Group 1 - The company is seeking candidates for various positions, including business department head and business development roles, focusing on non-performing asset management and financial services [1][3] - The business department head is responsible for achieving operational targets, managing non-performing assets, and overseeing financial services and investment operations [1] - The business development role involves marketing and developing non-performing asset management, conducting due diligence, and managing projects [3] Group 2 - Candidates for the business department head position should be under 45 years old, hold a bachelor's degree or higher, and have over 8 years of relevant experience in asset management or investment banking [2] - The business development role requires candidates to be under 35 years old, possess a bachelor's degree or higher, and have at least 3 years of experience in financial marketing or bankruptcy management [4] - Familiarity with the non-performing asset market in Qingdao is preferred for both positions, along with relevant professional certifications [5] Group 3 - Applications can be submitted online through a specified website, with a restriction that candidates can only apply for one position within the same company [6] - The company ensures confidentiality of applicants' information and advises on personal information protection [7] - Communication with applicants will be conducted via SMS or email during the recruitment process, and candidates are responsible for the accuracy of their application materials [8]

Group 1: Industry Overview - Recent years have seen small and medium-sized banks facing survival challenges due to asset pressure and increased IPO thresholds, limiting their capital replenishment avenues [1] - National financial asset management companies (AMCs) are clearing out shares of small banks, indicating a shift in focus [1][12] - The establishment of AMCs in China was a response to the historical bad debts of state-owned banks, with the government creating four major AMCs in 1999 to manage these non-performing loans [2][4] Group 2: AMC Performance and Financials - The four major AMCs have varying financial performances for 2024, with total assets and net profits showing significant differences: - Xinda Asset Management: Total assets of 1.639 trillion yuan, net profit of 3.036 billion yuan, down 47.84% [7] - Dongfang Asset Management: Total assets of 1.319 trillion yuan, net profit of 1.602 billion yuan, up 4.98% [7] - Zhongxin Financial: Total assets of 984.33 billion yuan, net profit of 9.6184 billion yuan, up 444.64% [7] - Changcheng Asset Management: Total assets of 571.28 billion yuan, net profit of 1.557 billion yuan, down 10.26% [7] - The total asset scale of Zhongxin Financial has reached approximately 1 trillion yuan, with a net profit of 9.618 billion yuan, marking a significant recovery [15] Group 3: AMC Evolution and Future Direction - The transition of AMCs from a focus on shadow banking to a core emphasis on non-performing asset disposal reflects a strategic shift in the industry [10][12] - The restructuring of AMCs under the Central Huijin era aims to enhance collaboration among AMCs, moving away from previous competitive practices [10] - The current landscape of China's non-performing asset market has evolved into a system of five national AMCs and over 60 local AMCs, indicating a more structured approach to asset management [10][11] Group 4: Regulatory and Market Context - The regulatory framework for AMCs has been expanded, allowing them to acquire a broader range of financial non-performing assets, which is crucial for revitalizing credit resources [15] - The ongoing economic transition in China necessitates effective management of financial risks and non-performing assets, positioning AMCs as essential players in maintaining market stability [16][17]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中信金融資產管理股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02799 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,362,261,280 | RMB | | 1 RMB | | 35,362,261,280 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 35,362,261,280 | RMB | | 1 RMB | | 35,362,261,280 | | 2. 股份分類 | 普 ...

Group 1 - Recently, SPDB announced that Cinda Investment increased its holdings of the bank's convertible bonds by approximately 118 million shares, accounting for 23.57% of the total issuance, and completed the conversion in just three days, attracting significant market attention [1] - Similar actions occurred in 2023 when China Huarong significantly increased its stake in Everbright Bank, indicating a trend of asset management companies (AMCs) actively investing in commercial banks [1] - The regulatory requirement for AMCs to "return to their main business" has led to contradictory behaviors, such as China Huarong exiting its stake in Huarong Xiangjiang Bank and Cinda Asset putting its stake in Changjiang Huaxi Bank up for sale [1] Group 2 - Commercial banks urgently need the "rescue" from AMCs; for instance, SPDB's core Tier 1 capital adequacy ratio was 8.38% as of the end of Q1 this year, down from the previous year, and its convertible bonds are due for redemption in October [2] - Prior to Cinda's intervention, the conversion rate of SPDB's convertible bonds was only 0.01%, similar to the situation faced by Everbright Bank [2] Group 3 - AMCs can alleviate performance pressure by increasing their holdings in bank stocks, as Cinda Asset's net profit has decreased from 13.2 billion yuan in 2020 to 3 billion yuan in 2024, while bank stocks have shown strong performance and increasing dividend levels [3] - For example, SPDB's cash dividend ratio for 2024 is 30.16%, up by 0.11 percentage points from the previous year, indicating a stable income source for AMCs [3] Group 4 - The collaboration between AMCs and banks in the disposal of non-performing assets is strengthened by recent regulatory support, allowing banks to transfer eligible risk assets to AMCs [4] - In 2023, SPDB disposed of non-performing assets worth 108.7 billion yuan, marking a historical high, which aligns with the needs of both parties [4] Group 5 - The significant investment by AMCs in commercial banks reflects a broader policy intent from the central government to maintain stability in the banking system, with AMC executives taking board positions in these banks [5] - This strategic move not only provides capital support to banks but also offers AMCs a stable income and new avenues for business collaboration, indicating a deeper partnership in managing financial risks [5]

Core Viewpoint - The transformation of Renyi Village in Sichuan Province into a model for rural revitalization is largely attributed to the support from China CITIC Financial Asset Management Co., Ltd over the past decade, which has significantly improved infrastructure, living conditions, and economic opportunities for the villagers [1][2][4]. Infrastructure Improvement - The company has invested over 20 million yuan in Renyi Village, focusing on housing safety and infrastructure development, including the construction of five residential projects and the installation of water supply systems [2][3]. - A total of 500,000 yuan was allocated for road construction, resulting in the repair of 15 kilometers of village roads and the installation of over 200 solar streetlights [3]. Economic Development - The introduction of cherry cultivation has been a key driver for economic growth, with the establishment of an 850-acre cherry orchard, making it the largest demonstration area for cherries in the region [4][6]. - The company has provided nearly 7 million yuan for the development of various agricultural products, leading to an increase in per capita disposable income to over 17,000 yuan [6]. Community Engagement and Governance - The company has implemented a "Rural Revitalization Leader" program to encourage community participation in governance and entrepreneurship, enhancing villagers' involvement in local affairs [8]. - Cultural facilities such as a community activity center and shared dining hall have been established, significantly improving the quality of life and community engagement [7][8].

Core Viewpoint - The audit report highlights weaknesses in financial risk management among certain financial institutions, including issues related to non-compliance in asset disposal and improper lending practices. Financial Risk Weaknesses - The audit report indicates that while financial risks are being effectively managed, there are still notable weaknesses, such as six banks issuing a total of 20.968 billion yuan in development loans to real estate projects lacking complete documentation since 2022 [3] - Seven banks failed to adhere to guidelines that differentiate between the overall risk of real estate companies and the risks of individual projects when issuing loans [3] - Five banks exhibited inadequate supervision over unusual account fund flows, leading to 11 local financing platforms raising 24.743 billion yuan from the public, primarily to repay existing debts [4] Improper Disposal of Non-Performing Assets - The audit revealed that major banks, including the Agricultural Development Bank of China and the Export-Import Bank of China, did not classify 19.38 billion yuan in loans as non-performing despite borrowers being unable to repay [6] - Three local small and medium-sized banks concealed 31.8 billion yuan in non-performing loans by extending repayment periods and adjusting repayment plans, resulting in a true non-performing loan ratio of 2.77%, significantly higher than the national average [7] Non-Compliance in Lending Practices - The report noted that the Agricultural Development Bank of China issued loans to 270 enterprises with fabricated documents from November 2020 to 2024, indicating a lack of due diligence [13] - The Export-Import Bank of China engaged in improper fundraising practices by linking deposit and loan rates, increasing financing costs for enterprises [13] - The report emphasizes that issues identified in policy banks are indicative of broader risks faced by many commercial banks [14] Trends in Deposit Competition - As major state-owned banks have lowered deposit rates, the phenomenon of "deposit migration" has intensified, leading to unconventional deposit solicitation methods [15] - Some banks have offered promotional activities, such as deposits linked to popular IP products, reflecting the pressure on banks to attract deposits [16] - A report from Dongfang Securities indicates that while the overall deposit gap in the banking sector has eased since 2025, state-owned banks still face significant deposit shortages, highlighting a divergence in deposit growth between large and small banks [17][18]

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

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].

Core Viewpoint - The financial performance of CITIC Financial Asset Management Co., Ltd. for the fiscal year 2024 has significantly exceeded market expectations, indicating a successful transformation and a return to high-quality development [1][2]. Financial Performance - For the year ending December 31, 2024, CITIC Financial Asset reported total revenue of 112.766 billion yuan, a 60% increase year-on-year, and a net profit attributable to shareholders of 9.618 billion yuan, which is 5.4 times that of the previous year [1]. - The total assets at year-end reached 984.329 billion yuan, an increase of 16.225 billion yuan from the previous year, with an average return on equity rising by 14.8 percentage points to 18.4% [1]. - The company achieved a 53.5% growth in revenue from continuing operations, with core financial indicators surpassing capital market expectations [1]. Business Strategy and Structure - CITIC Financial Asset has fully divested from financial services, focusing on non-performing asset management and asset management and investment divisions, which now drive its operations [3]. - The non-performing asset management business generated 90.671 billion yuan in revenue, accounting for 84.4% of total revenue, with assets in this division totaling 833.185 billion yuan, representing 86.7% of total assets [3]. Market Position and Growth - The company maintains a leading market position in the non-performing asset sector, with a debt balance of approximately 180 billion yuan in non-performing asset claims and a market share that remains among the top in the industry [4]. - CITIC Financial Asset has improved its asset quality and risk resistance, with a 30% reduction in non-performing asset balance and a doubling of the provision coverage ratio to 226% [4]. Social Responsibility and Strategic Support - The company plays a crucial role in supporting national policies, contributing to financial risk prevention and economic stability, while also achieving economic and social value [5]. - CITIC Financial Asset has actively participated in initiatives to alleviate financial distress in the real estate sector, ensuring the delivery of 66,000 housing units and addressing wage arrears for migrant workers [5]. Industry Outlook - The current economic environment presents significant opportunities for asset management companies (AMCs) to expand their non-performing asset acquisition business, driven by ongoing risks in various sectors [7]. - Regulatory policies are encouraging AMCs to broaden their scope, enhancing their capabilities in acquiring, managing, and disposing of non-performing assets [7]. Market Response - The capital market has responded positively to CITIC Financial Asset's new brand image, with a 62.5% increase in stock price and active trading volume exceeding 100 million shares over ten consecutive trading days [8]. - The inclusion of CITIC Financial Asset in multiple Hang Seng indices is expected to diversify fund allocations and attract more capital, particularly from southbound funds [8].

Core Viewpoint - The company reported significant growth in revenue and profit for the fiscal year 2024, highlighting a transformative year with improved asset quality and operational efficiency [1][2] Financial Performance - Total revenue reached RMB 107.36 billion, a year-on-year increase of 53.48% [1] - Shareholder profit amounted to RMB 9.62 billion, reflecting a substantial year-on-year increase of 444.58% [1] - Basic earnings per share were RMB 0.11 [1] - Total income from various sources was RMB 112.77 billion, up 60% from the previous year [1] Asset Management - The total assets of the company steadily increased, with a focus on core business operations [1] - The proportion of non-performing asset management segment assets rose to 86.7%, an increase of 34.8 percentage points compared to early 2022 [1] - The balance of non-performing assets was reduced by 30% from the beginning of the year [1] - The company's provision coverage ratio doubled compared to early 2022, exceeding regulatory requirements [1] Brand and Market Position - The company's market value grew by 62.5% in 2024, achieving the highest price-to-book ratio among Chinese financial enterprises listed in Hong Kong [1] - The company enhanced its investment attractiveness [1] Human Resources - The company increased the selection of outstanding young talent, significantly raising the proportion of middle management personnel born in the 1980s [1] Strategic Focus - The company emphasized its role in supporting national economic development and risk management, particularly in the context of non-performing asset disposal and financial assistance [2] - It actively participated in the resolution of credit risks and supported the reform of small and medium-sized banks [2] - The company facilitated the stabilization of the real estate market by ensuring the delivery of 66,000 housing units and paying over RMB 11.3 billion to upstream suppliers [2] - The company aims to enhance its core competitiveness in the non-performing asset management industry and contribute to national financial strength and economic revitalization [2]