2025-03-26 12:40Financial Performance - In 2024, CITIC Securities achieved operating revenue of RMB 63.789 billion, a year-on-year increase of 6.20%[14]. - The net profit attributable to shareholders reached RMB 21.704 billion, reflecting a growth of 10.06% compared to the previous year[14]. - Total assets increased to RMB 1.71 trillion, representing a growth of 17.71% from the end of the previous year[14]. - The total liabilities increased by 19.74% to RMB 1.41 trillion in 2024, compared to RMB 1.18 trillion in 2023[88]. - The basic earnings per share for 2024 was ¥1.41, an increase of 8.46% from ¥1.30 in 2023[89]. - The weighted average return on equity for 2024 was 8.09%, up from 7.81% in 2023, an increase of 0.28 percentage points[89]. - The company's net profit from non-recurring gains and losses in 2024 was RMB 137.26 million, down from RMB 333.64 million in 2023[93]. - The total amount of government subsidies recognized in 2024 was RMB 300.57 million, compared to RMB 389.24 million in 2023[93]. - The company's trading financial assets increased by RMB 65.82 billion to RMB 690.86 billion, impacting current profits by RMB 51.41 billion[94]. - The brokerage business generated revenue of RMB 16.557 billion, up 8.92% year-on-year, while the securities underwriting business saw a decline of 35.43% to RMB 4.033 billion[153]. - Investment income increased by 71.76% to RMB 32.486 billion, driven by higher returns from financial instruments[152]. - The total operating expenses for 2024 were RMB 35.283 billion, reflecting a year-on-year increase of 3.91%[156]. Business Expansion and Strategy - The international business revenue contribution rose to 17.2%, with significant growth in markets outside Hong Kong, including Southeast Asia, India, and Japan[17]. - The company initiated a digital transformation strategy, establishing a global clearing center and a global R&D center[16]. - CITIC Securities aims to accelerate the construction of a first-class investment bank and investment institution, contributing to the construction of a financial power and Chinese-style modernization[19]. - The company plans to continue expanding its international development and enhance its global business competitiveness in 2025[112]. - The company aims to upgrade its multi-level wealth management service system, focusing on value investment and long-term investment strategies[116]. - The company is focusing on expanding its overseas business, particularly in Southeast Asia and the Middle East, to support domestic enterprises in cross-border financing and mergers[185]. - The company plans to enhance its international business operations and expand its global business footprint, focusing on integrated management of domestic and international clients[123]. Risk Management - The company has strengthened its risk management framework to address various risks, including credit, market, and compliance risks[5]. - A three-tier risk management system has been established, involving the board, management, and business units to ensure effective risk oversight[192]. - The board's risk management committee supervises overall risk management and ensures alignment with the company's internal policies[193]. - The management layer is responsible for establishing risk management frameworks and assessing overall risk status regularly[194]. - Frontline business units are tasked with monitoring and reporting risks, while internal control departments provide specialized risk management functions[195]. - The company actively manages foreign exchange risk through various strategies, including adjusting foreign exchange positions and using forward options[198]. - The company employs Value at Risk (VaR) as the primary metric for assessing overall market risk status[197]. Shareholder and Investor Relations - The proposed cash dividend for the year is RMB 5.20 per 10 shares, with a total planned dividend distribution of RMB 77.07 billion, accounting for 36.88% of the net profit attributable to ordinary shareholders[18]. - CITIC Securities has a dedicated investor relations email (ir@citics.com) for shareholder inquiries, ensuring effective communication[33]. - The company’s annual report is disclosed through multiple media outlets, including the China Securities Journal and the Shanghai Securities Journal, ensuring transparency[35]. - The company has not reported any changes in its registration or operational status during the reporting period, indicating stability[34]. Market Position and Recognition - The company ranked first in the market for both IPO and refinancing underwriting scales[106]. - The company was awarded multiple honors, including the 2023 Financial Technology Development Award from the People's Bank of China[95]. - The company has been included in multiple indices, enhancing its market image, including the Shanghai Stock Exchange 180 Index and the MSCI China A50 Index[54]. - The company has maintained its status as a member of various financial institutions, including the National Social Security Fund and the China Securities Investment Fund Association[32]. Asset Management and Wealth Management - The asset management scale surpassed RMB 4 trillion, with client asset custody exceeding RMB 12 trillion[16]. - The company's asset management scale reached RMB 15,424.46 billion by the end of the reporting period, with a market share of 13.43% in private asset management, ranking first in the industry[125]. - The number of clients in the domestic wealth management sector increased by 12% year-on-year, reaching over 15.8 million clients, while the total assets under custody surpassed RMB 12 trillion, growing by 18%[114]. - The company’s overseas wealth management product sales and revenue doubled in 2024, focusing on major financial markets in Hong Kong and Singapore[115]. - The company maintained the top position in public fund commission income for the first half of 2024, with over 300 QFI trading clients[117]. Corporate Structure and Operations - The company operates a wide range of financial services including securities brokerage, investment consulting, and asset management, with qualifications approved by the China Securities Regulatory Commission[30]. - The company has 53 branches and 303 securities business departments in mainland China as of the report date[83]. - The company has a total of 7 wholly-owned subsidiaries and 1 major holding subsidiary as of the report date[82]. - The company operates over 400 branches domestically and has a global presence in 13 countries, covering over 95% of the global stock market capitalization[147].