Financial Performance - The company achieved total revenue of RMB 37.75 billion in 2024, a slight decrease of 0.55% compared to RMB 37.96 billion in 2023[29]. - The net profit attributable to ordinary shareholders for 2024 was RMB 3.86 billion, down 37.56% from RMB 6.19 billion in 2023[29]. - The average return on equity for 2024 was 7.80%, a decrease from 12.99% in 2023[31]. - The company distributed cash dividends totaling RMB 19.20 billion in the first half of 2024, representing 31.00% of the net profit for the previous year[25]. - The company plans to distribute a final cash dividend of approximately RMB 12 billion in the first half of 2025, which would account for 55.75% of the net profit for 2024[25]. - The company's diluted earnings per share for 2024 was RMB 0.84, compared to RMB 1.33 in 2023[31]. - The consolidated revenue for 2024 was RMB 37.75 billion, a slight decline of 0.55% compared to the previous year, with traditional financial services down by 8.47%[60]. - The overall profit before provisions decreased by 12.62% to RMB 9.28 billion, while the pre-tax profit fell by 23.06% to RMB 8.02 billion[62]. - The effective tax rate increased from 33.7% in 2023 to 43.7% in 2024, primarily due to increased cross-border tax obligations[66]. - The group reported a significant increase in the income from structured financial products, which rose by 277.86% to RMB 41,081 thousand in 2024[106]. Asset Management - As of the end of 2024, the company's net interest-earning assets amounted to RMB 260.641 billion, with a stable asset deployment flow compared to the previous year[21]. - The total assets of the company reached RMB 360.39 billion, reflecting a growth of 2.53% from the previous year[23]. - The company’s total assets reached RMB 360.39 billion by the end of 2024, an increase of 2.58% from RMB 351.48 billion in 2023[32]. - The company’s equity attributable to ordinary shareholders was RMB 48.99 billion, down from RMB 50.10 billion in 2023[32]. - The total amount of non-performing assets was RMB 2,790,120 thousand as of December 31, 2024, showing stability in asset performance[161]. - The company has maintained a rigorous asset classification policy, ensuring effective risk control and management[162]. - The total amount of attention assets is RMB 14,553.198 million, a decrease from RMB 16,066.847 million at the end of 2023[169]. - The company has restructured its asset management organization to enhance decision-making efficiency and risk management capabilities[157]. Non-Performing Assets - The non-performing asset ratio stood at 1.07%, while the proportion of overdue interest-earning assets over 30 days decreased to 0.90%[21]. - The non-performing asset ratio improved to 1.07% in 2024, compared to 1.04% in 2023[32]. - The provision coverage ratio remained stable at 227.78%, slightly up from 227.59% in 2023[32]. - The total amount of non-performing assets at year-end is RMB 2,790,120 thousand, compared to RMB 2,792,206 thousand in 2023[187]. - The company recovered RMB 2,012,188 thousand in non-performing assets during the year, compared to RMB 1,355,168 thousand in 2023[187]. - The credit cost ratio for the year is 0.30%, an increase from 0.13% in 2023, reflecting a more cautious approach to provisioning[191]. Sustainable Finance and ESG - The company successfully issued the first AAA-rated asset-backed securities for small and micro equipment leasing in China, enhancing its sustainable finance initiatives[19]. - The company has been recognized in the top tier of global sustainability assessments by S&P Global for 2024[19]. - The company has committed to science-based carbon targets, becoming the first financial institution in mainland China to do so[54]. - The company plans to enhance its sustainable finance management system and has upgraded its green financing framework to a sustainable financing framework[54]. - The company is focusing on integrating ESG factors into its management and operations, continuously optimizing governance and climate risk management[54]. Operational Efficiency - The company has established a comprehensive customer service network across major cities in China, enhancing its operational capabilities[14]. - The company has expanded its service network to 528 service points in China and 53 overseas, covering markets in Southeast Asia and the Middle East[22]. - The company is actively seeking new industry clients in mining, shipbuilding, and petrochemicals to diversify its product offerings[56]. - The company is actively expanding its high-quality education layout domestically and internationally, enhancing the quality of its educational offerings[84]. Market Trends and Projections - In 2024, the national industrial added value is expected to grow by 5.8% year-on-year[44]. - Domestic tourism is anticipated to reach 5.615 billion trips in 2024, an increase of 14.8% year-on-year, with total spending of RMB 5.75 trillion, up 17.1%[45]. - The automotive sales in China are expected to reach 31.436 million units in 2024, a year-on-year increase of 4.5%[45]. - The company plans to focus on expanding its presence in the healthcare and urban utilities sectors, which have shown significant growth potential[178].
远东宏信(03360) - 2024 - 年度财报