CITIC (267) H2 2024 earnings summary

Executive summary

• Revenue grew 10.6% year-over-year to CNY 752.9 billion, with profit attributable to ordinary shareholders up 1.1% to CNY 58.2 billion and net profit up 2.4% to CNY 107.76 billion, despite global economic headwinds.

• Market capitalization increased 27.5%, outperforming major indices, and a total dividend of CNY 0.55 per share was declared, with a payout ratio of 27.5%.

• Overseas revenue and assets grew faster than the overall company, with overseas revenue up 21.8% and assets up 13.7%.

• The “Financial Core” and “Industrial Starlink” strategies drove asset and profit growth, while technological innovation, international expansion, and talent management reforms were key focuses.

• S&P upgraded the long-term issuer credit rating to A- with a stable outlook, the highest since 2016.

Financial highlights

• Total revenue: CNY 752.9 billion (+10.6% YoY); net profit: CNY 107.76 billion (+2.4% YoY); profit attributable to ordinary shareholders: CNY 58.2 billion (+1.1% YoY).

• Dividend per share: CNY 0.55 (+6.8% YoY); payout ratio: 27.5%.

• Overseas revenue was CNY 113.7 billion, up 21.8%; overseas assets reached CNY 1.15 trillion, up 13.7%.

• Total assets: CNY 12,075.43 billion (+6.6% YoY); total liabilities: CNY 10,652.41 billion (+6.6% YoY); ordinary shareholders’ funds: CNY 757.49 billion (+7.7% YoY).

• Capital expenditure decreased 33.3% to CNY 26.68 billion.

Outlook and guidance

• Committed to a stable and increasing dividend policy, with payout ratio not lower than 27% in 2024, 28% in 2025, and 30% in 2026.

• Focus on deepening reforms, innovation, and risk management to drive high-quality growth, with emphasis on technological advancement, green finance, and internationalization.

• Strategic initiatives to optimize business structure and enhance value creation for stakeholders.