2014-03-27 16:00Financial Performance - In 2013, the total revenue reached RMB 16.12 billion, a 37.81% increase from RMB 11.69 billion in 2012[29]. - The net profit attributable to shareholders was RMB 5.24 billion, reflecting a 23.75% growth compared to RMB 4.24 billion in the previous year[29]. - The total assets increased by 61.03% to RMB 271.35 billion from RMB 168.51 billion in 2012[30]. - The total liabilities surged by 122.37% to RMB 181.95 billion, up from RMB 81.82 billion in 2012[30]. - The basic earnings per share rose to RMB 0.48, a 26.32% increase from RMB 0.38 in 2012[33]. - The weighted average return on equity improved to 6.02%, up from 4.90% in the previous year[33]. - The cash flow from operating activities showed a net outflow of RMB 18.61 billion, slightly improved from RMB 19.10 billion in 2012[29]. - The company reported a total equity attributable to shareholders of RMB 87.69 billion, a marginal increase of 1.42% from RMB 86.47 billion in 2012[30]. - The asset-liability ratio increased significantly to 60.47%, up from 35.17% in the previous year[33]. - The company maintained a total share capital of RMB 11.02 billion, unchanged from the previous year[30]. Business Development and Market Position - CITIC Securities has been recognized as one of the first comprehensive securities companies approved by the China Securities Regulatory Commission[17]. - The company has actively engaged in business development since its inception, becoming a key player in the Chinese securities market[17]. - CITIC Securities has a strong presence in the interbank lending market and was among the first to be authorized for stock pledge loans[17]. - In 2013, Citic Securities was recognized as the best broker in China and the best bond dealer by Asia Money[22]. - The company has six wholly-owned subsidiaries and one major holding subsidiary, enhancing its operational capabilities[19]. - Citic Securities was included in multiple indices such as the Shanghai Stock Exchange 180 Index and the MSCI China Index, significantly boosting its market image[19]. - The company achieved a top ranking in several industry awards, including the best local broker and best local bond dealer[23]. - The company was recognized for its research capabilities, ranking among the top in various sectors such as automotive and utilities[24]. - The company has been awarded for its innovative investment banking services, reflecting its strategic growth initiatives[22]. - The company has maintained a high classification in the securities industry, achieving A-class AA rating for six consecutive years[18]. Risk Management - The company faces significant risks including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and credit and liquidity risks as primary concerns[9]. - The company emphasizes the importance of managing credit and liquidity risks through organizational structure and process optimization[9]. - The company has established a comprehensive risk management framework, which includes a three-tier risk management system involving the board of directors, executive committee, and various internal control departments[143]. - The risk management committee reports to the board and is responsible for daily risk monitoring and management, ensuring that all significant risk-related matters are approved[145]. - The company has set up a product committee to oversee the creation and sales of new products, ensuring compliance with regulatory requirements and managing associated risks[146]. - Market risk is categorized into equity price risk, interest rate risk, and exchange rate risk, with a structured approach to manage these risks through a three-tier defense system[151]. - The company has established risk limits for business departments to control profit and loss fluctuations and market risk exposure, with daily monitoring by the risk management department[154]. - The company's credit risk primarily arises from brokerage business, margin trading, and credit product investments, with real-time monitoring and analysis conducted through an information management system[157]. Acquisitions and Investments - The company completed the full acquisition of Lyon Securities, with the total acquisition price adjusted to $1.09 billion, down from $1.252 billion[183][184]. - The company acquired 13.2% equity in Huaxia Fund for a total of RMB 21.888 billion, increasing its ownership to 62.20%[186]. - The company completed the acquisition of the remaining equity in CITIC Wanto Securities on September 16, 2013, achieving full ownership[185]. - The company signed investment commitments totaling RMB 3.644 billion for its CITIC M&A Investment Fund as of December 31, 2013[81]. - The company made equity investments totaling RMB 2.886 billion in 2013, a decrease of 62.22% from RMB 7.638 billion in 2012[120]. Dividend Policy - The company proposed a cash dividend of RMB 1.50 per 10 shares (before tax) for the 2013 fiscal year, pending shareholder approval[2]. - The company has consistently distributed cash dividends since its establishment, with the following amounts for the last three years: 2010: RMB 4.97 billion, 2011: RMB 4.74 billion, and 2012: RMB 3.31 billion[141]. - In 2012, the cash dividend accounted for 25.02% of the distributable net profit and 78% of the net profit attributable to shareholders of the parent company[142]. - The cash dividends for 2010, 2011, and 2012 were distributed at RMB 5, RMB 4.30, and RMB 3 per 10 shares, respectively[141]. Social Responsibility and Environmental Initiatives - The company donated RMB 5 million to support disaster relief efforts during the Ya'an earthquake in 2013[180]. - The company actively participated in environmental initiatives, including purchasing 20,000 tons of carbon emission quotas in Beijing's carbon trading market[180]. - The company has been recognized for its social responsibility efforts, receiving the "Caring Company" award for seven consecutive years from the Hong Kong Council of Social Service[180]. - The company has no significant environmental or social safety issues reported during the year[180].