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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 茲載列國泰海通證券股份有限公司（「本公司」或「公司」）及其附屬公司截至2025 年3月31日止的2025年第一季度報告，其所載財務報告乃根據中國企業會計準則 編製，且未經審計。 本公告以中英文兩種語言編製。在對本報告的中英文版本理解上發生歧義時，以 中文為準。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年4月29日 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；及本公司的獨立非執行董事為 李仁傑先生、王國剛先生、浦永灝先生、毛付根先生、陳方若先生以及江憲先生。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 2025年 ...

4月26日，国泰君安资管宣布，任命陶耿为公司董事长。值得注意的是，4月24日，海通资管也官宣，陶 耿出任公司董事长。目前，陶耿身兼数职，现任国泰君安资管党委书记、董事长、总裁兼财务负责人， 海通资管董事长。据业内人士透露，随着国泰海通（601211）证券合并顺利完成，旗下资管子公司合并 事宜也提上日程，目前处于初期推进过程中。(中国基金报) ...

每经记者 陈晨 每经编辑 肖芮冬 近两日，海通资管迎来管理层重大调整，引发行业关注。4月24日，海通资管发布公告称，原董事长路 颖因工作变动而离任，由陶耿接任董事长职务；4月25日，海通资管再度发布人事任命，新任叶明为副 总经理（主持工作）。值得关注的是，两位新任高管均来自国泰君安资管体系——陶耿现任国泰君安资 管副董事长、总裁兼财务负责人；叶明现任国泰君安资管副总裁、首席信息官（代为履职）、首席市场 官。 不难发现，此次海通资管两位新任高管都来自国泰君安资管，而这样的人事布局折射出国泰君安与海通 证券合并后的整合脉络，旗下资管板块开启深度整合。当然，不仅仅是资管板块，整合效应也已延伸至 基金板块。 据记者获悉，路颖不仅辞任了海通资管董事长职务，也于4月23日辞任了海富通基金董事长职务，转而 回归研究领域，出任国泰海通证券研究所所长。海富通基金董事长职务则由现国泰海通证券副总裁谢乐 斌接任。 1年内制定并上报子公司具体整合方案 4月11日，国泰海通证券挂牌成立大会举行。回顾来看，2024年9月，国泰君安与海通证券积极响应国家 战略，启动合并重组，2025年4月正式更名为国泰海通，拉开建设一流投行的序幕。合并重 ...

2024 國泰君安証券股份有限公司 GUOTAI JUNAN SECURITIES CO. LTD. （於中華人民共和國註冊成立的股份有限公司） 重要提示 以本次分紅派息的股權登記日公司總股本扣除公司回購專用證券賬戶持有股份後的股本總額為基 數，向A股股東和H股股東每10股分配現金紅利2.8元（含稅）。公司已於2025年3月14日完成換股吸 收合併海通證券並募集配套資金事宜，若按照批准2024年度利潤分配預案的董事會召開日公司已發 行的總股數17,629,708,696股扣除公司回購專用證券賬戶的股份47,786,169股，即17,581,922,527股 為基數計算，擬分配的現金紅利總額為4,922,938,308元（含稅）。本年度公司分配現金紅利的總額， 包括中期已分配的現金紅利1,335,559,593元，合計為6,258,497,901元（含稅），佔公司2024年度合併 報表歸屬於母公司所有者淨利潤的48.05%。 公司2024年度利潤分配預案已經公司第六屆董事會第十六次會議審議通過，尚需公司股東大會審 議。 六、 前瞻性陳述的風險聲明 √ 適用 □ 不適用 本報告所涉及的未來計劃、發展戰略等前瞻性描 ...

Financial Performance - The consolidated operating revenue for 2024 was CNY 43.397 billion, representing a year-on-year growth of 20.08%[12]. - The net profit attributable to the parent company was CNY 13.024 billion, with a year-on-year increase of 38.94%, while the net profit excluding non-recurring gains and losses was CNY 12.440 billion, up 42.70% year-on-year[12]. - The return on equity (ROE) was 8.14%, an increase of 2.12 percentage points compared to the previous year[12]. - Total revenue and other income for 2024 reached RMB 61,757,078, an increase of 18.07% compared to RMB 52,303,831 in 2023[48]. - Operating profit for 2024 was RMB 16,356,424, reflecting a significant growth of 38.99% from RMB 11,768,452 in 2023[48]. - Basic earnings per share for 2024 were RMB 1.39, a 41.84% increase from RMB 0.98 in 2023[50]. - Net profit attributable to equity holders for 2024 was ¥13.02 billion, up 38.4% from ¥9.37 billion in 2023[56]. - The total revenue of Guotai Junan International reached 4.42 billion HKD, a year-on-year increase of 37.4% from 3.22 billion HKD[120]. Asset and Liability Management - As of December 31, 2024, the company's total consolidated assets reached CNY 1,047.745 billion, an increase of 13.22% compared to the previous year[12]. - Total liabilities increased to RMB 870,271,715, representing a 15.72% rise from RMB 752,024,474 in 2023[49]. - The total equity increased to CNY 177.47 billion, representing a growth of 2.36% from the previous year[156]. - The total amount of borrowings and bond financing was CNY 191.225 billion, with short-term financing payables increasing by 145.15% to CNY 47.491 billion[165]. Investment and Capital Raising - The company raised over CNY 560 billion for more than 100 enterprises in Shanghai throughout the year, focusing on strategic investments and long-term value[13]. - The company completed the share swap and merger with Haitong Securities on March 14, 2025, enhancing its capital base[5]. - The company plans to raise CNY 10 billion through the issuance of 626,174,076 A-shares to state-owned enterprises as part of the merger[176]. Risk Management and Compliance - The company has established a dynamic risk control system to manage various operational risks, including market, credit, liquidity, operational, and reputational risks[8]. - The company has maintained a continuous AA-level classification by the China Securities Regulatory Commission for 17 consecutive years, demonstrating strong compliance and risk management[144]. Strategic Initiatives and Future Plans - The company aims to enhance its global asset allocation, trading investment, and value discovery capabilities to better serve the capital market and strengthen its competitiveness on a global scale[18]. - The company is committed to a high-quality development strategy that promotes sustainable growth, with revenue and net profit growth rates significantly exceeding asset scale growth[15]. - The company plans to implement a comprehensive incentive mechanism that balances material and spiritual incentives, focusing on performance and risk cost in assessments[15]. - The company is actively pursuing a share swap merger with Haitong Securities, issuing 5,985,871,332 A-shares and 2,113,932,668 H-shares, with a swap ratio of 0.62 shares for each share of Haitong Securities[176]. Customer Engagement and Service Development - The company emphasizes a customer-centric approach, aiming to break down silos and enhance collaboration to improve service capabilities[20]. - The company has established a service system for retail, institutional, and corporate clients, focusing on wealth management, investment banking, institutional trading, investment management, and international business[132]. Talent Development and Human Resources - The company is enhancing its talent development strategy, particularly for young and international talent, to support its strategic goals[16]. ESG and Sustainability - The MSCI ESG rating was upgraded to the highest level of AAA, reflecting the company's commitment to ESG principles and innovation in financial products and services[14]. - The company achieved a MSCI ESG rating upgrade to AAA, enhancing its green finance service capabilities[63].

Financial Performance - Operating revenue for Q3 2024 reached RMB 11,931,226,135, representing a year-on-year increase of 37.21%[6] - Net profit attributable to shareholders of the parent company was RMB 4,507,003,290, up 56.17% compared to the same period last year[6] - Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 4,478,431,055, reflecting a significant increase of 77.96% year-on-year[6] - Basic earnings per share for the period was RMB 0.49, an increase of 58.06% compared to the previous year[6] - Total operating revenue for the first three quarters of 2024 reached ¥29,000,991,014, an increase of 7.3% compared to ¥27,029,463,581 in the same period of 2023[22] - Net income for the first three quarters of 2024 was ¥9,913,939,300, up 9.5% from ¥9,051,858,631 in 2023[24] - Net profit attributable to the parent company for the first three quarters of 2024 was ¥9,523,020,776, compared to ¥8,627,487,447 in 2023, reflecting a growth of 10.4%[24] - Operating profit for the first three quarters of 2024 was ¥12,096,019,869, an increase of 7.8% from ¥11,225,785,348 in 2023[24] - The total comprehensive income for the first three quarters of 2024 was ¥10,498,807,985, compared to ¥9,077,503,013 in 2023, indicating a growth of 15.6%[25] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 931,948,048,732, a slight increase of 0.71% from the end of the previous year[7] - The total liabilities of the company as of September 30, 2024, were RMB 758.98 billion, compared to RMB 752.02 billion at the end of 2023, indicating an increase of 0.87%[21] - The company's equity attributable to shareholders was RMB 166.48 billion, slightly down from RMB 166.97 billion, a decrease of 0.29%[21] - The company's total assets as of September 30, 2024, were CNY 645,377,984,459, down from CNY 685,950,956,921 at the end of 2023, indicating a decrease of about 5.9%[29] - Total liabilities decreased to CNY 502,274,445,215 as of September 30, 2024, down from CNY 540,152,267,561 at the end of 2023, a reduction of approximately 7%[30] Cash Flow - The net cash flow from operating activities reached CNY 35.82 billion, a significant improvement from a negative cash flow of CNY -23.65 billion in the same period last year[13] - The net cash flow from operating activities for the first three quarters of 2024 was ¥35,818,493,749, a substantial improvement compared to a negative cash flow of -¥23,654,102,728 in 2023[26] - Cash flow from investment activities showed a net inflow of CNY 10,689,512,005 in 2024, a turnaround from a net outflow of CNY -984,378,163 in 2023[27] - Cash inflow from investment activities totaled ¥85,423,872,467 in 2024, significantly higher than ¥45,130,557,607 in 2023[35] - The net cash flow from financing activities in 2024 was CNY -30,131,243,575, compared to a positive inflow of CNY 2,624,208,463 in 2023, showing a significant decline[27] Investments and Income - The increase in operating revenue was primarily driven by a rise in fair value gains compared to the previous year[11] - The net income from investment banking fees decreased by 32.33% to CNY 1.80 billion, primarily due to a decline in equity underwriting revenue[13] - The net investment income decreased to ¥6,388,973,053 in 2024 from ¥8,074,639,130 in 2023, reflecting a decline of 20.9%[22] - The company reported a significant increase in other business income, totaling ¥6,377,864,438 in 2024, compared to ¥5,110,988,146 in 2023, marking a rise of 24.8%[22] - The company reported a significant increase in fair value changes, with a gain of ¥4,536,462,846 in 2024 compared to a loss of -¥53,806,906 in 2023[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 149,469, with the top ten shareholders holding a combined 56.66% of shares[14] - The company plans to conduct a share swap merger with Haitong Securities, with a swap ratio of 1:0.62 for both A-shares and H-shares[18] Other Financial Metrics - Other comprehensive income after tax surged by 2,180.69% to CNY 584.87 million, mainly from changes in the fair value of equity and debt investments[13] - The company's cash and cash equivalents amounted to RMB 200.75 billion, up from RMB 161.88 billion, representing a significant increase of 23.93%[19] - Customer fund deposits increased by 34.51% to CNY 176.40 billion compared to the previous year, driven by market conditions[12] - The company's short-term financing payables decreased by 34.62% to CNY 12.67 billion, primarily due to the maturity of short-term financing bonds[12] - The company's other receivables decreased by 31.12% to CNY 64.85 billion, reflecting a strategic reduction in this investment category[12]

Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling approximately 1,335,559,593 RMB, which accounts for 26.63% of the net profit attributable to the parent company for the first half of 2024[2]. - The cash dividend for H-share shareholders will be distributed at a rate of HKD 1.641716 per 10 shares, based on the average exchange rate of RMB to HKD prior to the dividend distribution date[116]. - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares for the 2024 interim dividend, totaling RMB 1,335,559,593, which accounts for 26.63% of the net profit attributable to the parent company for the first half of 2024[115]. - The company will distribute the interim dividend to eligible shareholders by October 21, 2024, or earlier[116]. Financial Performance - Total revenue and other income for the first half of 2024 was RMB 25.79 billion, a decrease of 1.50% compared to the same period last year[12]. - Net profit attributable to shareholders for the first half of 2024 was RMB 5.02 billion, down 12.64% year-on-year[12]. - Operating profit for the first half of 2024 was RMB 6.39 billion, reflecting a decline of 13.06% compared to the previous year[12]. - The company reported a basic earnings per share of RMB 0.52, down 14.75% from RMB 0.61 in the same period last year[12]. - Commission and fee income amounted to RMB 8.84 billion, accounting for 34.29% of total revenue, down 2.68% year-on-year, primarily due to declines in brokerage and investment banking income[60]. - Interest income was RMB 7.42 billion, representing 28.77% of total revenue, a decrease of 5.59% year-on-year, mainly due to lower income from margin financing and stock pledge businesses[60]. - Net investment income was RMB 4.93 billion, accounting for 19.14% of total revenue, down 5.07% year-on-year, attributed to declines in fair value investments[60]. Risk Management - The company faces various risks including market risk, credit risk, liquidity risk, operational risk, and reputational risk, and has established an effective internal control and risk management system[4]. - The company emphasizes the importance of risk control at all levels, requiring subsidiaries to establish their own risk management systems[90]. - The company has established a four-tier risk management system, continuously improving risk management methods for market, credit, operational, liquidity, and reputational risks[91]. - The company has implemented a performance evaluation system that includes risk management effectiveness across all employees[86]. - The company has established an operational risk management system to identify and assess operational risks across internal processes, employee behavior, and IT systems, ensuring business continuity and effective management[101]. Corporate Governance - The mid-term report has been reviewed by KPMG and confirms the accuracy and completeness of the financial statements[2]. - The mid-term report is unaudited but has been reviewed by the audit committee, which raised no objections to the accounting policies adopted by the group[2]. - The report indicates that there are no non-operational fund occupations by controlling shareholders or related parties[3]. - The company’s legal representative is Zhu Jian, and the general manager is Li Junjie[8]. - The company has experienced several board member changes due to retirement and resignations, impacting its governance structure[112]. Business Strategy and Development - The company aims to enhance its core competitiveness through mergers and acquisitions and organizational innovation as part of its long-term strategy[21]. - The company is focusing on international business development, particularly in Hong Kong, the United States, Europe, and Southeast Asia, through its international platform[57]. - The company launched a new strategy "ALL in AI" and introduced the "Junhong Lingxi" large model with over 100 billion parameters[26]. - The company is advancing its digital transformation with a focus on online, data-driven, and intelligent operations, enhancing its business development capabilities[28]. - The company is committed to continuous improvement of its internal control mechanisms and emergency plans for innovative business to ensure stable development[107]. Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to green finance and sustainable development through the release of action plans for carbon neutrality and enhancing green financial services[144]. - The company has established an ESG and sustainability committee to enhance its ESG risk management framework[108]. - The company has implemented energy-saving measures in its data center, resulting in a reduction of approximately 20,000 kWh of electricity by decommissioning old servers[153]. - The company has actively promoted green operations, reducing energy consumption in its Shanghai office to 7,213.92 tons of standard coal in the first half of 2024[148]. - The company has participated in carbon trading with a cumulative transaction volume of 80.5 million tons as of June 30, 2024, including 4.82 million tons in the first half of 2024[145]. Shareholder Engagement - The company held its first extraordinary shareholders' meeting on March 20, 2024, to approve the repurchase of restricted A-shares[109]. - The company plans to hold its annual shareholders' meeting on May 21, 2024, to discuss various reports and proposals[109]. - The company emphasizes cash dividends as a method to return value to investors, maintaining a focus on enhancing intrinsic value creation[139]. - The company has a comprehensive investor relations management system, including various communication channels such as roadshows and performance briefings[139]. - The company engaged in multiple investor communications throughout the first half of 2024, discussing regulatory policies, corporate strategy, and wealth management[140]. Operational Performance - The company has established a reform action plan for 2023-2025 to enhance its operational efficiency and customer service systems[28]. - The company has implemented a multi-level risk monitoring and early warning mechanism for innovative business, ensuring risks are kept within acceptable limits[106]. - The company has established a framework for monitoring environmental compliance, ensuring adherence to national standards[143]. - The company has completed carbon trading innovations, including the first CCER transaction and the first carbon-linked options trading in the industry[145]. - The company has launched various green financing products, focusing on sectors such as photovoltaic power generation and wastewater treatment[146].

Dividend Distribution - The company announced a mid-term dividend distribution of 1.5 RMB per 10 shares, totaling approximately 1,335,559,593 RMB, which accounts for 26.63% of the net profit attributable to the parent company for the first half of 2024[2]. - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares for the 2024 interim dividend, totaling RMB 1,335,559,593, which accounts for 26.63% of the net profit attributable to the parent company for the first half of 2024[117]. - The cash dividend for H-share shareholders will be distributed at a rate of HKD 1.641716 per 10 shares, based on the average exchange rate of RMB to HKD prior to the dividend distribution date[118]. Financial Performance - Total revenue for the first half of 2024 was RMB 25,779,128,000, a decrease of 1.50% compared to RMB 26,170,739,000 in the same period last year[14]. - Operating profit decreased by 13.06% to RMB 6,388,648,000 from RMB 7,348,700,000 year-on-year[14]. - Net profit attributable to shareholders was RMB 5,016,017,000, down 12.64% from RMB 5,741,577,000 in the previous year[14]. - Cash flow from operating activities showed a significant decline, with a net outflow of RMB 12,682,368,000 compared to a net inflow of RMB 277,621,000 in the same period last year, representing a decrease of 4,668.23%[14]. - The company's basic earnings per share for the first half of 2024 was RMB 0.52, a decrease of 14.75% compared to RMB 0.61 in the same period last year[14]. - The weighted average return on net assets was 3.11%, down 0.64 percentage points from 3.75% in the previous year[14]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 898,059,606,000, down 2.95% from RMB 925,402,484,000 at the end of the previous year[15]. - Total liabilities decreased by 3.83% to RMB 723,247,546,000 from RMB 752,024,474,000 year-on-year[15]. - The equity attributable to shareholders increased slightly by 0.67% to RMB 168,096,267,000 from RMB 166,969,253,000[15]. Risk Management - The company has established an effective internal control system and dynamic risk control indicators to manage operational risks, including market, credit, liquidity, operational, and reputational risks[5]. - The mid-term performance announcement emphasizes the importance of risk awareness regarding future plans and development strategies[2]. - The company emphasizes a robust risk management framework, integrating compliance risk management as a core strategy to ensure long-term stability[85]. - The board of directors is responsible for the overall risk management and has established a risk control committee to oversee risk management policies and major risk limits[87]. - The company has established a four-tier risk management system that includes comprehensive risk management methods tailored to different risk types such as market risk, credit risk, operational risk, and liquidity risk[93]. Corporate Governance - The board of directors confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[4]. - The company has not violated any regulatory decision-making procedures in providing guarantees[5]. - The board of directors has ensured the authenticity, accuracy, and completeness of the mid-term performance announcement[2]. - The company has complied with Hong Kong listing rules regarding the composition of its audit committee following recent board changes[115]. Strategic Initiatives - The company aims to enhance its core competitiveness through mergers and acquisitions and organizational innovation as part of its strategic direction[23]. - The company is advancing its comprehensive digital transformation, with a focus on "online, data-driven, and intelligent" operations[27]. - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to strengthen its core competitive advantages[30]. Employee and Training Initiatives - The total number of employees as of June 30, 2024, is 14,762, with 11,702 in the parent company[140]. - The average learning time per employee is 39 hours, focusing on enhancing marketing capabilities and training in key areas[140]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental responsibility, stating that its operations have a limited impact on the environment due to the nature of its financial services[145]. - The company has developed action plans for carbon neutrality and enhancing green financial services, aiming to support sustainable economic development[146]. - The company has invested 19.11 million yuan in poverty alleviation and rural revitalization projects, benefiting 70,000 people through various forms of assistance[156]. Related Party Transactions - The company’s related party transactions are conducted in accordance with fair and open principles, adhering to market prices[170]. - The company has not disclosed any new related party transactions that were not previously announced[170]. Shareholder Engagement - The company held one analyst conference call with 64 participants from domestic and international institutions[141]. - A total of 402 investor calls were received, and 50 questions were answered through the Shanghai Stock Exchange's e-interaction platform[141]. - The company engaged in multiple investor communications throughout the first half of 2024, discussing regulatory policies, corporate strategy, and wealth management[142].

Financial Performance - Operating revenue for Q1 2024 was CNY 7,983,091,405, a decrease of 14.05% compared to the same period last year[3] - Net profit attributable to shareholders of the parent company was CNY 2,489,358,737, down 18.13% year-on-year[3] - Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 2,049,710,209, a decline of 25.46%[3] - Total revenue for Q1 2024 was RMB 7,983,091,405, a decrease of 14.06% compared to RMB 9,288,045,652 in Q1 2023[18] - Net profit for Q1 2024 was RMB 2,619,206,556, down 18.00% from RMB 3,195,261,486 in Q1 2023[19] - Total comprehensive income for Q1 2024 was CNY 2,589,279,980, a decrease from CNY 3,216,973,078 in Q1 2023, representing a decline of approximately 19.5%[20] - Basic earnings per share for Q1 2024 was CNY 0.26, down from CNY 0.33 in Q1 2023, reflecting a decrease of about 21.2%[20] - Net profit for Q1 2024 was CNY 2.07 billion, down from CNY 2.27 billion in Q1 2023, indicating a decline of approximately 8.7%[27] - Total revenue for Q1 2024 was CNY 4.67 billion, compared to CNY 5.16 billion in Q1 2023, marking a decrease of about 9.5%[26] - Operating profit for Q1 2024 was CNY 2.56 billion, down from CNY 2.82 billion in Q1 2023, a decline of approximately 9.3%[27] Cash Flow - The net cash flow from operating activities was CNY -13,016,163,544, indicating a significant cash outflow[3] - Cash flow from operating activities for Q1 2024 showed a net outflow of CNY 13,016,163,544, an improvement from a net outflow of CNY 20,749,537,510 in Q1 2023[21] - Cash inflow from investment activities in Q1 2024 was CNY 39,710,759,413, significantly higher than CNY 20,025,639,916 in Q1 2023, indicating an increase of approximately 98.5%[22] - Net cash flow from financing activities in Q1 2024 was a net outflow of CNY 2,196,260,680, compared to a net inflow of CNY 19,169,772,770 in Q1 2023[22] - The company reported a significant increase in cash inflow from operating activities, totaling CNY 39.98 billion in Q1 2024, up from CNY 26.18 billion in Q1 2023, representing a growth of approximately 52.7%[28] - The net increase in cash and cash equivalents for Q1 2024 was negative 4.02 billion, compared to a positive increase of 3.05 billion in Q1 2023[29] - The ending balance of cash and cash equivalents as of Q1 2024 was approximately 134.46 billion, down from 155.71 billion in Q1 2023, a decrease of 13.6%[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 910,576,980,843, a decrease of 1.60% from the end of the previous year[3] - Total assets decreased to RMB 910,576,980,843 as of March 31, 2024, down from RMB 925,402,484,366 as of December 31, 2023[17] - Total liabilities decreased to RMB 734,601,759,115 as of March 31, 2024, from RMB 752,024,473,921 as of December 31, 2023[16] - Total liabilities decreased from CNY 540.15 billion as of December 31, 2023, to CNY 487.16 billion as of March 31, 2024, representing a reduction of approximately 9.8%[24] - The company's equity attributable to shareholders increased to RMB 169,440,926,442 as of March 31, 2024, compared to RMB 166,969,253,616 as of December 31, 2023[17] - Owner's equity increased from CNY 145.80 billion as of December 31, 2023, to CNY 148.09 billion as of March 31, 2024, reflecting a growth of about 1.6%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 157,138, with the top ten shareholders holding a combined 56.18% of shares[9] - Shanghai State-owned Assets Management Co., Ltd. holds 1,900,963,748 shares, accounting for 21.35% of total shares[10] - The company has a total of 1,391,755,970 shares held by Hong Kong Central Clearing (Agent) Co., Ltd., representing 15.63% of total shares[10] - The number of A-share shareholders is 156,971, while H-share registered shareholders total 167[11] - The top ten shareholders include several state-owned entities, indicating a strong government presence in the ownership structure[12] - The company has not reported any significant changes in the participation of major shareholders in margin financing and securities lending activities[12] Investment Income - The net interest income decreased by 49.42% to CNY 350,388,144 due to increased interest expenses on liabilities[8] - Investment income showed a significant decline of 229.85%, amounting to CNY -3,019,047,978[8] - Investment income showed a loss of RMB 3,019,047,978 in Q1 2024, compared to a gain of RMB 2,324,962,992 in Q1 2023[18] - The company reported a significant increase in interest, fees, and commissions received, totaling CNY 7,606,960,293 in Q1 2024, down from CNY 8,646,488,240 in Q1 2023[21] - Cash received from the recovery of investments in Q1 2024 was approximately 28.69 billion, compared to 15.94 billion in Q1 2023, marking an increase of 80.0%[29] - Cash paid for investment activities in Q1 2024 was approximately 7.16 billion, a decrease from 11.06 billion in Q1 2023, representing a reduction of 35.5%[29] - Cash received from investment income in Q1 2024 was approximately 648.94 million, slightly up from 647.45 million in Q1 2023, showing a marginal increase of 0.2%[29]

Profit Distribution and Financial Performance - The profit distribution plan for 2023 proposes a cash dividend of 4.0 CNY per 10 shares, totaling approximately 3.56 billion CNY, which accounts for 38.0% of the net profit attributable to the parent company [2]. - The company has cumulatively distributed over 32.8 billion CNY in dividends since its listing in 2015, with the 2023 annual dividend plan representing 38% of the annual net profit [7]. - Total revenue for 2023 reached RMB 52,303,831 thousand, representing a 6.55% increase compared to RMB 49,086,921 thousand in 2022 [26]. - Operating profit decreased by 12.09% to RMB 11,768,452 thousand in 2023 from RMB 13,387,391 thousand in 2022 [26]. - Profit attributable to equity holders before tax was RMB 12,147,898 thousand, down 14.09% from RMB 14,139,971 thousand in the previous year [26]. - The net profit attributable to equity holders of the company for the year was CNY 9.37 billion, a decrease of 18.55% compared to the previous year [86]. - Basic earnings per share decreased by 21.60% to RMB 0.98 in 2023 from RMB 1.25 in 2022 [28]. - The weighted average return on equity was 6.02%, down 1.86 percentage points from 7.88% in 2022 [28]. - Total assets increased by 7.52% to RMB 925,402,484 thousand at the end of 2023, up from RMB 860,707,917 thousand at the end of 2022 [27]. - Total liabilities rose by 7.92% to RMB 752,024,474 thousand in 2023 from RMB 696,862,458 thousand in 2022 [27]. Business Development and Strategic Initiatives - The company has established a total of 100 billion CNY in innovation funds to support 6 enterprises listed on the Sci-Tech Innovation Board, with a single project fundraising of 21.2 billion CNY [6]. - The company aims to enhance its global vision and strategic thinking while focusing on serving national strategies and developing world-class enterprises [8]. - The company is committed to advancing the reform of state-owned enterprises in Shanghai as a key opportunity for growth [9]. - The company plans to accelerate the implementation of the "one enterprise, one policy" action plan to improve production relations and enhance new productivity [9]. - The company is focused on building a first-class investment bank and achieving the goal of a strong financial nation [10]. - The company aims to improve its core competitiveness by dynamically implementing counter-cyclical adjustments and cross-cycle layouts [10]. - The company is dedicated to fostering a strong brand image and accumulating reputation capital through professional operations [10]. - The company is committed to digital transformation and enhancing its service capabilities to adapt to the evolving competitive landscape in the securities industry [78]. Risk Management and Compliance - The company has established a comprehensive compliance risk control system to prevent systemic financial risks [8]. - The company has maintained an AA-level regulatory rating for 16 consecutive years and improved its MSCI ESG rating to BBB [5]. - The company has established a four-tier risk management system, including specific risk management measures for market, credit, operational, liquidity, and reputational risks [145]. - The risk management department is responsible for managing various risks, including market, credit, operational, and liquidity risks [142]. - The company emphasizes the importance of compliance and risk management at all levels, requiring subsidiaries to establish their own risk management systems [144]. - The company has developed an ESG risk management approach and revised several risk management policies in accordance with the latest regulatory requirements [145]. - The company has implemented a market risk limit management system, monitoring various risk indicators daily to provide a basis for decision-making [148]. User Engagement and Technology Development - The user base for the Junhong APP has surpassed 40 million, while the Daohua platform covers nearly 9,200 corporate institutions and 72,700 users [7]. - The number of users on the Junhong APP reached 40.44 million, a growth of 3.7% compared to the previous year [38]. - The average monthly active users increased by 10.1% year-on-year to 17.96 million [38]. - The company achieved a total information technology investment of 2.16 billion yuan in 2023, representing a year-on-year increase of 20.1% [92]. - The company has initiated a comprehensive digital transformation, including the launch of the "SMART Investment Banking" vision and the "Open Securities" ecological development concept [91]. Governance and Board Structure - The company has established a remuneration assessment and nomination committee responsible for reviewing and proposing remuneration policies for directors and senior management [199]. - The company has implemented a deferred payment structure for 40% of annual performance bonuses for senior management, with a 3-year deferral period [179]. - The company has scheduled its annual general meeting for May 29, 2023, to discuss the 2022 annual report and profit distribution plan [171]. - The company appointed Wang Guokang and Yan Zhixiong as independent directors during the 2023 annual general meeting held on May 29, 2023 [177]. - The company has seen a significant focus on governance, with several directors opting to forgo their remuneration arrangements [180]. Market Trends and Future Outlook - The securities industry in China is experiencing rapid development, with a shift towards modern investment banking and a focus on comprehensive services, differentiated competition, and digital operations [127][128]. - The company aims to transition from a passive channel provider to a comprehensive financial service provider, integrating various business and service aspects [128]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies [185]. - The company is investing in new technology development, allocating approximately $50 million for R&D in the upcoming year [185]. - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 10% market share within the first year [185].