China Great Wall Securities (002939) H2 2024 earnings summary

Executive summary

• Achieved best performance in three years, with net profit up 9.82% year-over-year to RMB 1.58 billion and revenue up 0.73% to RMB 4.02 billion for 2024.

• Maintained stable asset quality and risk control, with total assets rising 6.58% to RMB 123.26 billion.

• Board proposes a cash dividend of RMB 0.92 per 10 shares, totaling RMB 371 million, with a 100% payout ratio of distributable profit.

• Received a standard unqualified audit opinion; no major compliance or regulatory issues reported.

Financial highlights

• Net profit attributable to shareholders: RMB 1.58 billion, up 9.82% year-over-year.

• Operating revenue: RMB 4.02 billion, up 0.73% year-over-year.

• Basic and diluted EPS: RMB 0.39, up 8.33% year-over-year.

• Net cash flow from operating activities: RMB 13.27 billion, a significant turnaround from negative RMB 4.72 billion last year.

• Total assets: RMB 123.26 billion (+6.58%); net assets: RMB 29.99 billion (+4.92%).

Outlook and guidance

• 2025 is positioned as a year of transformation, with focus on “industrial securities + top-tier investment banking” and digitalization.

• Plans to strengthen risk management, optimize business structure, and deepen industry and regional focus, especially in energy and green finance.

• Expects to continue stable dividend policy and pursue high-quality growth, leveraging policy support and market reforms.