2018年8月，张健正式加入中信金融资产，历任纪委监察室副主任、北京分公司党委副书记（临时牵头工作）、北京分公司党委副书记兼副总经理（牵头经 营工作）等职，2020年12月起担任北京分公司党委书记、总经理，2025年10月起兼任公司党委委员，兼任北京分公司党委书记、总经理。2025年11月19日， 中信金融资产发布公告称，经董事会审议通过，张健获聘任为公司副总裁。 此次张健升任副总裁，正值中信金融资产经营发展势头持续向好的关键阶段。据公司最新业绩数据，2025年上半年，公司实现总收入402.21亿元，同比增长 21.1%；归母净利润61.68亿元，同比增长15.7%，核心盈利指标表现亮眼。截至2025年6月末，公司合并资产总额达10109.33亿元，资本充足率提升至 15.97%，较上年末增加0.28个百分点，风险抵御能力持续增强。 1月5日，中国中信金融资产管理股份有限公司（下称"中信金融资产"）发布公告称，国家金融监督管理总局已核准张健的任职资格。张健自2025年12月31日 起正式担任公司副总裁，任期至董事会另行聘任或解聘时止。 主业发展方面，中信金融资产聚焦不良资产经营核心业务，上半年新增收购银行不良 ...

东方公司是1999年经国务院批准设立的中央金融企业。东方公司始终以"保全国有资产、化解金融风 险、促进国企改革"为使命，将依法合规经营作为生命线，累计管理处置各类不良资产两万多亿元，为 国家金融系统的稳定做出了积极贡献。东方公司在全国共设26家分公司和8家一类子公司，业务涵盖不 良资产经营、保险、银行、基金、信托、信用评级和海外业务等，员工总数4万多人。 一、公司简介 上海东兴投资控股发展有限公司（简称上海东兴）系中国东方资产管理股份有限公司（简称东方公司） 一级全资子公司，是东方公司专业化的资产管理运营平台。 上海东兴注册资本人民币4.08亿元，总资产近400亿元，人员规模近200人。公司在上海、北京设有机 构，作为中国东方重要的平台公司，上海东兴积极回归不良资产主业，致力于服务实体经济、化解金融 风险。经过长期规范化运营，上海东兴已建立了良好的公司治理结构和完善健全的风控体系。当前，上 海东兴正以"稳中求进"的主基调，重点围绕不动产运营平台、特殊机会投资及不良资产受托处置三个方 面，全力打造"服务+投资"的不良资产另类投资机构，全面推动公司转型高质量发展，积极为中国式现 代化贡献力量！ 二、招聘岗位 业务 ...

Core Viewpoint - The article emphasizes the role of Asset Management Companies (AMCs) in addressing non-performing assets (NPAs) and mitigating financial risks in key sectors such as real estate, local government debt, and small financial institutions during the 14th and 15th Five-Year Plans [1][2][3]. Group 1: AMC's Role and Opportunities - AMCs are positioned as key players in the financial system, focusing on their core business of managing non-performing assets and enhancing their governance to achieve high-quality development [1][2]. - The continuous increase in non-performing loans, which reached 3.5 trillion yuan by the end of Q3 2025, presents significant asset acquisition opportunities for AMCs [1]. - AMCs are crucial in resolving risks in the real estate sector, local government debt, and small financial institutions, contributing to the stabilization of these markets [1][2]. Group 2: Risk Mitigation Strategies - The 15th Five-Year Plan highlights the need to enhance the capacity to prevent and resolve risks in key areas, ensuring a systematic approach to risk management [2]. - AMCs are expected to play a vital role in stabilizing the real estate market and addressing the challenges posed by local government debt and financial institution vulnerabilities [2][3]. - The article suggests that AMCs should optimize their asset acquisition strategies and collaborate with other financial institutions to effectively manage diverse financial risks [3]. Group 3: Competitive Landscape and Differentiation - The current market for non-performing assets has evolved into a diversified structure, necessitating AMCs to adopt differentiated competitive strategies to thrive [3][4]. - AMCs are encouraged to explore various business models, such as focusing on niche markets or maintaining a diversified approach, to build core competitive advantages [4]. - Collaboration among AMCs and other financial entities is essential to enhance the overall effectiveness of risk mitigation efforts and foster a cooperative competitive environment [3][4].

Group 1 - China Cinda plans to reduce its stake in Founder Securities by up to 82.32 million shares, representing 1.00% of the total share capital, between November 26, 2025, and February 25, 2026, potentially cashing out approximately 677 million yuan at the closing price of 8.22 yuan per share on November 4 [1] - As of the announcement date, China Cinda holds about 593 million shares in Founder Securities, accounting for 7.20% of the total share capital, making it the third-largest shareholder [1] - The shares were acquired through a debt settlement process in 2020, where China Cinda became the beneficiary of 710 million shares originally held by Zhengquan Holdings [1] Group 2 - China Cinda's frequent share reductions may be linked to its operational needs, as it is significantly impacted by macroeconomic cycles [2] - In the first half of 2025, China Cinda reported a net profit of 2.281 billion yuan, a year-on-year increase of 5.78%, but its pre-tax profit from non-performing assets was -6.2 billion yuan [2] - The company has increased its acquisition of non-performing financial debt assets, with 25.506 billion yuan acquired in the first half of 2025, a year-on-year growth of 56.80% [2] Group 3 - Founder Securities has shown stable performance in recent years, with net profit around 2.1 billion yuan [3] - In 2025, the company benefited from an active capital market, with brokerage, margin trading, investment banking, and proprietary trading businesses recovering significantly [3] - For the first three quarters of 2025, Founder Securities reported revenue of 9.082 billion yuan, a year-on-year increase of 67.17%, and a net profit of 3.799 billion yuan, up 93.31% year-on-year [3]

Core Viewpoint - CITIC Financial Asset has increased its stake in Hangyang Co., Ltd. to 5.00%, indicating confidence in the company's future prospects and value [1][2] Group 1: Stake Increase Details - On October 28, CITIC Financial Asset acquired 13.9684 million shares of Hangyang, representing 1.43% of the total share capital [1] - The transaction price was 26.06 CNY per share, slightly lower than the closing price of 26.14 CNY, with a total transaction value of 364 million CNY [1] - The acquisition aims to enhance CITIC Financial Asset's influence and support Hangyang's growth and business expansion [1] Group 2: Company Background - Hangyang Co., Ltd. was established in 1950 and is currently managed by the Hangzhou State-owned Assets Supervision and Administration Commission [2] - The company specializes in gas, equipment and engineering, and high-end manufacturing, with a focus on energy-saving and green low-carbon industries [2] Group 3: Financial Performance - Hangyang's revenue for 2022, 2023, and 2024 was 12.803 billion CNY, 13.309 billion CNY, and 13.716 billion CNY, respectively, with net profits of 1.210 billion CNY, 1.216 billion CNY, and 922 million CNY [3] - In 2024, the company experienced a decline in profit despite revenue growth, primarily due to a decrease in gas sales gross margin [3] - In the first three quarters of 2025, Hangyang reported revenue of 11.428 billion CNY, a year-on-year increase of 10.39%, and a net profit of 757 million CNY, up 12.14% [3]

Core Viewpoint - CITIC Financial Asset Management Co., Ltd. reported a net profit of 6.168 billion yuan for the first half of 2025, representing a year-on-year increase of 15.7%, and a 27.5% increase when excluding the impact of financial leasing [1] Group 1: Business Performance - The company achieved significant improvements in four areas: operating performance, core business capabilities, brand image, and team capabilities [1] - The company increased its main business investment to 87.9 billion yuan in the first half of 2025, which is 1.4 times that of the same period last year [1][2] Group 2: Asset Acquisition and Management - In the first half of the year, the company acquired non-performing asset debts totaling 125.2 billion yuan, maintaining a leading market share [2] - The company focused on "acquisition and revenue generation," enhancing market marketing and expanding acquisition channels [2] - The company implemented refined management to improve quality and efficiency, optimizing asset layout with new acquisitions concentrated in key regions [2][3] Group 3: Asset Disposal and Efficiency - The company accelerated asset turnover and improved disposal efficiency through various measures such as litigation recovery and judicial disposal [3] - Collaborated with JD.com to promote commercial assets exceeding 120 billion yuan, aiming to enhance transaction conversion rates and disposal efficiency [3] Group 4: Real Estate Sector Support - The company focused on risk resolution in the real estate sector, actively playing a role in financial rescue and supporting key national strategies [4] - Since 2022, the company has invested in 93 real estate relief projects, achieving the delivery of 75,900 homes [5] - The company employed innovative models to revitalize distressed projects, demonstrating collaborative advantages within the CITIC Group [5] Group 5: Industry Benchmarking - The company aims to establish benchmarks in six areas: party-building leadership, operational performance, core business capabilities, compliance and risk control, reform and innovation, and talent development [6] - The company emphasizes the need for a comprehensive understanding of macroeconomic trends and national strategies to effectively manage financial assets [6][7]

Core Viewpoint - The performance report of CITIC Financial Asset Management Co., Ltd. for the first half of 2025 shows significant growth in key financial indicators, with total revenue exceeding 40 billion yuan and net profit increasing by 15.7% year-on-year, indicating a strong competitive position in the industry [1][2]. Financial Performance - In the first half of 2025, CITIC Financial Asset achieved a total revenue of 40.22 billion yuan, a year-on-year increase of 21.1%, and a net profit of 6.168 billion yuan, up 15.7% [2]. - The company’s annualized return on equity (ROE) reached 21.1%, reflecting its strong profitability [1]. - The total assets of the company amounted to 1,010.93 billion yuan as of June 30, 2025 [2]. Cost Control and Efficiency - The company has effectively controlled costs, with business and management expenses decreasing by 24.6% and commission and fee expenses down by 13.2% year-on-year, despite significant business expansion [2]. - The provision coverage ratio improved to 270%, an increase of 44 percentage points from the previous year, indicating enhanced asset quality and risk resilience [2]. Core Business Strength - The core business of non-performing asset management showed remarkable performance, with new acquisitions of non-performing assets totaling 125.2 billion yuan and a significant increase in disposal of non-performing asset packages [4]. - The company’s efforts in distressed asset management have led to a 180.8% year-on-year increase in realized gains from disposed non-performing assets [4]. Strategic Focus - CITIC Financial Asset is committed to integrating its business development with national strategies, particularly in real estate risk mitigation and supporting the real economy [7][8]. - The company has actively participated in various sectors, including green finance and technology finance, with significant investments in strategic emerging industries [5][6]. Future Goals - The company aims to become an industry benchmark by 2024, focusing on enhancing its core business capabilities and recognizing the unique role of financial asset management companies in economic cycles [9][10]. - The strategic plan emphasizes understanding macroeconomic trends, regulatory policies, and market demands to capture new profit models and maintain a competitive edge [9][10].

Core Viewpoint - The article highlights the strong performance of CITIC Financial Assets in the first half of the year, with significant revenue and profit growth, and emphasizes the company's strategic focus on becoming an industry benchmark by 2025 [1][6][8]. Financial Performance - In the first half of the year, CITIC Financial Assets achieved operating revenue of 40.221 billion yuan, a year-on-year increase of 21.1% [1][19]. - The net profit attributable to shareholders reached 6.168 billion yuan, up 15.7% year-on-year, and 27.5% when excluding the impact of the financial leasing company's off-balance-sheet [1][24][22]. Stock Market Performance - The company's stock price has rebounded significantly, with a maximum increase of 544% over the past three years, from a low of 0.22 HKD per share to a high of 1.41 HKD per share [4][11]. - In the first half of this year, the stock price surged by 96.92%, leading among Chinese financial institutions listed in Hong Kong [4][11]. Strategic Developments - CITIC Financial Assets is focusing on six key areas: party building, operational performance, core capabilities, compliance and risk control, reform and innovation, and talent development [1][8]. - The company has been recognized by international rating agencies, with upgrades from S&P, Moody's, and Fitch, reflecting its improved credit quality and market position [6][16]. Index Inclusion - On August 26, CITIC Financial Assets was included in the MSCI China Index, enhancing its visibility and attractiveness to global investors [6][13]. - The inclusion in multiple indices, including the Hang Seng Composite Index, is expected to bring significant passive fund inflows and increase trading activity [13]. Future Outlook - The management anticipates continued growth driven by core business improvements and effective risk management strategies [8][9]. - The company aims to leverage its asset management capabilities to contribute to high-quality economic development [17].

Core Viewpoint - The company has shown significant growth in its non-performing asset management business, with substantial increases in revenue and profit, indicating a successful strategy in acquiring and managing distressed assets [2][3][5]. Group 1: Financial Performance - As of June 30, 2025, the company's total assets reached 10,109.33 billion, an increase of 266.05 billion or 2.7% from the previous year [2]. - The company reported total revenue of 402.21 billion, reflecting a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 61.68 billion, up 15.7% [2]. - Excluding the impact of the financial leasing company, the net profit attributable to shareholders grew by 27.5% compared to mid-2024 [2]. Group 2: Non-Performing Asset Business - The non-performing asset management segment accounts for nearly 90% of the company's total assets and 98.3% of its revenue [2]. - In the first half of 2025, the company achieved revenue of 305.98 billion from its non-performing asset management segment, a significant increase of 58.3% year-on-year, with a pre-tax profit of 121.41 billion, up 522.4% [2]. - The company maintained a leading market share in the acquisition and disposal of non-performing assets, with new acquisitions totaling approximately 1,252 billion, a year-on-year increase of 154.8% [3]. Group 3: Strategic Initiatives - The company has focused on key regions such as the Bohai Rim, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, which accounted for 74.1% of new asset acquisitions [3]. - The company has implemented a "one-three-five" development strategy, leading to a turnaround from losses to three consecutive profit increases, with an annualized ROE of 21.1% [5]. - Since joining the CITIC Group in 2022, the company has accelerated its transformation and has seen its stock price increase by over 500% in three years, with a market capitalization that nearly doubled compared to the end of the previous year [4][5].

Core Viewpoint - China Cinda Asset Management Co., Ltd. reported a stable growth in its mid-year performance for 2025, with a net profit of 2.281 billion yuan, reflecting a year-on-year increase of 5.78% [1] Group 1: Financial Performance - As of mid-2025, China Cinda's total assets reached 1.68 trillion yuan, an increase of 2.62% from the end of the previous year [1] - The total liabilities amounted to 1.46 trillion yuan, growing by 2.80% compared to the end of last year [1] - The total assets in the non-performing asset management business were 938.229 billion yuan, up by 2.51% year-on-year [1] - Revenue from non-performing asset management reached 18.491 billion yuan, showing a slight increase of 0.30% [1] Group 2: Non-Performing Asset Management - In the first half of the year, China Cinda acquired 25.506 billion yuan in financial non-performing debt assets, marking a significant year-on-year growth of 56.80% [1] - The company has expanded its asset acquisition types and actively supported various financial institutions in managing non-performing assets [1] - A total of 342,000 individual loan non-performing assets were acquired, involving a principal amount of 4.7 billion yuan [1] Group 3: Involvement in Financial Reforms - China Cinda actively participated in the reform and risk management of small and medium-sized financial institutions, acquiring nearly 60 billion yuan in non-performing debts from 54 local small and medium banks, a year-on-year increase of 85.4% [2] - The company conducted due diligence and valuation for several high-risk small banks and provided reform and risk management suggestions [2] - Customized reform and risk management plans were developed for various provincial associations [2] Group 4: Real Estate Risk Management - In the first half of the year, China Cinda implemented 19 real estate risk management projects, investing 5.4 billion yuan, which resulted in the delivery of 14,000 housing units and facilitated the resumption of projects worth over 75.7 billion yuan [2] - The company established four real estate relief funds focusing on non-residential properties, risk management, and asset revitalization to support key projects [2] - China Cinda cautiously participated in local debt risk management, providing intellectual support and complementary product services to local governments [2]