Founder Securities(SH:601901) Zheng Quan Zhi Xing·2025-06-13 12:24Core Viewpoint - The company, Fangzheng Securities, has undergone an audit of its 2024 financial statements, revealing significant details about its financial asset investments and the associated risks and losses incurred during the year [1][2]. Financial Performance - As of the end of 2024, the total financial investments held by the company amounted to 113.664 billion yuan, representing a year-on-year decrease of 13.91% [2][4]. - The company reported a net investment income and fair value change of 1.939 billion yuan, an increase of 22.49% compared to the previous year [4][9]. - The fair value losses from trading financial assets amounted to 649 million yuan, while losses from derivative financial instruments totaled 1.475 billion yuan [2][4]. Financial Asset Details - The breakdown of financial investments includes trading financial assets, other debt investments, equity investments, and derivative financial assets, with a total initial cost of 111.738 billion yuan [5][6]. - Specific asset categories include perpetual bonds (10.782 billion yuan), government bonds (25.190 billion yuan), and corporate bonds (2.408 billion yuan) [5][6]. Investment Losses - The company experienced significant losses in its financial asset investments, with a notable decline in the valuation of non-listed equity investments, which decreased by 1.003 billion yuan due to market conditions [9][10]. - The losses from derivative financial instruments were primarily attributed to hedging strategies that resulted in losses when the market rose [10][12]. Risk Management - The company has established a warning and tracking disposal team to manage assets with overdue or default situations, ensuring regular reviews of asset disposal processes [12][16]. - As of the end of the reporting period, there were nine financial products with overdue or default situations, with an initial cost of 475 million yuan and cumulative impairment of 405 million yuan [12][16]. Regulatory Compliance - The audit conducted by Ernst & Young confirmed that the financial statements of Fangzheng Securities complied with the relevant accounting standards, ensuring that the financial asset investments were accurately reported [13][14].