CHAIRMAN’S LETTER TO SHAREHOLDERS

The year 2024 was marked by notable and inspiring achievements. The third plenary session of the 20th Central Committee of the Communist Party of China was successfully convened, outlining the blueprint for deepening comprehensive reform and advancing Chinese modernisation. It was a year that witnessed both a continuation of the past and the beginning of a new chapter. 2024 was also the 45th anniversary of CITIC’s founding, a testament to the unremitting efforts of generations of CITIC employees who have served the company in alignment with China’s development and an evolving global landscape.

Throughout CITIC’s 45-year journey, our employees have demonstrated a steadfast commitment to our founding mission, a determination to tackle challenges through reform and a drive to enhance quality and efficiency through innovation. CITIC has grown in scale, quality and efficiency. Since the introduction of the 14th Five-Year Plan, the company’s annual revenue growth rate has consistently been in double digits, accompanied by a steady increase in profit attributable to ordinary shareholders. In 2024, CITIC Limited’s revenue reached RMB752.87 billion, marking a 10.6% year-on-year increase. Profit attributable to ordinary shareholders was up 1.1% year on year to RMB58.202 billion.As a visible indicator of our success, CITIC Limited’s market capitalisation rose by 27.5% during the year, outperforming the Hang Seng Index (17.7%) and the Hang Seng Composite Industry Index – Conglomerates (5.52%). Over the past four years, CITIC’s market capitalisation has cumulatively increased by over HK$100 billion, reflecting strong market recognition and shareholder confidence. Creating greater value for our investors remains one of our top priorities, as we recognise that the company’s steady growth hinges on your unwavering trust and support. The Board recommends a final dividend of RMB0.36 per share, bringing the total for 2024 to RMB0.55 per share with a payout ratio of 27.5%, up 1.5 percentage points from 2023.

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