,255 shares through centralized bidding, generating a total of CNY 80.45127985 million to supplement its working capital[217] Shareholder and Actual Controller Information As of year-end 2020, the company had 175,477 ordinary shareholders, with its top two shareholders, Peking University Founder Group Co., Ltd. and Beijing Zhengquan Holdings Co., Ltd., having their shares frozen, and Peking University identified as the actual controller Top Ten Shareholders' Shareholding (As of Year-end 2020) | Shareholder Name | Number of Shares Held | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Peking University Founder Group Co., Ltd. | 2,284,609,852 | 27.75 | Frozen | | Beijing Zhengquan Holdings Co., Ltd. | 1,799,591,164 | 21.86 | Frozen | | Hong Kong Securities Clearing Company Limited | 1,474,851,714 | 17.92 | Unrestricted | | China Securities Finance Corporation Limited | 261,985,096 | 3.18 | Unrestricted | | Harbin Hatou Investment Co., Ltd. | 197,556,999 | 2.40 | Unrestricted | - The company's controlling shareholder is Peking University Founder Group Co., Ltd., and its actual controller is Peking University[223] - 8.62% of the company's shares (709,886,375 shares) held by the second-largest shareholder, Zhengquan Holdings, were ruled by the court to be offset to Guotong Trust and will subsequently be distributed to China Cinda, pending CSRC approval for this share transfer[222] Directors, Supervisors, Senior Management and Employees This section provides an overview of the remuneration and shareholdings of directors, supervisors, and senior management, along with detailed employee demographics Shareholding Changes and Remuneration During the reporting period, all directors, supervisors, and senior management held no company shares, with their total pre-tax remuneration for 2020 amounting to CNY 34.1011 million, and some executive compensation subject to deferred payment - During the reporting period, all current and former directors, supervisors, and senior management held zero shares at both the beginning and end of the year[238][239] - The total pre-tax remuneration received from the company during the reporting period (attributable to and paid in 2020) amounted to CNY 34.1011 million, with Mr. Gao Li, Vice Chairman of the Executive Committee and President, receiving the highest remuneration of CNY 4.6321 million[238][239] Employee Information of Parent Company and Major Subsidiaries As of year-end 2020, the group had 8,090 employees, with the parent company accounting for 6,795, primarily in brokerage, and a significant portion of employees aged 31-40 with bachelor's degrees or higher Employee Composition (As of Year-end 2020) | Category | Composition | Number of People | | :--- | :--- | :--- | | Total Employees | Total On-the-Job Employees | 8,090 | | Professional Composition | Brokerage Personnel | 5,595 | | | Information Technology Personnel | 340 | | | Investment Banking Personnel | 321 | | Age Composition | 31-40 years old | 3,693 | | | 30 years old (inclusive) and younger | 2,549 | | Education Level | Bachelor's Degree | 5,562 | | | Postgraduate and above | 1,743 | - As of year-end 2020, the company had 3,041 securities brokers[274] Corporate Governance This section describes the company's corporate governance framework, its compliance with regulatory requirements, and the ongoing development of its compliance management system Explanation of Corporate Governance The company has established a governance structure comprising the Shareholders' Meeting, Board of Directors, Board of Supervisors, and management, forming a system of clear responsibilities and standardized operations, with the Board of Directors having five specialized committees - The company's corporate governance structure consists of the Shareholders' Meeting, Board of Directors, Board of Supervisors, and a management team centered around the Executive Committee, ensuring clear responsibilities and mutual checks and balances[276][280] - The Board of Directors comprises 9 directors, including 3 independent directors, meeting regulatory requirements, and has five specialized committees: Strategy and Development, Risk Control, Audit, Nomination, and Remuneration and Assessment[278] Explanation of Company's Compliance Management System Construction During the reporting period, the company continuously improved its compliance management system, implementing a "line-of-business compliance officer" mechanism, enhancing branch compliance management, and strengthening risk monitoring and early warning capabilities through informatization and anti-money laundering system optimization - The company updated and improved multiple compliance management systems, including the Compliance Manual, Employee Professional Conduct Guidelines, and suitability management measures[297] - Compliance management informatization was advanced, with the compliance management system fully covering subsidiaries, headquarters departments, and branches, and continuously strengthening risk monitoring, early warning, and disposal functions[301] - During the reporting period, the Compliance Department conducted on-site compliance inspections of 2 headquarters departments and 45 branches; the Audit Department completed a total of 354 audit projects, covering headquarters, subsidiaries, and branches[306][307] Corporate Bonds Information This section details the company's outstanding corporate bonds, their repayment status, and recent credit ratings Basic Information on Corporate Bonds As of the end of the reporting period, the company had 3 outstanding non-publicly issued corporate bonds and subordinated bonds, totaling CNY 4.66 billion, and successfully completed the timely and full principal and interest repayment for 5 matured bonds during the period Outstanding Non-Publicly Issued Corporate Bonds (As of Year-end 2020) | Bond Abbreviation | Code | Maturity Date | Bond Balance (CNY Billion) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | 19 Founder F1 | 151205 | 2022/2/27 | 2.50 | 4.71 | | 19 Founder F2 | 151290 | 2022/3/21 | 0.60 | 4.65 | | 19 Founder C1 | 151470 | 2021/4/24 | 1.56 | 4.80 | - During the reporting period, the company timely and fully repaid the principal and interest for 5 matured bonds: "18 Founder C1," "18 Founder F1," "18 Founder F3," "17 Founder C1," and "17 Founder C2"[309] - The USD 200 million overseas bond (FNDSHK) issued by subsidiary Founder Hong Kong Financial Holdings matured on November 16, 2020, with principal and interest fully settled[310] Corporate Bond Rating Information According to the tracking rating report issued by United Credit Rating Co., Ltd. in June 2020, the company's main credit rating is AAA with a stable outlook, and its bond ratings for "19 Founder F1" and "19 Founder C1" are AAA and AA+ respectively, consistent with previous ratings - Main credit rating: AAA, with a stable outlook[313] - Bond credit ratings: "19 Founder F1" is AAA, and "19 Founder C1" is AA+[313] Financial Report This section contains the independent auditor's report and the company's consolidated financial statements, including balance sheets, income statements, and cash flow statements Audit Report ShineWing Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial report, identifying key audit matters including impairment of financial assets, fair value assessment of Level 3 financial instruments, goodwill impairment testing, and consolidation of structured entities - Audit Opinion Type: Standard Unqualified Opinion[340] - Key Audit Matters: - Impairment of other debt investments, funds lent out, financial assets purchased under resale agreements, and other receivables - Fair value assessment of Level 3 financial instruments - Goodwill impairment testing - Consolidation of structured entities[342][345][344][346] Financial Statements The financial statements show that as of year-end 2020, the company's consolidated total assets were CNY 123.256 billion, total liabilities CNY 82.899 billion, and equity attributable to parent company shareholders CNY 39.621 billion, with 2020 operating revenue of CNY 7.542 billion and net profit of CNY 1.198 billion Consolidated Balance Sheet Key Data (December 31, 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 123,256,369,688.39 | | Funds Lent Out | 23,952,491,443.95 | | Financial Assets Held for Trading | 20,905,910,709.74 | | Other Debt Investments | 14,190,249,453.69 | | Total Liabilities | 82,898,959,138.82 | | Client Funds | 27,835,009,932.39 | | Financial Assets Sold Under Repurchase Agreements | 13,332,074,099.80 | | Short-term Financing Payables | 10,719,391,771.17 | | Total Equity Attributable to Parent Company Shareholders | 39,620,740,244.32 | Consolidated Income Statement Key Data (2020) | Item | Amount (CNY) | | :--- | :--- | | Operating Revenue | 7,541,809,241.46 | | Net Fee and Commission Income | 5,238,940,907.22 | | Net Interest Income | 1,560,455,807.96 | | Investment Income | 1,254,728,040.03 | | Fair Value Change Gains | -619,277,200.12 | | Credit Impairment Losses | 969,932,834.64 | | Total Profit | 1,548,030,137.32 | | Net Profit | 1,198,143,096.95 | | Net Profit Attributable to Parent Company Shareholders | 1,096,492,270.90 | Securities Company Information Disclosure This section presents the company's regulatory classification results from the past three years, reflecting its compliance and risk management performance Regulatory Classification Results for the Past Three Years The company consistently received an A-class A-level classification from the China Securities Regulatory Commission for three consecutive years (2018, 2019, and 2020), indicating its sustained high standards in risk management and compliant operations - The company's regulatory classification results for the past three years (2018-2020) have all been A-class A-level[324]