Awards and Recognition - The company was awarded multiple accolades in 2024, including "Best Listed Company Award" and "Top 20 Financial Institutions" in the new productivity investment agency soft power ranking[4]. Company Operations - The company operates in 30 provinces and municipalities in mainland China, with 33 branches and approximately 14,000 employees[3]. - The company has established nine directly managed subsidiaries in mainland China and Hong Kong, including banks and securities firms[3]. - The company has introduced strategic investors such as the National Social Security Fund and UBS AG since its establishment in 2010[3]. Business Focus - The core business of the company is non-performing asset management, which is a significant contributor to its revenue[3]. - The company aims to create a well-known brand in asset management and financial services, focusing on core competitiveness[7]. - The company emphasizes a market-oriented approach and prioritizes efficiency in its operations[7]. Financial Performance - In 2024, the total revenue of China Cinda Asset Management Co., Ltd. was RMB 73,039.9 million, a decrease from RMB 76,167.8 million in 2023, representing a decline of approximately 2.9%[17]. - The income from non-performing asset revenue measured at amortized cost was RMB 2,114.7 million in 2024, down from RMB 6,084.2 million in 2023, indicating a significant decrease of about 65.3%[17]. - The profit attributable to shareholders for the year was RMB 3,036.4 million, a decrease from RMB 5,820.9 million in 2023, representing a decline of approximately 52.1%[17]. - The pre-tax profit from continuing operations was RMB 3,990.3 million in 2024, down from RMB 8,186.3 million in 2023, indicating a decrease of about 51.2%[17]. - The average return on equity decreased to 0.92% in 2024 from 2.70% in 2023, indicating a decline in profitability[20]. - The cost-to-income ratio increased to 24.85% in 2024, compared to 22.96% in 2023, suggesting rising operational costs[20]. Risk Management - The company has a comprehensive risk management framework to ensure compliance and proactive management of financial risks[7]. - The company faced significant risks and uncertainties that could lead to substantial differences in actual results compared to forward-looking statements[12]. - Risk management measures have improved, with the new risk asset level at its lowest in three years, enhancing the effectiveness of risk resolution[30]. Asset Management and Investments - The company has participated in over 160 real estate risk resolution projects, ensuring the timely delivery of over 100,000 residential units[26]. - Cumulative investments in strategic emerging industries exceeded RMB 800 million over the past three years, with nearly RMB 400 million allocated to the energy and coal sectors[27]. - The company has engaged in market-oriented debt-to-equity swaps for over 50 enterprises, supporting state-owned enterprise reforms[27]. - The company acquired non-performing assets from banks totaling over 220 billion yuan, maintaining a leading position in the industry[40]. - The company invested nearly 170 billion yuan in the real estate sector, facilitating the delivery of over 20,000 housing units and promoting the resumption of projects worth over 81 billion yuan[43]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.2387 per share for the 2024 fiscal year, subject to approval at the annual general meeting[16]. - The company plans to distribute an annual cash dividend of RMB 0.2387 per 10 shares, pending shareholder approval[26]. Regulatory Environment - The regulatory environment emphasizes risk prevention and the resolution of key financial risks, with over 30 billion yuan in non-performing assets disposed of throughout the year[55]. - The government has implemented a series of policies to stabilize the real estate market, approving loan quotas exceeding 500 billion yuan for "white list" projects[55]. Future Outlook - The company plans to strengthen risk management and maintain liquidity safety while promoting financing innovation[47]. - The company is committed to high-quality development and will focus on risk prevention and serving the real economy in the coming years[49]. - The company aims to enhance its financial services to support the real economy and improve customer value[49]. Customer Ecosystem and Partnerships - The company has expanded its customer ecosystem through strategic partnerships with state-owned enterprises and industry leaders, enhancing market influence[30]. - The company aims to strengthen its brand influence in "Ten Provinces and Twenty Cities" and accelerate the construction of strategic customer groups and ecosystems in 2024[185]. Financial Services Segment - The financial services business accounted for 42.5% and 45.4% of the total revenue of the group for the years 2023 and 2024 respectively[195]. - The pre-tax profit for the financial services segment in 2024 was RMB 4,318.0 million, representing an increase of RMB 751.5 million or 21.1% compared to 2023[145].
中国信达(01359) - 2024 - 年度财报