CGWS(SZ:002939)2023-04-17 16:00Financial Overview - The total registered capital of Great Wall Securities is CNY 4,034,426,956[8]. - The net capital of the company stands at CNY 23,008,361,623.88[8]. - The company plans to distribute a cash dividend of CNY 1 per 10 shares to all shareholders, totaling CNY 403,442,695.6[3]. - Total revenue for 2022 was CNY 3,126,774,195.92, a decrease of 59.69% compared to CNY 7,756,796,088.56 in 2021[30]. - Net profit attributable to shareholders was CNY 898,824,572.73, down 49.09% from CNY 1,765,610,928.44 in the previous year[30]. - The basic earnings per share decreased by 54.39% to CNY 0.26 from CNY 0.57 in 2021[30]. - Total assets increased by 8.14% to CNY 100,240,824,204.01 at the end of 2022, compared to CNY 92,696,887,190.63 at the end of 2021[30]. - Total liabilities decreased by 0.58% to CNY 72,163,915,728.18 from CNY 72,583,850,428.44 in 2021[30]. - The weighted average return on equity was 4.03%, down 5.35 percentage points from 9.38% in 2021[30]. - Operating cash flow for 2022 was negative CNY 6,771,225,571.09, compared to negative CNY 1,229,285,409.09 in 2021[30]. Business Operations - The company operates in a highly cyclical securities industry, which may lead to significant fluctuations in operating performance due to macroeconomic conditions[4]. - The company has expanded its business scope to include "securities investment fund custody" as of March 2021[11]. - The company’s business includes securities brokerage, investment consulting, and asset management among others[12]. - The company has obtained qualifications for various financial services, including brokerage, investment banking, asset management, and OTC business, with approvals from multiple regulatory bodies[13][14][15][16]. - The company has established a strong foundation in the financial market with multiple qualifications and memberships, positioning itself for future growth and market expansion[17][18]. Risk Management - The company emphasizes the importance of risk factors including market risk, credit risk, liquidity risk, operational risk, and compliance risk[4]. - The company will implement a comprehensive risk management framework addressing market, credit, liquidity, operational, and compliance risks, ensuring robust oversight and control measures[102][103][104][105][106][107][108]. - The liquidity risk management strategy includes setting annual liquidity risk limits and conducting regular assessments to ensure adequate cash flow under various scenarios[105]. - The company has established a comprehensive risk management system covering market risk, credit risk, liquidity risk, operational risk, compliance risk, and reputational risk[192]. - The risk management organizational structure includes a four-tier system led by the Board's Risk Control and Compliance Committee, which is responsible for overall risk management policies and major risk assessments[196]. Corporate Governance - The company has established a governance structure that includes a clear division of responsibilities and effective checks and balances among the board, supervisory board, and management[111]. - The board of directors consists of 12 members, including 8 non-independent directors and 4 independent directors, with a term of 3 years[115]. - The company has implemented a series of institutional guarantees to ensure the standardized operation of its governance structure[111]. - The company actively engages with investors through various communication channels, including video conferences and in-person meetings[110]. - The company has established eight specialized committees to enhance decision-making professionalism, compliance, and scientific management[121]. Shareholder Engagement - The company has responded to 80 investor inquiries on the Shenzhen Stock Exchange's "Interactive Easy" platform during the reporting period[109]. - The annual shareholders meeting had a participation rate of 72.03% on May 9, 2022[133]. - The first extraordinary shareholders meeting in 2022 had a participation rate of 73.61% on August 12, 2022[133]. - The second extraordinary shareholders meeting in 2022 had a participation rate of 58.23% on December 16, 2022[133]. - The company actively engages with minority shareholders to gather their opinions before the profit distribution proposal is submitted for approval[178]. Employee Management - The total number of employees at the end of the reporting period was 3,234, with 2,991 in the parent company and 243 in major subsidiaries[167]. - The company has established a talent development institute to enhance employee training and development, focusing on various talent tiers[170]. - The company emphasizes a competitive salary structure, adapting its compensation policy to market conditions and business development stages[168]. - The total remuneration paid to directors, supervisors, and senior management for the year 2022 amounted to 12.4824 million yuan, with 18 individuals receiving compensation during the reporting period[157]. - The company has maintained compliance with labor laws and regulations, ensuring employee rights are protected[167]. Future Outlook - The company expects a revenue growth of 10% to 12% for the upcoming fiscal year, projecting revenues between 1.32 billion RMB and 1.344 billion RMB[146]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue in 2023, focusing on innovative financial services[146]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[146]. - The company aims to establish itself as a leading modern investment bank focusing on digital brokerage, smart investment, and technology-driven finance during the 14th Five-Year Plan period[100]. - The company plans to enhance its compliance and risk management framework, allocating 50 million RMB for this initiative in 2023[152].