Achievements and Awards - In 2021, China Cinda Asset Management reported significant achievements, including winning multiple awards such as "Best Listed Company Award" and "Best ESG Practice Listed Company" from various financial institutions[4]. - The company has undergone a transformation since its establishment in 1999, becoming the first financial asset management company listed on the Hong Kong Stock Exchange in December 2013[4]. Business Operations - The company operates in 30 provinces and municipalities in mainland China, with 33 branches and approximately 15,000 employees[4]. - China Cinda's core business focuses on distressed asset management, which remains a key revenue driver[4]. - The company aims to expand its financial services and distressed asset management operations, leveraging its extensive network and expertise[4]. - The company has introduced strategic investors, including the National Social Security Fund and UBS AG, enhancing its capital structure and market position[4]. Financial Performance - The total revenue for 2021 was RMB 97,731 million, a decrease of 2.4% compared to RMB 100,134 million in 2020[20]. - The net profit for the year was RMB 13,000.5 million, down from RMB 14,737.3 million in 2020, reflecting a decline of 11.8%[20]. - The profit before tax from continuing operations was RMB 19,378.9 million, an increase of 18.0% from RMB 16,309.3 million in 2020[20]. - The net profit attributable to shareholders was RMB 12,061.7 million, a decrease of 9.0% compared to RMB 13,247.9 million in 2020[20]. - The interest income for 2021 was RMB 25,100.8 million, an increase of 5.0% from RMB 23,899.2 million in 2020[20]. - The total asset impairment loss was RMB (11,722.9) million, a decrease from RMB (14,096.8) million in 2020, indicating improved asset quality[20]. - The cost-to-income ratio increased to 32.15% in 2021, up from 25.46% in 2020[22]. - Earnings per share decreased to RMB 0.29 in 2021 from RMB 0.32 in 2020[22]. Asset Management - The company disposed of over RMB 50 billion in non-performing assets for four consecutive years, with disposal gains exceeding RMB 10 billion in 2021[26]. - New investments amounted to RMB 39 billion, maintaining a leading market share in the public market despite a significant decline in the supply of non-performing loans[26]. - The company acquired operating non-performing assets with new investments totaling RMB 50.42 billion, with a net income of RMB 13.42 billion from asset disposals[34]. - The non-performing asset management business accounted for 78.9% of total revenue in 2021, up from 70.5% in 2020[113]. Risk Management - The company emphasizes risk management and capital management as critical components of its operational strategy[4]. - The company implemented a risk management system that effectively controlled the growth of non-performing assets[28]. - The company has strengthened its risk management framework, emphasizing proactive management and maintaining a stable risk appetite[179]. - The company focused on strengthening its credit risk management framework, optimizing internal rating systems, and enhancing client and project entry standards to better control credit risk exposure[186]. Corporate Governance and Compliance - The financial report for 2021 was audited by Ernst & Young, confirming its compliance with both Chinese and international auditing standards[12]. - The company emphasizes the importance of compliance management and governance structure improvement to enhance operational effectiveness[45]. - The company is committed to improving its internal control and compliance management to enhance risk management levels[34]. Social Responsibility - The company donated over RMB 20 million to poverty alleviation efforts and helped sell agricultural products worth over RMB 12 million in 2021[30]. Digital Transformation - The company is advancing its digital transformation with the establishment of a dedicated data governance committee and the creation of a proprietary database for non-performing assets[34]. - The company initiated a new core system project in 2021 as part of its "Digital Xinda" information technology strategy[170]. Employee Development - In 2021, the company conducted over 2,900 training sessions with more than 330,000 participants, enhancing employee capabilities to support sustainable development[178]. - The employee distribution as of December 2021 included 88.7% from mainland China and 11.3% from Hong Kong and Macau[175].
中国信达(01359) - 2021 - 年度财报