2024-08-29 10:29Financial Performance - The company's operating revenue for the first half of 2024 was RMB 9,528,270,729.59, a decrease of 29.24% compared to RMB 13,464,708,005.11 in the same period of 2023[35]. - The net profit attributable to shareholders of the parent company was RMB 2,857,677,144.16, down 33.66% from RMB 4,307,477,576.63 year-on-year[35]. - The net cash flow from operating activities was negative RMB 2,025,668,166.76, a decline of 140.57% compared to RMB 4,993,394,969.39 in the previous year[35]. - Basic earnings per share for the first half of 2024 were RMB 0.30, down 38.78% from RMB 0.49 in the same period of 2023[36]. - The weighted average return on net assets was 3.12%, a decrease of 2.29 percentage points from 5.41% year-on-year[36]. - The company achieved operating revenue of RMB 9.53 billion in the first half of 2024, a decrease of 29.24% year-on-year[94]. - Net interest income fell to RMB 380.79 million, down 64.61% compared to RMB 1.08 billion in the same period last year[93]. - The fair value changes in profit and loss decreased by 33.79%, from RMB 1.94 billion to RMB 1.28 billion[93]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 525,114,527,221.87, reflecting a slight increase of 0.45% from RMB 522,752,188,399.00 at the end of 2023[35]. - The total liabilities decreased by 0.65% to RMB 422,452,712,863.64 from RMB 425,225,781,817.76 at the end of the previous year[35]. - The equity attributable to shareholders of the parent company increased to RMB 102.615 billion, up RMB 5.137 billion or 5.27% from the previous year[103]. - The cash and bank balances accounted for 9.68% of total assets, while investment assets represented 67.72% of total assets[103]. - The company's short-term borrowings increased by 102.91% to RMB 960.698 million compared to the previous year[102]. - The asset-liability ratio, excluding agency securities, was 76.02%, a decrease of 0.86 percentage points from the previous year[103]. Risk Management - The company faces various risks including market risk, credit risk, liquidity risk, and compliance risk, which are detailed in the management discussion section[6]. - The company is committed to maintaining compliance with regulatory requirements and has outlined its risk management strategies in the report[6]. - The company has established a robust risk management system, ensuring risks are measurable, controllable, and bearable, while optimizing the risk management framework in response to policy and market changes[125]. - The company has implemented a credit risk management system that includes due diligence, credit rating, and collateral management to mitigate potential losses from counterparties[134]. - The company actively monitors the creditworthiness of bond issuers and counterparties, conducting necessary due diligence and internal ratings[135]. Corporate Governance - The board of directors has approved the interim profit distribution plan for 2024, which will be based on the financial report for the first half of 2024[5]. - The company has not encountered any situations where more than half of the directors could not guarantee the authenticity of the interim report[6]. - The company is focused on maintaining the interests of all shareholders, particularly minority shareholders, through diligent governance practices[155]. - The company held two shareholder meetings in the first half of 2024, with key resolutions passed regarding the election of the third board of directors and supervisors[145]. - The company elected new directors and supervisors during the meetings, with a total of 14 board members now, including 2 executive directors and 5 independent non-executive directors[153]. Regulatory Compliance - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[6]. - The report does not indicate any violations of decision-making procedures regarding external guarantees[6]. - The company has implemented corrective measures including enhanced training for staff, increased internal compliance checks, and improved supervision of fund usage to address regulatory concerns[183][185]. - On January 24, 2024, Shandong Securities Regulatory Bureau issued a warning letter to CITIC Securities for failing to properly supervise the use of 868 million RMB raised by Yunding Technology through a private placement[180]. - On April 30, 2024, Beijing Securities Regulatory Bureau mandated CITIC Securities to increase compliance checks due to issues in risk management and internal controls, requiring quarterly internal compliance inspections[182]. Business Operations - The company completed 12 equity financing projects in the first half of 2024, with a total underwriting amount of RMB 4.329 billion, ranking 2nd in the industry[52]. - The investment banking segment generated total revenue of RMB 1.002 billion, down 61.81% year-on-year[51]. - The company is actively supporting the high-quality development of the real economy and has assisted major enterprises in completing equity refinancing projects[52]. - The company has established over 300 physical outlets nationwide, enhancing its comprehensive financial service capabilities[46]. - The company is focusing on integrating emerging technologies such as AI, big data, and blockchain into its business operations[47]. Employee Relations - The company has a credit line approved by major commercial banks amounting to RMB 535 billion, ensuring timely access to short-term funds[113]. - The company emphasizes a comprehensive welfare system for employees, including supplementary medical insurance and paid leave, while adhering to national regulations[117]. - The company provided over 1,200 internship positions for students during the reporting period and offered nearly 61 hours of pre-job online courses for newly hired graduates[120]. - The company maintained a good relationship with employees, with no significant labor disputes or strikes affecting operations during the reporting period[121]. Environmental, Social, and Governance (ESG) - The company established a dynamic ESG evaluation system and investment research framework, managing a total asset scale of RMB 590 million across 6 existing products in the "CITIC Securities ESG Vision Investment" series[161]. - The company has underwritten 37 green bonds with a total amount of RMB 11.388 billion, including 6 carbon-neutral bonds totaling RMB 1.092 billion[162]. - The company completed 29 overseas ESG bond projects, raising over USD 8.8 billion, including 15 green bonds and 14 sustainable development bonds[162]. - The company actively participated in the domestic carbon market, completing 685 transactions in local carbon markets during the reporting period[162]. - The company donated RMB 12 million to support rural infrastructure and smart agriculture projects in Yunnan and Chongqing[165].