第一创业(002797) - 2019 Q3 - 季度财报

Important Notice The company's board and management guarantee the report's accuracy and completeness, noting the Q3 financial report is unaudited - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this report and assume legal responsibility[2] - The company's 2019 third-quarter financial report is unaudited by an accounting firm[2] Company Profile This section outlines the company's key financial performance, indicators, and shareholder structure for the reporting period Key Accounting Data and Financial Indicators The company reported strong Q1-Q3 2019 growth, with revenue up 40.89% and net profit attributable to parent company surging 176.30%, demonstrating significantly improved profitability 2019 Q1-Q3 and Q3 Key Financial Indicators | Indicator | Year-to-Date (2019) | Prior Year Period | YoY Change | Current Period (Q3 2019) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,777,270,774.64 | 1,261,490,125.39 | 40.89% | 593,574,488.59 | 494,461,584.05 | 20.04% | | Net Profit Attributable to Parent Company (Yuan) | 346,354,394.25 | 125,353,403.50 | 176.30% | 137,407,587.40 | 53,160,475.17 | 158.48% | | Basic Earnings Per Share (Yuan/share) | 0.10 | 0.04 | 150.00% | 0.04 | 0.02 | 100.00% | | Weighted Average Return on Net Assets | 3.97% | 1.41% | Up 2.56 percentage points | 1.56% | 0.60% | Up 0.96 percentage points | Key Asset and Liability Indicators at Period-End | Indicator | End of Current Period (2019-09-30) | End of Prior Year (2018-12-31) | Change | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 34,877,660,054.83 | 33,564,250,086.69 | 3.91% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 8,871,026,792.32 | 8,802,333,606.65 | 0.78% | - The company retrospectively adjusted prior period accounting data due to the implementation of new financial instrument standards and Ministry of Finance financial statement format requirements[4][6] - Total non-recurring gains and losses for the reporting period amounted to 2.52 million Yuan, primarily from government subsidies[8] Shareholder Information The company had 233,831 common shareholders at period-end, with top three holding 15.18%, 13.27%, and 7.06%, and partial share pledges by the largest and fourth-largest shareholders - As of the end of the reporting period, the company had a total of 233,831 common shareholders[10] Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Huaxi Xinyu Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.18% | 531,588,400 | | Beijing Capital Group Co., Ltd. | State-Owned Legal Person | 13.27% | 464,686,400 | | Zhejiang Hangmin Industrial Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.06% | 247,171,786 | - The largest shareholder, Huaxi Xinyu Investment Co., Ltd., pledged 510,618,400 shares, and the fourth-largest shareholder, Nengxing Holdings Group Co., Ltd., pledged 191,599,930 shares[10] Significant Events This section details significant financial data changes, key event progress, and the company's financial assets measured at fair value Analysis of Significant Changes in Financial Data and Indicators The company experienced significant changes in financial data and indicators due to business scale and new financial instrument standards, impacting both asset and profit components Balance Sheet Key Item Changes and Reasons | Item | Period-End Balance (Yuan) | Change from Year-Start | Reason for Change | | :--- | :--- | :--- | :--- | | Monetary Funds | 7,480,802,687.94 | 43.56% | Primarily due to increased client funds | | Funds Lent | 3,869,742,539.19 | 63.36% | Primarily due to increased scale of funds lent | | Financial Assets Purchased Under Resale Agreements | 1,722,692,539.91 | -63.66% | Primarily due to decreased scale of bond repurchase and stock pledge repurchase businesses | | Funds Borrowed | 405,562,083.33 | -79.72% | Primarily due to decreased interbank borrowings | | Client Funds for Securities Trading | 6,973,264,487.75 | 46.11% | Primarily due to increased brokerage client settlement funds | Income Statement Key Item Changes and Reasons | Item | Current Period Amount (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Net Income from Investment Banking Fees | 252,637,876.49 | 63.74% | Primarily due to increased net income from securities underwriting business | | Fair Value Change Gains | 217,979,362.35 | - | Primarily due to increased fair value change gains from trading financial assets | | Income Tax Expense | 64,036,786.51 | 364.46% | Primarily due to increased profit | | Minority Interest Income | 49,968,803.52 | 632.43% | Primarily due to increased net profit of controlled subsidiaries in the current period | Progress of Significant Events The company completed a significant subsidiary capital increase and bond issuance, appointed a new CIO, and observed share reduction plans by major shareholders - The company completed a 1.8 billion Yuan capital increase for its wholly-owned subsidiary, Shenzhen First Capital Innovation Capital Management Co., Ltd., raising its registered capital to 3 billion Yuan[16][18] - Shareholders Zhejiang Hangmin, Nengxing Holdings, and Huaxi Xinyu all disclosed and implemented share reduction plans, with some plans still ongoing[18] - In August 2019, the company successfully issued 500 million Yuan in 3-year subordinated bonds for securities companies, with a coupon rate of 5.5%[19] - The company appointed Mr. He Jiang as its Chief Information Officer, and his qualification has been approved by regulatory authorities[19] Financial Assets Measured at Fair Value As of the reporting period end, the company held 15.56 billion Yuan in financial assets measured at fair value, predominantly in bonds, funded by proprietary capital Financial Assets Measured at Fair Value (Period-End) | Asset Category | Period-End Amount (Yuan) | | :--- | :--- | | Equity | 535,084,072.27 | | Stocks | 996,570,792.12 | | Funds | 833,869,364.08 | | Bonds | 12,596,572,570.20 | | Trust Products | 223,759,688.22 | | Other | 374,350,364.23 | | Total | 15,560,206,851.12 | Financial Statements This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, and explains adjustments Financial Statements This chapter presents the company's unaudited consolidated and parent company financial statements, highlighting stable asset growth and significant profitability improvement in Q1-Q3 2019 Consolidated Balance Sheet As of September 30, 2019, total assets reached 34.88 billion Yuan, up 3.91% from year-start, with total liabilities at 25.55 billion Yuan and parent company equity at 8.87 billion Yuan Consolidated Balance Sheet Key Items | Item | September 30, 2019 (Yuan) | December 31, 2018 (Yuan) | | :--- | :--- | :--- | | Total Assets | 34,877,660,054.83 | 33,564,250,086.69 | | Total Liabilities | 25,547,785,082.73 | 24,400,225,811.02 | | Total Equity Attributable to Parent Company Owners | 8,871,026,792.32 | 8,802,333,606.65 | Consolidated Income Statement In Q1-Q3 2019, the company achieved total operating revenue of 1.78 billion Yuan, up 40.89%, and net profit attributable to parent company shareholders of 346 million Yuan, a 176.30% surge Consolidated Income Statement Key Items (January-September 2019) | Item | January-September 2019 (Yuan) | January-September 2018 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,777,270,774.64 | 1,261,490,125.39 | 40.89% | | Operating Profit | 457,009,365.52 | 134,103,936.81 | 240.79% | | Net Profit Attributable to Parent Company Shareholders | 346,354,394.25 | 125,353,403.50 | 176.30% | | Basic Earnings Per Share (Yuan/share) | 0.10 | 0.04 | 150.00% | Consolidated Cash Flow Statement In Q1-Q3 2019, net cash flow from operating activities significantly improved to 2.31 billion Yuan from a 1.21 billion Yuan outflow in the prior year, with period-end cash and cash equivalents at 9.09 billion Yuan Consolidated Cash Flow Statement Summary (January-September 2019) | Item | January-September 2019 (Yuan) | January-September 2018 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,308,334,090.39 | -1,206,627,478.30 | | Net Cash Flow from Investing Activities | 53,490,559.54 | -197,199,138.13 | | Net Cash Flow from Financing Activities | -11,641,560.94 | 54,559,970.14 | | Period-End Cash and Cash Equivalents Balance | 9,088,276,871.17 | 6,786,584,814.97 | Explanation of Financial Statement Adjustments The company adopted new financial instrument standards and revised financial statement formats effective January 1, 2019, resulting in retrospective adjustments to opening financial statements, mainly reclassifying financial assets and impacting equity - The company began implementing new financial instrument standards and new financial enterprise financial statement formats on January 1, 2019[46][47] - The accounting policy change led to adjustments in the consolidated balance sheet as of January 1, 2019, for example, reclassifying "financial assets measured at fair value through profit or loss" and "available-for-sale financial assets" to new items such as "trading financial assets" and "other equity instrument investments"[41] - This adjustment impacted the opening owner's equity in the consolidated statements, with retained earnings decreasing by 365 million Yuan, other comprehensive income increasing by 225 million Yuan, and total equity attributable to parent company owners decreasing by 252 million Yuan[42][43]