2024-03-28 16:00Financial Performance - As of the end of 2023, the total assets of the group reached RMB 522.75 billion, with net assets attributable to shareholders amounting to RMB 97.48 billion[8]. - The group achieved an operating income of RMB 23.24 billion and a net profit attributable to shareholders of RMB 7.03 billion in 2023, with a weighted average return on equity of 8.59%[8]. - The operating income for 2023 is approximately RMB 23.24 billion, a decrease of 15.68% compared to 2022[49]. - The net profit attributable to shareholders of the parent company for 2023 is approximately RMB 7.03 billion, down 6.45% from the previous year[49]. - The total revenue for the reporting period was RMB 23.24 billion, a year-on-year decrease of 15.68%[112]. - The company's total operating expenses for the investment banking segment were RMB 2.94 billion, a year-on-year increase of 0.67%[113]. - The company's operating revenue for 2023 was RMB 23.243 billion, a year-on-year decrease of 15.68%[109]. - The company's total cash and cash equivalents decreased by RMB 12.42 billion in 2023, compared to an increase of RMB 19.04 billion in 2022[114]. Business Segments - The investment banking segment generated total revenue of RMB 4.80 billion, a year-on-year decrease of 17.73%[63]. - The wealth management segment reported revenue of RMB 6.07 billion, down 1.20% year-on-year[112]. - The trading and institutional client services segment achieved revenue of RMB 8.02 billion, an increase of 19.22% year-on-year[112]. - The asset management segment's revenue was RMB 1.46 billion, a decrease of 12.95% year-on-year[112]. - The investment banking segment generated revenue of RMB 4.80 billion, a year-on-year decrease of 17.73%[112]. Market Position and Strategy - The investment banking business maintained a leading position in the market, contributing significantly to the financing of high-quality enterprises and supporting national strategies[9]. - CITIC Securities aims to become a leading investment bank, focusing on enhancing investor services and value discovery capabilities[12]. - The company aims to become a first-class investment bank, focusing on strategic leadership and enhancing service quality and management levels[11]. - The company plans to align its development with national and societal needs, striving for international competitiveness and market leadership[12]. - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic initiatives and potential mergers and acquisitions[125]. Risk Management - The company faces various risks including market, credit, liquidity, and compliance risks, which are detailed in the report[7]. - The risk coverage ratio is 162.21%, down from 226.26% the previous year[52]. - The liquidity coverage ratio is 208.63%, a decrease from 235.00% the previous year[52]. - The company has established a comprehensive risk management framework to address strategic, credit, liquidity, market, operational, IT, legal, compliance, and reputational risks[142]. - The company has implemented a crisis management mechanism to address liquidity crises and trading system failures[140]. Awards and Recognition - The company was awarded the "2022 Financial Technology Development Award (Second Prize)" by the People's Bank of China, highlighting its recognition in the industry[57]. - The company achieved a total of 10 awards in 2023, including the "Outstanding Service Contribution Award" from Financial界, showcasing its commitment to excellence[57]. - The company was recognized as the "Best Underwriter" in various categories, including corporate bonds and asset securitization by the Shenzhen Stock Exchange[58]. - The company was awarded the "Best Wealth Management Team" in the 2023 Golden Bull Awards by China Securities Journal[59]. - The company received recognition for its digital transformation efforts, winning the "Most Competitive Digital Achievement Award" from Daily Economic News[59]. Subsidiaries and Business Qualifications - The company has five wholly-owned subsidiaries, including CITIC Securities Futures and CITIC Securities Capital[44]. - China Securities Co., Ltd. holds a total of 95 business qualifications, including key roles in securities brokerage, investment consulting, and asset management[25]. - The company has acquired 5 new business qualifications in 2023, enhancing its service offerings in the securities market[25]. - The company has established a strong presence in the interbank bond market, holding qualifications for various trading and settlement activities[26]. Client Engagement and Services - The company has a dedicated investor service hotline, reflecting its commitment to customer engagement and support[29]. - By the end of 2023, the company had developed 1.2176 million new clients in the securities brokerage business, with a total client base of 13.3732 million, representing a year-on-year growth of 10.20%[71]. - The company will continue to optimize its mobile trading app to enhance customer experience, ranking 7th in monthly active users in the industry[71]. Corporate Governance - The company adheres to a robust corporate governance structure, ensuring compliance with legal and regulatory requirements, and enhancing the protection of minority shareholders' rights[155]. - The company emphasizes the importance of governance and compliance in its operations, with a diverse and experienced supervisory team[165]. - The board of directors held multiple meetings throughout 2023, including the 56th meeting on October 26 and the 57th meeting on November 9[172]. - The company has a structured performance evaluation system for directors and senior management based on market conditions[195]. Future Outlook - The company is positioned to benefit from a recovering Chinese economy, which is expected to achieve qualitative improvements and reasonable growth in 2024[126]. - The company anticipates that the securities industry will face both challenges and opportunities in 2024, with a focus on transformation and growth[127]. - The company plans to enhance its trading performance and automation through embedded algorithm platforms in 2024[87]. - The company aims to strengthen its investment research capabilities in areas such as digitalization, artificial intelligence, and ESG in 2024, while enhancing compliance management through financial technology investments[85].