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Source: Securities industry experts
Great Wall Guorui Securities, which has been commented on in articles such as "Winter is coming, AMC coupons to sell houses", will turn a loss into a profit again in 2023. And "hiding" is as high as 83% in the notes to the annual report.HighestearningcryptogamesThe amount of 58 billion yuan involved in the lawsuit not only shocked the experts, but also caused doubts.
Clerical errors for three consecutive years
Although it is one of the only three remaining AMC brokerages, Great Wall Guorui Securities Co., Ltd. (referred to as Great Wall Guorui Securities or Great Wall Guorui) has not received much exposure.
For this reason, nearly half a month after the public release, the expert Fang freed up his hand to click on this annual report. What caught our eyes was the sentence "the 2023 annual report opens to disclose information" in the title.
The audit report in the appendix shows that it was signed on March 22 this year. The official website of Great Wall Guorui updated and released its annual report on April 29, which was also disclosed in the China Securities Association.
Out of curiosity, experts tracked down the previous annual report issued by Great Wall Guorui in the China Securities Association and found that it was more than that. The 2022 report and the 2021 annual report made clerical errors in the same place.
As the 2020 annual report downloaded by the China Securities Association showed that "the document was corrupted", experts checked the official website of Great Wall Guori and found that the newspaper format was "old" in 2019 and 2020, and there was no clerical error in the same location.
In this way, it is the third year that the annual report with the same "pen error" has been displayed to the public. The three annual reports of Great Wall Guorui all said that "in the daily information disclosure work, we are honest and trustworthy, and disclose the company's relevant information truly, accurately, completely and in a timely manner in accordance with laws, regulations and articles of association". During this period, Great Wall Guorui Securities has received feedback, experts do not know.
It's the year of my life.
Great Wall Guorui Securities can be said to be one of the most established brokerages in the industry. As the expert in the "inventory of securities firms in the year of life" in the article statistics, its predecessor Xiamen Securities was approved in June 1988, established on July 16 of the same year.
In 2014, China Great Wall Asset Management Co., Ltd. (referred to as China Great Wall) increased its capital to become a controlling shareholder with a 67% stake, and changed its name to Great Wall Guorui Securities in early 2015. At present, Great Wall Guori also has two shareholders, Dedao Investment and Development Group Co., Ltd. (renamed Beijing New Lawton Enterprise Management Co., Ltd., abbreviated as Beijing New Lawton Enterprise Management Co., Ltd., in April 2024), with a stake of 28.Highestearningcryptogames.01%; Shenzhen New World Group Co., Ltd. (referred to as: new World Group) holds 4.99%.
According to the data collected by the company, the performance of Great Wall Guori has had many ups and downs since 2014. Operating income has rebounded in 2023, and net profit has changed from negative to positive. Can Great Wall Guori perform better in the year of this life?Highestearningcryptogames?
Net profit changes from negative to positive
In order to know more, the experts manually sorted out the income statement of the Great Wall Guorui merger.
According to the data, the operating income in 2023 was 340 million yuan, an increase of 23.97 percent over the same period last year. The net profit returned to the mother was 105 million yuan, compared with-132 million yuan in the same period in 2022. Credit business is the "top priority", with net interest income of 154 million yuan, down 4.52% from the same period last year. Revenue from brokerage business totaled 72 million yuan, down 19.26% from the same period last year. Revenue from the asset management business reached 52 million yuan, a year-on-year surge of 267.60%. The investment banking business collected 21 million yuan, down 15.18% from the same period last year. The variable of proprietary business is relatively large, which is-43 million yuan in 2022 and 14 million yuan in 2023.
Look at the operating expenditure data: 260 million yuan in 2023, a sharp decrease of 41.75% compared with the same period last year. The item with the biggest change is credit impairment loss, which is 126 million yuan in 2022 and-42 million yuan in 2023. In addition, non-operating income was 510000 yuan, an increase of 489.15% over the same period last year, and non-operating expenditure was 5.68 million yuan, down 74.44% from the same period last year.
Narrowing the pay gap
Industrial and commercial information shows that Zhu Hongwei was changed to chairman in November 2019 and general manager to Li Peng in January 2022. It has been more than two years since the "match of generals and Marshals", during which the performance of Great Wall Guori has bottomed out and rebounded, but has not yet returned to 2021 levels.
At the same time, the executive compensation of Great Wall Guorui Securities has a different performance. In 2023, the total annual compensation of eight senior executives totaled 7.2603 million yuan, deferred compensation of 1.467 million yuan and non-cash compensation of 205700 yuan. The average salary per executive is 907500 yuan, down 3.42% from the same period last year.
According to the "three tables" data, the total compensation of Great Wall Guorui in 2023 was 160 million yuan, down 7.09% from the same period last year. During the period, the number of employees decreased from 589 to 543. In terms of final staff, the per capita salary increased from 292800 yuan to 295100 yuan, an increase of 0.78% over the same period last year. With the rise and fall of each other, the salary gap of Great Wall Guorui shows a narrowing trend.
Matters involving a large amount of litigation
However, the following paragraph "contingencies" appears in the notes to the financial statements:
WHAT? The three labor arbitration cases that responded to the lawsuit totaled 4.77 million yuan. The average amount per call is 1.59 million yuan, equivalent to more than five times the per capita salary in 2023. What is the situation of asking for such a high salary?
What is even more puzzling is that there are 29 "surviving litigation recovery cases" with "unknown contents", with the amount of 8.358 billion yuan (! ). This figure exceeds the sum of the operating income of Great Wall Guorui in the last decade, but there is no public information.
So, who did Great Wall Guorui Securities ask for money from, and why did it become a continuing case?
You know, its shareholders are AMC who are good at dealing with "non-performing assets". Is it possible that Great Wall Guorui Securities has also grown into a "pickup" in the "imperceptible influence"?