

Core Viewpoint - The merger and restructuring of brokerages present both challenges and opportunities for CITIC Securities, emphasizing the need to maintain strategic focus amidst competitive pressures [2] Financial Performance - CITIC Securities reported a revenue of 63.789 billion yuan in 2024, a year-on-year increase of 6.20% - The net profit attributable to shareholders reached 21.704 billion yuan, growing by 10.06% - Total assets amounted to 1,710.711 billion yuan, up 17.71% - Shareholders' equity was 293.109 billion yuan, reflecting a 9.03% increase [3] Strategic Development - The company aims to build a first-class investment bank and institution, focusing on five key areas to support the real economy and promote high-quality development [3] - The management highlighted the importance of a comprehensive financial service model to enhance the company's competitive edge [3] International Business Growth - CITIC Securities' international operations generated revenue of 2.26 billion USD and a net profit of 530 million USD in 2024, marking increases of 41% and 116% respectively - The company plans to enhance its global business layout and improve cross-border financial services [5][6] - The growth in international business is attributed to China's open policy environment and the company's strengthened international competitiveness [5] Market Position and Future Outlook - The company recognizes the competitive pressure in the market and aims to balance internal growth with external expansion to solidify its domestic leadership and enhance international operations [10] - The vision is to become the most trusted domestic leader and internationally first-class Chinese investment bank, focusing on three core functions: direct financing service provider, capital market gatekeeper, and social wealth manager [10]