● 本报记者程竹吴杨 初秋的九寨沟层林叠翠，碧水如镜。毗邻核心景区的九寨华美胜地度假区，正焕发出前所未有的活力： 藏羌非遗博物馆2.0版落成，新投用的萌宠乐园成为亲子出游的热门场所，丽思卡尔顿隐世酒店吸引着 全球高端客群入住……谁能想到，这里一年多前还深陷资产低效、财务承压的困境？中国证券报记者日 前调研了解到，从"沉睡资产"到"活力绿洲"的华丽转身，正是中国中信金融资产创新运用"AMC+银 行"协同模式，深度赋能央企文旅项目破局重生的生动实践，也是其从风险化解者向价值创造者转型的 又一例证。 在经济结构调整与产业升级的关键期，如何通过金融创新盘活困境资产、激发经济活力，已成为推动高 质量发展的重要课题。"我们以九寨文旅项目为样本，打造了金融助企纾困、推动绿色转型的典型范 例，为同类项目提供了可复制的'中信方案'。"中国中信金融资产北京分公司项目负责人说。 破局：协同模式注入转型动力 九寨华美胜地度假区项目坐拥优质自然资源与文化底蕴，是某央企集团布局文旅产业的重要一环。但受 多重因素制约，项目曾长期面临资产利用率低、运营模式亟待创新等挑战，成为集团战略升级的"痛 点"。 拓界：为行业转型开辟新路径 项目行于此 ...

Core Viewpoint - The transformation of the Jiuzhai Huamei Resort from underutilized assets to a vibrant destination exemplifies the successful implementation of the "AMC + Bank" collaborative model by China CITIC Financial Asset, showcasing its shift from a risk mitigator to a value creator [1][2]. Group 1: Project Overview - Jiuzhai Huamei Resort, part of a central enterprise's cultural tourism strategy, faced challenges such as low asset utilization and the need for innovative operational models [1]. - The project has undergone a significant transformation, with the introduction of new attractions like the upgraded Intangible Cultural Heritage Museum and a pet park, enhancing its appeal to families [1][2]. Group 2: Financial Performance - The resort achieved a revenue of 91 million yuan in the first half of 2025, reflecting a year-on-year growth of 24.15% [2]. - The core hotel segment aims for a positive EBITDA this year, with a notable reduction in the debt-to-asset ratio compared to before the revitalization efforts [2]. Group 3: Collaborative Model - The "AMC + Bank" model integrates the expertise of CITIC Financial Asset with banking resources to create a comprehensive financial service system, addressing issues like asset restructuring and debt optimization [2][3]. - This model has been recognized as a replicable solution for similar projects, with Jiuzhai Huamei Resort being selected as a typical case by the National Development and Reform Commission [3]. Group 4: Industry Impact - The successful revitalization of the Jiuzhai Huamei Resort not only strengthens the central enterprise's transformation but also serves as a benchmark for financial support in the cultural tourism sector [3][4]. - The experience gained from this project enhances CITIC Financial Asset's expertise in green finance, paving the way for further collaborations with other enterprises seeking transformation [4].

Core Viewpoint - The Qingdao turbine group, once a key player in China's turbine manufacturing, is undergoing a significant restructuring process to recover from financial difficulties, with the support of China CITIC Financial Assets, which has implemented a comprehensive financial rescue plan [1][2][6] Group 1: Company Background and Challenges - The Qingdao turbine group has over 1,200 employees and nearly 1,000 creditors, with total debts exceeding 6 billion yuan [1] - The company faced severe operational challenges due to equity disputes and management issues after 2010, leading to a court-ordered restructuring in 2022 [1] Group 2: Financial Rescue Actions - In early 2022, CITIC Financial Assets identified the group's debt issues and initiated a "breaking the ice" operation to understand the situation better [2] - In 2024, the project team launched a "dual-line operation" to facilitate the restructuring process, ensuring timely communication and approval of the restructuring plan [2] Group 3: Recovery Strategies - The recovery plan includes a "three-dimensional repair plan" focusing on financial support, management restructuring, and industry integration [3][4] - Financial support involved creating a trust structure and implementing debt restructuring to stabilize operations and resume production [3] - Management restructuring included optimizing procurement processes, real-time data monitoring, and establishing mentorship programs for skilled workers [4] Group 4: Broader Implications - The financial rescue not only aims to revive the turbine group but also reflects a broader commitment to supporting the high-end manufacturing sector in China [6] - The collaboration among various CITIC entities has provided a comprehensive financial service package, enhancing the group's innovation capabilities and operational efficiency [6]

Core Viewpoint - CITIC Financial Assets announced preliminary mid-term financial data, projecting a net profit attributable to shareholders of approximately RMB 6 billion to 6.2 billion for the first half of 2025, representing a year-on-year growth of about 12.5% to 16.3% [1] Financial Performance - The expected net profit growth, excluding the impact of the leasing company's off-balance sheet, is approximately 23.9% to 28.2% compared to the same period last year [1] - The company has strengthened its main business capabilities and continued to support the real economy, leading to sustained growth in operating performance [1] Strategic Initiatives - CITIC Financial Assets is actively implementing central financial work directives, focusing on financial rescue and counter-cyclical adjustments, while also seizing national policy opportunities [1] - The company has increased its main business investments, particularly in business revitalization and equity business, resulting in significant growth in main business income [1] Risk Management - The company has deepened its comprehensive risk management system, enhancing asset quality, with current provisions for asset impairment losses and non-performing assets amounting to approximately RMB 21.8 billion [1] - Future risk resilience is expected to improve as the company continues to strengthen its financing capabilities and innovate financing tools, with a year-on-year decrease in financing costs [1] Future Outlook - In the second half of the year, CITIC Financial Assets aims to enhance operational quality and efficiency, striving to become a benchmark in the non-performing asset industry while better serving national strategies and the real economy [1]

Core Viewpoint - Company expects a year-on-year increase in net profit attributable to shareholders of approximately 12.5% to 16.3% for 1H25, driven by growth in equity business and a decrease in financing costs [1] Group 1: Financial Performance - The estimated net profit for 1H25 is projected to be between 6 billion to 6.2 billion yuan, with a growth rate of approximately 12.5% to 16.3% [1] - Excluding the impact of the leasing company, the year-on-year growth is expected to be around 23.9% to 28.2% [1] - The company plans to achieve significant improvements in operational quality by the end of 2025 and aims to become an industry benchmark by 2026-2027 [1] Group 2: Investment Activities - The company has increased its holdings in Bank of China and China Everbright Bank, with a one-time investment income estimated between 17.9 billion to 20.6 billion yuan for 1H25 [2] - As of now, 78% of the planned increase in Bank of China shares has been completed, and 48% of the increase in China Everbright Bank shares has been completed [2] Group 3: Financing and Cost Management - The company has strengthened its financing capabilities, with financing costs decreasing year-on-year [2] - The estimated financing cost for 2H24 is projected to be 3.63%, a decrease of 20 basis points year-on-year and 17 basis points compared to 1H24 [2] Group 4: Risk Management - The company reported an increase in asset impairment losses of approximately 21.8 billion yuan for 1H25, enhancing its risk resistance capabilities [3] - The provision coverage ratio for non-performing debt assets is reported at 54% for 2024 year-end acquisitions [3] Group 5: Market Position and Future Outlook - The company has been included in the MSCI China Index, with an estimated potential inflow of passive funds of 1.1 billion USD [3] - The target price has been raised by 46% to 1.21 HKD, reflecting a favorable market sentiment and potential for attracting incremental funds [3]

Core Viewpoint - China CITIC Financial Asset (02799.HK) has released a positive profit forecast, expecting a net profit of approximately 6 to 6.2 billion RMB for the first half of 2025, representing a year-on-year growth of about 12.5% to 16.3% [1] Financial Performance - The company reported a significant increase in net profit for 2024, reaching 9.618 billion RMB, which is 5.4 times that of the previous year, with total revenue of 112.766 billion RMB, a year-on-year growth of 60% [3] - The company's market share in the acquisition and disposal of non-performing assets remains among the industry leaders, with a balance of approximately 180 billion RMB in non-performing asset debt as of 2024 [3] Strategic Developments - The company aims to become a benchmark in China's non-performing asset management industry, leveraging deep collaboration with CITIC Group to expand its core business [2] - The company has successfully revitalized several projects, including the Guangxi Wuxiang Ocean City and Shanghai Yihua Courtyard, contributing to its high-quality business development [4][5][6] Investment Opportunities - The company has made significant strides in equity investment, with a 191% increase in equity stakes in joint ventures and associates, totaling 216.325 billion RMB by the end of last year [7] - Recent investments include increasing stakes in major banks such as Everbright Bank and Bank of China, enhancing its strategic asset allocation in the energy sector through a 26 billion RMB investment in State Grid New Source Holdings [8][9] Market Recognition - The company has been included in the MSCI China Index, reflecting its growing influence and investment value in the international capital market [10][11] - International institutions, including Moody's and Fitch, have recognized the company's improved financial stability and risk management capabilities, leading to upgraded ratings [10][12] Industry Outlook - The introduction of new regulations for asset management companies is expected to create a favorable environment for the non-performing asset industry, presenting significant growth opportunities [13]

Core Viewpoint - CITIC Financial Assets is expected to achieve a net profit of at least 6 billion to 6.2 billion RMB in the first half of 2025, indicating a strong recovery and potential to exceed 10 billion RMB for the entire year, reminiscent of its peak performance seven years ago [2][13]. Group 1: Financial Performance - The projected net profit for the first half of 2025 represents a year-on-year growth of approximately 12.5% to 16.3%, and a growth of 23.9% to 28.2% when excluding the impact of the leasing company [2]. - In 2024, CITIC Financial Assets achieved a total revenue of 112.77 billion RMB, a year-on-year increase of 60%, and a net profit of 9.618 billion RMB, marking a 440% increase [13]. - The company's total assets reached 984.229 billion RMB in 2024, reflecting a 17% year-on-year growth [13]. Group 2: Business Strategy - CITIC Financial Assets has significantly increased its focus on core business operations, with the income from non-performing asset management reaching 90.671 billion RMB in 2024, accounting for 84.4% of total revenue, a 35.4% increase from 2023 [2]. - The market-oriented debt-to-equity swap business saw a remarkable growth of 103.7% year-on-year [2]. - The company has actively engaged in equity investments, increasing its stake in major banks and other enterprises, including a 18.02% stake in China Bank [3][17]. Group 3: Risk Management - CITIC Financial Assets reported a total impairment loss of 21.8 billion RMB in the first half of 2025, with cumulative impairment losses reaching 327.9 billion RMB since 2018 [7][10]. - The company has successfully reduced its exposure to the real estate sector, with the balance of real estate-related non-performing assets dropping to 78.8 billion RMB, down from nearly 200 billion RMB in 2019, a reduction of over 60% [10]. Group 4: Financial Support and Innovation - CITIC Group has committed to providing an average financial support of 69.68 billion RMB per year over the next three years, a significant increase of 778% compared to 2023 [4][6]. - The company has successfully launched a major asset-backed securities product with a scale of 10.01 billion RMB, marking it as the largest corporate ABS product issued in the year [6]. Group 5: Key Developments - CITIC Financial Assets has initiated a large-scale recruitment drive to enhance its workforce, focusing on diverse talent acquisition [19]. - The company has been involved in significant projects, such as the successful revitalization of the Shanghai Yihua project, which generated over 4 billion RMB in sales [20].

Core Viewpoint - CITIC Financial Assets (02799.HK) is expected to report a net profit attributable to shareholders of RMB 6 billion to 6.2 billion for the first half of 2025, representing a year-on-year growth of 12.5% to 16.3%, and a growth of 23.9% to 28.2% when excluding the impact of the leasing company's off-balance sheet items [1] Group 1 - The company emphasizes its role in financial rescue and counter-cyclical adjustment, aligning with national strategies to mitigate financial risks while enhancing its core business capabilities [1] - Significant growth in main business revenues is noted, particularly in asset recovery and equity business, contributing to steady improvement in asset returns [1] - The company has strengthened its financing capabilities, with continuous innovation in financing tools and a year-on-year decrease in financing costs [1] Group 2 - The risk management system is undergoing further development, with the company recognizing asset impairment losses and non-performing debt assets amounting to approximately RMB 21.8 billion, aimed at enhancing risk resilience [1]

Group 1 - The core viewpoint of the announcement is that CITIC Financial Asset Management Co., Ltd. expects a net profit attributable to shareholders of approximately RMB 6 billion to 6.2 billion for the first half of 2025, representing a year-on-year growth of about 12.5% to 16.3%, and a growth of approximately 23.9% to 28.2% when excluding the impact of the leasing company's deconsolidation [2] - The company emphasizes its commitment to implementing central financial work directives, enhancing its main business capabilities, and actively serving national strategies while managing financial risks [2] - The company reported a significant increase in main business income, particularly in business revitalization and equity business, alongside improved asset returns and reduced financing costs year-on-year [2] Group 2 - The year 2025 is identified as a critical year for CITIC Financial Asset Management to achieve significant improvements in quality and efficiency, aiming to become an industry benchmark within five years [3] - The company plans to advance its "One Three Five" strategy and is determined to complete the third step of its "Two-Year Three-Step" plan [3]

Core Viewpoint - CICC has raised the profit forecast for CITIC Financial Assets (02799) for 2025 and 2026 by 16% and 20% to 11.5 billion and 11.4 billion respectively, due to growth in equity business income and a decline in financing costs [1] Group 1: Profit Forecast and Performance - The company expects a year-on-year increase in net profit attributable to shareholders of approximately 12.5% to 16.3% for 1H25, estimating net profit to be around 6 billion to 6.2 billion [2] - Excluding the impact of the financial leasing company, the year-on-year growth is projected to be about 23.9% to 28.2% [2] - The company plans to achieve its strategic goal of "significant improvement in quality and efficiency" by the end of 2025 and aims to become an industry benchmark by 2026-2027 [2] Group 2: Financing and Investment - The company has strengthened its financing capabilities in 1H25, with financing costs decreasing year-on-year [3] - The estimated financing cost for 2H24 is 3.63%, down 20 basis points year-on-year and 17 basis points compared to 1H24 [3] - The company has increased its holdings in Bank of China and China Everbright Bank, with a one-time investment income estimated between 17.9 billion and 20.6 billion [2] Group 3: MSCI Inclusion and Market Impact - The company was included in the MSCI China Index, with adjustments to take effect after August 26, potentially attracting passive fund inflows of approximately 1.1 billion USD [3] Group 4: Financing Authorization - The company's shareholders have authorized the board to issue new shares, with the total number not exceeding 20% of the currently issued domestic and H-shares, valid until the next shareholders' meeting in 2024 or the end of the 2025 shareholders' meeting [4]