2024 annualreport年报 contents 目录 2companyprofile 尊龙凯时人生就博的简介 3directors’statement 董事报告 5managementdiscussionandanalysis 管理层讨论及分析 26corporategovernancereport 企业管治报告 45environmentalsocialandgovernancereport 环境、社会及管治报告 58biographicaldetailsofdirectors 董事履历详情 61reportofthedirectors 董事会报告书 67independentauditor’sreport 独立核数师报告书 73consolidatedstatementofprofitorlossandothercomprehensiveincome 综合损益及其他全面收益表 74consolidatedstatementoffinancialposition 综合财务状况表 76consolidatedstatementofchangesinequity 综合权益变动表 77consolidatedstatementofcashflows 综合现金流量表 79notestotheconsolidatedfinancialstatements 综合财务报表附注 138fiveyearfinancialsummary 五年财务概要 139corporateinformation 公司资料 companyprofile 尊龙凯时人生就博的简介 chinafinancialleasinggrouplimitedstockcode2312“cflg”orthe“company”withitssubsidiarycollectivelythe“group”isaninvestmentcompanyincorporatedinthecaymanislandsthecompany’sshareswerelistedonthestockexchangeofhongkonglimitedthe“stockexchange”inoctober2002underchapter21oftherulesgoverningthelistingofsecuritiesthe“listingrules”onthestockexchange accordingtotheinvestorandfinancialeducationcouncilinhongkongdefinitionofchapter21companiesisasfollows “theprimarybusinessofchapter21companiesistoinvestinlistedorunlistedsecuritiesincludingwarrantsmoneymarketinstrumentscommoditiesoptionsandfuturescontractsaswellasothercollectiveinvestmentschemesastheinvestmentperformanceiscloselyrelatedtothecompany’sresultandreturntoshareholderstheyneedinvestmentmanagerswithexperienceexpertiseandintegrity” cflgprincipallyengagesintheinvestmentoflistedandorunlistedsecuritiespredominantlyfocusinginthechinaandhongkongmarketregionaswestrivetocreatevalueforourshareholdersweadoptprudentinvestmentapproachinselectingpotentialinvestmentopportunitiesandatthesametimeleveragingonfavorablemarketconditionstomaximizereturnourinvestmentteamconsistofwellexperiencedprofessionalwithindepthmarketknowledgeaswellaspossessingextensiveproductknowledgeinvariousinvestmentproductssuchasstocksderivativesproductsbondsetc 中国金融租赁集团有限公司（股份代号：2312，“中国金融租赁集团”或“本公司”，与其附属公司统称“本集团”）为一间投资公司。本公司于开曼群岛注册成立，其股份根据香港联合交易所有限公司（“联交所”）证券上市规则（“上市规则”）第21章于二零零二年十月在联交所上市。 根据香港投资者及理财教育委员会，21章公司的定义如下： “21章公司的主要业务为投资上市或非上市证券，包括认股权证、货币市场工具、商品、期权及期货合约以及其他集体投资计划。由于投资业绩与本公司业绩及股东回报息息相关，彼等需要具备经验、专业知识及诚信的投资经理。” 中国金融租赁集团主要从事上市及或非上市证券投资，主要集中在中国和香港市场区域。在我们努力为股东创造价值的同时，我们采取审慎的投资方式选择潜在的投资机会，同时利用有利的市场条件实现最大回报。我们的投资团队由经验丰富的专业人士组成，具有深厚的市场知识，并在股票、衍生产品、债券等各种投资产品方面拥有丰富的产品知识。 directors’statement 董事报告 dearshareholders theboardthe“board”ofdirectorsthe“directors”ispleasedtopresentyouwiththe2024annualreportofchinafinancialleasinggrouplimitedthe“company”withitssubsidiarycollectivelythe“group”fortheyearended31december2024 thehongkongstockmarketfinallyreversedpreviousyearsofdismalperformancebydeliveringstrongrecoverygainsin2024drivenbymainlandstimulusmeasuresaswellasundemandingequityvaluationsaveragedailyturnoverin2024increasedby255comparedto2023whilefundsraisedthroughinitialpublicofferingsalsoexperiencedasignificantjumpof89over2023figuressignallinginvestors’willingnesstoreturntothemarketduringthelatterhalfoftheyeartheusfederalreservealsoinitiatedthreeconsecutiveratecutstotalling1sinceseptember2024 prceconomy china’seconomygrewby5in2024boostedbygreaterthanexpectedgrowthinthefourthquarterthathelpedmeetthegovernment’syearlytargetgrowthinindustrialoutputaswellasexportscontinuedtofaroutpacethesluggishretailsalesgrowthwithpersistentdeflationarymeasuresattheconsumersectorleveltherenminbiwhileenjoyingabriefperiodofstrengthagainsttheusdollarduringthethirdquartercouldnotsustainsuchgainsandcontinuedtoweakenfortheyearthroughouttheyearthepeople’sbankofchinaalsolaunchedvariousmonetarymeasuressuchasloweringmortgageratescuttingthereserverequirementratioandinitiatingamajormovetosetupaswapfacilitythatallowsnonbankfinancialinstitutionsaccesstobuysharesamoveaimedatstabilizingthemainlandstockmarket 董事（“董事”）会（“董事会”）欣然向阁下呈报中国金融租赁集团有限公司（“本公司”）及其附属公司（统称“本集团”）截至二零二四年十二月三十一日止年度之二零二四年年报。 在内地刺激经济措施及股票估值偏低的带动下，香港股市终于扭转前几年的低迷表现，在二零二四年录得强劲复苏。二零二四年的日均成交额较二零二三年上升255，而首次公开招股筹集的资金亦较二零二三年大幅飙升89，显示投资者愿意重返市场。下半年，美国联储局亦自二零二四年九月起连续三次减息，减幅合共1。 中国经济 受第四季超预期增长的推动，二零二四年中国经济增长5，有助于达成政府的年度目标。工业产出和出口的增长继续远远超过疲弱的零售销售增长，消费行业层面的通缩措施持续。人民币兑美元虽于第三季短暂走强，但未能维持升势，全年继续疲弱。年内，中国人民银行亦推出多项货币措施，例如调低抵押贷款利率、下调存款准备金率，以及主动设立掉期工具，允许非银行金融机构买入股票，以稳定内地股市。 directors’statement 董事报告 prospect despiteearlyweaknessthehsihasenjoyedpersistentstrengthsincethemiddleofjanuary2025duringwhichtheindexgainedover4000pointsthissurgewassparkedbydeepseekalittleknownhangzhoubasedcompanythatmadeglobalheadlinesandcompletelyalteredmarketexpectationsintheaisectorwithitslowcostopensourcecodeinnovationcapableofgeneratingresultscomparabletomajorplayerslikechatgptinvestorshaveheavilysoughtafterchinesetechstocksinthecurrentrallytriggeringadditionalbuyinginsimilarsectorsthistrendhasfuelledfurtheroptimismforapromisingoutlookforthehongkongmarketfortherestoftheyearespeciallywiththemainlandsettocontinuelaunchingfurtherstimulusmeasurestorevivethecapitalmarketthegroup’sfinancialpositionremainsoundandcontinuetoholdliquidinvestmentsintheportfolioinwh