东兴证券(601198) - 2023 Q4 - 年度财报

Financial Performance - The company reported a total revenue of $1.5 billion for the fiscal year 2023, representing a year-over-year growth of 15%[41]. - The company's operating revenue for 2023 reached ¥4,735,175,868.03, representing a 38.08% increase compared to ¥3,429,193,721.41 in 2022[45]. - Net profit attributable to shareholders of the parent company was ¥819,739,772.59, up 58.50% from ¥517,197,649.74 in the previous year[45]. - The net profit after deducting non-recurring gains and losses increased by 88.13% to ¥949,893,556.36 from ¥504,926,085.27 in 2022[45]. - Basic earnings per share for 2023 were ¥0.254, reflecting a 58.75% increase from ¥0.160 in 2022[46]. - The company reported a net cash flow from operating activities of -¥1,165,411,374.23, a significant decline compared to ¥11,375,156,480.38 in 2022, representing a decrease of 110.25%[45]. - The company's net income from commission and fees decreased by 31.63% to RMB 1.462 billion in 2023[60]. - Investment income increased by 46.86% to RMB 930 million compared to 2022[60]. - The wealth management business generated revenue of CNY 1.65 billion, accounting for 34.89% of total revenue, with a slight decrease of 1.74% compared to the previous year[75]. - The self-operated business saw a significant increase in revenue, up 158.25% year-on-year, contributing CNY 906 million, which is 19.14% of total revenue[75]. Capital and Assets - The company's net capital increased to CNY 21,839,431,596.56 at the end of the reporting period, up from CNY 20,557,865,536.33 at the end of the previous year[18]. - The total assets as of December 31, 2023, were ¥99,279,543,631.88, a decrease of 2.43% from ¥101,753,397,289.12 in 2022[45]. - The total amount of borrowings and bond financing at the end of the reporting period was RMB 237.95 billion, with a significant portion being short-term liabilities[149]. - The company's total liabilities decreased by CNY 3.494 billion or 4.62% to CNY 72.171 billion compared to the end of 2022[134]. - The net assets rose to ¥27,511,908,928.75, up from ¥26,574,493,450.12, indicating an increase of about 3.52% compared to the previous year[48]. Risk Management - The company is actively managing risks related to legal compliance, market fluctuations, credit, operational, liquidity, and reputation[10]. - The company has established a comprehensive market risk management system, implementing measures such as strict investment research, risk limits, and stress testing to control market risks effectively[163][164]. - Credit risk management includes strict controls on client suitability, internal credit ratings, and daily monitoring of securities prices to mitigate potential losses from defaults[165][166]. - The liquidity risk management framework ensures that the company can meet its payment obligations and operational needs by monitoring asset-liability structures and maintaining a stable funding source[167][168]. - The company has set liquidity risk limits and a warning system, continuously improving its risk indicators based on liquidity coverage ratios and net stable funding ratios[169]. Business Operations and Strategy - The company has established a comprehensive range of financial services, including private equity fund management and securities brokerage, to diversify its revenue streams[20]. - The company aims to leverage the opportunities presented by the full implementation of the registration system to support financing for strategic emerging industries[160]. - The company plans to enhance its wealth management transformation and improve its organizational structure in 2024, focusing on a client-centered approach[80]. - The company aims to develop its fund advisory business and establish a comprehensive financial service mechanism by integrating resources across various business lines[80]. - The company has established a nationwide business layout, with 41.49% of its branches located in Fujian province, which is a key area for its operations[73]. Governance and Compliance - The company has a board of directors consisting of 5 independent directors, which is at least one-third of the total number of directors[186]. - The supervisory board is composed of 3 supervisors, including 1 shareholder representative and 2 employee representatives, ensuring compliance with legal and regulatory requirements[187]. - The company has established a sound financial management system with independent accounting practices and tax obligations[190][191]. - The company has implemented a robust anti-money laundering risk management system, focusing on risk-based approaches to strengthen compliance and operational integrity[172][173]. - The company will continue to monitor and enhance its governance practices in line with regulatory requirements[187]. Shareholder and Dividend Information - The proposed cash dividend for 2023 is CNY 0.102 per share, totaling CNY 329,709,443.04, which accounts for 40.22% of the net profit attributable to shareholders of the parent company[7]. - The company will submit the profit distribution plan for shareholder approval at the upcoming general meeting[7]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[9].