Core Viewpoint - The Shanghai Stock Exchange has raised five key questions regarding the 2024 annual report of Founder Securities, focusing on financial asset investments, pledged stock business, and impairment losses, which have drawn significant market attention [1][2]. Financial Asset Investment Losses - Founder Securities reported a significant loss in financial asset investments, with a total revenue of 7.718 billion yuan, up 8.42% year-on-year, and a net profit of 2.207 billion yuan, up 2.55% year-on-year for 2024 [2]. - The company's total assets reached 255.628 billion yuan, and net assets were 48.978 billion yuan by the end of 2024 [2]. - The book value of various financial investments was 113.664 billion yuan, a 14.54% increase year-on-year, but net investment income and fair value changes totaled only 1.349 billion yuan, a 13.91% decrease [2]. - Losses included 649 million yuan from trading financial assets and 1.475 billion yuan from derivative financial instruments [2]. Impairment of Core Collateral Assets - The value of collateral assets has significantly decreased, with investment properties valued at 1.188 billion yuan at the end of 2024, down from 1.763 billion yuan at the end of 2023, resulting in a fair value change loss of 590 million yuan [4]. - Major losses were attributed to the Zhengzhou Yuda International Trade Building and Beijing Jinqianguang Cinema, with losses of 493 million yuan and 87 million yuan, respectively [4][5]. Stock Pledge Business and Impairment Provisions - All stock pledge businesses were overdue, with a total balance of 886 million yuan for buy-back financial assets, and impairment provisions increased to 659 million yuan in 2024 [6]. - The company has ceased new stock pledge repurchase business, with existing projects being managed for risk [6]. Fund Lending and Impairment Discrepancies - By the end of 2024, the balance of funds lent was 42.021 billion yuan, a 28.14% increase year-on-year, with impairment provisions rising by 43.52% to 451 million yuan [7]. - Domestic impairment provisions increased significantly due to market volatility, while overseas provisions were high due to a single counterparty default [7]. Goodwill Impairment Provisions - The company reported goodwill of 4.523 billion yuan with provisions of 183 million yuan, primarily related to the acquisition of subsidiaries [8]. - Despite poor performance from one subsidiary, the company did not recognize additional goodwill impairment, citing non-recurring losses and stable operations from another subsidiary [8].

Core Viewpoint - The total credit impairment losses for 42 A-share listed securities firms in 2024 reached 3.156 billion yuan, an increase of 15.74% compared to 2023 [1] Group 1: Credit Impairment Losses Overview - Among the 42 firms, Shenwan Hongyuan reported the highest credit impairment loss of 474 million yuan in 2024, while CITIC Securities reported the lowest at -1.114 billion yuan [1] - Huatai Securities experienced the largest increase in credit impairment losses, rising by 657 million yuan compared to 2023, while CITIC Securities saw a decrease of 749 million yuan [1] - The most significant increases in credit impairment losses, exceeding 12 times, were observed in CICC and China Galaxy [1][13] Group 2: Shenwan Hongyuan's Credit Impairment Details - Shenwan Hongyuan's 474 million yuan credit impairment loss primarily stemmed from other bond investments, with 379 million yuan attributed to bond investment impairment provisions [4] - The firm has faced ongoing high credit impairment losses, with figures from 2020 to 2024 being 798 million yuan, 522 million yuan, 1.424 billion yuan, 341 million yuan, and 474 million yuan respectively, marking a 38.85% increase in 2024 [6] - Shenwan Hongyuan's significant losses are linked to its stock pledge business, which has resulted in substantial financial losses due to poor-quality client financing [6][7] Group 3: Other Firms' Credit Impairment Losses - Tianfeng Securities reported a credit impairment loss exceeding its net profit in 2024, while Huaxi Securities and Guohai Securities had credit impairment losses exceeding 30% of their net profits [9][10] - Huaxi Securities has consistently high credit impairment losses, with figures from 2021 to 2024 being 205 million yuan, 332 million yuan, 87 million yuan, and 255 million yuan respectively [11] - China Galaxy's credit impairment losses surged by over 12 times, with losses increasing from 34 million yuan in 2023 to 441 million yuan in 2024, primarily due to increased expected credit losses in credit-related businesses [15][16]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2024年度財 務報表及審計報告》《華泰證券股份有限公司2024年度內部控制審計報告》《華泰 證券股份有限公司2024年度非經營性資金佔用及其他關聯資金往來情況的專項說 明》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 财务报表及审计报告 2024 年 12 月 31 日止年度 | 目录 | 页码 | | --- | --- | | 审计报告 | 1 - 7 | | 合并及母公司资产负债表 | 8 - 10 | | 合并及母公司利润表 | 11 - 13 | | 合并及母公司现金流量表 | 14 - 16 | | 合并股东权益 ...