中國中信股份有限公司 股份代號：00267 年度報告 2024 二零二四 年 年度報告 中國中信股份有限公 司 註冊辦事 處 香港中環添美道一 號 中信大廈三十二 樓 電話 +852 2820 211 1 傳真 +852 2877 277 1 ww w.ci tic.co m HTML 公司簡介 公司業務 中信股份（00267.HK）是中國最大的綜合性企業集 團之一，也是香港恆生指數成分股公司，境內外業 務涵蓋綜合金融服務、先進智造、先進材料、新消 費和新型城鎮化等五大板塊。 中信股份的前身中國國際信託投資公司（簡稱中信 公司）是在鄧小平的倡導和支持下，由榮毅仁於一 九七九年組建。作為改革開放後最早「走出去」的 企業之一，中信公司充分發揮經濟改革試點和對外 開放窗口的重要作用，成功開闢出一條通過吸收和 運用外資，引進先進技術、設備和管理經驗，為中國 改革開放和現代化建設服務的創新發展之路。 經過多年發展，中信公司依託市場化、國際化優勢， 逐步發展成為產融結合、業態多元的大型綜合性 跨國企業集團，業務涉及約160個國家和地區。二零 一四年八月，中信股份完成在香港整體上市，進一步 加快國際化進程。 近年來，中信股 ...

随着创新与国际化蓄力的组合拳的发力，市场或将重新审视这家兼具金融与实业双轮驱动的巨头，其价 值发现之路已迎来关键转折。 低估值、高分红承诺，市值提升及穿越周期的逻辑支撑 尽管2024年中信股份市值累计上涨27.5%，但其内在价值仍未被很好的体现出来。据wind数据显示，在 港股市场中可比行业的前10家公司的PETTM中位数为5.72，而中信股份PETTM仅3.8，较行业中位数估 值仍有50.53%的差距。 除此之外，中信股份控股的公司亦有多家上市企业，且这些子公司的估值都比中信股份高。除此之外， 据wind数据显示，中信股份部分上市控股子公司的市值之和高达10135.44亿元人民币，远高于中信股份 当前的市值的2400亿港币。 作为中国稀缺的综合性集团，近年来中信股份(00267)凭借多元业务布局与稳健的业绩表现，在资本市 场中持续释放价值潜力，但其股价与内在价值之间仍存在显著背离。据智通财经APP了解，截至4月7日 收盘，中信股份市净率0.29倍，市盈率(TTM)3.8倍，显著低于行业均值，而其每股净资产高达26.04港 元，当前股价不足9港元，折价幅度近70%。 这种估值洼地的形成，既源于市场对综合性企业 ...

Core Viewpoint - CITIC Limited reported a strong performance for the fiscal year 2024, with a revenue of 752.87 billion RMB, a year-on-year increase of 10.6%, and a net profit attributable to ordinary shareholders of 58.20 billion RMB, up 1.1% [1] Financial Performance - The financial services segment achieved a net profit of 52.65 billion RMB, reflecting a year-on-year growth of 4.3% [2] - The company proposed a final dividend of 0.36 RMB per share, leading to a total annual dividend of 0.55 RMB per share, with a payout ratio of 27.5%, an increase of 1.5 percentage points from the previous year [1] Strategic Initiatives - CITIC aims to enhance its competitive edge in comprehensive financial services through five key strategies: deep collaboration, international expansion, capital market opportunities, retail customer focus, and operational efficiency [2] - The company launched the CITIC Equity Investment Alliance ecosystem, serving over 11,000 national-level specialized enterprises, achieving a coverage rate of 96% [3] Risk Management - CITIC has actively managed risks in real estate and local government debt, with a total of nearly 82 billion RMB in hazardous assets addressed since 2022, revitalizing over 70 risk projects [4] - The company reported a decrease in non-performing loan ratios in real estate and local government debt-related businesses [4] Market Performance - CITIC's market capitalization increased by 27.5% in 2024, outperforming the Hang Seng Index and the Hang Seng Composite Industry Index [5] - The company has distributed over 120 billion HKD in dividends over the past decade, with an average annual dividend rate of 25.3% and a three-year dividend yield of approximately 7% [5] Future Outlook - The company is focused on enhancing its market communication and transparency to help investors better understand its investment value [6] - CITIC plans to invest 25.2 billion RMB in technology in 2024, marking an 11% increase, with a technology investment intensity of 3.34% [6] - The management emphasizes the importance of innovation and adapting to new industrial changes as a critical focus for future growth [6]

Core Viewpoint - CITIC Limited reported a revenue of RMB 752.87 billion for 2024, a year-on-year increase of 10.6%, and a net profit attributable to ordinary shareholders of RMB 58.20 billion, up 1.1% [1] Financial Performance - The board proposed a final dividend of RMB 0.36 per share, leading to a total annual dividend of RMB 0.55 per share, with a payout ratio of 27.5%, an increase of 1.5 percentage points from the previous year [1] - CITIC's market value increased by 27.5% in 2024, outperforming the Hang Seng Index (17.7%) and the Hang Seng Composite Industry Index (5.52%) [1] - Over the past ten years, CITIC has distributed over HKD 120 billion in dividends, with an average annual dividend rate of 25.3% and a dividend yield of approximately 7% over the last three years [1] Strategic Initiatives - The company is focusing on two major projects: the "Strong Core" initiative for financial enhancement and the "Star Chain" initiative for industrial transformation [2] - The "Strong Core" initiative aims to improve financial services, with over 96% coverage of the first five batches of national specialized and innovative enterprises through services like "equity, loan, debt, and guarantee" [2] - The "Star Chain" initiative emphasizes high-end, intelligent, and green development, with the establishment of the CITIC Equity Investment Alliance managing over RMB 300 billion in funds and directly investing in over 1,000 technology innovation enterprises [2] Subsidiary Performance - In 2024, CITIC's industrial subsidiaries achieved a net profit of RMB 16.35 billion attributable to ordinary shareholders [3] - CITIC Agriculture is advancing projects like the private placement of Longping High-Tech to enhance competitive advantages [3] - CITIC's subsidiaries are contributing to major national infrastructure projects, such as the Shenzhen-Zhongshan Corridor and Changtai Yangtze River Bridge [3]

Financial Performance - The company reported a net interest income of RMB 148.373 billion, remaining flat year-on-year [1] - Total revenue reached RMB 752.87 billion, an increase of 10.58% year-on-year [1] - Profit attributable to ordinary shareholders was RMB 58.202 billion, up 1.06% year-on-year, with basic earnings per share at RMB 2 and a proposed final dividend of RMB 0.36 per share [1] Financial Strategy - The company is focusing on strengthening its financial core, with over 90% of its assets in financial services, contributing 80% of its profits [2] - The implementation of the "strong core" initiative aims to enhance core functions and competitiveness across banking, securities, trust, insurance, and financial leasing [2] - Financial subsidiaries performed well, with net profit attributable to ordinary shareholders increasing by 4.3% to RMB 52.649 billion [2] Industrial Development - The company is advancing its industrial strategy through the "Star Chain" initiative, which aims to revitalize traditional industries and explore new growth areas [3] - The industrial sector's net profit attributable to ordinary shareholders reached RMB 16.352 billion, supported by various projects and collaborations [3] - The company is enhancing its competitive edge in agriculture and construction through strategic investments and partnerships [3] Technological Innovation - The company is increasing its investment in technological innovation, launching the "Rock" initiative to develop key laboratories and innovation platforms [4] - Significant research achievements have been made in advanced manufacturing, materials, and biotechnology [4] - The company is promoting the "AI+" initiative to leverage its data advantages and drive technology from experimental stages to market applications [4] International Expansion - The company has established a strong international presence, operating in approximately 160 countries and regions [5] - In 2024, the company saw a 3.2-fold increase in new overseas contracts and an 80% increase in new effective orders [5] - The company aims to enhance its role as a bridge for international trade and cooperation, hosting various global events to promote engagement [5]

Financial Performance - CITIC Limited reported a revenue of RMB 752.87 billion for 2024, representing a year-on-year growth of 10.6%[3] - The net profit attributable to ordinary shareholders reached RMB 58.20 billion, with a year-on-year increase of 1.1%[3] - The company's market capitalization increased by 27.5% over the year, outperforming the Hang Seng Index's growth of 17.7%[3] - The financial sector contributed over 80% of the company's profits, with net profit from financial subsidiaries amounting to RMB 52.65 billion, a growth of 4.3% year-on-year[4] - The company achieved a net profit of RMB 16.35 billion from its industrial sector, reflecting ongoing resilience and growth[5] - Total revenue for the year ended December 31, 2024, was RMB 752.87 billion, an increase from RMB 680.83 billion in 2023, representing a growth of approximately 10.6%[14] - The net profit for the year was RMB 107.76 billion, compared to RMB 105.27 billion in 2023, showing a growth of about 2.4%[15] - Basic earnings per share for 2024 were RMB 2.00, up from RMB 1.98 in 2023, indicating an increase of approximately 1.0%[15] - The total revenue for the year ended December 31, 2024, reached RMB 752.87 billion, with a significant contribution from the Advanced Materials segment at RMB 325.615 billion, representing 43.2% of total revenue[23] - The Comprehensive Financial Services segment generated RMB 281.375 billion in revenue, accounting for 37.4% of total revenue, with net interest income contributing RMB 150.158 billion[23] - The New Consumption segment reported revenue of RMB 50.004 billion, showing a growth of 0.3% compared to the previous year[23] Dividends and Shareholder Returns - A final dividend of RMB 0.36 per share was proposed, leading to a total annual dividend of RMB 0.55 per share, with a payout ratio of 27.5%[3] - The proposed final dividend for the fiscal year 2024 is RMB 0.36 per share, an increase from RMB 0.335 per share in 2023[162] - The total dividend for the fiscal year 2024 amounts to RMB 0.55 per share, compared to RMB 0.515 per share in 2023, representing a total profit of RMB 16,000 million for the year[162] International Business Expansion - CITIC Limited's international business expanded significantly, with new overseas contracts increasing by 3.2 times and new effective contracts by 1.8 times in 2024[7] - The company aims to expand its international business and embrace global opportunities, particularly in the Hong Kong and Macau markets[11] Technological Innovation and R&D - CITIC Limited is focusing on technological innovation, launching the "Rock" initiative to enhance R&D capabilities across various sectors[6] - The introduction of new technologies and products, such as DeepSeek, is expected to drive future growth and innovation[12] Risk Management - A focus on risk management and sustainable development is emphasized to navigate the complexities of the current economic environment[12] - The company has established a comprehensive risk management system to improve its integrity, foresight, execution, and collaboration[120] - The company faces various risks, including financial, credit, strategic, investment, legal compliance, and reputation risks, and has established a risk management and internal control system to address these[126] - CITIC Group has a non-performing loan ratio of 1.16% at the end of 2024, a decrease of 0.02 percentage points from the beginning of the year, marking six consecutive years of decline[147] Legal Disputes - Mineralogy and Mr. Palmer claim a lawsuit against the company for AUD 1,800,438,000 due to unpaid mining rights usage fees related to the Yabulu refinery[57] - The lawsuit alleges that the company's failure to pay mining rights usage fees led to the management and operational takeover of Queensland Nickel Pty Ltd. in January 2016[58] - The court proceedings for the lawsuit are scheduled to begin on May 28, 2025, with an estimated duration of at least 8 weeks[62] - The company is involved in multiple ongoing legal disputes, including a lawsuit regarding the expansion of mining operations and obligations under the 2017 Project Development Proposal[65] Corporate Governance - The company has adhered to the corporate governance code and principles set forth by the Hong Kong Stock Exchange, ensuring compliance and transparency[159] - The board of directors has emphasized the importance of good corporate governance to enhance investor confidence and protect shareholder rights[159] - The company is committed to improving its governance practices in line with the latest regulatory requirements[160] Financial Position and Assets - The company's total assets as of December 31, 2024, amounted to RMB 12,075,425 million, up from RMB 11,330,920 million in 2023, indicating an increase of approximately 6.6%[18] - Total liabilities increased to RMB 10,652,411 million as of December 31, 2024, from RMB 9,994,138 million in 2023, marking a rise of about 6.6%[19] - The company's cash and cash equivalents were RMB 608,487 million as of December 31, 2024, down from RMB 625,135 million in 2023, a decrease of approximately 2.6%[17] Employee and Community Engagement - The company has implemented a competitive compensation and benefits system to attract and retain talent, ensuring fair promotion pathways and systematic training[157] - The company plans to continue its efforts in corporate social responsibility, focusing on community support and ecological civilization construction[157] Future Outlook - The company plans to enhance its value creation capabilities through comprehensive reforms and innovation strategies, focusing on core business optimization and resource allocation[11] - The company aims to create long-term value for shareholders by ensuring controllable risks and sustainable development[149]

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 377,647 million, representing a 13% increase compared to RMB 333,986 million for the same period in 2023[4]. - The company's net profit attributable to ordinary shareholders was RMB 32,113 million, a slight increase of 0.1% from RMB 32,092 million in the previous year[4]. - The basic earnings per share remained stable at RMB 1.10, while diluted earnings per share decreased by 0.7% to RMB 1.09[4]. - The company achieved operating revenue of RMB 377.6 billion, a year-on-year increase of 13%, while net profit was RMB 56.7 billion, with profit attributable to ordinary shareholders at RMB 32.1 billion, reflecting a 1.3% decline and a 0.1% increase respectively[16]. - The comprehensive financial services segment reported operating revenue of RMB 139.76 billion, a year-on-year growth of 1.1%, and net profit of RMB 49.98 billion, a decrease of 2.4%[18]. - The advanced manufacturing segment saw operating revenue of RMB 25.46 billion, a year-on-year increase of 5.5%, with net profit of RMB 969 million, reflecting a 7.3% increase[21]. - The company reported a net profit for the period of RMB 32,113 million, contributing to a total comprehensive income of RMB 58,864 million for the six months ended June 30, 2024[74]. - The total comprehensive income for the first half of 2024 was RMB 58.864 billion, compared to RMB 62.186 billion in the same period of 2023, reflecting a decrease of approximately 5.3%[70]. Dividends and Shareholder Returns - The company announced an interim dividend of RMB 0.19 per share, up 5.6% from RMB 0.18 per share in the previous year, amounting to a total dividend payout of RMB 55.27 billion[9]. - The company declared a mid-term dividend of RMB 0.19 per share for 2024, compared to RMB 0.18 per share in 2023, reflecting a 5.6% increase[118]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 11,429,264 million, an increase from RMB 11,330,920 million at the end of 2023[5]. - The company’s total liabilities increased to RMB 10,024,187 million from RMB 9,994,138 million at the end of 2023[5]. - The company's total equity attributable to ordinary shareholders increased to RMB 7,334.82 billion, up by RMB 303.04 billion from the end of 2023[46]. - The company's total liabilities were RMB 10,024,187 million as of June 30, 2024, up from RMB 9,526,866 million in the previous year, representing an increase of approximately 5.2%[126]. Credit and Ratings - The company’s credit rating was upgraded by S&P from BBB+ (positive outlook) to A- (stable outlook), the highest level since 2016[8]. - CITIC Group maintains a credit rating of A- (stable) from Standard & Poor's and A3 (stable) from Moody's as of June 30, 2024[53]. Capital Expenditure and Investments - The company’s business capital expenditure rose significantly by 91% to RMB 13,538 million compared to RMB 7,093 million in the previous year[4]. - The company’s total financial asset investments stood at RMB 3,333,592 million, a decrease of 0.7% from RMB 3,356,367 million at the end of 2023[40]. Risk Management - The company actively manages interest rate risk through monitoring and adjusting loan repricing periods, aiming to optimize interest income and economic value[54]. - CITIC Group emphasizes liquidity risk management to ensure sufficient funds for debt repayment and operational needs, with a focus on cash flow forecasting for the next three years[52]. - The company employs financial derivatives to manage market risks, including interest rate and foreign exchange risks[54]. Market Position and Growth - The advanced materials segment reported a revenue increase of 28% year-on-year, reaching RMB 166,810 million[6]. - The company ranked 71st in the Fortune Global 500, improving by 29 places from the previous year[8]. - The comprehensive financial services segment achieved a total financing scale of RMB 11.8 trillion, with significant growth in green loans, long-term loans to the manufacturing sector, and inclusive loans increasing by 15%, 8%, and 7% respectively compared to the beginning of the year[10]. Legal and Regulatory Matters - Ongoing disputes with Mineralogy Pty Ltd. involve claims related to mining rights and lease agreements, with potential liabilities amounting to AUD 1.8 billion[85]. - The company is involved in litigation regarding claims of unpaid mining rights fees, which could affect its financial position and operations[84]. - The company has submitted a modified defense in response to the claims, citing multiple legal arguments[86]. Operational Challenges - The new consumption segment faced challenges, leading to declines in both revenue and profit due to market conditions and policy impacts[16]. - Economic uncertainties, including trade frictions and structural adjustments in China, may adversely affect Citic Group's financial performance and profitability[56]. Talent Development - The company is implementing a "Talent Strengthening Enterprise" strategy, focusing on market-oriented, professional, and differentiated human resource development[62]. - The company aims to cultivate 10 international leading talents, 100 core talents, and 1,000 foundational talents as part of its international talent development plan[65].

Financial Performance - CITIC Limited achieved a net profit attributable to ordinary shareholders of RMB 32.1 billion in the first half of 2024, a year-on-year increase of 0.1%[1] - Net profit attributable to ordinary shareholders of the company for the first half of 2024 was RMB 32,113 million, slightly up from RMB 32,092 million in the same period of 2023[11] - Net profit for the period was RMB 56,749 million, a slight decrease from RMB 57,471 million in the same period last year[12] - Revenue increased by 13% to RMB 377,647 million in the first half of 2024 compared to RMB 333,986 million in the same period of 2023[70] - Net profit decreased by 1.3% to RMB 56,749 million in the first half of 2024 from RMB 57,471 million in the same period of 2023[70] - Net interest income for the first half of 2024 was RMB 74,136 million, a slight decrease from RMB 75,717 million in the same period of 2023[10] - Fee and commission income for the first half of 2024 was RMB 35,097 million, down from RMB 39,524 million in the same period of 2023[10] - Total revenue for the first half of 2024 reached RMB 377,647 million, compared to RMB 333,986 million in the same period of 2023[10] - Basic earnings per share for the first half of 2024 remained stable at RMB 1.10, consistent with the same period of 2023[11] - The basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 1.10 and RMB 1.09, respectively, compared to RMB 1.10 for both in 2023[34] - Sales revenue increased by 22% to RMB 241,035 million in the first half of 2024 compared to RMB 197,166 million in the same period of 2023[75] - Net interest income decreased by 2.1% to RMB 74,136 million in the first half of 2024 from RMB 75,717 million in the same period of 2023[75] Credit Ratings and Financial Stability - CITIC Limited's credit rating was upgraded by S&P from BBB+ (positive outlook) to A- (stable outlook), reaching the highest level since 2016[1] - CITIC Limited's credit ratings as of June 30, 2024, were A-/Stable by Standard & Poor's and A3/Stable by Moody's[91] Business Segments and Revenue Breakdown - The company operates five business segments: Integrated Financial Services, Advanced Intelligent Manufacturing, Advanced Materials, New Consumption, and New Urbanization[18] - Integrated Financial Services includes banking, securities, trust, insurance, and asset management services[18] - Advanced Intelligent Manufacturing covers heavy machinery, special robots, aluminum wheels, and aluminum castings production[18] - Advanced Materials involves the mining, processing, and trading of resources and energy products such as iron ore, copper, and crude oil, as well as special steel production[18] - New Consumption includes automotive and food sales, telecommunications, publishing, and modern agriculture businesses[18] - New Urbanization encompasses real estate development, sales and holding, engineering contracting and design services, infrastructure, environmental protection, and general aviation businesses[18] - Total revenue for the first half of 2024 reached RMB 377,647 million, with comprehensive financial services contributing RMB 140,815 million, advanced materials RMB 25,545 million, and new consumption RMB 24,270 million[20] - Advanced Materials segment revenue grew by 28% to RMB 166,810 million in the first half of 2024 compared to RMB 130,603 million in the same period of 2023[71] - New Consumption segment revenue declined by 2.6% to RMB 24,221 million in the first half of 2024 from RMB 24,870 million in the same period of 2023[71] - Comprehensive financial services division reported revenue of RMB 139,497 million, with net interest income contributing RMB 76,749 million[21] - Advanced manufacturing division generated revenue of RMB 24,251 million, with sales of goods accounting for RMB 24,092 million[21] - Advanced materials division achieved revenue of RMB 130,740 million, primarily from sales of goods at RMB 129,877 million[21] - New consumption division recorded revenue of RMB 24,929 million, with service income contributing RMB 6,986 million[21] - New urbanization division reported revenue of RMB 16,780 million, with construction services income at RMB 6,556 million[21] Loans and Advances - CITIC Bank's green credit, medium- and long-term manufacturing loans, and inclusive loans increased by 15%, 8%, and 7% respectively compared to the beginning of the year[3] - The company's green credit balance reached RMB 529.1 billion, maintaining its leading position in green bond underwriting[7] - Total loans and advances as of June 30, 2024, amounted to RMB 5,474,256 million, an increase from RMB 5,380,140 million as of December 31, 2023[35] - Corporate loans and advances increased to RMB 2,832,834 million as of June 30, 2024, from RMB 2,626,803 million as of December 31, 2023[35] - Personal loans and advances rose to RMB 2,340,099 million as of June 30, 2024, compared to RMB 2,294,540 million as of December 31, 2023[35] - The loan loss provision for loans and advances measured at amortized cost increased to RMB 144,041 million as of June 30, 2024, from RMB 139,679 million as of December 31, 2023[35] - The fair value of loans and advances measured at fair value through other comprehensive income decreased to RMB 414,838 million as of June 30, 2024, from RMB 572,730 million as of December 31, 2023[35] - Total loans and advances at amortized cost increased by RMB 252.369 billion (5.1%) to RMB 5,193.9 billion as of June 30, 2024, compared to December 31, 2023[79] - Corporate loans grew by RMB 205.158 billion (7.8%) to RMB 2,830.177 billion, while personal loans increased by RMB 45.559 billion (2.0%) to RMB 2,340.099 billion[79] Deposits and Borrowings - Total deposits increased to RMB 5,577,672 million from RMB 5,459,993 million, a growth of 2.2%[37] - Corporate deposits decreased to RMB 2,060,738 million from RMB 2,149,823 million, a decline of 4.1%[37] - Personal deposits increased to RMB 444,924 million from RMB 340,432 million, a growth of 30.7%[37] - Total borrowings increased to RMB 254,893 million from RMB 235,770 million, a growth of 8.1%[38] - Short-term bank borrowings (within 1 year) increased to RMB 92,391 million from RMB 54,033 million, a growth of 71.0%[39] - Total issued debt instruments increased to RMB 1,431,737 million from RMB 1,221,107 million, a growth of 17.3%[40] - Short-term debt instruments (within 1 year) increased to RMB 1,099,157 million from RMB 828,068 million, a growth of 32.7%[40] Asset and Liability Management - Total assets increased to RMB 11,429,264 million from RMB 11,330,920 million at the end of 2023[13] - Loans and advances to customers grew to RMB 5,474,256 million from RMB 5,380,140 million[13] - Deposits from customers increased to RMB 5,577,672 million from RMB 5,459,993 million[14] - Total liabilities rose to RMB 10,024,187 million from RMB 9,994,138 million[14] - Equity attributable to ordinary shareholders of the company increased to RMB 733,482 million from RMB 703,178 million[14] - Non-controlling interests grew to RMB 671,595 million from RMB 633,604 million[14] - The company's financial assets measured at fair value through profit or loss increased to RMB 1,329,560 million from RMB 1,292,115 million[13] - The company's financial assets measured at fair value through other comprehensive income decreased to RMB 934,990 million from RMB 967,803 million[13] - Total assets across all segments amounted to RMB 11,429,264 million, with comprehensive financial services holding RMB 10,708,104 million[20] - Total liabilities across all segments were RMB 10,024,187 million, with comprehensive financial services accounting for RMB 9,526,866 million[20] - Investments in associates totaled RMB 110,560 million, with comprehensive financial services holding RMB 25,867 million[20] - Investments in joint ventures amounted to RMB 56,006 million, with comprehensive financial services contributing RMB 11,363 million[20] - Borrowings across all segments totaled RMB 254,149 million, with comprehensive financial services accounting for RMB 9,406 million[20] - Total assets grew by 0.9% to RMB 11,429,264 million as of June 30, 2024, from RMB 11,330,920 million as of December 31, 2023[77] - Loans and advances increased by 1.7% to RMB 5,474,256 million as of June 30, 2024, from RMB 5,380,140 million as of December 31, 2023[77] - Total liabilities increased by 0.3% to RMB 10,024,187 million as of June 30, 2024, from RMB 9,994,138 million as of December 31, 2023[77] Risk Management - The company has established a comprehensive risk management and internal control system covering all business segments to identify, assess, and manage various risks[84] - The Asset and Liability Management Committee (ALCO) monitors the company's financial risks in accordance with treasury and financial risk management policies[85] - The company manages its capital structure using various funding sources, including long-term and short-term debt and equity, to match funding types with business needs[86] - CITIC Limited manages interest rate risk through a combination of floating and fixed-rate financing and uses interest rate swaps and other approved derivatives to mitigate risks[93] - CITIC Limited's foreign exchange risk is primarily managed through currency matching and the use of forward contracts and cross-currency swaps[94] - CITIC Limited faces counterparty risk in financial product transactions with various financial institutions, managing risks through internal credit processes and regular reporting[95] - The company is exposed to commodity price risks in iron ore, crude oil, natural gas, and coal, using long-term supply contracts and hedging tools to mitigate these risks[96] - CITIC Limited actively monitors price fluctuations in equity and other investments to manage market price risks through diversified asset allocation[97] - The company's financial performance is significantly influenced by global and domestic economic conditions, with uncertainties arising from trade frictions and economic recovery disparities[98] - Operational risks include potential disruptions in IT systems, project delays, and increased costs due to unforeseen technical failures, labor disputes, and environmental damages[99] - Credit risk is heightened by the diversification of trading counterparts and the complexity of new financial products and business models[100] - Intense competition in financial services, engineering, and resource sectors may lead to reduced product prices, lower profit margins, and loss of market share[101] - Regulatory changes at local, national, and international levels could increase operational and capital expenditures, impacting the company's overall investment returns[102] Legal and Litigation Matters - Mineralogy and Mr. Palmer filed a lawsuit claiming AUD 2.324 billion (later reduced to AUD 1.800438 billion) due to alleged losses at the Yabulu refinery[45] - Mineralogy and Mr. Palmer allege that the failure to pay royalties led to the liquidation of Queensland Nickel Pty Ltd. (QNI) in 2016[45] - Mineralogy and Mr. Palmer claim that the value of Yabulu refinery and related joint ventures was impaired due to the liquidation of QNI[46] - Mineralogy and Mr. Palmer argue that they lost the opportunity to sell their shares in QNI and related entities at market value between mid-2015 and mid-2016[46] - Mineralogy filed a lawsuit claiming AUD 2.6754 billion due to the alleged impairment of shares in Palmer Petroleum and Blaxcell Limited[48] - Mineralogy claims that the failure to pay royalties led to the bankruptcy and liquidation of Palmer Petroleum in July 2016[49] - Mineralogy alleges that if royalties had been paid, Palmer Petroleum could have continued operations and retained its oil exploration permits in Papua New Guinea[49] - The court has reserved judgment on several interlocutory applications, including requests for document disclosure and amendments to pleadings[47] - The trial for the Queensland Nickel and Palmer Petroleum claims has not yet been scheduled, and the court has reserved judgment on the order of proceedings[48] - Mineralogy claims that the value impairment suffered by Palmer Petroleum or Blaxcell Limited is equivalent to the sales value of oil that could allegedly be obtained within the scope of the permits[50] - Mineralogy alleges that it lost the opportunity to sell the oil exploration permits between 2016 and mid-2017[50] - CITIC submitted a revised alternative defense on May 17, 2024, including arguments on contract interpretation, causation of loss, mitigation of loss, quantification of loss, and procedural abuse[50] - The court has reserved its judgment on several interlocutory applications, including CITIC's request for Mineralogy to disclose new categories of documents and Mineralogy's request to exempt itself from disclosing financial status[50][51] - The litigation will be heard and determined together with the previously mentioned case CIV 2072/2017, as per the order by Justice K Martin in September 2020[51] - Mineralogy filed a modified application on July 19, 2024, seeking to delay the trial until after the final ruling (including any appeals) in case CIV 2425/2023, or to have it heard concurrently with cases CIV 2425/2023 and CIV 2336/2023[52] - CITIC opposes Mineralogy's modified application, and the court has reserved its judgment following a hearing on August 5, 2024[52] - The 2017 MCP consolidated litigation, which includes claims for breach of contract and unconscionable conduct under the Australian Consumer Law, was heard from February 21 to April 29, 2022[54] - Justice K Martin ruled on March 7, 2023, that Mineralogy has an obligation to submit or agree to the submission of the Small Works Plan and must consider any reasonably proposed additional land requirements in good faith[55] - Justice K Martin confirmed that a piece of land held by Mineralogy, located south of the current tailings dam, is necessary for future tailings and waste rock disposal for the CITIC Australia Mining Project[55] - The Small Engineering Plan was approved on July 28, 2023, allowing the company to proceed with necessary exploration for mine expansion and new tailings dam construction[57] - Iron concentrate production is expected to decrease in 2024 due to limited mine area and waste rock/tailings storage capacity[57] - The company filed an appeal (CACV 35/2023) on March 31, 2023, challenging the initial judgment in the 2017 MCP consolidated litigation[58] - The appeal hearing for the 2017 MCP consolidated litigation took place from August 12-15 and August 19-21, 2024, with the court reserving its judgment[60] - The company filed a new lawsuit (CIV 2336/2023) on November 27, 2023, seeking to compel Mineralogy to submit the 2023 Project Development Proposal[61] - The 2023 Project Development Proposal aims to address mine area limitations and insufficient waste rock/tailings storage capacity[61] - Mineralogy submitted an amended defense on March 11, 2024, alleging breaches of project agreements by the company[62] - The court rejected Mineralogy's application to stay the litigation and the company's application to expedite the trial on July 3, 2024[62] - Mineralogy and Mr. Palmer claimed losses of AUD 200 million due to the inability to follow up on the minimum production royalty in previous litigation[66] - Mineralogy and Mr. Palmer are seeking punitive damages of approximately AUD 500 million, aggravated damages, and interest on the claimed amount[66] Corporate Governance and Leadership - The board of directors consists of 17 members, including 4 executive directors, 7 non-executive directors, and 6 independent non-executive directors, complying with the requirement that independent non-executive directors must constitute at least one-third of the board[112] - The company's audit and risk committee, along with management and external auditors, reviewed the unaudited consolidated interim financial statements for the six months ended June 30, 2024[113] - The semi-annual report for 2024 will be published on September 16, 2024, on both CITIC Limited's website and the Hong Kong Exchanges and Clearing Limited's website[119] - The announcement was issued by CITIC Limited's Chairman, Xi Guohua, on August 30, 2024[119] - The executive directors of CITIC Limited include Xi Guohua (Chairman), Zhang Wenwu, Liu Zhengjun, and Wang Guoquan[119] - Non-executive directors of CITIC Limited include Yu Yang, Zhang Lin, Li Yi, Yue Xuekun, Yang Xiaoping, Mu Guoxin, and Li Zimin[119] - Independent non-executive directors of CITIC Limited include Xiao Weiqiang, Dr. Xu Jinwu, Anthony Neoh, Mr. Kerr, Toshikazu Tawara, and Chen Yuyu[119] Dividend and Shareholder Information - The company declared a final dividend of RMB 0.335 per share for 2023, compared to a final dividend of HKD 0.451 per share for 2022[32] - The company announced an interim dividend of RMB 0.19 per share (equivalent to HKD 0.2079455 per share) for the fiscal year ending December 31, 2024, payable on November 15, 2024[114] - Share

Financial Performance - Revenue for 2023 reached RMB 680.832 billion, a 2.6% increase compared to 2022[7] - Net profit attributable to ordinary shareholders decreased by 11% to RMB 57.594 billion in 2023[7] - Total assets grew by 7.5% to RMB 11.33092 trillion as of December 31, 2023[7] - The company's average return on total assets decreased by 0.2 percentage points to 1.2% in 2023[7] - The comprehensive financial services segment contributed RMB 268.048 billion in external revenue, a 0.5% increase year-over-year[8] - Advanced manufacturing segment's net profit attributable to ordinary shareholders surged by 56% to RMB 827 million in 2023[8] - Advanced materials segment's external revenue increased by 10% to RMB 267.513 billion in 2023[8] - The board proposed a final dividend of RMB 0.335 per share, bringing the total dividend for 2023 to RMB 0.515 per share[12] - The company's share price outperformed the Hang Seng Index, rising 1.96% in 2023 compared to the index's 13.82% decline[12] - CITIC Financial Holdings achieved a total revenue of 272 billion yuan and a net profit of 91.9 billion yuan in 2023, with year-on-year growth of 1% and 9% respectively[28] - Total assets of CITIC Financial Holdings exceeded 10.5 trillion yuan by the end of 2023, a 7% increase from the beginning of the year[28] - Non-performing assets of CITIC Financial Holdings decreased by 2.56 billion yuan to 78.41 billion yuan, with the non-performing ratio dropping by 0.13 percentage points to 1.15%[28] - CITIC Bank's net profit attributable to shareholders increased by 7.9% year-on-year, driven by optimized credit structure and improved asset quality[27] - CITIC Securities maintained its leading position in the industry despite a decline in net profit due to market conditions[27] - CITIC Trust's trust assets grew by 34% compared to the beginning of the year, with continuous improvement in asset quality[27] - CITIC Prudential Life optimized its product structure and effectively improved the new business value rate[27] - Wealth management scale of CITIC Financial Holdings' subsidiaries reached 23.1 trillion yuan by the end of 2023, a year-on-year increase of 5.2%[30] - Asset management scale of CITIC Financial Holdings' subsidiaries exceeded 7.5 trillion yuan, with a year-on-year growth of 6.7%[30] - Comprehensive financing scale of CITIC Financial Holdings' subsidiaries reached nearly 13.8 trillion yuan, an 8.1% increase year-on-year[30] - Annual revenue reached RMB 205.57 billion, a decrease of 2.6% year-over-year, with net profit attributable to shareholders increasing by 7.9% to RMB 67.016 billion[33] - Total assets grew by 6% to RMB 9.052 trillion, with customer loans and deposits increasing by 7% and 6% respectively[33] - Non-performing loan ratio decreased by 0.09 percentage points to 1.18%, with the provision coverage ratio rising to 207.59%[34] - Retail managed assets (including market value) reached RMB 4.24 trillion, an increase of 8.3% year-over-year[36] - Wealth management product scale grew by 9.6% to RMB 1.73 trillion, while comprehensive financing scale increased by 6.9% to RMB 13.15 trillion[36] - Corporate banking business contributed RMB 91.557 billion, accounting for 44.5% of total operating income[35] - Retail banking business generated RMB 86.425 billion, representing 42.1% of total operating income[35] - Green loans, inclusive finance, and strategic emerging industry loans grew by 37.4%, 22.2%, and 25.4% respectively[37] - Bond underwriting scale reached RMB 711.2 billion, ranking second in the market[37] - Retail banking loans reached RMB 4,157 billion, a year-on-year increase of 20.5%[38] - Transaction banking customers grew to 1.0944 million, up 13.87% year-on-year, with transaction financing volume reaching RMB 14,462 billion, a 19.4% increase[38] - Custody business scale exceeded RMB 14 trillion, with enterprise annuity custody scale reaching RMB 1,592 billion, ranking second among joint-stock commercial banks[38] - Personal customers increased to 137 million, up 7.47% year-on-year, with private banking customers reaching 74,000, a 10.64% increase[39] - Personal deposits grew to RMB 1,305 billion, up 12.6% year-on-year, while personal loans (excluding credit cards) reached RMB 1,710.9 billion, a 10.1% increase[39] - Credit card transaction volume reached RMB 2,716 billion, with outstanding credit card loans at RMB 520.7 billion[40] - Technology investment increased to RMB 12.153 billion, up 38.9% year-on-year, with technology personnel reaching 5,626, a 9.93% increase[40] - Operating income for 2023 was RMB 4,976 million, a 23% decrease year-on-year, with net profit attributable to shareholders at RMB 2,628 million, down 13%[41] - Trust assets scale grew to RMB 2,059.335 billion, a 34% increase year-on-year, with transformation and innovation business scale reaching RMB 1.38 trillion, accounting for 67%[41] - CITIC Trust's asset service trust scale reached 1.19 trillion yuan, with a steady increase in scale and significant achievements in risk resolution services[42] - CITIC Trust's enterprise/occupational annuity service trust scale reached 71.786 billion yuan, ranking first in the industry[42] - CITIC Trust's asset management trust scale reached 750.287 billion yuan, with continuous improvement in professional capabilities and product lines[43] - CITIC Trust's charity trust scale increased by 112 million yuan, with a cumulative record scale of 1.053 billion yuan[43] - CITIC Trust's net capital coverage ratio increased to 207%, with a net capital balance of 27.9 billion yuan[46] - CITIC Trust's net capital increased by 24% to 27.9 billion yuan, with a net capital adequacy ratio of 207%[47] - CITIC Prudential Life Insurance's registered capital increased to 4.86 billion yuan after a capital injection of 2.5 billion yuan by each shareholder[48] - CITIC Prudential Life Insurance's comprehensive solvency adequacy ratio was 188%, and the core solvency adequacy ratio was 94%[49] - CITIC Prudential Life's premium income increased by 1% year-on-year in 2023, with life insurance accounting for 80% of the total premium income at RMB 25.132 billion[52][53] - The marketing channel of CITIC Prudential Life saw an 8% year-on-year growth in premium income, reaching RMB 14.069 billion in 2023[54][55] - CITIC Securities' revenue decreased by 2.58% year-on-year to RMB 83.725 billion in 2023, while net profit attributable to shareholders dropped by 7.49% to RMB 19.721 billion[58] - CITIC Securities maintained its leading position in the domestic equity financing market with a 24.50% market share, completing 140 A股主承销 projects totaling RMB 2.77913 trillion in 2023[59] - CITIC Securities' debt financing business led the industry with 4,200 bonds underwritten in 2023, totaling RMB 19.09992 trillion, a 21.01% year-on-year increase[59] - The number of clients reached 14.2 million, with client assets under custody maintaining at RMB 10 trillion, a year-on-year increase of 4%[61] - Non-monetary market public fund assets under custody amounted to RMB 190.2 billion, ranking first in the industry[61] - Total assets under management reached RMB 13,884.61 billion (excluding pension products), with a market share of 13.71% in private asset management, ranking first in the industry[63] - Huaxia Fund, a subsidiary, managed assets of RMB 18,235.64 billion, including public fund assets of RMB 13,176.44 billion and institutional and international business assets of RMB 5,059.20 billion[63] - CITIC Securities Investment completed new fund filings of RMB 16.79 billion in 2023, focusing on strategic emerging industries[64] - CITIC Securities achieved revenue of RMB 339.79 billion and net profit attributable to shareholders of RMB 70.34 billion in 2023[65] - Debt financing business completed 3,280 underwriting projects with a total underwriting size of RMB 15,457.06 billion, ranking second in the industry[65] - Equity financing projects completed 67 deals with a total underwriting amount of RMB 947.76 billion, ranking second in the industry[67] - IPO underwriting deals reached 33, with an underwriting amount of RMB 407.54 billion, ranking second and third in the industry respectively[67] - Underwrote 105 green bonds with a total principal underwriting scale of RMB 62.621 billion, including 21 carbon-neutral special bonds with a principal underwriting scale of RMB 7.702 billion[68] - The company's public fund commission income market share was 5.12%, ranking second in the industry[68] - The number of PB system clients increased by 38.71% year-on-year to 12,953[68] - The company's securities brokerage business added 1.2176 million new clients, with a total client base of 13.3732 million, a year-on-year increase of 10.20%[69] - The company's financial product sales revenue increased by 3.97% year-on-year, and the financial product balance scale increased by 2.37%[69] - The company's asset management scale reached RMB 469.4 billion, including RMB 120.736 billion in collective asset management, RMB 160.423 billion in single asset management, and RMB 188.242 billion in special asset management[70] - The company's subsidiary, CITIC Construction Investment Fund, managed 54 public funds, with 30 out of 47 ranked products in the top 50% of the market[70] - The company's subsidiary, CITIC Construction Investment International, completed 8 IPO sponsorship projects in Hong Kong with a total equity financing scale of HKD 8.327 billion[70] - Revenue for 2023 was RMB 17.64765 billion, a decrease of 26% compared to 2022[121] - Net profit attributable to shareholders in 2023 was RMB 685.94 million, down 37% year-on-year[121] - Total assets at the end of 2023 were RMB 52.30745 billion, a slight decrease of 2% from the previous year[121] - Revenue for 2023 reached RMB 680.8 billion, a year-on-year increase of 2.6%, with net profit of RMB 105.3 billion and net profit attributable to ordinary shareholders of RMB 57.6 billion, up 10% and 5.4% respectively after adjusting for one-time gains from CITIC Securities' consolidation in the previous year[155] - The comprehensive financial services sector achieved revenue of RMB 268.048 billion and net profit attributable to ordinary shareholders of RMB 50.496 billion, up 0.5% and 5.1% year-on-year respectively[157] - CITIC Bank's net profit attributable to shareholders increased by 7.9% year-on-year to RMB 67 billion, with non-performing loan ratio dropping by 0.09 percentage points to 1.18% and non-performing loan balance decreasing by 0.6% to RMB 64.8 billion[157] - The real estate sector delivered over 50,000 housing units in 2023, with more than 20 real estate relief projects completed, contributing to the stabilization of the housing market in cities like Shenzhen, Shanghai, and Nanning[154] - The advanced manufacturing sector saw a 56% year-on-year increase in net profit attributable to ordinary shareholders, driven by strong overseas sales of core products[155] - The advanced materials sector achieved a 10% year-on-year increase in revenue, despite a slight 2.1% decline in net profit attributable to ordinary shareholders, following the successful acquisition of Tianjin Steel Pipe and Nanjing Iron & Steel Group[155] - The new consumption and new urbanization sectors experienced revenue declines of 3% and 13% respectively, impacted by the downturn in the real estate sector and competition from new energy vehicles[155] - The company successfully resolved risks exceeding RMB 30 billion in 2023, significantly reducing the non-performing loan ratio of financial subsidiaries and accelerating the revitalization of problematic assets[154] - CITIC Trust's trust assets grew by 34% year-on-year, with improved asset quality and a focus on service trust and asset management trust businesses[155] - The company proposed a final dividend of RMB 0.335 per share for 2023, with a total dividend of RMB 0.515 per share, amounting to a cash payout of RMB 14.981 billion[156] - CITIC Securities achieved operating income of RMB 83.7 billion, a year-on-year decrease of 2.6%, and net profit attributable to parent company shareholders of RMB 19.7 billion, a year-on-year decrease of 7.5%[158] - CITIC Trust's trust assets reached RMB 2.1 trillion, a year-on-year increase of 34%, with innovative business accounting for 67% of the total[158] - CITIC Prudential Life's embedded value and asset size reached RMB 38 billion and RMB 2.363 trillion, respectively, with year-on-year growth of 4% and 13%[158] - CITIC Heavy Industries' revenue and net profit attributable to ordinary shareholders increased by 8% and 164% year-on-year, respectively[161] - CITIC Pacific Special Steel's revenue increased by 16% year-on-year to RMB 114 billion, with energy and automotive steel sales growing by 56% and 20%, respectively[162] - CITIC Metal's copper production reached 690,000 tons, a year-on-year increase of 19%, driving rapid growth in the non-ferrous metals business[163] - CITIC Resources' oil and gas business achieved crude oil equity production of 9.16 million barrels, meeting the annual target[163] - CITIC Pacific Energy's new energy power generation increased by 2 times year-on-year, with installed capacity accounting for 15.14% of the total, an increase of 12.87 percentage points[165] - CITIC's new consumption segment achieved operating income of RMB 51.422 billion, a year-on-year decrease of 3.0%, while net profit attributable to ordinary shareholders increased by 94% year-on-year to RMB 1.032 billion[166] - CITIC Publishing's book publishing market share increased by 0.22 percentage points to 3.25%, maintaining its leading position among publishing institutions[167] - CITIC International Telecom's 5G user base in Macau exceeded 500,000, with a market share of 75%[167] - Dah Chong Hong's new energy vehicle sales increased by 36% year-on-year[167] - CITIC Agriculture achieved double-digit revenue growth and turned a profit year-on-year, with domestic hybrid rice and corn seed market shares increasing by 3 and 2.6 percentage points respectively[167] - CITIC's revenue for 2023 decreased by 13% year-on-year to RMB 43.367 billion, while net profit attributable to ordinary shareholders increased by 17% to RMB 2.163 billion[168] - CITIC's real estate development and operation segment achieved operating income of RMB 10.4 billion, a slight decrease of 4.4% year-on-year, with operating profit remaining flat at RMB 5.5 billion[169] - CITIC's engineering construction and urban operation segment saw a 13% year-on-year decrease in revenue to RMB 34.5 billion, with operating profit down 45% to RMB 1.1 billion[169] - CITIC's sales revenue increased by 3.9% year-on-year to RMB 417.58 billion, with sales of goods revenue up 5.9% to RMB 372.072 billion[171] - CITIC's credit impairment losses and asset impairment losses totaled RMB 70.21 billion in 2023, a decrease of 19% year-on-year[172] - CITIC's capital expenditures for advanced materials increased by 85% year-on-year to RMB 20.123 billion[176] - Total assets increased to RMB 11,330.92 billion, up 7.5% from RMB 10,542.04 billion in 2022, driven by growth in loans and advances as well as financial asset investments[178] - Loans and advances increased to RMB 5,380.14 billion, up 6.7% from RMB 5,042.73 billion in 2022, accounting for 47.48% of total assets[179] - Financial asset investments rose to RMB 3,356.37 billion, up 6.8% from RMB 3,143.20 billion in 2022, representing 29.62% of total assets[182] - Deposits increased to RMB 5,459.99 billion, up 6.0% from RMB 5,150.77 billion in 2022, accounting for 54.63% of total liabilities[186] - Corporate loans grew to RMB 2,625.02 billion, up 6.5% from RMB 2,465.64 billion in 2022[181] - Personal loans increased to RMB 2,294.54 billion, up 7.9% from RMB 2,126.53 billion in 2022[181] - Bond investments rose to RMB 2,116.91 billion, up 9.2% from RMB 1,938.98 billion in 2022[183] - Equity investments increased to RMB 278.36 billion, up 19% from RMB 233.83 billion in 2022[183] - Fixed assets grew to RMB 210.72 billion, up 32% from RMB 159.80 billion in 2022[177] - Borrowings from central banks surged to RMB 273.23 billion, up 129% from RMB 119.42 billion in 2022[177] - Total debt

Financial Performance - CITIC Limited achieved a net profit attributable to ordinary shareholders of RMB 57.594 billion, a year-on-year increase of 5.4% compared to the comparable figure excluding a one-time revaluation gain of RMB 10.3 billion from the previous year[1]. - Total revenue for the year ended December 31, 2023, was RMB 470,723 million, an increase from RMB 440,615 million in 2022, representing a growth of approximately 6.4%[8]. - The net profit for the year was RMB 105,274 million, slightly down from RMB 105,823 million in 2022, reflecting a decrease of approximately 0.5%[9]. - Basic earnings per share for ordinary shareholders was RMB 1.98, down from RMB 2.23 in the previous year, indicating a decline of about 11.2%[9]. - The company reported a total comprehensive income of RMB 108,362 million for 2023, compared to RMB 100,574 million in 2022, marking an increase of approximately 7.8%[10]. - The company reported a net profit attributable to shareholders of RMB 50.496 billion for the year, reflecting a robust financial position despite challenges[20]. - The company reported a net profit attributable to ordinary shareholders of RMB 64,931 million for 2023, compared to RMB 87,264 million in 2022, indicating a decline of approximately 25.5%[21]. - The pre-tax profit decreased by 3.1% to RMB 123,287 million from RMB 127,292 million year-on-year[69]. Revenue and Income Sources - Total revenue for the year ended December 31, 2023, was RMB 680.832 billion, with a significant contribution from the Comprehensive Financial Services segment at RMB 268.048 billion[20]. - Revenue from the Comprehensive Financial Services segment was RMB 268,457 million, while Advanced Manufacturing and Advanced Materials segments generated revenues of RMB 51,816 million and RMB 243,162 million, respectively[21]. - The total amount of loans and advances increased to RMB 5,380,140 million, compared to RMB 5,042,734 million in the previous year, showing an increase of approximately 6.7%[11]. - The company’s total income from other services was RMB 29.152 billion, showcasing diversification in revenue streams[20]. - Total sales revenue increased to RMB 417,580 million in 2023, up 3.4% from RMB 401,842 million in 2022[27]. Assets and Liabilities - As of December 31, 2023, total assets increased to RMB 11,330,920 million, up from RMB 10,542,043 million in 2022, representing a growth of approximately 7.5%[11]. - The company's total liabilities rose to RMB 9,994,138 million, compared to RMB 9,307,366 million in 2022, indicating an increase of approximately 7.4%[12]. - The total equity attributable to shareholders increased to RMB 703,178 million from RMB 660,109 million, reflecting a growth of about 6.5%[12]. - The total amount of financial assets measured at fair value through profit or loss amounted to RMB 1,292,115 million, up from RMB 1,135,886 million, marking an increase of approximately 13.8%[11]. Dividends and Payouts - CITIC's annual dividend per share is RMB 0.515, with a payout ratio of 26%, an increase of 0.9 percentage points from the previous year[1]. - The proposed final dividend for 2023 is RMB 0.335 per share, a decrease from RMB 0.451 per share in 2022[35]. - The total dividend for the year 2023 amounts to RMB 0.515 per share, which represents a payout ratio of approximately 0.034% of the profit of RMB 14,981 million for the year[123]. Strategic Initiatives and Innovations - The company holds 9,972 valid patents, including 3,040 invention patents, reflecting a comprehensive enhancement of its independent innovation capabilities[4]. - CITIC's strategic initiatives include the launch of a digital transformation action plan and the implementation of a five-dimensional efficiency enhancement mechanism[4]. - The company aims to achieve breakthroughs in organizational restructuring, team building, and technology innovation as part of its strategic goals for 2024[7]. Risk Management and Compliance - The company has established a risk management and internal control system to identify, assess, and manage various risks associated with its business activities[84]. - The liquidity management strategy involves regular forecasting of cash flows for the next three years to ensure sufficient funds for debt repayment and operational needs[92]. - The company faces foreign exchange risk due to operations in multiple currencies, primarily RMB, HKD, and USD, and employs strategies like matching assets and liabilities in the same currency to mitigate this risk[96]. ESG and Sustainability Efforts - CITIC's ESG rating returned to BBB level, achieving the best score in its history, with a significant reduction in carbon emission intensity[5]. - The company emphasizes sustainable development by integrating Environmental, Social, and Governance (ESG) principles into its corporate strategy[107]. - The company has established 71 new energy projects, achieving an annual wind and solar power generation of 427 million kilowatt-hours, a year-on-year increase of 200%[110]. Corporate Governance and Leadership - The new chairman, Xi Guohua, will assume his role on January 29, 2024, while Zhang Wenwu has been appointed as the vice chairman and general manager on March 28, 2024[121]. - The audit and risk committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and recommended their adoption by the board[122]. - The company emphasizes the importance of effective communication between the new chairman and independent non-executive directors to ensure smooth operations[121].