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    600837   CNE000000CK1

HAITONG SECURITIES CO., LTD.

(600837)
  Report
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Haitong Securities : THE FIRST QUARTERLY REPORT FOR THE YEAR 2021

04/28/2021 | 06:34am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 6837)

THE FIRST QUARTERLY REPORT FOR THE YEAR 2021

The board of directors (the "Board") of Haitong Securities Co., Ltd. (the "Company") is pleased to announce the unaudited results of the Company and its subsidiaries (collectively the "Group") for the first quarter ended 31 March 2021, prepared under General Accepted Accounting Principles of the People's Republic of China ("PRC GAAP"). This announcement is made pursuant to the Inside Information Provision under Part XIVA of the Securities and Futures Ordinance (Cap 571, Laws of Hong Kong) (as defined in The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (the "Listing Rules")) and Rule 13.09(2) and Rule 13.10B of the Listing Rules.

§1 IMPORTANT NOTICE

  1. The Board, the supervisory committee (the "Supervisory Committee") of the Company and its directors (the "Director(s)"), supervisors (the "Supervisor(s)") and senior management represent and warrant the authenticity, accuracy and completeness of contents of this quarterly report and that there is no false representation, misleading statements contained herein or material omission of this quarterly report, for which they will assume joint and several liabilities.
  2. All the Directors attended the Board meeting and considered this quarterly report.
  3. This quarterly financial report of the Company was prepared in accordance with PRC GAAP and was unaudited.
  4. Mr. Zhou Jie, the person in charge of the Company, Mr. Zhang Xinjun, Chief Financial Officer, and Mr. Ma Zhong who is responsible for the accounting affairs, hereby represent and warrant that the financial statements contained in this quarterly report are authentic, accurate and complete.

1

§2 BASIC INFORMATION ON THE COMPANY

2.1 Major financial data

Unit: Yuan

Currency: RMB

Increase/decrease

recorded at the

end of the reporting

period as compared

As at the end of

As at the end

to the end of the

the reporting period

of the previous year

previous year (%)

Total assets

703,570,925,583.55

694,073,350,684.76

1.37

Net assets attributable to

shareholders of the Company

156,294,291,983.99

153,448,467,827.53

1.85

From the

From the

beginning of the

Increase/decrease

beginning

previous year to

as compared to

of the year

the end of the

the corresponding

to the end of the

reporting period of

period of the

reporting period

the previous year

previous year (%)

Net cash inflow from

operating activities

27,929,503,727.38

3,884,725,216.53

618.96

From the

From the

beginning of the

Increase/decrease

beginning

previous year to

as compared to

of the year

the end of the

the corresponding

to the end of the

reporting period of

period of the

reporting period

the previous year

previous year (%)

Operating income

11,191,995,550.77

6,986,305,235.49

60.20

Net profit attributable to

shareholders of the Company

3,617,629,936.73

2,282,724,851.44

58.48

Net profit attributable to

shareholders of the Company

after deducting non-recurring

profit or loss

3,422,356,881.51

1,957,239,747.07

74.86

Weighted average returns

Increased by 0.54

on net assets (%)

2.34

1.80

percentage point

Basic earnings per share (RMB/Share)

0.28

0.20

40.00

Diluted earnings per share

(RMB/Share)

0.28

0.20

40.00

2

Non-recurring items and amounts

√ Applicable Not applicable

Unit: Yuan

Currency: RMB

Amounts

Items

for the period

Gains and losses from disposals of

non-current assets

-8,303,358.31

Government grants recognized in current

profit or loss, excluding those closely

related to the Company's normal operations

and granted on an ongoing basis under the

State's policies according to certain quota of

amount or volume

424,015,203.82

Profit or loss from other contingencies which are

not related to the Company's normal operations

-3,253,919.75

Other non-operating incomes and

expenses except items above

30,713,003.31

Effect of non-controlling interests (net of tax)

-20,605,229.65

Effect of income tax

-227,292,644.20

Total

195,273,055.22

3

2.2 The total number of shareholders, and the shareholding of the top ten shareholders and the top ten shareholders of listed shares (or the shares not subject to trading moratorium) of the Company as of the end of the reporting period

Unit: Share

Total number of shareholders

328,965 shareholders, among which 328,815 were

holders of A Shares and 150 were holders of

H Shares

Shareholding of the top ten shareholders

Total

number of

Number of

shares held

shares held

as at the end of

Proportion of

subject to

Shares

the reporting

shareholding

trading

pledged or frozen

Nature of

Name of shareholders (Full name)

period

(%)

moratorium

Status

Number

shareholders

Hong Kong Securities Clearing

3,408,849,495

26.09

0

Unknown

-

Foreign legal

Company Nominees Limited

person

Shanghai Guosheng (Group) Co., Ltd.

862,489,059

6.60

781,250,000

Nil

0

State-owned

legal person

Shanghai Haiyan Investment Management

635,084,623

4.86

234,375,000

Nil

0

State-owned

Company Limited

legal person

Bright Food (Group) Co., Ltd

480,275,000

3.68

78,125,000

Nil

0

State-owned

legal person

Shenergy Group Company Limited

273,792,086

2.10

0

Nil

0

State-owned

legal person

China Securities Finance Corporation Limited

258,104,024

1.98

0

Nil

0

Other

Shanghai Guosheng Group Assets Co., Ltd.

238,382,008

1.82

0

Nil

0

State-owned

legal person

Shanghai Jiushi (Group) Co., Ltd.

235,247,280

1.80

0

Nil

0

State-owned

legal person

Shanghai Electric (Group) Corporation

224,303,718

1.72

78,203,125

Nil

0

State

Shanghai Bailian Group Co., Ltd.

214,471,652

1.64

0

Nil

0

State-owned

legal person

4

Particulars of top ten shareholders not subject to trading moratorium

Name of shareholders

Hong Kong Securities Clearing

Company Nominees Limited

Bright Food (Group) Co., Ltd

Shanghai Haiyan Investment Management

Company Limited

Shenergy Group Company Limited

China Securities Finance Corporation Limited

Shanghai Guosheng Group Assets Co., Ltd.

Shanghai Jiushi (Group) Co., Ltd.

Shanghai Bailian Group Co., Ltd.

China Construction Bank Corporation

  • Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund

Shanghai Electric (Group) Corporation

Explanations on the related relationship or concerted action among the above shareholders

Number of

listed shares not

Type and

subject to trading

number of shares

moratorium

Type

Number

3,408,849,495

Overseas listed

3,408,849,495

foreign shares

402,150,000

RMB denominated

402,150,000

ordinary shares

400,709,623

RMB denominated

400,709,623

ordinary shares

273,792,086

RMB denominated

273,792,086

ordinary shares

258,104,024

RMB denominated

258,104,024

ordinary shares

238,382,008

RMB denominated

238,382,008

ordinary shares

235,247,280

RMB denominated

235,247,280

ordinary shares

214,471,652

RMB denominated

214,471,652

ordinary shares

176,924,416

RMB denominated

176,924,416

ordinary shares

146,100,593

RMB denominated

146,100,593

ordinary shares

Shanghai Guosheng Group Assets Co., Ltd. is a wholly-owned subsidiary of Shanghai Guosheng (Group) Co., Ltd. Moreover, the Company is not aware of any related relationship among other shareholders or whether they are parties acting in concert

as stipulated in the Measures for the Administration of the Takeover of Listed Companies(《上市公司收購管理辦法》).

5

Notes: 1. The nature of shareholders of RMB denominated ordinary shares (A Shares) represents that of accounts registered by such shareholders in Shanghai Branch of China Securities Depository and Clearing Corporation Limited.

  1. In the table above, overseas listed foreign shares are H Shares. Among the H Shareholders of the Company, HKSCC Nominees Limited held the H Shares on behalf of the non-registered shareholders.
  2. Shanghai Guosheng Group and its wholly-owned subsidiary, Shanghai Guosheng Group Assets Co., Ltd., hold a total of 1,356.3275 million A Shares and H Shares of the Company, representing 10.38% of the total share capital of the Company; Shanghai Electric (Group) Corporation holds a total of 393.9365 million A Shares and H Shares of the Company, representing 3.02% of the total share capital of the Company.
  3. As the shares of the Company are subject of margin financing and securities lending, the number of shares held by a shareholder is calculated based on the aggregated number of shares and interests held by such shareholder through ordinary securities accounts and credit securities accounts.

2.3 The total number of holders of preferred shares and the shareholding of top ten holders of preferred shares and top ten holders of preferred shares (not subject to trading moratorium) as at the end of the reporting period

  • Applicable √ Not applicable

6

§3 MAJOR EVENTS

3.1 Substantial changes in major accounting statement items and financial indicators of the Company and the reasons for such changes

√ Applicable Not applicable

Unit: Yuan

Currency: RMB

As at

As at

Items

31 March 2021

31 December 2020

Increase/Decrease

Reasons of change

Accounts receivable

11,418,324,932.05

8,410,000,191.07

35.77%

Mainly due to an

increase in settlement

receivables

Investments in other

8,588,251,368.01

16,239,187,221.41

-47.11%

Mainly due to

equity instruments

a decrease in

investments in other

equity instruments

Funds payable to

-

233,062,962.16

-100.00%

Mainly due to

securities issuers

a decrease in funds

to securities issuers

Accounts payable

17,426,479,218.53

11,590,061,915.13

50.36%

Mainly due to an

increase in

settlement payable

7

Unit: Yuan Currency: RMB

January to

January to

Increase/

Items

March 2021

March 2020

Decrease

Reasons of change

Net fee and

3,565,439,531.54

2,741,587,069.28

30.05%

Mainly due to an increase

commission income

in net income from

investment banking

business

Net interest income

1,663,343,506.51

1,159,974,856.15

43.39%

Mainly due to a decrease

in loan interest expenses

Investment gains

4,952,257,280.67

2,820,780,688.76

75.56%

Mainly due to an increase

in investment gains

arising from financial

instruments

Gains arising from fair

-1,933,821,527.60

-1,455,386,437.11

-

Mainly due to the impacts

value changes

of market fluctuation

Exchange gains

47,536,808.04

230,934,500.48

-79.42%

Mainly due to the impacts

of movements in foreign

exchange rates

Other operating income

2,476,037,888.35

1,087,955,786.38

127.59%

Mainly due to an increase

in sales income of

a subsidiary

Business and

3,237,522,372.45

2,223,596,073.01

45.60%

Mainly due to an

management expenses

increase in staff cost

Credit impairment losses

415,204,801.65

692,603,614.07

-40.05%

Mainly due to a decrease

in impairment loss of

financing business

Other operating cost

2,243,237,684.06

801,337,146.80

179.94%

Mainly due to an increase

in sales cost of

a subsidiary

Income tax expense

1,285,292,972.84

869,566,957.51

47.81%

Mainly due to an increase

in taxable income

Other comprehensive income,

-712,572,183.67

-313,659,440.33

-

Mainly due to a decrease

net of tax

in changes in fair value

of investment in other

equity instruments

Net cash flows from

27,929,503,727.38

3,884,725,216.53

618.96%

Mainly due to a net

operating activities

decrease in financial

assets held for trading

Net cash flows from/(used in)

4,908,811,241.96

-3,377,427,440.66

-

Mainly due to an increase

investing activities

in cash received from

sales of investments

Net cash flows (used in)/from

-6,161,079,219.51

21,310,222,879.33

-128.91%

Mainly due to a decrease

financing activities

in cash received from

borrowings

8

  1. Analysis and description of significant events and their impacts and solutions
    • Applicable √ Not applicable
  2. Undertakings that have not yet been duly fulfilled during the reporting period
    • Applicable √ Not applicable
  3. Warning in respect of forecast of a probable loss in the accumulated net profit for the period from the beginning of the year to the end of the next reporting period or a significant change therein as compared with that of the corresponding period of last year and the reasons therefor
    • Applicable √ Not applicable

§4 APPENDIX

(See appendix)

By order of the Board

Haitong Securities Co., Ltd.

ZHOU Jie

Chairman

Shanghai, PRC,

28 April 2021

As at the date of this announcement, the executive directors of the Company are Mr. ZHOU Jie, Mr. QU Qiuping and Mr. REN Peng; the non-executive directors of the Company are Mr. TU Xuanxuan, Mr. ZHOU Donghui, Ms. YU Liping and Mr. XU Jianguo; and the independent non- executive directors of the Company are Mr. ZHANG Ming, Mr. LAM Lee G., Mr. ZHU Hongchao and Mr. ZHOU Yu.

  • For identification purpose only

9

APPENDIX

4.1 FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (UNAUDITED)

31 March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan

Currency: RMB

As at

As at

Items

31 March 2021

31 December 2020

Assets:

Bank and cash balance

152,762,446,866.26

127,846,510,384.44

Including: Cash held on behalf of customers

89,568,464,564.02

91,691,751,326.06

Clearing settlement funds

13,846,815,500.28

11,852,300,703.44

Including: Settlement funds held on behalf of customers

9,912,674,857.49

8,439,499,702.35

Placements to banks and other financial institutions

22,764,337.33

22,619,003.50

Margin loan

79,735,871,856.34

73,067,592,180.28

Derivative financial assets

1,402,042,850.59

1,837,911,549.28

Refundable deposits

17,508,459,266.36

17,374,851,216.38

Accounts receivables

11,418,324,932.05

8,410,000,191.07

Contract assets

Financial assets held under resale agreement

45,495,434,739.48

57,965,393,846.35

Assets held for sale

126,757.96

126,757.96

Financial investment:

Financial assets held for trading

215,289,654,113.38

220,396,503,802.97

Debt investments

3,728,598,119.40

3,763,499,007.04

Other debt investments

15,473,433,841.49

13,108,162,077.30

Investments in other equity instruments

8,588,251,368.01

16,239,187,221.41

Finance lease receivables

43,927,358,069.20

48,411,402,490.40

Long-term receivables

36,458,296,540.54

35,214,476,098.67

Long-term equity investments

4,490,949,313.31

4,428,306,984.21

Investment properties

51,400,885.74

111,591,512.78

Fixed assets

14,281,396,713.73

14,286,537,337.68

Construction in progress

442,328,276.25

384,734,625.27

Right-of-use assets

1,039,483,309.38

1,043,725,022.09

Intangible assets

1,252,896,253.13

1,292,412,549.02

Goodwill

3,901,225,304.97

3,884,909,888.02

Deferred tax assets

4,405,013,555.61

4,282,160,088.28

Other assets

28,048,352,812.76

28,848,436,146.92

Total assets

703,570,925,583.55

694,073,350,684.76

10

CONSOLIDATED BALANCE SHEET (UNAUDITED) (Continued)

Unit: Yuan

Currency: RMB

As at

As at

Items

31 March 2021

31 December 2020

Liabilities:

Short-term borrowings

35,809,303,058.86

43,367,554,072.81

Short-term financing bills payables

24,209,410,847.52

25,718,522,701.47

Placements from banks and other financial institutions

15,937,735,732.94

15,069,512,517.55

Financial liabilities held for trading

35,386,448,576.34

32,238,300,944.74

Derivative financial liabilities

2,091,634,579.04

2,672,278,930.69

Financial assets sold under repurchase agreements

62,221,919,218.47

60,563,432,718.62

Accounts payable to brokerage clients

107,133,583,801.69

108,167,567,969.29

Funds payable to securities issuers

233,062,962.16

Payroll payable

6,155,848,910.91

6,478,180,676.07

Taxes payable

3,388,076,812.40

3,566,582,804.82

Accounts payable

17,426,479,218.53

11,590,061,915.13

Contract liabilities

208,978,597.91

131,039,010.16

Liabilities held for sale

Provisions

166,876,206.27

141,083,942.89

Long-term borrowings

49,753,247,146.02

49,363,002,740.67

Bonds payables

153,689,287,577.82

147,838,209,538.34

Including: Preferred shares

Perpetual bond

Lease liabilities

1,045,284,438.73

1,052,413,502.19

Deferred tax liabilities

657,583,611.44

698,134,483.29

Other liabilities

16,681,358,825.55

17,058,097,418.11

Total liabilities

531,963,057,160.44

525,947,038,849.00

Equity (or shareholders' equity):

Paid-in capital (or share capital)

13,064,200,000.00

13,064,200,000.00

Other equity instruments

Including: Preferred shares

Perpetual bond

Capital reserve

74,901,693,745.65

74,888,284,930.75

Less: treasury shares

Other comprehensive income

-1,434,463,966.22

-650,570,845.59

Surplus reserve

7,663,172,125.37

7,663,172,125.37

General risk reserve

17,294,423,766.02

17,260,983,392.72

Retained profits

44,805,266,313.17

41,222,398,224.28

Total equity (or shareholders' equity)

attributable to the owners of the Company

156,294,291,983.99

153,448,467,827.53

Non-controlling interests

15,313,576,439.12

14,677,844,008.23

Total equity (or shareholders' equity)

171,607,868,423.11

168,126,311,835.76

Total liabilities and equity (or shareholders' equity)

703,570,925,583.55

694,073,350,684.76

Person in charge of the Company: Zhou Jie Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

11

BALANCE SHEET OF THE PARENT COMPANY (UNAUDITED)

31 March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan

Currency: RMB

As at

As at

Items

31 March 2021

31 December 2020

Assets:

Bank and cash balance

93,796,639,886.85

74,010,191,666.45

Including: Cash held on behalf of customers

57,494,399,842.55

57,107,099,896.87

Clearing settlement funds

17,099,424,944.04

17,748,028,149.83

Including: Settlement funds held on

behalf of customers

9,167,569,060.11

8,787,695,278.74

Placements to banks and other financial institutions

Margin loan

68,328,817,169.64

62,585,416,116.49

Derivative financial assets

302,728,723.43

109,961,010.63

Refundable deposits

5,269,226,843.68

3,815,156,298.46

Accounts receivables

1,419,523,157.06

1,458,058,794.21

Contract assets

Financial assets held under resale agreement

39,519,924,755.18

46,043,557,098.07

Assets held for sale

Financial investment:

Financial assets held for trading

118,479,704,261.45

118,954,600,639.95

Debt investments

Other debt investments

13,807,898,978.22

11,767,722,804.51

Investments in other equity instruments

8,331,020,267.04

15,984,455,967.50

Long-term equity investments

35,286,073,625.29

35,146,029,297.79

Investment properties

13,022,551.00

13,278,651.97

Fixed assets

5,945,830,644.80

5,971,363,529.79

Construction in progress

375,207,550.16

316,873,644.40

Right-of-use assets

499,225,087.16

500,414,323.31

Intangible assets

295,761,760.69

311,261,069.99

Deferred tax assets

1,906,478,393.73

1,654,578,148.20

Other assets

1,612,645,401.86

1,301,878,794.62

Total assets

412,289,154,001.28

397,692,826,006.17

12

BALANCE SHEET OF THE PARENT COMPANY (UNAUDITED) (Continued)

Unit: Yuan

Currency: RMB

As at

As at

Items

31 March 2021

31 December 2020

Liabilities:

Short-term borrowings

Short-term financing bills payables

9,588,501,709.64

14,954,952,895.91

Placements from banks and other financial institutions

9,925,377,444.45

8,801,861,666.67

Financial liabilities held for trading

12,146,516,006.36

8,319,118,224.27

Derivative financial liabilities

446,336,778.30

543,531,575.78

Financial assets sold under repurchase agreements

50,766,644,718.89

48,997,605,575.98

Accounts payable to brokerage clients

66,281,880,529.57

67,389,968,518.46

Funds payable to securities issuers

323,062,962.16

Payroll payable

4,365,422,110.82

4,388,230,717.06

Taxes payable

1,786,552,836.67

1,761,215,662.79

Accounts payable

7,429,859,993.20

1,703,278,685.18

Contract liability

Liabilities held for sale

Provisions

Long-term borrowings

2,127,723,597.22

2,114,295,863.89

Bonds payables

106,738,499,142.70

99,870,431,188.08

Including: Preferred shares

Perpetual bonds

Lease liabilities

484,841,955.41

489,767,980.26

Deferred tax liabilities

Other liabilities

581,237,069.92

590,316,777.15

Total liabilities

272,669,393,893.15

260,247,638,293.64

Equity (or shareholders' equity):

Paid-in capital (or share capital)

13,064,200,000.00

13,064,200,000.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserve

74,772,635,006.20

74,772,635,006.20

Less: treasury shares

Other comprehensive income

-196,467,555.55

499,137,706.73

Surplus reserve

7,663,172,125.37

7,663,172,125.37

General risk reserve

15,326,344,250.74

15,326,344,250.74

Retained profits

28,989,876,281.37

26,119,698,623.49

Total equity (or shareholders' equity)

139,619,760,108.13

137,445,187,712.53

Total liabilities and equity (or shareholders' equity)

412,289,154,001.28

397,692,826,006.17

Person in charge of the Company: Zhou Jie Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

13

CONSOLIDATED INCOME STATEMENTS (UNAUDITED)

January to March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan

Currency: RMB

Items

First quarter of 2021

First quarter of 2020

I.

Total operating income

11,191,995,550.77

6,986,305,235.49

Net fee and commission income

3,565,439,531.54

2,741,587,069.28

Including: Net income from brokerage business

1,342,811,983.75

1,269,032,431.09

Net income from investment banking business

1,289,256,193.11

729,841,440.94

Net income from asset management business

859,862,393.58

660,756,220.61

Net interest income

1,663,343,506.51

1,159,974,856.15

Including: Interest income from financial assets

3,758,184,244.13

3,578,866,082.09

Finance lease income

910,697,382.16

991,877,239.32

Interest expenses

-3,005,538,119.78

-3,410,768,465.26

Investment gains (losses are denoted by "-")

4,952,257,280.67

2,820,780,688.76

Including: Gains attributable to investment in associates and joint ventures

142,425,600.55

111,696,914.37

Gains from net exposure hedges (losses are denoted by "-")

Other income

448,375,177.33

406,332,184.97

Gains arising from fair value changes (losses are denoted by "-")

-1,933,821,527.60

-1,455,386,437.11

Foreign exchange gains (losses are denoted by "-")

47,536,808.04

230,934,500.48

Other operating income

2,476,037,888.35

1,087,955,786.38

Gains from disposal of assets (losses are denoted by "-")

-27,173,114.07

-5,873,413.42

II.

Total operating expenses

5,977,842,966.27

3,817,216,999.17

Tax and surcharges

67,458,728.34

60,338,078.16

Business and management expenses

3,237,522,372.45

2,223,596,073.01

Credit impairment loss

415,204,801.65

692,603,614.07

Impairment losses on other assets

14,419,379.77

39,342,087.13

Other operating cost

2,243,237,684.06

801,337,146.80

III.

Operating profit (losses are denoted by "-")

5,214,152,584.50

3,169,088,236.32

Add: Non-operating income

12,868,720.27

23,390,723.16

Less: Non-operating expenses

13,315,563.74

39,338,333.16

IV.

Profit before income tax (total losses are denoted by "-")

5,213,705,741.03

3,153,140,626.32

Less: Income tax expense

1,285,292,972.84

869,566,957.51

V.

Net profit (net losses are denoted by "-")

3,928,412,768.19

2,283,573,668.81

(I) Classified based on continuing operation

1.

Net profit from continuing operation

(net losses are denoted by "-")

3,928,423,757.67

2,284,569,735.53

2.

Net profit from discontinued operation

(net losses are denoted by "-")

-10,989.48

-996,066.72

(II) Classified based on the nature of ownership

1.

Net profit attributable to shareholders of the Company

(net losses are denoted by "-")

3,617,629,936.73

2,282,724,851.44

2.

Profit or loss attributable to non-controlling interests

(net losses are denoted by "-")

310,782,831.46

848,817.37

14

CONSOLIDATED INCOME STATEMENTS (UNAUDITED) (Continued)

Unit: Yuan

Currency: RMB

Items

First quarter of 2021

First quarter of 2020

VI.

Other comprehensive income, net of tax

-712,572,183.67

-313,659,440.33

Other comprehensive income, net of tax, attributable to

owners of the Company

-783,893,120.63

-547,365,541.81

(I) Other comprehensive income that will not be reclassified to

profit or loss

-707,639,602.58

-486,380,853.42

1. Changes arising from re-measurement of defined

benefit obligations

33,857.05

2. Other comprehensive income that cannot be transferred to profit or loss under the equity method

3.

Changes in fair value of investments in other equity instruments

-707,673,459.63

-486,380,853.42

4.

Changes in the fair value of the Company's own credit risk

(II)

Other comprehensive income that will be reclassified to profit or loss

-76,253,518.05

-60,984,688.39

1.

Other comprehensive income that can be transferred

to profit or loss under the equity method

17,688.41

-52,845,007.38

2.

Changes in fair value of other debt investments

-40,616.70

147,514,639.03

3.

Financial assets reclassified to other comprehensive income

4.

Credit impairment provisions of other debt investments

-214,917.66

1,624,509.00

5.

Reserve for cash flow hedging

-26,125,767.27

-29,460,783.57

6.

Exchange differences from translation of financial

statements denominated in foreign currencies

-49,889,904.83

-127,808,599.71

7.

Other

-9,445.76

Other comprehensive income, net of tax, attributable to

the non-controlling interests

71,320,936.96

233,706,101.48

VII.

Total comprehensive income

3,215,840,584.52

1,969,914,228.48

Total comprehensive income attributable to owners of the Company

2,833,736,816.10

1,735,359,309.63

Total comprehensive income attributable to the non-controlling interests

382,103,768.42

234,554,918.85

VIII.

Earnings per share:

(I)

Basic earnings per share (RMB/Share)

0.28

0.20

(II)

Diluted earnings per share (RMB/Share)

0.28

0.20

Person in charge of the Company: Zhou Jie Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

15

INCOME STATEMENTS OF THE PARENT COMPANY (UNAUDITED) January to March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan

Currency: RMB

Items

First quarter of 2021

First quarter of 2020

I.

Total operating income

5,586,363,074.17

3,936,282,820.53

Net fee and commission income

2,099,833,483.57

1,650,840,406.34

Including: Net income from brokerage business

1,082,976,965.43

1,089,384,111.57

Net income from investment banking business

953,043,977.30

515,649,643.58

Net income from asset management business

Net interest income

674,591,064.15

655,911,585.02

Including: Interest income

2,245,261,293.22

2,119,389,139.64

Interest expenses

-1,570,670,229.07

-1,463,477,554.62

Investment gains (losses are denoted by "-")

2,564,014,144.14

1,367,764,300.54

Including: Gains attributable to investment in associates and joint ventures

140,044,327.50

71,104,000.00

Gains from net exposure hedging (losses are denoted by "-")

Other income

283,091,068.07

318,801,508.16

Gains arising from fair value changes (losses are denoted by "-")

-98,448,771.07

-18,802,348.09

Foreign exchange gains (losses are denoted by "-")

61,473,090.79

-40,369,891.23

Other operating income

1,703,745.54

2,141,562.12

Gains from disposal of assets (losses are denoted by "-")

105,248.98

-4,302.33

II.

Total operating expenses

1,733,018,151.57

1,257,622,569.66

Tax and surcharges

46,078,681.30

33,868,169.94

Business and management expenses

1,686,382,417.04

976,496,943.82

Credit impairment loss

300,952.26

246,958,670.87

Impairment losses on other assets

Other operating cost

256,100.97

298,785.03

III.

Operating profit (losses are denoted by "-")

3,853,344,922.60

2,678,660,250.87

Add: Non-operating income

4,573,141.19

21,618,762.90

Less: Non-operating expenses

275,657.40

11,691,596.52

IV.

Profit before income tax (total losses are denoted by "-")

3,857,642,406.39

2,688,587,417.25

Less: Income tax expense

987,464,748.51

590,088,957.92

V.

Net profit (net losses are denoted by "-")

2,870,177,657.88

2,098,498,459.33

(I) Net profit from continuing operation (net losses are denoted by "-")

2,870,177,657.88

2,098,498,459.33

(II) Net profit from discontinued operation (net losses are denoted by "-")

16

INCOME STATEMENTS OF THE PARENT COMPANY (UNAUDITED) (Continued)

Unit: Yuan

Currency: RMB

Items

First quarter of 2021

First quarter of 2020

VI.

Other comprehensive income, net of tax

-695,605,262.28

-389,414,701.72

(I) Other comprehensive income that will not be reclassified

subsequently to profit or loss

-708,361,530.99

-564,729,007.61

  1. Changes arising from re-measurement of defined benefit obligations
  2. Other comprehensive income that cannot be transferred to profit or loss under the equity method

3.

Changes in fair value of investments in other equity instruments

-708,361,530.99

-564,729,007.61

4.

Changes in the fair value of the Company's own credit risk

(II) Other comprehensive income that will be reclassified to profit or loss

12,756,268.71

175,314,305.89

1. Other comprehensive income that can be transferred to profit or loss under the equity method

2.

Changes in fair value of other debt investments

13,576,066.19

172,528,019.87

3.

Financial assets reclassified to other comprehensive income

4.

Credit impairment provisions of other debt investments

-819,797.48

2,786,286.02

  1. Reserve for cash flow hedging
  2. Exchange differences from translation of financial statements denominated in foreign currencies
  3. Other

VII. Total comprehensive income

2,174,572,395.60

1,709,083,757.61

Person in charge of the Company: Zhou Jie

Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

17

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) January to March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan Currency: RMB

Items

First quarter of 2021 First quarter of 2020

  1. Cash flows from operating activities:

Net decrease in financial assets held for trading

10,609,105,868.76

Cash received from interests, fees and commission

8,806,474,268.60

7,871,909,204.14

Net increase in placements from banks and other financial institutions

821,709,938.33

Net increase in cash from repurchase business

14,006,485,252.81

17,015,306,510.99

Net decrease in margin loan

Net cash received from securities trading agency services

9,214,391,921.71

Cash received relating to other operating activities

15,323,586,379.21

4,754,091,846.78

Sub-total of cash inflows from operating activities

49,567,361,707.71

38,855,699,483.62

Net increase in financial assets held for trading

13,211,584,169.63

Net decrease in placements from banks and other financial institutions

2,425,533,573.05

Net increase in margin loan

6,626,492,506.43

2,006,753,546.52

Net cash paid for securities trading agency services

1,035,773,981.04

Cash payment of interest, fees and commissions

1,977,393,973.08

2,769,103,476.11

Cash paid to and on behalf of employee

2,523,229,815.37

2,172,425,282.09

Payment for taxes and levies

1,889,663,353.85

1,118,839,516.59

Cash paid relating to other operating activities

7,585,304,350.56

11,266,734,703.10

Sub-total of cash outflows from operating activities

21,637,857,980.33

34,970,974,267.09

Net cash flows from operating activities

27,929,503,727.38

3,884,725,216.53

II.

Cash flows from investing activities:

Cash received from sales of investments

10,468,818,839.57

4,079,023,389.23

Cash received from return on investment

1,314,383,667.36

509,330,443.78

Net cash received from disposal of fixed assets,

intangible assets and other long term assets

1,223,248.51

1,670,716.18

Net cash received from disposal of subsidiaries and

other operating business units

Cash received relating to other investing activities

Sub-total of cash inflows from investing activities

11,784,425,755.44

4,590,024,549.19

Cash paid for investments

6,689,942,440.33

4,949,595,834.92

Cash paid for acquisition of fixed assets,

intangible assets and other long term assets

185,672,073.15

3,017,856,154.93

Net cash payments for acquisition of subsidiaries and

other operating business units

Cash paid relating to other investing activities

Sub-total of cash outflows from investing activities

6,875,614,513.48

7,967,451,989.85

Net cash flows from/(used in) investing activities

4,908,811,241.96

-3,377,427,440.66

18

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

Unit: Yuan Currency: RMB

Items

First quarter of 2021 First quarter of 2020

  1. Cash flows from financing activities:

Cash received from capital injection

656,831.64

11,167,639.92

Including: Cash received from capital injection of

non-controlling interests in subsidiaries

656,831.64

11,167,639.92

Cash received from borrowings

5,835,478,032.76

27,537,514,536.84

Cash received from bond issued

38,631,431,535.53

31,405,121,383.93

Cash received relating to other financing activities

Sub-total of cash inflows from financing activities

44,467,566,399.93

58,953,803,560.69

Cash repayment of borrowings

49,209,176,807.03

35,762,861,984.81

Cash paid for distribution of dividends or profit,

or for interest expenses

1,346,544,166.25

1,743,058,487.26

Including: Dividends and profits paid to non-controlling

interests by subsidiaries

83,044,593.84

65,135,971.67

Cash paid relating to other financing activities

72,924,646.16

137,660,209.29

Sub-total of cash outflows from financing activities

50,628,645,619.44

37,643,580,681.36

Net cash flows (used in)/from financing activities

-6,161,079,219.51

21,310,222,879.33

IV.

Effects of changes in foreign exchange rates on cash and

cash equivalents

132,038,644.74

478,510,462.03

V.

Net increase in cash and cash equivalents

26,809,274,394.57

22,296,031,117.23

Add: Cash and cash equivalents at the beginning of the period

137,311,262,918.57

123,829,492,862.52

VI.

Cash and cash equivalents at the end of the period

164,120,537,313.14

146,125,523,979.75

Person in charge of the Company: Zhou Jie Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

19

STATEMENTS OF CASH FLOWS OF THE PARENT COMPANY (UNAUDITED) January to March 2021

Prepared by: Haitong Securities Co., Ltd.

Unit: Yuan Currency: RMB

Items

First quarter of 2021 First quarter of 2020

  1. Cash flows from operating activities:

Net decrease in financial assets held for trading

5,491,087,159.85

Cash received from interests, fees and commission

4,562,839,439.32

3,927,561,852.64

Net increase in placements from banks and other financial institutions

1,100,000,000.00

Net increase in cash from repurchase business

8,426,961,511.79

15,277,520,686.48

Net decrease in margin loan

Net cash received from securities trading agency services

7,175,759,981.56

Cash received relating to other operating activities

5,039,389,902.46

400,999,459.22

Sub-total of cash inflows from operating activities

24,620,278,013.42

26,781,841,979.90

Net increase in financial assets held for trading

7,324,947,379.27

Net cash paid for securities trading agency services

1,107,834,101.34

Net increase in margin loan

5,701,613,883.52

3,041,781,697.88

Net decrease in placements from banks and other financial institutions

2,086,760,416.67

Cash paid for interests, fees and commission

958,923,043.15

930,568,924.42

Cash paid to and on behalf of employee

1,288,299,315.13

970,307,675.03

Payment for taxes and levies

1,216,233,177.87

584,523,271.40

Cash paid relating to other operating activities

1,781,709,003.87

1,436,240,263.59

Sub-total of cash outflows from operating activities

12,054,612,524.88

16,375,129,628.26

Net cash flows from operating activities

12,565,665,488.54

10,406,712,351.64

II.

Cash flows from investing activities:

Cash received from sales of investments

9,339,000,000.00

1,372,075,353.77

Cash received from return on investment

1,445,533,516.75

97,932,735.79

Net cash received from disposal of fixed assets,

intangible assets and other long term assets

1,221,959.38

1,662,846.18

Cash received relating to other investing activities

Sub-total of cash inflows from investing activities

10,785,755,476.13

1,471,670,935.74

Cash paid for investments

4,540,046,340.86

700,324,943.66

Cash paid for acquisition of fixed assets,

intangible assets and other long term assets

161,082,444.75

1,542,797,711.19

Cash paid relating to other investing activities

Sub-total of cash outflows from investing activities

4,701,128,785.61

2,243,122,654.85

Net cash flows from/(used in) investing activities

6,084,626,690.52

-771,451,719.11

20

STATEMENTS OF CASH FLOWS OF THE PARENT COMPANY (UNAUDITED) (Continued)

Unit: Yuan

Currency: RMB

Items

First quarter of 2021

First quarter of 2020

  1. Cash flows from financing activities:

Cash received from capital injection

Cash received from borrowings

Cash received from bond issued

24,099,672,300.00

25,558,086,000.00

Cash received relating to other financing activities

Sub-total of cash inflows from financing activities

24,099,672,300.00

25,558,086,000.00

Cash repayment of borrowings

22,781,856,000.00

24,368,836,000.00

Cash paid for distribution of dividends or profit,

or for interest expenses

856,751,071.39

869,422,682.61

Cash paid relating to other financing activities

52,219,122.03

61,358,388.21

Sub-total of cash outflows from financing activities

23,690,826,193.42

25,299,617,070.82

Net cash flows from financing activities

408,846,106.58

258,468,929.18

IV.

Effects of changes in foreign exchange rates on cash

and cash equivalents

7,181,417.96

20,029,888.66

V.

Net increase in cash and cash equivalents

19,066,319,703.60

9,913,759,450.37

Add: Cash and cash equivalents at the beginning of the period

91,698,084,523.06

81,892,823,582.56

VI.

Cash and cash equivalents at the end of the period

110,764,404,226.66

91,806,583,032.93

Person in charge of the Company: Zhou Jie Chief Financial Officer: Zhang Xinjun

Person responsible for the

accounting affairs: Ma Zhong

  1. INFORMATION RELATED TO THE ADJUSTMENT ON THE FINANCIAL STATEMENTS OF THE BEGINNING OF THE YEAR IN RESPECT OF THE FIRST IMPLEMENTATION OF NEW LEASING STANDARDS COMMENCING FROM 2021
    • Applicable √ Not applicable
  2. EXPLANATION FOR THE RETROSPECTIVE ADJUSTMENT TO PREVIOUS COMPARABLE DATA IN RESPECT OF FIRST IMPLEMENTATION OF NEW LEASING STANDARDS COMMENCING FROM 2021
    • Applicable √ Not applicable
  3. AUDIT REPORTS
    • Applicable √ Not applicable

21

Disclaimer

HAITONG Securities Company Limited published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 10:33:15 UTC.


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Financials
Sales 2021 41 808 M 6 536 M 6 536 M
Net income 2021 12 714 M 1 988 M 1 988 M
Net Debt 2021 65 026 M 10 166 M 10 166 M
P/E ratio 2021 12,8x
Yield 2021 2,49%
Capitalization 135 B 21 096 M 21 103 M
EV / Sales 2021 4,78x
EV / Sales 2022 4,48x
Nbr of Employees -
Free-Float 69,4%
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Technical analysis trends HAITONG SECURITIES CO., LTD.
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TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 16
Average target price 11,83 CNY
Last Close Price 11,92 CNY
Spread / Highest target 32,6%
Spread / Average Target -0,80%
Spread / Lowest Target -35,2%
EPS Revisions
Managers and Directors
NameTitle
Qiu Ping Qu General Manager & Executive Director
Xin Jun Zhang Chief Financial Officer
Jie Zhou Chairman
Yu Xing Mao Chief Information Officer & Deputy General Manager
Jian Ye Wang Chief Compliance Officer
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