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Original title: The non-net profit deduction from Industrial Securities in 2019 increased 121 times year over year.
Industrial valuesOn the night of April 24, its annual report for 2019 was published, and the provision for impairment of assets for the first quarter of 2020 was also published.Ad.
Industrial valuesReturn to mother after deduction in 2019Net profit1.632 billion yuan, an increase of 121 times year-over-year; in the first quarter of 2020,Industrial valuesI return to the mother after deduction.Net profit198 million yuan, -79.48% yoy. In addition, in the first quarter, the impairment charge for Xingzheng Futures was 178 million yuan, and former President Chen Defu was also investigated a few days ago.
The data shows that in 2019,Industrial valuesAchieveOperating income14.25 billion yuan, + 119.24% year-on-year; net realized profit of 1,915 billion yuan, + 232.87% year-on-year; the net profit made after deducting no mother’s income was 1.632 billion yuan, + 12 138.95% year-on-year.
Quarterly, in 2019 Q1-Q4 Societe Generale achieved net profit after deduction of 963 million yuan, 278 million yuan, 410 million yuan and -18.88 million yuan, respectively. Q4 2019 in the listThe companyThe net cash flow from operating activities was -71.57 billion.
According to the company, in 2019, the cash outflow from operating activities was 21,331 million yuan, mainly due to the payment of other cash related to operating activities of 8,431 million yuan. The increase in capital outlay increased by a net decrease of 4,524 million yuan in cash. 100 million yuan and 2,872 million yuan in taxes and fees paid.
Overseas business is the only one of the top five businessesLostLicense plate
In terms of core business, in 2019,Corporate valuesAnd the futures brokerage business achieved operating profit of 213 million yuan, asset management business profit of 1.168 billion yuan, institutional services business profit of 298 million yuan, self-investment business profit of 3.045 million yuan and losses overseas business of 494 million yuan. Foreign business is the only major business that generates losses.
Xingye Securities’ foreign business is conducted primarily through the Xingzheng (Hong Kong) Financial Holdings Limited (“Xingzheng (Hong Kong) Financial Holding”) subsidiary and its 51.93% equity interest.Xingzheng InternationalFinancial Group Co., Ltd. (called “Xingzheng International“, 6058.HK) to perform global securities and futures brokerage, institutional sales and research in Hong Kong,BusinessFinancing, fixed income, asset management, private wealth management and other businesses.
2019, industrial valuesWholly owned subsidiaryXingzheng (Hong Kong) Financial Holding achieved net operating income of HK $ 742 million and net profit of HK $ -468 million.
Among them, their tenureXingzheng InternationalOperating income in 2019Chinese yuan1.29 billion yuan, net profit was RMB -408 million and operating expenses were RMB 1,637 million.
In the same period, the shares of Industrial SecuritiesSouthern backgroundRealized operating income of 3,873 million yuan and net profit of 897 million yuan; Xingzheng Global holdingBackgroundRealized operating income of 2,338 million yuan and net profit of 721 million yuan. They are the two most profitable entities of Industrial Securities Securities Holding Company.
In 2019, in the consolidated statement of Industrial Securities, operating expenses for business abroad were RMB 925 million, + 188.55% year-on-year, mainly accumulatedCreditImpairment losses increased year-over-year.
According to Societe Generale Securities, Xingzheng InternationalNet lossDue to the continuing recession in the Hong Kong capital market, trading volume has decreased, brokerage revenues andWarrantyThe gold business was affected.
According to industry sources, Xingzheng International’s losses were primarily stocksGarmentCaused by trampling thunder, but the specific project is unknown.
Already in October and November 2019, Industrial Securities continuously issued asset impairment provision announcements and made asset impairment provisions to its holding subsidiary, Xingzheng International.
In October 2019, Xingzheng International Impairment accumulated HKD 384 million; In November 2019, Xingzheng International Impairment accumulated 147 million RMB.
As for the specific thunderstrike project, Industrial Securities did not reveal it.
Q1 2020performanceGrowth rate slows, Xingzheng futures deterioration charges 178 million yuan
As soon as Industrial Securities announced its 2019 annual report, it also announced first quarter 2020 operating data.
In the first quarter of 2020, Societe Generale achieved operating income of 3.61 billion yuan, -5.86% yoy; net profit after deducting no mother’s income was 198 million yuan, -79.48% yoy.
Among themTrade in financial assetsFair valueThe change resulted in a loss of 898 million yuan and a loss of 21.92 million yuan in foreign exchange gains.
And the futures business had a great impact on the operating conditions of Valores Industriales in the first quarter of 2020.
In the first quarter of 2020, the impairment loss of the Industrial Securities credit was RMB 259 million,Other assetsThe impairment loss was 178 million yuan, mainly due to the increase in the provision for the decrease in the price of inventories of basic products of the futures risk subsidiaries provided by the company.
In addition, the increase in the cost of sales of bulk products of the futures risk management subsidiary led to other commercial costs of the company of 1.5 billion yuan, + 190.16% year-on-year.
Poor operating data in the first quarter of 2020 may have caused salary losses for some employees. In the first quarter, the company’s business and management expenses were 1,218 million yuan, -34.89% year-on-year, mainly due to the corresponding decrease in the company’s accumulated performance.
According to the announcement of the provision for impairment of assets disclosed by Industrial Securities at the same time, in the first quarter of 2020, the company made a total of 259 million yuan of credit impairment reserves.
Among them, Xingzheng Futures Co., Ltd., a subsidiary of the company, has a net realization value of commodity inventories below cost.
It’s also worth noting that the loss from the futures business in the first quarter is significant. On April 18, Industrial Securities announced that Chen Defu, the company’s vice president, was under investigation for personal reasons.
According to the company’s annual report for 2019, Chen Defu served as a senior member of the Fujian Provincial Development and Reform Commission, the official level table of the Fujian Provincial Government Office, the attached level table of the Office of the Fujian Provincial Government, the full-time deputy director of the Financial Office, the secretary of the board of directors of Industrial Securities and the Industrial Disciplines Inspection Commission of the Industrial Discipline Inspection Secretary and other duties. He is currently a member of the party committee and vice president of the company. However, also in the 2019 annual report, the president of the “former” Xingzheng Futures Co., Ltd. ended his term on November 25, 2019.
(Editor in charge: DF529)
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