YXCHC(SZ:000987) Xin Lang Cai Jing·2025-04-16 08:46Core Viewpoint - Yuexiu Capital disclosed its 2024 annual report and 2025 Q1 performance forecast, indicating a decline in revenue and net profit for 2024, but a significant increase in Q1 2025 net profit driven by investment gains and green transformation efforts [1]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 13.24 billion yuan, down 10.5% year-on-year, and a net profit attributable to shareholders of 2.29 billion yuan, down 4.6% year-on-year [1]. - The average ROE for 2024 was 7.85%, a decrease of 0.81 percentage points year-on-year [1]. - For Q1 2025, the company reported a net profit of 650 million yuan, an increase of 39.6% year-on-year [1]. Group 2: Business Segment Performance - In 2024, the revenue from various business segments was as follows: financing leasing (3.25 billion yuan, -15.6%), asset management (910 million yuan, -52.4%), investment management (180 million yuan, +5.9%), futures (5.90 billion yuan, -29.7%), and new energy (3.07 billion yuan, +552%) [1]. - The operating profits for these segments were: financing leasing (1.38 billion yuan, -20.3%), asset management (-1.35 billion yuan, -779%), investment management (27 million yuan, -94.2%), futures (560 million yuan, -41.5%), and new energy (810 million yuan, +588%) [1]. Group 3: Investment Gains and Strategic Moves - The investment gains from CITIC Securities contributed significantly to the company's performance, with a total investment income of 2.087 billion yuan in 2024 [2]. - The company increased its stake in CITIC Securities through secondary market purchases and participation in share placements, holding 1.297 billion shares by the end of 2024, accounting for 8.75% of CITIC Securities' total shares [2]. Group 4: New Energy and Leasing Business - Yuexiu Leasing reported a revenue of 5.99 billion yuan in 2024, up 39.0% year-on-year, with a net profit of 1.63 billion yuan, up 17.7% year-on-year [3]. - The new energy segment saw a net profit of 610 million yuan, a staggering increase of 1279% year-on-year, with total new energy investments reaching 23.4 billion yuan, up 53.8% [3]. Group 5: Challenges in Asset Management - Guangzhou Asset faced significant challenges, with a revenue of 910 million yuan in 2024, down 52.4%, and a net loss of 350 million yuan, a decline of 327% year-on-year [4]. - The company increased its acquisition of non-performing assets to 31.82 billion yuan, up 144.6%, while the disposal of non-performing assets decreased by 25.0% to 11.42 billion yuan [4]. Group 6: Investment Management Performance - The investment management segment reported a revenue of 660 million yuan, down 23.6%, and a net profit of 70 million yuan, down 81.4% [5]. - Yuexiu Industry Fund achieved new investments of 5.95 billion yuan, up 1.3%, and completed IPOs for four invested projects [5].