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].
招商证券(06099) - 2023 - 年度业绩