crashbandicootrumble| "Zhengmao" Oriental Fortune's net profit in the first quarter was nearly 2 billion yuan, fund sales revenue dropped by more than 30%

On April 24th, Oriental Wealth released its first-quarter report for 2024.

According to the report, the company achieved total revenue in the first quarter of 2024.Crashbandicootrumble56 billion yuan, belonging to shareholders of listed companiesCrashbandicootrumbleThe net profit is 19.Crashbandicootrumble.5.4 billion yuan, down 12.60% and 3.70% respectively over the same period last year.

A reporter from the Daily Economic News noted that the decline in revenue in the first quarter of 2024 was mainly due to a decline in financial e-commerce services, that is, a decline in fund sales services. However, the net cash received by agents buying and selling securities increased significantly in the first quarter.

The performance of proprietary business income is outstanding.

First of all, the total revenue of Oriental Fortune mainly consists of four parts, namely, securities business, financial e-commerce services, financial data services, Internet advertising services and so on.

Split the total operating income of Oriental Fortune in the first quarter of 2024 and found that the operating income (excluding securities business) was 751 million yuan, down 30.34% from the same period last year.CrashbandicootrumbleIn the securities business, the net income of interest was 522 million yuan, down 5.39% from the same period last year, and the net income of fees and commissions was 1.182 billion yuan, a slight increase of 0.25% over the same period last year.

In addition to the securities business, operating income fell by more than 30%. Oriental Wealth pointed out that this was mainly due to a decline in revenue from financial e-commerce services. Specifically, it is through the fund every day, to provide users with fund sales service income decline.

Financial e-commerce service income has always accounted for more than 30% of the total operating income of Oriental Wealth. According to the 2023 annual report, Oriental Fortune Financial e-commerce service income reached 3.625 billion yuan, accounting for 32.71%.

From this point of view, with the reduction of commission fees by public offering funds and the sharp fluctuations in the A-share market in the first quarter of 2024, the sales of Tiantian funds have also been greatly affected. A reporter from the Daily Economic News noted that A shares experienced a lot of fluctuations in the first quarter, making the fund subscription and application side less active. From the perspective of new funds, 292 new funds were established in the first quarter, with a total issuance share of 243.398 billion, which is lower than that in the fourth quarter of 2023, and the issuance share is also lower than that in the first quarter of 2023.

However, although the fund sales business income is not ideal, Oriental Wealth proprietary business income performance is very eye-catching. Data show that in the first quarter of 2024, the investment income of Oriental Wealth was 570 million yuan, an increase of 50.90% over the same period last year. Oriental Wealth said that this is mainly due to the increase in bond investment returns. In addition, the fair value change income also reached 233 million yuan, a year-on-year increase of 107.75%, mainly due to the increase in fair value income of financial instruments.

The net increase in cash flow is astonishing

In the cash flow statement, Oriental Wealth appeared an eye-catching phenomenon in the first quarter of 2024. The net cash flow generated by its operating activities reached 19.568 billion yuan, an astonishing year-on-year increase of 57,678.95%. In this regard, Oriental Wealth said that this is mainly due to the substantial increase in net cash received by agents buying and selling securities.

Specifically, in the first quarter, the net cash received by Oriental Wealth agents in buying and selling securities was 11.105 billion yuan, an increase of 540.73% over the same period last year.

A reporter from the Daily Economic News noted that some brokerages that have just disclosed their quarterly reports, such as founder Securities, Guojin Securities, and Western Securities, have also doubled the net cash received by agents to buy and sell securities.

The growth of the scale of agency buying and selling securities is often closely related to the overall trading activity of the market. According to Wind data, in the first quarter of 2024, the average daily turnover of A shares was 895.371 billion yuan, an increase of about 2% over the same period last year, increasing month by month, especially in March, when the average daily turnover exceeded 1 trillion yuan, the most active month since May 2023.

From the perspective of shareholders, the new Industrial and Commercial Bank of China Co., Ltd.-Huatai Berry Shanghai and Shenzhen 300 traded index securities investment fund in the first quarter, and became the tenth largest tradable shareholder of Oriental Wealth, holding 136 million shares, with a shareholding ratio of 0.86%. At the same time, the Industrial and Commercial Bank of China Co., Ltd.-Yifangda gem trading index securities investment fund increased its holdings by 75.6384 million shares in the first quarter.

On the contrary, Hong Kong Securities Clearing Co., Ltd., China Construction Bank Co., Ltd.-Cathay Pacific Securities Co., Ltd.-Cathay Pacific Securities Investment Fund, China Construction Bank Co., Ltd.-Warburg Securities Co., Ltd.-China Construction Bank Co., Ltd. traded open-index securities investment funds were reduced in the first quarter.