2021-03-30 16:00Financial Performance - In 2020, the company achieved a significant increase in both operating income and net profit compared to the previous year, reflecting strong performance amidst challenging market conditions[7]. - The total operating revenue for 2020 was CNY 23,659,525,301, representing a 50.17% increase from CNY 15,755,274,593 in 2019[65]. - The net profit attributable to shareholders of the parent company reached CNY 7,207,452,452, a 70.04% increase compared to CNY 4,238,719,317 in 2019[65]. - The total assets at the end of 2020 amounted to CNY 521,620,499,616, reflecting a 51.21% increase from CNY 344,971,242,915 at the end of 2019[65]. - The basic earnings per share for 2020 was CNY 1.598, up 61.38% from CNY 0.990 in 2019[66]. - The weighted average return on equity increased to 13.52% in 2020, up 3.88 percentage points from 9.64% in 2019[66]. - The net income from commission and fees was RMB 13,625,616,414, up 42.73% from RMB 9,546,721,537 in the previous year[136]. - Investment income and fair value changes generated RMB 13,125,848,442, marking an 87.00% increase from RMB 7,019,045,881[136]. Asset Management - The asset management business's scale increased significantly, surpassing RMB 560 billion[7]. - The asset management division will focus on improving investment capabilities and expanding market coverage to increase business scale and market share in 2021[120]. - CICC's total assets under management (AUM) reached RMB 1,174.7 billion as of December 31, 2020, representing a 40.4% increase from RMB 836.8 billion in 2019[129]. - The public fund management assets grew to RMB 55.3 billion, a 98.4% increase year-over-year from RMB 27.9 billion[129]. - The private equity investment fund AUM was RMB 198.6 billion, reflecting a 13.1% increase from RMB 175.6 billion in 2019[129]. Strategic Initiatives - The company is focusing on major strategic initiatives such as regionalization, digitalization, and internationalization to strengthen its market position[8]. - The company plans to enhance investment in new infrastructure and technology innovation during the "14th Five-Year Plan" period[10]. - CICC aims to enhance market share and expand revenue scale, focusing on digital transformation and internationalization as part of its strategic plan for 2021[163]. - The company plans to enhance its organizational assessment and incentive mechanisms to strengthen corporate culture and team cohesion[25]. - CICC's strategic focus includes serving national strategies, the real economy, and public welfare, while expanding its domestic and international network[25]. Corporate Social Responsibility - The company has emphasized the importance of corporate social responsibility, contributing to poverty alleviation efforts[7]. - The company contributed over RMB 54 million to public welfare and poverty alleviation projects in 2020, including support for pandemic response efforts[20]. - The company was awarded for its outstanding corporate social responsibility initiatives, highlighting its commitment to community engagement[82]. Risk Management - The company has a robust risk management mechanism ensuring effective business operations and compliance[94]. - The company has implemented standardized management for the same business and customer risks, enhancing monitoring and control across different business lines[168]. - The company employs Value at Risk (VaR) analysis, stress testing, and sensitivity analysis to measure market risk, with a focus on maintaining a 95% confidence level for daily risk value calculations[169]. - The company has set risk limits as a primary risk control measure, which reflect its risk appetite and tolerance, including scale limits, VaR limits, concentration limits, and stop-loss limits[170]. - The company has maintained a good relationship with major commercial banks, ensuring ample credit lines to support business operations[185]. Market Position and Competitiveness - The company ranked first in several categories, including global equity financing for Chinese enterprises and financial advisory for mergers and acquisitions in China[7]. - The company was recognized as the best investment bank for IPOs and had the best overseas market capabilities, ranking first in both categories[81]. - The company was ranked as the top private equity investment institution in China, showcasing its leadership in the sector[84]. - CICC continues to strengthen its leading advantages in institutional, high-end, and cross-border businesses, aiming for accelerated growth[25]. - The company has established an international network covering seven financial centers, enhancing its cross-border business capabilities[91]. Dividend Policy - The total cash dividend proposed for 2020 is RMB 868,906,236.24, which translates to a cash dividend of RMB 1.80 per 10 shares[3]. - The company has a commitment to maintain a cash dividend distribution at least once a year, subject to profitability and capital needs[195]. - The company’s cash dividend for 2020 represents 12.23% of the net profit attributable to ordinary shareholders[198]. Technology and Innovation - The company is committed to innovation in financial services, including the development of new financial products and technologies[33]. - The company has invested in technology partnerships, including a joint venture with Tencent to enhance wealth management solutions[95]. - The company plans to invest in technology and platform development to build a comprehensive financial ecosystem and maintain competitive advantages[162]. Awards and Recognition - The company received multiple awards in 2020, including "Best Investment Bank" and "Best Equity Issuer" in various categories[72][73]. - The company has been recognized as the best Chinese research team for 15 consecutive years by "Asiamoney" from 2006 to 2020[92]. - The company was recognized for its innovative capabilities, ranking second in the most innovative investment banks category[81].