Core Viewpoint - The company reported a decline in total revenue and net profit for 2023, but demonstrated resilience through significant growth in investment income and improvements in various business segments [1][2]. Financial Performance - Total revenue for 2023 was 11.08 billion yuan, a year-on-year decrease of 11.25% - Net profit attributable to shareholders was 8.19 billion yuan, down 3.71% - Investment income and fair value changes reached 2.24 billion yuan, a year-on-year increase of 100.31% [1]. Securities Business - Despite a 5.5% decline in trading volume in the Shanghai and Shenzhen markets, the company's securities division saw positive growth in stock trading volume and increased market share in brokerage services - The credit business remained stable, with a steady increase in asset management scale and enhanced fixed income business capabilities [1]. Fund Sales Business - The fund sales segment, particularly through "天天基金," showed resilience despite market challenges and changes in public fund fee structures - By the end of 2023, the equity fund retention scale at 天天基金 experienced the lowest decline among leading distribution agencies, indicating potential for future growth as the capital market improves [1]. Research and Development - The company increased its R&D investment to 1.08 billion yuan, a 15.49% year-on-year growth, representing 9.75% of total revenue - Focus on AI capabilities and the development of a proprietary financial model named "妙想" is underway, aimed at enhancing financial vertical capabilities [2]. Shareholder Returns - The company initiated a share buyback plan with a budget of 500 million to 1 billion yuan, completing nearly 1 billion yuan in buybacks by February 26, 2024 - The purpose of the buyback was adjusted to fully cancel the repurchased shares, potentially making it the largest buyback cancellation in the history of listed brokerages if approved [2][3]. Quality Improvement Initiatives - A "Quality Return Dual Improvement" action plan was established, focusing on core business, technology empowerment, shareholder returns, corporate governance, and social responsibility to enhance company quality and create more value for investors [3].