Company Overview - China Cinda Asset Management Co., Ltd. announced its unaudited interim results for the six months ended June 30, 2024[1]. - The company will release its full interim report in late September 2024, available on the Hong Kong Stock Exchange and its own website[1]. - The board of directors includes executive directors Zhang Weidong, Liang Qiang, and Zhao Limin, among others[1]. - The company is registered in Beijing, with its main business location in Hong Kong[6]. - The company has a unified social credit code of 91110000710924945A[6]. - The stock codes for H-shares are 01359 for ordinary shares and 04621 for preferred shares listed on the Hong Kong Stock Exchange[7]. Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 35,075.9 million, an increase of 2.3% compared to RMB 34,297.7 million for the same period in 2023[9]. - Interest income rose to RMB 16,559.8 million, up 2.7% from RMB 16,120.2 million in the previous year[9]. - Net profit attributable to shareholders for the period was RMB 2,155.9 million, down 46.9% from RMB 4,067.6 million in the same period last year[9]. - The company reported a significant increase in the fair value changes of other financial instruments, reaching RMB 5,353.7 million, compared to RMB 4,906.0 million in the previous year[9]. - The total equity attributable to shareholders increased to RMB 193,601.9 million from RMB 192,342.1 million year-over-year[10]. - The company’s investment income was RMB 254.3 million, slightly down from RMB 258.9 million in the previous year[9]. - The company reported a decrease in inventory sales revenue to RMB 2,596.6 million from RMB 2,132.8 million year-over-year[9]. - The annualized average return on equity (ROAE) for the period was 2.04%, while the annualized average return on total assets (ROAA) was 0.33%[16]. - Earnings per share (EPS) decreased to RMB 0.04 from RMB 0.09 in the previous year[1]. Asset and Liability Management - Total assets decreased slightly to RMB 1,583,795.2 million from RMB 1,594,009.3 million year-over-year[10]. - Total liabilities also saw a decrease, amounting to RMB 1,365,966.8 million compared to RMB 1,378,051.9 million in the previous year[10]. - The company’s total liabilities related to pending litigation amounted to RMB 8,666.4 million as of June 30, 2024, with provisions for expected liabilities increasing from RMB 6.0 million to RMB 157.3 million[69]. - The total amount of financial assets measured at amortized cost was RMB 97,149.3 million, a decrease of 18.9% from RMB 119,749.9 million[62]. - The group's borrowings as of June 30, 2024, were RMB 549,552.8 million, a decrease of 1.7% from RMB 558,870.5 million as of December 31, 2023[64]. Non-Performing Assets - The company continued to focus on the non-performing asset market, with new acquisitions of non-performing loans amounting to RMB 17,260.4 million in H1 2024[21]. - The fair value changes of non-performing assets rose from RMB 2,836.3 million in H1 2023 to RMB 4,948.9 million in H1 2024, contributing 13.9% to total revenue[18]. - The company reported a significant increase in impairment losses for customer loans and advances, rising by 31.2% from RMB 1,748.5 million in the first half of 2023 to RMB 2,293.2 million in the first half of 2024[41]. - The net amount of non-performing loans was RMB 41,418.8 million, down 30.0% from RMB 59,193.0 million, primarily due to active asset structure adjustments[61]. - The income from non-performing debt assets was RMB 7,065.5 million in the first half of 2024, a decrease from RMB 8,493.3 million in the same period of 2023[78]. Risk Management - The company emphasizes liquidity risk management, ensuring liquidity safety amid a reasonable market liquidity environment in the first half of 2024[148]. - The company has strengthened risk management for key clients, enhancing the ability to manage exposure to major client risks[149]. - The company is committed to improving operational risk management by optimizing key risk monitoring indicators and enhancing management tools[150]. - The company has maintained a stable reputation risk management level, with overall risk management improving steadily in the first half of 2024[151]. - The company has implemented the "Group Risk Appetite Statement (2024)" approved by the board, focusing on optimizing risk indicators and enhancing risk management mechanisms[139]. Governance and Compliance - The company emphasizes compliance with laws and regulations, ensuring accurate and timely information disclosure to investors[172]. - The company has fully complied with the corporate governance code as per the Hong Kong Listing Rules during the reporting period[178]. - The board of directors consists of ten members, with independent non-executive directors accounting for over one-third of the total[174]. - The company has not experienced any significant litigation or arbitration matters that adversely affect its business, financial status, or operating performance during the reporting period[185]. - The company has continuously improved its internal control mechanisms and systems throughout the first half of 2024[180]. Future Outlook - The global economic environment remains uncertain, with geopolitical conflicts and high levels of global debt impacting growth prospects[13]. - The outlook for the second half of 2024 indicates a stable Chinese economy, but challenges such as insufficient effective demand and complex external environments remain[156]. - In the second half of 2024, macro policies are expected to be proactive, continuing to implement positive fiscal policies and prudent monetary policies to support economic recovery[157]. - The company plans to enhance its risk management capabilities and improve service quality to support the real economy, focusing on the restructuring of problem enterprises and local debt risk mitigation[158].
中国信达(01359) - 2024 - 中期业绩