Group 1: Industry Overview - In 2024, the brokerage industry experienced significant recovery and growth due to policy support and improved market conditions [1] - Southwest Securities, a leading brokerage firm in the western region, reported impressive operating results [1] Group 2: Financial Performance - The company achieved operating revenue of 2.566 billion yuan, a year-on-year increase of 10.17% [1] - Profit before tax reached 836 million yuan, reflecting a year-on-year growth of 58.48% [1] - The net profit margin improved to 27.26%, indicating a stable and positive profitability trend [1] Group 3: Business Growth - The brokerage business saw significant growth in client asset scale, financing business, and institutional accounts [1] - By the end of 2024, the total number of clients exceeded 2.1 million, a year-on-year increase of approximately 27% [1] - Total client assets surpassed 480 billion yuan, with a year-on-year growth of about 11% [1] - The balance of financing business increased by approximately 21% year-on-year [1] - The number of new institutional accounts grew by about 48% year-on-year [1] Group 4: Proprietary and Asset Management Business - The proprietary business generated operating revenue of 545 million yuan, a year-on-year increase of 70.95% [1] - The gross profit margin for proprietary business remained high at 81.10% [1] - The asset management business expanded with 44 ongoing asset management plans, managing a total net value of 13.799 billion yuan by the end of 2024 [1] Group 5: Investor Protection and Dividend Policy - The company has been recognized as "Excellent" in investor protection work for five consecutive years by the China Securities Regulatory Commission [2] - The company plans to distribute a cash dividend of 0.65 yuan per 10 shares for the 2024 fiscal year, with a payout ratio exceeding 60% [2] - Over the past three years, the total cash dividends (including buybacks) amounted to approximately twice the average annual profit during that period [2] Group 6: Future Outlook - The company aims to deepen reforms, enhance development and safety coordination, and boost confidence in growth [2] - The goal is to solidify the recovery trend and achieve high-quality progress towards becoming "Western Leading, Nationally Positioned, and Recognizable in Chongqing" [2]