Core Insights - In 2024, CICC achieved operating revenue of 21.33 billion yuan and net profit of 5.694 billion yuan, demonstrating resilience in a complex global capital market [1] - The company's total assets reached 674.716 billion yuan, with net assets of 115.348 billion yuan, maintaining strong capital strength within the industry [1] - CICC's international business contribution rose to 47%, becoming a core driver of performance growth, supported by the establishment of a representative office in Vietnam and the advancement of a branch in the UAE [1] Financial Performance - CICC's Q4 2024 net profit attributable to shareholders was 2.836 billion yuan, a significant quarter-on-quarter increase of 350% [1] - The company completed nearly 400 overseas and cross-border projects in 2024, with a total transaction scale exceeding 900 billion yuan [2] - CICC ranked first in global IPO financing for Chinese enterprises, completing 28 IPOs with a financing scale of 4.424 billion USD [2] Market Position - CICC maintained a 34% market share in the Hong Kong IPO market, a 5 percentage point increase from 2023, and ranked first for several consecutive years [2] - The company completed 73 merger and acquisition transactions in 2024, with a total transaction value of approximately 50.588 billion USD, maintaining its leading position in the Chinese M&A market for ten consecutive years [3] International Expansion - CICC's international strategy has seen significant advancements, with the operation of a representative office in Vietnam and the establishment of a branch in the UAE [4] - The company has expanded its coverage to include Kazakhstan, South Korea, and Malaysia, enhancing its competitiveness in Southeast Asia and the Middle East [4] Research and Development - CICC has established a dual-driven research system, producing over 16,000 research reports in 2024, covering more than 40 industries and 1,800 listed companies [6] - The company launched the first AI investment research application in the securities industry, providing 24/7 insights and expert recommendations for investors [6] Future Outlook - CICC plans to continue leveraging its "investment + investment banking + research" model to explore industrial investment banking transformation and enhance its role as a financial intermediary [7]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [8] Core Views - The company reported a revenue of 21.33 billion RMB for 2024, a year-on-year decrease of 7.21%, and a net profit attributable to the parent company of 5.694 billion RMB, down 7.50% year-on-year, which exceeded expectations [1] - The fourth quarter showed a significant recovery with a revenue of 7.884 billion RMB, up 42.71% year-on-year and 73.71% quarter-on-quarter, and a net profit of 2.836 billion RMB, up 83.16% year-on-year and 350.11% quarter-on-quarter [1] - The company expects continued operational recovery in the future [1] Summary by Sections Financial Performance - The investment business generated 10.121 billion RMB in revenue, down 4% year-on-year, accounting for 47% of total revenue [2] - Brokerage business net income was 4.263 billion RMB, down 6% year-on-year, while the investment banking business saw a 16% decline to 3.095 billion RMB [2] - Asset management net income remained relatively stable at 1.209 billion RMB, down 0.3% year-on-year [2] Q4 Performance - In Q4 2024, the light capital business showed a significant recovery, with brokerage business net income reaching 1.702 billion RMB, up 68% year-on-year and 115% quarter-on-quarter [3] - Investment banking net income was 1.032 billion RMB, down 4% year-on-year but up 32% quarter-on-quarter [3] - Asset management net income increased by 41% year-on-year to 371 million RMB [3] Asset Allocation - The company's total assets increased by 8% year-on-year, with financial investments up 6% [4] - The leverage ratio remained stable at 4.98x as of Q4 2024, down 0.2x year-on-year [4] - Equity investments decreased by 23% to 108 billion RMB, while fixed income investments surged by 45% to 225.4 billion RMB [4] Earnings Forecast and Valuation - The report projects EPS for 2025, 2026, and 2027 to be 1.40, 1.62, and 1.79 RMB respectively, with a BPS of 25.05 RMB for 2025 [5] - The target price for A and H shares is set at 47.60 RMB and 24.43 HKD respectively, reflecting a premium PB of 1.9 and 0.9 times [5]

Investment Rating - The report upgrades the investment rating to "Buy" for the company [6] Core Views - The company's 4Q24 performance exceeded expectations, driven by strong investment income and brokerage services, with a significant year-on-year increase in net profit for the quarter [6] - The company has maintained a leading position in the cross-border M&A market, completing numerous transactions and achieving substantial financing in the Hong Kong and U.S. markets [6] - Wealth management assets have shown consistent growth, with a focus on increasing client asset retention [6] - The company’s financial investment assets have expanded, with a notable increase in other debt investments [6] - The earnings forecast for 2025-2027 has been raised, reflecting improved market conditions and trading volumes [6] Financial Data and Profit Forecast - 2024 revenue is projected at 213.3 billion yuan, a decrease of 7.2% year-on-year, with a net profit of 56.9 billion yuan, down 7.5% [2] - The company expects revenue growth of 19.49% in 2025, with net profit anticipated to rise by 31.96% [2][7] - The projected earnings per share for 2025 is 1.48 yuan, with a P/E ratio of 23.50 [2][7] Business Performance - In 4Q24, the company achieved a record high in quarterly performance, with securities revenue reaching 78.4 billion yuan, a year-on-year increase of 43% [6] - The brokerage segment saw a remarkable 115% increase in revenue compared to the previous quarter [6] - The company completed 73 M&A transactions in 2024, maintaining its top position in the Chinese market for the tenth consecutive year [6] Market Position - The company ranked 1st in the Hong Kong IPO market and 3rd in domestic refinancing underwriting in 2024 [6] - The company has a market capitalization of approximately 101.86 billion yuan [3]

Core Viewpoint - CICC reported strong financial performance for 2024, with total assets of RMB 674.716 billion, operating revenue of RMB 21.333 billion, and net profit attributable to shareholders of RMB 5.694 billion, highlighting its market leadership in investment banking and wealth management [1] Group 1: Business Performance - CICC's investment banking remains a core strength, ranking first in several categories including global IPOs for Chinese enterprises, Hong Kong IPOs, and M&A activities in China for ten consecutive years [1] - Wealth management is a key revenue driver, contributing 32.73% to total revenue, with total client numbers nearing 8.5 million, an increase of approximately 1.7 million from the previous year [2] - Fixed income and asset management businesses experienced rapid growth, with public fund management scale increasing by 63% to RMB 207.3 billion [2] Group 2: International Expansion - CICC has accelerated its internationalization, establishing a network covering major global financial hubs and providing comprehensive cross-border services [4][5] - In the Hong Kong market, CICC led in underwriting IPOs, with a total underwriting scale of USD 3.835 billion, ranking first [5] - The company completed cross-border and overseas project transactions exceeding RMB 900 billion, showcasing its capability in facilitating international financing and mergers [6] Group 3: Shareholder Returns - CICC has committed to increasing mid-term dividends, with a cash dividend distribution of approximately RMB 434 million planned for 2024, reflecting its focus on enhancing shareholder value [7] - Since its A-share listing in 2020, CICC has distributed a total of RMB 4.489 billion in cash dividends to shareholders [7]

Core Insights - In 2024, the company achieved operating revenue of 21.333 billion yuan and a net profit attributable to shareholders of 5.694 billion yuan, with a significant increase in Q4 revenue and profit year-on-year [1] Business Performance - Investment banking revenue for the year was 2.583 billion yuan, with the company ranking first in the market for serving Chinese enterprises in global IPOs, completing 28 deals with a total financing amount of 4.424 billion USD [2][4] - The company served 6 A-share IPOs as the lead underwriter, raising 3.590 billion yuan, and completed 19 Hong Kong IPOs with a total underwriting amount of 3.835 billion USD [3][4] - Debt financing saw the company rank fourth in domestic bond underwriting with a scale of 711.224 billion yuan, while it led in overseas bond underwriting among Chinese brokers with 5.266 billion USD [4] Wealth Management - Wealth management revenue reached 6.982 billion yuan, reflecting a year-on-year increase of 1.55%, with total client numbers growing by approximately 1.7 million to nearly 8.5 million [5][6] - The total assets under management in wealth management reached approximately 3.18 trillion yuan, with a product scale of nearly 370 billion yuan [6] Asset Management - The asset management segment generated revenue of 1.096 billion yuan, a 15.01% increase year-on-year, driven by improved net income from non-listed equity and fund investments [6] - The public fund management scale grew to 207.33 billion yuan, a 63% increase, while private equity assets under management reached 457.6 billion yuan, ranking first among brokerage private equity subsidiaries [6] Fixed Income Business - The fixed income business saw significant growth, achieving revenue of 3.706 billion yuan, an increase of 47.13% year-on-year, attributed to product innovation and enhanced customer service [7]

Core Viewpoint - China International Capital Corporation (CICC) reported strong financial performance for the year ending December 31, 2024, with total assets of RMB 674.716 billion, operating revenue of RMB 21.333 billion, and net profit attributable to shareholders of RMB 5.694 billion, emphasizing its commitment to serving national strategies and the real economy [1] Group 1: Business Performance - CICC maintained a leading position in investment banking, ranking first in global IPOs for Chinese enterprises and in Hong Kong IPOs, with significant participation in major projects [2] - The company ranked first among Chinese brokers in offshore debt underwriting and maintained a strong position in various segments, including real estate ABS and public REITs [2] - CICC's stock business continued to deepen its institutional client base, achieving the highest market share for QFII clients for 21 consecutive years [2] Group 2: Asset Management - CICC's public fund management scale grew by 63% year-on-year to RMB 207.3 billion, maintaining industry leadership in public REITs [3] - The private equity business solidified its market-leading position with managed assets reaching RMB 457.6 billion [3] - Wealth management services expanded significantly, with total clients nearing 8.5 million and total client asset value around RMB 3.18 trillion [3] Group 3: Dividends and Shareholder Returns - CICC announced a mid-term profit distribution plan, distributing approximately RMB 434 million in cash dividends to shareholders, reflecting its commitment to enhancing dividend stability and predictability [4] - Since its A-share listing in 2020, CICC has distributed a total of RMB 4.489 billion in cash dividends to shareholders [4] Group 4: Support for Real Economy - CICC supported direct financing exceeding RMB 12 trillion in 2024, focusing on key national strategic areas such as technology innovation and green development [5][6] - The company facilitated transactions in the technology sector amounting to RMB 470 billion and established 36 new funds totaling over RMB 55 billion [6] - CICC assisted small and micro enterprises in achieving capital market transactions exceeding RMB 270 billion [7] Group 5: Digital and Green Finance - CICC provided significant support to digital enterprises, completing transactions worth over RMB 50 billion and launching a digital economy fund [8] - The company actively promoted green finance, assisting in transactions exceeding RMB 450 billion in green-related fields and establishing new funds for green investments [6][8] Group 6: Internationalization and Future Outlook - CICC completed cross-border and overseas project transactions exceeding RMB 900 billion, enhancing its international presence [9] - The company expressed confidence in the future, focusing on serving national development and enhancing its core competitiveness [9]

中国国际金融股份有限公司 2024 年度内部控制评价报告 中国国际金融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），结合中国国际金融股份有限公司（以下简称中金公司或公司）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。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 一. 重要声明 □是 √否 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。管理层负责 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 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-009 中国国际金融股份有限公司 关于预计 2025 年度日常关联交易的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次日常关联交易预计需提交股东大会审议 本次日常关联交易预计不会影响公司独立性，不会导致公司主要业务对关 联方形成依赖 中国国际金融股份有限公司（以下简称"公司"）经中国证券监督管理委员会 （以下简称"中国证监会"）批准从事证券业务，开展证券及其他金融产品的交易 和中介服务，交易对手和服务对象广泛并且具有不确定性，可能包括公司的关联 方。根据《上海证券交易所股票上市规则》（以下简称"《上交所上市规则》"）《中 国国际金融股份有限公司关联交易管理制度》等相关规定，为做好关联交易管理 和信息披露工作，结合公司日常经营和业务开展的需要，公司对《上交所上市规 则》下的2025年度日常关联交易进行了预计（以下简称"本次预计"）。具体情况 如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 ...

中国国际金融股份有限公司董事会审计委员会 2024 年度履职情况报告 2024 年度（以下简称"报告期"），中国国际金融股份有限公司（以下简称 "公司"或"中金公司"）董事会审计委员会（以下简称"审计委员会"）作为董 事会下设的专门工作机构，对董事会负责，严格按照《上市公司治理准则》《证 券公司治理准则》《上市公司独立董事管理办法》等监管规则以及《中国国际金 融股份有限公司章程》（以下简称"《公司章程》"）《中国国际金融股份有限公司 董事会审计委员会工作规则》（以下简称"《工作规则》"）等内部制度的要求，忠 实、勤勉、合规地履行职责，切实有效地发挥监督作用，为董事会科学决策提供 了有力、有效支持。现将审计委员会 2024 年度履职情况报告如下： 一、审计委员会的基本情况 截至报告期末，审计委员会由 4 位非执行董事组成，包括：主任委员吴港平 先生及委员孔令岩先生、陆正飞先生、周禹先生，其中，吴港平先生、陆正飞先 生和周禹先生为独立非执行董事。全体委员均具备履行相关工作职责的专业知识 和经验，吴港平先生和陆正飞先生为会计专业人士，具备丰富的专业知识和经验。 审计委员会的构成符合监管要求及《公司章程》等相关规定。 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-008 中国国际金融股份有限公司 关于聘任 2025 年度会计师事务所的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟聘 2025 年度境内、境外会计师事务所：安永华明会计师事务所（特殊 普通合伙）、安永会计师事务所 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合 作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京， 注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 安永华明首席合伙人为毛鞍宁先生。截至 2024 年末，安永华明拥有合伙人 251 人，拥有执业注册会计师逾 1,700 人，其中拥有证券相关业务服务经验的执 业注册会计师超过 1,500 人，签署过证券服务业务审计报告的注册会计师超过 500 人。 安永华明 2023 年度经审计的业务总收入为人民币 59.55 亿元，其中，审计 1 业务收入人民币 55.85 亿 ...