Dear Shareholders and our investors,

Thank you for your attention and support to CDB Leasing! In 2024, at the critical node of the full implementation of the goals and tasks of the “14th Five-Year Plan”, the Company insisted on high-quality development as the overall guide, and achieved positive results in all aspects of its work.

This year, we focused on stable operations to solidify our foundation for development. As at the end of the year, the Company’s total assets amounted to RMB405.8 billion, and the net assets amounted to RMB40.3 billion, increased by 8.0% yearon-year. We achieved net profit of RMB4.5 billion, representing a year-on-year increase of 8.5%, with new business investment exceeding RMB100 billion throughout the year. The non-performing asset ratio continued to decline, falling to 0.56% as at the end of the year, the ratio of allowance was 551%, and the ROE was 11.61%. By optimising the business structure and strengthening risk management, we achieved a comprehensive improvement in scale, quality and efficiency further consolidating our leading position in the industry.

This year, we prioritised serving the real economy by deepening our core leasing business. The Company focused on its main responsibilities and businesses, and continued to increase its efforts to serve national strategies. The foundation of aviation business development was further consolidated, with the fleet value jumping to the 9th place among global leasing companies. The shipping business maintained steady growth alongside progressive asset expansion. On the inclusive finance front, we refined our product portfolio to bolster rural revitalisation, fulfilling the people-centric mission of finance. Breakthroughs were achieved in new energy business, marked by a surge in centralised power station deployments, while continuous efforts on emerging industries delivered new results in serving the development of new quality productive forces. Through its diversified business layout, the Company injected strong momentum into the real economy.

This year, we embraced innovation as a driving force to energise our transformation. The Company accelerated its digital construction, with artificial intelligence deeply integrated into business scenarios, enhancing quality and efficiency of full-process business management. We actively explored new business areas, innovated product models, and optimised strategic layout, injecting new impetus into the long-term development of the Company. Meanwhile, we continued to optimise liability management and innovate financing models, further reducing financing costs and enhancing market competitiveness.

This year, we reinforced compliance management as a safeguard for steady progress. The Company strictly complied with regulatory requirements, achieving remarkable progress in business transformation. With the implementation of New Capital Regulations, its capital adequacy ratio remained stable with a positive upward trend. Risk mitigation efforts advanced in an orderly manner, with notable progress in non-performing asset resolution. Continuous optimisation of the Shareholders’ structure contributed to strengthened corporate governance capabilities. We used solid internal control and compliance management to safeguard high-quality development.

This year, we actively practiced ESG principles to promote sustainable development. The Company continued to improve the ESG governance structure and established the Social Responsibility and Consumer Rights Protection Committee of the Board. We strengthened the layout of green finance and vigorously expanded businesses in the fields of clean energy, new energy vehicles and green ships. Focusing on regional economic development, rural revitalisation and inclusive finance, our Company supported small and micro enterprises, and promoted social equity and economic inclusive growth. We actively fulfilled our social responsibilities through charity, employee empowerment and other initiatives.

These achievements cannot be achieved without the hard work of all employees, as well as the support and trust of Shareholders and all sectors of society. On behalf of the Board, I would like to express my heartfelt gratitude to everyone! Looking forward to 2025, the Company will focus on high-quality development, continue to optimise its business structure, and create greater value for Shareholders, customers, employees and society! 

In 2024, the Company forged ahead through transformations and scaled new heights amidst challenges. Through pragmatic efforts and tangible achievements, we demonstrated renewed commitment and dynamism in serving the high-quality development of the economy and society, delivering a stable and progressive operational performance to all investors and the broader society.

Achieving steady business performance with industry-leading indicators. As at the end of 2024, the Company’s total assets reached RMB405.85 billion, with new business deployment amounting to RMB102.416 billion, marking a year-on-year increase of 3.2%. Net profit amounted to RMB4.503 billion, increased by 8.5% year-on-year. The ROA and ROE stood at 1.10% and 11.61%, respectively. The non-performing asset ratio was 0.56%, decreased by 0.04 percentage point year-on-year, while the ratio of allowance reached 551.24% and capital adequacy ratio was 12.95. All core operational metrics continued to outperform industry peers, showcasing exceptional resilience and solid management foundations amid complex and volatile global economic and financial conditions.

Sector rotation advantages become prominent, delivering remarkable outcomes in serving the real economy. Adhering to market-oriented, specialised, internationalised and digitalised operational philosophies, the Company has built a diversified business development framework aligned with the needs of the real economy. We have phased out operations on regulatory “negative lists” and concentrated efforts on “positive lists” and “encouraged lists” to ensure compliance and value creation. Seizing opportunities from industrial transformation and upgrading, the Company deployed over RMB11.5 billion in high end equipment sectors such as integrated circuits, Internet Data Center (IDC) computing power and automobile manufacturing, empowering manufacturing industries to ascend the global value chain. Aligning with green development strategies, we invested over RMB24 billion in clean energy, establishing a comprehensive product portfolio spanning wind power, photovoltaic, solar thermal, energy storage and hydropower. Furthermore, in integrated advancement of inclusive business initiatives, we deployed over 140,000 units of equipment in the inclusive sector, directly or indirectly benefiting over 100,000 end clients. With 311 leased aircraft and 253 operating vessels, the Company continued to optimise its fleet mix and expand its global client network, ensuring safe, efficient, and high-performing asset operations worldwide.

Having professional and pragmatic management framework with solid foundation for risk compliance. Balancing development and security, the Company has tailored its comprehensive risk management system to characteristics of its leasing business, continuously strengthening risk prevention and mitigation. Since its listing, the non-performing asset ratio has consistently remained below 1%. By further integrating New Capital Regulations with business operations, we have enhanced capital efficiency and returns while maintaining appropriate liquidity levels. The Company complied fully with regulatory requirements, continued to optimise its governance framework, refined its internal control capabilities, and accelerated digital construction and application, further solidifying our foundation for sustainable growth.

Looking back at 2024, every achievement of the Company reflected the dedication of our colleagues and the trust of our investors. Looking ahead, we will continue to navigate changes with unwavering stability and forge new frontiers with proactive momentum. By unlocking new growth drivers through serving the real economy and reinforcing development resilience through strict adherence to risk and compliance standards, we remain committed to creating enduring value for all stakeholders.