2024-03-28 16:00Financial Performance - As of the end of 2023, the total assets of CITIC Securities reached RMB 522.752 billion, with net assets attributable to shareholders amounting to RMB 97.478 billion[7]. - In 2023, CITIC Securities achieved an operating income of RMB 23.243 billion and a net profit attributable to shareholders of RMB 7.034 billion, with a weighted average return on equity of 8.59%[7]. - The company's operating revenue for 2023 was ¥23,243,300,216.19, a decrease of 15.68% compared to ¥27,565,197,901.59 in 2022[47]. - The net profit attributable to shareholders of the parent company was ¥7,034,486,447.93, down 6.45% from ¥7,519,427,792.55 in the previous year[47]. - The net cash flow from operating activities was negative at ¥20,057,201,187.15, a significant decline from ¥39,990,031,541.17 in 2022, representing a decrease of 150.16%[47]. - The basic earnings per share for 2023 was ¥0.78, a decrease of 9.30% compared to ¥0.86 in 2022[48]. - The weighted average return on equity was 8.59%, down 1.42 percentage points from 10.01% in 2022[48]. - The total operating revenue for the group was RMB 23.24 billion, a year-on-year decrease of 15.68%[61]. - The net profit attributable to shareholders was RMB 7.03 billion, a decrease of 6.45% year-on-year[61]. Business Segments - The investment banking segment generated operating revenue of RMB 4.80 billion, down 17.73% year-on-year[61]. - The wealth management segment reported operating revenue of RMB 6.07 billion, a slight decrease of 1.20% year-on-year[61]. - The trading and institutional client services segment achieved operating revenue of RMB 8.02 billion, an increase of 19.22% year-on-year[61]. - The asset management segment's operating revenue was RMB 1.46 billion, down 12.95% year-on-year[61]. - In 2023, the company completed 67 equity financing projects, ranking second in the industry with a total underwriting amount of RMB 94.78 billion[62]. - The company ranked second in the industry for IPO underwriting with 33 projects and an amount of RMB 40.75 billion[62]. - The company maintained a strong performance in debt financing, completing 3,280 underwriting projects with a total scale of RMB 1,545.71 billion, ranking second in the industry[67]. - The company underwrote 1,007 corporate bond projects with a total scale of RMB 417.97 billion, ranking first in the industry[68]. Market Position and Strategy - The investment banking business maintained a leading market position, contributing significantly to the financing of high-quality enterprises and supporting national strategic initiatives[8]. - The brokerage and wealth management business saw a historic high in market share, with net income from securities brokerage and financial product sales increasing[8]. - CITIC Securities ranked first in the industry for the number of public fund custodians, with its research business gaining increased market influence[8]. - The company aims to become a leading investment bank in China, focusing on high-quality development and aligning with national economic goals[9]. - The company has set a development goal of achieving "five first-class" standards in culture, talent, capability, service, and performance[9]. - The company plans to continue expanding its market presence and enhancing its capabilities in response to evolving industry demands[10]. - The company aims to enhance its investment banking capabilities by focusing on project identification, valuation, and underwriting quality control in 2024[65]. - The company plans to expand its international business by integrating investment banking operations between the mainland and Hong Kong markets[66]. Risk Management and Compliance - The company has established a risk management department, a legal compliance department, and an audit department, each operating independently to fulfill their respective risk management functions[161]. - The risk management department conducts pre- and post-risk assessments, while the legal compliance department controls legal and compliance risks, and the audit department identifies major deficiencies in internal controls[161]. - The company has implemented a risk monitoring process with specific risk limits and control standards for major business lines, ensuring independent evaluations of new products and significant projects[163]. - The company has established a comprehensive credit risk management system covering due diligence, credit rating, and collateral management[167]. - The company has successfully maintained its major risk control indicators at a stable level, with no breaches of warning standards in 2023[155]. - The company emphasizes a balanced approach to development speed and quality, with a focus on risk management and compliance[151]. - The company actively manages legal and compliance risks through a dedicated legal compliance department, which oversees contract reviews and compliance management across all business lines[175]. Corporate Governance and Leadership - The company has established a robust governance structure with experienced directors overseeing its strategic direction[186]. - The company has appointed new executives, including Wang Changqing as Chairman and Executive Director, and Li Min as Vice Chairman since May 2023[185][186]. - The total pre-tax remuneration for senior management during the reporting period amounted to RMB 47.02 million[184]. - The company held five shareholder meetings in 2023, approving various resolutions including the issuance of debt financing instruments and the election of non-executive directors[180]. - The company has established specialized committees within the board to enhance governance effectiveness and protect minority shareholder rights[178]. Future Outlook - The company anticipates that 2024 will be a critical year for consolidating and enhancing economic recovery, with a focus on achieving qualitative improvements and reasonable quantitative growth[147]. - The company aims to enhance its asset management business and improve international development levels in 2024[151]. - The company plans to implement a new customer engagement strategy aimed at improving user retention by 20%[192]. - The company is committed to developing new technologies and products to meet market demands and improve customer satisfaction[187]. - The company is focusing on technology innovation and green low-carbon sectors to support high-quality development[106].