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DFZQ Interim / Quarterly Report 2025
50931_rns_2025-04-29_a439ebec-e5d1-474f-b240-2ea2150df4b6.pdf
Interim / Quarterly Report
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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company 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.
东方证券
—DFZQ—
(A joint stock company incorporated in the People's Republic of China with limited liability under the Chinese corporate name “东方证券股份有限公司” and carrying on business in Hong Kong as “東方證券” (in Chinese) and “DFZQ” (in English))
(Stock Code: 03958)
THE FIRST QUARTERLY REPORT FOR THE YEAR 2025
The board (the "Board") of directors (the "Directors") of 東方證券股份有限公司 (the "Company") hereby announces the unaudited results of the Company and its subsidiaries for the first quarter ended March 31, 2025, prepared in accordance with General Accepted Accounting Principles of the People's Republic of China. This announcement is made pursuant to the Inside Information Provisions (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")) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Listing Rules.
This announcement contains the Chinese original version and English translation of "The First Quarterly Report for the Year 2025 of 東方證券股份有限公司" as published on the website of the Shanghai Stock Exchange, and is provided for your reference only. In case of discrepancy between the Chinese version and the English version, the Chinese version shall prevail.
By order of the Board of Directors
GONG Dexiong
Chairman
Shanghai, PRC
April 29, 2025
As at the date of this announcement, the Board of Directors comprises Mr. GONG Dexiong, Mr. LU Weiming and Mr. LU Dayin as executive Directors; Mr. XIE Weiqing, Mr. YANG Bo, Mr. SHI Lei, Ms. LI Yun, Mr. XU Yongmiao, Mr. REN Zhixiang and Mr. SUN Weidong as non-executive Directors; and Mr. WU Hong, Mr. FENG Xingdong, Mr. LUO Xinyu, Mr. CHAN Hon and Mr. ZHU Kai as independent non-executive Directors.
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東方證券股份有限公司
The First Quarterly Report for the Year 2025
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CONTENTS
IMPORTANT NOTICE ... 4
I. KEY FINANCIAL DATA ... 5
II. SHAREHOLDERS INFORMATION ... 10
III. OTHER REMINDERS ... 12
IV. QUARTERLY FINANCIAL STATEMENTS ... 13
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IMPORTANT NOTICE
The Board, the supervisory committee of the Company and its Directors, supervisors and senior management warrant that the information contained herein is true, accurate and complete and there are no false representations, misleading statements contained in or material omissions from this quarterly report, for which they will assume joint and several liabilities.
The person-in-charge of the Company, the accounting chief and person-in-charge of the accounting department (head of the accounting department), warrant the truthfulness, accuracy and completeness of the financial statements set out in this quarterly report.
Whether the first quarterly financial statements are audited
☐ Yes ☑ No
I. KEY FINANCIAL DATA
(i) Key accounting data and financial indicators
Unit: Yuan Currency: RMB
| Items | This reporting period | Same period of the previous year | Increase/decrease in the range of changes in this reporting period over the same period of the previous year (%) |
|---|---|---|---|
| Operating income | 5,381,713,789.37 | 3,610,537,317.89 | 49.06 |
| Net profit attributable to the shareholders of the Company | 1,435,653,008.94 | 886,228,868.51 | 62.00 |
| Net profit attributable to the shareholders of the Company after deducting non-recurring profit or loss | 1,407,602,697.37 | 794,110,163.83 | 77.26 |
| Net cash flows from operating activities | -4,738,016,790.52 | -22,798,135,086.96 | Not applicable |
| Basic earnings per share (RMB/share) | 0.16 | 0.10 | 60.00 |
| Diluted earnings per share (RMB/share) | Not applicable | Not applicable | Not applicable |
| Weighted average returns on net assets (%) | 1.79 | 1.11 | Increase of 0.68 percentage point |
| At the end of this reporting period | At the end of the previous year | Increase/decrease in the range of changes recorded at the end of this reporting period as compared with the end of the previous year (%) | |
| Total assets | 413,458,929,933.89 | 417,736,375,414.01 | -1.02 |
| Owner’s equity attributable to the shareholders of the Company | 82,652,653,158.08 | 81,396,739,786.76 | 1.54 |
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(ii) Non-recurring profit or loss items and amounts
☑ Applicable □ Not Applicable
Unit: Yuan Currency: RMB
| Non-recurring profit or loss items | Amounts for this reporting period | Remarks |
|---|---|---|
| Gains or losses from disposals of non-current assets, including the write-off of provision for asset impairment | -811,830.35 | |
| Government grants recognized in current profit or loss, but excluding those closely related to the Company’s normal operations, in line with national policies and regulations, received in accordance with specific standards and impacting the Company’s gain or loss on a continuous basis | 39,291,994.80 | Financial support |
| Other non-operating income and expenses except items above | -1,079,749.02 | |
| Less: Effect of income tax | 9,350,103.86 | |
| Total | 28,050,311.57 |
Explanation on the reasons for the Company’s identification of the items not listed under the Explanatory Announcement No. 1 on Disclosure of Information by Companies Offering Securities to the Public – Non-Recurring Profit or Loss (《公開發行證券的公司信息披露解釋性公告第1號一非經常性損益》) as non-recurring items of profit or loss with significant amount, and the definition of non-recurring items of profit or loss listed in the Explanatory Announcement No. 1 on Disclosure of Information by Companies Offering Securities to the Public – Non-Recurring Profit or Loss (《公開發行證券的公司信息披露解釋性公告第1號一非經常性損益》) as recurring items of profit or loss.
□ Applicable ☑ Not Applicable
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(iii) Changes in key accounting data and financial indicators and reasons for such changes
☑ Applicable □ Not Applicable
| Items | Percentage change (%) | Main reasons |
|---|---|---|
| Operating income | 49.06 | Mainly due to the increase in investment income from financial instruments, brokerage fee income and income from sales of bulk commodity by subsidiaries |
| Net profit attributable to the shareholders of the Company | 62.00 | Increase in operating income |
| Net profit attributable to the shareholders of the Company after deducting non-recurring profit or loss | 77.26 | Increase in net profit |
| Basic earnings per share (RMB/share) | 60.00 | Increase in net profit |
| Weighted average returns on net assets (%) | Increase of 0.68 percentage point | Increase in net profit |
Unit: Yuan Currency: RMB
(iv) Changes in major accounting statement items
| Balance sheet items | As at the end of this reporting period | As at the end of the previous year | Increase/Decrease (%) | Reasons |
|---|---|---|---|---|
| Receivables | 1,510,485,095.18 | 973,364,018.40 | 55.18 | Increase in liquidation receivables from subsidiaries |
| Financial assets acquired under resale agreements | 5,601,966,512.15 | 3,984,102,625.99 | 40.61 | Mainly due to the increase in the balance of bond reverse repurchase |
| Investment properties | 5,616,521.36 | 30,936,437.75 | -81.84 | Disposal of certain investment properties |
| Payables | 1,664,995,855.40 | 1,172,254,158.48 | 42.03 | Increase in liquidation payables |
| Contract liability | 270,404,940.00 | 157,209,272.28 | 72.00 | Increase in advances received from bulk commodity trading |
| Estimated liabilities | 12,261.26 | 21,874.26 | -43.95 | Decrease in projected liabilities arising from pending litigation |
| Deferred income tax liabilities | 12,299,957.59 | 217,640.69 | 5,551.50 | Increase in taxable temporary differences |
| Income statement items | This reporting period | Same period of the previous year | Increase/Decrease (%) | Reasons |
| Investment gains | 1,763,906,568.84 | 403,449,885.03 | 337.21 | Mainly due to the increase in investment income from proprietary business |
| Foreign exchange gains | -11,154,406.97 | 8,953,607.61 | -224.58 | Effects of exchange rate changes |
| Others business income | 1,493,066,533.44 | 1,138,461,851.18 | 31.15 | Increase in income from sales of bulk commodity by subsidiaries |
| Gains from asset disposal | -193,737.35 | -8,383.20 | Not applicable | Increase in losses on disposal of fixed assets |
| Taxes and surcharges | 26,395,581.12 | 16,140,915.57 | 63.53 | Increase in tax expenses, such as city construction tax |
| Business and administrative expenses | 2,214,375,744.12 | 1,599,819,439.21 | 38.41 | Increase in business-related operating expenses |
| Other asset impairment loss | 0.00 | -1,946,796.91 | Not applicable | Reversal of provisions for inventory impairment by subsidiaries for the same period last year |
| Credit impairment loss | -71,629,672.27 | -28,462.21 | Not applicable | Reversal of provision for impairment of stock-backed lending business |
| Other business cost | 1,497,146,286.12 | 1,129,556,880.47 | 32.54 | Increase in cost of sales of bulk commodity by subsidiaries |
| Non-operating income | 37,056,652.12 | 122,133,245.25 | -69.66 | Decrease in government grants received |
| Income tax expenses | 315,012,109.12 | 100,568,029.73 | 213.23 | Increase in profit before tax |
| Other comprehensive income after tax, net | -179,739,637.62 | 492,756,789.11 | -136.48 | Decrease in fair value changes of other debt investments |
(v) Net capital and risk control indicators of the parent company
Unit: Yuan Currency: RMB
| Items | As at the end of this reporting period | As at the end of the previous year |
|---|---|---|
| Net capital | 54,914,180,200.77 | 53,848,274,965.67 |
| Net assets | 77,081,200,604.11 | 75,847,512,900.21 |
| Risk coverage rate (%) | 389.11 | 373.48 |
| Capital gearing ratio (%) | 18.42 | 18.13 |
| Liquidity coverage ratio (%) | 226.32 | 202.82 |
| Net stable funding ratio (%) | 145.88 | 148.83 |
| Net capital/net assets (%) | 71.24 | 71.00 |
| Net capital/liabilities (%) | 26.29 | 25.68 |
| Net assets/liabilities (%) | 36.90 | 36.17 |
| Proprietary equity-based securities and its derivatives/net capital (%) | 26.09 | 24.80 |
| Proprietary non-equity securities and its derivatives/net capital (%) | 327.39 | 365.23 |
Note: The amount of indicators at the end of this reporting period have been prepared in accordance with the "Calculation Standards for Risk Control Indicators of Securities Companies" (2024 No. 13) of the China Securities Regulatory Commission, and the amount of indicators at the end of the previous year have been restated in the same way.
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II. SHAREHOLDERS INFORMATION
(i) Total number of ordinary shareholders and the number of preferred shareholders whose voting rights have been restored and the top ten shareholders' shareholdings
Unit: Share
| Total number of ordinary shareholders at the end of the reporting period | 191,896 | Total number of preference shareholders whose voting rights were restored at the end of the reporting period (if any) | Not applicable |
|---|---|---|---|
Top 10 shareholders' shareholdings (excluding lending shares through refinancing business)
| Name of shareholders | Nature of shareholders | Number of shares held | Shareholding ratio (%) | Number of restricted shares held | Pledged, marked or frozen | |
|---|---|---|---|---|---|---|
| Status of shares | Number of shares | |||||
| Shenergy (Group) Company Limited | State-owned legal person | 2,262,428,700 | 26.63 | 0 | Nil | - |
| Hong Kong Securities Clearing Company Nominees Limited | Foreign legal person | 1,026,934,744 | 12.09 | 0 | Unknown | - |
| Shanghai Haiyan Investment Management Company Limited | State-owned legal person | 423,186,126 | 4.98 | 0 | Nil | - |
| Shanghai United Media Group | State-owned legal person | 309,561,060 | 3.64 | 0 | Nil | - |
| Hong Kong Securities Clearing Company Limited | Foreign legal person | 234,276,601 | 2.76 | 0 | ||
| China Post Group Corporation | State-owned legal person | 228,791,342 | 2.69 | 0 | Nil | - |
| China Securities Finance Corporation Limited | State-owned legal person | 227,872,800 | 2.68 | 0 | Nil | - |
| Zheneng Capital Holdings Limited | State-owned legal person | 177,625,600 | 2.09 | 0 | Nil | - |
| Shanghai Jinqiao Export Processing Zone Development Co., Ltd. | State-owned legal person | 124,328,872 | 1.46 | 0 | Nil | - |
| China Construction Bank Corporation - Guotai CSI All Share Securities Company Trading Index Securities Investment Openended Fund | Others | 88,978,187 | 1.05 | 0 | Nil | - |
Shareholding of the top ten shareholders of non-restricted shares
(excluding lending shares through refinancing business)
| Name of shareholders | Number of circulating non-restricted shares held | Type and number of shares | |
|---|---|---|---|
| Type of shares | Number of shares | ||
| Shenergy (Group) Company Limited | 2,262,428,700 | RMB ordinary shares | 2,262,428,700 |
| Hong Kong Securities Clearing Company Nominees Limited | 1,026,934,744 | Overseas listed foreign shares | 1,026,934,744 |
| Shanghai Haiyan Investment Management Company Limited | 423,186,126 | RMB ordinary shares | 423,186,126 |
| Shanghai United Media Group | 309,561,060 | RMB ordinary shares | 309,561,060 |
| Hong Kong Securities Clearing Company Limited | 234,276,601 | RMB ordinary shares | 234,276,601 |
| China Post Group Corporation | 228,791,342 | RMB ordinary shares | 228,791,342 |
| China Securities Finance Corporation Limited | 227,872,800 | RMB ordinary shares | 227,872,800 |
| Zheneng Capital Holdings Limited | 177,625,600 | RMB ordinary shares | 177,625,600 |
| Shanghai Jinqiao Export Processing Zone Development Co., Ltd. | 124,328,872 | RMB ordinary shares | 124,328,872 |
| China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Openended Fund | 88,978,187 | RMB ordinary shares | 88,978,187 |
| Related party relationship or parties acting in concert among above shareholders | Not applicable | ||
| Description of the participation of the top ten shareholders and the top ten non-restricted shareholders in margin trading and short selling business and refinancing business (if any) | Not applicable |
Share lending by shareholders interested in more than 5% of the shares, top ten shareholders and top ten non-restricted shareholders under refinancing business
☐ Applicable ✓ Not Applicable
The top ten shareholders and top ten non-restricted shareholders changed from the previous period due to the lending/repayment of refinancing
☐ Applicable ✓ Not Applicable
III. OTHER REMINDERS
Other important information on the Company’s operations during the reporting period that need to be brought to the attention of investors
☐ Applicable ✓ Not Applicable
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IV. QUARTERLY FINANCIAL STATEMENTS
(i) Type of audit opinion
☐ Applicable ✓ Not Applicable
(ii) Financial statements
CONSOLIDATED BALANCE SHEET
March 31, 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Assets: | ||
| Cash and bank balances | 87,327,827,781.02 | 103,093,100,610.36 |
| Of which: Deposits held on behalf of customers | 69,892,290,798.98 | 83,965,560,243.34 |
| Clearing settlement funds | 19,388,025,347.49 | 15,177,207,415.40 |
| Of which: Settlement funds held on behalf of customers | 11,775,619,935.15 | 7,435,891,409.44 |
| Advances to customers | 28,150,351,621.31 | 28,047,525,312.10 |
| Derivative financial assets | 1,504,943,409.24 | 1,965,130,565.39 |
| Deposits with exchanges and financial institutions | 30,210,180,489.57 | 27,654,364,855.32 |
| Receivables | 1,510,485,095.18 | 973,364,018.40 |
| Financial assets acquired under resale agreements | 5,601,966,512.15 | 3,984,102,625.99 |
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Financial investment: | ||
| Transactional financial assets | 96,442,732,592.84 | 90,189,331,105.96 |
| Debt investment | 1,575,131,678.53 | 1,586,904,844.40 |
| Other debt investment | 101,664,870,722.85 | 110,519,911,310.69 |
| Other equity instruments investment | 24,778,735,669.42 | 19,634,600,386.50 |
| Long-term equity investments | 6,150,401,843.79 | 6,128,123,105.74 |
| Investment properties | 5,616,521.36 | 30,936,437.75 |
| Fixed assets | 1,735,581,907.24 | 1,739,389,984.78 |
| Construction in progress | 777,777,587.28 | 772,202,112.64 |
| Right-of-use assets | 1,035,146,248.27 | 1,072,422,927.97 |
| Intangible assets | 249,052,760.32 | 272,391,747.44 |
| Including: Data resources | 3,748,340.41 | 4,104,323.92 |
| Goodwill | 32,135,375.10 | 32,135,375.10 |
| Deferred income tax assets | 1,311,583,014.51 | 1,490,512,682.11 |
| Other assets | 4,006,383,756.42 | 3,372,717,989.97 |
| Total assets | 413,458,929,933.89 | 417,736,375,414.01 |
| Liabilities: | ||
| Short-term borrowings | 1,082,237,390.94 | 1,081,234,015.55 |
| Short-term financial bills payable | 4,345,076,095.86 | 5,678,905,477.08 |
| Due to banks and other financial institutions | 30,239,366,231.34 | 39,194,625,271.89 |
| Transactional financial liabilities | 16,828,139,730.70 | 14,708,500,816.21 |
| Derivative financial liabilities | 1,400,815,881.07 | 1,092,582,202.16 |
| Financial assets sold under repurchase agreements | 92,115,033,083.84 | 85,916,300,208.82 |
| Account payable to brokerage clients | 108,302,161,180.84 | 113,637,364,751.85 |
| Funds payable to securities issuers | 270,599,997.20 | 385,000,000.00 |
| Accrued staff costs | 2,590,278,176.66 | 2,370,666,503.67 |
| Taxes payable | 210,920,621.45 | 210,935,484.76 |
| Payables | 1,664,995,855.40 | 1,172,254,158.48 |
| Contract liability | 270,404,940.00 | 157,209,272.28 |
| Estimated liabilities | 12,261.26 | 21,874.26 |
| Long-term borrowings | 467,420,851.37 | 468,182,998.08 |
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Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Bonds payable | 61,098,713,385.21 | 60,734,317,997.07 |
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 1,016,155,531.49 | 1,058,950,274.07 |
| Deferred income tax liabilities | 12,299,957.59 | 217,640.69 |
| Other liabilities | 8,888,626,440.91 | 8,469,291,077.22 |
| Total liabilities | 330,803,257,613.13 | 336,336,560,024.14 |
| Equity of owners (or equity of shareholders): | ||
| Paid-in capital (or share capital) | 8,496,645,292.00 | 8,496,645,292.00 |
| Other equity instruments | 5,000,000,000.00 | 5,000,000,000.00 |
| Including: Preference shares | ||
| Perpetual bonds | 5,000,000,000.00 | 5,000,000,000.00 |
| Capital reserve | 39,534,520,149.13 | 39,534,520,149.13 |
| Less: treasury stock | 310,897,059.17 | 310,897,059.17 |
| Other comprehensive income | 2,066,197,426.05 | 2,243,119,809.84 |
| Surplus reserve | 5,032,048,760.86 | 5,032,048,760.86 |
| General risk reserve | 13,281,144,712.23 | 13,249,808,173.52 |
| Undistributed profits | 9,552,993,876.98 | 8,151,494,660.58 |
| Total equity attributable to the owners (or shareholders) of the parent company | 82,652,653,158.08 | 81,396,739,786.76 |
| Non-controlling interests | 3,019,162.68 | 3,075,603.11 |
| Total equity of owners (or equity of shareholders) | 82,655,672,320.76 | 81,399,815,389.87 |
| Total liabilities and equity of owners (or equity of shareholders) | 413,458,929,933.89 | 417,736,375,414.01 |
| Person-in-charge of the Company: | Accounting chief: | Person-in-charge of the accounting department: |
| GONG Dexiong | SHU Hong | YOU Wenjie |
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CONSOLIDATED INCOME STATEMENT
January – March 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 | |
|---|---|---|---|
| I. | Total operating income | 5,381,713,789.37 | 3,610,537,317.89 |
| Net interest income | 220,373,574.30 | 298,879,584.99 | |
| Of which: Interest income | 1,412,793,074.89 | 1,404,841,462.53 | |
| Interest expense | 1,192,419,500.59 | 1,105,961,877.54 | |
| Net fee and commission income | 1,459,635,988.35 | 1,246,485,213.57 | |
| Of which: Net fee income from brokerage business | 702,763,893.62 | 486,011,447.92 | |
| Net fee income from investment banking business | 319,842,878.20 | 273,428,996.92 | |
| Net fee income from asset management business | 301,475,626.78 | 361,158,276.14 | |
| Investment gains (“-” indicating losses) | 1,763,906,568.84 | 403,449,885.03 | |
| Of which: Gains from investments in associates and joint ventures | 98,984,921.70 | 103,616,111.09 | |
| Income generated from the derecognition of financial assets measured at amortized cost (“-” indicating losses) | |||
| Net open hedging gains (“-” indicating losses) | |||
| Other income | 13,197,860.25 | 15,055,388.35 | |
| Gains from changes in fair value (“-” indicating losses) | 442,881,408.51 | 499,260,170.36 | |
| Foreign exchange gains (“-” indicating losses) | -11,154,406.97 | 8,953,607.61 | |
| Other business income | 1,493,066,533.44 | 1,138,461,851.18 | |
| Gains from asset disposal (“-” indicating losses) | -193,737.35 | -8,383.20 | |
| II. | Total operating expenses | 3,666,287,939.09 | 2,743,541,976.13 |
| Tax and surcharges | 26,395,581.12 | 16,140,915.57 | |
| Business and administrative expenses | 2,214,375,744.12 | 1,599,819,439.21 | |
| Credit impairment loss | -71,629,672.27 | -28,462.21 | |
| Other asset impairment loss | -1,946,796.91 | ||
| Other business cost | 1,497,146,286.12 | 1,129,556,880.47 |
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Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| III. Operating profit (“-” indicating loss) | 1,715,425,850.28 | 866,995,341.76 |
| Add: Non-operating income | 37,056,652.12 | 122,133,245.25 |
| Less: Non-operating expenses | 1,873,824.77 | 1,984,275.20 |
| IV. Total profit (“-” indicating total loss) | 1,750,608,677.63 | 987,144,311.81 |
| Less: Income tax expenses | 315,012,109.12 | 100,568,029.73 |
| V. Net profit (“-” indicating net loss) | 1,435,596,568.51 | 886,576,282.08 |
| (i) Classified based on continuing operation | ||
| 1. Net profit from continuing operation (“-” indicating net loss) | 1,435,596,568.51 | 886,576,282.08 |
| 2. Net profit from discontinued operation (“-” indicating net loss) | ||
| (ii) Classified based on the nature of ownership | ||
| 1. Net profit attributable to shareholders of the parent company (“-” indicating net loss) | 1,435,653,008.94 | 886,228,868.51 |
| 2. Profit or loss attributable to non-controlling interests (“-” indicating net loss) | -56,440.43 | 347,413.57 |
| VI. Other comprehensive income after tax, net | -179,739,637.62 | 492,756,789.11 |
| Other comprehensive income attributable to the owners of the parent company after tax, net | -179,739,637.62 | 492,756,789.11 |
| (i) Other comprehensive income that cannot be reclassified to profit or loss | 144,512,116.33 | 238,464,015.10 |
| 1. Re-measurement of amount of changes in defined benefit scheme | ||
| 2. Other comprehensive income that cannot be transferred to profit or loss under the equity method | -4,173,542.07 | -2,816,869.26 |
| 3. Changes in fair value of other equity instruments investment | 148,685,658.40 | 255,902,666.78 |
| 4. Others | -14,621,782.42 | |
| (ii) Other comprehensive income that will be reclassified to profit or loss | -324,251,753.95 | 254,292,774.01 |
| 1. Other comprehensive income that can be transferred to profit or loss under the equity method | -1,893,308.92 | 304,546.58 |
| 2. Changes in fair value of other debt investments | -324,937,117.90 | 265,429,015.20 |
| 3. The amount of financial assets reclassified into other comprehensive income | ||
| 4. Credit impairment provisions of other debt investment | 1,493,922.53 | -1,716,725.04 |
| 5. Cash flow hedge reserve | ||
| 6. Exchange differences from translation of financial statements denominated in foreign currencies | 1,084,750.34 | -9,724,062.73 |
| 7. Others | ||
| Other comprehensive income after tax attributable to non-controlling interests, net |
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| VII. Total comprehensive income | 1,255,856,930.89 | 1,379,333,071.19 |
| Total comprehensive income attributable to owners of the parent company | 1,255,913,371.32 | 1,378,985,657.62 |
| Total comprehensive income attributable to non-controlling interests | -56,440.43 | 347,413.57 |
| VIII. Earnings per share: | ||
| (i) Basic earnings per share (RMB/share) | 0.16 | 0.10 |
| (ii) Diluted earnings per share (RMB/share) | ||
| Person-in-charge of the Company: | Accounting chief: | Person-in-charge of the accounting department: |
| GONG Dexiong | SHU Hong | YOU Wenjie |
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CONSOLIDATED STATEMENT OF CASH FLOWS
January – March 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| I. Cash flows from operating activities: | ||
| Cash received for interests, fees and commissions | 3,596,637,130.80 | 2,961,744,747.60 |
| Net decrease in financial assets held for transaction purposes | 14,249,660.49 | |
| Net increase in transactional financial liabilities | 2,477,893,534.42 | |
| Net increase in cash from repurchase business | 5,148,069,524.17 | 1,713,645,694.73 |
| Net decrease in advances to customers | 292,440,656.53 | |
| Cash received relating to other operating activities | 10,330,957,620.38 | 5,473,987,647.10 |
| Sub-total of cash inflows from operating activities | 21,553,557,809.77 | 10,456,068,406.45 |
| Net increase in financial assets held for transaction purposes | 5,501,754,026.11 | |
| Net decrease in amount due to banks and other financial institutions | 8,955,259,040.55 | 10,553,806,276.88 |
| Net increase in advances to customers | 48,600,959.87 | |
| Net decrease in transactional financial liabilities | 16,414,480.11 | |
| Net cash paid for securities trading agency services | 5,331,651,958.20 | 16,696,715,111.31 |
| Net cash paid for securities underwriting agency services | 114,400,002.80 | |
| Cash paid for interests, fees and commissions | 1,733,126,525.45 | 1,462,258,715.39 |
| Cash paid to and paid for staff | 1,358,509,125.13 | 1,115,672,073.41 |
| Taxes paid | 264,267,891.80 | 191,370,619.87 |
| Cash paid relating to other operating activities | 2,984,005,070.38 | 3,217,966,216.44 |
| Sub-total of cash outflows from operating activities | 26,291,574,600.29 | 33,254,203,493.41 |
| Net cash flows from operating activities | -4,738,016,790.52 | -22,798,135,086.96 |
- 19 -
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investment | 108,469,291.96 | 116,371,641.56 |
| Cash received from investment gains | 970,205,503.11 | 1,213,780,263.81 |
| Net decrease in other transactional financial assets | 27,871,821.36 | |
| Net decrease in debt investment | 11,701,443.37 | |
| Net decrease in other debt investment | 9,423,579,117.29 | 9,161,409,829.26 |
| Cash received relating to other investing activities | 51,657.70 | |
| Sub-total of cash inflows from investing activities | 10,502,253,912.36 | 10,531,186,657.06 |
| Cash paid for investments | 2,476,819.54 | 6,000,000.00 |
| Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 97,221,518.82 | 54,500,834.22 |
| Net increase in other transactional financial assets | 60,249,879.76 | |
| Net increase in other equity instruments investment | 4,947,480,098.67 | 1,367,523,685.29 |
| Cash paid for other investing activities | ||
| Sub-total of cash outflows from investing activities | 5,107,428,316.79 | 1,428,024,519.51 |
| Net cash flows from investing activities | 5,394,825,595.57 | 9,103,162,137.55 |
| III. Cash flows from financing activities: | ||
| Cash received from borrowings | 1,113,879,548.22 | 493,215,148.75 |
| Cash received from issue of bonds | 4,264,985,345.96 | 2,144,345,905.45 |
| Cash received relating to other financing activities | ||
| Sub-total of cash inflows from financing activities | 5,378,864,894.18 | 2,637,561,054.20 |
| Cash repayment of debts | 6,730,799,419.01 | 7,577,072,045.82 |
| Cash paid for distribution of dividends, profits or interest payment | 353,426,379.02 | 537,439,457.73 |
| Of which: Dividends and profits paid to non-controlling interests by subsidiaries | ||
| Cash paid relating to other financing activities | 94,140,552.96 | 103,977,314.34 |
| Sub-total of cash outflows from financing activities | 7,178,366,350.99 | 8,218,488,817.89 |
| Net cash flows from financing activities | -1,799,501,456.81 | -5,580,927,763.69 |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | 46,965,438.60 | -9,488,588.05 |
| V. Net increase in cash and cash equivalents | -1,095,727,213.16 | -19,285,389,301.15 |
| Add: Balance of cash and cash equivalents at the beginning of the period | 74,506,442,721.61 | 98,108,238,183.53 |
| VI. Balance of cash and cash equivalents at the end of the period | 73,410,715,508.45 | 78,822,848,882.38 |
| Person-in-charge of the Company: | Accounting chief: | Person-in-charge of the accounting department: |
| GONG Dexiong | SHU Hong | YOU Wenjie |
BALANCE SHEET OF THE PARENT COMPANY
March 31, 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Assets: | ||
| Cash and bank balances | 39,525,322,458.40 | 42,800,520,892.20 |
| Of which: Deposits held on behalf of customers | 28,488,225,600.63 | 29,413,652,224.50 |
| Clearing settlement funds | 15,887,851,338.81 | 15,088,750,631.23 |
| Of which: Settlement funds held on behalf of customers | 8,311,907,217.74 | 7,385,824,374.06 |
| Advances to customers | 27,575,671,496.40 | 27,614,242,634.52 |
| Derivative financial assets | 1,497,179,834.84 | 1,616,814,521.88 |
| Deposits with exchanges and financial institutions | 1,998,222,755.57 | 1,723,859,526.85 |
| Receivables | 387,522,118.45 | 480,052,581.61 |
| Financial assets acquired under resale agreements | 4,751,886,253.79 | 3,845,639,517.82 |
| Financial investment: | ||
| Transactional financial assets | 78,093,561,690.48 | 73,169,283,570.46 |
| Debt investment | 1,575,131,678.53 | 1,586,904,844.40 |
| Other debt investment | 96,836,887,604.93 | 106,069,814,256.77 |
| Other equity instruments investment | 24,708,035,537.26 | 19,584,127,832.23 |
| Long-term equity investments | 23,178,579,508.76 | 23,092,114,037.85 |
| Investment properties | 5,616,521.36 | 30,936,437.75 |
| Fixed assets | 1,633,296,063.10 | 1,631,650,855.55 |
| Construction in progress | 30,112,080.09 | 25,659,954.04 |
| Right-of-use assets | 731,285,322.47 | 767,818,869.75 |
| Intangible assets | 177,705,371.91 | 193,421,533.49 |
| Including: Data resources | 3,668,440.24 | 4,016,933.11 |
| Goodwill | 18,947,605.48 | 18,947,605.48 |
| Deferred income tax assets | 1,018,741,628.61 | 1,151,999,739.23 |
| Other assets | 3,399,159,283.35 | 2,209,091,755.06 |
| Total assets | 323,030,716,152.59 | 322,701,651,598.17 |
– 21 –
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Liabilities: | ||
| Short-term financial bills payable | 4,345,076,095.86 | 5,678,905,477.08 |
| Due to banks and other financial institutions | 30,239,366,231.34 | 39,194,625,271.89 |
| Transactional financial liabilities | 16,185,264,028.13 | 13,980,906,614.05 |
| Derivative financial liabilities | 1,269,686,252.20 | 694,654,190.92 |
| Financial assets sold under repurchase agreements | 88,009,792,717.34 | 82,556,394,857.66 |
| Account payable to brokerage clients | 36,813,746,715.63 | 36,789,377,698.84 |
| Funds payable to securities issuers | 270,599,997.20 | 385,000,000.00 |
| Accrued staff costs | 1,942,845,876.38 | 1,502,619,611.86 |
| Taxes payable | 109,120,419.71 | 114,791,842.87 |
| Payables | 135,881,767.89 | 59,212,668.84 |
| Contract liability | 48,281,646.53 | 39,967,495.57 |
| Estimated liabilities | 12,261.26 | 21,874.26 |
| Bonds payable | 58,900,416,998.85 | 58,561,338,624.60 |
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 716,466,621.10 | 758,042,177.35 |
| Other liabilities | 6,962,957,919.06 | 6,538,280,292.17 |
| Total liabilities | 245,949,515,548.48 | 246,854,138,697.96 |
- 22 -
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | As at March 31, 2025 | As at December 31, 2024 |
|---|---|---|
| Equity of owners (or equity of shareholders): | ||
| Paid-in capital (or share capital) | 8,496,645,292.00 | 8,496,645,292.00 |
| Other equity instruments | 5,000,000,000.00 | 5,000,000,000.00 |
| Including: Preference shares | ||
| Perpetual bonds | 5,000,000,000.00 | 5,000,000,000.00 |
| Capital reserve | 39,236,845,600.04 | 39,236,845,600.04 |
| Less: treasury stock | 310,897,059.17 | 310,897,059.17 |
| Other comprehensive income | 2,048,398,306.99 | 2,268,905,242.67 |
| Surplus reserve | 5,027,748,560.86 | 5,027,748,560.86 |
| General risk reserve | 9,958,849,542.34 | 9,958,783,823.59 |
| Undistributed profits | 7,623,610,361.05 | 6,169,481,440.22 |
| Total equity attributable to the owners (or shareholders) | 77,081,200,604.11 | 75,847,512,900.21 |
| Total liabilities and equity of owners (or equity of shareholders) | 323,030,716,152.59 | 322,701,651,598.17 |
| Person-in-charge of the Company: | Accounting chief: | Person-in-charge of the accounting department: |
| GONG Dexiong | SHU Hong | YOU Wenjie |
- 23 -
INCOME STATEMENT OF THE PARENT COMPANY
January – March 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 | |
|---|---|---|---|
| I. | Total operating income | 3,311,403,134.77 | 2,564,518,189.08 |
| Net interest income | 105,734,049.59 | 162,043,398.37 | |
| Of which: Interest income | 1,202,662,762.35 | 1,188,660,952.94 | |
| Interest expense | 1,096,928,712.76 | 1,026,617,554.57 | |
| Net fee and commission income | 831,489,332.93 | 581,505,429.14 | |
| Of which: Net fee income from brokerage business | 476,120,765.83 | 362,033,019.92 | |
| Net fee income from investment banking business | 298,791,063.06 | 144,627,409.94 | |
| Net fee income from asset management business | |||
| Investment gains (“-” indicating losses) | 2,005,389,144.66 | 1,300,079,232.24 | |
| Of which: Gains from investments in associates and joint ventures | 87,088,717.88 | 99,786,278.38 | |
| Income generated from the derecognition of financial assets measured at amortized cost (“-” indicating losses) | |||
| Net open hedging gains (“-” indicating losses) | |||
| Other income | 9,192,945.51 | 7,028,815.71 | |
| Gains from changes in fair value (“-” indicating losses) | 371,265,392.13 | 499,026,005.16 | |
| Foreign exchange gains (“-” indicating losses) | -17,453,214.67 | 11,230,528.52 | |
| Other business income | 5,979,221.97 | 3,613,163.14 | |
| Gains from asset disposal (“-” indicating losses) | -193,737.35 | -8,383.20 | |
| II. | Total operating expenses | 1,653,160,937.96 | 852,740,260.28 |
| Tax and surcharges | 22,882,374.44 | 12,186,478.27 | |
| Business and administrative expenses | 1,701,830,347.67 | 840,274,561.20 | |
| Credit impairment loss | -71,712,037.14 | -108,593.84 | |
| Other asset impairment loss | |||
| Other business cost | 160,252.99 | 387,814.65 |
– 24 –
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| III. Operating profit (“-” indicating loss) | 1,658,242,196.81 | 1,711,777,928.80 |
| Add: Non-operating income | 375,904.62 | 46,010,000.01 |
| Less: Non-operating expenses | 1,570,532.40 | 1,110,741.76 |
| IV. Total profit (“-” indicating total loss) | 1,657,047,569.03 | 1,756,677,187.05 |
| Less: Income tax expenses | 200,035,675.62 | 50,209,762.01 |
| V. Net profit (“-” indicating net loss) | 1,457,011,893.41 | 1,706,467,425.04 |
| (i) Net profit from continuing operation (“-” indicating net loss) | 1,457,011,893.41 | 1,706,467,425.04 |
| (ii) Net profit from discontinued operation (“-” indicating net loss) | ||
| VI. Other comprehensive income after tax, net | -223,324,189.51 | 503,037,781.13 |
| (i) Other comprehensive income that cannot be reclassified to profit or loss | 148,565,795.19 | 241,280,884.36 |
| 1. Re-measurement of amount of changes in defined benefit scheme | ||
| 2. Other comprehensive income that cannot be transferred to profit or loss under the equity method | ||
| 3. Changes in fair value of other equity instruments investment | 148,565,795.19 | 255,902,666.78 |
| 4. Others | -14,621,782.42 | |
| (ii) Other comprehensive income that will be reclassified to profit or loss | -371,889,984.70 | 261,756,896.77 |
| 1. Other comprehensive income that can be transferred to profit or loss under the equity method | -623,246.97 | 285,124.35 |
| 2. Changes in fair value of other debt investments | -372,771,301.09 | 263,188,497.46 |
| 3. The amount of financial assets reclassified into other comprehensive income | ||
| 4. Credit impairment provisions of other debt investment | 1,504,563.36 | -1,716,725.04 |
| 5. Cash flow hedge reserve | ||
| 6. Exchange differences from translation of financial statements denominated in foreign currencies | ||
| 7. Others | ||
| VII. Total comprehensive income | 1,233,687,703.90 | 2,209,505,206.17 |
| VIII. Earnings per share: | ||
| (i) Basic earnings per share (RMB/share) | ||
| (ii) Diluted earnings per share (RMB/share) | ||
| Person-in-charge of the Company: | Accounting chief: | Person-in-charge of the accounting department: |
| GONG Dexiong | SHU Hong | YOU Wenjie |
STATEMENT OF CASH FLOWS OF THE PARENT COMPANY
January – March 2025
Prepared by: 東方證券股份有限公司
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| I. Cash flows from operating activities: | ||
| Cash received for interests, fees and commissions | 1,572,547,922.11 | 1,195,904,834.77 |
| Net increase in transactional financial liabilities | 2,596,513,755.47 | |
| Net increase in cash from repurchase business | 4,634,230,652.28 | 1,912,003,417.91 |
| Net decrease in advances to customers | 94,247,337.88 | 297,022,756.40 |
| Net cash received from securities trading agency services | 24,369,016.79 | |
| Cash received relating to other operating activities | 1,686,972,443.51 | 1,750,681,589.64 |
| Subtotal of cash inflows from operating activities | 10,608,881,128.04 | 5,155,612,598.72 |
| Net increase in financial assets held for transaction purposes | 4,583,340,893.60 | 471,978,025.05 |
| Net decrease in transactional financial liabilities | 96,638,331.26 | |
| Net decrease in amount due to banks and other financial institutions | 8,955,259,040.55 | 10,553,806,276.88 |
| Net cash paid for securities trading agency services | 101,007,531.01 | |
| Net cash paid for securities underwriting agency services | 114,400,002.80 | |
| Cash paid for interests, fees and commissions | 860,997,520.08 | 713,347,551.17 |
– 26 –
Unit: Yuan Currency: RMB Type of audit: Unaudited
| Items | First quarter of 2025 | First quarter of 2024 |
|---|---|---|
| Cash paid to and paid for staff | 913,375,144.76 | 525,808,284.23 |
| Taxes paid | 167,203,451.87 | 76,087,755.60 |
| Cash paid relating to other operating activities | 1,907,272,856.51 | 168,498,531.38 |
| Sub-total of cash outflows from operating activities | 17,501,848,910.17 | 12,707,172,286.58 |
| Net cash from operating activities | -6,892,967,782.13 | -7,551,559,687.86 |
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investment | 67,373,429.18 | |
| Cash received from investment gains | 1,287,368,181.41 | 2,117,573,980.81 |
| Net decrease in other transactional financial assets | 526,753,943.68 | 17,266,728.42 |
| Net decrease in other debt investment | 9,768,877,098.30 | 9,257,679,701.34 |
| Net decrease in debt investment | 11,701,443.37 | |
| Cash received relating to other investing activities | 43,390.00 | |
| Sub-total of cash inflows from investing activities | 11,582,999,223.39 | 11,471,638,673.12 |
| Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 80,226,761.23 | 37,896,703.06 |
| Net increase in other equity instruments investment | 4,925,819,978.08 | 1,367,523,685.29 |
| Cash paid for other investing activities | ||
| Sub-total of cash outflows from investing activities | 5,006,046,739.31 | 1,405,420,388.35 |
| Net cash flows from investing activities | 6,576,952,484.08 | 10,066,218,284.77 |
| III. Cash flows from financing activities: | ||
| Cash received from issue of bonds | 4,256,860,242.13 | 2,140,692,051.30 |
| Cash received relating to other financing activities | ||
| Sub-total of cash inflows from financing activities | 4,256,860,242.13 | 2,140,692,051.30 |
| Cash repayment of debts | 5,619,581,760.30 | 6,738,257,893.27 |
| Cash paid for distribution of dividends, profits or interest payment | 333,711,401.61 | 511,954,179.94 |
| Cash paid relating to other financing activities | 67,473,229.03 | 76,327,595.02 |
| Sub-total of cash outflows from financing activities | 6,020,766,390.94 | 7,326,539,668.23 |
| Net cash from financing activities | -1,763,906,148.81 | -5,185,847,616.93 |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | 6,918,796.08 | -3,579,863.96 |
| V. Net increase in cash and cash equivalents | -2,073,002,650.78 | -2,674,768,883.98 |
| Add: Balance of cash and cash equivalents at the beginning of the period | 53,905,381,270.22 | 42,340,740,418.58 |
| VI. Balance of cash and cash equivalents at the end of the period | 51,832,378,619.44 | 39,665,971,534.60 |
Person-in-charge of the
Company: GONG Dexiong
Accounting chief: SHU Hong
Person-in-charge of the
accounting department: YOU Wenjie
(iii) Adjustment made to the financial statements of the beginning of the year due to implementing the new accounting standards and interpretation of standards for the first time since 2025
☐ Applicable ✔ Not Applicable
– 28 –