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之內容概不負責， 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之任何損失承擔任何責任。 重要內容提示 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 2025年第一季度報告 本公告乃國聯民生證券股份有限公司（「本公司」或「公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.09(2)條及第13.10B條及《證券及期貨條例》（香 港法例第571章）第XIVA部項下內幕消息條文（定義見上市規則）作出。 本公告載列本公司在上海證券交易所網站刊登之《國聯民生證券股份有限公司2025 年第一季度報告》。本報告分別以中、英文兩種文字編製，在對兩種文本的理解上發 生歧義時，以中文文本為準。 公司負責人葛小波、主管會計工作負責人尹磊及會計機構負責人（會計主管人員）陳 興君保證季度報告中財務信息的真實、準確、完整。 1 第 ...

并购民生证券完成，关注后续业务协同。当前公司已完成对民生证券99.26%股权的收购事项，并募集 配套资金用于发展民生证券业务。后续来看，民生证券投行业务特色和区域优势有望与公司形成业务互 补和区域互补，民生证券并表后也将进一步增强公司资本实力，提升长期发展动能。 投资建议：公司积极推动买方投顾向广义财富管理转型，收购民生证券将进一步增强综合实力。预计 2025-2027 年公司营业收入为42.39、48.56、54.69 亿元，归母净利润为8.81、10.61、12.41 亿元，EPS 为0.16、0.19、0.22 元/股，对应4 月11 日收盘价的PE 估值为63.24、52.51、44.89 倍。维持"买入"评 级。 风险提示：资本市场大幅波动、整合效果不及预期、监管政策收紧 事件：国联民生发布2024 年年度报告。报告期内，公司实现营业收入26.83 亿元，同比-9.21%；实现归 母净利润3.97 亿元，同比-40.80%；加权平均ROE 为2.19%，同比-1.70pct。 财管业务稳健发展，资管业务布局完善。公司轻资本业务贡献主要营收，报告期内，经纪及财管业务、 投行业务、资管业务分别实现收入9 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year increase of 15%[2]. - Total revenue, net investment income, and other income for 2024 amounted to RMB 4,214,933, a decrease of 3.89% compared to RMB 4,385,566 in 2023[17]. - Profit before tax for 2024 was RMB 372,805, reflecting a significant decline of 54.83% from RMB 825,417 in 2023[17]. - Net profit attributable to shareholders for 2024 was RMB 397,419, down 40.80% from RMB 671,319 in 2023[17]. - The company achieved total revenue of RMB 4.215 billion in 2024, a year-on-year decrease of 3.89%, with net profit attributable to shareholders of RMB 397 million, down 40.80%[40]. - The company reported a total business income of RMB 2.29 billion in 2024, compared to RMB 1.90 billion in 2023, reflecting a growth of 20.00%[69]. - The company achieved net commission and fee income of RMB 1,783.34 million, a year-on-year increase of 14.75%[110]. - Total commission and fee income reached RMB 2,003.86 million, up 11.00% compared to the previous year[113]. - The company reported a net interest income of RMB -99.95 million, a decline of 222.70% year-on-year[114]. - Operating expenses amounted to RMB 2,322.77 million, reflecting an increase of 8.36% year-on-year[122]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching a total of 5 million users by the end of 2024[2]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[2]. - The company added 218,600 new customers, bringing the total customer base to 1.955 million, a year-on-year growth of 12.59%[43]. - The company plans to enhance its wealth management services and improve the penetration rate of fund advisory services for retail clients in 2025[45]. Revenue Guidance and Future Projections - The company has provided a revenue guidance of RMB 1.5 billion for the next fiscal year, which reflects an expected growth of 25%[2]. - The company plans to enhance its investment research capabilities and customer service levels in 2025, focusing on long-term value investment and compliance[75]. - The company aims to increase its IPO and refinancing project reserves, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market in 2025[55]. - The company plans to enhance its bond service capabilities and actively participate in underwriting technology innovation bonds and green corporate bonds in 2025[61]. Strategic Initiatives and Acquisitions - The company completed a strategic acquisition of a fintech startup for RMB 300 million, aimed at bolstering its service offerings[2]. - A new partnership with a major bank is expected to drive a 15% increase in transaction volume[2]. - The company established three new brokerage offices during the reporting period, enhancing its market presence[150]. - The company closed seven brokerage offices during the reporting period, indicating a strategic consolidation of operations[151]. Cost Management and Efficiency - The company has implemented cost-cutting measures that are projected to save RMB 50 million annually[2]. - The company plans to enhance performance evaluation and strengthen system construction to support business development[122]. - The company will continue to promote digital business development and enhance comprehensive strength and innovative business models in 2025[71]. Financial Position and Assets - Total assets as of December 31, 2024, reached RMB 97,208,144, representing an 11.57% increase from RMB 87,128,874 in 2023[17]. - Total liabilities increased by 13.41% to RMB 78,260,128 in 2024 from RMB 69,005,316 in 2023[17]. - The equity attributable to shareholders increased to RMB 18,584,334, a growth of 4.59% from RMB 17,768,691 in 2023[17]. - The company's margin financing and securities lending balance reached RMB 11.527 billion by the end of 2024, an increase of 12.84% compared to the end of 2023[83]. Risk Management - A comprehensive risk management system has been established, utilizing quantitative indicators to ensure risks are measurable, controllable, and bearable[176]. - The company has a four-tier risk management structure, including the board of directors, senior management, risk management department, and other risk management functions[177]. - Daily monitoring of market risk is conducted through calculations of profit and loss, exposure, and other indicators, continuously improving VAR and stress testing mechanisms[185]. - Credit risk is primarily derived from financing activities, including stock pledge repurchase transactions and bond investment trading[187]. Dividend Policy - The company approved a cash dividend distribution of RMB 1.42 per 10 shares, totaling RMB 402,111,789.86 for the year 2023[194]. - For the fiscal year 2024, the company expects to distribute a cash dividend of RMB 0.56 per 10 shares, amounting to RMB 318,113,197.14, which represents 80.04% of the net profit attributable to shareholders[196]. - The remaining undistributed profits after the 2024 dividend distribution will be RMB 2,814,767,673.48, carried forward to the next fiscal year[196].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year ending December 31, 2024, representing a year-over-year increase of 15%[3]. - Total revenue, net investment income, and other income for 2024 amounted to RMB 4,214,933, a decrease of 3.89% compared to RMB 4,385,566 in 2023[19]. - The company achieved total revenue of RMB 4,214.93 million, a year-on-year decrease of 3.89%[99]. - The brokerage and wealth management segment generated RMB 1,205.41 million in revenue, accounting for 28.60% of total revenue, up from 22.09% in the previous year[149]. - Commission and fee income reached RMB 2,003.86 million, an increase of 11.00% compared to RMB 1,805.29 million in 2023[114]. - The net investment income for 2024 was RMB 976.21 million, down 21.49% from the previous year[122]. - The company's asset management business saw a revenue increase of RMB 217.06 million, growing by 48.98% year-on-year[117]. Profitability - Profit before income tax for 2024 was RMB 372,805, reflecting a significant decline of 54.83% from RMB 825,417 in 2023[19]. - Net profit attributable to shareholders for 2024 was RMB 397,419, down 40.80% from RMB 671,319 in 2023[19]. - The net profit attributable to shareholders was RMB 397 million, down 40.80% year-on-year[44]. - The group’s retained earnings decreased to RMB 3,529.24 million, down RMB 155.72 million, or 4.23% year-on-year[146]. Assets and Liabilities - Total assets increased to RMB 5 billion, marking a 10% growth from the previous year[3]. - Total assets as of December 31, 2024, reached RMB 97,208,144, representing an 11.57% increase from RMB 87,128,874 in 2023[19]. - Total liabilities increased by 13.41% to RMB 78,260,128 in 2024 from RMB 69,005,316 in 2023[19]. - The total liabilities amounted to RMB 78,260.13 million, reflecting a growth of 13.41% from the end of 2023[100]. - The equity attributable to shareholders increased to RMB 18,584.33 million, up 4.59% from the end of 2023[100]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[3]. - The company has provided a revenue guidance of RMB 1.5 billion for the next fiscal year, projecting a growth rate of 25%[3]. - New product launches are expected to contribute an additional RMB 300 million in revenue, with a focus on innovative financial services[3]. - The company aims to enhance its wealth management services and improve the penetration rate of fund advisory services for retail clients in 2025[49]. - The company aims to expand its research influence and market share in 2025, focusing on enhancing research support for various business sectors and government departments[51]. Risk Management - The company has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, supporting long-term value maximization[178]. - The company’s risk management structure includes a board of directors, senior management, and dedicated risk management departments, ensuring effective oversight and governance[179]. - The company has implemented a liquidity risk management mechanism, conducting daily position management and periodic liquidity analysis to ensure sufficient funding availability[190]. - Credit risk is primarily associated with financing activities, including stock repurchase transactions and bond investments, managed through an internal credit rating system[189]. Dividends and Profit Distribution - The company approved a cash dividend of RMB 1.42 per 10 shares, totaling RMB 402,111,789.86 for the fiscal year 2023[196]. - The proposed cash dividend for 2024 is RMB 0.56 per 10 shares, amounting to RMB 318,113,197.14, which represents 80.04% of the net profit attributable to shareholders[198]. - The company has a history of prioritizing cash dividends when conditions allow, ensuring stable and continuous profit distribution[195]. - The company has accumulated undistributed profits of RMB 3,132,880,870.62 as of the latest reporting period[197]. Operational Developments - The company established 3 new securities business departments during the reporting period, including locations in Hangzhou, Cixi, and Shanghai[152]. - The company relocated 7 securities business departments within the same city during the reporting period[153]. - The company aims to enhance its marketing system and integrate financial technology to improve business competitiveness in its margin financing and securities lending operations[88]. Future Outlook - In 2025, the company plans to enhance its market position and core competitiveness by integrating Minsheng Securities and deepening its business capabilities, focusing on wealth management and digital transformation[170]. - The company aims to leverage the recovery window of the M&A market in 2025, focusing on project and personnel layout in M&A activities[69]. - The company plans to enhance its fixed income business by expanding product lines and improving customer service capabilities[98].

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之內容概不負責， 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之任何損失承擔任何責任。 1 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 2024年第三季度報告 本公告乃國聯證券股份有限公司（「本公司」或「公司」）根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09(2)條及第13.10B條及《證券及期貨條例》（香港法 例第571章）第XIVA部項下內幕消息條文（定義見上市規則）作出。 本公告載列本公司在上海證券交易所網站刊登之《國聯證券股份有限公司2024年第 三季度報告》。本報告分別以中、英文兩種文字編製，在對兩種文本的理解上發生歧 義時，以中文文本為準。 重要內容提示 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 公司負責人葛小波、主管會計工作負責人及會計機構負責人（會計主管人員）尹磊保 證季度報告中財務信息的真實、準確、完整。 第三季度財務報 ...

Financial Performance - Total revenue, net investment income, and other income for the first half of 2024 amounted to RMB 1,840,238, a decrease of 27.01% compared to RMB 2,521,247 in the same period of 2023[7]. - Profit before tax for the first half of 2024 was RMB 54,531, down 92.82% from RMB 758,959 in the first half of 2023[7]. - Net profit attributable to shareholders for the first half of 2024 was RMB 87,708, representing an 85.39% decline from RMB 600,313 in the same period of 2023[7]. - Basic and diluted earnings per share for the first half of 2024 were both RMB 0.03, down 85.71% from RMB 0.21 in the first half of 2023[7]. - The company reported a net profit margin of 20%, maintaining strong profitability despite market challenges[110]. - The company reported a significant loss in net investment from financial instruments measured at fair value through profit or loss, amounting to (784,645) thousand in 2024 compared to (101,392) thousand in 2023[145]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 93,333,039, reflecting a 7.12% increase from RMB 87,128,874 at the end of 2023[8]. - Total liabilities as of June 30, 2024, were RMB 74,711,612, an increase of 8.27% from RMB 69,005,316 at the end of 2023[8]. - The equity attributable to shareholders of the company was RMB 18,263,647 as of June 30, 2024, up 2.79% from RMB 17,768,691 at the end of 2023[8]. - The company's debt-to-asset ratio was 77.86%, up 1.07 percentage points from 76.79% at the end of 2023, indicating stable leverage levels[54]. - The total amount of margin deposits delivered to futures and commodity exchanges decreased to RMB 46,625 thousand as of June 30, 2024, from RMB 361,852 thousand as of December 31, 2023, a decline of 87.1%[191]. Cash Flow - Net cash inflow from operating activities for the first half of 2024 was RMB 5,401,936, an increase of 83.32% compared to RMB 2,946,717 in the first half of 2023[7]. - The company reported a net cash inflow from investment activities of RMB 1,539,854 thousand for the first half of 2024, contrasting with a net cash outflow of RMB 1,276,959 thousand in the same period of 2023[123]. - The company’s financing activities generated a net cash inflow of RMB 932,986 thousand in the first half of 2024, compared to RMB 3,368,367 thousand in the same period of 2023[123]. Customer and Market Growth - The number of new customers added during the reporting period was 119,400, bringing the total customer base to 1.8558 million, a year-on-year increase of 10.06%[16]. - The company aims to enhance its online service capabilities and expand its service boundaries through digital transformation initiatives[17]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[110]. Strategic Initiatives - The company plans to enhance its asset allocation services and improve the efficiency of its service system in the second half of 2024[17]. - The company aims to strengthen compliance and risk management while exploring AI applications in business operations[53]. - The company plans to acquire 99.26% of Minsheng Securities through issuing A-shares and raising matching funds[64]. Risk Management - The company emphasizes a comprehensive risk management system to ensure risks are measurable, controllable, and bearable[67]. - The company has established a comprehensive risk management framework, including a risk management committee and a Chief Risk Officer responsible for overseeing risk management policies and practices[72]. - Credit risk is primarily associated with financing activities, including stock pledge repurchase transactions and bond investments, managed through an internal credit rating system[77]. Employee and Governance - As of June 30, 2024, the company has a total of 3,392 employees, with 2,389 in the parent company[66]. - The company’s board consists of one executive director, five non-executive directors, and three independent non-executive directors, ensuring appropriate checks and balances[91]. - The company has implemented a performance evaluation system covering risk management effectiveness for all employees[71]. Dividends and Share Capital - The company does not plan to distribute an interim dividend to shareholders[82]. - The company declared dividends amounting to RMB (402,112) thousand, reflecting its commitment to returning value to shareholders despite fluctuations in earnings[121]. - As of the end of the reporting period, the company has issued a total of 2,831,773,168 shares, comprising 2,389,133,168 A shares and 442,640,000 H shares[84].

Financial Performance - Total revenue, net investment income, and other income for the first half of 2024 amounted to RMB 1,840,238, a decrease of 27.01% compared to RMB 2,521,247 in the same period of 2023[8]. - Profit before tax for the first half of 2024 was RMB 54,531, down 92.82% from RMB 758,959 in the first half of 2023[8]. - Net profit attributable to shareholders for the first half of 2024 was RMB 87,708, representing an 85.39% decline from RMB 600,313 in the same period of 2023[8]. - Basic and diluted earnings per share for the first half of 2024 were both RMB 0.03, down 85.71% from RMB 0.21 in the first half of 2023[8]. - The net profit for the period was RMB 90,621 thousand, down 85% from RMB 601,044 thousand in the same period last year[117]. - The company reported a significant increase in fair value gains on equity investments, reaching RMB 1,075,384 thousand compared to RMB 375,697 thousand in the previous year[117]. - Total comprehensive income for the period was RMB 899,981 thousand, a decrease from RMB 989,601 thousand in the previous year[117]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 93,333,039, an increase of 7.12% from RMB 87,128,874 at the end of 2023[9]. - Total liabilities as of June 30, 2024, were RMB 74,711,612, reflecting an 8.27% increase from RMB 69,005,316 at the end of 2023[9]. - Equity attributable to shareholders increased to RMB 18,263,647, a 2.79% rise from RMB 17,768,691 at the end of 2023[9]. - The debt-to-asset ratio as of June 30, 2024, was 77.86%, an increase of 1.07 percentage points from 76.79% at the end of 2023[9]. - The company's total liabilities increased to RMB 49,138,052 thousand from RMB 43,200,022 thousand, reflecting a rise of approximately 13.8%[119]. - The equity attributable to shareholders reached RMB 18,263,647 thousand, up from RMB 17,768,691 thousand, marking an increase of about 2.8%[120]. Cash Flow and Investments - Net cash inflow from operating activities for the first half of 2024 increased by 83.32% to RMB 5,401,936, compared to RMB 2,946,717 in the first half of 2023[8]. - The company reported a net cash inflow from investing activities of RMB 1,539,854 thousand for the first half of 2024, contrasting with a net cash outflow of RMB 1,276,959 thousand in the previous year[127]. - The total cash and cash equivalents at the end of June 30, 2024, reached RMB 15,196,629 thousand, compared to RMB 8,765,598 thousand at the same time in 2023, showing robust liquidity[127]. - The company raised RMB 6.39 billion in new debt financing during the first half of 2024, with a total outstanding debt of RMB 26.785 billion as of June 30, 2024[59]. - The company issued new bonds generating cash inflow of RMB 6,797,152 thousand in the first half of 2024, compared to RMB 14,381,186 thousand in the same period of 2023[127]. Market and Business Operations - Revenue from brokerage and wealth management business was RMB 4.67 billion, down 5.48% year-on-year[15]. - Investment banking revenue decreased by 40.97% to RMB 1.80 billion[15]. - Asset management and investment business revenue surged by 102.06% to RMB 3.27 billion[15]. - The overall trading volume in the domestic securities market decreased, with a total trading amount of RMB 116 trillion in the first half of 2024, a year-on-year decline of 6.28%[16]. - The company added 119,400 new customers during the reporting period, bringing the total customer base to 1,855,800, a year-on-year increase of 10.06%[17]. - The company completed two equity financing projects, including one IPO project with an underwriting amount of RMB 0.17 billion and one refinancing project with an underwriting amount of RMB 0.278 billion[21]. Risk Management - The company emphasizes a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, aiming for long-term value maximization[69]. - The board of directors is responsible for the overall risk management strategy, including approving major risk management policies and appointing the Chief Risk Officer[73]. - Credit risk is primarily derived from financing activities, including stock pledge repurchase transactions and OTC derivatives, with an internal credit rating system in place for assessment[80]. - The company implements liquidity risk limit management, setting limits based on business scale, nature, and market conditions, while maintaining a reserve of high-quality liquid assets[81]. - Operational risk management is enhanced through the optimization of internal control mechanisms and the establishment of an operational risk management system[82]. Corporate Governance - The company has implemented a compensation and nomination committee, which is primarily composed of independent non-executive directors[99]. - The company has adopted a code of conduct for securities transactions by directors and supervisors, ensuring compliance during the reporting period[96]. - The company held one shareholders' meeting and three board meetings during the reporting period, passing a total of 65 resolutions[97]. - The company strictly adheres to legal and regulatory requirements, ensuring compliance and good corporate governance practices[95]. Future Outlook - The company aims to enhance its asset allocation capabilities and improve service efficiency in the second half of 2024, focusing on a comprehensive asset allocation system[18]. - The company plans to increase the reserve of quality IPO and refinancing projects, particularly targeting the Sci-Tech Innovation Board and the Growth Enterprise Market[25]. - The company aims to enhance its bond service capabilities and expand its underwriting business in the Wuxi region in the second half of 2024[30]. - The company plans to explore AI and large model applications in business operations to improve efficiency and service delivery[55].

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之內容概不負責， 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之任何損失承擔任何責任。 1 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 2024年第一季度報告 本公告乃國聯證券股份有限公司（「本公司」或「公司」）根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09(2)條及第13.10B條及《證券及期貨條例》（香港法 例第571章）第XIVA部項下內幕消息條文（定義見上市規則）作出。 本公告載列本公司在上海證券交易所網站刊登之《國聯證券股份有限公司2024年第 一季度報告》。本報告分別以中、英文兩種文字編製，在對兩種文本的理解上發生歧 義時，以中文文本為準。 重要內容提示 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 公司負責人葛小波、主管會計工作負責人及會計機構負責人（會計主管人員）尹磊保 證季度報告中財務信息的真實、準確、完整。 第一季度財務報 ...

Company Overview and Shareholding Structure - Guolian Securities Co., Ltd. is registered in the People's Republic of China with stock code 1456[1] - Guolian Group directly and indirectly holds 48.60% of the company's shares, making it the controlling shareholder[4] - The company holds 100% equity in Guolian Tongbao Capital Investment Co., Ltd. and Guolian Innovation Investment Co., Ltd.[4] - The company holds 75.5% equity in Guolian Fund Management Co., Ltd.[4] - Guolian Securities holds 100% equity in Guolian Securities (Hong Kong) Co., Ltd.[4] - The company holds 100% equity in Huaying Securities Co., Ltd.[5] - Guolian Securities holds 9.43% equity in Zhonghai Fund Management Co., Ltd.[6] Financial Performance and Key Metrics - Revenue, net investment income, and other income increased by 11.59% to RMB 4,385.57 million in 2023 compared to 2022[17] - Profit before tax decreased by 14.50% to RMB 825.42 million in 2023 compared to 2022[17] - Net profit attributable to shareholders decreased by 12.51% to RMB 671.32 million in 2023 compared to 2022[17] - Total assets increased by 17.14% to RMB 87,128.87 million in 2023 compared to 2022[18] - Total liabilities increased by 19.76% to RMB 69,005.32 million in 2023 compared to 2022[18] - Equity attributable to shareholders increased by 6.01% to RMB 17,768.69 million in 2023 compared to 2022[18] - Basic earnings per share decreased by 11.11% to RMB 0.24 in 2023 compared to 2022[17] - Weighted average return on equity decreased by 0.73 percentage points to 3.89% in 2023 compared to 2022[16] - Asset-liability ratio increased by 3.15 percentage points to 76.79% in 2023 compared to 2022[18] - Net cash flow from operating activities decreased by 60.10% to RMB 779.79 million in 2023 compared to 2022[17] - Total revenue, net investment income, and other income for 2023 reached RMB 43.86 billion, an increase of 11.59% year-over-year, while net profit attributable to shareholders decreased by 12.51% to RMB 6.71 billion[27] - Total assets as of December 31, 2023, amounted to RMB 871.29 billion, with net assets attributable to shareholders at RMB 177.69 billion and a weighted average ROE of 3.89%[27] Business Segments and Operations - Brokerage and wealth management business revenue decreased by 7.57% to RMB 9.69 billion, while asset management and investment business revenue surged by 139.06% to RMB 4.70 billion[27] - The company added 150,600 new clients in 2023, bringing the total client base to 1.7364 million, a year-over-year increase of 9.64%[30] - Fund investment advisory signed clients reached 300,200, up 24.93% year-over-year, with authorized account assets totaling RMB 6.594 billion[30] - Financial product sales (excluding cash management products) amounted to RMB 18.403 billion, a decrease of 14.76%, while the year-end financial product balance grew by 8.16% to RMB 19.330 billion[30] - In 2023, the company completed 6 equity financing projects with a total underwriting amount of RMB 3.956 billion, achieving full coverage across the Shanghai, Shenzhen, and Beijing Stock Exchanges[33] - IPO underwriting projects in 2023 totaled RMB 2.368 billion across 4 deals, with an additional 1 project approved and awaiting issuance, 1 project approved, 3 projects under review, and 17 projects in the counseling stage[34] - The company's bond underwriting business achieved a total underwriting amount of 515.81 billion yuan in 2023, with the number of underwriting deals and scale increasing by 22.22% and 30.94% year-on-year respectively[38] - The company completed 135 bond underwriting projects and 19 government bond distribution projects in 2023, with 40 approved bond projects pending issuance and 32 bond projects under review, with a pending issuance scale exceeding 100 billion yuan[38] - The company's asset management business managed a total of 300 asset management plans with entrusted funds of 1,172.93 billion yuan at the end of 2023, a year-on-year increase of 14.94%[44] - The company's asset management business achieved a revenue of 189.77 million yuan in 2023, a year-on-year increase of 2.55%, with public fund products (including large collections) accounting for 87.73 billion yuan in assets[44] - The company acquired 75.5% equity of Zhongrong Fund in 2023, which was renamed Guolian Fund on August 1, marking a new development phase[47] - The company plans to focus on the Beijing Stock Exchange IPO business in 2024, aiming to enhance project reserves and consolidate its industry ranking[36] - The company aims to improve bond service quality and innovation capabilities in 2024, while expanding market share and enhancing bond sales capabilities[40] - The company completed 157 financial advisory projects in 2023, including 6 new三板 listing projects and 5定增 projects, with 92 new三板持续督导 enterprises[41] - The company plans to deepen industry research and seize merger and acquisition opportunities in 2024, while enhancing comprehensive financial advisory service capabilities[42] - The company's asset management business ranked in the top 10% for pure bond fixed-income products, top 40% for含权类 products, and top 30% overall in 2023, with ABS new issuance scale ranking 9th in the industry[44] - Public fund industry's total management scale reached 27.6 trillion yuan by the end of 2023, with ETF market size exceeding 2 trillion shares, marking a significant milestone[48] - Guolian Fund's total asset management scale reached 148.767 billion yuan by the end of 2023, with non-monetary public fund management scale breaking 100 billion yuan at 101.573 billion yuan, ranking 44th in the industry[49] - Guolian Fund's active stock management ability ranked 14th out of 107 fund companies over the past three years and 22nd out of 99 over the past four years[49] - Private equity market saw 8,322 new funds established in 2023, a 4.67% year-on-year decrease, with new fund subscription scale dropping 9.36% to 614.06 billion USD[51] - Guolian Tongbao established 5 new funds in 2023, adding 1.272 billion yuan in management scale, with total management scale reaching 6.15 billion yuan by the end of the reporting period[52] - Margin financing and securities lending business achieved interest income of 606 million yuan in 2023, a 6.69% year-on-year increase, with daily average balance reaching 10.231 billion yuan, up 10.72% year-on-year[54] - Stock pledge repurchase business principal balance stood at 2.394 billion yuan by the end of 2023, a 37.93% year-on-year decrease, with investment-type (on-balance sheet) balance at 1.329 billion yuan and management-type (off-balance sheet) balance at 1.065 billion yuan[57] - The company's equity securities investment business achieved excess returns, significantly outperforming the CSI 300 Index in 2023[60] Strategic Plans and Outlook - The company plans to focus on high-quality development in 2024, aiming to enhance its product and service offerings in niche markets and deepen its wealth management transformation[119] - The company will improve its investment research capabilities and expand the scale of its asset management subsidiary and Guolian Fund, aiming to build a strong active management brand[119] - The company aims to apply for new niche business licenses to diversify its financial market business and enhance its anti-cyclical capabilities[119] - The company will explore the application of AI and large models in business and daily operations to improve IT self-research capabilities[119] - The company will continue to optimize its funding structure, explore new financing instruments and models, and ensure liquidity safety while maintaining a reasonable leverage level[120] - The company expects global economic challenges in 2024, with weakening global demand and structural supply shortages, while domestic monetary policy in China is expected to have more room for adjustment due to shifts in overseas monetary policies[116] - The company highlights the increasing dominance of leading securities firms in the industry, with top firms showing better profitability and resilience through cycles, supported by regulatory policies aimed at fostering first-class investment banks and institutions[117] Risk Management and Compliance - The company has established a comprehensive risk management framework, including a four-tier structure, to ensure risk is measurable, controllable, and acceptable[126][127][128][129] - The company has established a Risk Management Committee at the senior management level, responsible for comprehensive risk management, including policy formulation, risk limit approval, and decision-making on significant risk-related matters[130] - The Chief Risk Officer is responsible for coordinating comprehensive risk management, including the implementation of risk management plans, approval of risk measurement methods and models, and assessment of major market, credit, liquidity, and reputational risks[130] - The company's risk management functions include the Risk Management Department, Compliance and Legal Department, Financial Accounting Department, and others, which are responsible for developing risk management tools, monitoring risk limits, and conducting stress tests[131] - The company has established a market risk limit management system, allocating risk limits to various business departments and lines, with daily monitoring of indicators such as profit and loss, exposure, and duration[133] - Credit risk is managed through an internal credit rating system, stress testing, and sensitivity analysis, with a focus on monitoring counterparty credit risk and using a credit risk management system[134] - The company has implemented a daily liquidity management and regular liquidity analysis mechanism, with liquidity risk limits set based on business scale, nature, and market conditions[135] - Operational risk is managed through continuous optimization of internal controls, risk identification, and effectiveness assessments, with a focus on process standardization and risk event collection[136] - The company has established a comprehensive compliance risk management system, including compliance monitoring, inspections, reviews, and training to control compliance risks effectively[137] Dividend and Shareholder Information - The company's 2023 net profit was RMB 587,568,168.76, with distributable profit after deductions amounting to RMB 406,058,811.21[141] - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, totaling RMB 402,111,789.86, with the remaining undistributed profit of RMB 2,960,489,772.21 carried forward to the next year[141] - The company's total undistributed profit for 2023, including previous years' retained earnings, was RMB 3,362,601,562.07[141] - The company's H-share dividend tax rate for non-resident enterprise shareholders is 10%, in accordance with Chinese tax regulations[159] - The company's distributable reserves as of December 31, 2023, amounted to RMB 3,362,601,562.07[161] Related Party Transactions - The company renewed the securities and financial services framework agreement and property leasing and related services framework agreement with Guolian Group, setting annual caps for the period from January 1, 2024, to December 31, 2026[172] - The company provides financial services to Guolian Group and its associates, including securities brokerage, futures IB services, and asset management services[173] - The company engages in securities and financial product transactions with Guolian Group, including repurchase agreements and trust plan subscriptions[174] - Pricing for securities and financial services is determined based on market rates and must not be lower than the rates charged to independent third parties[175] - The commission for securities brokerage services is determined based on market rates and the estimated scale of transactions[176] - Asset management service fees are set within market ranges and consider factors such as asset conditions[177] - The pricing for single asset management plans varies based on target assets and market conditions[178] - Financial product distribution fees are determined based on product risk and market prices[179] - Financial advisory service fees are benchmarked against similar transactions with independent third parties[180] - Underwriting and sponsorship service fees are determined based on market rates and the total funds to be raised[181] - The company's securities and financial services generated revenue of RMB 14.85 million in 2023, against a maximum transaction limit of RMB 80.03 million, while expenses amounted to RMB 2.07 million against a limit of RMB 7.43 million[193] - The company's total funds inflow from securities and financial product transactions (excluding repurchase and pledged repurchase transactions) with related parties was RMB 0 in 2023, against a maximum limit of RMB 330 million, while the outflow was also RMB 0 against a limit of RMB 315 million[195] - The maximum daily balance (including interest) for repurchase and pledged repurchase transactions with related parties was RMB 0 in 2023, against a maximum limit of RMB 525 million[197] - The company's property leasing and related services generated revenue of RMB 0.54 million in 2023, against a maximum limit of RMB 3.00 million, while expenses amounted to RMB 19.66 million against a limit of RMB 33.70 million[200] Miscellaneous - The company has no significant foreign currency assets or liabilities, and most business transactions are settled in RMB, making exchange rate fluctuation risk insignificant[165] - The company has no major suppliers due to the nature of its business[161] - The company has no significant penalties or public reprimands during the reporting period[169] - No major contracts were signed during the reporting period, apart from those disclosed in the report[170] - The company has complied with all relevant laws and regulations in both Mainland China and Hong Kong during the reporting period[163] - The company has no stock-linked agreements or share option arrangements during the reporting period[166] - The company has no significant litigation or arbitration cases concluded during the reporting period[170]

Financial Performance - The company reported its annual performance for the year ending December 31, 2023, in compliance with the Hong Kong Stock Exchange regulations[1]. - Total revenue for 2023 reached RMB 4,385,566, an increase of 11.59% compared to RMB 3,930,127 in 2022[33]. - Net profit attributable to shareholders for 2023 was RMB 671,319, a decrease of 12.51% from RMB 767,285 in 2022[33]. - Operating cash flow for 2023 was RMB 779,788, down 60.10% from RMB 1,954,599 in 2022[33]. - The total revenue for 2023 reached RMB 4,385.57 million, up 11.56% from RMB 3,930.13 million in 2022[141]. - The company achieved a pre-tax profit of RMB 825.42 million for 2023, a decrease of 14.54% from RMB 965.43 million in 2022[144]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 87,128,874, representing a growth of 17.14% from RMB 74,381,997 in 2022[34]. - Total liabilities increased by 19.76% to RMB 69,005,316 in 2023 from RMB 57,621,443 in 2022[34]. - The company's debt-to-asset ratio rose to 76.79% in 2023, up from 73.64% in 2022, an increase of 3.15 percentage points[34]. - The total assets of the group reached RMB 87,128.87 million, growing by 17.14% compared to the end of 2022[93]. - Total liabilities reached RMB 69,005.32 million, increasing by RMB 11,383.88 million or 19.76% year-on-year[130]. Equity and Shareholder Information - Basic earnings per share for 2023 were RMB 0.24, a decrease of 11.11% from RMB 0.27 in 2022[33]. - The total equity attributable to shareholders increased by 6.01% to RMB 17,768,691 in 2023 from RMB 16,760,554 in 2022[34]. - The total equity amounted to RMB 18,123.56 million, an increase of 8.13% year-on-year, driven by operational accumulation and the acquisition of Guolian Fund[138]. - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, amounting to a total cash dividend of RMB 402,111,789.86, with undistributed profits carried forward to the next year totaling RMB 2,960,489,772.21[191]. Business Operations and Strategy - The company is focused on expanding its market presence and enhancing its service offerings through strategic investments[8]. - The company plans to enhance its asset allocation services and expand its online service capabilities in 2024[51]. - The company aims to enhance its role as a leading investment bank focused on providing comprehensive financial solutions, contributing to the economic development of the Wuxi and southern Jiangsu regions[163]. - The company plans to optimize its strategy and channel layout to expand the scale of its asset management subsidiaries and improve its active management brand[164]. Risk Management - The company has implemented a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, maximizing long-term value[172]. - The company has established a comprehensive compliance risk management system to monitor and control compliance risks effectively[187]. - Liquidity risk management includes daily position management and periodic liquidity analysis to ensure sufficient funds for obligations[184]. Market and Industry Insights - The bond market in 2023 saw a total issuance of various bonds amounting to 65.62 trillion RMB, a year-on-year growth of 6.79%[58]. - The company anticipates that the global economic environment will remain challenging in 2024, with a focus on stabilizing growth through monetary policy adjustments[160]. - The company recognizes the increasing advantages of leading securities firms, with a focus on business innovation and mergers to strengthen its market position[162]. Corporate Governance - The company emphasizes its commitment to corporate governance and compliance with relevant regulations[12]. - The board of directors includes Mr. Ge Xiaobo as the executive director and chairman, with a team of non-executive and independent directors[2]. - The company has established a comprehensive internal mechanism to manage reputation risk, including monitoring and emergency response systems[188].