Core Points - The announcement involves the transfer of debt rights from China CITIC Financial Asset Management Co., Ltd. Sichuan Branch to Quanzhou Guotou Asset Management Co., Ltd. [1][2] - Debtors and guarantors are required to fulfill their repayment obligations to Quanzhou Guotou Asset Management Co., Ltd. as per the main debt contract and guarantee contract [2] Group 1 - The total amount of debt transferred includes significant sums, such as 269,666,128.74 RMB and 194,198,182.54 RMB associated with various debtors and guarantors [1] - The announcement specifies that the asset list reflects the loan principal balance as of the transfer benchmark date of July 30, 2025 [2] - Contact information for China CITIC Financial Asset Management Co., Ltd. Sichuan Branch is provided for further inquiries regarding the debt transfer [2] Group 2 - The announcement outlines that if debtors or guarantors undergo changes such as name changes, restructuring, or loss of civil subject qualification, relevant parties must fulfill obligations or liquidation responsibilities [2] - The list of guarantors includes various types such as guarantors, mortgagors, and pledgers, indicating a comprehensive approach to securing the debt [2]

Core Viewpoint - CITIC Financial Assets has successfully launched the Jinchuan Nickel-Cobalt project, contributing to the enhancement of national strategic resources and supporting the high-quality development of the local economy [1] Group 1: Investment and Financial Support - CITIC Financial Assets invested 3.25 billion yuan to actively participate in and support national major strategies, accelerating the industrial and technological upgrades of Jinchuan Nickel-Cobalt [1] - The company focuses on leveraging its expertise in financial asset management to enhance the capital strength and optimize the equity structure of Jinchuan Nickel-Cobalt [1] Group 2: Strategic Role and Governance - As a strategic investor, CITIC Financial Assets aims to address the challenges faced by the enterprise by introducing excellent corporate governance practices and establishing scientific decision-making processes [1] - The company is committed to promoting industrial transformation and upgrading, thereby adding new momentum to the development of the enterprise and supporting the revitalization of the local economy in Gansu [1]

Core Insights - The successful bankruptcy restructuring of Rindong Holdings marks a significant achievement in the context of China's new bankruptcy regulations, showcasing the effective collaboration and expertise of CITIC Financial Assets Shenzhen Branch [2][6] Group 1: Company Overview - Rindong Holdings, once a leader in the third-party payment industry, faced severe financial distress in early 2024, with expanding losses and critical issues regarding its core payment licenses [3] - The company encountered liquidity shortages, maturing debts, and risks of asset liquidation, necessitating a structured bankruptcy reorganization [3][4] Group 2: Restructuring Process - CITIC Financial Assets Shenzhen Branch played a pivotal role in the restructuring process, leveraging its professional capabilities and experience to assess the feasibility of Rindong's reorganization [3][4] - The bankruptcy restructuring was initiated on December 30, 2024, with the Guangzhou Intermediate Court accepting the case, leading to the company's stock being marked with "ST" [4][5] - The restructuring faced challenges, including resistance from some original creditors and the lack of precedent for successful cases under the new regulations [4] Group 3: Strategic Actions - The Shenzhen branch focused on consolidating debts and enhancing creditor influence, which was crucial for advancing the restructuring process [4] - Key actions included acquiring debts from financial institutions like CITIC Bank to stabilize Rindong's balance sheet and mitigate risks of asset liquidation [4] - Collaboration with strategic investors and financial advisors facilitated the deep exploration of Rindong's value and resource integration, enhancing its operational capabilities [4][6] Group 4: Future Outlook - The restructuring process, completed by March 2025, is seen as a new benchmark for listed company reorganizations, emphasizing that bankruptcy is a starting point for resource reallocation rather than an endpoint [6] - Successful restructuring is expected to position Rindong Holdings as a representative of technological financial innovation, contributing to the integration of digital and real economies [6]

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9月30日 狀態: 新提交 | 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 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | -- ...

[Definitions](index=4&type=section&id=1.%20Definitions) [Definitions of Key Terms](index=4&type=section&id=1.%20Definitions) This chapter defines key terms including financial asset management companies, debt-to-equity swaps, and non-performing loans, essential for report comprehension - The report defines several key terms, including financial asset management companies, debt-to-equity swaps, and non-performing loans, providing a foundation for readers to understand the report content[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's legal name is "China CITIC Financial Asset Management Co., Ltd.", abbreviated as "CITIC Financial Asset"[7](index=7&type=chunk) [Company Overview](index=7&type=section&id=2.%20Company%20Overview) [Company Profile](index=7&type=section&id=2.%20Company%20Overview) This chapter provides core identification details, including the company's registration information, legal representative, and H-share listing particulars Company Basic Information | Indicator | Content | | :--- | :--- | | Legal Chinese Name | 中國中信金融資產管理股份有限公司 | | Legal English Name | China CITIC Financial Asset Management Co., Ltd. | | Legal Representative | Liu Zhengjun | | Company Secretary | Wang Yongjie | | Registered Address | No. 8 Financial Street, Xicheng District, Beijing, China | | H-share Listing Exchange | The Stock Exchange of Hong Kong Limited | | Stock Code | 2799 | [Financial Summary](index=9&type=section&id=3.%20Financial%20Summary) [Group Financial Performance and Position](index=9&type=section&id=3.%20Financial%20Summary) This chapter presents the Group's unaudited consolidated financial data for the six months ended June 30, 2025, showing a profit of RMB 5,506.1 million and profit attributable to shareholders of RMB 6,167.6 million, with total assets reaching RMB 1,010,933.3 million Key Financial Data for the Six Months Ended June 30, 2025 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Income Statement** | | | | Total Revenue | 31,136.4 | 30,257.0 | | Total Expenses | (35,121.0) | (28,756.9) | | Profit Before Tax from Continuing Operations | 5,044.7 | 4,752.8 | | Profit for the Period from Continuing Operations | 5,506.1 | 4,599.4 | | Profit for the Period | 5,506.1 | 5,272.2 | | Attributable to Shareholders of the Company | 6,167.6 | 5,332.3 | | **Financial Ratios** | | | | Annualized Average Return on Equity | 21.1% | 21.2% | | Annualized Average Return on Assets | 1.1% | 1.0% | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | | Diluted Earnings Per Share (RMB) | 0.066 | 0.056 | Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | | Total Liabilities | 958,001.9 | 934,564.3 | | Total Equity | 52,931.4 | 49,764.3 | | Equity Attributable to Shareholders of the Company | 60,277.7 | 56,495.6 | [Management Discussion and Analysis](index=12&type=section&id=4.%20Management%20Discussion%20and%20Analysis) [Economic, Financial and Regulatory Environment](index=12&type=section&id=4.1%20Economic,%20Financial%20and%20Regulatory%20Environment) In the first half of 2025, global economic growth weakened amid geopolitical uncertainties, while China's economy maintained overall stability and positive momentum, with financial regulators guiding AMCs to focus on core business and address risks, creating structural opportunities - In the first half of 2025, global economic growth momentum weakened, with the International Monetary Fund projecting global economic growth at **2.8%**, a **0.5 percentage point decrease** from 2024[23](index=23&type=chunk) - China's economy achieved a GDP of **RMB 66.1 trillion** in the first half, growing by **5.3% year-on-year**, maintaining overall stability and positive momentum[23](index=23&type=chunk) - The National Financial Regulatory Administration guides financial asset management companies to focus on their core non-performing asset business, deepen specialized and differentiated development, and implement policies supporting large-scale equipment renewal, consumer goods trade-ins, urban renewal, and capital market stability, creating development opportunities for the industry[25](index=25&type=chunk)[27](index=27&type=chunk) [Financial Statement Analysis](index=13&type=section&id=4.2%20Financial%20Statement%20Analysis) This chapter analyzes the Group's operating performance and financial position for the first half of 2025, showing a 21.1% increase in total revenue, a 15.7% rise in net profit attributable to shareholders, and optimized asset and liability structures enhancing risk resilience Group Operating Performance Overview for H1 2025 (RMB million) | Indicator | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 40,221.0 | 33,213.0 | 21.1% | | Net Profit Attributable to Shareholders of the Company | 6,168.0 | 5,332.3 | 15.7% | | Annualized Average Return on Equity | 21.1% | 18.4% | Increased by 2.7 percentage points | | Annualized Average Return on Assets | 1.1% | 0.75% | Increased by 0.35 percentage points | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | - | [Total Revenue from Continuing Operations](index=15&type=section&id=4.2.1.1%20Total%20Revenue%20from%20Continuing%20Operations) In the first half of 2025, the Group's total revenue from continuing operations increased, primarily due to significant gains from investments in associates, despite declines in fair value changes of certain financial assets Major Components of Total Revenue from Continuing Operations (RMB million) | Revenue Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 4,444.5 | 4,428.7 | 0.4% | | Fair Value Changes of Non-performing Debt Assets | 309.5 | 2,316.9 | (86.6%) | | Fair Value Changes of Other Financial Assets and Liabilities | 1,406.2 | 13,933.4 | (89.9%) | | Income from Non-performing Debt Assets | 3,786.5 | 7,861.0 | (51.8%) | | Other Income and Other Net Gains/(Losses) | 18,833.1 | 837.5 | 2,148.7% | | Of which: Gains/(Losses) from Investments in Associates and Joint Ventures | 21,317.9 | (10.5) | 203,127.6% | | Total Revenue | 31,136.4 | 30,257.0 | 2.9% | - Interest income increased by **0.4% year-on-year**, primarily from debt instruments measured at amortized cost, excluding non-performing debt assets[35](index=35&type=chunk) - Realized gains from fair value changes of non-performing debt assets increased by **101.6% year-on-year**, but unrealized fair value change losses of **RMB 1,411.6 million** led to a significant overall decrease in fair value changes[37](index=37&type=chunk)[39](index=39&type=chunk) - Fair value changes of other financial assets and liabilities showed significant year-on-year fluctuations due to changes in asset structure and capital market volatility[40](index=40&type=chunk) - Other income and other net gains increased significantly, mainly attributable to gains from investments in associates and joint ventures[44](index=44&type=chunk) [Total Expenses from Continuing Operations](index=18&type=section&id=4.2.1.2%20Total%20Expenses%20from%20Continuing%20Operations) In the first half of 2025, total expenses from continuing operations increased by 22.1% to RMB 35,121.0 million, driven by higher credit and other asset impairment losses, partially offset by lower interest and operating expenses Major Components of Total Expenses from Continuing Operations (RMB million) | Expense Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Expense | (14,388.7) | (16,404.7) | (12.3%) | | Operating Expenses | (1,934.2) | (2,265.2) | (14.6%) | | Credit Impairment Losses | (16,856.7) | (9,766.6) | 72.6% | | Other Asset Impairment Losses | (1,851.8) | (217.2) | 752.6% | | Total Expenses | (35,121.0) | (28,756.9) | 22.1% | - Interest expense decreased by **12.3% year-on-year**, primarily due to proactive expansion of financing sources, optimization of liability structure, and reduction in average financing costs[48](index=48&type=chunk) - Credit impairment losses significantly increased by **72.6%** to **RMB 16,856.7 million**, but the overall provision coverage ratio for debt instruments measured at amortized cost and at fair value through other comprehensive income was **270%**, indicating enhanced risk resilience[53](index=53&type=chunk) - Other asset impairment losses significantly increased by **752.6%**, mainly from impairment provisions for inventories, interests in associates and joint ventures, and assets taken in lieu of debt[55](index=55&type=chunk) [Income Tax Benefit/(Expense) from Continuing Operations](index=22&type=section&id=4.2.1.3%20Income%20Tax%20Benefit%2F%28Expense%29) In the first half of 2025, the Group's income tax from continuing operations shifted from an expense to a benefit, primarily due to changes in China corporate income tax and deferred income tax Income Tax Benefit/(Expense) from Continuing Operations (RMB million) | Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Current Income Tax | (158.4) | (1,014.8) | (84.4%) | | Deferred Income Tax | 619.8 | 861.4 | (28.0%) | | Total | 461.4 | (153.4) | (400.8%) | [Segment Operating Performance](index=22&type=section&id=4.2.1.4%20Segment%20Operating%20Performance) The Group's business is divided into non-performing asset management and asset management and investment segments, with the former being the primary source of revenue and profit, showing significant growth in both, while the latter's revenue decreased but assets slightly increased Total Revenue by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 30,597.8 | 19,326.9 | 58.3% | | Asset Management and Investment Segment | 1,803.4 | 12,102.0 | (85.1%) | | Total | 31,136.4 | 30,257.0 | 2.9% | Profit/(Loss) Before Tax by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 12,140.9 | 1,950.8 | 522.4% | | Asset Management and Investment Segment | (6,654.0) | 3,237.0 | (305.6%) | | Total | 5,044.7 | 4,752.8 | 6.1% | - The non-performing asset business segment's total revenue increased by **58.3%** and profit before tax by **522.4%**, making it the primary contributor to the Group's revenue and profit[65](index=65&type=chunk) [Group Financial Position](index=24&type=section&id=4.2.2%20Group%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 2.7% to RMB 1,010,933.3 million, total liabilities increased by 2.5% to RMB 958,001.9 million, and total equity increased by 6.4% to RMB 52,931.4 million Group Financial Position Overview (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | 2.7% | | Total Liabilities | 958,001.9 | 934,564.3 | 2.5% | | Total Equity | 52,931.4 | 49,764.3 | 6.4% | [Assets](index=26&type=section&id=4.2.2.1%20Assets) As of June 30, 2025, the Group's total assets increased by 2.7% from the end of the previous year, with significant growth in financial assets at fair value through profit or loss, interests in associates and joint ventures, and equity instruments at fair value through other comprehensive income, while deposits with financial institutions and debt instruments at amortized cost decreased - Deposits with financial institutions amounted to **RMB 63,631.2 million**, a **27.3% decrease** from the end of the previous year[72](index=72&type=chunk) - Financial assets at fair value through profit or loss amounted to **RMB 354,169.6 million**, a **4.8% increase** from the end of the previous year, mainly due to the growth in acquisition and disposal of non-performing debt assets, unlisted equity instruments, trust products, and bonds[76](index=76&type=chunk) - Equity instruments at fair value through other comprehensive income amounted to **RMB 4,816.3 million**, a **190.1% increase** from the end of the previous year, primarily due to the growth in listed equity investments[82](index=82&type=chunk) - The carrying value of debt instruments at amortized cost was **RMB 229,707.7 million**, a **6.2% decrease** from the end of the previous year, mainly due to proactive adjustment of asset structure, but the carrying value of other debt instruments at amortized cost increased by **6.7%**[87](index=87&type=chunk)[89](index=89&type=chunk) - Interests in associates and joint ventures amounted to **RMB 260,246.2 million**, a **20.3% increase** from the end of the previous year[91](index=91&type=chunk) [Liabilities](index=32&type=section&id=4.2.2.2%20Liabilities) As of June 30, 2025, the Group's total liabilities increased by 2.5% from the end of the previous year, with an increase in borrowings and a decrease in bonds and notes payable, further optimizing the liability structure - Borrowings amounted to **RMB 752,294.4 million**, a **6.5% increase** from the end of the previous year, maintaining stable financing scale and further optimizing the liability structure[93](index=93&type=chunk) - Bonds and notes payable amounted to **RMB 152,910.4 million**, a **7.0% decrease** from the end of the previous year[94](index=94&type=chunk) [Contingent Liabilities](index=32&type=section&id=4.2.3%20Contingent%20Liabilities) As of June 30, 2025, the Group had pending litigation cases as a defendant with a total claim amount of RMB 3,150.0 million, for which a provision of RMB 636.0 million has been made, and the Board believes these will not materially impact the Group's financial position or operations Contingent Liabilities (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Claim Amount of Pending Litigation Cases | 3,150.0 | 2,746.0 | | Provision for Contingent Liabilities | 636.0 | 552.9 | [Differences Between Financial Statements Prepared Under CAS and IFRS](index=33&type=section&id=4.2.4%20Differences%20Between%20Financial%20Statements%20Prepared%20Under%20CAS%20and%20IFRS) This chapter discloses the differences in net profit attributable to shareholders between the Group's financial statements prepared under China Accounting Standards and International Financial Reporting Standards, primarily due to differing accounting treatments for passive dilution of equity in associates and joint ventures Differences in Net Profit Attributable to Shareholders of the Company (RMB million) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Under China Accounting Standards | 8,889.3 | 5,332.3 | | Adjustment for Passive Dilution of Equity in Associates and Joint Ventures | (2,721.7) | – | | Under International Financial Reporting Standards | 6,167.6 | 5,332.3 | - The main difference lies in the treatment of changes in the carrying value of long-term equity investments resulting from passive dilution of equity in associates and joint ventures: China Accounting Standards recognize it in owners' equity, while International Financial Reporting Standards recognize it in profit or loss for the current period[97](index=97&type=chunk) [Business Overview](index=34&type=section&id=4.3%20Business%20Overview) This chapter outlines the Group's performance in non-performing asset management and asset management and investment, with significant growth in revenue and profit for the former, driven by distressed asset revitalization and equity investments, while the latter saw a revenue decrease but strong international company performance, all supported by business synergy and talent strategy Total Revenue and Profit/(Loss) Before Tax by Continuing Operations Business Segment (RMB million) | Item | 2025 Amount | 2025 Proportion | 2024 Amount | 2024 Proportion | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | | | | | | Non-performing Asset Business Segment | 30,597.8 | 98.3% | 19,326.9 | 63.9% | | Asset Management and Investment Segment | 1,803.4 | 5.8% | 12,102.0 | 40.0% | | Total | 31,136.4 | 100.0% | 30,257.0 | 100.0% | | **Profit/(Loss) Before Tax** | | | | | | Non-performing Asset Business Segment | 12,140.9 | 240.7% | 1,950.8 | 41.0% | | Asset Management and Investment Segment | (6,654.0) | (131.9%) | 3,237.0 | 68.1% | | Total | 5,044.7 | 100.0% | 4,752.8 | 100.0% | [Non-performing Asset Business](index=35&type=section&id=4.3.1%20Non-performing%20Asset%20Business) In the first half of 2025, the Group's non-performing asset business segment proactively adjusted its structure, significantly expanded distressed asset revitalization, and reduced traditional acquisition and restructuring, resulting in a 2.7% increase in total assets and a 58.3% surge in total revenue, indicating continuous progress in core business transformation - The non-performing asset business segment's total assets amounted to **RMB 856,056.5 million**, a **2.7% increase** from the end of the previous year[102](index=102&type=chunk) - The non-performing asset business segment's total revenue amounted to **RMB 30,597.8 million**, a **58.3% increase** year-on-year[102](index=102&type=chunk) [Acquisition and Disposal Business](index=37&type=section&id=4.3.1.1%20Acquisition%20and%20Disposal%20Business) The company's acquisition and disposal capabilities continued to improve, with new acquisition costs increasing by 52.9% to RMB 23,536.7 million and realized gains surging by 180.8% to RMB 1,690.7 million in the first half, optimizing asset allocation with a focus on key economic regions Acquisition and Disposal Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Acquisition Costs | 23,536.7 | 15,398.4 | | Realized Gains | 1,690.7 | 602.2 | | Balance of Non-performing Debt Assets at Period End | 190,633.0 | 185,921.1 | - New acquisition costs increased by **52.9% year-on-year**, and realized gains increased by **180.8% year-on-year**[109](index=109&type=chunk) - Non-performing debt assets acquired from the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions accounted for **74.1%** of new acquisitions[113](index=113&type=chunk) [Distressed Asset Revitalization Business](index=38&type=section&id=4.3.1.2%20Distressed%20Asset%20Revitalization%20Business) The company's distressed asset revitalization business continued to grow, with new investments increasing by 43.6% to RMB 38,924.5 million and revenue rising by 65.5% to RMB 4,227.3 million in the first half, expanding its asset balance by 19.9% primarily in economically developed regions, with real estate remaining the main sector Distressed Asset Revitalization Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Investments | 38,924.5 | 27,099.2 | | Distressed Asset Revitalization Business Revenue | 4,227.3 | 2,555.0 | | Asset Balance at Period End | 151,257.7 | 126,170.9 | - New investments increased by **43.6% year-on-year**, and revenue increased by **65.5% year-on-year**[120](index=120&type=chunk) - The asset balance of distressed asset revitalization projects primarily targeted the Bohai Rim region, Yangtze River Delta, and Pearl River Delta regions, accounting for **65.7%**[122](index=122&type=chunk) - The real estate industry accounted for the highest proportion of distressed asset revitalization projects, at **32.8%**[126](index=126&type=chunk) [Equity Investment Business](index=41&type=section&id=4.3.1.3%20Equity%20Investment%20Business) The company's equity investment business focused on national strategic guidance, actively increasing asset allocation, achieving revenue of RMB 28,153.6 million and total assets of RMB 252,806.3 million in the first half of 2025 Equity Investment Business Revenue and Total Assets (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Business Revenue | 28,153.6 | 3,783.9 | | Total Assets | 252,806.3 | 188,224.5 | [Acquisition and Restructuring Business](index=41&type=section&id=4.3.1.4%20Acquisition%20and%20Restructuring%20Business) In the first half of 2025, the company proactively adjusted its asset structure, accelerated the disposal and recovery of existing assets, leading to a decrease in both the number and asset balance of acquisition and restructuring projects, with current period revenue of RMB 3,464.7 million - The number of existing acquisition and restructuring projects decreased from **689 to 581**, and the asset balance decreased from **RMB 161,570.2 million to RMB 132,784.9 million**[132](index=132&type=chunk) Acquisition and Restructuring Business Revenue (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Current Period Revenue | 3,464.7 | 7,628.3 | [NPL-Related Businesses by Subsidiaries](index=43&type=section&id=4.3.1.5%20NPL-Related%20Businesses%20by%20Subsidiaries) Real estate development-related revenue of the industrial company decreased by 25.1% year-on-year, while Huitong Asset's NPL-related revenue increased by 30.3% year-on-year, and Rongde Asset's total revenue decreased by 13.9% year-on-year - The industrial company's real estate development-related revenue was **RMB 250.3 million**, a **25.1% decrease** year-on-year[137](index=137&type=chunk) - Huitong Asset's non-performing asset-related revenue was **RMB 28.8 million**, a **30.3% increase** year-on-year[137](index=137&type=chunk) - Rongde Asset's total revenue was **RMB 325.7 million**, a **13.9% decrease** year-on-year[137](index=137&type=chunk) [Asset Management and Investment Business](index=43&type=section&id=4.3.2%20Asset%20Management%20and%20Investment%20Business) In the first half of 2025, the asset management and investment segment generated RMB 1,803.4 million in revenue, with the international company demonstrating strong performance through increased total revenue, profit before tax, and steady asset growth - The asset management and investment segment's revenue was **RMB 1,803.4 million**[138](index=138&type=chunk) International Company Key Indicators (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 4,908.5 | 4,307.7 | | Profit Before Tax | 1,764.2 | 803.3 | | Total Assets | 180,088.7 | 174,754.1 | [Business Synergy](index=44&type=section&id=4.3.3%20Business%20Synergy) Leveraging CITIC Group's "industry-finance integration" advantage, the Group deepens "industry-finance" and "finance-finance" collaborations with affiliates, innovating business synergy models for distressed asset resolution and existing asset revitalization to support real economic development - The company integrates internal and external advantageous resources, collaborating with the "CITIC Fleet" to provide comprehensive financial services across all licenses, cycles, and scenarios for enterprises[141](index=141&type=chunk) - Innovative business synergy models for distressed asset resolution and existing asset revitalization have been implemented, leading to a number of typical collaborative projects[141](index=141&type=chunk) [Human Resources Management](index=44&type=section&id=4.3.4%20Human%20Resources%20Management) The Group implements a talent-strengthening strategy, building a high-quality professional workforce, optimizing its structure, improving incentive and restraint mechanisms, and enhancing employee capabilities to ensure talent support for strategic goals - As of June 30, 2025, the Group had a total of **4,761 employees**, with **53%** holding a master's degree or above[143](index=143&type=chunk) - Employees possess over **50 types of professional qualifications**, including Certified Public Accountants, lawyers, and Chartered Financial Analysts[143](index=143&type=chunk) - The compensation policy is linked to the company's strategy, business development, and talent acquisition, based on operating performance, establishing a market-competitive yet internally equitable compensation management system[144](index=144&type=chunk) [No Material Changes](index=44&type=section&id=4.3.5%20No%20Material%20Changes) Except as disclosed in this interim report, there are no other material matters affecting the company's performance that require disclosure under Appendix D2 of the Listing Rules - No other material changes affecting the company's performance beyond those already disclosed[146](index=146&type=chunk) [Risk Management](index=45&type=section&id=4.4%20Risk%20Management) The Group adheres to its "seek progress while maintaining stability" principle and "optimize assets, increase revenue, capture cash recovery, reduce non-performing assets, promote reform, and strengthen internal capabilities" operational guidelines, continuously enhancing its comprehensive risk management system, strengthening asset quality control, and effectively managing credit, market, liquidity, operational, and reputational risks, while also reinforcing internal audit and anti-money laundering efforts - The Group implements a risk management approach characterized by "effective risk control, strong development promotion, robust system building, and capable enhancement"[149](index=149&type=chunk) [Comprehensive Risk Management System](index=45&type=section&id=4.4.1%20Comprehensive%20Risk%20Management%20System) The Group continuously enhances its comprehensive risk management system, implementing the "Deepening Comprehensive Risk Management System Construction Plan (2023-2025)," strengthening consolidated risk management, and improving full-process risk prevention and control capabilities through measures such as industry research, optimized authorization, and stricter business access [Credit Risk Management](index=45&type=section&id=4.4.2%20Credit%20Risk%20Management) The Group continuously strengthens its credit risk management system, improving management policies and tools, enhancing full-process control from pre-investment to post-investment, strictly controlling business access, and effectively improving asset quality and promoting risk resolution through risk early warning and asset quality management [Market Risk Management](index=45&type=section&id=4.4.3%20Market%20Risk%20Management) The Group continuously strengthens market risk management, improving management mechanisms and enhancing tracking analysis and monitoring reports on market fluctuations in stocks, bonds, and foreign exchange, effectively controlling stock, interest rate, and exchange rate risks through market value monitoring, professional institutional management, asset-liability currency matching, and hedging tools [Liquidity Risk Management](index=46&type=section&id=4.4.4%20Liquidity%20Risk%20Management) The Group closely monitors market liquidity, strengthening proactive and forward-looking liquidity management through indicator monitoring, early warning management, stress testing, and contingency plans, while actively expanding diversified financing channels and optimizing its liability structure to ensure overall sufficient liquidity and controllable risk [Operational Risk Management](index=46&type=section&id=4.4.5%20Operational%20Risk%20Management) The Group focuses on source governance and process control, strengthening process management, and conducting operational risk identification and assessment, continuously establishing and improving information technology risk prevention mechanisms, enhancing cybersecurity and stable operation capabilities of information systems, with no major or above cybersecurity incidents occurring in the first half [Reputational Risk Management](index=47&type=section&id=4.4.6%20Reputational%20Risk%20Management) The Group systematically conducts reputational risk management, adhering to proactive, prudent, full-process, and comprehensive principles, timely identifying potential reputational risks, taking measures to prevent, control, and mitigate them, maintaining overall stable public opinion, and safeguarding the company's reputation and brand image [Internal Audit](index=47&type=section&id=4.4.7%20Internal%20Audit) The Group's internal audit department independently performs its oversight duties, focusing on policy implementation, corporate governance, key businesses, financial management, risk management, and internal control, conducting economic responsibility audits, operational project audits, and special audits to continuously enhance the quality and effectiveness of internal audit oversight [Anti-Money Laundering Efforts](index=47&type=section&id=4.4.8%20Anti-Money%20Laundering%20Efforts) The Group strictly adheres to anti-money laundering and anti-terrorist financing laws and regulations, continuously strengthening money laundering risk prevention and control, actively conducting anti-money laundering publicity and training, and continuously improving risk prevention and control capabilities [Capital Management](index=47&type=section&id=4.5%20Capital%20Management) The Group continuously deepens its capital constraint philosophy, improves its capital management system, and optimizes capital structure and quality through multiple measures, enhancing internal capital accumulation capabilities, with a capital adequacy ratio of 15.97% and a leverage ratio of 8.6:1 as of June 30, 2025, indicating continuous improvement in capital adequacy Capital Adequacy Ratio and Leverage Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Adequacy Ratio | 15.97% | 15.69% | | Leverage Ratio | 8.6:1 | 10.1:1 | - The company continuously optimizes its capital structure and quality, enhances its internal capital accumulation capabilities, accelerates the repair of financial conditions of non-financial subsidiaries, and improves capital utilization efficiency[160](index=160&type=chunk) [Development Outlook](index=48&type=section&id=4.6%20Development%20Outlook) Looking ahead to the second half, global economic recovery faces challenges, while China's economy is expected to remain stable and improve, with the non-performing asset industry entering a strategic opportunity period of expanding market supply, emerging policy opportunities, and industry transformation, as the company aims to achieve its "three-year significant quality and efficiency improvement" strategic goal and become an industry benchmark - In the second half, global economic recovery faces headwinds, with geopolitical conflicts and trade frictions remaining challenges, but China's economy is expected to remain stable and improve[164](index=164&type=chunk) - The non-performing asset industry will continue to be in a strategic opportunity period characterized by expanding market supply, emerging policy opportunities, and industry transformation[165](index=165&type=chunk) - The company will firmly implement the third step of its "two-year, three-step" strategy, fully achieving the "three-year significant quality and efficiency improvement" strategic goal, and establishing "six benchmarks" in Party building leadership, operating performance, core business capabilities, compliance and risk control, reform and innovation, and talent team[166](index=166&type=chunk) [Share Capital Changes and Major Shareholders](index=49&type=section&id=5.%20Share%20Capital%20Changes%20and%20Major%20Shareholders) [Share Capital Changes](index=49&type=section&id=5.1%20Share%20Capital%20Changes) As of June 30, 2025, the company's total share capital was 80,246,679,047 shares, with domestic shares accounting for 55.93% and H-shares for 44.07%, and no changes in share capital structure during the reporting period Share Capital Structure (as of June 30, 2025) | Category | Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | | Domestic Shares | 44,884,417,767 | 55.93% | | H-shares | 35,362,261,280 | 44.07% | | Total Number of Shares | 80,246,679,047 | 100.00% | [Major Shareholders](index=49&type=section&id=5.2%20Major%20Shareholders) As of June 30, 2025, China CITIC Group Corporation, the Ministry of Finance, Zhongbao Rongxin Private Equity Fund Management Co., Ltd., China Cinda Asset Management Co., Ltd., National Council for Social Security Fund, China Life Insurance (Group) Company, and ICBC Financial Asset Investment Co., Ltd. were the company's major shareholders, each holding over 5% of the shares Major Shareholders' Shareholdings (as of June 30, 2025) | Shareholder Name | Share Class | Number of Shares | Approximate Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | | China CITIC Group Corporation | Domestic Shares | 21,230,929,783 | 26.46 | | Ministry of Finance | Domestic Shares/H-shares | 19,870,039,607 | 24.76 | | Zhongbao Rongxin Private Equity Fund Management Co., Ltd. | Domestic Shares | 14,509,803,921 | 18.08 | | China Cinda Asset Management Co., Ltd. | H-shares | 3,921,568,627 | 4.89 | | National Council for Social Security Fund | H-shares | 2,475,271,109 | 3.08 | | China Life Insurance (Group) Company | Domestic Shares/H-shares | 3,610,784,313 | 4.50 | | ICBC Financial Asset Investment Co., Ltd. | H-shares | 1,960,784,313 | 2.44 | - CITIC Group is a large state-owned comprehensive multinational enterprise group, with the Ministry of Finance as its ultimate beneficial owner[169](index=169&type=chunk) - China Cinda Asset Management Co., Ltd. is the first financial asset management company approved by the State Council, with its core business being non-performing asset management[175](index=175&type=chunk) [Directors, Supervisors and Senior Management](index=52&type=section&id=6.%20Directors,%20Supervisors%20and%20Senior%20Management) [Basic Information](index=52&type=section&id=6.1%20Basic%20Information) As of the publication date of this interim report, the company's Board of Directors consists of 10 members, the Supervisory Board comprises 4 members, and the list of senior management personnel is provided - The Board of Directors includes Executive Directors Mr. Liu Zhengjun (Chairman) and Mr. Li Zimin, as well as several Non-executive Directors and Independent Non-executive Directors[178](index=178&type=chunk) - The Supervisory Board members include External Supervisors Mr. Cheng Fengchao and Mr. Han Xiangrong, and Employee Representative Supervisors Ms. Sun Hongbo and Ms. Guo Jinghua[179](index=179&type=chunk) - Senior management includes President Mr. Li Zimin and several Vice Presidents[180](index=180&type=chunk) [Changes](index=52&type=section&id=6.2%20Changes) During the reporting period, there were changes in the Board of Directors, with Ms. Yuan Xin elected and commencing duties as a Non-executive Director, and Mr. Liu Zhengjun and Mr. Xu Wei re-elected, while Mr. Zhu Ning resigned as an Independent Non-executive Director; for senior management, Mr. Chen Pengjun and Mr. Yang Yi were appointed and commenced duties as Vice Presidents, and Mr. Xu Jiongwei resigned as Vice President due to job relocation - Ms. Yuan Xin commenced duties as a Non-executive Director on July 2, 2025, after approval by the National Financial Regulatory Administration[181](index=181&type=chunk) - Mr. Liu Zhengjun was re-elected as an Executive Director and continues to serve as Chairman, and Mr. Xu Wei was re-elected as a Non-executive Director[181](index=181&type=chunk) - Mr. Zhu Ning resigned as an Independent Non-executive Director on March 28, 2025[183](index=183&type=chunk) - Mr. Chen Pengjun and Mr. Yang Yi commenced duties as Vice Presidents on February 13, 2025, and March 27, 2025, respectively[184](index=184&type=chunk) - Mr. Xu Jiongwei resigned from his position as Vice President on February 14, 2025[184](index=184&type=chunk) [Information Changes During the Reporting Period](index=53&type=section&id=6.3%20Information%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the appointment information of directors and supervisors was consistent with the company's 2024 annual report, with no other changes requiring disclosure under Rule 13.51B of the Listing Rules - Director and supervisor appointment information is consistent with the 2024 annual report, with no other changes requiring disclosure[185](index=185&type=chunk) [Significant Matters](index=54&type=section&id=7.%20Significant%20Matters) [Corporate Governance](index=54&type=section&id=7.1%20Corporate%20Governance) The company strictly adheres to relevant laws, regulations, and its articles of association, deepening corporate governance reform to establish an effective checks and balances mechanism, continuously improving governance systems, mechanisms, and culture, strengthening Party leadership, safeguarding shareholders' right to information, treating investors fairly, and maintaining market value stability and shareholder interests - The company deepens governance reform, establishing a governance mechanism where each party performs its duties, coordinates operations, and maintains effective checks and balances[186](index=186&type=chunk) - Party leadership is integrated into all aspects of corporate governance, ensuring shareholders' right to information and fair treatment of domestic and international investors[186](index=186&type=chunk) [Board of Directors](index=54&type=section&id=7.2%20Board%20of%20Directors) As of the publication date of this interim report, the Board of Directors comprises 10 members, with independent non-executive directors accounting for over one-third, and during the reporting period, the Board held 5 meetings, approved 25 proposals, and reviewed 16 reports, effectively playing its strategic leadership role - The Board of Directors consists of **10 members**, including **2 Executive Directors, 4 Non-executive Directors, and 4 Independent Non-executive Directors**[187](index=187&type=chunk) - During the reporting period, **5 Board meetings** were held, **25 proposals** were approved, and **16 reports** were reviewed[187](index=187&type=chunk) [Supervisory Board](index=54&type=section&id=7.3%20Supervisory%20Board) As of the publication date of this interim report, the Supervisory Board consists of 4 members, including 2 external supervisors and 2 employee representative supervisors, and during the reporting period, the Supervisory Board held 2 meetings, approved 6 proposals, faithfully performing its duties and safeguarding the legitimate rights and interests of the company and its shareholders - The Supervisory Board consists of **4 members**, including **2 external supervisors and 2 employee representative supervisors**[188](index=188&type=chunk) - During the reporting period, **2 meetings** were held, and **6 proposals** were approved[189](index=189&type=chunk) [Senior Management](index=55&type=section&id=7.4%20Senior%20Management) During the reporting period, senior management organized and implemented business operations within the scope of authorization by the Board of Directors, focusing on the "three-year significant quality and efficiency improvement" strategic goal, promoting business development, risk control, and deepening reforms, holding 11 President's Office meetings and 21 special meetings to discuss and approve 62 important operational and management issues - Senior management implemented the work requirements of "optimizing assets, increasing revenue, capturing cash recovery, reducing non-performing assets, promoting reform, and strengthening internal capabilities"[191](index=191&type=chunk) - A total of **11 President's Office meetings** and **21 special meetings** were held to discuss and approve **62 important operational and management issues**[191](index=191&type=chunk) [Corporate Governance Code](index=55&type=section&id=7.5%20Corporate%20Governance%20Code) During the reporting period, the company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules and adopted applicable best practice recommendations based on actual circumstances - The company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules[192](index=192&type=chunk) [Internal Control](index=55&type=section&id=7.6%20Internal%20Control) The company continuously improves its internal control organizational structure, system management, and control measures, optimizing its internal control system, conducting post-evaluation of systems and self-assessment of the internal control system in the first half, and establishing a sanctions risk blacklist database to strengthen sanctions risk prevention and control - The company continuously improves its institutional system, organizes post-evaluation of systems, and strengthens institutional governance[193](index=193&type=chunk) - The 2025 internal control system self-assessment work has been initiated to evaluate the applicability of the process framework, the reasonableness of control responsibilities, the adequacy of risk identification, and the effectiveness of control measures[193](index=193&type=chunk) - A sanctions risk blacklist database has been established and updated daily, with identity verification against the blacklist during business operations, and specialized training on sanctions risk prevention and control is continuously conducted[194](index=194&type=chunk) [Profit and Dividend Distribution](index=56&type=section&id=7.7%20Profit%20and%20Dividend%20Distribution) The company will not declare an interim dividend for 2025 - The company will not declare an interim dividend for 2025[195](index=195&type=chunk) [Use of Proceeds](index=56&type=section&id=7.8%20Use%20of%20Proceeds) The Group's proceeds from its initial public offering were fully utilized in 2022, and proceeds from non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021 - The **HKD 19,696.7 million** proceeds from the initial public offering were fully utilized in 2022, consistent with the prospectus commitments[196](index=196&type=chunk) - The **RMB 40,000 million** and **HKD 2,449 million** proceeds from the non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021[197](index=197&type=chunk)[198](index=198&type=chunk) [Future Business of Debt-to-Equity Swap Enterprises and Investment Plans](index=56&type=section&id=7.9%20Future%20Business%20of%20Debt-to-Equity%20Swap%20Enterprises%20and%20Investment%20Plans) The company will focus on deepening state-owned enterprise reform, optimizing asset liquidity, increasing disposal and revitalization efforts, and actively expanding market-oriented debt-to-equity swap businesses, targeting key industries and regions to leverage its distressed relief function and enhance investment returns - For acquired equity assets, the company will focus on deepening state-owned enterprise reform, seizing M&A opportunities, optimizing asset liquidity, and striving for reasonable equity restructuring returns[199](index=199&type=chunk) - For market-oriented debt-to-equity swap businesses, the company will closely follow national strategies, focus on key industries and regions, promote project implementation and high-quality resource reserves, helping enterprises reduce leverage, stabilize growth, and improve efficiency[199](index=199&type=chunk) [Material Litigation and Arbitration](index=57&type=section&id=7.10%20Material%20Litigation%20and%20Arbitration) During the reporting period, the company did not experience any litigation or arbitration matters that had a material adverse impact on its business, financial position, or operating results - No material adverse litigation or arbitration matters occurred during the reporting period[201](index=201&type=chunk) [Material Acquisitions, Disposals, Mergers and Major Investments](index=57&type=section&id=7.11%20Material%20Acquisitions,%20Disposals,%20Mergers%20and%20Major%20Investments) The Group's investments in Bank of China Limited and CITIC Limited have been disclosed in the notes to the financial information; other than these, no material asset acquisitions, disposals, mergers, or other major investment matters requiring disclosure occurred during the reporting period - The Group's investments in Bank of China Limited and CITIC Limited have been disclosed[202](index=202&type=chunk) - No material asset acquisitions, disposals, mergers, or major investment matters occurred beyond those already disclosed[202](index=202&type=chunk) [Implementation of Equity Incentive Plans](index=57&type=section&id=7.12%20Implementation%20of%20Equity%20Incentive%20Plans) During the reporting period, the company did not implement any equity incentive plans - No equity incentive plans were implemented during the reporting period[203](index=203&type=chunk) [Material Related Party Transactions](index=57&type=section&id=7.13%20Material%20Related%20Party%20Transactions) During the reporting period, the company did not engage in any related party transactions requiring disclosure under Chapter 14A of the Listing Rules - No material related party transactions requiring disclosure occurred during the reporting period[204](index=204&type=chunk) [Material Contracts and Their Performance](index=57&type=section&id=7.14%20Material%20Contracts%20and%20Their%20Performance) During the reporting period, the company did not engage in any material entrustment, contracting, or leasing of assets from other companies, nor did other companies entrust, contract, or lease assets from the company, and there were no material guarantees requiring disclosure - No material entrustment, contracting, or leasing matters occurred during the reporting period[205](index=205&type=chunk) - No material guarantees requiring disclosure existed during the reporting period[206](index=206&type=chunk) [Post-Reporting Period Events](index=58&type=section&id=7.15%20Post-Reporting%20Period%20Events) Subsequent to the reporting period, the Group completed the establishment and issuance of asset-backed securities on July 29, 2025, raising a total of RMB 10,010 million, and a Group subsidiary will redeem permanent debt capital issued in 2020 on September 30, 2025 - On July 29, 2025, the Group completed the establishment and issuance of asset-backed securities, raising a total of **RMB 10,010 million**[363](index=363&type=chunk) - A Group subsidiary will redeem **USD 250 million** in permanent debt capital issued on September 30, 2020, on September 30, 2025[363](index=363&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=58&type=section&id=7.16%20Purchase,%20Sale%20and%20Redemption%20of%20Listed%20Securities) During the reporting period, except as disclosed in this interim report, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and held no treasury shares at the end of the reporting period - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[208](index=208&type=chunk) - As of the end of the reporting period, neither the company nor its subsidiaries held any treasury shares[208](index=208&type=chunk) [Securities Transactions by Directors, Supervisors and Senior Management](index=58&type=section&id=7.17%20Securities%20Transactions%20by%20Directors,%20Supervisors%20and%20Senior%20Management) The company has adopted the "Code for Securities Transactions by Directors, Supervisors and Relevant Employees" and has confirmed with all directors and supervisors that they have complied with this code and Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Listing Rules throughout the reporting period - The company has adopted a securities transaction code, and all directors and supervisors confirmed compliance with the code during the reporting period[209](index=209&type=chunk) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares and Underlying Shares](index=58&type=section&id=7.18%20Interests%20and%20Short%20Positions%20of%20Directors,%20Supervisors%20and%20Chief%20Executive%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, none of the company's directors, supervisors, or chief executive held any disclosable interests or short positions in the shares or underlying shares of the company or any associated corporation - As of June 30, 2025, directors, supervisors, and the chief executive held no disclosable interests or short positions in shares[210](index=210&type=chunk) [Review of Interim Report](index=58&type=section&id=7.19%20Review%20of%20Interim%20Report) The company's interim condensed consolidated financial information for the six months ended June 30, 2025, prepared in accordance with International Financial Reporting Standards, has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report, and was approved by the Board of Directors and the Audit Committee of the Board - The interim condensed consolidated financial information has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report[211](index=211&type=chunk) - This interim report has been approved by the Board of Directors and the Audit Committee of the Board[212](index=212&type=chunk) [Review Report and Interim Condensed Consolidated Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Independent Review Report and Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) This chapter includes the independent review report and the interim condensed consolidated financial information for the six months ended June 30, 2025, comprising the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows, and related notes, with the review report concluding no matters indicating non-compliance with IAS 34 - The independent review report concluded that nothing came to the attention of the reviewers that caused them to believe the interim condensed consolidated financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34[219](index=219&type=chunk) - The interim condensed consolidated financial information is presented in the company's functional currency, RMB, and prepared on a going concern basis[237](index=237&type=chunk)[239](index=239&type=chunk) - The Group adopted IAS 21 (Amendment) "Lack of Exchangeability" during the period, which did not have a material impact on the financial information[242](index=242&type=chunk)[243](index=243&type=chunk)

Core Viewpoint - The article emphasizes the role of financial support in driving technological innovation, highlighting the successful implementation of a merger and acquisition project by CITIC Financial Assets to bolster the development of a leading industrial gas company in China [1][4]. Group 1: Financial Support and Investment - CITIC Financial Assets has invested over 500 million yuan in the acquisition and restructuring of Hangzhou Yingde, providing strong financial backing for the company's technological transformation and capacity enhancement [1][3]. - The investment aims to stabilize the shareholder structure of Yingde and accelerate project progress for its subsidiaries, ensuring robust support for the normal operations of upstream and downstream industries [4]. Group 2: Industry Context and Challenges - Industrial gases are crucial for various sectors such as steel, chemicals, and semiconductors, impacting production efficiency and product quality, which in turn affects national economic security and international competitiveness [2]. - Hangzhou Yingde faces uncertainties due to the original shareholders entering an investment exit period, necessitating further exploration of existing asset efficiency and management optimization [2]. Group 3: Collaborative Efforts and Strategic Actions - CITIC Financial Assets has formed a specialized team to conduct thorough due diligence and engage in in-depth analysis of the industrial gas sector, addressing the complexities of asset scale and stakeholder involvement [2][3]. - The company leverages the synergistic advantages of CITIC Group, collaborating with various subsidiaries to optimize asset management and enhance governance structures [3]. Group 4: Achievements and Future Directions - Following the merger and acquisition, Hangzhou Yingde has shown improved operational conditions, maintaining a leading market share with a revenue increase of approximately 10% year-on-year [4]. - CITIC Financial Assets plans to continue providing comprehensive services to strategic emerging enterprises, focusing on professional and precise financial solutions to accelerate the transformation of technological achievements [4].

Core Viewpoint - Financial support is essential for technological innovation, and China CITIC Financial Assets is actively implementing financial services to enhance technology development, exemplified by a recent investment of over 500 million yuan in a merger and acquisition project for Hangzhou Yingde [1][4]. Group 1: Financial Support and Investment - China CITIC Financial Assets has invested over 500 million yuan to successfully implement the merger and acquisition project for Hangzhou Yingde, providing strong financial support for the leading industrial gas company's technology transformation and capacity enhancement [1][3]. - The investment aims to stabilize the shareholder structure of Yingde and accelerate project advancement for its subsidiaries, ensuring robust support for the normal production and operation of upstream and downstream industries [4]. Group 2: Industry Context and Challenges - Industrial gases are crucial for various sectors such as steel, chemicals, and semiconductors, impacting production efficiency and product quality, which in turn affects national economic security and international competitiveness [2]. - Hangzhou Yingde faced uncertainties due to the original shareholders entering an investment exit period, necessitating further exploration of asset efficiency and optimization of management structure [2]. Group 3: Collaborative Efforts and Strategic Actions - The company formed a dedicated team to conduct thorough due diligence and in-depth analysis of the industrial gas sector, engaging with relevant stakeholders to develop a comprehensive service plan [2][3]. - By leveraging the advantages of CITIC Group's integrated finance and industry approach, the company coordinated with CITIC Securities, CITIC Special Steel, and Nanjing Steel Group to optimize asset management and improve asset quality [3]. Group 4: Achievements and Future Directions - The merger and acquisition have led to a continuous improvement in Hangzhou Yingde's operational status, with a year-on-year revenue growth of approximately 10%, maintaining a leading market share in the industry [4]. - The company plans to deepen its full-cycle services for strategic emerging enterprises, providing specialized and precise financial solutions to accelerate the transformation of technological achievements and contribute to national technological self-reliance [4].

Core Viewpoint - The report highlights that CITIC Financial Assets is focusing on the development of its non-performing asset business while actively engaging in long-term equity investments in quality listed companies, which will provide stable returns and mitigate the impact of economic cycle fluctuations [1][2]. Group 1: Company Overview - CITIC Financial Assets, formerly known as China Huarong, was established in 1999 and is one of China's four major Asset Management Companies (AMCs) [1]. - In March 2022, the company was transferred to the management of CITIC Group, and it will be renamed CITIC Financial Assets in 2024 [1]. - The non-performing asset management segment accounted for 84.46% of the company's revenue in 2024 [1]. Group 2: Investment Strategy - Since 2023, CITIC Financial Assets has increased its long-term equity investment in quality listed companies to smooth out the impacts of economic cycle fluctuations [2]. - The company holds stakes in several quality listed companies, including China Bank, CITIC Limited, Everbright Bank, and Daqin Railway [2]. - Long-term equity investments contributed significant income to the company, with other income and net gains recognized at 414.76 billion and 756.62 billion respectively for 2023 and 2024 [2]. - Dividends and performance from quality associates are expected to contribute stable profits, with dividends and performance contributions projected at 14.73 billion and 94.95 billion for 2023 and 2024 respectively [2]. - As of June 30, 2025, CITIC Financial Assets increased its stake in China Bank to 4.71% and in Everbright Bank to 8% as of July 23, 2025 [2].

Core Insights - The conference focused on the opportunities presented by the new regulatory framework for the management of non-performing assets (NPAs) in the financial sector, emphasizing collaboration and shared development among financial institutions [1][4] Group 1: Company Initiatives - CITIC Financial Assets' Beijing branch successfully acquired over 11 billion yuan in non-performing asset claims in 2025, contributing to a cumulative total of over 28 billion yuan in various asset revitalization projects [3] - The company has implemented significant projects, including market-oriented debt-to-equity swaps and participation in judicial auctions of non-performing assets, showcasing its commitment to revitalizing inefficient assets [3][6] - The Beijing branch aims to enhance its capabilities in asset value operation, focusing on not just asset disposal but also on the operational aspects of assets to better serve financial institutions and market participants [6] Group 2: Industry Trends - The conference served as a platform for in-depth discussions on the current state of the non-performing asset market, policy interpretations, and innovative business practices, indicating a proactive approach to industry challenges [4] - Insights from industry experts, including a presentation on the current NPA market conditions from Alibaba Assets, highlighted the importance of data-driven analysis in understanding market dynamics [4] - The event fostered dialogue among financial institutions, aiming to inject new ideas and momentum into the development of the non-performing asset sector in the Beijing region [4]

根据渣打银行（中国）有限公司（以下简称"渣打银行"）与中国中信金融资产管理股份有限公司重庆市 分公司达成的债权转让安排，渣打银行将其依法享有的附表中所列对您在贷款合同项下的全部贷款债权 （简称"标的债权"）转让给中国中信金融资产管理股份有限公司重庆市分公司，贷款合同内容不变。根 据渣打银行（中国）有限公司与中国中信金融资产管理股份有限公司重庆市分公司特公告通知各借款 人、担保人和其他义务人以及借款人、担保人和其他义务人的权利义务承继人。 中国中信金融资产管理股份有限公司重庆市分公司作为上述债权的受让方，现公告要求公告清单中所列 标的债权的借款人、担保人和其他义务人以及借款人、担保人和其他义务人的权利义务承继人，从公告 之日起立即向中国中信金融资产管理股份有限公司重庆市分公司履行主债权合同及担保合同约定的还本 付息义务或相应的担保责任。 特此公告。 转让人：渣打银行（中国）有限公司 受让人：中国中信金融资产管理股份有限公司重庆市分公司 联系人：古老师 联系电话：19123457710 地址：重庆市江北区海尔路178号美全22世纪A1座 2025年9月23日 附件：资产清单 注：本表列示的债务金额为渣打银行（中国 ...