若顶格减持8232.1万股，按照4月3日收盘价每股7.82元估算，则这些股份对应的市值约6.44亿元。 前四次减持计划共减持1.17亿股 这是中国信达第五次提出减持方正证券的计划。 历史溯源来看，中国信达持有方正证券股权是以股抵债而来。根据2020年8月6日方正证券发布的简式权 益变动报告书，中国信达为方正东亚·政泉控股信托贷款单一资金信托，以及方正东亚·政泉控股资产收 益权投资单一资金信托（一期、二期）这三个信托计划的受益人，信托计划的底层资产为国通信托对政 泉控股的不良债权。 因政泉控股未能如期还款，国通信托作为受托人向武汉仲裁委员会提起仲裁。大连中院出具执行裁定 书，将政泉控股持有的7.1亿股方正证券股票用于抵偿国通信托对政泉控股享有的民事债权，作为信托 计划的受益人，中国信达获得了该部分抵债资产。 每经记者 王砚丹 每经编辑 赵云 4月6日晚间，方正证券发布公告称，中国信达资产管理股份有限公司因经营需要，计划自公告发布之日 起15个交易日后的3个月内，即2025年4月29日至2025年7月28日期间，以集中竞价方式减持股份不超过 8232.1万股，约占公司总股本的1%。 在第二轮减持中，中国信达共计减 ...

Core Viewpoint - China Cinda has announced another plan to reduce its stake in Founder Securities, marking the fifth such announcement since it became a shareholder in 2021, with previous plans not executed to the maximum extent [2][5][6]. Group 1: Shareholding and Reduction Plans - On April 6, China Cinda announced its intention to reduce its holdings in Founder Securities by up to 82.32 million shares, representing approximately 1% of the total share capital, with a potential market value of about 643 million yuan at a price of 7.82 yuan per share [2][5]. - China Cinda currently holds 615 million shares in Founder Securities, accounting for 7.2% of the total share capital, and is the third-largest shareholder [3][4]. - The reduction period is set from April 29, 2025, to July 28, 2025, and is part of China Cinda's operational needs [4][6]. Group 2: Historical Reduction Attempts - China Cinda's first reduction attempt was in November 2022, aiming to sell 2% of its shares, but it did not execute any sales by the deadline in May 2023 [6]. - In July 2023, a second attempt was made, resulting in a 1% reduction, equating to 784 million yuan, lowering its stake from 8.62% to 7.62% [6]. - The third attempt in April 2024 also fell short, with only a 0.15% reduction achieved by the end of the designated period, bringing its stake down to 7.47% [6]. - The fourth attempt in August 2024 saw a reduction of 0.27%, decreasing its stake to 7.2% [7]. Group 3: Founder Securities' Performance - Founder Securities reported a total revenue of 7.718 billion yuan for 2024, an increase of 8.42% year-on-year, with a net profit of 2.207 billion yuan, up 2.55% [9]. - The company has increased its dividend payout, proposing a cash dividend of 0.593 yuan per 10 shares, totaling up to 488 million yuan, marking a dividend rate of 40.02%, the highest since its listing [9][10]. - Founder Securities has been actively disposing of assets to enhance capital efficiency, including the sale of a 49% stake in Credit Suisse Securities for approximately 885 million yuan [10][11].

Core Viewpoint - China Cinda Asset Management Co., Ltd. reported a total asset scale of 1.64 trillion yuan for the year 2024, reflecting a year-on-year growth of 2.8% and a net profit attributable to shareholders of 3.036 billion yuan [1] Group 1: Financial Performance - As of the end of 2024, the equity attributable to shareholders reached 194.183 billion yuan, an increase of 0.7% year-on-year [1] - The core tier one capital adequacy ratio, tier one capital adequacy ratio, and total capital adequacy ratio were 11.07%, 15.63%, and 16.75% respectively, meeting regulatory requirements while maintaining a reasonable safety margin [1] Group 2: Strategic Focus - The company focused on supporting major strategies and key areas, enhancing financial service supply to assist high-quality development of the real economy [1] - Significant financial support was directed towards initiatives such as the coordinated development of the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt, and the Guangdong-Hong Kong-Macau Greater Bay Area [1] Group 3: Support for Private Economy - China Cinda established specific measures to promote the healthy development of the private economy, resulting in new cooperation with Fortune 500 private enterprises exceeding 16 billion yuan, a year-on-year increase of 43% [2] - The company actively engaged in bankruptcy restructuring, participating in seven projects with a total amount of 1.7 billion yuan, aiding companies like Xinhua Group and Zhengbang Technology in their restructuring efforts [2] Group 4: Financial Innovations - In the realm of technology finance, China Cinda executed 31 projects with an investment of approximately 10 billion yuan, supporting the development of new productive forces [3] - The company invested over 8.1 billion yuan in inclusive finance, focusing on the financial needs of private, small, and micro enterprises, leveraging the competitive advantages of its financial subsidiaries [3]

Core Viewpoint - China Cinda's total assets showed a slight increase, while net profit attributable to shareholders experienced a nearly 50% decline, reflecting the company's strategic choice to adjust its business structure and manage historical risk assets [1][3]. Financial Performance - In 2024, China Cinda's total assets reached RMB 1.6 trillion, a year-on-year increase of 2.8%, while equity attributable to shareholders was RMB 194.18 billion, up 0.7% [3]. - The company's total revenue decreased from RMB 761.68 billion in 2023 to RMB 730.4 billion in 2024, a decline of 4.11% [3]. - Net profit attributable to shareholders was RMB 3.036 billion, down 47.8% compared to the previous year [3][4]. Business Operations - The non-performing asset management segment is central to China Cinda's operations, with total assets in this area amounting to RMB 915.22 billion, contributing 55.8% to total assets and 55.3% to total revenue [3]. - The net acquisition of operating non-performing assets was RMB 266.36 billion, reflecting a growth of 7.01% year-on-year [3]. Strategic Adjustments - The decline in profitability is attributed to ongoing reforms, proactive adjustments in business structure, and the need to manage historical risk assets, leading to a significant drop in income from non-performing debt assets [4]. - In 2024, income from non-performing debt assets measured at amortized cost was RMB 2.115 billion, down 65.2% from RMB 6.084 billion in the previous year [4]. Market Environment - The demand for non-performing asset disposal remains high as the banking sector continues to clear bad debts, with regulatory support for asset management companies (AMCs) to engage in risk resolution [5][6]. - China Cinda acquired over RMB 220 billion in bank non-performing assets in 2024, including over RMB 140 billion from small and medium-sized banks [5]. Future Outlook - The company is expected to face increased internal and external pressures in 2025, with ongoing financial risks and the need for continued asset management and restructuring efforts [6]. - Experts suggest that China Cinda should enhance its asset management and non-performing asset disposal capabilities, leveraging financial technology to improve efficiency [7].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's revenue and profit declined in 2024, with total revenue (including joint ventures) at 77.5 billion yuan, a year-on-year decrease of 6.2%, and net profit attributable to ordinary shareholders at 1.5 billion yuan, down 65.2% [1][3] - The total assets of the company increased slightly to 1.64 trillion yuan, a year-on-year growth of 2.8%, with stable performance in the non-performing asset management segment [1][2] - The decline in revenue was primarily driven by a 9.1% drop in income from the non-performing asset management segment, while the financial services segment remained stable [2] Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 77,468 million yuan, down 6.2% from 2023, and net profit of 1,485 million yuan, down 65.2% [4][8] - The diluted earnings per share (EPS) for 2024 was 0.04 yuan, with a return on equity (ROE) of 0.9% [4][8] Asset Management - The total assets at the end of 2024 were 1.64 trillion yuan, reflecting a 2.8% increase year-on-year, with stable growth in the financial services subsidiary [1][4] - The credit cost rate for 2024 was 2.1%, an increase of 0.4 percentage points year-on-year, primarily due to risk exposure in non-performing debt projects [2] Profit Forecast - The profit forecast for ordinary shareholders for 2025-2027 is adjusted to 3.3 billion, 3.4 billion, and 3.4 billion yuan respectively, with expected growth rates of 125%, 1%, and 0% [3][4] - The projected EPS for 2025-2027 is 0.09 yuan, with corresponding price-to-earnings (PE) ratios of 18, 12, and 12 times [3][4]

Core Insights - China Cinda Asset Management Co., Ltd. reported a total revenue of 403.73 billion yuan from its non-performing asset management segment, accounting for 55.3% of total revenue for the year 2024 [1] Financial Performance - Total assets reached 1.64 trillion yuan, a year-on-year increase of 2.8% [2] - Shareholder equity amounted to 194.18 billion yuan, up 0.7% year-on-year [2] - Net profit attributable to shareholders was 3.036 billion yuan [2] - Core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 11.07%, 15.63%, and 16.75%, respectively, meeting regulatory requirements [2] Business Segment Performance - The non-performing asset management segment had total assets of 915.22 billion yuan, contributing 55.8% to total assets and 55.3% to total revenue [2] - The net amount of acquired non-performing assets increased by 7.01% to 266.36 billion yuan [2] - Disposal income from acquired non-performing assets rose by 6.16% to 8.606 billion yuan [2] - Other non-performing asset business scale reached 211.12 billion yuan, with revenue increasing by 10.75% and 113.09%, respectively [2] Financial Services Segment - The financial services segment had total assets of 727.76 billion yuan, with total revenue of 33.186 billion yuan, reflecting growth of 4.56% and 2.45% respectively [3] - Nanchang Bank reported total revenue of 23.228 billion yuan and a pre-tax profit of 3.579 billion yuan, increasing by 5.71% and 10.79% respectively [3] - Xinda Securities' total assets grew by 37.22% to 106.90 billion yuan [3] - Jingu Trust's total assets reached 14.674 billion yuan, with a pre-tax profit of 743 million yuan, marking increases of 60.43% and 62.58% respectively [3] Strategic Initiatives - China Cinda has actively adapted to new market conditions for risk resolution, focusing on high-quality development of non-performing asset management [4] - The company expanded its acquisition channels, successfully acquiring over 220 billion yuan in bank non-performing assets [4] - The company also ventured into overseas markets, acquiring over 7.6 billion yuan in foreign non-performing assets [4] - In asset disposal, the company maintained over 50 billion yuan in asset recovery for seven consecutive years [5] Risk Mitigation Efforts - The company supported small financial institutions by acquiring over 140 billion yuan in non-performing assets [5] - It participated in risk resolution in the real estate sector, investing nearly 17 billion yuan to support housing delivery and urban renewal projects [5] - The company provided 4.5 billion yuan to help local governments manage debt risks [6]

Core Viewpoint - China Cinda Asset Management Co., Ltd. continues to strengthen its core advantages in non-performing asset management, achieving a net profit attributable to shareholders of 3.036 billion yuan in 2024, despite a decline in overall revenue and profit [3][4]. Financial Performance - Total revenue for 2024 was approximately 73.04 billion yuan, a year-on-year decrease of 4.11% [3]. - Net profit attributable to shareholders was 3.036 billion yuan, down 47.84% compared to the previous year [3]. - Total assets reached 1.64 trillion yuan by the end of 2024, reflecting a year-on-year growth of 2.8% [3]. Non-Performing Asset Management - The non-performing asset management segment had total assets of 915.22 billion yuan, contributing 55.8% to the group's total assets [3]. - Revenue from this segment was 40.373 billion yuan, accounting for 55.3% of total revenue [3]. - The net amount of acquired non-performing assets increased by 7.01% to 266.36 billion yuan, while disposal gains from these assets rose by 6.16% to 8.606 billion yuan [3]. Financial Services Segment - The financial services segment reported total assets of 727.76 billion yuan, with revenue of 33.186 billion yuan, marking increases of 4.56% and 2.45% respectively [4]. - Nanchang Commercial Bank generated revenue of 23.228 billion yuan and pre-tax profit of 3.579 billion yuan, up 5.71% and 10.79% year-on-year [4]. - Cinda Securities' total assets grew by 37.22% to 106.902 billion yuan, while Jingu Trust's total assets reached 14.674 billion yuan, with pre-tax profit increasing by 60.43% [4]. Risk Mitigation and Support Initiatives - In 2024, the company actively engaged in risk mitigation in key sectors, acquiring over 220 billion yuan in non-performing assets from banks and supporting the real estate sector [5][6]. - The company participated in 33 projects related to housing delivery, investing nearly 17 billion yuan, which facilitated the delivery of over 20,000 housing units [5]. - Cinda also provided 4.5 billion yuan to help local governments manage debt risks and offered services for debt management and platform transformation [6]. Strategic Focus and Future Outlook - The company aims to enhance financial services to support high-quality economic development and is focusing on bankruptcy restructuring and investment in technology-driven enterprises [6]. - In 2025, China Cinda plans to strengthen its management and risk compliance while consolidating its competitive advantages in the financial sector [6].

中国信达2024年净利30.364亿元，下降47.8% 截至2024年末，中国信达的资产总额1.6万亿元，同比增长2.8%，其中母公司资产规模近7500亿元，同比增长1.9%。 不良资产经营业务是中国信达的核心业务和收入主要来源，2024年不良资产经营业务收入总额为403.727亿元，占2024年收入总额的55.3%，2024年 末总资产的55.8%，净资产的49.9%。中国信达在年报中表示，2024年，受个别子公司经营业绩下滑影响，不良资产经营业务税前利润下降。 中国信达表示，2024年聚焦不良资产市场，把握市场机遇，持续巩固主业优势，继续保持收购经营类不良债权资产业务经营力度。2024年以公允价 值计量且其变动计入当期损益的金融资产中不良债权的新增收购为470.996亿元，处置规模478.543亿元。 中国信达在年报中表示，2024年公司坚守金融不良资产主阵地，收购银行不良资产规模超2200亿元，保持行业领先水平；不良资产处置效益保持良 好势头，处置回现连续7年超500亿元；各级资本充足率保持合理安全。 金融服务业务是中国信达业务的重要组成部分，作为重要的交叉销售推动板块，受益于协同运营管理策略。金融服务 ...

Core Insights - China Cinda Asset Management Co., Ltd. reported a total asset scale of 1.64 trillion yuan by the end of 2024, representing a year-on-year growth of 2.8% [1] - The company achieved a net profit attributable to shareholders of 3.036 billion yuan for the year [1] - The core tier one capital adequacy ratio, tier one capital adequacy ratio, and total capital adequacy ratio were 11.07%, 15.63%, and 16.75%, respectively, meeting regulatory requirements [1] Asset Acquisition - The company acquired over 220 billion yuan in bank non-performing assets, maintaining industry leadership [2] - It expanded asset acquisition types, including new investments in ABS and income rights projects [2] - The company acquired over 76 billion yuan in overseas non-performing assets through its subsidiaries in Hong Kong and the Shanghai Free Trade Zone [2] Risk Management and Support - The company acquired over 140 billion yuan in non-performing assets from small and medium-sized banks, providing tailored risk resolution plans [2] - It participated in risk resolution in the real estate sector, contributing nearly 17 billion yuan to projects aimed at ensuring housing delivery [2] - The company also engaged in local debt risk resolution, investing 4.5 billion yuan to help local governments manage debt [2] Operational Efficiency - The company emphasized high-quality development and risk compliance, enhancing its risk management framework [3] - It established a dual-line post-investment management mechanism for major projects to improve risk monitoring [3] - The company launched innovative financing solutions, including the issuance of the first AMC market-making ABS and the largest advanced manufacturing ABS in the market [3]

Financial Performance - The company reported a total revenue of approximately 73.04 billion yuan for 2024, a decrease of 4.11% year-on-year [1] - The net profit attributable to shareholders was 3.0364 billion yuan, down 47.84% compared to the previous year [1] - Earnings per share were 0.04 yuan, with a proposed cash dividend of 0.2387 yuan for every 10 shares [1] - As of the end of 2024, the total assets of the group reached 1.6 trillion yuan, an increase of 2.8% year-on-year [1] Asset Management and Risk Mitigation - The company acquired over 220 billion yuan in non-performing assets from banks, maintaining a leading position in the industry [1] - The effectiveness of non-performing asset disposal remained strong, with over 50 billion yuan recovered for seven consecutive years [1] - The company actively supported the reform and risk mitigation of small and medium-sized financial institutions, acquiring over 140 billion yuan in non-performing assets from small banks [2] Support for Real Estate and Local Debt - The company facilitated risk resolution in the real estate sector, launching 33 projects and investing nearly 17 billion yuan, resulting in the delivery of over 20,000 housing units [2] - It also invested 4.5 billion yuan in local debt projects to help local governments raise resources for debt repayment [2] Investment in the Real Economy - The company invested over 200 billion yuan in supporting the real economy, with 31 projects in technology finance amounting to approximately 10 billion yuan [3] - A green finance fund of 5 billion yuan was established to focus on renewable energy and low-carbon development [3] - The company invested over 8.1 billion yuan in inclusive finance, enhancing service quality and efficiency [3] Support for State-Owned and Private Enterprises - The company assisted in the reform of state-owned enterprises by managing the disposal of non-core assets and supporting the healthy development of the private economy, with new cooperation exceeding 16 billion yuan [4] - It participated in seven bankruptcy restructuring projects, involving 1.7 billion yuan [4] - The company managed over 700 billion yuan in third-party assets, a 70% increase year-on-year [4] Risk Management and Financing Innovation - The company improved its comprehensive risk management system and established a dual-line post-investment management mechanism for major projects [4] - It maintained liquidity safety and continued to innovate in financing, issuing the first market-making ABS for AMC and the largest scale advanced manufacturing ABS [4]