Financial Performance - The company reported unaudited interim results for the six months ended June 30, 2024, in compliance with the Hong Kong Stock Exchange listing rules[1]. - Total revenue for the six months ended June 30, 2024, was RMB 30,257.0 million, a decrease of 7.9% compared to RMB 32,648.7 million for the same period in 2023[11]. - The pre-tax profit from continuing operations was RMB 4,752.8 million, a significant recovery from a loss of RMB 4,938.2 million in the previous year[11]. - The net profit attributable to the company's shareholders for the current period was RMB 5,332.3 million, compared to a loss of RMB 4,818.1 million in the same period last year[11]. - The annualized return on equity for the period was 21.2%, consistent with the previous year[13]. - Basic earnings per share attributable to ordinary shareholders was RMB 0.056, down from RMB 0.071 in the same period last year[13]. - The company achieved a net profit attributable to shareholders of RMB 5.332 billion, a year-on-year increase of 210.7%[17]. - The total revenue from continuing operations was RMB 30.257 billion, a decrease of 7.3% compared to RMB 32.649 billion in the same period last year[18]. - The company reported a significant reduction in credit impairment losses, down 49.9% to RMB 9.767 billion from RMB 19.507 billion[19]. - The fair value changes of non-performing asset income increased by 398.4%, reaching RMB 2.317 billion compared to a loss of RMB 0.776 billion in the previous year[18]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,055,341.8 million, an increase from RMB 968,103.2 million as of December 31, 2023[12]. - Total liabilities increased to RMB 1,002,636.7 million from RMB 920,066.4 million at the end of 2023[12]. - The company's equity attributable to shareholders rose by 10.0% to RMB 52,814.2 million, compared to RMB 47,995.4 million at the end of the previous year[56]. - The company's financial assets measured at fair value through profit or loss increased by 18.0% to RMB 374,637.2 million, up from RMB 317,516.0 million[61]. - The company's loans from the central bank reached RMB 5,971.9 million, marking a 100.0% increase as it was not present at the end of the previous year[56]. - The total amount of non-performing assets at the end of June 2024 was RMB 185,921.1 million, an increase of RMB 1,484.6 million compared to the end of the previous year[98]. Business Strategy and Outlook - The company aims to enhance its capital management and risk management strategies[2]. - The company plans to continue expanding its market presence and investing in new technologies to enhance growth prospects[14]. - The company is committed to the "One Three Five" strategic goals, aiming for significant improvements in quality and efficiency over the next three years[17]. - The company is focused on enhancing its risk management framework, aiming to improve risk control capabilities and support high-quality development[130]. - The company plans to strengthen risk management and control to ensure stable and sustainable development[143]. - The company is entering a critical period of institutional restructuring in the financial asset management industry, with potential for high-quality development and transformation of non-performing asset management[142]. Regulatory and Compliance - The financial data is prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in RMB[10]. - The independent review report confirmed that the financial data was prepared in accordance with International Accounting Standards, with no significant issues noted[188]. - The company has adhered to the corporate governance code as per the listing rules and adopted applicable best practices[168]. Operational Highlights - The company is involved in debt-to-equity swaps as part of its asset management strategy[3]. - The company is focusing on enhancing asset quality and optimizing management, contributing to positive progress in its main business transformation[17]. - The company has actively explored new models for corporate relief and steadily improved its restructuring capabilities during the first half of 2024[65]. - The company is implementing a talent development strategy to strengthen its professional workforce and improve employee engagement and performance[125]. Market and Economic Environment - The domestic GDP for the first half of 2024 grew by 5% year-on-year, indicating a favorable economic environment for the company's operations[14]. - The global economic growth forecast for 2024 is 3.2%, which is lower than the historical average of 3.8% from 2000 to 2019[141]. Shareholder Information - The company reported a total share capital of 80,246,679,047 shares as of June 30, 2024, with domestic shares accounting for 44,884,417,767 shares (55.93%) and H shares accounting for 35,362,261,280 shares (44.07%)[144][145]. - China CITIC Group holds 21,230,929,783 domestic shares, representing approximately 26.46% of the total share capital, making it the largest shareholder[146][148].
中国华融(02799) - 2024 - 中期业绩