Shanxi Securities has declined in net profit in the first half of the year and a subsidiary of the subsidiary has exceeded 10 million.

In the first half of this year, the income of Shanxi Securities increased its income, and the net income of brokerage business, investment banking business, and asset management business fees declined. At the same time, the company's total liabilities are relatively high, in order to pay off the bonds of not more than 4.7 billion yuan in bonds.

Since the beginning of the year, the capital market has continued to fluctuate, and the overall performance of listed brokers is not ideal. Shanxi Securities Co., Ltd. (hereinafter referred to as: Shanxi Securities, 002500.SZ) semi -annual report shows that the company's operating income in the first half of the year increased by 14%year -on -year, but the net profit of the mother -in -law decreased by 28%year -on -year. Both income and income have declined.

At the same time, in order to repay the company's interest debt, Shanxi Securities has issued three phases to open bonds for professional investors, and the issuance of the issuance of no more than 4.7 billion yuan. After the bond was issued, Shanxi Securities announced on September 7 that as of August 31, the company had added a total of 13.186 billion yuan in loans, accounting for 74.47%of the net assets at the end of the previous year. In response to the above situation, it was found that the network was found to send an interview letter to Shanxi Securities to request doubts, but as of press time, Shanxi Securities did not give a reasonable explanation.

In the first half of the year, increasing income did not increase, and the holding subsidiary was fined more than 10 million

According to public information, Shanxi Securities was established in July 1988. It is one of the first batch of securities companies in the country. The first shareholder is Shanxi Financial Investment Holding Group Co., Ltd., which is a state -owned holding nature. On November 15, 2010, Shanxi Securities was listed on the Shenzhen Stock Exchange with a registered capital of 3.59 billion yuan. Its main business sectors include wealth management, self -operating management, asset management, and investment banking business.

On August 29, Shanxi Securities released the 2022 semi -annual report. In the first half of the year, the company realized operating income of 1.957 billion yuan, an increase of 14.40%year -on -year; net profit of returning to the mother was 307 million yuan, a year -on -year decrease of 27.63%. The semi -annual report found that Shanxi Securities' revenue increased due to the increase in the scale of the warehouse receipt of the subsidiary, which led to a large increase in other business revenue year -on -year.

The semi -annual report shows that Shanxi Securities' sales revenue of the warehouse receipt in the first half of the year was 728 million yuan, a total of 5.1776 million yuan in profit; other business revenue was 734 million yuan, an increase of 116.85%year -on -year; Yuan, a year -on -year decrease of 10.96%.

(Source: Shanxi Securities Report in the semi -annual 2022)

It is worth mentioning that the net income of Shanxi securities fees and commissions in the first half of the year was 578 million yuan, a year -on -year decrease of 6.60%; the net income of the brokerage business, investment banking business and asset management business fees was 243 million yuan, 171 million yuan, and 0.81 100 million yuan, a year -on -year decrease of 3.67%, 16.56%, and 4.48%; investment income was 526 million yuan, a year -on -year decrease of 37.27%.

From the perspective of the business sector, the total operating income and operating profit margins of wealth management only increased in the first half of the year. The closure of 44.40%, the profit margin decreased by 62.25 percentage points, the largest business sector with the largest decline. In this regard, industry professionals analyzed that the decline in the company's net profit may be due to the impact of investment income and the decrease in profit margin of business segments.

(Source: Shanxi Securities Report in the semi -annual 2022)

In particular, as a subsidiary of the holding investment bank, the investment banking of Shanxi Securities is mainly carried out by Sino -German Securities. According to the data, Sino -German Securities is mainly engaged in financial advisory business such as underwriting and sponsor, mergers and acquisitions and reorganizations of stocks and bonds. In the first half of the year, Sino-German Securities implemented a total of 41 projects, achieving revenue of 88.214 million yuan, and a net profit of -61,032,200 yuan. At the same time, Sino -German Securities received the "Administrative Penalty Decision" from the Securities Regulatory Commission on June 17.

The decision shows that on May 26, 2015, LeTV announced the application for non -public issuance; on August 8, 2016, its non -public offering shares were listed on the Shenzhen Stock Exchange. Sino -German Securities issued the report and final draft on June 12, 2015 and September 1, 2015, respectively. The signed sponsor representatives were Yang Lijun and Wang Xin.

In LeTV's non -public offering of stock projects, Sino -German Securities' illegal and illegal acts that have not been fully acquired or prepared for the sales of the top ten customers and the authenticity of the business that have not occurred in the business, the CSRC ordered Sino -German Securities to correction and give The warning was that the confiscation of business income was RMB 5.6604 million, and a fine of 11.3208 million yuan was imposed;

In this regard, Shanxi Securities stated in the semi -annual report that the company attaches great importance to strengthening internal governance, improving the level of compliance management and risk control, strengthening the quality control of investment banking business, and diligent responsibility to improve the quality of investment banking business. At the same time, it stated in the bond fundraising instructions that the subsidiary was punished to adversely affect the company's investment banking business.

(Picture source: wind, company announcement)

There is a debt on debt fundraising, and there are interest debts, and a total of nearly 80 % of the new borrowing accounts for net assets

It is worth noting that industry insiders said that as the market recovers, brokers issued their debt speeds. On June 17, the Securities Regulatory Commission approved the total number of face value of Shanxi Securities to publicly issue the total face value of professional investors not exceeding 4.7 billion yuan of corporate bonds.

On July 1, July 18 and July 28, the bonds issued in the three phases of Shanxi Securities were listed on the Shenzhen Stock Exchange. The scale is 2 billion yuan, and the ticket interest rate is 3.04%; the actual issuance scale of the third phase is 800 million yuan, and the ticket rate is 2.89%. According to the fundraising instructions, all the funds raised by Shanxi Securities issued bonds will be used to repay the company's interest debt. At the same time, the raising instructions also stated that before the repayment of interest debt, the company may follow the financial management system without affecting the debt repayment plan. , Use idle bonds to raise funds to supplement mobile funds.

As of the third phase of the instructions, Shanxi Securities' proposed debt repayment debt includes the income certificate of 2.817 billion yuan, from July 25 to December 29; Essence

(Picture Source: Company Announcement, the third phase of fundraising instructions)

It should be mentioned that in 2019, the total assets and total liabilities of Shanxi Securities declined at the same time, and then the company's total liabilities continued to increase. By 2021, its debt increased exceeded the asset increase.

Wind data shows that in 2021, Shanxi Securities' total liabilities were 58.596 billion yuan, an increase of 30.21%year -on -year, and assets increased by 22.18%during the same period; in the first half of 2022, total liabilities were 70.849 billion yuan, an increase of 14.30%year -on -year, and assets increased by 11.45%during the same period. At the same time, in the first half of 2021 and 2022, the asset -liability ratio of Shanxi Securities was 76.79%and 80.10%, respectively.

(Picture source: Wind)

In addition, on September 7, Shanxi Securities announced that in 2021, the company had not audited net assets of 17.706 billion yuan, and the borrowing balance was 37.429 billion yuan. As of August 31, the company's borrowing balance was 50.615 billion yuan, and a total of 13.186 billion yuan was added, accounting for 74.47%of the net assets at the end of the previous year.

Among them, the balance of bank loans was 823 million yuan, the balance of bonds should be 15.799 billion yuan, and the balance of other borrowings was 33.993 billion yuan. As of the first half of 2022, Shanxi Securities' debt repayment paid cash was 9.101 billion yuan.

(Picture source: company announcement)

In this regard, Shanxi Securities stated in the announcement that the above -mentioned new borrowing meets the provisions of relevant laws and regulations and belongs to the company's normal business activities. The company's financial status is stable. At present, all debts have repaid interest on time. The above -mentioned new borrowing matters will not adversely affect the company's operating conditions and debt capacity.

(Reporter Luo Xuefeng Financial Researcher Liu Lixiang)

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