Financial Performance - In 2024, the company achieved operating revenue of RMB 63.789 billion, a year-on-year increase of 6.20%[9] - The net profit attributable to shareholders reached RMB 21.704 billion, reflecting a year-on-year growth of 10.06%[9] - Total revenue for 2024 reached RMB 91,560 million, an increase of 9.36% compared to RMB 83,725 million in 2023[63] - Net profit attributable to shareholders for 2024 was RMB 21,704 million, reflecting a growth of 10.06% from RMB 19,721 million in 2023[63] - Operating profit for 2024 was RMB 28,301 million, up 10.79% from RMB 25,544 million in 2023[63] - Basic earnings per share for 2024 were RMB 1.41, an increase of 8.46% from RMB 1.30 in 2023[64] - The weighted average return on equity for 2024 was 8.09%, up from 7.81% in 2023[64] - The liquidity coverage ratio improved to 151.18% in 2024, compared to 148.28% in 2023[65] - The commission and fee income for 2024 was RMB 26.08 billion, a decrease of 4.12% compared to the previous year, primarily due to a decline in investment banking revenue[139] - Investment income for 2024 was RMB 2.63 billion, up from RMB 2.18 billion in 2023, marking a growth of 20.83%[137] Assets and Liabilities - Total assets increased to RMB 1.71 trillion, up 17.71% compared to the end of the previous year[9] - Total liabilities increased by 19.74% to RMB 1,411,944 million in 2024 from RMB 1,179,160 million in 2023[63] - The company's debt-to-asset ratio rose to 77.82% in 2024, up from 76.55% in 2023[63] - The total assets of the group amounted to RMB 1,710.71 billion, an increase of RMB 257.35 billion or 17.71% year-on-year[133] - The total liabilities reached RMB 1,411.94 billion, up RMB 232.78 billion or 19.74% from the previous year[133] - The asset-liability ratio as of December 31, 2024, was 77.82%, an increase of 1.27 percentage points from the previous year[134] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 5.20 per 10 shares (including tax) for the reporting period[4] - The proposed cash dividend for the year is RMB 7.707 billion, accounting for 36.88% of the net profit attributable to ordinary shareholders[12] - The company plans to distribute a total dividend of RMB 0.52 per share for 2024, which includes an interim dividend of RMB 0.24 and a proposed final dividend of RMB 0.28[70] Risk Management - The company faces significant risks including market volatility, compliance risks, and credit risks, which could substantially impact operational performance[19] - A comprehensive risk management system has been established to ensure risks are measurable, controllable, and bearable, optimizing business processes and risk control measures[20] - The company has established a comprehensive risk management system to monitor and manage financial, operational, compliance, and legal risks[192] - The company aims to enhance its global risk management capabilities and integrate risk systems domestically and internationally in 2024[192] - The company has implemented a three-line defense mechanism for risk management involving all departments and subsidiaries[192] Business Strategy and Development - The company initiated a digital transformation strategy, establishing a global clearing center and R&D center[10] - CITIC Securities aims to accelerate the construction of a first-class investment bank and investment institution, contributing to the financial strength of the country[13] - The company emphasizes high-quality development to support China's modernization efforts[13] - The company aims to enhance its international competitiveness and expand its presence in emerging markets such as Southeast Asia and the Middle East[81] - The company plans to accelerate its digital transformation and improve its global IT and clearing capabilities to support business development[83] Market Position and Competitiveness - The asset management scale surpassed RMB 4 trillion, with client assets under custody exceeding RMB 12 trillion[10] - The company maintains a leading position in domestic institutional brokerage business, with public fund commission income ranking first in the market for the first half of 2024[100] - The company’s fixed income product sales scale has ranked first in the industry for several consecutive years, showcasing its market leadership[104] - The company is focusing on digital transformation to enhance financial services quality and customer experience, aiming for a comprehensive financial service ecosystem[99] Subsidiaries and Branches - The company has a total of 7 wholly-owned subsidiaries and 1 major holding subsidiary, Huaxia Fund[50] - As of the end of the reporting period, the company has 53 branches and 303 securities business departments in mainland China[51] - CITIC Futures has 51 branches and employs 2,028 staff members[185] - CITIC Securities South operates 52 branches with a workforce of 1,705 employees[185] - Huaxia Fund has a total of 1,784 employees[185] Awards and Recognition - The company received multiple awards in 2024, including the Best Investment Bank and Best Bond Underwriter, highlighting its strong market position[56][57][58][59][60][61] Future Outlook - The year 2025 marks the conclusion of the 14th Five-Year Plan and the beginning of the 15th Five-Year Plan, coinciding with the 30th anniversary of CITIC Securities[13] - The company plans to continue expanding its international development and enhance its global business competitiveness in 2025[95] - The company aims to enhance its research capabilities and expand its influence in 2025, focusing on systematic investment in high-tech barrier enterprises[121]

Investment Rating - The report maintains a "Buy" rating for CITIC Securities (6030 HK) with a target price raised to HKD 25.00, indicating a potential upside of 21.7% from the current price of HKD 20.55 [1][7]. Core Insights - The report highlights that CITIC Securities has seen a positive turnaround in profit growth, with a year-on-year increase of 2.3% in net profit attributable to shareholders for the first three quarters, and a significant 21.9% increase in the third quarter alone, driven by policy expectations and a rebound in the stock market [1][2]. - The growth in revenue is primarily attributed to self-operated investment income, which surged by 37% year-on-year, contributing 13.7 percentage points to core revenue growth, despite a 3.8% decline in core revenue overall [2][3]. - The report anticipates continued support from policy measures aimed at stabilizing the capital market, which will benefit leading brokerage firms as market activity remains robust, with average daily trading volume in October approaching RMB 2 trillion [2][3]. Financial Performance Summary - For the first three quarters, the core revenue decreased by 3.8%, while self-operated investment income increased by 37%, leading to a 12.5% growth in core revenue in the third quarter [2][3]. - The report provides updated profit forecasts, projecting a 17.7% year-on-year increase in net profit for 2024, with a target price based on a price-to-book ratio of 1.1 times for 2025 [2][3]. - Key financial metrics for CITIC Securities include: - Operating income for 2024E is projected at RMB 64,941 million, with a year-on-year growth of 8.1% [5][8]. - Net profit attributable to shareholders is expected to reach RMB 23,174 million in 2024E, reflecting a 17.7% increase compared to the previous year [5][8]. - Total assets are forecasted to grow to RMB 1,704,120 million by 2024E, representing a 30.2% increase [5][8].

Financial Performance - The company achieved operating revenue of RMB 15,958,190,238.48, representing an increase of 11.54% compared to the same period last year[2]. - Net profit attributable to shareholders of the parent company was RMB 6,229,099,787.73, reflecting a growth of 21.94% year-on-year[4]. - Basic earnings per share were RMB 0.40, up by 21.21% compared to the previous year[4]. - The company's net profit attributable to ordinary shareholders for the first half of 2024 was RMB 10,193,712,130.12[15]. - Net profit for the first nine months of 2024 reached ¥17.45 billion, a slight increase from ¥17.07 billion in the same period of 2023, representing a growth of 2.25%[25]. - The net profit attributable to shareholders of the parent company was ¥16.80 billion, up from ¥16.41 billion in 2023, indicating a growth of 2.31%[25]. - Total comprehensive income for the first nine months of 2024 was ¥16.97 billion, down from ¥17.67 billion in 2023, reflecting a decrease of 3.97%[25]. - The total profit for the first nine months of 2024 was RMB 21.93 billion, slightly up from RMB 21.82 billion in the same period of 2023, indicating a growth of approximately 0.5%[23]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,731,716,155,344.04, an increase of 19.15% from the end of the previous year[4]. - The company's total liabilities as of September 30, 2024, amounted to RMB 1,439.75 billion, compared to RMB 1,179.16 billion at the end of 2023, reflecting a growth of about 22.1%[22]. - The company's total equity as of September 30, 2024, was RMB 291.96 billion, an increase from RMB 274.20 billion at the end of 2023, representing a growth of approximately 6.5%[22]. - Total assets increased to RMB 1,140.95 billion as of September 30, 2024, up from RMB 1,046.95 billion on December 31, 2023, representing a growth of approximately 8.97%[29][30][31]. - Total liabilities increased to RMB 907.11 billion as of September 30, 2024, up from RMB 826.19 billion at the end of 2023, representing a growth of about 9.79%[30]. - The company's equity increased to RMB 233.85 billion as of September 30, 2024, compared to RMB 220.77 billion at the end of 2023, reflecting an increase of approximately 5.93%[31]. Cash Flow - The net cash flow from operating activities increased by 309.25% year-on-year, amounting to RMB 113,614,970,301.79[4]. - Operating cash inflow for the first nine months of 2024 was ¥307.86 billion, significantly higher than ¥170.93 billion in 2023, marking an increase of 80.36%[26]. - Cash flow from operating activities netted ¥113.61 billion in 2024, compared to a negative cash flow of ¥54.30 billion in 2023[26]. - Cash flow from financing activities showed a net outflow of ¥23.97 billion in 2024, contrasting with a net inflow of ¥12.75 billion in 2023[27]. - Cash and cash equivalents at the end of September 2024 totaled RMB 226.86 billion, an increase from RMB 179.56 billion at the end of September 2023[35]. - Cash flow from investment activities showed a net outflow of RMB 23.98 billion, a decline from a net inflow of RMB 14.72 billion in 2023[34]. Shareholder Information - The top ten shareholders hold a total of 2,493,028,304 shares, representing 16.82% of the total shares outstanding[8]. - China CITIC Financial Holdings Limited holds 2,299,650,108 shares, accounting for 15.52% of the total shares, and an additional 626,191,828 shares, representing 4.23%[8]. - The total number of shareholders as of September 30, 2024, is 585,092, with 584,933 being A-share shareholders[9]. - The total shares held by Guangzhou Yuexiu Capital Holdings Group is 626,191,828, which is 4.23% of the total shares[9]. - Central Huijin Asset Management holds 205,146,964 shares, representing 1.38% of the total shares[9]. - The total shares held by the top ten unrestricted shareholders is 2,493,028,304, all of which are foreign listed shares[9]. Regulatory and Operational Updates - The company faced regulatory measures from the Zhejiang Securities Regulatory Bureau due to employee misconduct related to client assessments[17]. - The company has submitted rectification reports in response to regulatory issues raised by the Guizhou and Shaanxi Securities Regulatory Bureaus[18]. - The company completed the transfer of 21 branches in five provinces to its wholly-owned subsidiary, CITIC Securities South China, with a capital guarantee of up to RMB 6 billion provided[16]. - The company has completed the relocation of several branches and business departments to enhance operational efficiency[11][12][13]. Investment and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2]. - The company raised ¥9 billion from issuing perpetual bonds in 2024, which was a new financing strategy implemented this year[27].

Financial Performance - Total revenue for the first half of 2024 was RMB 42,785 million, a slight increase of 0.07% compared to RMB 42,753 million in the same period of 2023[16]. - Operating profit decreased by 6.79% to RMB 13,733 million from RMB 14,733 million year-on-year[16]. - Net profit attributable to shareholders was RMB 10,570 million, down 6.51% from RMB 11,306 million in the previous year[16]. - The total assets increased by 2.87% to RMB 1,495,012 million from RMB 1,453,359 million at the end of 2023[15]. - The diluted earnings per share decreased by 8.00% to RMB 0.69 from RMB 0.75 in the same period last year[16]. - Total revenue for the six months ended June 30, 2024, was RMB 42,785,101, slightly up from RMB 42,753,230 in the same period of 2023[162]. - Net profit for the period was RMB 10,981,938, down from RMB 11,751,911, indicating a decrease of about 6.5% year-over-year[163]. - The company reported a significant increase in the fair value loss on financial assets and liabilities, amounting to RMB 3,061,655, compared to RMB 1,709,606 in the prior year[171]. Risk Management - The company faces major risks including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and credit risks from counterparties' inability to fulfill obligations[7]. - A comprehensive risk management system has been established to mitigate identified risks, focusing on organizational structure, regulatory compliance, and information technology[7]. - The risk coverage ratio improved to 202.78% from 187.21% at the end of 2023, indicating enhanced risk management capabilities[17]. - The company has established a comprehensive risk management system, including monitoring and managing financial, operational, compliance, and legal risks through a structured governance framework[81]. - The company is investing in technology for compliance and risk control, enhancing its global risk management system and improving risk identification and monitoring capabilities[81]. - The company has developed a risk preference statement for 2024, incorporating country risk into its risk preference indicators[81]. Business Operations and Strategy - The company is actively expanding its business in the securities market, focusing on asset management and investment advisory services[10]. - The company is exploring new strategies for market expansion and product development to enhance its competitive edge[10]. - The company plans to expand its international market presence, focusing on Hong Kong and Southeast Asia for equity financing services[22]. - The company aims to enhance its comprehensive service offerings and client market analysis to better meet customer needs and adapt to regulatory changes[22]. - The company is focused on providing comprehensive financial services to institutional clients, enhancing its operational management quality[37]. - The company is focused on maintaining strong communication with clients through its extensive branch network[68]. Shareholder and Governance - The company declared a cash dividend of RMB 2.40 per 10 shares (including tax) for the reporting period, pending shareholder approval[2]. - The board of directors unanimously approved the interim report without objections from any members[2]. - The company has adhered to corporate governance regulations and has established a robust governance structure, ensuring compliance with the majority of best practice recommendations outlined in the corporate governance code[99]. - The company has committed to providing a net capital guarantee of up to RMB 7 billion for its asset management subsidiary, with a remaining guarantee balance of RMB 5 billion as of the end of the reporting period[134]. - The company has established independent bank accounts and will not share them with controlling entities, ensuring financial autonomy[113]. Market Position and Competition - The company completed 28 domestic equity underwriting projects in the first half of 2024, with an underwriting scale of RMB 318.96 million, capturing a market share of 18.44%[20]. - The company ranked first in the domestic market for refinancing projects, completing 24 projects with a total underwriting scale of RMB 268.30 million, representing a market share of 19.10%[20]. - The company has a diverse range of business operations, including securities underwriting and financial advisory services, which contribute to its revenue streams[10]. - The company maintains a leading position in various business segments, including investment banking, wealth management, and asset management, consistently ranking first in the industry for revenue and net profit[75]. Compliance and Legal Matters - The company has received administrative penalties from the China Securities Regulatory Commission (CSRC), including a fine of RMB 23,250,000 and the confiscation of illegal gains amounting to RMB 1,910,680.83[123]. - The company and its subsidiary received a notice of investigation from the CSRC regarding potential violations related to a private placement of securities[123]. - The company is actively implementing corrective measures in response to the CSRC's findings and has submitted a rectification report[123]. - There were no significant lawsuits or arbitration cases involving amounts exceeding RMB 10 million or accounting for more than 10% of the company's latest audited net assets[118]. Environmental, Social, and Governance (ESG) - The company emphasizes sustainable development and actively implements the national "dual carbon" strategy, promoting green finance initiatives[100]. - The company has established an ESG scoring system and conducts training for employees to enhance awareness and management of ESG risks[101]. - The company completed green bond underwriting totaling RMB 16.1 billion, ranking first in the industry, and actively promoted carbon-neutral bonds and other green financial products[102]. - The company launched the first bank wealth management green bond basket in collaboration with Agricultural Bank of China, covering multiple green development areas[102]. Human Resources and Management - The company has appointed new executives, including a new Chief Financial Officer and Chief Risk Officer, indicating a shift in management[153]. - The company held various training programs, including the "Navigating Plan" and "Sailing Plan," aimed at enhancing management skills and political literacy for current managers[155]. - The company has a structured training program for various employee levels, including specialized training camps for business personnel[155].

Financial Performance - The company reported an unaudited mid-term performance for the six months ending June 30, 2024[2]. - Total revenue for the first half of 2024 was RMB 42,785 million, a slight increase of 0.07% compared to RMB 42,753 million in the same period of 2023[17]. - Operating profit decreased by 6.79% to RMB 13,733 million from RMB 14,733 million year-on-year[17]. - Net profit attributable to shareholders was RMB 10,570 million, down 6.51% from RMB 11,306 million in the previous year[17]. - Total assets as of June 30, 2024, reached RMB 1,495,012 million, reflecting a 2.87% increase from RMB 1,453,359 million at the end of 2023[16]. - The debt-to-asset ratio improved slightly to 76.41% from 76.55% at the end of 2023, a decrease of 0.14 percentage points[16]. - The company reported a net profit of 10,569,765 for the current period, compared to 11,305,771 in the previous period, indicating a decrease of about 6.5%[162]. - Basic earnings per share decreased to RMB 0.69 from RMB 0.75, reflecting a decline of 8%[157]. Risk Management - The company faces significant risks including credit risk, market risk, and compliance risk, which are currently the main risks encountered[8]. - CITIC Securities has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable[8]. - The company has established a unified risk limit management system to control overall market risk levels, ensuring they remain within acceptable ranges[89]. - The company actively monitors liquidity risk indicators and has set warning thresholds to alert management of potential liquidity issues[94]. - The company is enhancing its risk management capabilities through the application of artificial intelligence and big data technologies[83]. Corporate Governance - The board approved a profit distribution plan of RMB 2.40 per 10 shares (including tax), pending shareholder approval[3]. - The company has adhered to corporate governance regulations and has implemented a management approach for conflicts of interest, effective from June 21, 2024[100]. - The company has established a comprehensive governance structure, ensuring sustainable and healthy development through a market-oriented operational mechanism[75]. - The company guarantees the independence of its financial accounting department, establishing a separate accounting system and financial management procedures, and will not share bank accounts with related enterprises[112]. Market Activities - The company operates both A-shares and H-shares, with A-shares listed on the Shanghai Stock Exchange and H-shares on the Hong Kong Stock Exchange[5][6]. - The company is actively involved in market expansion and new product development, although specific details were not disclosed in the provided content[9]. - In the first half of 2024, the company completed 28 domestic equity financing projects with a total underwriting scale of RMB 31.896 billion, capturing a market share of 18.44% and ranking first in the market[21]. - The company completed 4 IPO projects with an underwriting scale of RMB 5.066 billion, ranking second in the market with a market share of 15.59%[22]. - The offshore bond issuance scale for the company reached USD 1.485 billion, ranking second among Chinese securities companies[25]. Asset Management - The company's asset management scale reached RMB 1,456.36 billion, with specific plans including RMB 357.14 billion for collective asset management, RMB 839.84 billion for single asset management, and RMB 259.37 billion for special asset management[45]. - The private asset management business holds a market share of 13.23%, ranking first in the industry[45]. - The total asset management scale reached RMB 14,563.56 billion, up from RMB 13,884.61 billion at the end of 2023, representing a growth of approximately 4.9%[46]. - The company has established a carbon finance service system to support the reduction of carbon emissions in the real economy[104]. Regulatory Compliance - The audit committee reviewed the unaudited interim financial report for the six months ending June 30, 2024, and raised no objections to the accounting policies adopted by the company[99]. - The company has submitted rectification reports to the CSRC and Guangdong Securities Regulatory Bureau regarding the issues raised in their warnings[121][122]. - The company received a warning from the China Securities Regulatory Commission regarding a convertible bond project that incurred losses in its first year of issuance, with a 50% decline in operating profit compared to the previous year[120]. Shareholder Information - As of June 30, 2024, the total number of shareholders is 554,612, with 554,455 A-share shareholders and 157 H-share registered shareholders[141]. - The top shareholder, Hong Kong Central Clearing (Agent) Limited, holds 2,619,009,647 shares, representing 17.67% of total shares[141]. - The total shares held by the top ten shareholders account for a significant portion of the company's equity, with the largest shareholder alone holding over 17%[142]. - The company has a total of 210,325,343 shares involved in the securities lending business, with a 1.42% holding ratio[143]. Future Plans - The company plans to continue expanding its investment banking and wealth management services in response to market conditions[19]. - The company plans to enhance research transformation capabilities and continue to focus on ESG investment principles to support high-quality technological financial services[55]. - The company plans to distribute a proposed ordinary share dividend of RMB 3,556,931, translating to RMB 0.24 per share for the six months ended June 30, 2024[189].

Financial Performance - The company achieved operating revenue of RMB 13,754,570,045.36, representing a decrease of 10.38% compared to the same period last year[3] - Net profit attributable to shareholders of the parent company was RMB 4,958,574,616.76, down 8.47% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 4,905,307,059.69, a decrease of 7.97%[3] - Basic and diluted earnings per share were both RMB 0.32, reflecting an 11.11% decrease[3] - The weighted average return on equity was 1.88%, a decrease of 0.19 percentage points[3] - Total operating revenue for Q1 2024 was RMB 13,754,570,045.36, a decrease of 10.36% from RMB 15,348,206,851.13 in Q1 2023[22] - Net profit for Q1 2024 was RMB 5,162,144,371.10, a decrease of 8.32% compared to RMB 5,630,244,490.29 in Q1 2023[23] - Earnings per share for Q1 2024 was RMB 0.32, down from RMB 0.36 in Q1 2023[23] - Net profit for Q1 2024 was RMB 4.33 billion, a decrease of 9.2% from RMB 4.77 billion in Q1 2023[29] - Investment income for Q1 2024 was RMB 1.12 billion, a decrease of 68.9% from RMB 3.59 billion in Q1 2023[28] - The company reported a decrease in commission income, with net commission income for Q1 2024 at RMB 2.65 billion, down 40.0% from RMB 4.42 billion in Q1 2023[28] Cash Flow and Assets - The net cash flow from operating activities was RMB 70,495,179,857.14, an increase of 3,296.98% year-on-year[3] - The company reported a significant increase in cash flow from operating activities, attributed to changes in liabilities and financial asset valuations[5] - In Q1 2024, the net cash flow from operating activities was RMB 70.50 billion, a significant improvement compared to a net outflow of RMB 2.21 billion in Q1 2023[24] - Total cash inflow from operating activities reached RMB 144.17 billion, up from RMB 125.86 billion in the same period last year, representing a year-over-year increase of approximately 14.5%[24] - The company reported a net increase in cash and cash equivalents of RMB 32.31 billion in Q1 2024, compared to RMB 21.45 billion in Q1 2023, indicating a growth of about 50.6%[25] - The cash and cash equivalents of CITIC Securities increased to RMB 334,349,441,328.58 from RMB 302,792,491,927.58, reflecting a growth of approximately 10.4%[20] - The total assets as of March 31, 2024, amounted to RMB 1,134.29 billion, an increase from RMB 1,046.95 billion at the end of 2023, reflecting a growth of approximately 8.3%[26] - The company’s financial assets held for trading increased to RMB 489.48 billion as of March 31, 2024, up from RMB 446.32 billion at the end of 2023, showing a growth of about 9.7%[26] - The total assets of CITIC Securities amounted to RMB 1,567,330,467,626.26, an increase from RMB 1,453,359,126,043.71 as of December 31, 2023, representing a growth of approximately 7.9%[20] Liabilities and Equity - Total liabilities increased to RMB 1,281,425,588,671.87 as of March 31, 2024, compared to RMB 1,179,159,917,980.10 as of December 31, 2023, reflecting an increase of 8.66%[21] - Total equity increased to RMB 285,904,878,954.39 as of March 31, 2024, from RMB 274,199,208,063.61 as of December 31, 2023, an increase of 4.67%[21] - Total liabilities increased to RMB 901.96 billion as of March 31, 2024, up 9.1% from RMB 826.19 billion as of December 31, 2023[27] - Total equity increased to RMB 232.33 billion as of March 31, 2024, up 5.7% from RMB 220.77 billion as of December 31, 2023[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 544,164[6] - As of March 31, 2024, the total number of shareholders is 544,164, with 544,007 A-share shareholders and 157 H-share registered shareholders[8] - China CITIC Financial Holdings Co., Ltd. holds 2,299,650,108 A-shares and 640,182,604 H-shares, totaling 2,939,832,712 shares, accounting for 19.84% of the company[8] - The total number of shares held by the top ten unrestricted shareholders includes significant holdings from various investment funds and banks[9] Corporate Actions and Developments - The company issued a short-term corporate bond of RMB 3 billion with a coupon rate of 2.53% on January 11, 2024, which was listed on the Shanghai Stock Exchange[10] - The company issued a corporate bond of RMB 1.5 billion with a coupon rate of 2.68% and RMB 2.3 billion with a coupon rate of 2.74% on January 17, 2024, both listed on the Shanghai Stock Exchange[10] - The company issued perpetual subordinated bonds of RMB 3 billion with a coupon rate of 3.01% on January 29, 2024, listed on the Shanghai Stock Exchange[10] - The company issued a corporate bond of RMB 4 billion with a coupon rate of 2.69% on March 8, 2024, listed on the Shanghai Stock Exchange[11] - The company issued a corporate bond of RMB 3.6 billion with a coupon rate of 2.54% on March 25, 2024, listed on the Shanghai Stock Exchange[11] - The company established one new securities business department and completed the relocation of four departments during the reporting period[12] - The company has a total of 45 branches and 223 securities business departments as of the end of the reporting period[13] - CITIC Securities (Shandong) completed the relocation of 3 securities business departments during the reporting period, maintaining a total of 59 securities business departments[14] - CITIC Securities is in the process of transferring 21 branches in five provinces to its wholly-owned subsidiary, CITIC Securities South China, with the transfer price not less than the latest audited net asset value[18] - CITIC Securities has taken corrective actions in response to regulatory warnings regarding the performance of a sponsored convertible bond project[18] Operational Efficiency - Total operating expenses for Q1 2024 were RMB 7,120,341,943.31, down 11.21% from RMB 8,017,667,773.07 in Q1 2023[22] - The company’s total operating expenses for Q1 2024 were RMB 3.39 billion, a decrease of 21.9% from RMB 4.34 billion in Q1 2023[28] - The cash paid to employees decreased to RMB 2.56 billion in Q1 2024 from RMB 3.00 billion in Q1 2023, reflecting a reduction of approximately 14.7%[30] - The cash paid for taxes in Q1 2024 was RMB 1.25 billion, up from RMB 0.83 billion in Q1 2023, indicating a year-over-year increase of approximately 50.0%[30] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[22]

Financial Performance - In 2023, CITIC Securities achieved an operating revenue of RMB 60.068 billion and a net profit attributable to shareholders of RMB 19.721 billion, with total assets reaching RMB 1.45 trillion[4]. - Total revenue for 2023 was RMB 83,725 million, a decrease of 2.58% compared to RMB 85,941 million in 2022[28]. - Operating profit for 2023 was RMB 25,544 million, down 9.67% from RMB 28,277 million in 2022[28]. - Net profit attributable to shareholders for 2023 was RMB 19,721 million, a decline of 7.49% from RMB 21,317 million in 2022[28]. - The total assets increased by 11.06% to RMB 1,453,359 million in 2023 from RMB 1,308,603 million in 2022[28]. - The total liabilities rose by 12.28% to RMB 1,179,160 million in 2023 compared to RMB 1,050,231 million in 2022[28]. - Basic and diluted earnings per share for 2023 were RMB 1.30, down 8.45% from RMB 1.42 in 2022[29]. - The weighted average return on equity decreased to 7.81% in 2023 from 8.67% in 2022, a drop of 0.86 percentage points[29]. Market Position and Achievements - The company ranked first in the market for underwriting in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with a total underwriting scale of RMB 2.2 trillion[4]. - The company completed 140 A-share underwriting projects in 2023, with an underwriting scale of RMB 277.91 billion, holding a market share of 24.50%[43]. - The company ranked first in the A-share market for IPOs with a market share of 14.03%, underwriting 34 projects totaling RMB 50.03 billion[43]. - The company achieved a total of 32 overseas equity projects in 2023, with an underwriting scale of USD 1.782 billion, ranking second among Chinese securities firms in Hong Kong market equity financing[45]. - The company was recognized as one of the "Top 30 Brand Value Listed Companies" in China by Daily Economic News in 2023[25]. - The company received multiple awards in 2023, including the "Best Investment Bank" and "Best Equity Underwriter" from various financial institutions[24]. Wealth Management and Client Services - CITIC Securities provided comprehensive wealth management services, covering asset segments from RMB 10,000 to over RMB 10 million, enhancing investor satisfaction[4]. - The company’s domestic wealth management client base reached 14.2 million, with a total asset custody scale maintaining at RMB 10 trillion, a year-on-year growth of 4%[59]. - The offshore wealth management segment saw a doubling in sales revenue of wealth management products in 2023[59]. - The company aims to enhance its wealth management capabilities and expand its global wealth management product and service system, focusing on meeting the wealth management needs of key institutional clients such as listed companies and government platforms[60]. Investment and Asset Management - The company has invested nearly RMB 10 billion in key sectors such as new materials, new energy, and information technology, addressing critical issues in the industrial chain[4]. - The company's asset management scale reached RMB 1,388.46 billion as of the reporting period, a decrease from RMB 1,693.06 billion in 2022, reflecting a decline of approximately 18%[70]. - The company achieved a market share of 13.71% in private asset management, ranking first in the industry[69]. - The asset management revenue for 2023 was RMB 2,093 million, down from RMB 2,946 million in 2022, indicating a decline of about 29%[70]. Risk Management and Compliance - The company has strengthened its global risk compliance management system, focusing on comprehensive risk prevention and control[6]. - The company has established a comprehensive risk management system led by the Chief Risk Officer, involving all departments and subsidiaries[139]. - The company is enhancing its risk management capabilities by integrating artificial intelligence and big data technologies[139]. - The company has implemented a three-tier risk management system involving the board, management, and internal control departments[140]. Environmental, Social, and Governance (ESG) Initiatives - CITIC Securities' MSCI ESG rating has improved to A for two consecutive years, reflecting its commitment to social responsibility[5]. - The company was awarded the "Best ESG Financial Services Institution" award in 2023[25]. - The company has developed its first ESG-themed product, the CITIC Securities Fixed Income ESG Strategy No. 1 private placement plan, with a scale of approximately RMB 210 million by the end of 2023, investing at least 80% of its net value in ESG-themed securities[166]. - The company has integrated ESG factors into its comprehensive risk management system, enhancing its effectiveness in non-financial risk control[163]. Future Plans and Strategic Goals - In 2024, CITIC Securities aims to enhance its global business layout and service capabilities to support the long-term development of its clients[6]. - The company plans to enhance its research capabilities and optimize domestic business structure, aiming to provide comprehensive services tailored to client needs in 2024[71]. - The company plans to strengthen investment capacity and provide more secure and profitable financial products and services in 2024[38]. - The company aims to enhance its international competitiveness by expanding overseas equity financing, particularly in Hong Kong and Southeast Asia markets[46].

Financial Performance - In 2023, the company achieved operating revenue of RMB 60.068 billion and net profit attributable to shareholders of RMB 19.721 billion, with total assets reaching RMB 1.45 trillion[5]. - Total revenue for 2023 was RMB 83,725 million, a decrease of 2.58% compared to RMB 85,941 million in 2022[36]. - Operating profit for 2023 was RMB 25,544 million, down 9.67% from RMB 28,277 million in 2022[36]. - Net profit attributable to shareholders for 2023 was RMB 19,721 million, reflecting a decline of 7.49% from RMB 21,317 million in 2022[36]. - Total assets increased to RMB 1,453,359 million in 2023, representing an 11.06% growth from RMB 1,308,603 million in 2022[36]. - Total liabilities rose to RMB 1,179,160 million, a 12.28% increase compared to RMB 1,050,231 million in 2022[36]. - Basic earnings per share for 2023 were RMB 1.30, down 8.45% from RMB 1.42 in 2022[37]. - The weighted average return on equity for 2023 was 7.81%, a decrease of 0.86 percentage points from 8.67% in 2022[37]. - The total equity attributable to shareholders increased to RMB 268,840 million, a 6.21% rise from RMB 253,118 million in 2022[36]. Market Position and Business Operations - The company ranked first in the market for underwriting scale in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with a total underwriting scale of RMB 2.2 trillion[5]. - The company completed 140 A-share underwriting projects in 2023, with an underwriting scale of RMB 277.91 billion, holding a market share of 24.50%, ranking first in the market[54]. - The company ranked first in the market for A-share IPOs with 34 projects and an underwriting scale of RMB 50.03 billion, capturing a market share of 14.03%[54]. - The company underwrote a total of 4,200 bonds in 2023, with an underwriting scale of RMB 1,909.99 billion, a year-on-year increase of 21.01%[58]. - The company achieved a market share of 3.55% in the offshore bond business, underwriting a total of USD 2.418 billion in 134 bond issuances[58]. - The company has a strong presence in both A-shares and H-shares, listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange respectively[18]. - The company has established a comprehensive network for information disclosure, including designated newspapers and official websites[17]. Risk Management - The company faces significant risks including market, credit, and compliance risks, which are currently the main concerns[11]. - A comprehensive risk management system has been established to ensure risks are measurable, controllable, and bearable[11]. - The company is focused on optimizing business processes and risk control measures continuously[11]. - The company is committed to maintaining compliance with national laws and regulations to mitigate legal and compliance risks[11]. - The company has implemented a three-tier risk management system involving the board's risk management committee and operational management[151]. - The company employs Value at Risk (VaR) as the primary indicator for measuring overall market risk status[156]. Corporate Social Responsibility and ESG - The company has made a cumulative donation of RMB 55.17 million for social welfare and rural revitalization efforts[6]. - The company has improved its MSCI ESG rating to A for two consecutive years, reflecting its commitment to social responsibility[6]. - The company’s social responsibility investment totaled RMB 55.17 million in 2023, benefiting 69,700 people[184]. - The company’s first ESG-themed product, the CITIC Securities Fixed Income ESG Strategy No. 1 private placement plan, reached a scale of approximately RMB 210 million by the end of 2023, with at least 80% of the investment directed towards ESG-themed securities[177]. - The company actively promoted the "Clean Plate Campaign" to reduce food waste, implementing measures such as offering smaller portion sizes and promoting the use of biodegradable utensils[170]. - The company has implemented water-saving measures and recycling plans to enhance water resource efficiency in its operations[169]. Shareholder Returns and Dividends - The company has proposed a cash dividend of RMB 4.75 per 10 shares, subject to shareholder approval[3]. - The company issued a cash dividend of RMB 4.90 per 10 shares for the 2022 fiscal year, amounting to 34.88% of the net profit attributable to shareholders[186]. - The company plans to distribute a cash dividend of RMB 4.75 per 10 shares, totaling approximately RMB 7.04 billion, which accounts for 36.67% of the net profit attributable to ordinary shareholders for 2023[188]. Business Expansion and Development - The company is focused on enhancing its global business layout and service capabilities to support the long-term development of clients[7]. - The company plans to continue optimizing risk management and compliance systems to address various financial risks effectively[7]. - The company aims to improve its global business layout and enhance international competitiveness and influence[47]. - The company plans to enhance its service capabilities in technology innovation, advanced manufacturing, and green development in 2024[48]. - The company aims to expand its global wealth management product and service system, enhancing competitiveness in the global market[69]. Awards and Recognition - The company received multiple awards in 2023, including "Outstanding Bond Underwriter" and "Best Practice Case of the Board of Directors" from the China Securities Association[30]. - The company has been recognized as one of the top 50 brands in China by Interbrand in 2023[30]. - The company has been awarded the "Best Investment Bank" by Wind for 2022[30]. - The company has been recognized for its ESG practices, receiving multiple awards in the securities industry[30].

Financial Performance - The company achieved operating revenue of RMB 14,306,776,611.64, a decrease of 4.21% compared to the same period last year[3]. - Net profit attributable to shareholders of the parent company was RMB 5,108,176,481.67, down 4.90% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was RMB 5,030,319,532.41, a decrease of 4.69% compared to the previous year[3]. - Basic and diluted earnings per share were both RMB 0.33, down 5.71% from the same period last year[3]. - Total operating revenue for the first three quarters of 2023 was RMB 45.81 billion, a decrease of 8.06% compared to RMB 49.82 billion in the same period of 2022[18]. - Net profit for the first nine months of 2023 was RMB 17.07 billion, slightly down by 0.76% from RMB 17.20 billion in the same period of 2022[19]. - The net profit attributable to shareholders of the parent company was RMB 16.41 billion for the first nine months of 2023, compared to RMB 16.57 billion in 2022, a decrease of 0.97%[19]. - Net profit for the first nine months of 2023 was RMB 11,252,024,456.26, down 16.0% from RMB 13,408,302,123.48 in 2022[25]. Cash Flow - The net cash flow from operating activities was negative RMB 64,904,942,795.49, a significant decline of 56.37% year-on-year[3]. - Operating cash inflow for the first nine months of 2023 reached RMB 170.93 billion, a significant increase from RMB 103.58 billion in the same period of 2022, representing a growth of approximately 64.8%[20]. - Net cash flow from operating activities was negative at RMB -54.30 billion, compared to a positive RMB 61.75 billion in the same period of 2022, indicating a decline in operational efficiency[20]. - Cash inflow from investment activities totaled RMB 15.05 billion, down from RMB 30.39 billion in the previous year, reflecting a decrease of about 50.7%[20]. - The net cash flow from financing activities was RMB 12.75 billion, a turnaround from a negative RMB -18.49 billion in the same period of 2022, indicating improved financing conditions[21]. - Total cash inflow from financing activities reached RMB 165.81 billion, significantly up from RMB 73.86 billion in the previous year[27]. - The net cash increase for the period was RMB -29.17 billion, contrasting with a net increase of RMB 35.72 billion in 2022[27]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,412,821,215,130.52, an increase of 7.96% compared to the end of the previous year[3]. - The company's total liabilities increased to RMB 1,145.16 billion as of September 30, 2023, compared to RMB 1,050.23 billion at the end of 2022, marking an increase of 9.05%[17]. - The company's total assets reached RMB 1,013,719,454,225.03, up from RMB 924,934,809,329.17, indicating an increase of 9.6%[23]. - The company's total liabilities decreased to RMB 693.07 billion from RMB 731.73 billion, a reduction of about 5.3%[22]. - The company's receivables increased to RMB 64.64 billion from RMB 57.52 billion, marking a growth of approximately 12.66%[16]. - The company's total liabilities as of September 30, 2023, reached RMB 798,007,266,791.27, an increase of 11.9% from RMB 713,109,854,980.88 at the end of 2022[23]. Shareholder Information - The top shareholder, Hong Kong Central Clearing (Agent), holds 2,620,076,855 shares, representing 17.68% of the total shares[6]. - China CITIC Financial Holdings Limited holds 2,299,650,108 shares (15.52%) and 626,191,828 shares (4.23%) under different categories, totaling 2,763,919,712 shares (18.65%) as of September 30, 2023[7]. - The company has a total of 525,571 shareholders, with 525,414 holding A-shares and 157 holding H-shares as of September 30, 2023[7]. - Shareholders' equity attributable to the parent company was RMB 262,458,385,335.92, up 3.69% year-on-year[3]. - Shareholders' equity totaled RMB 267.66 billion as of September 30, 2023, up from RMB 258.37 billion at the end of 2022, representing a growth of 3.36%[17]. Regulatory and Operational Updates - The company faced regulatory scrutiny from the China Securities Regulatory Commission, which highlighted issues in its due diligence during a major asset restructuring process[13]. - The company has initiated a lawsuit against the issuer of bonds it holds due to default risks, with the court supporting the company's claims in both the first and second trials[12]. - The company completed the relocation of 6 branch offices during the reporting period, maintaining a total of 45 branches and 222 securities business departments[8]. - CITIC Securities (Shandong) completed the relocation of 2 branch offices, maintaining 6 branches and 59 securities business departments[9]. - CITIC Futures also relocated 2 branch offices, maintaining 46 branches and 4 futures business departments[10]. - The company has canceled its overseas investment subsidiary, which was completed on October 6, 2023[15]. Investment and Income - Investment income decreased by 49.76% year-to-date due to reduced returns from financial assets[5]. - The company reported a significant decline in investment income, which fell to RMB 11.63 billion in 2023 from RMB 23.15 billion in 2022, a decrease of 49.73%[18]. - Investment income significantly decreased to RMB 4,257,206,028.17 in 2023, compared to RMB 14,439,811,775.28 in 2022, marking a decline of 70.5%[24]. - The company's long-term equity investments slightly increased to RMB 9.76 billion from RMB 9.65 billion, a growth of approximately 1.13%[16].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[6]. - The company has set a revenue guidance of RMB 2.5 billion for the full year 2023, indicating a growth target of 10%[6]. - New product launches are expected to contribute an additional RMB 300 million in revenue by the end of 2023[6]. - Total revenue for the first half of 2023 was RMB 42,753 million, a decrease of 6.80% compared to RMB 45,870 million in the same period of 2022[17]. - Operating profit for the first half of 2023 was RMB 14,733 million, down 5.74% from RMB 15,630 million in the first half of 2022[17]. - Net profit attributable to shareholders for the first half of 2023 was RMB 11,306 million, a slight increase of 0.98% compared to RMB 11,196 million in the same period of 2022[17]. - The company reported a significant increase in revenue, achieving a total of 25 billion CNY for the first half of 2023, representing a year-over-year growth of 15%[68]. - The company has set a revenue guidance of 30 billion CNY for the second half of 2023, projecting a growth rate of 12%[68]. - The company reported a net profit margin of 18%, reflecting improved operational efficiency and cost management strategies[68]. - The company reported a net profit of RMB 2,000 million for the first half of 2023, a 12% increase compared to the same period last year[169]. User Engagement - User data showed an increase in active accounts by 20% compared to the previous year, reaching 5 million active users[6]. - User data showed a total of 1.5 million active users, an increase of 20% compared to the previous year, indicating strong customer engagement[68]. - Customer satisfaction ratings have improved to 90%, indicating successful service enhancements and customer support initiatives[68]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[6]. - The company plans to expand its market presence by opening 10 new branches across key cities in China by the end of 2023[68]. - The company aims to enhance its market share in equity financing and expand its international client base in the second half of 2023[23]. - The company plans to enter three new provinces in China by the end of 2024, aiming to increase its client base by 25%[173]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on innovative financial technologies[6]. - Research and development investments have increased by 25%, totaling 1 billion CNY, aimed at enhancing product offerings and technological advancements[68]. - The company plans to enhance its product layout and improve core investment research capabilities while expanding domestic and international business in the second half of 2023[48]. Risk Management - The company faces significant risks including credit risk, market risk, and compliance risk, which are currently the main risks encountered[7]. - CITIC Securities has established a comprehensive risk management system to mitigate identified risks through organizational structure and management mechanisms[7]. - The company emphasizes continuous optimization of business processes and risk control measures to ensure risks are measurable and manageable[7]. - The company has enhanced its risk appetite management and optimized the risk preference indicator system, promoting a management mechanism that leads business development by risk preference[81]. - The company employs Value at Risk (VaR) as the primary indicator for measuring overall market risk, conducting stress tests to assess potential losses under extreme conditions[87]. Corporate Governance - The board of directors unanimously approved the interim report without objections[2]. - The company has committed to maintaining the independence of its operations and governance structure[104]. - The company will ensure compliance with relevant laws and regulations regarding related party transactions, maintaining fairness and transparency in all dealings[110]. - The company has committed to ensuring that related party transactions are conducted fairly and legally, with a long-term commitment effective from 2019[112]. Subsidiaries and Shareholding - The company has established a total of 45 securities branches across the country[7]. - The company completed a transfer of 2,733,961,712 shares to CITIC Financial Holdings, making it the largest shareholder with an 18.45% stake[15]. - As of June 30, 2023, the total number of shareholders is 574,188, with 574,030 A-share shareholders and 158 H-share registered shareholders[143]. Legal and Compliance - There are no significant related party transactions reported during the first half of 2023[2]. - The company has maintained compliance with regulatory requirements and has no outstanding legal issues[2]. - The company is involved in a legal dispute with Kangde Group, claiming RMB 1,418,245,278.08 due to a guarantee contract dispute[115]. - The company has reported no significant litigation or arbitration matters exceeding RMB 10 million during the reporting period[113]. Financial Position - Total assets as of June 30, 2023, reached RMB 1,425,939 million, reflecting an increase of 8.97% from RMB 1,308,603 million at the end of 2022[16]. - Total liabilities as of June 30, 2023, amounted to RMB 1,163,082 million, representing a 10.75% increase from RMB 1,050,231 million at the end of 2022[16]. - The company's debt-to-asset ratio increased to 76.49% as of June 30, 2023, up from 74.52% at the end of 2022, indicating a rise of 1.97 percentage points[16]. - The total equity attributable to shareholders of the parent company was RMB 257,859,509 thousand, compared to RMB 253,118,088 thousand, indicating a growth of approximately 1.5%[160]. Environmental, Social, and Governance (ESG) - The company facilitated green equity financing exceeding RMB 49.8 billion and underwrote green bonds totaling RMB 32.6 billion[99]. - The company integrated ESG factors into its investment decision-making process, enhancing its ability to manage risks and seize opportunities[100]. - The company actively engaged in green operations, enhancing energy efficiency and reducing carbon emissions through various initiatives[101]. Employee and Management - The total number of employees as of June 30, 2023, is 26,865, with 16,322 in the parent company[150]. - The company has maintained its compensation policy consistent with the previous year, with various training programs conducted for employees[150]. - Zhang Hao was appointed as Chief Risk Officer on February 24, 2023, pending regulatory approval[149].