CICC (61995) answered investors' concerns on the investor relations platform on August 2nd. Investor: Has the company's profit growth rate been paid? The company's salary is many times the dividend. Has the company considered the interests of investors? Considering that the company is a state-owned enterprise, it should create value for the country and investors. Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: Hello, Secretary-General: Your company made a profit of 1.66 billion yuan in the first quarter, but its salary was tens of billions. I would like to ask whether the salary is reasonable, whether it is suspected of hollowing out state-owned assets and whether it harms the rights and interests of minority shareholders. If your company thinks that the profit in the first quarter is caused by the stock market, can you implement a positive correlation ratio between the market and the salary, investigate the responsibility for the performance loss, and recover a certain share of the salary from the fund manager? If it is excess profit, give more rewards! At present, your company's share price has fallen below the issue price, and the dividend is only .71%, while all your employees are living a luxurious life. Please explain the rationality! Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: Your company's salary payable in the first quarter exceeded 11.2 billion yuan, ranking first in the industry, far exceeding the high-tech R& D industry. Please explain the necessity of overall high salary? In terms of profit distribution, the proportion of employees' wages far exceeds that of other companies in the same industry. Does it seriously harm the interests of shareholders? Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: Hello, Secretary General. In the first quarter of 222, the per capita salary of CICC was close to 1 million yuan, and the total salary exceeded 1 billion yuan, much higher than the real economy. It is understood that your company's employees' accommodation standards for business trips are higher than those for bureau-level leaders issued by some government agencies. What is the necessity of high standard accommodation for business trips? How to effectively control employee compensation and employee reimbursement to protect shareholders' interests? At the time of the epidemic, the country has cut back on clothing and food to ensure the stable development of the national economy. So, what contribution did the employees of the company make in order to get such a high salary? I hope the company can respond positively. Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: Hello, Secretary General. How does your company rate employees' salaries? Why do you earn more than 81, a month? Has such a high salary been decided by the China Securities Association? Should CICC pay such a high salary to its employees for the high profits gained by taking advantage of the monopoly position of China Huijin Company? Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: The current economic environment is declining, but the wages of your employees are increasing year by year, far higher than the real economy. In the case of a sluggish real economy, does this action of your company violate the * * * prosperity? How does CICC intend to achieve * * * prosperity? How to effectively serve the real economy? How to resolve the contradiction between the rising profits in the financial sector and the downturn in the real economy? Can it further benefit the real economy? Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: In the first quarterly report of your company, the salary expenditure is obviously greater than the profit. Is it reasonable? In addition, the company is a state-owned enterprise. Should wages be supervised by the people? Is there any legal support for the little boy's suspension? Has the relevant person in charge of your company experienced the new Baekje Shenzhou product? Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! Investor: CICC's net profit in the first quarter was 1.6 billion, and its employees' salary was 11.2 billion. This state-owned enterprise has 1.4 billion people. Why are their salaries so high? The blood of revolutionary martyrs is left to everyone in China! Secretary CICC: Hello, the "salary payable to employees" disclosed in the first quarter of 222 is not the same as the salary paid to employees in the first quarter. Salary payable to employees is a balance sheet item, which can be understood as the total amount of wages accrued but not paid by the company in previous years. Salary in the first quarter = salary payable at the end of 221+salary accrued in the first quarter of 222-salary payable at the end of March 222. Quarterly wages are included in the "business and management expenses" in the income statement. The company's salary system is approved by the board of directors, and it is accrued according to a certain proportion of operating income every year, and adjusted according to actual performance at the end of the year, which is in line with industry practice. Thank you for your interest in CICC! The first quarterly report of CICC 222 shows that the company's main income is 5.71 billion yuan, down 14.53% year-on-year; The net profit of returning to the mother was 1.66 billion yuan, down 11.49% year-on-year; Deducting non-net profit was 1.6 billion yuan, down 12.69% year-on-year; The debt ratio is 86.49%, and the investment income is-595,547,6 yuan. The stock has been rated by 11 institutions in the last 9 days, with 6 buy ratings, 3 overweight ratings and 1 neutral rating; The average target price of the organization in the past 9 days is 44.99. In the past three months, the net outflow of financing was 32.4381 million, and the balance of financing decreased; The net inflow of securities lending was 3,686,6, and the balance of securities lending increased. According to the financial report data of the past five years, the valuation analysis tool of Securities Star shows that CICC (61995) has excellent competitiveness moat in the industry, good profitability and good income growth. The stock has a good company index of 3.5 stars, a good price index of 3 stars and a comprehensive index of 3 stars. (The index is for reference only, and the index range is -5 stars, with a maximum of 5 stars) The main business of CICC is investment banking, equity sales and trading, proprietary investment and trading, wealth management, investment management and other business activities approved by China Securities Regulatory Commission.