Financial Results - The unaudited financial results for the six months ended June 30, 2023, were announced, complying with the Hong Kong Stock Exchange's regulations[1]. - The financial data is prepared according to International Financial Reporting Standards (IFRS), presented in RMB[10]. - The report will be sent to H-share shareholders in September 2023 and will be available on the Hong Kong Stock Exchange and the company's website[1]. - Total revenue for the six months ended June 30, 2023, was RMB 22,429.9 million, a decrease of 34.5% compared to RMB 34,741.8 million for the same period in 2022[11]. - The company reported a loss from continuing operations of RMB 5,988.3 million for the first half of 2023, compared to a loss of RMB 21,369.0 million in the same period of 2022[11]. - The net loss attributable to shareholders was RMB 4,915.7 million, significantly reduced by 73.9% compared to the previous year[20]. - Basic and diluted earnings per share for the first half of 2023 were both RMB -0.061, compared to RMB -0.235 in the same period of 2022[13]. - The company reported a total comprehensive loss of RMB 8,131,837 for the current period, down from RMB 21,383,725 in the previous year, a reduction of approximately 62.0%[198]. Asset and Liability Management - Total assets as of June 30, 2023, amounted to RMB 934,968.2 million, down from RMB 955,326.0 million as of December 31, 2022[12]. - The company's total liabilities decreased to RMB 895,645.9 million as of June 30, 2023, from RMB 906,946.6 million at the end of 2022[12]. - The debt-to-asset ratio increased to 95.8% as of June 30, 2023, compared to 94.9% at the end of 2022[13]. - The total equity attributable to shareholders decreased by 16.4%, from RMB 47,026.8 million to RMB 39,300.3 million[58]. - The company's cash and deposits with central banks increased by 390.1% from RMB 23.2 million to RMB 113.7 million[57]. - The company's financial liabilities measured at fair value decreased to RMB 431,802 from RMB 768,146, a decline of approximately 43.8%[200]. Revenue Streams - In the first half of 2023, the company's total revenue from continuing operations reached RMB 35,648.8 million, a year-on-year increase of 141.8%[18]. - The income from non-performing asset management was RMB 9,298.1 million, a decrease of 14.5% year-on-year, with new acquisition costs for restructured non-performing assets increasing by 67.3% to RMB 8,280.6 million[23]. - Interest income rose to RMB 6,124.6 million, reflecting a 9.7% increase from the previous year[22]. - The company reported a significant increase in other income and net gains, amounting to RMB 22,429.9 million, which is a 943.5% increase year-on-year[22]. - The total income from the bad asset management segment increased by 133.9% to RMB 32,664.8 million in H1 2023 from RMB 13,967.3 million in H1 2022[49]. - The total income from the financial services segment decreased by 7.2% to RMB 2,985.7 million in H1 2023 from RMB 3,216.8 million in H1 2022[49]. Risk Management - The interim report will provide insights into risk management and capital management practices[2]. - The company focused on risk management, optimizing its risk management mechanisms and tools to improve risk control capabilities[138]. - The company has implemented a comprehensive risk management framework, ensuring effective identification, measurement, and control of various risks[137]. - The company has enhanced its credit risk management system, focusing on improving the quality of credit risk identification, monitoring, and reporting[139]. - The company has actively managed market risks, particularly in stock and bond investments, through continuous monitoring and compliance with regulatory requirements[141]. - The company has established a differentiated authorization mechanism for risk management, enhancing the independence and professionalism of risk management roles[138]. Strategic Initiatives - The company plans to expand its market presence and explore new strategies for growth[2]. - The company aims to enhance support for key sectors of the national economy and address weaknesses, contributing to high-quality economic development[15]. - The company plans to combine the strategy of expanding domestic demand with structural reforms to promote sustained economic recovery[16]. - The company aims to enhance its market position through ongoing reforms and integration of non-financial subsidiaries, contributing to a positive development trend[18]. - The company is focusing on restructuring and strategic cooperation to improve the capital structure and operational conditions of enterprises facing liquidity issues[117]. - The company plans to enhance its asset management and capitalize on market opportunities to improve the value of its debt-to-equity swap assets[117]. Shareholder Information - By June 30, 2023, the total number of shares issued by the company was 80,246,679,047, with domestic shares accounting for 55.93% and H shares for 44.07%[155]. - The largest shareholder, China CITIC Group, holds 21,230,929,783 domestic shares, representing 26.46% of the total shares issued[156]. - The Ministry of Finance holds 7,493,684,063 domestic shares, accounting for 9.34% of the total shares[156]. Governance and Management - The board of directors consists of 10 members, with independent non-executive directors accounting for over one-third of the board[176]. - The supervisory board held 2 meetings during the reporting period, passing 9 resolutions to enhance oversight of the board and management[177]. - Senior management organized 9 executive meetings and 18 special meetings, discussing 58 key management issues to drive high-quality development[178]. - The company has established a governance mechanism that enhances operational efficiency and accountability, ensuring compliance with relevant laws and regulations[175]. - The company has strengthened its internal audit system, focusing on governance, key business areas, and risk management[148].
中国华融(02799) - 2023 - 中期业绩