In 2024, the advanced materials segment enhanced business integration, achieving revenue of RMB325.615 billion, a year-on-year increase of 21.7%. Despite challenges from commodity price fluctuations and reduced iron ore production, the segment maintained profit attributable to ordinary shareholders exceeding RMB10 billion. The special steel business advanced collaboration in procurement, production, sales and management among two steel companies, with total production surpassing 30 million tonnes, securing the leading position in the special steel industry. CITIC Pacific Special Steel reported profit attributable to the listed company’s shareholders of RMB5.126 billion, declining by 10.4%; and Nanjing Steel saw its profit attributable to the listed company’s shareholders rise by 6.4% to RMB2.261 billion, both significantly outperforming their peers. CITIC Metal carefully studied the market situation, adjusted its business plan, actively expanded the non-ferrous metals business and seized the opportunity to realise value of 1% Ivanhoe Mines shares at favourable prices, resulting in revenue of RMB130.190 billion and profit attributable to the listed company’s shareholders of RMB2.238 billion, an increase of 4.2% and 8.8%, respectively. CITIC Resources steadily developed its oil and gas trading business, with revenue surging 148.3% to HK$9.498 billion, and converted the entire AWC equity interest to Alcoa shares, resulting in profit attributable to the parent company of HK$570 million, a year-on-year increase of 3.8%. CITIC Pacific Energy’s new energy business achieved a significant 374% year-on-year increase in power generation, with profits growing by 9.3% to RMB1.147 billion.
