TF Securities(SH:601162)2024-04-29 10:47Financial Performance - The net profit attributable to the parent company for 2023 is CNY 30,718.38 million, with a basic earnings per share of CNY 0.04, while the parent company's net profit is CNY -27,650.80 million[3]. - The company's operating revenue for 2023 reached CNY 3,426,523,374.61, a 99.10% increase compared to CNY 1,720,988,732.54 in 2022[33]. - The net profit attributable to shareholders of the parent company was CNY 307,183,810.96, recovering from a loss of CNY 1,502,671,783.92 in the previous year[33]. - The total assets at the end of 2023 amounted to CNY 99,548,020,111.63, reflecting a 1.22% increase from CNY 98,350,001,043.39 in 2022[33]. - The total liabilities were CNY 74,962,015,239.02, a slight increase of 0.62% from CNY 74,496,477,625.06 in the previous year[33]. - The equity attributable to shareholders of the parent company increased to CNY 23,641,580,789.52, up 2.24% from CNY 23,124,065,817.17 in 2022[33]. - The basic earnings per share for 2023 was not reported, but the diluted earnings per share improved to CNY 0.04 from a loss of CNY 0.17 in 2022[34]. - The weighted average return on net assets increased to 1.32%, up 7.56 percentage points from -6.24% in the previous year[35]. - The cash flow from operating activities was CNY 9,053,096,646.85, recovering from a negative cash flow of CNY -12,449,445,166.18 in 2022[33]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 20% year-over-year growth[26]. Capital Structure and Investments - The registered capital remains at CNY 8,665,757,464.00, unchanged from the previous year[12]. - The net capital increased from CNY 15,096,594,801.46 to CNY 16,546,711,468.28, reflecting a growth of approximately 9.6%[12]. - The registered capital of Tianfeng Securities increased from RMB 466.2 million to RMB 518 million in October 2018 after the IPO[21]. - In March 2020, the company completed a rights issue, raising the registered capital from RMB 518 million to RMB 666.6 million[21]. - In April 2021, Tianfeng Securities conducted a private placement, increasing the registered capital to RMB 866.6 million[21]. - The company has expanded its registered capital significantly over the years, with a total increase of RMB 402.4 million from 2012 to 2021[21]. - The company has established a presence in the Hong Kong stock market through the Stock Connect program, enhancing its market reach since November 2016[13]. - The company has engaged in various market activities, including participating in the bond market and establishing qualifications for interbank bond market operations since 2012[13]. Risk Management - The company faces various risks, including legal compliance risks, credit risks from defaults, market risks from price fluctuations, operational risks, liquidity risks, and reputational risks[5]. - The company has a commitment to risk management and compliance, with ongoing investments in information technology[5]. - The company has established a comprehensive risk management framework aligned with its business strategy and risk appetite, covering all operational areas[91]. - Market risk management involves capital allocation based on risk-return profiles and dynamic management of market risk exposures through various risk mitigation measures[91]. - Credit risk management includes setting entry requirements for counterparties and securities, along with multi-dimensional concentration management and stress testing[92]. - Operational risk management is reinforced through the establishment of a risk management system and regular self-assessments to identify and rectify operational deficiencies[92]. - Liquidity risk management employs daily monitoring and dynamic assessments of liquidity indicators, asset and liability structures, and cash flow analyses[93]. Corporate Governance - The company has a board of 15 members, including 5 independent directors, ensuring compliance with governance regulations[102]. - The company’s compliance legal department oversees adherence to legal and regulatory obligations, enhancing operational integrity[95]. - The company has established a robust anti-money laundering framework, enhancing its compliance capabilities[95]. - The company emphasizes the importance of ethical conduct among employees, integrating it into performance assessments[97]. - The company’s governance structure includes a supervisory board that ensures compliance with laws and protects shareholder interests[103]. - The company has established specialized committees under the board, including an audit committee and a risk management committee, to enhance governance[132]. Strategic Development - The company plans to continue its strategic development without making substantial commitments to investors regarding future plans[4]. - The company aims to enhance its wealth management and asset management capabilities, capitalizing on the structural changes in the asset management market[86]. - The company plans to optimize its brokerage business by increasing the contribution of wealth management and enhancing service quality[87]. - The company is committed to digital transformation, aiming to build a comprehensive digital financial service capability[85]. - The company anticipates continued growth in the capital market, driven by policy reforms and an increasing focus on serving the real economy[84]. Sustainability and Social Responsibility - The company is committed to sustainability initiatives, with a goal to reduce carbon emissions by 20% over the next five years[26]. - The company has invested CNY 1.97 million in environmental protection during the reporting period[155]. - The company actively engages in green initiatives and low-carbon operations, reflecting its commitment to environmental responsibility[156]. - The company has initiated community service projects, including tree planting and volunteer activities, to promote environmental responsibility[160]. - Tianfeng Securities invested CNY 3.1302 million in poverty alleviation and rural revitalization projects, focusing on eight areas including industrial support and medical assistance[166]. Shareholder Engagement - The company held two shareholder meetings during the reporting period, including one annual meeting and one extraordinary meeting[109]. - The annual shareholder meeting approved multiple resolutions, including the 2022 financial report and the profit distribution plan for 2022[109]. - The company has a three-year dividend return plan approved for 2023-2025[109]. - The company plans to issue A-shares to specific targets in 2023, with a detailed feasibility analysis report approved by the shareholders[109]. Employee and Talent Management - The total number of employees in the parent company is 3,530, and the total number of employees including major subsidiaries is 3,893[140]. - The company has established a comprehensive compensation management system that includes basic salary, allowances, performance bonuses, and benefits[142]. - The company aims to enhance its training programs to develop market-oriented, professional, and international talent[143].