EBSCN(SH:601788)2024-03-27 16:00Financial Performance - The company's operating revenue for 2023 was approximately ¥10.03 billion, a decrease of 6.94% compared to ¥10.78 billion in 2022[38]. - Net profit attributable to shareholders increased by 33.93% to approximately ¥4.27 billion from ¥3.19 billion in the previous year[38]. - The net profit after deducting non-recurring gains and losses decreased by 35.74% to approximately ¥1.87 billion from ¥2.91 billion in 2022[38]. - The total assets at the end of 2023 were approximately ¥259.60 billion, reflecting a slight increase of 0.48% from ¥258.35 billion at the end of 2022[38]. - The total liabilities decreased by 0.96% to approximately ¥191.71 billion from ¥193.57 billion in the previous year[38]. - Basic earnings per share rose by 37.70% to ¥0.84 from ¥0.61 in 2022[39]. - The weighted average return on equity increased by 1.64 percentage points to 6.91% from 5.27% in the previous year[39]. - The core net capital at the end of the reporting period was approximately ¥39.37 billion, down from ¥39.95 billion at the end of the previous year[40]. - The liquidity coverage ratio improved to 232.90% from 216.78% in the previous year[40]. - The total revenue for the reporting period was CNY 10,031,455,479.22, a decrease of 6.94% compared to the previous year[48]. - Net profit reached CNY 4,300,605,063.30, reflecting a significant increase of 32.71% year-over-year[48]. - The company's cash and cash equivalents decreased by 8.68% to CNY 62,280,506,421.64 from CNY 68,203,738,226.76 at the end of the previous year[47]. - The total assets increased slightly by 0.48% to CNY 259,604,027,406.28 compared to CNY 258,354,482,199.15 at the end of the previous year[47]. - The company's investment income rose by 7.06% to CNY 2,197,252,022.39 from CNY 2,052,321,243.37 in the previous year[48]. - The net interest income decreased by 14.00% to CNY 1,799,381,012.16 compared to CNY 2,092,256,613.90 in the previous year[48]. - The company's total liabilities decreased by 0.96% to CNY 191,708,638,749.90 from CNY 193,570,043,664.89[48]. - The company's other comprehensive income after tax improved significantly, reaching CNY 175,707,632.82 compared to a loss of CNY 110,525,437.69 in the previous year[48]. - The company's total revenue from wealth management was CNY 480,917, with a year-over-year decrease of 14% and a gross margin of 45%, down 4 percentage points[94]. - The company reported a significant increase in revenue, achieving a total of 10 billion RMB, representing a year-over-year growth of 15%[151]. Dividend and Capital Structure - The company plans to distribute a cash dividend of 2.803 RMB per 10 shares, totaling 1,292,403,775.21 RMB for all A and H shareholders[5]. - The registered capital of the company remains at 4,610,787,639 RMB, with net capital decreasing to 46,970,165,838.86 RMB from 48,853,130,506.55 RMB year-over-year[14]. - In 2023, the company reported a total registered capital of RMB 4,610,787,639, an increase from RMB 3,906,698,839 after the issuance of H shares[30]. - The company raised a total of RMB 7,968,538,346.52 through a non-public offering of A shares in 2015, increasing the total number of A shares from 3,418,000,000 to 3,906,698,839[28]. - The company’s registered capital increased from RMB 244,500,000 to RMB 289,800,000 after a capital increase in 2007, issuing a total of 45,300,000 shares at RMB 2.75 each[26]. - The company’s total registered capital was increased to RMB 26,000,000,000 following a capital increase in 2002, with RMB 984,660,000 from capital reserves and undistributed profits[24]. - The company’s shareholding structure changed in 2002, with China Everbright Group Co., Ltd. holding 51% and China Everbright Holdings Co., Ltd. holding 49% after a series of equity transfers[23]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion section[7]. - The company emphasizes a comprehensive risk management system to address various risks, including market risk, through proactive management and quantitative measures[125]. - Credit risk management includes measures such as margin settlement for securities trading and strict monitoring of bond issuers' credit ratings[127]. - The company has implemented a comprehensive liquidity risk management framework, ensuring overall liquidity risk remains controllable[130]. - A liquidity risk emergency plan has been established, detailing response measures and maintaining sufficient high-quality assets[130]. - The company has focused on enhancing information technology risk management, utilizing big data and AI to improve operational management[131]. - A reputation risk management system has been established, including training and monitoring to enhance employee awareness[132]. - Compliance risk management has been strengthened through a structured framework and ongoing monitoring of employee conduct[134]. - The company has developed a differentiated liquidity risk management framework for subsidiaries, adapting to various business liquidity characteristics[130]. - The company has maintained good relationships with external financing institutions to ensure stable funding sources[130]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring accountability for the annual report's accuracy[4]. - The company held 3 shareholder meetings, 13 board meetings, and 6 supervisory meetings during the reporting period, ensuring robust corporate governance[138]. - The company has established specialized committees under the board, including the Audit and Related Party Transactions Control Committee[166]. - The company held 10 audit and related party transaction control committee meetings in 2023, focusing on the review of the 2022 annual financial report and internal control evaluation report[167]. - The company reviewed the 2023 semi-annual financial report and internal audit work report on August 23, 2023[168]. - The company conducted a risk management committee meeting on March 30, 2023, to review the 2022 compliance work report and risk assessment report[169]. - The company has established a comprehensive internal control system covering all departments, branches, and subsidiaries, enhancing internal control effectiveness and compliance[191]. - The company has implemented a legal and regulatory database to enhance compliance awareness among employees[135]. - The company revised several governance documents in 2023 to align with legal requirements and improve operational transparency[138]. - The company is committed to adhering to the governance standards set forth in the Securities Company Governance Guidelines[157]. Employee and Executive Management - The total number of employees in the parent company is 6,149, and in major subsidiaries, it is 1,915, resulting in a total of 8,064 employees[177]. - The company has 5,198 brokerage personnel, 616 investment banking personnel, and 146 research personnel among its total workforce[178]. - The total pre-tax compensation for executives during the reporting period amounted to 27.44 million CNY[145]. - The company reported a total of 2,744.61 million CNY in executive compensation across all senior management[145]. - The company’s executive team includes a total of 12 members, with a diverse range of roles and responsibilities[145]. - The company has implemented a strategy to ensure compliance with independent director regulations following recent resignations[147]. - The average number of outsourced employees in 2023 was 81, with total remuneration costs amounting to ¥1,778.09 million[183]. - The company has 60 employees with a doctoral degree, 2,614 with a master's degree, and 4,451 with a bachelor's degree, indicating a highly educated workforce[179]. - The company has implemented a robust salary management mechanism, linking compensation closely with performance assessment and compliance[180]. - The company plans to implement a new compensation scheme for senior management, with over 40% of performance-based salaries to be deferred for at least three years[157]. Strategic Initiatives and Future Outlook - The company aims to enhance customer service and product offerings in wealth management, focusing on high-quality development in 2024[58]. - The company plans to enhance its institutional trading business in 2024 by deepening cooperation with public funds and insurance asset management[70]. - The company aims to expand its asset custody and outsourcing services in 2024, focusing on improving professional capabilities and customer coverage[70]. - The company plans to leverage digital economy opportunities to enhance its technology operations and improve risk management and operational efficiency[89]. - The company is focusing on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[157]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[150]. - A strategic acquisition of a local competitor was completed, expected to enhance market capabilities and increase revenue by 5%[150]. - The company plans to implement a new digital marketing strategy aimed at increasing customer engagement by 15%[150]. - The company aims to diversify its product line, with plans to introduce two new categories by the end of 2024[150]. - The company is committed to digital transformation, emphasizing a technology development strategy that includes "platformization, componentization, and intelligence"[136].