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，概不就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 的 股 份 有 限 公 司 ） （股份代號：6099） 2025年第一季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及第13.10B條及香港法例 第571章證券及期貨條例第XIVA部作出。 下文載列截至2025年3月31日止三個月（「報告期」）招商證券股份有限公司（「公司」或「招商 證券」）及其附屬公司的2025年第一季度報告。該報告所載的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。如中英文版本有任何歧義，概以中文版本為準。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年4月28日 於本公告日期，本公司執行董事為霍達先生及吳宗敏先生；本公司非執行董事為羅立女 士、劉振華先生、劉輝女士、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁 璐莎女士；以及本公司獨立非執行董事為葉 ...

（於中華人民共和國註冊成立的股份有限公司） 股份代號: 6099 2024 招商證券 年度報告 目錄 重要提示 董事長致辭 總裁致辭 01 關於我們 第一節 釋義 /10 04 財務報告 第十節 財務報告 /326 1 重要提示 一 、 本公司董事會、監事會及董事、監事、高級管 理人員保證年度報告內容的真實、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。 二 、 公司全體董事出席董事會會議。 第二節 公司簡介和主要財務指標 /14 02 經營分析 第三節 董事會報告 /40 03 公司治理 第四節 企業管治報告 /100 第五節 環境與社會責任 /218 第六節 重要事項 /225 第七節 股份變動及股東情況 /246 第八節 債券相關情況 /263 第九節 證券公司信息披露 /323 三 、 畢馬威華振會計師事務所（特殊普通合夥）和畢 馬威會計師事務所為本公司出具了標準無保留意見的 審計報告。 四 、 公司負責人霍達、主管會計工作負責人劉傑及 會計機構負責人（會計主管人員）王劍平聲明：保證年 度報告中財務報告的真實、準確、完整。 五 、 董事會決議通過的本報告期利潤分配預 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company achieved a total operating revenue of RMB 20.891 billion, with a net profit attributable to shareholders reaching RMB 10.386 billion[16]. - The company achieved a significant increase in annual revenue and profit, with net profit surpassing 10 billion yuan, marking the best performance in nearly three years[24]. - Total revenue for 2024 reached RMB 30,622,282, an increase of 2.00% compared to RMB 30,020,438 in 2023[84]. - Net profit attributable to shareholders for 2024 was RMB 10,385,872, reflecting an 18.51% increase from RMB 8,763,960 in 2023[84]. - Basic earnings per share for 2024 were RMB 1.13, a 20.21% increase from RMB 0.94 in 2023[85]. - The pre-tax profit reached RMB 11.22 billion, representing a year-on-year growth of 20.70%[165]. - The annual profit attributable to shareholders was RMB 10.39 billion, up 18.51% compared to the previous year[165]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.77 per 10 shares, amounting to a total profit distribution of approximately RMB 3.279 billion based on the total share count of 8,696,526,806 shares[8][9]. - The company's profit attributable to shareholders for the year was RMB 10.39 billion, with dividends declared amounting to RMB 3.07 billion[195]. Strategic Initiatives - The company has initiated a new five-year strategic plan aimed at sustainable growth and innovation in response to market opportunities[16]. - The company is committed to advancing its new five-year strategic plan, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance[28]. - The company is actively pursuing digital transformation, particularly in building an "AI securities company" to enhance operational efficiency[20]. - The company is focused on high-quality development and reform, aligning with national economic policies to enhance market confidence and operational efficiency[16]. Risk Management and Compliance - The company is committed to risk management and compliance, addressing potential regulatory changes that may impact its business strategies[12][13]. - The company maintained a strong risk management framework, with no new default losses reported throughout the year[27]. - The company emphasizes the importance of party building and corporate culture in driving its operational strategies and employee behavior[17]. - The company maintains a robust risk management culture, continuously enhancing its risk prediction and response capabilities to ensure long-term stable development[164]. Market Position and Growth - The company aims to solidify its position as a leading investment bank in China, with a clear vision for the future[24]. - The company has successfully navigated market volatility, resulting in continuous improvement in quality and efficiency of operations[16]. - The company has made significant progress in investment banking, with key indicators showing comprehensive service capability improvements[16]. - The company’s wealth management indicators ranked among the top five in the industry, demonstrating strong performance in financial market investments[16]. - The company’s wealth management and institutional business generated RMB 16.349 billion in revenue, accounting for 53.39% of total operating income[98]. Business Qualifications and Expansion - The company has obtained various business qualifications, including stock option trading rights from Shenzhen Stock Exchange in December 2019 and foreign exchange settlement business from the State Administration of Foreign Exchange in August 2019[14]. - The company has expanded its business qualifications significantly since its inception, reflecting a strategic focus on diversifying its financial services[58][65]. - The company is actively pursuing market expansion through new business qualifications and services[45]. - The company has established qualifications for conducting gold spot contract proprietary trading in March 2015, indicating its diversification into precious metals trading[35]. Client Engagement and Digital Transformation - The number of active trading clients reached approximately 19.298 million, an increase of 8.68% year-on-year, with total client assets under custody amounting to RMB 4.27 trillion, up 14.78%[101]. - The company’s digital transformation efforts have led to a notable increase in user engagement, with the 招商证券 APP ranking fifth among securities companies in terms of monthly active users[101]. - The company plans to enhance its wealth management transformation by strengthening product capabilities and improving digital service levels in 2025[112]. Financial Health and Assets - The net capital increased to CNY 87,411,626,102.24, up from CNY 79,370,429,988.47, representing a growth of approximately 10.5%[44]. - Total assets as of the end of 2024 amounted to RMB 721,160,331, a 3.64% increase from RMB 695,852,992 at the end of 2023[84]. - The company's equity attributable to shareholders increased to RMB 130.18 billion, a growth of RMB 8.22 billion or 6.74% from the previous year[195]. - The company's asset-liability ratio, excluding accounts payable to brokerage clients, was 77.13%, a decrease of 1.76 percentage points from the end of 2023[193]. Market Trends and Industry Position - The global M&A market announced 52,700 transactions with a total value of $3.33 trillion, a year-on-year increase of 16.03%[116]. - In China, the M&A market (excluding overseas acquisitions) reported 8,612 transactions valued at RMB 2.14 trillion, a year-on-year increase of 7.03%[116]. - The company ranked 7th in A-share underwriting amount with RMB 91.26 billion from 10 projects, while the IPO underwriting amount ranked 8th, an increase of 4 places year-on-year[118]. - The company’s domestic bond underwriting amount reached RMB 4,265.24 billion, a year-on-year increase of 30.91%[125].

Financial Performance - Operating revenue for the third quarter reached CNY 4,684,114,418.36, an increase of 14.89% year-on-year[3] - Net profit attributable to shareholders was CNY 2,401,813,915.20, representing a growth of 43.43% compared to the same period last year[3] - Basic earnings per share increased to CNY 0.26, up 44.44% from CNY 0.18 in the previous year[7] - Total operating revenue for the first three quarters of 2024 was RMB 14,279,272,406.54, a decrease of 3.97% compared to RMB 14,871,134,663.02 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 reached ¥7,564,253,263.72, an increase of 9.4% compared to ¥6,911,357,653.30 in the same period of 2023[18] - Net profit attributable to shareholders of the parent company was ¥7,149,509,482.88, up 11.6% from ¥6,401,520,883.21 year-over-year[19] - Total comprehensive income for the first three quarters of 2024 was ¥7,658,275,076.27, compared to ¥6,542,890,182.68 in 2023, reflecting a growth of 17.1%[19] Cash Flow - Net cash flow from operating activities for the quarter was CNY 58,955,471,711.74, a significant increase from a negative cash flow in the same period last year[7] - Cash flow from operating activities generated ¥76,398,999,437.49, significantly higher than ¥12,607,113,197.62 in the previous year[20] - Cash flow from investing activities showed a net outflow of ¥11,098,030,994.67, compared to a smaller outflow of ¥69,088,073.78 in 2023[21] - Cash flow from financing activities resulted in a net outflow of ¥53,616,595,745.58, worsening from a net outflow of ¥19,745,569,269.83 in the previous year[21] - The net increase in cash and cash equivalents for the first three quarters of 2024 was ¥11,736,695,311.41, contrasting with a decrease of ¥6,813,588,963.11 in 2023[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 666,760,600,878.02, a decrease of 4.18% from the end of the previous year[4] - Total liabilities decreased to RMB 540,707,507,497.15 from RMB 573,816,058,013.50, a reduction of 5.77%[14] - The company's total equity increased to RMB 126,053,093,380.87 from RMB 122,036,932,267.12, marking an increase of 3.29%[15] - The company's total assets as of September 30, 2024, amounted to RMB 595.05 billion, a decrease of 2.2% from RMB 607.41 billion at the end of 2023[24] - The total equity as of September 30, 2024, was RMB 113.13 billion, an increase of 2.1% from RMB 109.99 billion at the end of 2023[24] Income and Expenses - Investment income rose to RMB 5,055,610,151.57, compared to RMB 4,748,151,453.42 in the previous year, an increase of 6.86%[16] - The net income from commission and fees decreased to RMB 5,054,918,879.24 from RMB 6,133,834,117.18, a decline of 17.6%[16] - The company's total expenses for the first three quarters of 2024 were RMB 5.75 billion, slightly up from RMB 5.71 billion in the same period of 2023[25] Other Financial Metrics - The risk coverage ratio improved to 211.36%, up from 177.28% at the end of the previous year[5] - Non-recurring gains and losses totaled CNY 6,325,200.26 for the quarter, with government subsidies contributing to this figure[6] - The weighted average return on net assets increased by 0.55 percentage points to 2.04%[7] - The company reported a significant increase in fair value changes income to ¥3,232,238,458.39 from ¥1,114,364,011.50, driven by fluctuations in financial instruments[9] - The company’s other comprehensive income after tax increased to RMB 484.03 million, compared to RMB 22.78 million in the same period of 2023[27]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.01 per share to all shareholders, totaling approximately RMB 878.35 million based on 8,696,526,806 shares as of June 30, 2024[2]. - The board of directors has authorized the profit distribution plan, which will be reviewed in the meeting scheduled for August 30, 2024, with dividends to be paid by October 30, 2024[2]. - The company will not issue bonus shares or convert capital reserves into share capital during this dividend distribution[2]. - The profit distribution policy complies with legal regulations and the company's shareholder return plan for 2024-2026, ensuring clarity in dividend standards and proportions[148]. Financial Performance - Total revenue for the first half of 2024 was RMB 14,362,394,000, a decrease of 8.25% compared to RMB 15,653,551,000 in the same period of 2023[28]. - Net profit attributable to shareholders for the first half of 2024 was RMB 4,747,695,000, reflecting a slight increase of 0.44% from RMB 4,726,975,000 in the previous year[28]. - Basic earnings per share remained stable at RMB 0.51 for the first half of 2024, unchanged from the same period in 2023[30]. - The weighted average return on equity decreased to 4.08%, down 0.25 percentage points from 4.33% in the previous year[30]. - The company achieved a performance guidance of achieving a net profit growth of 10% year-over-year for the upcoming fiscal year[14]. Risk Management - The company faces various risks, including regulatory changes in the securities industry, credit risk from counterparties, and market risk due to adverse market changes[4]. - The company emphasizes the importance of risk management across organizational structure, system frameworks, and information technology systems to mitigate potential risks[4]. - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board, supervision by the supervisory board, and decision-making by senior management and the risk management committee[100]. - The company has implemented a quantitative risk management indicator system that guides resource allocation towards high-risk-return businesses, enhancing risk management levels and corporate value[104]. - The company conducts regular stress tests to evaluate liquidity, credit, and market risks, ensuring effective assessment of operational and risk conditions under extreme scenarios[106]. Business Expansion and Qualifications - The company obtained qualifications for standard bond forward pricing and standard interest rate swap businesses in November 2023, enhancing its service offerings[11]. - The company has been actively expanding its business qualifications, with multiple new qualifications obtained since 2018, including for options and futures trading[12]. - The company aims to enhance its investment advisory services, as indicated by its qualifications for fund investment advisory business obtained in June 2021[12]. - The company is positioned to leverage its new qualifications to enhance its competitive edge in the securities market[11]. - Future outlook indicates a focus on expanding cross-border business and enhancing its market-making capabilities, aiming for a 15% increase in market share over the next fiscal year[15]. Client and Market Activity - As of June 2024, the number of active trading clients reached 18.43 million, representing a year-on-year growth of 7.53%, while the scale of client assets under custody was RMB 3.60 trillion, down 3.23% from the end of 2023[42]. - The average monthly active users (MAU) of the company's app increased by 6.25% year-on-year, ranking 5th in the securities industry, with the highest average daily usage time per user[42]. - The total trading volume in the A-share market was RMB 116 trillion, a year-on-year decline of 7.07%[42]. - The company reported significant growth in user data, with a notable increase in the number of clients participating in its services, reflecting a strong market presence[14]. Corporate Governance - The company has established a robust corporate governance structure that complies with relevant laws and regulations, ensuring effective checks and balances among its governing bodies[155]. - The company has revised its articles of association and governance rules during the first extraordinary general meeting of 2024, reflecting changes in the board and supervisory committee[137]. - The company has elected new independent directors and supervisors during the 2024 first extraordinary general meeting, indicating a governance refresh[138]. - The company has seen changes in senior management, including the appointment of a new Chief Risk Officer and Compliance Director[138]. Community Engagement and Social Responsibility - The company donated RMB 373,800 to support educational projects in remote areas, enhancing local children's quality education[161]. - The company organized two batches of youth teaching teams to support education in Gansu Province, contributing educational materials and sports equipment[161]. - The company is actively involved in community support initiatives, including donations for educational and agricultural projects, reflecting its corporate social responsibility[161][162]. Legal and Compliance Issues - The company is facing a total liability of RMB 223.44 million for compensating investors due to false statements, with ongoing legal proceedings affecting 6,369 investors[166]. - The company received multiple warnings from regulatory bodies in 2024 for compliance issues, including inadequate supervision in investment banking operations[167]. - The company has implemented measures to enhance internal compliance checks following regulatory warnings regarding employee conduct in trading activities[167]. Asset Management and Investment Banking - The company's asset management total reached RMB 302.16 billion by June 2024, an increase of 2.48% from the end of 2023[63]. - The company’s asset management business net income was RMB 3.75 billion in the first half of 2024, compared to RMB 4.00 billion in the same period of 2023[64]. - The company completed a merger with Chongqing Department Store and sold equity in Zigong Bank, with a total transaction value of RMB 4.9 billion, ranking 4th in transaction value and 7th in number of transactions in the industry[61]. - The company aims to enhance its active management capabilities and expand its public fund offerings, having completed the filing of five public fund products during the reporting period[63]. Bond Issuance and Financing Strategy - The company issued bonds with a total value of 55 billion RMB, maturing on May 26, 2025, with an interest rate of 5.08%[189]. - The company is actively managing its bond portfolio with a focus on professional investor engagement and market conditions[191]. - The company plans to issue additional bonds with a total amount of 33 million and an interest rate of 3.03%[193]. - The company is focusing on expanding its market presence through the issuance of various bond types, including short-term and long-term bonds[200].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.01 per 10 shares, totaling RMB 878,349,207.41 based on 8,696,526,806 shares as of June 30, 2024[2] - The company will not allocate statutory surplus reserves for the 2024 interim period and will not issue bonus shares or convert capital reserves into share capital[2] - The cash dividend will be paid in RMB to A-share shareholders and in HKD to H-share shareholders, with the HKD amount calculated based on the average RMB to HKD exchange rate five working days prior to the board meeting[2] Risk Management - The company faces risks including regulatory changes, credit risk, market risk, operational risk, liquidity risk, reputational risk, and currency risk due to international operations[5] - The company has implemented measures to mitigate risks through organizational structure, system frameworks, risk management culture, and IT systems[5] - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board of directors, supervision by the board of supervisors, risk management decisions by senior management and the risk management committee, risk control by relevant functional departments, and direct management by various departments, branches, and subsidiaries[102] - The company has developed a scientific economic capital management model, covering market risk, credit risk, and operational risk, with internal models for market and credit risk economic capital measurement, and uses Basel Accord standard methods for operational risk measurement[107] - The company has implemented a comprehensive stress testing mechanism, regularly conducting stress tests on liquidity risk, credit risk, market risk, and net capital risk limits to assess changes in operations and risk conditions under extreme scenarios[108] - The company has established a risk management culture, integrating risk control and compliance into its corporate culture, and conducts professional training and activities to promote risk management awareness among all employees[109] - The company has developed a smart integrated group risk management platform, CMS-RISK, which enables T+1 cross-border, global, and multi-currency vertical risk management for the parent and subsidiary companies[110] - The platform integrates over ten risk management subsystems, including risk cockpit, market risk management, credit risk management, and operational risk management, achieving unified login and permission management[110] - The platform focuses on ensuring accurate calculation and submission of regulatory reports and effective internal risk monitoring and measurement analysis[110] - The company uses VaR (Value at Risk) as the primary tool for measuring market risk, with a 1-day, 95% confidence level VaR as the main indicator[117] - VaR models incorporate risk factors such as equity, interest rate, commodity, and currency risks, and consider diversification effects within portfolios[117] - Stress testing is used to assess potential losses under extreme market conditions, complementing VaR calculations[118] - The company continuously improves VaR models by adding new market risk factors and optimizing calculation methods[117] - For illiquid investment portfolios, such as equity investments, the company assumes a certain percentage decline in asset value to estimate potential impacts[117] - The risk management department monitors market risk exposure daily, monthly, and quarterly, generating reports and issuing warnings when risk limits are approached or exceeded[115] - The company employs a unified market risk management system across all markets and currencies, with both global and localized risk management approaches[113] - The company conducts sensitivity analysis on specific risk factors such as interest rates and exchange rates to assess potential impacts on its asset-liability portfolio[119] - The company has established a risk limit management system across various business departments, lines, and trading strategies to control profit and loss fluctuations and market risk exposure[120] - Credit risk management includes setting multi-level credit risk limits, internal credit ratings, collateral quantitative management, and credit risk measurement models[123][124][125][126] - The company uses internal credit rating models and systems to assess borrowers and bond issuers, applying these ratings to business authorization, limit calculation, and risk monitoring[124] - Collateral management includes a negative list mechanism, discount rate grading model tools, and regular adjustments to collateral scope and discount rates to ensure debt security[125] - Credit risk measurement models consider factors such as customer structure, single debt amount, loan term, and collateral concentration to calculate potential default losses[126] - The company's Board Risk Management Committee is responsible for reviewing and approving credit risk preferences, while the Risk Management Committee oversees the overall risk management of credit-related businesses[127] - The company has established a multi-level business authorization management system for financing businesses such as margin trading, stock pledge repurchase, and agreed repurchase securities trading, with comprehensive risk management measures including customer due diligence, credit approval, and dynamic adjustment of collateral[128] - The company has implemented a comprehensive operational risk management framework, including risk identification, monitoring, and event management mechanisms to mitigate risks related to internal fraud, external fraud, and IT system failures[132][133][134] - To manage liquidity risk, the company maintains a reserve of high-quality liquid assets, including government bonds and policy financial bonds, and has established a liquidity contingency management plan[137] - The company actively manages funding gaps using tools such as cash flow gap analysis, sensitivity analysis, and stress testing to identify potential risks and adjust funding plans accordingly[137] - The company has diversified its funding channels and balanced debt maturity distribution to avoid risks associated with concentrated debt maturities or over-reliance on a single funding source[137] - The company's net capital reached RMB 82.001 billion as of the end of the reporting period, with all risk control indicators consistently meeting regulatory requirements[140] - The company has established a dynamic monitoring and replenishment mechanism for risk control indicators, including a T+1 monitoring system and automatic early warning functions[140] - The company has implemented a comprehensive reputation risk management strategy, focusing on improving financial services, maintaining customer satisfaction, and preventing major reputation incidents[139] - The company faces reputation risks due to potential violations of professional ethics, business norms, or external events, which could negatively impact its brand value and market stability[138] - The company has established a capital replenishment mechanism through equity financing and subordinated debt issuance to ensure compliance with net capital requirements[140] - The company conducted stress tests and dynamic analysis of risk control indicators to ensure ongoing compliance with regulatory standards[140] Financial Performance - Total revenue and other income decreased by 8.25% year-on-year to RMB 14,362,394 thousand in H1 2024[29] - Net profit attributable to shareholders increased slightly by 0.44% to RMB 4,747,695 thousand in H1 2024[29] - Net cash flow from operating activities surged by 277.10% to RMB 44,085,990 thousand in H1 2024[29] - Total assets decreased by 8.15% to RMB 639,129,527 thousand as of June 2024[29] - Total liabilities decreased by 10.32% to RMB 514,600,038 thousand as of June 2024[30] - Net capital increased to RMB 82,001,064,827.79 as of June 2024, up from RMB 79,370,429,988.47 at the end of 2023[33] - Risk coverage ratio improved to 198.32% as of June 2024, compared to 177.28% at the end of 2023[33] - Revenue and other income totaled RMB 14.362 billion, a decrease of 8.25% year-on-year, while net profit attributable to parent company shareholders was RMB 4.748 billion, an increase of 0.44% year-on-year[41] - The company achieved total revenue and other income of RMB 14.362 billion in the first half of 2024, a decrease of 8.25% year-on-year[73] - Net profit attributable to shareholders was RMB 4.748 billion, a 0.44% increase year-on-year[73] - Fee and commission income decreased by 15.49% to RMB 4.453 billion, with securities and futures brokerage income down 12.96% to RMB 3.493 billion, underwriting and sponsorship income down 40.07% to RMB 259 million, and asset management income down 7.16% to RMB 347 million[74] - Interest income decreased by 7.22% to RMB 5.032 billion, mainly due to a decline in margin trading and securities lending scale and interest rates[75] - Net investment income increased by 21.31% to RMB 4.753 billion, driven by growth in fixed income investment income[75] - Other income and net gains decreased by 88.07% to RMB 124 million, primarily due to a decline in commodity business income from subsidiary China Merchants Futures[75] - Total expenses decreased by 9.52% to RMB 10.145 billion, with fee and commission expenses down 16.93% to RMB 945 million, mainly due to reduced brokerage and futures commission expenses[76] - Interest expenses increased by 1.67% to RMB 4.565 billion, driven by higher interest expenses on repurchase agreements and short-term financing, partially offset by lower bond interest expenses[77] - Employee costs decreased by 3.48% to RMB 3.114 billion, with reductions in salaries, bonuses, pensions, and other social benefits[77] - Wealth management and institutional business revenue decreased by 12.81% to RMB 7.433 billion, while investment and trading revenue increased by 20.15% to RMB 5.648 billion[78] - Total assets decreased by 8.15% to RMB 6.391 trillion, with financial assets decreasing by RMB 50.93 billion and repurchase agreements decreasing by RMB 141.48 billion[80] - Total liabilities decreased by 10.32% to RMB 5.146 trillion, with short-term financing decreasing by RMB 135.85 billion and bonds payable decreasing by RMB 182.37 billion[80] - The company's liabilities include 32.03% from repurchase agreements, short-term borrowings, and interbank borrowings, 17.76% from brokerage client payables, 20.16% from bonds payable, 8.44% from short-term financing payables, and 12.47% from financial liabilities and derivative financial liabilities measured at fair value through profit or loss[81] - The company's asset-liability ratio, excluding brokerage client payables, decreased by 1.62 percentage points to 77.27% as of June 2024[82] - Net cash from operating activities increased by 277.10% to RMB 44.09 billion, while net cash used in investing activities decreased by 902.27% to RMB -10.63 billion, and net cash used in financing activities decreased by 78.14% to RMB -35.33 billion[83] - The company's cash and cash equivalents decreased by RMB 1.87 billion, with net cash from operating activities of RMB 440.86 billion, net cash used in investing activities of RMB 106.28 billion, and net cash used in financing activities of RMB 353.31 billion[84] - Overseas assets amounted to RMB 44.36 billion, accounting for 6.94% of total assets[85] - The company's financial assets measured at fair value include bonds with a closing balance of RMB 27.41 billion, funds with a closing balance of RMB 3.85 billion, and stocks with a closing balance of RMB 2.72 billion[86] Business Operations - The company operates 265 securities business departments and 13 branches in mainland China, with additional operations in Hong Kong, UK, and South Korea[38] - The number of active trading clients reached 18.4306 million, an increase of 7.53% year-on-year, while the size of client assets under custody was RMB 3.60 trillion, a decrease of 3.23% compared to the end of 2023[43] - The average monthly active users (MAU) of the company's app increased by 6.25% year-on-year, ranking 5th in the securities industry, with the highest daily usage time per user in the industry[43] - The financial product balance under the "e招投" service reached RMB 6.314 billion, an increase of 35.61% compared to the end of 2023, with the number of signed clients reaching 70,800, an increase of 20.82%[43] - The number of corporate clients and the size of corporate client assets under custody increased by 4.99% and 6.39% respectively compared to the end of 2023[43] - The total transaction volume of stocks and funds in the Shanghai, Shenzhen, and Beijing markets was RMB 10.64 trillion, a decrease of 18.59% year-on-year, with a market share of 4.59%, down 0.65 percentage points[44] - The net income from financial product distribution was RMB 348 million, an increase of 0.87% year-on-year[44] - The number of wealth management clients with assets under custody of RMB 300,000 or more was 505,100, a decrease of 8.13% year-on-year, with assets under custody of RMB 1.23 trillion, a decrease of 15.17%[44] - The cumulative trading volume of China's futures market was 3.46 billion lots, a decrease of 12.43% year-on-year, with a cumulative trading value of RMB 281.51 trillion, an increase of 7.40%[45] - The client equity of China's futures market was RMB 1.39 trillion, a decrease of 2.09% compared to the end of 2023, while the client equity of CMB Futures was RMB 27.28 billion[45] - Zhaoshang International's Hong Kong stock trading volume reached HKD 73.928 billion, and US stock trading volume reached HKD 85.953 billion in the first half of 2024, with significant year-on-year growth in US stock and bond trading commission income[46] - Zhaoshang International's client asset custody scale increased by 10.53% to HKD 187.831 billion by the end of June 2024 compared to the end of 2023[46] - The A-share market's securities lending scale decreased by 72.54% to RMB 30.322 billion by the end of June 2024 compared to the end of 2023[47] - The company's margin trading balance decreased by 9.47% to RMB 74.923 billion by the end of June 2024 compared to the end of 2023[48] - The company's securities lending balance decreased by 59.28% to RMB 1.391 billion by the end of June 2024 compared to the end of 2023[48] - The company's overseas margin financing scale increased by 31.79% to HKD 3.354 billion by the end of June 2024 compared to the end of 2023[48] - The public fund management scale in the entire market increased by 12.61% to RMB 31.08 trillion by the end of June 2024 compared to the end of 2023[50] - The company's coverage rate of key private fund managers with management scale exceeding RMB 5 billion reached 80% by the end of June 2024[51] - The company's stock research covers 2,607 listed companies domestically and internationally, covering 93% of the total market value of the CSI 300 index components, 94% of the ChiNext index components, and 79% of the STAR Market index components by the end of June 2024[52] - The number of custody and outsourcing products decreased by 3.49% to 41,500, with a scale of RMB 3.28 trillion, down by 5.48% compared to the end of 2023[54] - The company's market share of private fund custody products reached 21.82%, maintaining the industry's top position for ten consecutive years[54] - A-share equity financing market saw a significant decline, with the number of issuances dropping by 66.75% and the total scale decreasing by 81.18% to RMB 100.827 billion[55] - A-share IPO issuance decreased by 86.16% to RMB 30.272 billion, while refinancing dropped by 77.74% to RMB 70.555 billion[55] - Hong Kong market IPO fundraising totaled USD 1.873 billion, down by 19.38%, with equity financing amounting to USD 6.35 billion, a decrease of 45.22%[56] - The company completed 2 Hong Kong IPO projects with underwriting amounts totaling USD 48.89 million[56] - Domestic bond issuance scale reached RMB 21.96 trillion, a year-on-year increase of 1.13%, with credit bond issuance growing by 4.59% to RMB 9.72 trillion[59] - The company's domestic bond underwriting amount increased by 18.41% to RMB 1.71444 trillion, with ABS underwriting amount growing by 57.97%[59] - The company's green bond and technology innovation bond underwriting amount reached RMB 14.938 billion, a year-on-year increase of 71.75%[59] - The company's A-share IPO underwriting amount decreased by 25.23% to RMB 1.636 billion, while refinancing underwriting amount dropped by 25.17% to RMB 3.547 billion[57] - Total bond underwriting amount reached RMB 1,714.44 billion, a year-on-year increase of 18.41%[62] - Global M&A transaction value in H1 2024 was USD 1.94 trillion, up 15% YoY, while China's M&A market transaction value decreased by 23.52% to RMB 717.137 billion[63] - Securities companies' private asset management product scale reached RMB 5.80 trillion by the end of June 2024, up 9.30% from the end of 2023[65] - CMB Asset Management's total AUM reached RMB 302.159 billion by the end of June 2024, a 2.48% increase from the end of 2023[65] - China's equity investment market saw a 22.6% YoY decline in new fund raising to RMB 622.939 billion in H1 2024[67] - CMB Capital completed RMB 1.7 billion in new fund filings and invested RMB 217 million in 3 companies in H1 2024[67] - Total public fund market scale reached RMB 31.08 trillion by the end of June 2024, a 12.61% increase from the end of 2023[68] - Bosera Fund's AUM reached RMB 16,987 billion by the end of June 2024, an 8.55% increase from the end of 2023, with public fund AUM (excluding feeder funds) at RMB 10,773 billion, up 13.44%[69] - Total assets under management of China

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[5]. - Total revenue for Q1 2024 was CNY 4,298,673,959.40, a decrease of 9.66% compared to CNY 4,758,451,712.94 in Q1 2023[19]. - Operating profit for Q1 2024 was CNY 2,274,458,520.21, a decrease of 10.7% from CNY 2,548,238,988.59 in Q1 2023[19]. - Net profit for Q1 2024 was CNY 2,158,289,650.23, down 4.5% from CNY 2,260,720,408.94 in Q1 2023[20]. - The company reported a significant decline in investment income, with a loss of CNY 242,494,161.71 in Q1 2024 compared to a profit of CNY 1,680,666,535.68 in Q1 2023[19]. - Other comprehensive income after tax for Q1 2024 was CNY 184,186,577.21, compared to CNY 30,765,692.77 in Q1 2023, indicating a substantial increase[20]. - Basic earnings per share for Q1 2024 were CNY 0.23, down from CNY 0.24 in Q1 2023[20]. - The total comprehensive income for Q1 2024 was CNY 2,132,831,786.26, an increase from CNY 2,024,646,184.97 in Q1 2023[26]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[5]. - In Q1 2024, the net cash flow from operating activities was CNY 31,116,897,873.44, an increase from CNY 28,998,927,289.87 in Q1 2023, representing a growth of approximately 7.7%[27]. - The net cash flow from investment activities was -CNY 10,439,394,650.54 in Q1 2024, compared to a positive cash flow of CNY 2,704,311,489.57 in Q1 2023, indicating a substantial increase in investment outflows[21]. - The cash inflow from operating activities totaled CNY 56,349,512,298.26 in Q1 2024, up from CNY 45,766,287,744.36 in Q1 2023, reflecting an increase of around 23%[27]. - The cash inflow from interest, fees, and commissions in Q1 2024 was CNY 3,872,327,771.02, slightly lower than CNY 3,983,941,046.31 in Q1 2023, showing a decrease of approximately 2.8%[27]. - The cash inflow from financing activities in Q1 2024 was CNY 21,640,836,275.00, significantly higher than CNY 7,106,465,364.62 in Q1 2023, marking an increase of about 204.5%[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the previous year[6]. - Total liabilities decreased to CNY 518,203,198,638.65 as of March 31, 2024, from CNY 573,816,058,013.50 as of December 31, 2023, a reduction of 9.7%[18]. - Total equity attributable to shareholders increased by 1.92% to CNY 124,302,836,800.07[6]. - The total assets decreased to CNY 642,582,607,133.21 as of March 31, 2024, from CNY 695,852,990,280.62 as of December 31, 2023, a decline of 7.6%[18]. - The total amount of financial investments in trading assets decreased from CNY 278.74 billion to CNY 260.82 billion, a decline of about 6.43%[17]. - The total amount of derivative financial assets increased to CNY 7.28 billion from CNY 6.68 billion, reflecting a growth of about 8.99%[17]. - The total cash outflow from operating activities in Q1 2024 was CNY 25,232,614,424.82, compared to CNY 16,767,360,454.49 in Q1 2023, reflecting an increase of approximately 50.5%[27]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[11]. - The company’s goodwill remained stable at CNY 9.67 billion, unchanged from the previous reporting period[17].

Financial Performance - The company reported a 3% increase in operating revenue and a 9% increase in net profit year-on-year, with a return on equity (ROE) improvement of 0.37 percentage points[6]. - The average annual operating revenue reached RMB 22.29 billion, and the average net profit was RMB 9.06 billion, representing increases of 53% and 49% respectively compared to the 2014-2018 strategic period[7]. - In 2023, the company maintained a strong competitive position, ranking in the top five for net assets and net profit attributable to shareholders, with net profit rankings of 5, 4, and 5 in 2021, 2022, and the first three quarters of 2023 respectively[7]. - The company achieved year-on-year growth in operating revenue, net profit, and ROE in 2023, despite market downturns, with key business indicators remaining in the top five[9]. - Total revenue for 2023 reached RMB 30,020 million, an increase of 2.33% compared to RMB 29,336 million in 2022[55]. - Annual profit attributable to shareholders was RMB 8,764 million, reflecting an 8.60% increase from RMB 8,070 million in 2022[55]. - The weighted average return on equity for 2023 was 7.91%, an increase of 0.37 percentage points from 7.54% in 2022[56]. Asset Management and Growth - The total assets of the company reached RMB 695.9 billion by the end of 2023, representing a 128% growth compared to the end of 2018[6]. - The company achieved a historical high in wealth management assets under management (AUM), indicating strong performance in this segment[6]. - The company’s wealth management client assets totaled RMB 3.72 trillion[68]. - The total assets under management for wealth management clients amounted to RMB 1.42 trillion, a year-on-year decrease of 3.92%[72]. - The total asset management scale decreased to RMB 2,948.54 billion in 2023 from RMB 3,171.34 billion in 2022, representing a decline of 7.08%[99]. Strategic Initiatives and Future Plans - The company has committed to a five-year strategic plan (2019-2023) that has successfully concluded, focusing on high-quality development and market expansion[6]. - In 2024, the company will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as part of its new five-year strategic plan[10]. - The company aims to enhance its risk control capabilities and maintain high asset quality through comprehensive risk prevention measures[10]. - The company is actively pursuing mergers and acquisitions to enhance its market position, with a budget allocation of $500 million for potential deals in 2024[27]. - The company aims to improve its service offerings through the establishment of new business departments and branches[50]. Risk Management - The company emphasizes the importance of compliance with regulations and risk management in the face of potential market challenges[5]. - The company has maintained low levels of risk losses and good asset quality, reflecting effective risk management practices[6]. - The company is implementing a comprehensive risk management framework to address market, credit, operational, and liquidity risks, ensuring long-term stability[181]. - The company has established a comprehensive risk management system, including market risk, credit risk, operational risk, liquidity risk, reputation risk, and anti-money laundering risk[185]. - The risk management quantitative indicator system includes clear risk appetite and tolerance indicators, guiding resource allocation towards high-risk-return businesses[186]. Digital Transformation and Technology - The company is actively promoting digital construction and has established a comprehensive cloud-native platform for financial technology[6]. - The company successfully completed ten major digital strategy projects, enhancing its digital capabilities and achieving significant milestones in the construction of a new core trading system[10]. - The company launched a series of innovative products and services driven by technology, enhancing its digital capabilities and supporting business model innovation[168]. - The company upgraded its technology innovation office to a digital office, promoting digital transformation and establishing a technology branch in Wuhan[169]. - The company has built a cloud-native multi-cloud platform and completed the technical launch of its next-generation core trading system, achieving milestone results[169]. Market Position and Competitive Edge - The company ranked in the top four for net income market share in the securities trading business and maintained top five positions in margin financing, stock pledges, and public fund holdings[9]. - The company has been recognized as a "double hundred enterprise" and has made significant progress in organizational reform and technological innovation[6]. - The company has been recognized as a benchmark enterprise in the 2022 State-owned Assets Supervision and Administration Commission's "Double Hundred Enterprises" assessment[9]. - The company aims to enhance its competitive edge in traditional brokerage services while firmly advancing its transition to wealth management[178]. - The company is expected to benefit from the support of regulatory bodies for top-tier securities firms to innovate and strengthen through mergers and acquisitions[176].

Dividend and Financial Reserves - The company plans to distribute a cash dividend of RMB 2.52 per 10 shares, totaling RMB 2,191,524,755.11 based on 8,696,526,806 shares as of December 31, 2023[4]. - The company will not allocate statutory surplus reserves for the fiscal year 2023, and no bonus shares will be issued[4]. - The company will pay dividends to A-share shareholders in RMB and to H-share shareholders in HKD, with the exchange rate based on the average rate published by the People's Bank of China[4]. Financial Reporting and Audit - The company emphasizes that its financial report is accurate, complete, and free from misleading statements, with a standard unqualified audit opinion from Deloitte[4]. - The company will issue its annual report and performance announcement on the Hong Kong Stock Exchange and its own website[1]. Risk Management - The company faces various risks including regulatory changes in the securities industry, credit risk from counterparties, and market risk due to adverse market conditions[6]. - The company has established measures to mitigate risks related to organizational structure, risk management culture, and information technology systems[6]. - The company is committed to comprehensive risk prevention and control, particularly in high-risk business areas, ensuring sustained asset quality[11]. - The company has a clear risk appetite and tolerance indicator system that is monitored and reported monthly, allowing for continuous assessment of risk management effectiveness[187]. - The risk management committee meets quarterly to review risk reports and assess the company's overall risk management situation[183]. Financial Performance - In 2023, the company achieved a year-on-year increase in operating revenue, net profit, and ROE by 3%, 9%, and 0.37 percentage points respectively, maintaining industry-leading profit margins and expense ratios[7]. - Total revenue for 2023 reached RMB 30,020,438, an increase of 2.33% compared to RMB 29,335,800 in 2022[56]. - Net profit attributable to shareholders for 2023 was RMB 8,763,960, reflecting an 8.60% increase from RMB 8,070,244 in 2022[56]. - The weighted average return on equity for 2023 was 7.91%, an increase of 0.37 percentage points from 7.54% in 2022[57]. Asset and Liability Management - The company's total assets reached RMB 695.9 billion by the end of 2023, representing a 128% increase compared to the end of 2018, effectively doubling its asset scale[7]. - Total liabilities increased by 15.59% to RMB 573,816,059 from RMB 496,419,932 in 2022[56]. - The company's debt-to-asset ratio, excluding accounts payable to brokerage clients, was 78.89%, an increase of 1.70 percentage points from the end of 2022[150]. Market Position and Competitive Advantage - The company ranked in the top five for net profit attributable to shareholders for three consecutive years (2021, 2022, and the first three quarters of 2023), demonstrating strong competitive positioning[8]. - The company has maintained its status as a market maker for various financial products, enhancing its competitive position in the market[23]. - The company has been recognized as a "benchmark" enterprise in the 2022 annual assessment of "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission, indicating successful reform and innovation efforts[9]. Strategic Focus and Future Plans - The company plans to focus on technology finance, green finance, and digital finance in its new five-year strategic plan, aiming to cultivate new profit growth points[8]. - The company aims to enhance its collaborative capabilities and optimize management mechanisms, focusing on risk control and asset quality maintenance[11]. - The company will continue to strengthen its professional review and monitoring of substantial and high-risk businesses[11]. Digital Transformation and Innovation - The company is committed to enhancing its digital capabilities and has completed ten major digital strategy projects, which are expected to empower core business development[10]. - The company has established a digital office to enhance digital capabilities and launched the upgraded version of its APP, which supports integrated online and offline marketing services[170]. - The company has actively explored generative AI technologies, launching multiple applications such as AI research assistants and AI programming partners[170]. Client and Market Engagement - The number of active trading clients reached approximately 17.76 million, representing an 8.03% year-on-year growth[69]. - The total client assets under custody reached RMB 3.72 trillion[69]. - The company has launched a professional service platform for institutional clients, enhancing its comprehensive service capabilities for institutional clients[79]. Regulatory Compliance and Governance - The company’s net capital and risk control indicators continued to meet the requirements set by the China Securities Regulatory Commission as of December 2023[60]. - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board, oversight by the supervisory board, and risk management decisions by senior management and the risk management committee[182]. Investment Banking and Underwriting - The company completed 2 A-share M&A restructuring projects in 2023, with a total transaction amount of RMB 11.135 billion[95]. - The company’s domestic bond underwriting amount reached RMB 325.81 billion in 2023, an increase of 18.49% year-on-year[89]. - The company completed 5 Hong Kong stock underwriting projects with an underwriting amount of USD 2.697 million, ranking 6th among Chinese brokers in terms of Hong Kong IPO sponsorship[85].

Financial Performance - The company's operating revenue for Q3 2023 was approximately RMB 4.08 billion, a decrease of 12.83% compared to RMB 4.68 billion in the same period last year[4]. - Net profit attributable to shareholders for Q3 2023 was approximately RMB 1.67 billion, down 15.88% from RMB 1.99 billion year-on-year[4]. - Basic earnings per share for Q3 2023 were RMB 0.18, a decrease of 14.29% compared to RMB 0.21 in the same period last year[4]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was approximately RMB 1.67 billion, down 17.99% from RMB 2.04 billion in the same period last year[4]. - Total operating revenue for the first three quarters of 2023 was RMB 14.87 billion, a decrease of 2.8% compared to RMB 15.30 billion in the same period of 2022[15]. - Net profit attributable to shareholders of the parent company increased to ¥6,401,520,883.21 in 2023, compared to ¥6,282,358,404.29 in 2022, reflecting a growth of about 1.90%[17]. - Total comprehensive income for the first three quarters of 2023 was ¥6,542,890,182.68, down from ¥6,627,859,014.46 in 2022, representing a decrease of approximately 1.28%[17]. Cash Flow - The net cash flow from operating activities for Q3 2023 was negative RMB 6.37 billion, a significant decline compared to negative RMB 32.86 billion in the same period last year[4]. - The net cash flow from operating activities for the current reporting period is -6,368,534,851.84 RMB, an improvement from -32,855,972,737.86 RMB in the same period last year, indicating a significant increase in cash inflow from repurchase business[8]. - Cash flow from operating activities for the first three quarters of 2023 was ¥12,607,113,197.62, significantly lower than ¥25,459,566,604.70 in 2022, indicating a decline of approximately 50.5%[18]. - The net cash flow for the first three quarters showed a decrease of 19.2%, with a net decrease of ¥4,015,332,753.44 compared to -¥4,972,713,105.42 in 2022[26]. Assets and Liabilities - Total assets as of the end of Q3 2023 amounted to approximately RMB 624.02 billion, reflecting a 2.02% increase from RMB 611.66 billion at the end of the previous year[5]. - Total liabilities amounted to RMB 504.38 billion, up 1.9% from RMB 496.42 billion at the end of 2022[13]. - The company reported a significant increase in derivative financial assets, which rose to RMB 5.12 billion, up 39.7% from RMB 3.66 billion year-over-year[12]. - The company's total equity increased to RMB 107,932,528,944.76 as of September 30, 2023, compared to RMB 104,640,292,341.91 at the end of 2022[22]. Income and Expenses - Net interest income for the year-to-date is 1,306,752,510.62 RMB, a 45.22% increase from 899,834,766.91 RMB in the same period last year, attributed to a decrease in interest expenses on bonds payable[9]. - Net commission and fee income decreased to RMB 6.13 billion, down 16.0% from RMB 7.30 billion in the previous year[15]. - Investment income for the first three quarters was RMB 4.75 billion, a decline of 22.7% compared to RMB 6.14 billion in 2022[15]. - The company reported a decrease in total operating expenses to RMB 5,705,655,003.63 from RMB 6,101,059,921.82, indicating improved cost management[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 156,635, with the top ten shareholders holding a combined 89.65% of the shares[10]. - The largest shareholder, China Merchants Financial Holdings Co., Ltd., holds 2,047,900,517 shares, accounting for 23.55% of the total shares[10]. Other Comprehensive Income - Other comprehensive income after tax increased significantly by 239.20% to 194,792,980.00 RMB from 57,427,391.15 RMB, attributed to changes in foreign currency translation differences[8]. - Other comprehensive income after tax attributable to the parent company was ¥137,548,509.70 in 2023, down from ¥337,007,180.80 in 2022, indicating a decrease of approximately 59.3%[16].