CSC(SH:601066)2025-03-27 12:30Financial Performance - The company achieved a total operating revenue of RMB 21.129 billion and a net profit attributable to shareholders of RMB 7.223 billion for the year 2024[9]. - In 2024, the company's operating revenue was CNY 21,128,745,039.45, a decrease of 9.10% compared to CNY 23,243,300,216.19 in 2023[57]. - The net profit attributable to shareholders of the parent company for 2024 was CNY 7,223,221,368.58, reflecting a 2.68% increase from CNY 7,034,486,447.93 in 2023[57]. - The total assets of the company at the end of 2024 reached CNY 566,418,217,793.53, an increase of 8.35% from CNY 522,752,188,399.00 in 2023[57]. - The total liabilities increased to CNY 459,899,267,552.36 in 2024, up 8.15% from CNY 425,225,781,817.76 in 2023[57]. - The company's equity attributable to shareholders of the parent company rose to CNY 106,468,734,430.25, a 9.22% increase from CNY 97,478,047,065.38 in 2023[57]. - Basic earnings per share for 2024 increased by 1.28% to CNY 0.79 compared to CNY 0.78 in 2023[58]. - Diluted earnings per share for 2024 also rose by 1.28% to CNY 0.79 from CNY 0.78 in 2023[58]. Asset and Capital Management - As of the end of 2024, total assets reached RMB 566.418 billion, with net assets attributable to shareholders amounting to RMB 106.469 billion, and a weighted average return on equity of 8.22%[9]. - The registered capital of CITIC Securities remains at CNY 7,756,694,797 as of December 31, 2024, unchanged from the previous year[21]. - The net capital increased to CNY 74,674,773,535.87 at the end of 2024, up from CNY 66,859,253,199.55 at the end of 2023, representing a growth of approximately 11.5%[21]. - The total balance of trading financial assets decreased by CNY 12.22 billion to CNY 201.97 billion by the end of 2024[68]. - The company's cash and cash equivalents increased by RMB 38.12 billion, compared to a net decrease of RMB 12.42 billion in the previous year[145]. - The total assets of CITIC Securities International as of December 31, 2024, were RMB 39.420 billion, accounting for 6.96% of the company's total assets[151]. Business Segments and Revenue Sources - The investment banking segment reported a revenue of RMB 2.491 billion, a decline of 48.14% year-on-year[75]. - The wealth management segment achieved a revenue of RMB 6.610 billion, reflecting a year-on-year growth of 8.97%[75]. - The asset management segment reported a revenue of RMB 1.256 billion, a year-on-year decline of 14.17%[75]. - The trading and institutional client services segment generated RMB 8.05 billion in revenue, a slight increase of 0.46% year-on-year[140]. - The company completed 4,021 main underwriting projects in 2024, with a total underwriting amount of RMB 1,647.16 billion, ranking second in the industry[84]. Risk Management - The company faces various risks including market, credit, liquidity, and compliance risks, which are detailed in the report[7]. - The company has established a comprehensive risk management system that ensures risks are measurable, controllable, and bearable, aligning with its overall business strategy[186]. - The risk management committee under the board of directors oversees the overall risk management and ensures effective risk control related to business activities[187]. - The company has implemented a pre-risk control mechanism, setting specific risk limits and control standards for major business lines[192]. - The company has developed guidelines for managing various risks, including market risk, credit risk, operational risk, and liquidity risk[193]. Strategic Initiatives and Future Plans - The company emphasizes its commitment to high-quality development and internationalization strategies as it approaches its 20th anniversary in 2025[14]. - CITIC Securities aims to enhance its core financial capabilities and strengthen its position as a leading investment bank in China[14]. - The company plans to enhance its debt financing business by focusing on high-quality development and expanding its service capabilities in 2025[87]. - The company aims to expand its cross-border product scale and improve overseas investment product offerings in 2025[93]. - The company plans to deepen cross-border integration and expand its foreign client network in 2025[114]. Awards and Recognition - The company received multiple awards in 2024, including the "Best Practice Case for Digital Transformation" from the China Listed Companies Association[70]. - The company was recognized as a top investment bank in various categories, including best equity underwriting and best M&A advisory, reflecting its strong market position[72]. - The company was awarded for its excellence in futures trading and market-making, highlighting its strong performance in the derivatives market[73]. - The company was acknowledged for its contributions to investor education, receiving multiple awards for its educational programs and initiatives aimed at enhancing investor knowledge[72]. Client Growth and Market Presence - The company’s wealth management business saw a new client growth of over 60% year-on-year, with high-net-worth client numbers reaching a five-year high[12]. - The company opened 1,990,200 new brokerage accounts in 2024, representing a year-on-year growth of 62.73%, with high-net-worth clients reaching a five-year high[91]. - The company has a total of 275 securities branches across various provinces and municipalities[53]. - The company has five wholly-owned subsidiaries, including CITIC Securities Futures and CITIC Securities Investment[52].