CSC Financial (6066) H1 2024 earnings summary

Executive summary

• Total revenue and other income for H1 2024 was RMB14,830 million, down 20.49% year-over-year; net profit attributable to equity holders was RMB2,858 million, down 33.66% year-over-year.

• All major business segments saw revenue declines, with investment banking revenue dropping 61.02% year-over-year.

• Equity attributable to equity holders increased by 5.27% to RMB102,615 million as of June 30, 2024.

• Net cash flow from operating activities was RMB2,625 million, compared to a net outflow in H1 2023.

• The company maintained a strong capital base and prudent risk management, with all risk control indicators in compliance.

Financial highlights

• Operating profit for H1 2024 was RMB3,185 million, a decrease of 38.39% year-over-year.

• Basic and diluted EPS for H1 2024 was RMB0.30, down 38.78% year-over-year.

• Return on weighted average equity was 3.14%, down 2.30 percentage points year-over-year.

• Total assets as of June 30, 2024 were RMB525,115 million, up 0.45% from year-end 2023; total liabilities decreased 0.65% to RMB422,453 million.

• Net assets per share attributable to equity holders was RMB13.23, up 5.25% from end-2023.

Outlook and guidance

• The company plans to further enhance professional capabilities, support national strategies, and focus on high-quality development across all business lines in H2 2024.

• Continued emphasis on technology finance, green finance, inclusive finance, pension finance, and digital finance.

• Further integration of domestic and overseas operations is expected.

• Ongoing issuance of bonds and financing instruments to support capital needs, referencing market conditions.