Company Overview - China Cinda Asset Management Co., Ltd. was established in April 1999 and became the first financial asset management company approved by the State Council to address financial risks and stabilize the financial system[2]. - The company has a core business in non-performing asset management and operates in 30 provinces, autonomous regions, and municipalities in mainland China, with 33 branches and approximately 14,000 employees[2]. - The company aims to create a globally recognized brand in asset management and financial services, focusing on core competitiveness and high-quality development[4]. - The company operates under the supervision of the Ministry of Finance and the National Financial Regulatory Administration of China[12]. - The company’s registered address is in Beijing, with a major operational location in Hong Kong[15]. - The company’s shares are listed on the Hong Kong Stock Exchange under the stock code 01359[16]. Awards and Recognition - In 2023, the company received multiple awards, including the "2023 Outstanding Listed Company" and "China Top 100 Enterprises Award," highlighting its industry leadership and social responsibility[3]. - The company has been recognized with multiple awards, including "Industry Leading Enterprise" and "Outstanding Listed Company" for its commitment to ESG principles[27]. Financial Performance - The annual report for 2023 will be released in late April 2024, providing detailed financial performance and strategic insights[1]. - The total revenue for 2023 was RMB 76,167.8 million, a decrease of 5.5% compared to RMB 80,988.4 million in 2022[18]. - Interest income increased to RMB 33,061.5 million in 2023, up 9.1% from RMB 27,394.9 million in 2022[18]. - The net profit attributable to shareholders for 2023 was RMB 5,820.9 million, down 7.8% from RMB 6,313.4 million in 2022[18]. - The average return on equity decreased to 2.70% in 2023 from 3.38% in 2022[20]. - Total assets as of December 31, 2023, were RMB 1,594,357.4 million, a slight decrease from RMB 1,615,989.0 million in 2022[19]. - The total liabilities decreased to RMB 1,377,201.3 million in 2023 from RMB 1,407,993.9 million in 2022[19]. - The cost-to-income ratio increased to 22.96% in 2023, compared to 19.22% in 2022[20]. - The earnings per share for 2023 was RMB 0.11, down from RMB 0.14 in 2022[20]. - The fair value changes of other financial instruments increased significantly to RMB 11,214.2 million in 2023 from RMB 5,410.4 million in 2022[18]. - The pre-tax profit from continuing operations was RMB 8,186.3 million in 2023, down from RMB 10,457.6 million in 2022[18]. Risk Management - The company is committed to proactive risk management and maintaining a strong compliance culture to safeguard its operations[4]. - The company has strengthened risk management systems, enhancing early identification and warning capabilities for potential risks[26]. - The company implemented a comprehensive risk management framework, ensuring risk preferences are effectively communicated and managed across all levels, with a focus on proactive management and risk control policies[160]. - The company established a comprehensive risk management policy covering eight major risk categories, including credit risk and market risk, to enhance risk management foresight and maintain asset quality[165]. - The company utilized various risk management tools, including economic capital and stress testing, to enhance risk identification, measurement, monitoring, and control capabilities[167]. Strategic Partnerships and Investments - The company has strategic partnerships with major investors, including UBS AG and Standard Chartered Bank, enhancing its market position and operational capabilities[2]. - The company has expanded its financial services through subsidiaries, including Cinda Securities and Cinda Financial Leasing, to diversify its revenue streams[2]. - The company initiated two phases of a 30 billion yuan investment fund for distressed enterprises, which has helped resolve non-performing assets amounting to 258.6 billion yuan[23]. - The company increased its investment in the energy sector by nearly 15 billion yuan and established a 5 billion yuan new energy industry fund[24]. - The company signed nearly 100 strategic agreements through comprehensive marketing activities across over 20 regions in 2023[25]. Shareholder Returns - The board of directors proposed a cash dividend of RMB 0.4576 per 10 shares for the fiscal year 2023, subject to approval at the annual general meeting[13]. - The company has distributed a total of 44.3 billion yuan in dividends to ordinary and preferred shareholders cumulatively[27]. Operational Highlights - The company has ceased operations in the insurance sector after transferring 50.995% of its stake in Happiness Life Insurance Co., Ltd. in 2019, with no discontinued operations reported from 2021 onwards[17]. - The company is focused on leveraging technology and innovation in its operations to enhance efficiency and service delivery[4]. - The company actively participated in the "保交楼" initiative, driving the resumption of over 130 billion yuan in projects, ensuring the delivery of nearly 40,000 residential units[31]. - The company has supported the delivery of nearly 40,000 residential units, contributing to over 100 billion yuan in project resumption[23]. Employee and Governance - The employee count as of December 31, 2023, was 13,908, with 87.3% located in mainland China and 12.7% in Hong Kong and Macau[157]. - The proportion of employees with a bachelor's degree or above was 92%, while those with a master's degree or above accounted for 60%[157]. - The company’s compensation policy links remuneration to operational performance, incorporating sustainability and risk management indicators into the evaluation[158]. - In 2023, the company conducted over 2,100 training sessions, with more than 200,000 participants, enhancing employee professional capabilities and overall quality[159]. Future Outlook - The company aims to contribute to the construction of a financial strong nation through high-quality development actions in 2024, coinciding with its 25th anniversary[35]. - The company plans to enhance its focus on non-performing asset management and actively participate in risk resolution in key areas such as small financial institutions and real estate[181]. - The company aims to innovate its business model and accelerate the construction of an ecological system for non-performing assets[181].
中国信达(01359) - 2023 - 年度业绩