Financial Performance - The company reported an unaudited mid-term performance for the six months ending June 30, 2024[2]. - Total revenue for the first half of 2024 was RMB 42,785 million, a slight increase of 0.07% compared to RMB 42,753 million in the same period of 2023[17]. - Operating profit decreased by 6.79% to RMB 13,733 million from RMB 14,733 million year-on-year[17]. - Net profit attributable to shareholders was RMB 10,570 million, down 6.51% from RMB 11,306 million in the previous year[17]. - Total assets as of June 30, 2024, reached RMB 1,495,012 million, reflecting a 2.87% increase from RMB 1,453,359 million at the end of 2023[16]. - The debt-to-asset ratio improved slightly to 76.41% from 76.55% at the end of 2023, a decrease of 0.14 percentage points[16]. - The company reported a net profit of 10,569,765 for the current period, compared to 11,305,771 in the previous period, indicating a decrease of about 6.5%[162]. - Basic earnings per share decreased to RMB 0.69 from RMB 0.75, reflecting a decline of 8%[157]. Risk Management - The company faces significant risks including credit risk, market risk, and compliance risk, which are currently the main risks encountered[8]. - CITIC Securities has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable[8]. - The company has established a unified risk limit management system to control overall market risk levels, ensuring they remain within acceptable ranges[89]. - The company actively monitors liquidity risk indicators and has set warning thresholds to alert management of potential liquidity issues[94]. - The company is enhancing its risk management capabilities through the application of artificial intelligence and big data technologies[83]. Corporate Governance - The board approved a profit distribution plan of RMB 2.40 per 10 shares (including tax), pending shareholder approval[3]. - The company has adhered to corporate governance regulations and has implemented a management approach for conflicts of interest, effective from June 21, 2024[100]. - The company has established a comprehensive governance structure, ensuring sustainable and healthy development through a market-oriented operational mechanism[75]. - The company guarantees the independence of its financial accounting department, establishing a separate accounting system and financial management procedures, and will not share bank accounts with related enterprises[112]. Market Activities - The company operates both A-shares and H-shares, with A-shares listed on the Shanghai Stock Exchange and H-shares on the Hong Kong Stock Exchange[5][6]. - The company is actively involved in market expansion and new product development, although specific details were not disclosed in the provided content[9]. - In the first half of 2024, the company completed 28 domestic equity financing projects with a total underwriting scale of RMB 31.896 billion, capturing a market share of 18.44% and ranking first in the market[21]. - The company completed 4 IPO projects with an underwriting scale of RMB 5.066 billion, ranking second in the market with a market share of 15.59%[22]. - The offshore bond issuance scale for the company reached USD 1.485 billion, ranking second among Chinese securities companies[25]. Asset Management - The company's asset management scale reached RMB 1,456.36 billion, with specific plans including RMB 357.14 billion for collective asset management, RMB 839.84 billion for single asset management, and RMB 259.37 billion for special asset management[45]. - The private asset management business holds a market share of 13.23%, ranking first in the industry[45]. - The total asset management scale reached RMB 14,563.56 billion, up from RMB 13,884.61 billion at the end of 2023, representing a growth of approximately 4.9%[46]. - The company has established a carbon finance service system to support the reduction of carbon emissions in the real economy[104]. Regulatory Compliance - The audit committee reviewed the unaudited interim financial report for the six months ending June 30, 2024, and raised no objections to the accounting policies adopted by the company[99]. - The company has submitted rectification reports to the CSRC and Guangdong Securities Regulatory Bureau regarding the issues raised in their warnings[121][122]. - The company received a warning from the China Securities Regulatory Commission regarding a convertible bond project that incurred losses in its first year of issuance, with a 50% decline in operating profit compared to the previous year[120]. Shareholder Information - As of June 30, 2024, the total number of shareholders is 554,612, with 554,455 A-share shareholders and 157 H-share registered shareholders[141]. - The top shareholder, Hong Kong Central Clearing (Agent) Limited, holds 2,619,009,647 shares, representing 17.67% of total shares[141]. - The total shares held by the top ten shareholders account for a significant portion of the company's equity, with the largest shareholder alone holding over 17%[142]. - The company has a total of 210,325,343 shares involved in the securities lending business, with a 1.42% holding ratio[143]. Future Plans - The company plans to continue expanding its investment banking and wealth management services in response to market conditions[19]. - The company plans to enhance research transformation capabilities and continue to focus on ESG investment principles to support high-quality technological financial services[55]. - The company plans to distribute a proposed ordinary share dividend of RMB 3,556,931, translating to RMB 0.24 per share for the six months ended June 30, 2024[189].
中信证券(06030) - 2024 - 中期业绩