CGWS(SZ:002939)2021-04-12 16:00Financial Performance - Total revenue for 2020 reached ¥6,868,697,463.16, a 76.16% increase compared to ¥3,899,142,493.53 in 2019[33]. - Net profit attributable to shareholders for 2020 was ¥1,501,641,468.72, up 51.35% from ¥992,167,143.29 in 2019[33]. - The net profit after deducting non-recurring gains and losses was ¥1,497,258,401.35, reflecting a 51.18% increase from ¥990,357,971.98 in 2019[33]. - Total assets as of the end of 2020 amounted to ¥72,212,882,184.60, a 22.20% increase from ¥59,095,592,936.50 at the end of 2019[33]. - Total liabilities increased by 28.61% to ¥53,686,308,272.28 in 2020 from ¥41,743,400,940.95 in 2019[33]. - The basic earnings per share for 2020 was ¥0.48, a 50.00% increase compared to ¥0.32 in 2019[33]. - The weighted average return on equity rose to 8.58%, an increase of 2.63 percentage points from 5.95% in 2019[33]. Business Operations - The company operates in various sectors including securities brokerage, investment consulting, and asset management[12]. - The company has expanded its business scope to include "securities investment fund custody" as of March 2021[11]. - The company has a comprehensive range of qualifications for its securities business, including brokerage and asset management[12]. - The company has established a comprehensive wealth management system, integrating online and offline sales channels, enhancing its service capabilities[52]. - The company has obtained qualifications for new business areas including stock pledge repurchase and credit risk mitigation tools, expanding its operational scope[52]. Risk Management - The company faces risks related to market fluctuations, credit, liquidity, operational, and compliance[4]. - The company has established a comprehensive risk management and compliance framework, including a risk control committee and an audit committee[22]. - The company employs a Value at Risk (VaR) model to quantify market risk exposure, estimating potential losses under both normal and extreme market conditions[121]. - A unified credit risk management policy has been implemented, with a four-tier risk management structure and clear processes for due diligence and credit assessment[122]. - The company has established a cash flow forecasting and stress testing framework to assess potential cash flow gaps under normal and stressed scenarios[124]. Capital and Financing - The company reported a total registered capital of RMB 3,103,405,351 and net capital of RMB 15,933,730,173.02[7]. - The company has a registered capital of ¥6 billion for its subsidiary, Shenzhen Changcheng Changfu Investment Management Co., Ltd.[27]. - The company raised a total of CNY 999.81 million through public and private bond offerings in 2020, with all funds utilized for operational capital[96]. - The company issued a total of CNY 40 billion in bonds, with the first phase of CNY 10 billion issued at a rate of 3.09% for a 3-year term[96]. - The company has completed the legal registration changes for its new representatives following the board and management changes[200]. Profit Distribution - The proposed profit distribution plan for 2020 is to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 310,340,535.10[2]. - The cash dividend payout ratio for 2020 was 20.67% of the net profit attributable to ordinary shareholders, while for 2019, it was 34.41%[155]. - The company plans to distribute at least 30% of the average distributable profit over three consecutive years in cash dividends, provided there are no major investment plans or cash expenditures[149]. - The decision-making process for profit distribution involves the board of directors proposing a plan based on annual profit, funding needs, and shareholder return planning, which is then submitted to the shareholders' meeting for approval[150]. Subsidiary Performance - The subsidiary Shenzhen Changcheng Securities Investment Co., Ltd. reported a 23.25% increase in total revenue, while net profit decreased by 58.35% due to increased impairment provisions[105]. - The subsidiary Baocheng Futures Co., Ltd. experienced a 265.06% increase in total revenue and a 52.63% increase in net profit, driven by growth in brokerage business[104]. - The subsidiary Invesco Great Wall Fund Management Co., Ltd. saw a 66.88% increase in revenue and a 96.90% increase in net profit, attributed to strong fund performance and increased management scale[102]. - The subsidiary Changcheng Fund Management Co., Ltd. reported a 50.72% increase in revenue and a 73.80% increase in net profit, due to improved fund product performance[103]. Social Responsibility - The company actively supports poverty alleviation and social responsibility initiatives, signing agreements with five impoverished counties for targeted assistance[186]. - The company donated a total of 10.72 million RMB for poverty alleviation efforts in 2020, including 837,000 RMB for educational support[193]. - The company conducted 5 capital market knowledge training sessions in impoverished areas, benefiting over 2,000 individuals[191]. - The company has committed to long-term poverty alleviation plans, focusing on industrial, consumption, and public welfare assistance[186]. Regulatory Compliance - The financial report has been audited by Deloitte Huayong and received a standard unqualified opinion[2]. - The company has not reported any significant changes in the measurement attributes of its major assets during the reporting period[85]. - The company has not experienced any significant changes in project feasibility during the reporting period[98]. - The company has not reported any unfulfilled commitments as of the end of the reporting period[159].