CITIC(00267)2024-04-22 08:45Financial 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