编辑：刘润榕 云帆2期是中信金融资产在中信集团协同支持下，依托自身资产池和产品创新能力，推出的又一以服务 实体经济为导向的资产证券化项目。该项目基础资产涵盖公司特定应收账款债权、信托受益权及财产份 额，加权平均信用等级达AA/AA+，资产信用质量优良。此次发行不仅有效拓展公司融资渠道，也为公 司持续降低融资成本、优化债务结构提供有力支撑。 2025年上半年，中信金融资产按照"夯实基础、稳中求进、提质增效"总体思路，积极把握行业政策机 遇，经营业绩显著提升，实现总收入402亿元，同比增长21%，归母净利润61.68亿元，同比增长 15.7%，剔除金租出表影响同比增长27.5%，年化ROE达21.1%。2025年以来，中信金融资产积极把握市 场窗口，持续优化负债结构与融资成本，上半年新增平均融资利率同比下降50个基点，利息支出同比下 降12.3%，前期发行的云帆1期100.1亿元ABS，一举创下年内同类产品"规模最大、成本最低、利差最 窄"的市场纪录。此外，2025年上半年，公司主业新增投放879亿元，是上年同期的1.4倍，落地了一批 具有市场影响力的项目。 转自：新华财经 新华财经北京9月18日电（记者吴丛司） ...

本报讯(记者袁传玺)天眼查App显示，近日，无锡融苏律企业管理中心(有限合伙)成立，执行事务合伙 人为北京融凯德投资管理有限公司，出资额约40亿元，经营范围含企业管理、以自有资金从事投资活 动。合伙人信息显示，该企业由中信金融资产(02799.HK)、无锡太湖新城城市发展有限公司、北京融凯 德投资管理有限公司共同出资。 ...

天眼查App显示，9月17日，无锡融苏律企业管理中心（有限合伙）成立，执行事务合伙人为北京融凯 德投资管理有限公司，出资额约40亿人民币，经营范围含企业管理、以自有资金从事投资活动。合伙人 信息显示，该企业由中信金融资产（02799.HK）、无锡太湖新城城市发展有限公司、北京融凯德投资 管理有限公司共同出资。 ...

人民财讯9月18日电，企查查APP显示，近日，无锡融苏律企业管理中心(有限合伙)成立，出资额约40亿 元，经营范围包含企业管理；以自有资金从事投资活动。企查查股权穿透显示，该企业由中信金融资产 (02799.HK)等共同出资。 ...

Core Insights - The company reported a revenue of 40.2 billion yuan for the first half of 2025, representing a year-on-year increase of 19.9% [1] - Net profit from continuing operations reached 5.5 billion yuan, up 19.7% year-on-year, while net profit attributable to ordinary shareholders was 6.2 billion yuan, reflecting a 15.7% increase [1] - The annualized ROE was 21.1% and ROA was 1.1% for the first half of 2025 [1] Financial Performance - Total assets at the end of Q2 2025 amounted to 1.01 trillion yuan, a 2.7% increase from the beginning of the year, but a 4.2% decrease year-on-year [1] - The non-performing asset management segment saw a 2.7% increase in total assets compared to the beginning of the year, while the asset management and investment segment's total assets grew by 1.6% [1] Segment Performance - The non-performing asset management segment's revenue increased by 58.3% year-on-year, primarily due to approximately 21.3 billion yuan in income from investments in China Bank and Everbright Bank [2] - Revenue from the asset management and investment segment decreased by 85.1%, with its share of income before group offset dropping to 5.6% [2] - Within the non-performing asset segment, income from acquisition and disposal business and acquisition and restructuring business declined, while income from rescue and revitalization business and equity business increased year-on-year [2] Credit Costs and Risk Management - The credit cost rate for the first half of 2025 was 15.3%, significantly up year-on-year, primarily due to increased credit impairment on debt instruments measured at amortized cost [2] - The overall provision coverage ratio for debt instruments measured at amortized cost and those measured at fair value, with changes included in other comprehensive income, was 270% as of June 2025, an increase of 44 percentage points from the beginning of the year [2] Investment Outlook - The company is expected to achieve net profits attributable to ordinary shareholders of 10.4 billion yuan, 10.9 billion yuan, and 11.0 billion yuan for 2025-2027, reflecting year-on-year growth rates of 8.5%, 4.1%, and 1.1% respectively [3] - The estimated EPS for the same period is projected to be 0.13 yuan, 0.14 yuan, and 0.14 yuan, with corresponding PE ratios of 7.6, 7.3, and 7.3 times, and PB ratios of 1.70, 1.38, and 1.16 times [3] - The reasonable stock price range is estimated to be between 1.16 and 1.28 HKD, indicating a premium of 6% to 17% compared to the closing price on September 12 [3]

Core Viewpoint - Guosen Securities initiates coverage on CITIC Financial Assets (02799) with a "Neutral" rating, projecting net profit for ordinary shareholders to reach 10.4 billion, 10.9 billion, and 11.0 billion yuan for 2025-2027, representing year-on-year growth of 8.5%, 4.1%, and 1.1% respectively, with corresponding EPS of 0.13, 0.14, and 0.14 yuan, and PE ratios of 7.6, 7.3, and 7.3 times, while PB ratios are 1.70, 1.38, and 1.16 times, suggesting a reasonable stock price range of 1.16-1.28 HKD [1] Financial Performance - In the first half of 2025, CITIC Financial Assets achieved operating revenue (including performance from joint ventures and associates) of 40.2 billion yuan, a year-on-year increase of 19.9%, and net profit from continuing operations of 5.5 billion yuan, up 19.7%, with net profit attributable to ordinary shareholders reaching 6.2 billion yuan, a growth of 15.7%, resulting in an annualized ROE of 21.1% and ROA of 1.1% [1] Asset Scale - As of the end of Q2 2025, the total assets of the company amounted to 1.01 trillion yuan, reflecting a 2.7% increase from the beginning of the year but a 4.2% decrease year-on-year. The non-performing asset management segment's total assets grew by 2.7% from the start of the year, while the asset management and investment segment's total assets increased by 1.6% [2] Segment Performance - The non-performing asset management segment reported a revenue increase of 58.3% year-on-year, primarily due to approximately 21.3 billion yuan in income from investments in China Bank and Everbright Bank. Conversely, the asset management and investment segment saw a significant revenue decline of 85.1%, with its share of revenue before group offsets dropping to 5.6% [3] Credit Costs and Risk Management - The credit cost rate for the first half of the year was 15.3%, a substantial year-on-year increase, attributed to higher credit impairments on debt instruments measured at amortized cost. The significant provisioning has enhanced the company's risk resilience, with a coverage ratio of 270% for debt instruments measured at amortized cost and those measured at fair value, an increase of 44 percentage points from the beginning of the year [4]

Core Viewpoint - Guosen Securities initiates coverage on CITIC Financial Assets (02799) with a "Neutral" rating, projecting net profit for ordinary shareholders to reach 10.4 billion, 10.9 billion, and 11.0 billion yuan from 2025 to 2027, representing year-on-year growth of 8.5%, 4.1%, and 1.1% respectively, with corresponding EPS of 0.13, 0.14, and 0.14 yuan, and PE ratios of 7.6, 7.3, and 7.3 times, while PB ratios are 1.70, 1.38, and 1.16 times, suggesting a reasonable stock price range of 1.16-1.28 HKD [1] Financial Performance - In the first half of 2025, CITIC Financial Assets achieved operating revenue (including performance from joint ventures and associates) of 40.2 billion yuan, a year-on-year increase of 19.9%, and net profit from continuing operations of 5.5 billion yuan, up 19.7%, with net profit attributable to ordinary shareholders reaching 6.2 billion yuan, reflecting a 15.7% increase, while annualized ROE stood at 21.1% and ROA at 1.1% [1] Asset Growth - As of the end of Q2 2025, the total assets of the company amounted to 1.01 trillion yuan, marking a 2.7% increase from the beginning of the year but a 4.2% decrease year-on-year. The total assets in the non-performing asset management segment grew by 2.7% compared to the beginning of the year, while the asset management and investment segment saw a 1.6% increase [2] Segment Performance - The non-performing asset management segment reported a revenue increase of 58.3% year-on-year, primarily due to approximately 21.3 billion yuan in income from investments in China Bank and Everbright Bank. Conversely, the asset management and investment segment experienced an 85.1% decline in revenue, with its share of income before group offsets dropping to 5.6% [3] Credit Cost and Risk Management - The credit cost rate for the first half of the year was 15.3%, significantly up year-on-year, attributed to increased credit impairment on debt instruments measured at amortized cost. The substantial provisioning has enhanced the company's risk resilience, with the overall provision coverage ratio for debt instruments measured at amortized cost and those measured at fair value, with changes recorded in other comprehensive income, reaching 270% by the end of June 2025, an increase of 44 percentage points from the beginning of the year [4]

Investment Rating - The investment rating for the company is "Neutral" [5][45]. Core Views - The company reported an increase in both revenue and net profit for the first half of 2025, with total revenue reaching 40.2 billion yuan, a year-on-year growth of 19.9%, and net profit attributable to ordinary shareholders amounting to 6.2 billion yuan, a 15.7% increase [1][3]. - The company has focused on its core business of non-performing asset management, with significant revenue growth in the non-performing asset management segment, which saw a 58.3% increase year-on-year [2][21]. - Credit costs have risen, with the credit cost rate for the first half of 2025 at 15.3%, significantly higher than the previous year, indicating enhanced risk resilience [2][28]. Financial Performance - The company achieved a total asset amount of 1.01 trillion yuan by the end of Q2 2025, reflecting a 2.7% increase from the beginning of the year but a 4.2% decrease year-on-year [1][4]. - The annualized ROE for the first half of 2025 was 21.1%, while the ROA was 1.1% [1][17]. - The company expects net profit attributable to ordinary shareholders to grow to 10.4 billion yuan in 2025, with projected growth rates of 8.5% in 2025, 4.1% in 2026, and 1.1% in 2027 [3][34]. Revenue and Cost Structure - The revenue from the non-performing asset management segment was 30.6 billion yuan, while the asset management and investment segment generated only 1.8 billion yuan [21][25]. - The company's cost structure is primarily driven by asset impairment losses and interest expenses, with significant increases in impairment losses due to the rise in credit costs [26][28]. - The company has made substantial provisions for asset impairment, which has improved its risk management capabilities [2][28]. Valuation and Price Target - The reasonable price range for the company's stock is estimated to be between 1.16 and 1.28 HKD, representing a potential upside of 6% to 17% compared to the closing price of 1.09 HKD on September 12, 2025 [3][45]. - The absolute valuation method suggests a value range of 1.49 to 1.67 HKD, while the relative valuation indicates a price range of 0.82 to 0.88 HKD [39][42].

Core Viewpoint - The performance report of CITIC Financial Asset Management Co., Ltd. for the first half of 2025 shows significant growth in key financial indicators, with total revenue exceeding 40 billion yuan and net profit increasing by 15.7% year-on-year, indicating a strong competitive position in the industry [1][2]. Financial Performance - In the first half of 2025, CITIC Financial Asset achieved a total revenue of 40.22 billion yuan, a year-on-year increase of 21.1%, and a net profit of 6.168 billion yuan, up 15.7% [2]. - The company’s annualized return on equity (ROE) reached 21.1%, reflecting its strong profitability [1]. - The total assets of the company amounted to 1,010.93 billion yuan as of June 30, 2025 [2]. Cost Control and Efficiency - The company has effectively controlled costs, with business and management expenses decreasing by 24.6% and commission and fee expenses down by 13.2% year-on-year, despite significant business expansion [2]. - The provision coverage ratio improved to 270%, an increase of 44 percentage points from the previous year, indicating enhanced asset quality and risk resilience [2]. Core Business Strength - The core business of non-performing asset management showed remarkable performance, with new acquisitions of non-performing assets totaling 125.2 billion yuan and a significant increase in disposal of non-performing asset packages [4]. - The company’s efforts in distressed asset management have led to a 180.8% year-on-year increase in realized gains from disposed non-performing assets [4]. Strategic Focus - CITIC Financial Asset is committed to integrating its business development with national strategies, particularly in real estate risk mitigation and supporting the real economy [7][8]. - The company has actively participated in various sectors, including green finance and technology finance, with significant investments in strategic emerging industries [5][6]. Future Goals - The company aims to become an industry benchmark by 2024, focusing on enhancing its core business capabilities and recognizing the unique role of financial asset management companies in economic cycles [9][10]. - The strategic plan emphasizes understanding macroeconomic trends, regulatory policies, and market demands to capture new profit models and maintain a competitive edge [9][10].

Core Insights - The company reported strong financial performance for the first half of 2025, with total revenue exceeding 40 billion yuan, a year-on-year increase of 21.1%, and a net profit of 6.168 billion yuan, up 15.7% [2][3] - The annualized return on equity (ROE) reached 21.1%, indicating sustained profitability and industry leadership [2][3] - The management emphasized a significant transformation in the company's operations, focusing on enhancing core competitiveness and integrating business strategies with national priorities [2][7] Financial Performance - As of June 30, 2025, the company's total assets amounted to 1,010.933 billion yuan, with a net profit margin reflecting a robust growth trajectory [3] - The company increased its core business investments significantly, with new investments totaling 87.9 billion yuan, 1.4 times that of the previous year [3] - Cost control measures led to a reduction in business and management expenses by 24.6% and 13.2% respectively, showcasing effective cost management [3] Asset Quality and Risk Management - The company improved its asset quality, with a provisioning coverage ratio of 270%, an increase of 44 percentage points from the previous year [3][4] - The company implemented a "clear old and control new" strategy, resulting in a 62.6% decrease in the scale of new credit risk assets [4] Core Business Competitiveness - The company's core business in non-performing asset management showed remarkable performance, with new acquisitions of non-performing loans valued at 125.2 billion yuan [5][6] - The company achieved a significant increase in revenue from its asset disposal operations, with a year-on-year growth of 180.8% [6] Strategic Alignment with National Goals - The company has integrated its business development with national strategies, particularly in real estate risk mitigation, having invested in 93 real estate relief projects totaling 55.9 billion yuan [7][8] - The company actively supports various sectors, including green finance and technology finance, with investments exceeding 2.6 billion yuan in green projects and nearly 10 billion yuan in strategic emerging industries [8] Future Aspirations - The company aims to become an industry benchmark by 2024, with a focus on enhancing its core business capabilities in non-performing asset management [9][10] - The management outlined a five-dimensional approach to establish a leading recognition system in the industry, emphasizing the importance of understanding macroeconomic trends, market demands, and regulatory frameworks [10]