中国金融租赁年报2024

CONTENTS目錄 2Company Profile3Directors’ Statement5Management Discussion and Analysis26Corporate Governance Report45Environmental, Social and Governance Report58Biographical Details of Directors61Report of the Directors67Independent Auditor’s Report73Consolidated Statement of Profit or Loss and Other Comprehensive Income74Consolidated Statement of Financial Position76Consolidated Statement of Changes in Equity77Consolidated Statement of Cash Flows79Notes to the Consolidated Financial Statements138Five Year Financial Summary139Corporate Information COMPANY PROFILE公司簡介 231221 China Financial Leasing Group Limited (Stock Code: 2312,“CFLG” or the “Company”, with its subsidiary, collectively the“Group”) is an investment company. Incorporated in the CaymanIslands,the Company’s shares were listed on The StockExchange of Hong Kong Limited (the “Stock Exchange”) inOctober 2002 under Chapter 21 of the Rules Governing theListing of Securities (the “Listing Rules”) on The Stock Exchange. According to the Investor and Financial Education Council inHong Kong, definition of Chapter 21 companies is as follows: 21 “The primary business of Chapter 21 companies is to invest inlisted or unlisted securities, including warrants, money marketinstruments, commodities, options and futures contracts as wellas other collective investment schemes. As the investmentperformance is closely related to the Company’s result andreturn to shareholders, they need investment managers withexperience, expertise and integrity.” 21 CFLG principally engages in the investment of listed and/orunlisted securities, predominantly focusing in the China andHong Kong market region. As we strive to create value for ourshareholders,we adopt prudent investment approach inselecting potential investment opportunities, and at the sametime leveraging on favorable market conditions to maximizereturn.Our investment team consist of well experiencedprofessionalwith in depth market knowledge,as well aspossessing extensive product knowledge in various investmentproducts such as stocks, derivatives products, bonds etc. DIRECTORS’ STATEMENT董事報告 Dear Shareholders, The board (the “Board”) of directors (the “Directors”) is pleasedto present you with the 2024 Annual Report of China FinancialLeasing Group Limited (the “Company”), with its subsidiary(collectively the “Group”) for the year ended 31 December 2024. 25.5%89%1% The Hong Kong stock market finally reversed previous years ofdismal performance by delivering strong recovery gains in 2024,driven by mainland stimulus measures as well as undemandingequity valuations. Average daily turnover in 2024 increased by25.5% compared to 2023, while funds raised through initialpublic offerings also experienced a significant jump of 89% over2023 figures, signalling investors’ willingness to return to themarket. During the latter half of the year, the U.S. FederalReserve also initiated three consecutive rate cuts totalling 1%since September 2024. PRC ECONOMY China’seconomy grew by 5%in 2024,boosted bygreater-than-expected growth in the fourth quarter that helpedmeet the government’s yearly target. Growth in industrial output,as well as exports, continued to far outpace the sluggish retailsales growth, with persistent deflationary measures at theconsumer sector level. The Renminbi, while enjoying a briefperiod of strength against the US dollar during the third quarter,could not sustain such gains and continued to weaken for theyear. Throughout the year, the People’s Bank of China alsolaunchedvarious monetary measures,such as loweringmortgage rates, cutting the reserve requirement ratio, andinitiating a major move to set up a swap facility that allowsnon-bank financial institutions access to buy shares, a moveaimed at stabilizing the mainland stock market. 5% DIRECTORS’ STATEMENT董事報告 PROSPECT Despite early weakness, the HSI has enjoyed persistent strengthsince the middle of January 2025, during which the index gainedover 4,000 points. This surge was sparked by Deepseek, alittle-knownHangzhou-based company that made globalheadlines and completely altered market expectations in the AIsector. With its low-cost, open-source code innovation capableof generating results comparable to major players like ChatGPT,investors have heavily sought after Chinese tech stocks in thecurrent rally, triggering additional buying in similar sectors. Thistrend has fuelled further optimism for a promising outlook for theHong Kong market for the rest of the year, especially with themainland set to continue launching further stimulus measures torevive the capital market. The Group’s financial position remainsound and continue to hold liquid investments in the portfolio, inwhichwe are poised to capture any sound investmentopportunities shall it arises. On behalf of the Board, allow me toexpress our sincere appreciation to the shareholders for theircontinuous support. 4,000DeepseekChatGPT Lui Cheuk Hang HenriExecutive DirectorHong Kong, 28 Februa