Advanced Materials
Our advanced materials segment aims to ensure supply chain stability and to build competitive advantages through the development of complete vertical industrial value chains jointly with the businesses of the advanced intelligent manufacturing segment.
CITIC PACIFIC Special Steel
is a global leader in the manufacture of specialty steel.
CITIC Metal
is primarily engaged in commodities trading including iron ore, copper and niobium, as well as mining investments.
CITIC Resources
is listed on The Stock Exchange of Hong Kong Limited. Its principal business is the exploration, development and production of oil. It also invests in coal mining, the import and export of commodities, electrolytic aluminium, bauxite mining, and alumina smelting.
CITIC Mining International
through its Australian subsidiary, CITIC Pacific Mining, has developed and operates the Sino Iron project, the largest magnetite operation in Australia.
CITIC Pacific Energy
invests in and manages power plants as well as green energy businesses in China.
The advanced materials segment achieved revenue of RMB267.513 billion, an increase of 10%. Due to declines in commodity prices, the profit attributable to ordinary shareholders decreased by 2.1% to RMB12.731 billion. CITIC Pacific Special Steel achieved revenue of RMB114 billion, an increase of 16%. However, the company experienced a decline in net profit of 19% to RMB5.721 billion due to weakened demand and falling prices. In December 2023, CITIC Pacific completed the equity placement in Nanjing Iron and Steel Group and became its controlling shareholder. CITIC Pacific Mining achieved net profit of US$540 million, an increase of 14%, against a volatile market environment. It produced over 20 million wet tonnes of concentrate for the fifth consecutive year, remaining the largest seaborne supplier of magnetite concentrate to China. CITIC Metal’s expansion of its overseas resource business yielded exceptional results. Its revenue grew 4.9% to RMB125 billion and profit attributable to shareholders of the listed company decreased 7.1% to RMB2.1 billion. CITIC Resources was affected by negative events including falling crude oil and aluminium prices, resulting in reduced operating revenue of HK$3.8 billion and net profit of HK$550 million, declines of 35% and 59% respectively. CITIC Pacific Energy achieved net profit of RMB1.05 billion, an increase of 11%. Its traditional businesses were profitable across the board, and new energy witnessed a twofold increase in power generation year-on-year.