Nan Fang Du Shi Bao·2025-03-27 13:59Core Insights - The core viewpoint of the news is that CITIC Securities reported a decline in total revenue for 2024, primarily due to a significant drop in investment banking revenue, while brokerage business showed strong performance with a record high in high-net-worth clients [2][4]. Financial Performance - CITIC Securities achieved total operating revenue of RMB 21.13 billion, a year-on-year decrease of 9.10% [3][5]. - The net profit attributable to shareholders was RMB 7.22 billion, an increase of 2.68% compared to the previous year [3][5]. - The net cash flow from operating activities was RMB 29.50 billion, showing a significant improvement from a negative cash flow in the previous year [3]. Business Segment Analysis - Investment banking revenue fell to RMB 2.49 billion, a decline of 48.14%, largely due to changes in the domestic equity financing market [5][6]. - Wealth management revenue increased to RMB 6.61 billion, up 8.97%, indicating strong performance in brokerage services [5][6]. - Revenue from trading and institutional client services was RMB 8.05 billion, a slight increase of 0.46% [5][6]. - Asset management revenue decreased to RMB 1.26 billion, down 14.17% [5][6]. Market Position and IPO Performance - Despite the overall decline in investment banking, CITIC Securities maintained a stable position in the market, completing 27 A-share equity financing projects with a total underwriting amount of RMB 150.60 billion [7]. - The company led the industry in IPOs, underwriting 12 IPOs with a total amount of RMB 61.77 billion, ranking first in the number of IPOs [7]. Executive Compensation - The total compensation for the board of directors and senior management decreased by 57.15% to RMB 20.15 million, with only the former chairman receiving a salary exceeding RMB 1.5 million [8][9]. - The decline in executive compensation is attributed to regulatory changes and increased scrutiny on salary management within the financial sector [9].