Financial Overview - The registered capital of China Development Bank Financial Leasing Co., Ltd. is RMB 12.64238 billion[7]. - The Group's non-performing asset ratio has maintained at 1% or below, and the average return on equity (ROE) has consistently been over 10% since its listing in 2016[7]. - The average return on total assets for 2024 was 1.10%, while the return on average equity was 11.61%[47]. - The net profit margin for 2024 was 17.70%, a slight decrease from 18.04% in 2023[47]. - The non-performing asset ratio stood at 0.56%, showing a slight improvement from 0.60% in 2023[47]. - The financial leverage ratio increased to 8.25 times in 2024, compared to 7.89 times in 2023[47]. - The Group's total equity as of December 31, 2024, was RMB 40.26 billion, with net assets per share at RMB 3.18[40]. - The Group's total assets reached RMB 405.8 billion, with net assets increasing by 8.0% year-on-year to RMB 40.3 billion[71]. - Total liabilities reached RMB 365.59 billion, with borrowings constituting 84.7% (RMB 309.81 billion)[44][45]. - The overall capital adequacy ratio stood at 12.95% as of December 31, 2024, surpassing the required minimum of 10.5% and increasing from 12.47% in 2023[55]. Revenue and Profitability - For the year ended December 31, 2024, finance lease income was RMB 10,846,075 thousand, an increase from RMB 10,644,247 thousand in 2023[33]. - Operating lease income reached RMB 14,588,980 thousand, up from RMB 12,361,652 thousand in 2023, indicating strong growth[33]. - Total revenue for 2024 was RMB 25,435,055 thousand, compared to RMB 23,005,899 thousand in 2023, reflecting a year-on-year increase of approximately 10.6%[33]. - Profit for the year was RMB 4,502,988 thousand, compared to RMB 4,150,149 thousand in 2023, representing a year-on-year growth of approximately 8.5%[33]. - Basic and diluted earnings per share increased to RMB 0.36 in 2024 from RMB 0.33 in 2023[33]. - The Group's profit before income tax for 2024 was RMB 6,002.7 million, an increase of RMB 583.9 million, or 10.8% year-over-year[143]. - The income tax expense for 2024 was RMB 1,499.7 million, up by RMB 231.0 million, or 18.2%, mainly due to the increase in profit before income tax[144]. Business Segments and Investments - The Group's aviation business fleet value ranked 9th among global leasing companies, while the shipping business continued to grow steadily[72]. - The Group added over 140,000 units in the inclusive finance sector, benefiting more than 100,000 end customers[80]. - New business investments in high-end equipment fields, including integrated circuits and data centers, exceeded RMB 11.5 billion[80]. - The Group's leasing business investment totaled RMB 102,416.6 million in 2024, with significant contributions from various segments including aircraft leasing and green energy[171]. - The revenue from inclusive finance increased to RMB 2,961.5 million in 2024, representing 10.4% of total revenue, up from 7.5% in 2023[176]. Regulatory Environment - The National Financial Regulatory Administration issued the "Administrative Measures for the Capital of Commercial Banks," effective January 1, 2024, to regulate capital management in commercial banks[29]. - The amended "Administrative Measures on Financial Leasing Companies" will come into effect on November 1, 2024, aimed at promoting stable operations and high-quality development in the financial leasing sector[29]. - The company operates under the Hong Kong Listing Rules and adheres to the Corporate Governance Code as set out in Appendix C1[30]. - The company is subject to regulations from the National Financial Regulatory Administration, which was established in May 2023[30]. Corporate Governance and Management - The company has established various committees including the Strategic Decision Committee and the Audit Committee, with key members listed[19][21]. - The company is committed to maintaining the normal operation of the Board of Supervisors despite changes in personnel[25]. - The company has legal advisors for both Hong Kong and PRC law, ensuring compliance with local regulations[27]. - The company’s auditor is BDO Limited, a certified public accountant registered in accordance with the relevant ordinances[23]. Sustainability and ESG Initiatives - The Group is committed to supporting the national "dual carbon" goal through its green energy and high-end equipment leasing business[8]. - CDB Leasing was awarded the "Annual Inclusive Finance Innovation Award" in December 2024, recognizing its contributions to inclusive finance[58]. - The company was recognized as one of the "2024 Outstanding Cases of Corporate ESG Practices" in December 2024, highlighting its commitment to ESG initiatives[59]. - The Group actively promoted ESG principles, expanding into clean energy, new energy vehicles, and green shipping sectors[75]. - Over RMB 240 billion was invested in clean energy, covering wind, solar, thermal, energy storage, and hydropower sectors[80]. Digital Transformation - The Group's digital transformation accelerated, integrating artificial intelligence into business processes to enhance efficiency[73]. - The Group's digital transformation included the launch of several key systems, including the vehicle and equipment operation management platform and the core leasing system phase 2[104]. Awards and Recognition - The Group received multiple awards in 2024, including "Financial Leasing Company of the Year" and "Most Influential Financial Leasing Company" at various forums[106].
国银金租(01606) - 2024 - 年度财报