Corporate Vision and Strategy - In 2023, Hengtai Securities established a new vision to become a financial service provider covering the entire life cycle and multi-level risk preferences[7]. - Hengtai Securities aims to optimize its business structure and growth model, focusing on long-term stable development rather than short-term speculation[7]. - The company has set a mission to provide professional empowerment, technological support, and connect industry and finance[7]. - Hengtai Securities emphasizes the importance of serving the real economy and maintaining a focus on its core responsibilities[7]. - The company plans to strengthen cross-departmental collaboration and information sharing as part of its long-term strategy[7]. - Hengtai Securities has adopted a new corporate culture aimed at sustainable development and long-term growth[7]. - The company will continue to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on high-quality financial development[7]. Governance and Management - The company reported a significant governance change with Beijing Financial Street Investment Group becoming the actual controller, enhancing management collaboration[7]. - Hengtai Securities is committed to enhancing its internal control management system to improve overall management levels[7]. - The company has completed a three-year planning process to clarify specific paths and measures for business advancement[7]. - The company has a strategic and investment decision-making committee chaired by the chairman[39]. Financial Performance - Total revenue for 2023 was RMB 2,513,314, a decrease of 7.78% compared to RMB 2,725,455 in 2022[61]. - The company reported a pre-tax profit of RMB 16,665, a significant recovery from a loss of RMB 2,008,380 in the previous year, marking a 100.83% increase[61]. - Net profit attributable to ordinary shareholders was RMB 64,145, compared to a loss of RMB 1,286,372 in 2022, representing a 104.99% increase[61]. - The total assets as of December 31, 2023, were RMB 31,202,650, reflecting a slight increase of 0.58% from RMB 31,021,248 in 2022[62]. - Total liabilities increased to RMB 23,012,586, up 0.78% from RMB 22,835,492 in the previous year[62]. - The weighted average return on net assets improved to 0.80% from a negative 14.86% in 2022, an increase of 15.66 percentage points[61]. - Basic earnings per share for 2023 were RMB 0.02, a recovery from a loss of RMB 0.49 in the previous year, marking a 104.08% increase[61]. Risk Management - The company has established an internal control and risk management system to mitigate various operational risks[36]. - The company faces strategic risks related to macroeconomic changes and capital market fluctuations[36]. - The company has a comprehensive risk control framework to monitor risk indicators[36]. - The company has implemented a comprehensive risk management system to control risks associated with new business innovations[176]. - Credit risk management involves internal credit rating systems and thorough due diligence on financing projects[179]. - Market risk is primarily associated with proprietary trading and includes risks from equity securities, fixed income securities, and foreign exchange fluctuations[180]. - Liquidity risk is managed through continuous monitoring of liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), with stress tests conducted at least biannually[182]. - The company has established a compliance management system to mitigate compliance risks, including compliance reviews and training[183]. Business Operations - The company operates under the H-share stock code 01476 on the Hong Kong Stock Exchange[46]. - The company has a diversified organizational structure with multiple departments focusing on various financial services[51]. - The company has established 107 securities business departments across various regions in China as of December 31, 2023[58]. - The company plans to enhance its brokerage business by diversifying services and improving market share, focusing on customer needs and asset preservation[85]. - The company aims to strengthen its wealth management capabilities through technology empowerment and a comprehensive financial product service system[89]. - The company will continue to develop its asset custody business, focusing on standardized products and enhancing service quality[92]. Investment and Capital Management - The company raised RMB 3.8 billion through various debt financing methods during the reporting period[108]. - The company plans to enhance its investment strategies in 2024, focusing on quantitative and ETF index investments to improve returns[105]. - The company aims to enhance its professional capabilities and improve service quality to support small and medium-sized enterprises in the new three-board market[97]. - The company will focus on post-investment management and risk control in its alternative investment sector, with 22 direct investment projects at the end of the reporting period[102]. Employee and Organizational Development - The company promotes a corporate culture centered on integrity, innovation, pragmatism, and collaboration, which enhances employee cohesion and supports strategic execution[199]. - A talent strategy is central to the company's development, emphasizing the recruitment and retention of key personnel while improving its human resources and compensation systems[200]. Market Position and Challenges - The company remains positioned as a small to mid-sized securities firm within an increasingly competitive industry, facing significant pressure and challenges due to the concentration of advantages among leading firms[194]. - The management team possesses extensive experience in the securities and financial services industry, ensuring the company can respond effectively to regulatory changes and market competition[195].
恒投证券(01476) - 2023 - 年度财报