Market Overview - The A-share market indices have collectively risen, driven by multiple favorable factors [1] - The "Zhong" stocks, particularly those with "Zhong" in their names, have seen significant gains, with several stocks reaching their daily limit [1] Key Stock Performances - Zhongcang Co. (600787) opened strongly and reached the daily limit within 20 minutes, closing at a 10.07% increase [2] - Zhongfangbiao (873122) surged by 22.24%, while Zhongliang Kegong (301058) increased by 20.04% [2] - Other notable performers include Zhongtie Zhuangpei (300374) with an 11.37% rise, and China Tonghao (688009) with a 10.04% increase [2][3] Sector Analysis - The "Zhong" stocks have shown robust performance, with many stocks in this category experiencing gains of over 5% [1][2] - The retail sector has also attracted significant capital inflow, with net inflows exceeding 1 billion yuan in various segments, including community group buying and unified market [9] - The banking sector has seen a rebound, with several banks, including Pudong Development Bank, rising over 5% [11][12] ETF Activity - The trading volume for broad-based ETFs has continued to increase, with the CSI 300 ETF (510300) exceeding 12.1 billion yuan in trading volume [16] - Other ETFs, such as the CSI 500 ETF (510500), also reported significant trading volumes, indicating strong investor interest [16]

Core Viewpoint - China International Trade reported a stable performance in 2024 with a slight decrease in revenue and a modest increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Revenue and Profit Summary - The company achieved a revenue of 3.912 billion yuan in 2024, reflecting a year-over-year decrease of 1.05% [1]. - The net profit attributable to shareholders was 1.262 billion yuan, showing a year-over-year increase of 0.25% [1]. Rental Income and Cost Management - Total rental income remained stable at 2.88 billion yuan, with a year-over-year decrease of 1.14% [1]. - Breakdown of rental income by property type: - Office buildings: 1.48 billion yuan (yoy -3.3%) - Shopping malls: 1.22 billion yuan (yoy +1.0%) - Apartments: 190 million yuan (yoy +2.2%) [1]. - The company maintained a gross profit margin of 58.14%, an increase of 0.13 percentage points year-over-year, contributing to the slight rise in net profit [1]. Rental Rates and Occupancy - Rental rates and occupancy remained stable across different property types: - Office buildings: Average rent of 639 yuan/sqm/month (yoy +0.2%), occupancy rate of 93.1% (yoy -2.8pct) - Shopping malls: Average rent of 1,309 yuan/sqm/month (yoy +2.3%), occupancy rate of 96.5% (yoy -1.7pct) - Apartments: Average rent of 367 yuan/sqm/month (yoy -1.0%), occupancy rate of 88.9% (yoy +3.0pct) [2]. Dividend and Debt Structure - The company proposed a cash dividend of 11.00 yuan per 10 shares, totaling 1.108 billion yuan, resulting in a high dividend payout ratio of 88% [2]. - The total borrowings decreased to 1.09 billion yuan, a year-over-year reduction of 31.1%, with the debt-to-asset ratio declining to 21.6% [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 4.0 billion yuan, 4.06 billion yuan, and 4.12 billion yuan for 2025-2027, with net profits of 1.3 billion yuan, 1.33 billion yuan, and 1.35 billion yuan respectively [3]. - Corresponding price-to-earnings ratios are projected at 17.9x, 17.5x, and 17.1x for the same period [3].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company has demonstrated stable operational performance with a high dividend payout ratio, proposing a cash dividend of 11 CNY per 10 shares, which accounts for 88% of the net profit attributable to shareholders [6][8] - The company's revenue for 2024 is projected at 39.12 billion CNY, a slight decrease of 1.05% year-on-year, while the net profit attributable to the parent company is expected to be 12.62 billion CNY, reflecting a growth of 0.25% [2][6] - The company’s property leasing and management segment generated revenue of 33.9 billion CNY, with a gross margin of 66.0%, while the hotel operations segment saw a revenue decline of 7.6% to 5.3 billion CNY [6][8] Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 39.12 billion CNY, net profit of 12.63 billion CNY - 2025E: Revenue of 40.63 billion CNY, net profit of 12.96 billion CNY - 2026E: Revenue of 41.80 billion CNY, net profit of 13.27 billion CNY - 2027E: Revenue of 42.63 billion CNY, net profit of 13.54 billion CNY [2][10] - Earnings Per Share (EPS) is projected to increase from 1.25 CNY in 2024 to 1.34 CNY in 2027 [2][10] - Return on Equity (ROE) is expected to decline from 13.08% in 2024 to 11.98% in 2027 [2][10] Business Segment Performance - Property Leasing and Management: - Revenue growth forecasted at 4% in 2025, 3% in 2026, and 2% in 2027 [7] - Average rental rates for office space increased by 0.2% to 639 CNY per square meter per month [6] - Hotel Operations: - Revenue expected to recover with a growth of 3% in 2025 and 2% in subsequent years [7][8] Cost Management and Financial Health - The company has effectively controlled costs, with total expense ratios decreasing from 6.3% to 5.8% [6] - The asset-liability ratio has shown a downward trend, decreasing to 21.6% by year-end 2024 [6][10] - The company’s cash flow remains robust, with operating cash flow net amounting to 18.0 billion CNY in 2024 [6][10]

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company has demonstrated stable operational performance with a high dividend payout ratio, proposing a cash dividend of 11 yuan per 10 shares, which accounts for 88% of the net profit attributable to shareholders [6][8] - The company's revenue for 2024 is projected at 39.12 billion yuan, a slight decrease of 1.05% year-on-year, while the net profit attributable to the parent company is expected to be 12.62 billion yuan, reflecting a growth of 0.25% [2][6] - The property leasing and management segment generated revenue of 33.9 billion yuan, with a gross margin of 66.0%, while the hotel operations segment saw a revenue decline of 7.6% to 5.3 billion yuan [6][8] Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 39.12 billion yuan, net profit of 12.63 billion yuan - 2025E: Revenue of 40.63 billion yuan, net profit of 12.96 billion yuan - 2026E: Revenue of 41.80 billion yuan, net profit of 13.27 billion yuan - 2027E: Revenue of 42.63 billion yuan, net profit of 13.54 billion yuan [2][10] - Earnings Per Share (EPS) is projected to increase from 1.25 yuan in 2024 to 1.34 yuan in 2027 [2][10] - Return on Equity (ROE) is expected to decline from 13.08% in 2024 to 11.98% in 2027 [2][10] Business Segment Performance - Property Leasing and Management: - Revenue growth forecasted at 4% in 2025, 3% in 2026, and 2% in 2027 [7] - Average rental rates for office space increased by 0.2% to 639 yuan per square meter per month [6] - Hotel Operations: - Revenue expected to recover with a growth of 3% in 2025 and 2% in subsequent years [7][8] Cost Management and Financial Health - The company has effectively controlled costs, reducing the total expense ratio from 6.3% to 5.8% [6] - The asset-liability ratio decreased to 21.6% by year-end, indicating improved financial stability [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - For the fiscal year ending March 31, 2024, the company reported a revenue of 3.912 billion RMB, a slight decrease of 1.05% year-on-year, while the net profit attributable to shareholders was 1.262 billion RMB, reflecting a modest increase of 0.25% [2][10]. - The company experienced a slight decline in rental income, with total rental revenue at 2.88 billion RMB, down 1.14% year-on-year. However, cost control measures led to an improvement in profit margins, with gross margin increasing by 0.13 percentage points to 58.14% and net margin rising by 0.43 percentage points to 32.30% [3][4]. - The average occupancy rates for different property types showed mixed results, with office occupancy at 93.1%, shopping mall occupancy at 96.5%, and apartment occupancy at 88.9%. Rental prices for offices and shopping malls increased year-on-year, while apartment rents remained stable [3][4]. Summary by Sections Financial Performance - The company achieved a revenue of 39.12 billion RMB in 2024, with a year-on-year decline of 1.05%. The net profit attributable to shareholders was 12.62 billion RMB, showing a slight increase of 0.25% [2][10]. - The average rental income across different segments was reported as follows: office rental income at 1.48 billion RMB (down 3.3%), shopping mall income at 1.22 billion RMB (up 1.0%), and apartment income at 190 million RMB (up 2.2%) [3]. Profitability Metrics - The company's gross margin improved to 58.14%, and the net margin increased to 32.30%, attributed to cost-saving measures in depreciation, employee costs, and maintenance [3][4]. - The company plans to distribute a cash dividend of 11.00 RMB per 10 shares, totaling 1.108 billion RMB, with a payout ratio of 88% and a dividend yield of 4.78% based on the closing price as of March 31, 2024 [4]. Future Projections - The profit forecast for the company has been slightly adjusted, with expected net profits for 2025, 2026, and 2027 projected at 1.28 billion RMB, 1.30 billion RMB, and 1.31 billion RMB, respectively, reflecting year-on-year growth rates of 1.4%, 1.3%, and 1.0% [5].

Core Viewpoint - The company plans to distribute a cash dividend of 1.10 yuan per share (including tax) based on its total share capital as of the equity distribution registration date, with a total of 1,007,282,534 shares outstanding as of December 31, 2024 [1][2]. Profit Distribution Plan - The profit distribution plan involves a cash dividend of 11.00 yuan for every 10 shares held, resulting in a total cash dividend of approximately 1,309,467,294 yuan for the previous year [2]. - The company's undistributed profits as of December 31, 2024, amount to 6,185,261,337 yuan [1]. - The cash dividend payout ratio for ordinary shareholders is 88% of the net profit [1]. Decision-Making Process - The company's board of directors approved the profit distribution plan during the 13th meeting of the 9th board on March 28, 2025, with 12 votes in favor [3]. - The supervisory board also approved the plan with 3 votes in favor and no opposition [3]. Compliance with Regulations - The profit distribution plan does not trigger any risk warning scenarios as per the Shanghai Stock Exchange listing rules [2][3].

Core Points - The company held its ninth supervisory board meeting on March 28, 2025, where all three supervisors attended, including one via video conference [1] - The meeting approved the 2024 supervisory board work report, financial settlement, profit distribution plan, internal control evaluation report, and the annual report and its summary, all with unanimous votes [1][2] Group 1 - The supervisory board confirmed that the preparation and review procedures for the 2024 annual report complied with legal and regulatory requirements [2] - The information contained in the 2024 annual report accurately reflects the company's operational management and financial status [2] - No violations of confidentiality regulations were found among those involved in the preparation and review of the 2024 annual report [2]

Group 1 - The company will hold its 2024 Annual General Meeting (AGM) on April 28, 2025, at 9:30 AM in Beijing [2][5] - The voting methods for the AGM will include both on-site and online voting through the Shanghai Stock Exchange's system [2][3] - Shareholders must register to attend the meeting, with specific requirements for individual and corporate shareholders [5][6] Group 2 - The agenda includes the review of the remuneration plan for the Chairman and Vice Chairman for the year 2025 [2][6] - Shareholders can vote through the Shanghai Stock Exchange's online voting platform, with specific time slots for voting on the day of the AGM [3][4] - The record date for shareholders eligible to attend the AGM is April 22, 2025 [5]

Group 1 - The board of directors of China International Trade Center Co., Ltd. has reviewed the self-assessment report on the independence of its independent directors and confirmed that they do not fall under any disqualifying categories as per the regulations [1][2] - The disqualifying categories include individuals who hold positions in the company or its subsidiaries, direct or indirect shareholders owning more than 1% of shares, and those with significant business dealings with the company [1] - The board believes that all independent directors comply with the requirements set forth in the "Management Measures for Independent Directors of Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies of Shanghai Stock Exchange" [2]

中国国际贸易中心股份有限公司 中国国际贸易中心股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评 价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降 低， 根据 ...