Two leading brokerages announce latest earnings; CITIC Securities' key financial metrics hit record highs

“Leading Brokerage” CITIC Securities disclosed its 2025 annual report on the evening of March 26 (the “Report”). Last year, it achieved operating revenue of 74.854 billion yuan, a year-on-year increase of 28.79%; net profit attributable to the parent company surpassed 30 billion yuan, a rise of 38.58%.

On the same day, CITIC Construction Investment Securities released its 2025 annual report, showing that as of December 31, 2025, the company’s total assets reached 676.816 billion yuan, a 19.49% increase year-on-year; operating income was 23.322 billion yuan, up 22.41%; net profit attributable to the parent was 9.439 billion yuan, an increase of 30.68%.

CITIC Securities’ Key Financial Indicators Hit Record Highs

The report shows that CITIC Securities achieved an operating revenue of 74.854 billion yuan last year, a 28.79% increase; net profit attributable to the parent was 30.076 billion yuan, up 38.58%; as of the end of 2025, the company’s total assets were 2,081.903 trillion yuan, a 21.70% increase from the beginning of the year; shareholders’ equity was 319.930 billion yuan, up 9.15% from the start of the year. All major financial indicators reached historic highs.

Regarding the reasons for revenue growth, the report specifically explains: brokerage business revenue was 20.787 billion yuan, up 25.55%; asset management revenue was 14.294 billion yuan, up 24.59%; securities investment revenue was 27.605 billion yuan, up 14.83%; securities underwriting revenue was 6.055 billion yuan, up 50.12%; other business revenue was 6.113 billion yuan, up 203.38%.

However, despite the significant increase in net profit, the net cash flow from operating activities last year was 74.104 billion yuan, a decrease of 57.06% year-on-year. The report attributes this to reduced net cash inflows from share repurchase activities and increased cash outflows from lending.

CITIC Securities also disclosed its profit distribution plan for 2025, showing that the total cash dividends for the year reached 10.374 billion yuan (including tax), nearly 35% higher than the total dividends in 2024, marking the highest dividend payout in its history.

Multiple Business Lines Maintain Domestic Leadership

Leveraging Full-License Advantage to Support Technological Innovation

From an operational perspective, multiple business segments of CITIC Securities maintain leading advantages domestically.

In investment banking, in 2025, CITIC Securities completed 72 A-share main underwriting projects, with an underwriting scale of 270.646 billion yuan, holding a 24.36% market share, ranking first in underwriting scale; issued 6,221 domestic bonds, with an underwriting scale of 2.20946 trillion yuan, ranking first among peers in domestic bond underwriting.

In wealth management, by the end of 2025, CITIC Securities’ entrusted client assets exceeded 15 trillion yuan, asset management scale was about 4.8 trillion yuan, and financial products held exceeded 800 billion yuan.

In asset management, as of the end of the reporting period, Huaxia Fund’s headquarters managed assets of 3.014484 trillion yuan, including 2.283220 trillion yuan in public fund management and 731.264 billion yuan in institutional and international asset management.

Remarkably, leveraging its comprehensive financial license, CITIC Securities supports high-level technological self-reliance and innovation.

On one hand, it plays a key role as a “service provider” for direct financing, deepening services for tech companies’ equity and bond financing. According to data, last year, CITIC Securities’s total equity underwriting for Sci-Tech Innovation Board, ChiNext, and Beijing Stock Exchange reached 54.7 billion yuan; sci-tech bonds underwriting was 235.4 billion yuan, both ranking first in the market. It also increased efforts in tech M&A and restructuring, completing M&A transactions worth 282.9 billion yuan in China, and global M&A deals by Chinese companies totaling 77.2 billion USD, both first in the market.

On the other hand, it leverages its investment business as a “source of fresh water,” focusing on early, small, and hard-tech investments, injecting long-term and patient capital into innovative enterprises. The report shows that as the company’s own equity investment platform, CITIC Securities invested in several high-quality projects aligned with new productive forces, covering key areas such as embodied intelligence, semiconductor equipment, domestic GPUs, and servers. As a platform managing private equity funds, CITIC Jinshi added M&A strategies and launched M&A funds, completing new fund filings of 11.05 billion yuan.

CITIC Construction Investment Securities’ Integrated Business Development

Analysis shows that CITIC Construction Investment Securities continues to lead in investment banking. The report indicates that in 2025, the company completed 33 domestic A-share equity financing projects, with a main underwriting amount of 91.773 billion yuan. Among these, 12 were IPOs, with a main underwriting amount of 19.661 billion yuan, ranking third and second in the industry respectively. CITIC Construction International participated in 7 Hong Kong IPO sponsorship projects, with a total project size of 45.839 billion HKD.

Its domestic debt financing also performed strongly, with 5,131 underwriting projects totaling 1.73349 trillion yuan, ranking second in the industry. CITIC Construction International participated in 222 offshore bond underwriting projects, with an underwriting amount of 459.127 billion HKD. The company completed 12 major asset restructuring projects, ranking first in the industry, with a transaction amount of 104.446 billion yuan, second in the industry.

Additionally, CITIC Construction Investment Securities’ wealth management business improved in quality and resilience. The company adheres to a “customer-centric” philosophy, relying on a comprehensive financial service platform to accurately meet the diverse and layered wealth management needs of retail, high-net-worth, and institutional clients, steadily expanding business scale and improving service quality.

The report shows that in 2025, the total number of clients exceeded 17.12 million, continuously strengthening the client base. The company also enriched its financial product offerings, improved the full-chain wealth management service system, and focused on building professional buy-side advisory capabilities. The scale of financial products at specific points exceeded 410 billion yuan, a 60.27% increase, with ongoing results from wealth management transformation.

In institutional business, the company capitalized on the trend of investor institutionalization, achieving scale growth. CITIC Construction Investment Securities emphasizes its focus on absolute return in stock trading, strengthening market analysis, and proactively capturing trend and structural investment opportunities. Its fixed income business continuously enriches client products and services linked to domestic and international FICC assets, steadily expanding its client business. The buy-side revenue diversified, and market-making functions performed effectively; the company has been recognized as an “Excellent Market Maker” by Bond Connect for four consecutive years. Its research team deepens internal and external collaboration, leveraging think tank functions, advancing in-depth industry chain research, and continuously enhancing professional strength, becoming a new company hallmark.

Meanwhile, CITIC Construction Investment Management’s scale steadily increased, with ongoing optimization of asset allocation structures. The company focuses on long-term value creation, enhancing research and active management capabilities, continuously strengthening risk identification and asset allocation, and expanding product lines and cross-border internationalization.

By the end of 2025, client asset management entrusted funds reached 524.508 billion yuan; CITIC Construction Fund continuously diversified its product offerings based on client needs, with assets under management reaching 175.989 billion yuan, a 23.78% increase. As of the end of 2025, CITIC Construction’s managed funds numbered 83, with a management scale of over 78 billion yuan.

In the field of financial technology, the company actively embraces technology, fully implementing the “AI+” initiative, achieving fruitful results in empowering clients, employees, and management. In 2025, it received over 50 industry and external awards, achieving both quantity and quality improvements. Notably, the “Investment Banking ‘Gatekeeper’ Intelligent Business Platform” project won the first prize at the 2024 China Central Bank Financial Technology Development Award, becoming the first securities industry project to receive this honor. AI innovations were recognized at top international academic conferences, with intellectual property holdings ranking among industry leaders. The “AI+” empowerment has built a comprehensive AI system across all business lines, from computing power to domain models, from knowledge platforms to intelligent agent platforms.

CITIC Construction Investment Securities states that the company always adheres to its fundamental mission of serving the real economy, upholding its role in social wealth management, and focusing on the “five major articles” of finance. It accelerates business innovation around industry development needs and investor financial service demands, continuously enhancing professionalism in serving national strategies, the real economy, and social wealth management, solidifying core competitiveness, and making steady progress toward becoming a first-class investment bank and investment institution.

(Source: Shanghai Securities News)