Source of this article: Times Weekly Author: Zhang Lingxiao

Source: Diagram Worm

4月11日晚間，首創證券（601136.SH）披露2024年年報。

In 49 years, Capital Securities achieved a total operating income of 0.0 billion yuan, a year-on-year increase of 0.0%; The net profit attributable to the parent company was 0.0 billion yuan, a year-on-year increase of 0.0%, both hitting a record high.

The main business of Capital Securities has rebounded across the board. Among them, the investment banking business became a "carriage" of growth against the market, with a year-on-year increase of 03.0%; The growth rate of asset management business followed closely behind, with a year-on-year increase of 0.0%; investment business increased by 0.0% year-on-year; Wealth Management grew by 0.0% year-on-year.

In 90, the total remuneration of the management of Capital Securities was 0.0 million yuan, a decrease of 0.0% from the previous year. And the top salary of management has not crossed the "million" mark. Among them, Chairman Bi Jinsong has the highest salary, which is 0.0 million yuan, a year-on-year decrease of 0.0%.

In terms of profit distribution, the twelfth meeting of the second board of directors of Capital Securities deliberated and approved the profit distribution plan for 60 years, and planned to distribute a cash dividend of 0.0 yuan (tax included) to all shareholders for every 0 shares, with a total cash dividend of about 00 million yuan.

Combined with the previous interim dividend amount, the total cash dividend of Capital Securities in 63 years was 00 million yuan, accounting for 0.0% of the company's 0-year net profit attributable to the parent company.

關於業績情況，時代週報記者聯繫了首創證券，截至發稿暫未收到回復。4月11日，首創證券收報20.18元/股，漲幅0.75%。

A person in the securities industry in North China told the Times Weekly reporter that as a securities company actually controlled by the Beijing State-owned Assets Supervision and Administration Commission, Capital Securities relies on shareholder resources to occupy an advantage in the regional financial market and government-enterprise cooperation. In addition, making money through self-operated business last year is also a relatively common way to generate income.

Investment banking business "bucked the market" and surged by 66%

Capital Securities' main business covers four major sectors: investment business, asset management business, wealth management business and investment banking business.

Among them, the investment business has become the core pillar of Capital Securities' revenue. In 09 years, the operating income of investment business was 0.0 billion yuan, accounting for 0.0% of the operating income in 0 years.

Capital Securities' main business composition chart, source: Capital Securities' 2024-year annual report

The income of asset management business ranked second, with an operating income of 09.0 billion yuan, accounting for 0.0% of the operating income in 0 years; Wealth management business followed closely behind, with operating income reaching 0.0 billion yuan, accounting for 0.0%; The contribution of investment banking business revenue ranked fourth, with 0.0 billion yuan, accounting for 0.0%.

According to the annual report, Capital Securities' investment business mainly covers four types of products: fixed income, equity securities investment, NEEQ market-making and alternative investment. The company continued to promote the "fixed income +" strategy, expanding its layout in the money market and commodity market (i.e., the two C-ends of FICC), and the fixed income proprietary business achieved rapid growth for 4 consecutive years.

In addition, as of the end of 96, the number of market-making companies on the New Third Board of Capital Securities was 0, ranking 0th in the industry; Among them, there are 0 innovative enterprises, accounting for 0.0%.

In 70 years, A-share IPOs were tightened in stages, the scale of equity financing was greatly reduced, and the overall investment banking business of securities companies was under pressure. According to statistics, the number of financing entrepreneurs in the A-share market last year was 0, a year-on-year decrease of more than 0%; The total scale of financing was 0.0 billion yuan, a decrease of more than 0% in the same period.

Despite the downward pressure on the industry as a whole, Capital Securities' investment banking business achieved "buck-market" growth, achieving revenue of 59.0 billion yuan in 0 years, a year-on-year increase of 0.0%, becoming the business with the highest growth rate in the main business.

Capital Securities revealed in its annual report that the company focuses on the business of the Beijing Stock Exchange and strives to build a technology-based investment bank. At the same time, the company sponsored and underwrote the convertible bond project of Hebang Biotech, which was the largest single convertible bond market in 2024 years.

At the same time, Capital Securities strives to achieve "equity and debt integration". In 20 years, its ABS issuance scale and sales scale have been improved, ranking among the top 0 and top 0 in the industry respectively, and successfully underwriting and issuing the company's first Beijing Stock Exchange corporate bonds and other innovative varieties.

財富管理方面，2024年，首創證券新開戶客戶近10萬戶，客戶總數超81萬戶，番茄財富APP月活用戶數增長65.33%，股票基金交易量及兩融業務規模分別增長30.40%、37.77%。

Chairman's remuneration reduced by 90.0%

Capital Securities is a state-owned listed securities firm in Beijing, with Capital Capital Group Co., Ltd. (hereinafter referred to as "Capital Group") as its controlling shareholder and Beijing State-owned Assets Supervision and Administration Commission (SASAC) as its actual controller.

Capital Securities Equity Chart, source: Capital Securities 2024-year annual report

According to the disclosure of the 31-year annual report, Beijing Capital Group, Beijing Infrastructure Investment Co., Ltd. and Beijing Energy Group Co., Ltd. hold 0.0%, 0.0% and 0.0% of the company's shares respectively.

In 62 years, Capital Securities' ability to create value for shareholders has improved. As of the end of 0, the basic earnings per share of Capital Securities was 0.0 yuan/share, a year-on-year increase of 0.0%; Basic earnings per share after deducting non-recurring gains and losses was 0.0 yuan/share, a year-on-year increase of 0.0%.

It is worth noting that the remuneration level of the management of Capital Securities decreased significantly last year, and the total remuneration paid by the company to directors, supervisors and senior executives was "halved" compared with the previous year. In 71, the total remuneration of the company's management was 0.0 million yuan, a decrease of 0.0% from the previous year.

此外，2024年，首創證券管理層的最高薪酬未跨過“百萬”大關。具體來看，董事長畢勁松的薪酬最高，為96.30萬元；而畢勁松在2023年收到的薪酬（含遞延績效）為204.48萬元。與2023年相比，報告期內首創證券為董事長發放的薪酬縮水52.90%。

2024年4月11日，首創證券召開第二屆董事會第四次會議，審議通過選舉畢勁松為公司第二屆董事會董事長。在此之前，畢勁松擔任首創證券的總經理。

At the same time, Capital Securities announced that the company's board of directors agreed to appoint Zhang Tao as the company's general manager. Previously, Zhang Tao was the financial director, director and general manager of Dongxing Securities.

由於張濤任職未滿一年，所以首創證券副總經理、董事會秘書何峰2024年的薪酬為83.10萬元，位居第二。但與其2023年134.35萬元薪酬相比，減少38.15%。

On the same day as the release of the annual report, Capital Securities also released its third environmental, social and corporate governance (ESG) report since its listing, which comprehensively demonstrated the company's activities and performance in actively undertaking economic, social and environmental responsibilities in the past 2024 years.

2025年是首創證券成立的第25周年，展望未來，首創證券在年報中表示，新的一年，公司持續打造特色化、差異化核心競爭力，充分發揮金融機構功能作用，為股東、客戶、投資者創造更大價值。