中 國 中 信 金 融 資 產 管 理 股 份 有 限 公 司 China CITIC Financial Asset Management Co., Ltd. （ ） 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 章 程 中國•北京 二○二五年 目錄 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 4 | | 第三章 | 股份和註冊資本 | 5 | | 第一節 | 股份發行 | 5 | | 第二節 | 股份增減和購回 | 7 | | 第三節 | 股份轉讓和質押 | 9 | | 第四章 | 股票和股東名冊 | 11 | | 第五章 | 黨組織（黨委） | 14 | | 第六章 | 股東和股東會 | 15 | | 第一節 | 股東 | 15 | | 第二節 | 股東會的一般規定 | 19 | | 第三節 | 股東會的召集 | 22 | | 第四節 | 股東會的提案與通知 | 23 | | 第五節 | 股東會的召開 | 24 | | 第六節 | 股東會的表決和決議 | 27 | | 第七章 | 類別股東表決的特別程序 | ...

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分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 CITIC Financial Asset Management Co., Ltd. 2799 關 於《公司章程》修訂獲核准及不再設立監事會的公告 根據中國中信金融資產管理股份有限公司（「本公司」）日期為2025年11月7日、2025年11 月27日的公告（合稱「公告」）及日期為2025年11月7日的2025年第二次臨時股東大會（「臨 時股東大會」）通函（「通函」），臨時股東大會已審議並批准修訂《公司章程》及不再設立監 事會的議案；修訂後的《公司章程》需報國家金融監督管理總局（「金融監管總局」）核准， 並自金融監管總局核准之日起生效；不再設立監事會的相關安排自修訂後的《公司章程》 獲金融監管總局核准之日起生效。除文義另有所指外，本公告所用詞彙與通函所界定者 具有相同涵義。 近日，本公司收到《國家金融監督管理總局關於中國中信金融資產管理股份有限公司修改 公司章程的批覆》（金覆[2025]785 ...

Core Viewpoint - Citic Financial Assets (02799) has received approval for the appointment of Liu Zeyun as Vice President, effective from December 29, 2025, until further notice from the board [1] Group 1 - The company announced the receipt of the approval from the National Financial Supervision Administration regarding Liu Zeyun's qualifications [1] - Liu Zeyun's term as Vice President will commence on December 29, 2025 [1] - The appointment will remain in effect until the board appoints or dismisses him [1]

Core Viewpoint - China CITIC Financial Asset Management Co., Ltd. has received approval for the appointment of Liu Zeyun as Vice President, effective from December 29, 2025, until further notice from the board [1] Group 1 - The company announced the approval of Liu Zeyun's qualifications as Vice President by the National Financial Regulatory Administration [1] - Liu Zeyun's term as Vice President will commence on December 29, 2025 [1] - The appointment will remain in effect until the board appoints or dismisses him [1]

Core Viewpoint - CITIC Financial Assets has received approval for Liu Zeyun's appointment as Vice President, effective from December 29, 2025, until further notice from the board [1] Group 1 - CITIC Financial Assets announced on the Hong Kong Stock Exchange that it has received the approval from the National Financial Regulatory Administration regarding Liu Zeyun's qualifications [1] - Liu Zeyun will serve as Vice President of the company, with the term starting on December 29, 2025 [1] - The appointment will remain in effect until the board appoints or dismisses him [1]

Group 1 - The core point of the article is that Citic Financial Assets (02799.HK) has received approval for Liu Zeyun's appointment as Vice President [1] - Liu Zeyun's term as Vice President will commence on December 29, 2025, and will continue until the board appoints or dismisses him [1]

金融監管總局關於副總裁任職資格的核准 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分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 CITIC Financial Asset Management Co., Ltd. 2799 承董事會命 中國中信金融資產管理股份有限公司 劉正均 董事長 中國，北京 2025年12月30日 於本公告日期，董事會成員包括執行董事劉正均先生和李子民先生；非執行董事趙江平女士、袁欣女士、徐偉先 生和唐洪濤先生；獨立非執行董事邵景春先生、朱寧先生、陳遠玲女士和盧敏霖先生。 根據中國中信金融資產管理股份有限公司（「本公司」）日期為2025年11月19日的公告，經 本公司董事會（「董事會」）會議審議通過，劉澤雲先生（「劉先生」）獲聘任為本公司副總 裁。劉先生的任職資格需待國家金融監督管理總局（「金融監管總局」）核准。 本公司欣然宣佈，本公司於近日收到《國家金融監督管理總局關於劉澤雲中國中信金融資 產管理股份有限公司副總裁任職資格的批覆》（金覆[2025]771號 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a grand blueprint for Chinese-style modernization, initiating a new journey of comprehensive deepening reform, with CITIC Financial Assets exploring a new path for reform and transformation in financial asset management [1] Group 1: Leadership and Strategic Direction - The fundamental reason for the historic achievements in comprehensive deepening reform is the adherence to the Party's overall leadership, which CITIC Financial Assets integrates into all aspects of reform and development [2] - CITIC Financial Assets has established the "One Three Five" strategic goal, aiming for significant improvements in operational quality and efficiency over the next five years, with a clear development plan for the 14th Five-Year Plan [2] Group 2: Performance and Financial Results - In 2023, CITIC Financial Assets successfully completed three major tasks: rebranding, turning losses into profits, and stabilizing development, achieving a net profit of 9.618 billion yuan, the best performance in six years [3] - By the first half of 2025, the net profit reached 6.168 billion yuan, with an annualized average return on equity (ROE) of 21.1%, marking three consecutive increases in operational performance [3] Group 3: Reform and Governance - CITIC Financial Assets has implemented a tailored "One Company One Policy" reform approach, allowing for customized development plans and assessment methods for each branch, which has effectively stimulated internal motivation and operational vitality [4] - The company has made significant strides in internal reforms since 2022, enhancing organizational decision-making and management processes, thereby laying a solid foundation for high-quality development [5] Group 4: Technological Empowerment - The company emphasizes the importance of digital intelligence in enhancing service efficiency, leveraging new technologies such as mobile internet, big data, and artificial intelligence to drive its transformation into a "digital intelligent financial asset management company" [6] - CITIC Financial Assets has integrated AI technology across various operational aspects, including due diligence and compliance management, and has developed an asset-centered information management platform [7] Group 5: Market Position and Future Goals - Over the years, CITIC Financial Assets has achieved a market value increase of 544%, gaining inclusion in major indices such as the Hang Seng Index and MSCI China Index, showcasing its successful reform and transformation [7] - The company aims to become a benchmark in the non-performing asset industry during the 14th Five-Year Plan period, contributing significantly to the modernization of China's financial sector [7]

Core Viewpoint - The company is transitioning to a new business model that combines non-performing asset management and long-term equity investments, with the latter becoming a new stabilizing force for performance [1]. Group 1: Financial Performance Projections - The company is expected to achieve a year-on-year increase in net profit attributable to shareholders of 7.4%, 11.0%, and 8.6% from 2025 to 2027, reaching 10.33 billion, 11.46 billion, and 12.45 billion yuan respectively, with corresponding EPS of 0.13, 0.14, and 0.16 yuan, and BVPS of 0.83, 0.98, and 1.13 yuan [1]. - A valuation of 2x PB for 2025E is assigned to the company, resulting in a target price of 1.16 HKD, with an initial coverage rating of "Buy" [1]. Group 2: Non-Performing Asset Management - The company has been adjusting its structure since 2022, focusing on both the disposal of existing assets and maintaining acquisition pace while accelerating impairment provisions [2]. - New non-performing debt assets are projected to be 48.3 billion, 47.3 billion, and 49.1 billion yuan from 2022 to 2024, showing a year-on-year decrease of 44.38%, 2.20%, and an increase of 3.80% respectively; the balance of non-performing debts is expected to decline to 444.9 billion, 398.5 billion, and 342.9 billion yuan, with year-on-year changes of -9.36%, -10.43%, and -13.96% [2]. - Due to accelerated impairment, the income from non-performing asset disposals is forecasted to drop to 28.6 billion, 15.9 billion, and 3.8 billion yuan from 2022 to 2024, reflecting a year-on-year decline of 17.03%, 44.59%, and 76.12% [2]. Group 3: Long-Term Equity Investment - Long-term equity investments are positioned as a new stabilizing force to counteract industry cycles, providing steady returns and long-term value [2]. - The company prefers investments in blue-chip state-owned enterprises and industry leaders that offer stable cash flows, strong dividend capabilities, mature governance, and potential synergies with its ecosystem [2].

Investment Rating - The report assigns a rating of "Buy" for CITIC Financial Assets [6]. Core Views - The company has established a new business pattern focusing on non-performing asset management and long-term equity investment, with the latter becoming a new stabilizing force for performance [2]. - The report highlights the ongoing transformation in non-performing asset management and the strategic shift towards long-term equity investments as a counter-cyclical measure [10]. Financial Summary - Total revenue is projected to reach RMB 62,183.98 million in 2025, with a growth rate of 142.8% in 2024, followed by a decline of 11.9% in 2025 [4]. - Net profit is expected to increase significantly, reaching RMB 9,618.37 million in 2025, reflecting a growth of 444.6% from the previous year [4]. - The report provides a price-to-earnings (PE) ratio of 7.42 for 2025 and a price-to-book (PB) ratio of 1.63 for the same year [4]. Business Analysis - The company is one of the four major Asset Management Companies (AMCs) in China, with a focus on non-performing asset management as its core business [31]. - The report indicates that the company is undergoing structural adjustments in its non-performing asset management, with a cautious approach to risk recognition [57]. - Long-term equity investments are highlighted as a new stabilizing factor, providing steady returns and long-term value [10][57]. Earnings Forecast and Valuation - The forecast predicts a net profit growth of 7.4% in 2025, 11.0% in 2026, and 8.6% in 2027, reaching RMB 12,451.52 million by 2027 [10]. - The report sets a target price of HKD 1.16 based on a 2x PB valuation for 2025 [10].