Company Overview - China Cinda Asset Management Co., Ltd. was established in April 1999 and became the first financial asset management company approved by the State Council to address financial risks and stabilize the financial system[4]. - In 2019, the company received multiple awards, including the "Top 100 Enterprises in China" and "Best Listed Company" at the China Securities Golden Bauhinia Awards[4]. - As of 2019, the company operates 33 branches across 30 provinces, autonomous regions, and municipalities in mainland China, employing approximately 16,000 staff[4]. - The company has strategic investors including the National Social Security Fund Council and UBS AG, enhancing its capital structure and market position[4]. Financial Performance - Total assets reached RMB 1,513.23 billion in 2019, an increase from RMB 1,495.76 billion in 2018[18]. - Total revenue from continuing operations was RMB 120.03 billion in 2018, with a net profit attributable to shareholders of RMB 15.02 billion[18]. - The company reported a net profit of RMB 15.02 billion in 2019, reflecting a stable performance[18]. - The average return on equity was 8.56% in 2019, compared to 12.04% in 2018[18]. - Earnings per share were RMB 0.31 in 2019, up from RMB 0.29 in 2018[18]. - The company achieved a net profit attributable to shareholders of RMB 13.05 billion, an increase of 8.4% compared to the previous year[33]. - The total revenue for the company in 2019 was RMB 107,780.8 million, slightly up from RMB 107,026.0 million in 2018[128]. Asset Management and Non-Performing Assets - The company’s core business is the management of non-performing assets, which remains a significant focus for future growth[4]. - The company is focusing on the core business of non-performing assets and financial services to create competitive advantages[26]. - The company acquired operating non-performing assets totaling RMB 52.16 billion in 2019, with a net amount of RMB 198.15 billion by the end of the year[33]. - The net amount of non-performing loans was RMB 385,449.7 million in 2019, a decrease from RMB 405,247.9 million in 2018[131]. - The company’s strategy includes acquiring and managing non-performing assets from both financial and non-financial institutions[133]. Risk Management and Governance - The company aims to expand its financial services and improve governance practices, as evidenced by its recognition for corporate governance and social responsibility[4]. - New strategies will focus on risk management and improving operational efficiency[16]. - The company plans to strengthen risk management by effectively resolving existing risks and strictly controlling new risks, with a focus on liquidity risk prevention[34]. - The company will enhance its governance structure and improve internal control compliance systems to support high-quality development[39]. Revenue Sources and Business Segments - The non-performing asset management segment accounted for 70.2% of total revenue in 2019, down from 73.6% in 2018, indicating a shift in revenue sources[128]. - Financial services revenue increased by 14.6% year-on-year, contributing to a 3.8 percentage point increase in its share of total group revenue[102]. - The company’s financial services segment generated revenue of RMB 33,684.2 million in 2019, representing 31.3% of total revenue, up from 27.5% in 2018[128]. Operational Efficiency and Employee Management - The company emphasizes internal fairness and external competitiveness in its compensation policy to promote stable operations and development[200]. - The company’s human resources management focused on market-oriented personnel mechanisms and salary distribution reforms to support high-quality development[197]. - The headquarters has restructured to enhance direct management capabilities and strengthen compliance management by establishing a business management department and four strategic customer departments[198]. Strategic Initiatives and Future Plans - The company plans to expand its market presence and enhance its product offerings in the coming years[16]. - The company aims to enhance its project restructuring and investment banking capabilities to mitigate financial risks[26]. - The company is committed to developing new technologies to support its growth initiatives[16]. - The company will continue to implement proactive fiscal policies and maintain reasonable liquidity to support economic stability[41].
中国信达(01359) - 2019 - 年度财报