华西证券(002926) - 2020 Q4 - 年度财报

Financial Overview - The registered capital of Huaxi Securities is 2.625 billion yuan, and the net capital is 17.631 billion yuan[9]. - The company reported a net asset of RMB 12,829.44 million after deducting the shares held by exiting shareholders, with paid-in capital of RMB 12,822.37 million and a capital reserve of RMB 7.07 million[19]. - The company raised RMB 1,600 million through a capital increase, with a new registered capital of RMB 1,413,113,700.00 and a capital reserve increase of RMB 1,200 million[20]. - The overall change to a joint-stock company resulted in a registered capital of RMB 2,100 million, based on an audited net asset of RMB 6,887,071,931.11, with a capital reserve of RMB 3,776,654,578.96[21]. - The company completed its initial public offering (IPO) on January 12, 2018, raising a total of RMB 4,966.5 million, with a net amount available for use of RMB 4,862.36 million after deducting issuance costs[22]. - The company reported a total revenue of 10 billion in 2020, representing a year-over-year growth of 15%[29]. - The company reported a total operating revenue of CNY 4.68 billion, a year-on-year increase of 18.93%[68]. - The net profit attributable to shareholders reached CNY 1.9 billion, reflecting a year-on-year growth of 32.75%[67]. - The company's total assets increased by 13.86% to ¥77,228,644,030.80 at the end of 2020, up from ¥67,827,402,919.42 in 2019[39]. Dividend Policy - The company plans to distribute a cash dividend of 1.11 yuan (including tax) for every 10 shares based on a total of 2.625 billion shares, with no bonus shares issued[4]. - The cash dividend for 2020 is proposed at RMB 1.11 per 10 shares, totaling RMB 291.375 million, which represents 15.33% of the net profit attributable to ordinary shareholders[164]. - The cash dividend for 2019 was RMB 0.76 per 10 shares, totaling RMB 199.5 million, accounting for 13.94% of the net profit attributable to ordinary shareholders[163]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends, with a minimum of 20% of distributable profits to be distributed as cash dividends under normal circumstances[158]. - The company has a continuous and stable profit distribution policy that considers long-term sustainable development[158]. - The cash dividend distribution plan is subject to approval at the shareholders' meeting[166]. Business Operations and Strategy - The company operates in the securities industry, which is subject to cyclical changes in the Chinese securities market[2]. - The company has not experienced any changes in its main business since its listing, which includes securities brokerage, investment consulting, and asset management[13]. - The company has established multiple branches across various regions, including Shenzhen, Shanghai, and Fuzhou, to enhance its market presence and operational efficiency[23]. - The company opened a new internet securities branch in Chengdu on July 10, 2020, as part of its strategy to expand into the digital finance sector[24]. - The company is focused on expanding its market presence through the establishment of new securities business departments in various provinces[27][28]. - The company is actively involved in the development of new products and technologies to enhance its service offerings[25]. - The company is exploring strategic partnerships and potential acquisitions to strengthen its market position[25]. Risk Management - The company faces various risks, including policy, operational, market, credit, liquidity, and operational risks, especially with the implementation of the new Securities Law[4]. - The company emphasizes the importance of professional capability and quality in the capital market due to increased legal responsibilities and risks for securities firms[4]. - The company has established a comprehensive risk management and internal control framework to mitigate operational risks, including a real-time monitoring system and compliance training for employees[146]. - The company conducts annual liquidity stress tests to assess its ability to withstand liquidity risks under various scenarios[145]. - The company has implemented a dynamic risk control indicator monitoring system, ensuring that key risk indicators such as net capital and liquidity remain within regulatory standards[150]. Compliance and Governance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no false statements or omissions[3]. - The company has a strong governance structure, with all directors present at the board meeting to review the report[3]. - The company has maintained an A-class rating for three consecutive years from 2018 to 2020[38]. - The company has established a chief risk officer position and a dedicated risk management department to enhance its risk management capabilities[154]. - The company has focused on anti-money laundering efforts, achieving an A-level rating in anti-money laundering classification for several branches[155]. Market Performance - User data showed an increase in active users to 50 million, up from 40 million in the previous year, marking a 25% growth[30]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[39]. - The company achieved a market share of 1.39% in the securities trading business, ranking 19th in the industry[83]. - The company ranked 18th in equity underwriting amount in 2020, with notable awards for its performance in the sector[54]. Financial Investments and Assets - Cash and cash equivalents amounted to 17.677 billion yuan, accounting for 22.89% of total assets, with an increase of 2.337 billion yuan, a growth of 15.24% compared to the beginning of the year[55]. - Financial investments reached 31.239 billion yuan, representing 40.45% of total assets, with an increase of 5.043 billion yuan, a growth of 19.25% compared to the beginning of the year[55]. - The company's total liabilities included a significant increase in bonds payable, which rose to ¥12,673,014,125.55, representing 16.41% of total liabilities, an increase of 4.62 percentage points[102]. - The total amount of financial liabilities related to securities trading increased to ¥20,661,467,059.16, accounting for 26.75% of total liabilities, up by 1.62 percentage points[102]. Shareholder Commitments - The company has committed to maintaining a stable development post-listing and ensuring sufficient net capital to support business transformation[166]. - The company has confirmed that its shareholders will not engage in any form of competition with the issuer's business for the duration of their control[170]. - The company has committed to reducing and regulating related party transactions, ensuring fair market pricing and compliance with relevant regulations[171]. - The company has confirmed that it will not utilize its controlling position to harm the interests of the issuer or its shareholders[170].