（股份代號：01359及04621（優先股）） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 2025年第一次臨時股東大會表決結果公告 中國信達資產管理股份有限公司（「本公司」）於2025年9月26日（星期五）上午十時在中 國北京市西城區鬧市口大街九號院1號樓舉行2025年第一次臨時股東大會（「臨時股東大 會」）。關於在臨時股東大會中審議的議案的詳細內容，各位股東可參閱本公司發出日期 為2025年9月11日的股東通函（「通函」）及臨時股東大會通告（「臨時股東大會通告」）。除 非另有所指，本公告內所用的詞語與通函內所界定者具有相同涵義。 臨時股東大會由本公司董事會召集，董事長張衛東先生主持。本公司於臨時股東大會當 日之已發行普通股總股份數目為38,164,535,147股，此乃股東有權出席並可於臨時股 ...

( 在中華人民共和國註冊成立的股份有限公司 ) 股份代號：01359 優先股股份代號：04621 2025 中期報告 | | | 目 | 錄 | | --- | --- | --- | --- | | 釋義 | 2 | 4 股本變動及主要股東持股情況 | 72 | | 1 公司基本情況 | 3 | 5 董事、監事及高級管理人員情況 | 76 | | 2 財務概要 | 4 6 重要事項 | | 78 | | 3 管理層討論與分析 | 7 | 7 審閱報告及中期簡要合併財務報表 | 86 | | 3.1 經濟金融和監管環境 | 7 | | | | 3.2 財務報表分析 | 8 | | | | 3.3 業務綜述 | 35 | | | | 3.4 風險管理 | 62 | | | | 3.5 資本管理 | 69 | | | | 3.6 展望 | 70 | | | 二零二五年中期報告 中國信達資產管理股份有限公司 1 釋 義 | 在本報告中，除文義另有所指外，下列詞語具有如下涵義： | | | --- | --- | | （本）公司 | 中國信達資產管理股份有限公司 | | （本）集團 | 中國信達資產管理股份有限公司及 ...

Group 1 - The core point of the article is that Shanghai Meishan Steel Co., Ltd., a company related to China Cinda, has announced a bidding information for a project with a budget of 1.1 million yuan [1] - The project is titled "Dry Coke Oven No. 1 and No. 2 Annual Maintenance" and was published on September 23, 2025 [1] - China Cinda holds a 26.15% stake in Shanghai Meishan Steel Co., Ltd. according to the equity penetration data [1]

Group 1 - The core point of the article is that Xining Special Steel Co., Ltd. has announced a tender for the safety production emergency rescue team equipment update project with a budget of 3.381 million yuan [1] - The tender was published on September 23, 2025, indicating a future investment in safety and emergency preparedness [1] - Xining Special Steel Co., Ltd. is partially owned by China Cinda, holding a 4.62% stake in the company [1]

Core Viewpoint - UBS has revised its earnings forecast for China Cinda after the release of its first-half financial report, significantly lowering its earnings per share estimates for the next two years by 53% and 60% respectively, while maintaining a "Neutral" rating on the stock and reducing the 12-month target price from HKD 1.45 to HKD 1.42 [1] Group 1: Financial Performance - China Cinda's core non-performing asset management business remains a significant operational drag, impacted by weak market sentiment leading to suboptimal disposal turnover and ongoing asset quality risks [1] - According to management guidance, the existing asset quality risks may take another year to fully digest [1] Group 2: Future Outlook - UBS forecasts that China Cinda's net profit will begin to recover modestly starting in 2026, primarily due to stabilization in asset quality [1]

Group 1 - The core project involves the construction of a high-performance resin and core raw materials engineering project with an annual production capacity of 60,000 tons [1] - The project is part of a tender announcement published by China Nuclear Industry Construction Co., Ltd. on September 22, 2025, with a budget amounting to 2,005 million yuan [1] - China Cinda holds a 10.26% stake in the company responsible for the project, indicating a significant investment interest [1]

Core Viewpoint - UBS has updated its forecasts for China Cinda (01359) following the release of its first half financial report, significantly lowering its earnings per share estimates for the next two years by 53% and 60% respectively, while maintaining a "Neutral" rating on the stock and slightly reducing the 12-month target price from HKD 1.45 to HKD 1.42, implying a projected price-to-book ratio of 0.31 times for 2026 [1] Financial Performance - The core non-performing asset management business of China Cinda remains a major operational drag, impacted by weak market sentiment leading to suboptimal disposal turnover and ongoing asset quality risks [1] - According to management guidance, the existing business's asset quality risks may take another year to fully digest [1] Future Outlook - UBS forecasts that China Cinda's net profit will begin to recover modestly starting in 2026, primarily due to stabilization in asset quality [1]

Core Viewpoint - UBS has revised its earnings forecast for China Cinda (01359) after the company released its first half financial report, lowering its earnings per share estimates for the next two years by 53% and 60% respectively, while maintaining a "Neutral" rating on the stock and slightly reducing the 12-month target price from HKD 1.45 to HKD 1.42, implying a projected price-to-book ratio of 0.31 times for 2026 [1] Group 1 - The core non-performing asset management business of China Cinda remains a significant operational drag [1] - Weak market sentiment has led to suboptimal disposal turnover and ongoing asset quality risks [1] - According to management guidance, the existing business's asset quality risks may take another year to digest [1] Group 2 - UBS forecasts that China Cinda's net profit will begin to recover moderately starting in 2026, primarily due to stabilization in asset quality [1]

Group 1 - China Nuclear Engineering Construction Corporation announced a tender for concrete transportation services with a budget of 28 million yuan [1] - The tender was published on September 19, 2025, indicating ongoing projects in the nuclear construction sector [1] - China Cinda holds a 10.26% stake in China Nuclear Engineering Construction Corporation, highlighting its investment in the industry [1]

Core Viewpoint - The restructuring of senior management in China's three major Asset Management Companies (AMCs) is a significant step following their transfer to Central Huijin Investment Co., marking a new phase in the industry focused on core business and efficiency improvement [1][3][6]. Group 1: Management Changes - Song Weigang has been appointed as the new president of China Cinda Asset Management, filling the vacancy left by Liang Qiang's departure in June [1]. - Liang Qiang has transitioned to become the executive director and chairman of China Orient Asset Management after serving in various senior roles across the four major AMCs [2][3]. - The leadership of China Great Wall Asset Management remains uncertain following the retirement of its former chairman, Li Junfeng, in December 2024 [2]. Group 2: Ownership Structure - In February 2023, the Ministry of Finance transferred all shares of China Cinda, China Great Wall, and China Orient to Central Huijin, making it the controlling shareholder of these AMCs [3]. - The share transfer involved significant stakes: 221.37 billion shares (58%) for China Cinda, 376.7 billion shares (73.53%) for China Great Wall, and 488.3 billion shares (71.55%) for China Orient [3]. Group 3: Industry Context - The establishment of the four major AMCs in 1999 aimed to address the non-performing assets of state-owned banks and mitigate financial risks following the Asian financial crisis [4]. - The integration of these AMCs into the Central Huijin framework is viewed as a pivotal moment for the industry, emphasizing a focus on core operations and market-oriented reforms [4][6]. Group 4: Future Expectations - There is potential for further consolidation among the brokerages under Central Huijin, with discussions around merging China International Capital Corporation (CICC) and China Galaxy Securities to create a larger entity [7][8]. - The regulatory environment is supportive of mergers and acquisitions, which may lead to increased market expectations for consolidation among brokerages in the coming years [8].