金融风险存在薄弱环节 《报告》指出，从7家商业银行审计情况看，金融风险正在有效缓解和管控，风险总体可控，但仍存在一些薄 弱环节。 记者查阅相关银行行政罚单，近两年有关"四证"不全的房地产项目的罚单并不少见。如金融监管总局网站2024 年4月披露，汉口银行因违规向四证不全的房地产项目提供融资，且部分资金用于偿还本行风险贷款等问题受 到当地监管部门的处罚。此外，同年10月份的罚单显示，九江银行因理财资金用于受让本行表外风险资产、 向"四证"不全的房地产项目提供融资，领到罚单。 此外，上述《报告》指出，有5 家银行对账户资金异常流动监管不力，11 家地方融资平台借机向公众集资 247.43亿元，主要用于偿还存量债务等，所承诺保底年化收益最高达12%，使债务风险向涉众领域外溢。 近日，审计署披露了《国务院关于2024年度中央预算执行和其他财政收支的审计工作报告》（下称《报 告》），指出部分接受审计的金融机构在金融风险方面存在薄弱环节，此外，还存在违规掩盖处置不良资 产，以及违规放贷揽储等问题。 具体如有6家银行2022年以来，违规向"四证"不全等房地产项目发放开发贷款等共计209.68亿元。有7家银行在 支持房地产中 ...

中信集团（CITIC Group）是一家由邓小平倡导、荣毅仁创办的大型综合性企业集团，成立于1979年，总部位于北京。作为中国改革开放后首批成立的综合 性跨国企业集团，凭借"金融+实业"双轮驱动的独特模式，形成了覆盖金融、资源能源、高端制造、工程承包等领域的庞大产业版图。不仅在国内市场占据 重要地位，还在国际市场上具有显著影响力，连续多年入选[《财富》世界500强。其控股的上市公司数量众多，业务涵盖金融、高端制造、新兴战略等多个 细分领域。 一、中信集团实际控股的A股上市公司 1.中信银行股份有限公司（中信银行601998.SH/ 0998.HK）：中国改革开放中最早成立的新兴商业银行之一，也是中国最早参与国内外金融市场融资的商业 银行之一。作为全国性股份制银行龙头，全面提供公司银行业务、国际业务、金融市场业务等综合金融解决方案，以及零售银行、信用卡、消费金融等多元 化金融产品及服务，全方位满足企业、机构及个人客户的综合金融服务需求。 1987年4月20日成立，注册地址北京市，注册资本556.45亿元，2007年4月27日上市。 中央汇金持股2.67亿股，占流通股比例0.48%，股东排名第7名。 2.中信证券 ...

Company Overview - The company operates 33 subsidiaries, providing services across 30 provinces, autonomous regions, and municipalities in China, including Hong Kong and Macau[10]. - The company was officially renamed to "China CITIC Financial Asset Management Co., Ltd." in January 2024, following approval from higher authorities[8]. - The company has undergone structural changes, including a transition to a joint-stock company in 2012 and listing on the Hong Kong Stock Exchange in 2015[8]. - The company is primarily owned by CITIC Group, the Ministry of Finance, and other significant stakeholders, indicating strong backing from state-owned enterprises[8]. Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 107,359.0 million, a significant increase from RMB 69,949.6 million in 2023, representing a growth of approximately 53.4%[24]. - The company reported a net profit attributable to shareholders of RMB 9,618.4 million for the year, compared to a loss of RMB 27,587.1 million in 2022, indicating a substantial recovery[26]. - Total assets as of December 31, 2024, amounted to RMB 984,328.6 million, slightly up from RMB 968,103.2 million in 2023[27]. - The company’s cash and cash equivalents decreased to RMB 0.1 million in 2024 from RMB 112.1 million in 2023, indicating a significant liquidity contraction[27]. - The company’s tax benefit for the year was RMB 6,679.6 million, a notable recovery from a tax expense of RMB 885.1 million in 2023[26]. - The company achieved a revenue of RMB 12,919.4 million from the disposal of non-performing loan assets during the year[55]. Non-Performing Asset Management - The company reported a significant focus on non-performing asset management, which remains its core business[10]. - The non-performing asset management segment generated revenue of RMB 90,671.3 million, up 35.4% from RMB 66,955.3 million in the previous year[129]. - The total fair value change of non-performing loan assets amounted to a loss of RMB 9,069.2 million, a drastic increase of 915.5% compared to a loss of RMB 893.1 million in the previous year[58]. - The company supported the disposal of non-performing assets for commercial banks and participated in the reform of small and medium-sized banks[37]. - The company achieved a reduction in interest expenses related to discontinued operations, which amounted to RMB 2,963.1 million in 2024, a 6.5% increase from RMB 2,782.7 million in 2023[83]. Risk Management - The company has established a comprehensive risk management framework to address financial and operational risks[10]. - The group has implemented a comprehensive liquidity management mechanism, ensuring liquidity risk remains controllable and monitoring liquidity indicators dynamically[198]. - The group has strengthened post-investment management and established a comprehensive post-investment management system[194]. - The group has set clear short-term and medium-to-long-term risk control objectives, implementing differentiated management policies[194]. - The group has optimized risk monitoring and early warning systems to support credit risk management efforts[194]. Strategic Focus and Goals - The company aims to enhance its asset management and investment services, focusing on market expansion and new product development[10]. - The company is focused on enhancing its core capabilities in asset acquisition, restructuring, equity investment, and special bond investment[42]. - The company aims to fully realize significant improvements in quality and efficiency by 2025[44]. - The company is committed to serving the real economy and mitigating risks in the real estate and small financial institutions sectors[129]. - The company aims to enhance its market competitiveness by deepening collaboration within the CITIC Group and leveraging its unique financial service models[180]. Employee and Organizational Development - As of December 31, 2024, the total number of employees reached 5,068, with 53% holding a master's degree or higher[186]. - The group has signed four phases of the "Special Collective Contract for the Protection of Female Employees' Rights," reinforcing mechanisms for safeguarding women's rights[186]. - The group has implemented a performance assessment system that aligns with business development and talent acquisition, enhancing the incentive mechanism based on operational contributions[187]. - The group emphasizes the importance of a diverse workforce, with male and female employees comprising 53.5% and 46.5% respectively, maintaining gender diversity[186]. Investment and Acquisition Activities - The company made new investments of RMB 166.1 billion in 2024, with 80% allocated to key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area[129]. - The total amount of non-performing loans acquired in 2024 was RMB 49,070.4 million, a 3.8% increase from RMB 47,275.6 million in 2023[136]. - The total acquisition cost of financial non-performing assets in 2024 was RMB 37,837.8 million, compared to RMB 33,658.8 million in 2023, reflecting a growth in acquisition activities[143]. - The company actively expanded its acquisition channels for non-performing assets from non-bank financial institutions, which accounted for 22.7% of total acquisitions in 2024[143]. - The company’s acquisition and disposal business accounted for 83.5% of the new non-performing asset acquisition costs in 2024, totaling RMB 40,976.1 million, up 16.4% from the previous year[148].

智通财经APP获悉，3月29日，中国中信金融资产管理股份有限公司(以下简称"中信金融资产"或"公 司"，02799)在港交所发布2024年度业绩报告。报告显示，截至2024年12月31日，中信金融资产全年实 现收入总额1127.66亿元，较上年同比增长60%，实现归母净利润96.18亿元,是上年的5.4倍。年末资产总 额9843.29亿元，较上年末增加162.25亿元，平均股权回报率跃升14.8个百分点至18.4%，基本每股收益 0.11元。财报显示，2024年，中信金融资产继续执行更审慎的财务原则，继续夯实财务基础，为后期利 润留足了空间。 这份财报以超预期表现引发市场高度关注。数据显示，中信金融资产2024年持续经营活动收入增长 53.5%，净利润倍数级跃升，核心财务指标远超资本市场预期。更为关键的是，2023年、2024年公司连 续两年盈利，其中2024年盈利规模突破近六年峰值，这标志着企业商业模式已实现结构性优化，正加速 重回高质量发展轨道。 2024年1月，中信金融资产以全新品牌形象亮相资本市场，其资产负债表修复与业务动能转换的协同效 应正在显现。经历全面转型升级的这家不良资产处置行业龙头，凭借崭新 ...

中信金融资产将继续锚定"一三五"战略目标，拿出壮志凌云的情怀、干事创业的激情、百折不挠的韧 性、实干笃行的担当，乘势而上，再接再厉，在服务大局中彰显新担当，洞察不良资产行业发展趋势， 加快形成一整套行业领先的认知、理念和能力，带着资产穿越周期，不断提升主业核心竞争力，打造中 国不良资产管理行业标杆，更好地回馈国家、股东和广大投资者，为金融强国建设和民族復兴伟业贡献 更大力量! 智通财经APP讯，中信金融资产(02799)发布2024年度业绩，该集团期内取得收入总额1073.59亿元(人民 币，下同)，同比增加53.48%;公司股东应占利润96.18亿元，同比增加444.58%;基本每股收益0.11元。 公告称，这一年是收获满满、佳报频传的一年。一年来，集团锚定目标，与时间赛跑，以奋斗姿态，克 服重重挑战，实现跨越发展。盈利能力实现质的变化，各项收入人民币1127.66亿元，较上年增长60% ，归母净利润人民币96.18亿元，是上年的5.4倍，创六年来最好水平。资产结构实现质的变化，资产总 额稳步上升，资产配置持续向主业集中，不良资产经营分部资产占比86.7% ，较2022年初提升34.8个百 分点。资产质量实 ...

Financial Performance - The company reported its audited financial results for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange listing rules[2]. - The company did not declare any cash dividends for the year ending December 31, 2024[9]. - Total revenue for the year ended December 31, 2024, reached RMB 107,359.0 million, a significant increase from RMB 69,949.6 million in 2023, representing a growth of approximately 53.4%[13]. - The company reported a profit attributable to shareholders of RMB 9,618.4 million for the year 2024, compared to a loss of RMB 27,587.1 million in 2022, indicating a substantial recovery[14]. - Interest income for 2024 was RMB 8,302.6 million, slightly down from RMB 8,595.7 million in 2023, reflecting a decrease of about 3.4%[13]. - The company achieved a net income from other income and gains of RMB 77,750.9 million in 2024, a significant rise from RMB 45,550.6 million in 2023, representing an increase of about 70.7%[13]. - The company’s total expenses for 2024 amounted to RMB 113,165.4 million, up from RMB 69,724.6 million in 2023, reflecting an increase of approximately 62.5%[13]. - The tax benefit for the year was RMB 6,679.6 million, a significant recovery from a tax expense of RMB 885.1 million in 2023[14]. - The average return on equity for 2024 was 18.4%, a significant increase from 3.6% in 2023[17]. - Basic earnings per share for common shareholders was RMB 0.11 in 2024, up from RMB 0.01 in 2023[17]. - The company reported a net profit attributable to common shareholders, marking a turnaround from a loss of RMB 0.34 per share in 2022[17]. Asset Management and Investment - The company is primarily engaged in the management of non-performing assets, asset management, and investment businesses, with non-performing asset management being its core business[4]. - The company achieved a net income from the disposal of subsidiaries and joint ventures of RMB 143.7 million, a remarkable increase of 1,895.8% from RMB 7.2 million in the previous year[38]. - The revenue from the non-performing asset management segment was RMB 90,671.3 million in 2024, up 35.4% from the previous year[74]. - The asset management and investment segment generated revenue of RMB 19,082.7 million, a remarkable increase of 267.5% year-on-year[74]. - The company enhanced its core business capabilities in asset acquisition, restructuring, equity investment, and special bond investment[23]. - The company aims to establish a leading position in the non-performing asset management industry and contribute to national economic development[24]. Strategic Initiatives and Future Outlook - The company plans to focus on improving asset quality and enhancing operational efficiency in the upcoming fiscal year[14]. - The company aims to achieve its "135" strategic goals in 2024, emphasizing foundational stability and quality improvement[20]. - The company is committed to deepening financial supply-side structural reforms and promoting high-quality financial development[30]. - The company aims to fully achieve significant improvements in quality and efficiency by 2025[28]. - The company is focused on enhancing its core functions and optimizing its operational performance assessment system[28]. - The company is committed to supporting the real economy and preventing financial risks through differentiated core competitiveness[183]. Risk Management - The group has established a comprehensive risk management system, focusing on risk identification, measurement, assessment, monitoring, and reporting[162]. - The group has made significant progress in asset quality control, continuously improving the credit risk management system and enhancing management efficiency[166]. - The group has strengthened market risk management, particularly in monitoring stock, bond, and foreign exchange market fluctuations[168]. - The group has improved its interest rate risk management mechanisms, regularly conducting measurements and analyses to enhance its response capabilities[168]. - The overall provision coverage ratio for debt instruments measured at amortized cost and those measured at fair value was 226%, meeting regulatory requirements[63]. Corporate Governance - The company’s board includes key executives such as Liu Zhengjun (Chairman) and Li Zimin (CEO), with terms starting in April 2022 and January 2023 respectively[195]. - The company has a structured board with various committees including risk management and strategic development[196]. - The board's term is three years, with the possibility of re-election upon term expiration[196]. - The company emphasizes the importance of governance and compliance through its board structure[196]. Shareholder Information - As of December 31, 2024, the total issued share capital of the company is approximately 80.25 billion shares, with domestic shares accounting for 55.93% and H-shares for 44.07%[184]. - China CITIC Group holds 47.30% of the domestic shares, representing 26.46% of the total share capital[185]. - Major shareholders holding over 5% of the company's shares include China CITIC Group with 32.33% of domestic shares and 11.09% of H shares[186]. Employee and Diversity Initiatives - As of December 31, 2024, the total number of employees in the group is 5,068, with 53% holding a master's degree or higher[159]. - The gender distribution among employees is 53.5% male and 46.5% female, indicating a commitment to gender diversity[159]. - The group has signed four phases of the "Special Collective Contract for the Protection of Women's Rights" since 2013, ensuring the protection of female employees' rights[159]. Economic Context - The GDP of China is projected to grow by 5.0% in 2024, with a total GDP of RMB 134.9 trillion[29]. - The International Monetary Fund forecasts a global economic growth of 3.2% in 2024, a decrease of 0.1 percentage points from 2023[29]. - The global inflation rate is expected to continue declining, with the world economy showing differentiated recovery trends by 2025[181]. - The domestic economy is projected to maintain stability and resilience, with a long-term positive trend expected to remain unchanged by 2025[181].

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the first half of 2024, representing a 10% increase compared to the same period last year[39]. - Total revenue for the six months ended June 30, 2024, was RMB 30,257.0 million, a decrease of 7.9% from RMB 32,648.7 million in the same period of 2023[42]. - The total revenue for the first half of 2024 was RMB 30.257 billion, a decrease of 7.3% compared to RMB 32.649 billion in the same period of 2023[49]. - The total revenue from continuing operations for the first half of 2024 was RMB 30,257.0 million, a decrease of 7.3% year-on-year[52]. - The total revenue from discontinued operations for the first half of 2024 was RMB 3,162.0 million, representing a year-on-year increase of 6.8%[61]. - The total revenue of the group in the first half of 2024 was RMB 33,419.0 million, a decrease from RMB 35,610.7 million in the same period of 2023[98]. Profitability - The company reported a net profit attributable to shareholders of RMB 5,332.3 million, compared to a loss of RMB 4,818.1 million in the previous year[42]. - In the first half of 2024, the company achieved a net profit attributable to shareholders of RMB 5.332 billion, an increase of 210.7% year-on-year[48]. - The pre-tax profit from continuing operations was RMB 4.753 billion, a turnaround from a loss of RMB 4.938 billion in the same period last year, marking a 196.2% improvement[49]. - The pre-tax profit for the group in the first half of 2024 was RMB 5,546.3 million, compared to a loss of RMB 4,639.1 million in the same period of 2023[98]. - The annualized return on equity for the period was 21.2%, consistent with the previous year[45]. Asset Management - The company successfully converted RMB 500 million of non-performing loans into equity through its debt-to-equity swap program, enhancing its asset quality[39]. - Total assets as of June 30, 2024, reached RMB 1,055,341.8 million, an increase of 9.0% from RMB 968,103.2 million at the end of 2023[43]. - The company’s total liabilities increased to RMB 1,002,636.7 million, up from RMB 920,066.4 million at the end of 2023[43]. - The company reported a significant reduction in credit impairment losses, down to RMB 9,766.6 million from RMB 19,506.9 million year-on-year[42]. - The company’s strategy focuses on optimizing asset structure and enhancing risk management, contributing to improved asset quality and operational performance[48]. Market Expansion - User data indicates a growth in the client base by 15%, reaching a total of 1.2 million clients as of June 30, 2024[39]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2025[39]. - New product offerings in the financial technology sector are expected to launch in Q4 2024, aiming to capture a younger demographic[39]. Risk Management - The company is actively participating in risk resolution in both financial and non-financial sectors, particularly in the real estate market[47]. - The company plans to continue focusing on enhancing its risk management framework to further reduce losses in the future[65]. - The company has implemented a comprehensive credit risk management system, focusing on project entry management and post-investment management to enhance asset quality[144]. - The company has strengthened market risk management by monitoring stock, bond, and foreign exchange market fluctuations, ensuring compliance with regulatory requirements[145]. - The company has established a robust operational risk management framework, focusing on process control and risk identification[147]. Shareholder Information - By June 30, 2024, the total issued share capital of the company is 80,246,679,047 shares, with domestic shares accounting for 55.93% and H shares for 44.07%[156]. - The largest shareholder, China CITIC Group, holds 21,230,929,783 domestic shares, representing 26.46% of the total share capital[158]. - The Ministry of Finance holds 7,493,684,063 domestic shares, representing 9.34% of the total share capital[158]. Corporate Governance - The company has integrated the leadership of the party into all aspects of corporate governance, continuously improving the effectiveness of its governance mechanisms[176]. - The company held 6 board meetings during the reporting period, approving 32 proposals including the 2023 annual performance announcement and the 2024 external donation fund plan[177]. - The company’s supervisory board held 3 meetings during the reporting period, approving 8 proposals[179]. Future Outlook - The company anticipates a revenue growth forecast of 12% for the full year 2024, driven by improved operational efficiency and market expansion[39]. - The global economic growth rate for 2024 is projected to remain at 3.2%, the same as in 2023, significantly lower than the historical average of 3.8% from 2000 to 2019[154]. - The company expects to see a gradual stabilization in the real estate sector supported by new policies, alongside significant equipment upgrades to enhance economic development[154].

Financial Performance - The company reported unaudited interim results for the six months ended June 30, 2024, in compliance with the Hong Kong Stock Exchange listing rules[1]. - Total revenue for the six months ended June 30, 2024, was RMB 30,257.0 million, a decrease of 7.9% compared to RMB 32,648.7 million for the same period in 2023[11]. - The pre-tax profit from continuing operations was RMB 4,752.8 million, a significant recovery from a loss of RMB 4,938.2 million in the previous year[11]. - The net profit attributable to the company's shareholders for the current period was RMB 5,332.3 million, compared to a loss of RMB 4,818.1 million in the same period last year[11]. - The annualized return on equity for the period was 21.2%, consistent with the previous year[13]. - Basic earnings per share attributable to ordinary shareholders was RMB 0.056, down from RMB 0.071 in the same period last year[13]. - The company achieved a net profit attributable to shareholders of RMB 5.332 billion, a year-on-year increase of 210.7%[17]. - The total revenue from continuing operations was RMB 30.257 billion, a decrease of 7.3% compared to RMB 32.649 billion in the same period last year[18]. - The company reported a significant reduction in credit impairment losses, down 49.9% to RMB 9.767 billion from RMB 19.507 billion[19]. - The fair value changes of non-performing asset income increased by 398.4%, reaching RMB 2.317 billion compared to a loss of RMB 0.776 billion in the previous year[18]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,055,341.8 million, an increase from RMB 968,103.2 million as of December 31, 2023[12]. - Total liabilities increased to RMB 1,002,636.7 million from RMB 920,066.4 million at the end of 2023[12]. - The company's equity attributable to shareholders rose by 10.0% to RMB 52,814.2 million, compared to RMB 47,995.4 million at the end of the previous year[56]. - The company's financial assets measured at fair value through profit or loss increased by 18.0% to RMB 374,637.2 million, up from RMB 317,516.0 million[61]. - The company's loans from the central bank reached RMB 5,971.9 million, marking a 100.0% increase as it was not present at the end of the previous year[56]. - The total amount of non-performing assets at the end of June 2024 was RMB 185,921.1 million, an increase of RMB 1,484.6 million compared to the end of the previous year[98]. Business Strategy and Outlook - The company aims to enhance its capital management and risk management strategies[2]. - The company plans to continue expanding its market presence and investing in new technologies to enhance growth prospects[14]. - The company is committed to the "One Three Five" strategic goals, aiming for significant improvements in quality and efficiency over the next three years[17]. - The company is focused on enhancing its risk management framework, aiming to improve risk control capabilities and support high-quality development[130]. - The company plans to strengthen risk management and control to ensure stable and sustainable development[143]. - The company is entering a critical period of institutional restructuring in the financial asset management industry, with potential for high-quality development and transformation of non-performing asset management[142]. Regulatory and Compliance - The financial data is prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in RMB[10]. - The independent review report confirmed that the financial data was prepared in accordance with International Accounting Standards, with no significant issues noted[188]. - The company has adhered to the corporate governance code as per the listing rules and adopted applicable best practices[168]. Operational Highlights - The company is involved in debt-to-equity swaps as part of its asset management strategy[3]. - The company is focusing on enhancing asset quality and optimizing management, contributing to positive progress in its main business transformation[17]. - The company has actively explored new models for corporate relief and steadily improved its restructuring capabilities during the first half of 2024[65]. - The company is implementing a talent development strategy to strengthen its professional workforce and improve employee engagement and performance[125]. Market and Economic Environment - The domestic GDP for the first half of 2024 grew by 5% year-on-year, indicating a favorable economic environment for the company's operations[14]. - The global economic growth forecast for 2024 is 3.2%, which is lower than the historical average of 3.8% from 2000 to 2019[141]. Shareholder Information - The company reported a total share capital of 80,246,679,047 shares as of June 30, 2024, with domestic shares accounting for 44,884,417,767 shares (55.93%) and H shares accounting for 35,362,261,280 shares (44.07%)[144][145]. - China CITIC Group holds 21,230,929,783 domestic shares, representing approximately 26.46% of the total share capital, making it the largest shareholder[146][148].

Financial Performance - The total revenue for 2023 was RMB 75,800.1 million, a significant increase from RMB 36,933.2 million in 2022[15]. - In 2023, the company achieved a net profit attributable to shareholders of CNY 1.766 billion, marking a turnaround from losses, with total revenue reaching CNY 75.8 billion, a 105% increase year-on-year[23]. - The profit from continuing operations before tax was RMB 1,071.5 million, a turnaround from a loss of RMB 37,185.9 million in the previous year[40]. - The company reported a profit of RMB 212.1 million for the year, a recovery from a loss of RMB 33,387.3 million in 2022[16]. - The total operating income from non-performing assets was RMB 17,364.3 million in 2023, down from RMB 22,794.3 million in 2022, indicating a decrease of 23.8%[126]. - The total revenue from continuing operations for 2023 was RMB 75,800.1 million, an increase of 105.2% compared to RMB 36,933.2 million in 2022[40]. - The total pre-tax profit for the group in 2023 was RMB 1,071.5 million, a significant increase from a loss of RMB 37,185.9 million in 2022[68]. Asset Management - The company operates in three main business segments: distressed asset management, financial services, and asset management and investment, with distressed asset management being the core business[5]. - The total amount of non-performing assets at the end of 2023 was RMB 184,436.5 million, an increase from RMB 182,951.0 million in 2022, representing a growth of 0.8%[120]. - The company aims to enhance its core business capabilities in non-performing asset management, focusing on asset disposal, project revitalization, corporate restructuring, and crisis management[100]. - The non-performing asset management segment generated total revenue of RMB 66,955.3 million in 2023, an increase of 110.8% year-over-year, accounting for 88.4% of total revenue[71]. - The company acquired non-performing loans from small and medium financial institutions totaling CNY 47.923 billion, a year-on-year growth of 75.11%[24]. - The total acquisition cost of newly acquired non-performing assets in 2023 was RMB 47,275.6 million, a decrease of 2.2% from RMB 48,337.4 million in 2022[108]. Risk Management - The report includes a section on risk management, highlighting the company's strategies to mitigate financial risks[5]. - The company is committed to improving risk management and has implemented a comprehensive risk management system to enhance operational safety[29]. - The company aims to enhance its risk management capabilities by establishing a comprehensive risk management system covering all institutions, customers, processes, and categories[164]. - The provision coverage ratio for non-performing assets increased to 22.6% in 2023 from 15.4% in 2022, indicating a stronger buffer against potential losses[127]. - The company confirmed asset impairment losses and fair value changes amounting to CNY 41 billion, indicating significant risk management efforts[23]. Shareholder Information - Major shareholders include China CITIC Group, the Ministry of Finance, and the National Social Security Fund Council[4]. - As of December 31, 2023, China CITIC Group holds 21,230,929,783 shares, representing approximately 47.30% of the domestic shares and 26.46% of the total share capital[184]. - The Ministry of Finance owns 7,493,684,063 domestic shares, accounting for 16.70% of domestic shares and 9.34% of total share capital[184]. - The total number of shares issued is 80,246,679,047, with domestic shares accounting for 55.93% and H shares for 44.07%[183]. Corporate Governance - The current board includes 9 directors, with Liu Zhengjun serving as Chairman and Executive Director since April 2022, and Li Zimin as President since January 2023[197][198]. - The board's term is set for three years, with the possibility of re-election upon expiration[199]. - The company has seen changes in its board composition, with new appointments including Tang Hongtao as Non-Executive Director effective April 2023 and Lu Minlin as Non-Executive Director effective December 2023[199]. Strategic Goals - The company aims to continue its focus on expanding its market presence and enhancing its asset management capabilities in the coming year[14]. - The company is focused on becoming an industry benchmark within five years, aligning with its strategic goals of "one three five"[26]. - The company plans to implement a three-year development strategy focused on significantly improving quality and efficiency[182]. - The company aims to enhance its operational efficiency and market competitiveness through organizational restructuring and digital management improvements[30]. Financial Position - Total assets increased to RMB 968,103.2 million in 2023, up from RMB 957,803.9 million in 2022, reflecting a growth of approximately 1.4%[17]. - Total liabilities rose to RMB 920,066.4 million in 2023, compared to RMB 907,060.0 million in 2022, marking an increase of about 1.1%[18]. - The total equity attributable to shareholders decreased to RMB 47,995.4 million in 2023 from RMB 49,353.3 million in 2022, a decline of about 2.8%[18]. - The company's cash and deposits with central banks increased to RMB 112.1 million in 2023, up from RMB 23.2 million in 2022[17]. Operational Efficiency - The company has implemented a new core business system to enhance operational efficiency and address long-standing management issues[155]. - The company is focusing on digital transformation with a three-year action plan aimed at integrating technology with business operations[154]. - The company has strengthened its information and network security management, including the establishment of a network security operation management platform[156]. Employee Information - The total number of employees as of December 31, 2023, is 5,080, with 52% holding a master's degree or higher[159]. - The proportion of male and female employees is 55.14% and 44.86%, respectively, maintaining a reasonable level of gender diversity[159].

Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 75,800.1 million, a significant increase from RMB 36,933.2 million in 2022[12]. - The net profit attributable to shareholders for 2023 was RMB 1,766.2 million, compared to a loss of RMB 27,587.1 million in 2022[14]. - The interest income rose to RMB 13,128.0 million in 2023, up from RMB 11,225.4 million in 2022, reflecting a growth of approximately 16.9%[12]. - The total expenses for 2023 were RMB 75,329.7 million, compared to RMB 74,801.9 million in 2022, showing a slight increase of about 0.7%[12]. - The company reported a net gain from the disposal of subsidiaries and joint ventures of RMB 7.2 million in 2023, a significant decrease from RMB 589.0 million in 2022[12]. - The company’s tax expense for 2023 was RMB 859.4 million, compared to a tax benefit of RMB 3,798.6 million in 2022[14]. - The average return on equity for 2023 was 3.6%, a significant recovery from a negative 49.8% in 2022[16]. - Basic earnings per share improved to RMB 0.02 from a loss of RMB 0.34 in the previous year, indicating a turnaround in profitability[16]. - The company reported a total inventory of RMB 23,005.0 million, remaining relatively stable compared to RMB 23,051.9 million in 2022[15]. - The company confirmed asset impairment losses and fair value changes totaling RMB 41 billion, laying a foundation for sustainable development[33]. Asset Management and Non-Performing Assets - The core business of the company remains the management of non-performing assets, which is crucial for its operations[3]. - The proportion of non-performing asset management segment assets increased to 76.1%, with revenue contribution rising to 88.4%, up 0.4 and 2.4 percentage points year-on-year[20]. - The scale of acquired non-performing debts from small and medium financial institutions reached 47.923 billion yuan, a year-on-year growth of 75.11%[20]. - The company aims to enhance asset quality and market competitiveness by optimizing its asset structure and increasing investment in its core business[102]. - The company acquired non-performing loans with a total cost of RMB 47,275.6 million in 2023, slightly down from RMB 48,337.4 million in 2022[99]. - The company reported a total of 975 non-performing asset items at the end of 2023, a decrease from 1,171 items in 2022[116]. - The real estate sector accounted for 48.8% of the total non-performing asset balance in 2023, up from 45.6% in 2022[120]. - The company continues to focus on four key capabilities: problem asset disposal, project revitalization, enterprise restructuring, and crisis institution rescue[97]. Strategic Development and Future Outlook - The company aims to achieve significant results in its main business transformation by the first half of 2024 and to fully embark on a sustainable development path by the end of 2024[22]. - The company plans to enhance its capabilities in acquisition, restructuring, equity investment, and special bond investment as part of its strategic focus[22]. - The company aims to achieve significant improvements in quality and efficiency over the next three years as part of its strategic goals[168]. - The company anticipates a stronger, higher-quality, and more resilient economic development in China for 2024[166]. - The company is focused on expanding its operations in five major sectors: comprehensive finance, advanced manufacturing, advanced materials, new consumption, and new urbanization[2]. Governance and Management - The company has a diverse board with members having extensive experience in finance and management, including independent directors with significant industry backgrounds[184][185][186]. - The company is focused on strategic development and risk management, as evidenced by the roles of its board members in various committees[182]. - The company has a commitment to maintaining a diverse and experienced board to navigate market challenges and opportunities[182]. - The company has appointed four supervisors, including two external supervisors and two employee representatives, with terms starting from June 2020 and May 2021[194][195][197][199]. - The company has seen significant changes in its supervisory board, indicating a potential shift in governance and oversight strategies[194][196]. Risk Management - The company has established a comprehensive risk management framework aimed at enhancing risk control capabilities, with specific goals and implementation paths set for 2023-2025[147]. - The company has enhanced its credit risk management system, focusing on the identification, monitoring, and reporting of credit risks, particularly in bad debt acquisition and financial leasing[150]. - The company has improved its market risk management mechanisms, with ongoing monitoring and analysis of stock, bond, and foreign exchange market fluctuations[152]. - The group actively implements regulatory requirements for liquidity management, ensuring that the mismatch of asset-liability terms remains within an acceptable liquidity risk level[155]. - The group has maintained overall liquidity adequacy, with liquidity risk being fundamentally controllable during the reporting period[154]. Shareholder Information - The company holds 55.93% of its shares as domestic shares and 44.07% as H shares, totaling 80,246,679,047 shares[169]. - China CITIC Group holds 47.30% of domestic shares and 26.46% of total shares, making it the largest shareholder[170]. - The company has issued a total of 80,246,679,047 shares as of December 31, 2023[1].