JXAC(600495) 证券之星·2025-04-03 12:19Core Viewpoint - The report assesses the risks associated with the financial transactions between Jinxichaxu Co., Ltd. and the Financial Company, focusing on the safety and liquidity of deposits as well as the financial risks involved in the operations of the Financial Company [1][14]. Financial Company Overview - The Financial Company was established on June 4, 1997, originally as Northern Industrial Group Financial Co., Ltd., and has undergone several name changes and capital increases, with the registered capital reaching 634 million yuan by 2020 [1][2]. - The shareholders include China Weapon Industry Group Co., Ltd. (46.466%), China North Industries Group Co., Ltd. (9.464%), and several other entities, with the legal representative being Wang Shixin [2]. Business Scope - The Financial Company's business scope includes accepting deposits, providing loans, handling bill discounting, fund settlement, and offering financial advisory services among others [3]. Internal Control System - The Financial Company has established an internal control system aimed at ensuring comprehensive, prudent, effective, and independent operations, with a focus on risk prevention and management [4][5]. - The internal control structure includes a board of directors and a general manager responsible for operational management, with clear responsibilities defined among the board, management, and shareholders [4]. Risk Management - The Financial Company has implemented a risk identification and assessment system, with internal audits conducted to monitor economic activities and ensure compliance with established procedures [6][9]. - Various management measures are in place to control funding risks, including strict adherence to regulations and the establishment of a credit management system [5][7]. Financial Performance - As of December 31, 2024, the Financial Company reported bank deposits of 827.67 million yuan and a net profit of 522.13 million yuan, indicating strong business development and collaboration with partner banks [10][11]. - The capital adequacy ratio was reported at 21.90%, significantly above the regulatory requirement of 10.5%, and the liquidity ratio was 53.14%, exceeding the minimum of 25% [12]. Loan and Investment Management - The Financial Company maintains a loan balance of 7.61 billion yuan, which is below the 80% threshold of total deposits and registered capital, ensuring compliance with regulatory limits [12][13]. - Investment activities are limited to fixed-income securities, with a total investment amounting to 386.93 million yuan, adhering to the 70% cap of the capital net amount [13][14]. Deposit Management - The company’s deposits in the Financial Company do not exceed 30% of the total funds raised, ensuring good safety and liquidity without any payment delays due to insufficient funds [14].