中國國際金融股份有限公司 3908 年 報 中 國 國 際 金 融 股 份 有 限 公 司 年 報 2024 目錄 002 釋義 經營概覽 公司治理與債券相關情況 財務報告及備查文件 008 重要提示 010 董事長致辭 016 公司簡介 032 會計數據及財務指標摘要 035 管理層討論與分析 118 董事會報告 124 股份變動及股東情況 138 董事、監事、高級管理人員和員工情況 159 企業管治報告 197 環境與社會責任 201 重要事項 212 債券相關情況 244 證券公司信息披露 245 獨立核數師報告 251 合併財務報表 426 備查文件目錄 427 附錄一 435 附錄二 445 附錄三 釋 義 在本報告內，除非文義另有所指，否則下列詞彙具有以下涵義： | 「本公司」、「公司」或「中金公司」 | 指 | 中國國際金融股份有限公司，於2015年6月1日由中國國際金融有限公司從 中外合資經營企業改制為股份有限公司，本公司H股於香港聯交所上市（股 | | --- | --- | --- | | | | 份代號：03908），本公司A股於上海證券交易所上市（股份代號：601995） | | 「本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company continues to solidify its wealth management business while maintaining its leading position in investment banking despite facing pressure across various business lines. The long-term outlook remains positive due to its strong fee-based services and balance sheet management capabilities, which are expected to enhance ROE steadily through client-driven and wealth management businesses [2][10]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 21.33 billion and a net profit attributable to shareholders of 5.69 billion, reflecting year-on-year declines of 7.2% and 7.5% respectively. The weighted average return on equity (ROE) decreased by 0.91 percentage points to 5.52% [6][10]. - Revenue breakdown by business lines includes brokerage at 4.26 billion, investment banking at 3.09 billion, asset management at 1.21 billion, and proprietary trading at 10.11 billion, with year-on-year changes of -5.9%, -16.4%, -0.3%, and -4.5% respectively [10]. Wealth Management and Client Base - The company has nearly 8.5 million wealth management clients, with client account assets reaching 3.18 trillion, a year-on-year increase of 10.4%. The product scale of wealth management has seen continuous growth over five years, now nearing 370 billion [10]. - The company’s financial product distribution scale and revenue were 274.755 billion and 8.90 billion respectively, showing declines of 19.2% and 29.1% year-on-year [10]. Cross-Border Business and Market Position - The influence of cross-border business continues to grow, with the company maintaining the top market share for QFII clients for 21 consecutive years. It also leads in the Hong Kong stock trading market among Chinese brokers [10]. - The company was recognized as one of the first market makers in the "HKD-CNY dual counter model" and received the "Most Active RMB Counter Market Maker" award from the Hong Kong Stock Exchange, contributing to RMB internationalization [10]. Underwriting and Asset Management - The company remains a leader in equity and bond underwriting, with A-share equity financing of 15.939 billion, down 83% year-on-year, while Hong Kong equity financing reached 5.08 billion USD, up 197% year-on-year [10]. - The domestic bond underwriting scale was 711.224 billion, a slight increase of 0.4% year-on-year, while the overseas bond underwriting scale was 5.266 billion USD, up 61.5% year-on-year [10]. Asset Expansion and Investment Returns - The company’s financial asset scale increased by 3.9% year-on-year to 363.877 billion, with an estimated investment return rate of 2.78%, down 0.25 percentage points [10]. - Long-term prospects remain optimistic, with expected net profits for 2025 and 2026 at 6.547 billion and 7.303 billion respectively, corresponding to H-share P/E ratios of 10.32 and 9.25, and P/B ratios of 0.55 and 0.52 [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 19.85, corresponding to a 0.94x PB for 2025 [8]. Core Insights - The company benefited from a recovery in wealth management and investment businesses, with Q4 performance exceeding expectations. The internationalization and specialization capabilities of the company are expected to continuously strengthen its business advantages, aiming to build a world-class investment bank [3][8]. Financial Summary - For 2023A, the company reported revenue of RMB 22,990.20 million, with a projected decline of 11.87%. The net profit for the same year was RMB 6,156.13 million, down 18.97% year-on-year. The forecast for 2024A shows revenue of RMB 21,333.44 million and net profit of RMB 5,694.34 million, reflecting a decrease of 7.21% and 7.50% respectively [7]. - Q4 single-quarter profit reached RMB 2,840 million, a year-on-year increase of 83.2%, driven primarily by the wealth management and investment business [8]. Business Performance - The wealth management business saw significant improvement, with Q4 brokerage revenue reaching RMB 1,700 million, up 67.6% year-on-year and 115.1% quarter-on-quarter. The asset allocation product scale has grown to nearly RMB 370 billion, marking five consecutive years of positive growth [8]. - The investment business benefited from an improved stock and bond environment, with a Q4 single-quarter investment return rate of 4.8%, an increase of 150 basis points year-on-year and 189 basis points quarter-on-quarter [8]. Industry Outlook - The report anticipates an acceleration in supply-side reforms within the industry, with the company’s international and specialized capabilities expected to solidify its business advantages. The new round of capital market reforms focuses on comprehensive investment and financing reforms, which will create opportunities for high-quality securities firms to accelerate their transformation [8].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 17.21 [2][10]. Core Views - The company's performance is in line with expectations, showing significant growth in light capital business. The return on equity (ROE) for the reporting period is 4.9%, with a quarterly ROE of 2.5%, reflecting a quarter-on-quarter increase of 1.9 percentage points [2][10]. - The total revenue for the reporting period, excluding other business income, is HKD 21.3 billion, representing a year-on-year decrease of 7.2%. The net profit attributable to the parent company is HKD 5.7 billion, down 7.5% year-on-year [7][10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period is 4.74 times, a decrease of 0.06 times year-on-year [2][8]. - The asset turnover ratio is 3.9%, down 0.7 percentage points year-on-year, while the net profit margin stands at 26.8%, a slight decrease of 0.1 percentage points year-on-year [2][8]. - The self-operated business revenue is HKD 10.12 billion, with a quarterly revenue of HKD 2.66 billion, reflecting a quarter-on-quarter decrease of HKD 0.55 billion [3][10]. - Interest income from credit business is HKD 8.71 billion, with a quarterly income of HKD 2.26 billion, showing a quarter-on-quarter increase of HKD 0.23 billion [3][10]. - Brokerage business revenue has shown significant growth, reaching HKD 4.26 billion, with a quarterly revenue of HKD 1.7 billion, reflecting a quarter-on-quarter increase of 115.1% and a year-on-year increase of 67.6% [9][10]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be RMB 1.38, RMB 1.49, and RMB 1.61 respectively, with corresponding price-to-book ratios (PB) of 0.70, 0.66, and 0.63 [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant improvement across all business lines in Q4, with a year-on-year net profit growth exceeding 80% [1] - The total revenue for 2024 is projected to be 33.172 billion yuan, a decrease of 6.42% compared to the previous year, while the net profit is expected to be 5.694 billion yuan, down 7.5% year-on-year [1] - The company has a strong competitive position in investment banking and wealth management, with expectations of further leveraging its leading advantages as market activity and conditions improve [1] Financial Performance Summary - Total revenue for 2023 was 35.446 billion yuan, with a year-on-year decline of 5.22% [1] - The net profit for 2023 was 6.156 billion yuan, reflecting an 18.97% decrease year-on-year [1] - The earnings per share (EPS) for 2023 was 1.28 yuan, with a projected EPS of 1.04 yuan for 2024 [1] - The company achieved a net income of 28.4 billion yuan in Q4 2024, marking an 83.2% increase year-on-year [1] Business Segment Performance - Brokerage income for 2024 is expected to be 4.26 billion yuan, down 5.9% year-on-year, but Q4 saw a significant increase of 67.6% [1] - Investment banking revenue for 2024 is projected at 3.09 billion yuan, a decrease of 16.4% year-on-year, with a notable drop in equity underwriting [1] - Asset management revenue for 2024 is expected to be 1.21 billion yuan, a slight decrease of 0.3% year-on-year [1] - The company reported a significant recovery in proprietary trading, with Q4 investment income reaching 4.35 billion yuan, up 51% year-on-year [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced a significant improvement across all business lines in Q4, with a year-on-year net profit growth exceeding 80% [1] - The total revenue for 2024 is projected to be 331.72 billion yuan, a decrease of 6.4% year-on-year, while the net profit is expected to be 56.94 billion yuan, down 7.5% year-on-year [7] - The brokerage business saw a slight decline in revenue for the year, but a substantial increase in Q4, with net income reaching 17 billion yuan, up 67.6% year-on-year [7] - The investment banking segment remains strong, with net income of 30.9 billion yuan, despite a 16.4% year-on-year decline [7] - Asset management revenue was 12.1 billion yuan, a slight decrease of 0.3% year-on-year, with total assets under management at 552 billion yuan [7] - The company’s self-operated investment income showed a significant recovery in Q4, with investment income of 43.5 billion yuan, up 51% year-on-year [7] - The report projects an increase in net profit for 2025 and 2026, estimating 66.21 billion yuan and 70.69 billion yuan respectively, with growth rates of 16% and 7% [7] Financial Summary - Total revenue for 2023 was 35,446 million yuan, with a forecasted decrease to 33,172 million yuan in 2024 [1] - The company’s earnings per share (EPS) for 2024 is projected at 1.04 yuan, with a price-to-earnings (P/E) ratio of 13.29 [1] - The company’s total assets are expected to reach 674,716 million yuan in 2024, with a debt-to-asset ratio of 83.35% [6][13]

Financial Performance - Total revenue and other income for 2024 amounted to RMB 33,171.6 million, a decrease of 6.4% compared to RMB 35,446.2 million in 2023[68]. - Net profit attributable to shareholders of the parent company for 2024 was RMB 5,694.3 million, representing a decline of 7.5% from RMB 6,156.1 million in 2023[68]. - Basic earnings per share for 2024 were RMB 1.035, a decrease of 9.1% compared to RMB 1.138 in 2023[68]. - Total expenses for 2024 were RMB 26,354.6 million, down 8.0% from RMB 28,657.8 million in 2023[68]. - The income tax expense increased by 71.5% to RMB 1,130.6 million in 2024, compared to RMB 659.3 million in 2023[163]. - The company's net cash generated from operating activities was RMB 24,240.1 million, a significant increase from RMB 2,422.3 million in 2023[161]. - The net decrease in cash and cash equivalents for 2024 was RMB 8,470.6 million, a reduction of RMB 5,581.2 million or 39.7% compared to RMB 14,051.8 million in 2023[159]. Assets and Liabilities - Total assets of the company reached RMB 674.716 billion by the end of 2024[23]. - Total liabilities as of December 31, 2024, were RMB 559,094.2 million, up 7.6% from RMB 519,409.2 million in 2023[68]. - Total equity attributable to shareholders of the parent company increased by 10.3% to RMB 115,347.6 million from RMB 104,603.3 million in 2023[68]. - The company's net capital as of December 31, 2024, was RMB 49,431.1 million, reflecting a growth of 12.0% from RMB 44,125.9 million in 2023[80]. - The adjusted asset-liability ratio decreased to 79.9%, down 0.8 percentage points from 80.6% at the end of 2023[155]. Business Segments and Revenue - The company has six main business segments: investment banking, equity business, fixed income, asset management, private equity, and wealth management[9]. - Investment banking revenue decreased by 23.0% to RMB 2,822.2 million in 2024 from RMB 3,664.8 million in 2023[190]. - Brokerage revenue fell by 25.6% to RMB 7,489.8 million in 2024 compared to RMB 10,067.3 million in 2023[192]. - Fixed income revenue increased by 32.2% to RMB 7,935.6 million in 2024 from RMB 6,002.0 million in 2023[192]. - Asset management revenue rose by 13.0% to RMB 1,360.0 million in 2024, up from RMB 1,203.7 million in 2023[194]. - Private equity revenue decreased by 43.9% to RMB 1,184.4 million in 2024 from RMB 2,109.7 million in 2023[195]. - Wealth management revenue increased by 4.8% to RMB 10,180.9 million in 2024 compared to RMB 9,714.1 million in 2023[197]. Market Position and Strategy - The company ranked first in global equity financing for Chinese enterprises, completing nearly 400 overseas and cross-border projects with a total transaction volume exceeding 900 billion yuan[28]. - The company aims to enhance its core competitiveness and accelerate innovation in its business operations[44]. - The company is committed to becoming a world-class financial institution with a balanced and reasonable business structure[44]. - The company aims to maintain its leading advantage in the number of Hong Kong IPO projects and underwriting share in 2025[111]. - The company plans to enhance its A-share capabilities and expand coverage of quality enterprises in 2025, focusing on supporting new productive forces[111]. Risk Management and Compliance - The company emphasizes risk management across various dimensions including market, credit, and operational risks[21]. - The company has a strong governance structure in place, ensuring compliance with the Hong Kong Stock Exchange listing rules[12]. - The company is committed to enhancing service quality in alignment with national strategies[23]. - The company has strengthened its risk management mechanisms to ensure capital market stability and improve client service capabilities[127]. Awards and Recognition - The company received multiple awards in 2024, including Best Investment Bank and Best Equity Issuer in China[55]. - CICC Wealth Management was recognized as one of the Top 10 Innovative Services for Family Offices in China by Forbes[56]. - CICC was awarded as the Best Green Bond Bank in the 2024 China Star Awards[56]. - The company has been recognized as a leading broker in the Guangdong-Hong Kong-Macao Greater Bay Area[56]. Technological Innovation - The company introduced a digital platform for wealth management and received recognition from the central bank for its financial technology development[25]. - The company launched a new AI-driven research assistant service for institutional clients, marking a new era in AI investment research in the securities industry[29]. - The company views information technology as a core component of its competitiveness, investing in advanced technology and fostering strategic partnerships with leading tech firms[100]. Future Outlook - In 2025, the company aims to strengthen its roots in China while expanding globally, focusing on high-quality development and becoming a leading investment bank with international competitiveness[92]. - The company plans to enhance its service capabilities and regional competitiveness by focusing on new product opportunities and increasing investment in technology innovation bonds, rural revitalization bonds, and green and ESG bonds in 2025[118]. - The company aims to actively expand its overseas client base and address the financing needs of private enterprises in 2025[118].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company's performance has been impacted by a decline in fee-based businesses, while proprietary investments have shown improvement year-on-year [4][6]. - For the first three quarters of 2024, the company reported revenues of 13.45 billion and a net profit attributable to shareholders of 2.86 billion, representing year-on-year declines of 23.0% and 38.0% respectively [4]. - The company continues to enhance its cross-border business capabilities and has received recognition for its role in the internationalization of the Renminbi [5]. - The company's market share in credit business has improved, with a market share of 2.40% as of Q3, up by 0.11 percentage points year-on-year [5]. - The company has also seen an increase in its underwriting market share for both equity and debt, with equity underwriting reaching 31.98 billion, a year-on-year decrease of 68.4%, and a market share of 16.2%, up by 4.93 percentage points [5]. - The proprietary investment segment has shown significant growth, with Q3 2024 proprietary investments reaching 3.21 billion, reflecting increases of 25.0% year-on-year and 32.8% quarter-on-quarter [6]. - The report projects net profits for 2024 and 2025 to be 7.04 billion and 8.31 billion respectively, with corresponding H-share P/E ratios of 8.89 and 7.53 [6]. Summary by Sections Financial Performance - The company achieved operating revenue of 13.45 billion and net profit of 2.86 billion for the first three quarters of 2024, with declines of 23.0% and 38.0% year-on-year [4]. - The weighted average return on equity (ROE) decreased by 2.20 percentage points to 2.64% [4]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 2.56 billion, 2.06 billion, 0.84 billion, and 7.47 billion respectively, with year-on-year changes of -27.1%, -21.4%, -11.7%, and +6.8% [4]. Market Position - The company has been recognized as one of the most active market makers in the "HKD-RMB dual counter model," contributing to the internationalization of the Renminbi [5]. - The company is actively expanding its client base in emerging markets and countries involved in the Belt and Road Initiative [5]. Future Outlook - The report expresses a positive long-term outlook for the company, emphasizing its competitive advantages in brokerage, investment banking, asset management, and trading [6].

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was significantly impacted by foreign exchange losses, with net profit attributable to the parent company dropping by 40% YoY to RMB 630 million [2] - The proprietary trading business showed significant improvement, with Q1-Q3 2024 income reaching RMB 7.46 billion, up 7% YoY [2] - The investment banking business continued to face pressure, with Q1-Q3 2024 income down 21% YoY to RMB 2.06 billion [2] - The asset management business saw a 12% YoY decline in Q1-Q3 2024 income to RMB 840 million [2] - The brokerage business revenue fell 27% YoY in Q1-Q3 2024 to RMB 2.56 billion, with Q3 revenue down 22% YoY to RMB 790 million [2] Financial Performance - Q1-Q3 2024 total operating income decreased by 23% YoY to RMB 13.449 billion [1] - Q1-Q3 2024 net profit attributable to the parent company dropped by 37.97% YoY to RMB 2.858 billion [1] - Q3 2024 revenue decreased by 10% YoY to RMB 4.539 billion [1] - Q3 2024 net profit attributable to the parent company fell by 40% YoY to RMB 630 million [1] - Q1-Q3 2024 net interest expense increased by 44% YoY to RMB 1.193 billion [2] Valuation and Forecast - 2024-2026 net profit attributable to the parent company is forecasted to be RMB 4.484 billion, RMB 5.548 billion, and RMB 5.934 billion respectively [2] - 2024-2026 EPS is projected to be RMB 0.93, RMB 1.15, and RMB 1.23 respectively [2] - Current market value corresponds to 2024-2026 PB (H) valuations of 0.68x, 0.63x, and 0.59x respectively [2] Market Data - Closing price (HKD): 14.38 [4] - 52-week low/high (HKD): 7.81/24.65 [4] - P/B ratio: 0.78x [4] - HKD market capitalization: RMB 27.375 billion [4] Fundamental Data - Net asset per share (RMB): 18.52 [5] - Asset-liability ratio: 83.35% [5] - Total shares outstanding: 4.827 billion [5] - Tradable shares: 1.904 billion [5] Business Segments - Proprietary trading: Q3 2024 income reached RMB 3.21 billion, up 26% YoY and 34% QoQ [2] - Investment banking: Q3 2024 income was RMB 780 million, up 24% YoY but down 6% QoQ [2] - Asset management: Q3 2024 income was RMB 280 million, down 5% YoY and 2% QoQ [2] - Brokerage: Q3 2024 income was RMB 790 million, down 22% YoY and 16% QoQ [2]

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 19.85, corresponding to 1.05x PB for 2024 [4] Core Views - Light capital business pressure and exchange rate fluctuations have dragged down performance [3] - The company has long-term advantages in internationalization and specialization, benefiting from the construction of a world-class investment bank [3] - Revenue and net profit attributable to the parent company for the first three quarters of 2024 were RMB 13.45 billion and RMB 2.86 billion, down 23.0% and 38.0% YoY respectively [4] - Q3 single-quarter profit was RMB 630 million, down 39.8% YoY [4] - Weighted average ROE decreased by 2.2 percentage points to 2.64% [4] - Adjusted revenue (operating income minus other business costs) declined due to contributions from wealth management/brokerage (-24%), investment banking (-14%), asset management (-3%), net interest (-9%), investment (+12%), and other business income (-62%) [4] - The decline in other business income was mainly due to a net exchange loss of RMB 90 million in the first three quarters, compared to a net exchange gain of RMB 2.06 billion in the same period last year [4] - The company's international and professional capabilities are expected to consolidate business advantages and build a world-class investment bank [4] - Wealth management business continues to improve asset allocation and investment advisory services, while investment banking business innovates fixed-income products and enhances M&A service capabilities [4] Financial Summary - Revenue for 2024E is projected at RMB 20.65 billion, with a YoY growth of 9.15% [7] - Net profit for 2024E is projected at RMB 5.44 billion, with a YoY growth of 31.92% [7] - PE ratio for 2024E is 11.73, and PB ratio is 0.67 [7] Market Data - 52-week stock price range: HKD 7.87 to HKD 24.45 [5] - Current market capitalization: HKD 69.42 billion [5]