Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company achieved a revenue of 5.72 billion yuan, a year-on-year increase of 47.7%, and a net profit of 2.04 billion yuan, up 64.9% year-on-year, with an EPS of 0.38 yuan [7] - The brokerage income saw a significant increase of 56.3% year-on-year, contributing to 22.7% of total revenue, driven by a 70.3% increase in average daily trading volume [7] - The investment income, including fair value gains, reached 3.4 billion yuan, reflecting an 83.3% year-on-year growth, indicating strong performance in proprietary and derivative trading [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 35.446 billion yuan, with a decline of 5.22% year-on-year, while net profit is expected to be 6.156 billion yuan, down 18.97% year-on-year [1] - For 2025, net profit is forecasted to be 6.621 billion yuan, representing a growth of 16.28% [1] Business Segments - Brokerage business revenue increased significantly, while underwriting revenue decreased by 10.5% year-on-year [7] - Asset management revenue grew by 15.2% year-on-year, indicating a stable expansion in this segment [7] - Proprietary trading and derivatives business showed a robust increase, with investment income rising by 83.3% year-on-year [7] Market Position - The company maintains a leading position in the asset management industry, with a total asset management scale of 552 billion yuan, despite a slight year-on-year decline [7] - The company continues to strengthen its competitive barriers in investment banking and wealth management, benefiting from a recovering market environment [7]

Financial Performance - For the first quarter of 2025, the company achieved operating revenue of RMB 5,720,965,040, representing a year-on-year increase of 47.69% compared to RMB 3,873,747,046 in the same period last year[4][9] - The net profit attributable to shareholders of the parent company for the same period was RMB 2,041,982,798, reflecting a significant year-on-year growth of 64.85% from RMB 1,238,666,240[4][9] - The basic earnings per share increased by 71.55% to RMB 0.382, up from RMB 0.223 in the previous year[9][18] - The company reported a net profit excluding non-recurring items of RMB 2,008,455,771, which is a 65.07% increase from RMB 1,216,702,413 in the previous year[9][19] - Net profit for Q1 2025 was RMB 2,044,387,261, representing a 64.9% increase from RMB 1,239,089,337 in Q1 2024[36] - The company reported a net profit of RMB 98,299,737 for Q1 2025, a decrease of 95.1% from RMB 1,986,970,103 in the same quarter last year[43] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 31.38% to RMB 8,793,070,123, down from RMB 12,814,865,518 in the same period last year[9][19] - Operating cash flow decreased by 31.38% to ¥8,793,070,123, primarily due to reduced cash inflows from financial instruments held for trading[22] - The net cash flow from operating activities for Q1 2025 was RMB 4,914,979,976, down 43.5% from RMB 8,628,609,356 in Q1 2024[44] - Cash flow from investment activities showed a net outflow of RMB 1,046,406,291, contrasting with a net inflow of RMB 4,289,700,093 in the previous year[45] - Net cash flow from investing activities was negative at ¥-1,392,132,913, reflecting increased cash payments for investments[22] - Net cash flow from financing activities was negative at ¥-10,478,440,949, due to decreased cash inflows from issuing debt instruments[22] Assets and Liabilities - Total assets at the end of the reporting period were RMB 673,200,948,427, a slight decrease of 0.22% from RMB 674,715,821,446 at the end of the previous year[10] - Total liabilities decreased to RMB 555,724,781,523 from RMB 559,094,150,638, indicating a reduction of approximately 0.7%[33] - The total assets as of March 31, 2025, were RMB 327,602,300,109, down from RMB 336,796,609,098 at the end of 2024[40] - The total liabilities decreased to RMB 240,240,709,816 as of March 31, 2025, compared to RMB 249,315,377,539 at the end of 2024[41] Equity and Investments - The total equity attributable to shareholders of the parent company increased by 1.57% to RMB 117,152,834,492 from RMB 115,347,607,754[10] - The company’s total equity as of March 31, 2025, was RMB 87,361,590,293, a slight decrease from RMB 87,481,231,559 at the end of 2024[41] - The company reported investment income of RMB 4,244,768,778 for Q1 2025, up from RMB 3,435,648,963 in Q1 2024[35] - Investment income for Q1 2025 was RMB 1,214,999,018, a significant recovery from a loss of RMB 485,982,202 in Q1 2024[42] Expenses and Tax - Tax expenses increased by 94.16% to ¥370,748,737, driven by an increase in total profit[21] - Business and management expenses rose by 37.00% to ¥3,280,813,570, reflecting higher employee costs due to improved operational performance[21] - Total operating expenses surged to RMB 1,626,416,201, compared to RMB 601,917,027 in Q1 2024, reflecting a year-over-year increase of 169.5%[42] Other Financial Metrics - The risk coverage ratio improved to 219.10% from 188.54% in the previous year, indicating enhanced risk management[13] - The liquidity coverage ratio significantly increased to 371.61% from 224.00% year-on-year, reflecting better liquidity management[13] - The company’s cash and cash equivalents rose to RMB 131,172,724,121 from RMB 128,501,125,589[32] - The ending cash and cash equivalents balance as of March 31, 2025, was RMB 45,401,859,910, down from RMB 52,052,365,913 at the end of Q1 2024[46]

Financial Performance - The total revenue for China International Capital Corporation (CICC) in 2024 reached RMB 20 billion, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders for the year was RMB 5 billion, up 10% compared to the previous year[10]. - The company achieved total revenue and other income of RMB 33.172 billion, resulting in a net profit of RMB 5.694 billion for the year[24]. - 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[71]. - Net profit attributable to shareholders of the parent company for 2024 was RMB 5,694.3 million, down 7.5% from RMB 6,156.1 million in 2023[71]. - The company's earnings per share for 2024 was RMB 1.035, a decline of 9.1% year-on-year[158]. - The company reported a decrease in total expenses by 8.0% to RMB 26,354.6 million in 2024[167]. Revenue Streams - The firm reported a 30% increase in fixed income trading volume, reflecting strong market demand[10]. - Investment banking revenue decreased to RMB 2,822.2 million in 2024 from RMB 3,664.8 million in 2023, a decline of RMB 842.6 million or 23.0%[194]. - The stock business segment reported a revenue drop to RMB 7,489.8 million in 2024, down 25.6% from RMB 10,067.3 million in 2023[196]. - Fixed income segment revenue increased by 32.2% to RMB 7,935.6 million in 2024, up from RMB 6,002.0 million in 2023[196]. - Asset management revenue grew by 13.0% to RMB 1,360.0 million in 2024, up from RMB 1,203.7 million in 2023[198]. - Private equity segment revenue fell to RMB 1,184.4 million in 2024, a decrease of 43.9% from RMB 2,109.7 million in 2023[199]. Client Engagement and Market Position - User data showed an increase in active clients by 25%, reaching a total of 1.5 million clients[10]. - The company managed pension assets exceeding RMB 150 billion, achieving the highest assessment rating from the Social Security Council for three consecutive years[27]. - The company achieved a leading market share in QFII clients for 21 consecutive years, indicating strong institutional service performance[130]. - The company has a high-quality and extensive customer base, providing comprehensive and customized cross-border services to large enterprises and growing wealth clients[98]. Strategic Initiatives and Future Outlook - The company expects a revenue growth forecast of 12% for the next fiscal year, driven by expanding market share in investment banking[10]. - CICC plans to expand its market presence in Southeast Asia, targeting a 20% increase in regional revenue by 2026[10]. - The company aims to strengthen its role as a bridge between the real economy and capital markets, aiming for breakthroughs in high-quality development by 2025[96]. - The company plans to enhance A-share capabilities and expand coverage of quality enterprises in 2025, while maintaining a leading advantage in Hong Kong IPOs[115]. Operational Efficiency - CICC's cost-to-income ratio improved to 45%, down from 50% in the previous year, indicating enhanced operational efficiency[10]. - The company aims to strengthen internal management and risk control, ensuring stable business operations while enhancing the quality of management[33]. - The company has implemented an efficient management model and a comprehensive risk management system, ensuring effective oversight and unified risk control across its domestic and international operations[103]. Awards and Recognition - The company received multiple awards in 2024, including "Best Investment Bank" and "Best Equity Issuer" in China[58]. - CICC Wealth was recognized as one of the "Top 10 Innovative Services for Family Offices" by Forbes in 2024[59]. - CICC was awarded "Best Green Bond Bank" in the 2024 China Star Awards[59]. - The company has been recognized as a leading market maker in the Northbound Trading segment of the Bond Connect[60]. Technological Advancements - The company has allocated RMB 500 million for research and development in new financial technologies over the next two years[10]. - The company launched a large model for customer service, providing institutional clients with dedicated research assistants available 24/7, marking a new era of AI investment research in the securities industry[31]. - The E-Space platform received the People's Bank of China Financial Technology Development Award in 2024, highlighting the company's leadership in financial technology[152]. Market Trends and Economic Context - The GDP of China is projected to exceed RMB 130 trillion in 2024, reaching RMB 1,349,084 billion, with a growth rate of 5.0% compared to the previous year[87]. - In 2024, China's high-tech manufacturing investment is expected to grow by 7.0% and high-tech service investment by 10.2%, significantly higher than the overall fixed asset investment growth of 3.8%[88]. - The average daily trading volume of A-shares in 2024 reached a historical high of 1.06 trillion yuan, marking a year-on-year increase of 21.2%[90][92].

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].