Total assets exceed 2.08 trillion yuan, with net profit surpassing 30 billion yuan! An analysis of the six highlights from CITIC Securities' 2025 annual report

When trading stocks, just follow the Golden Qilin analyst research reports—authoritative, professional, timely, and comprehensive—helping you uncover high-potential thematic opportunities!

Reporter: Wang Yandan | Editor: Peng Shuiping

On the evening of March 26, Citic Securities disclosed its 2025 annual report. The annual report shows that in 2025, Citic Securities achieved operating revenue of RMB 74.854 billion, up 28.79% year over year; net profit attributable to shareholders of the parent company was RMB 30.076 billion, up 38.58% year over year. The total asset scale reached RMB 208.0 billion, up 21.7% from the end of the previous year.

All five business segments under the company’s financial reporting scope recorded positive year-on-year growth in operating revenue. Among them, revenue from the brokerage business was RMB 20.787 billion, up 25.55%; revenue from the asset management business was RMB 14.294 billion, up 24.59%; revenue from securities investment was RMB 27.605 billion, up 14.83%; revenue from securities underwriting was RMB 6.055 billion, up 50.12%; and revenue from other businesses was RMB 6.113 billion, up 203.38%.

At the same time, Citic Securities released its annual cash dividend proposal: cash dividend of RMB 4.1 per 10 shares (including tax). This proposal still requires approval by the company’s shareholders’ meeting. In addition, the company has already paid the 2025 interim cash dividend in February 2026 of RMB 2.9 per 10 shares (including tax). For this reporting period, the company plans to distribute total cash dividends of RMB 7 per 10 shares (including tax). The total annual cash dividend amounted to RMB 10.374 billion (including tax). Compared with the total dividends for 2024, it grew by nearly 35% year over year, representing the highest dividend amount record since the company was founded.

Let’s take a look at other highlights in Citic Securities’ annual report—in the annual report, Citic Securities not only summarizes the annual operating performance of each business line, but also discloses its strategic moves for this year.

Highlight 1: Wealth management customer count exceeds 17 million accounts

Wealth management is Citic Securities’ strength. In its annual report, the company stated that domestic wealth management has been continuously optimizing a financial product system featuring multiple markets, multiple assets, multiple strategies, and multiple scenarios, enriching the connotation of multi-layer wealth allocation services. The scale of financial product holdings exceeded RMB 800 billion, and various indicators—including the size of buy-side investment advisory (buy-side investment advisory) business—achieved new breakthroughs. Focusing on refined customer operations, it upgraded an operating model driven by both institutions and individuals on two wheels, further increasing the customer base. As of the end of the reporting period, the cumulative number of customers exceeded 17 million accounts, up 10% from the end of the previous year; customer assets under custody exceeded RMB 15 trillion, up 24% from the end of the previous year.

Highlight 2: Institutional equity brokerage business grows steadily, signaling key expansion into the Middle East and North America this year

Regarding its institutional equity brokerage business, Citic Securities noted that in 2025, capital markets, driven by the dual forces of weak economic recovery and industrial upgrading, exhibited a trend of a “structural bull market,” narrowing volatility, and deepening innovation. As the core hub connecting capital markets with professional institutional investors, the institutional equity brokerage business benefits from the explosive growth in technology innovation sectors and the dividends from long-term capital entering the market, while also facing dual challenges from more fine-grained regulation and intensifying industry competition.

Performance shows that in 2025, Citic Securities’ full-year institutional brokerage business revenue grew steadily. The market share of A+H share trading volume for publicly offered funds reached 7.65%, maintaining an industry-leading position. In WIND’s commission-based segregation rankings for publicly offered funds, it maintained the #1 position in the market. The trading volume of qualified foreign investors increased 162.7% year over year, including equity trading volume increasing 127% year over year.

At the same time, Citic Securities stated that in 2026 it will continue to advance global deployment and integrated development across domestic and overseas markets for its institutional brokerage business, establishing a “one customer, one Citic” system; improve the construction of global trading platforms, complete end-to-end information integration across domestic and overseas markets, and provide customers with forward-looking coverage services; direct customers’ needs into the company’s various business lines to access more opportunities and scenario integrations; and, while consolidating its Asia-Pacific coverage advantage, it will重点 expand into the Middle East and North America, exploring business opportunities in emerging markets such as Vietnam and South America.

Highlight 3: 华夏基金’s asset management scale exceeds RMB 30 trillion

In terms of asset management business, Citic Securities stated that in 2025 the company’s asset management business and Citic Securities Asset Management continued to further improve and upgrade their pension business and investment management system. It advanced the building of investment research and product development toward specialization, systematization, and refinement to achieve a higher level.

As of the end of the reporting period, the company’s total asset management scale was RMB 1,761.541 billion, including pooled asset management plans, single asset management plans, and special asset management plans, with scales of RMB 428.978 billion, RMB 985.857 billion, and RMB 346.706 billion, respectively. The company’s private asset management business (excluding pension business and asset securitization products) had a market share of 14.02%, ranking #1 in the industry.

In addition, as a public funds management platform of the company, 华夏基金’s headquarters managed assets of RMB 3,014.484 billion. Of this, the scale of publicly offered fund management was RMB 2,283.2 billion; and the scale of asset management for institutional and international business was RMB 731.264 billion.

Regarding its 2026 outlook, Citic Securities specifically pointed out that in 2026 the company and Citic Securities Asset Management will build a global-perspective investment research system, enabling differentiated deployment by leveraging cross-border advantages. It will diversify customer types, actively expand external channels, and accelerate the branding process of wealth management business. 华夏基金 will also actively expand both domestic and overseas business, continuously build a pension brand, and promote steady growth in the scale of its institutional business; accelerate the company’s digital integration initiatives, and deepen the application of artificial intelligence technology across the company’s full range of scenarios.

Highlight 4: “Artificial Intelligence” is everywhere in the annual report

Over the course of reviewing the annual report, “Artificial Intelligence” and “AI” have become keywords mentioned multiple times by Citic Securities. The company not only involves artificial intelligence in multiple business lines, but also applies it to daily operations and risk control.

For example, in its work deployment for 2026 for equity and alternative investment businesses, Citic Securities stated that this year it will (1) rely on multi-strategy platforms to steadily enhance business scale and strengthen multi-dimensional risk control, while improving the system architecture to increase revenue certainty; (2) continuously optimize the investment research system, strengthen the coordination between fundamentals and quantitative approaches, fully leverage artificial intelligence technology, and lay a solid foundation for systems and capabilities; and (3) keep quantitative investing tightly aligned with the core of strategy research and development, improve strategy returns and stability, and enhance efficiency in capital utilization.

In the equity investment business, Citic Securities stated that in 2025 the company invested in multiple high-quality projects that meet the requirements for developing new quality productive forces, covering key areas such as embodied intelligence, semiconductor equipment, domestically produced GPUs, and domestically produced servers, serving as patient capital and strategic capital to support technological innovation.

In addition, its platform for raising and managing private equity investment funds, Citic Jingshi, is expected in 2026 to focus around “technology finance,” with key deployment in sub-sectors aligned with strategic direction and possessing core technical capabilities. It will deeply identify leading companies in industries such as next-generation information technology, artificial intelligence, new materials, new energy, advanced manufacturing and defense industry, and biopharmaceuticals, fully supporting the development of new quality productive forces.

For daily operations, Citic Securities will apply artificial intelligence to risk management work. It noted that the company will rely on its own artificial intelligence platform to steadily advance more multi-scenario implementations of “AI + risk,” further improving its digital risk-control capabilities and the effectiveness of risk management.

Highlight 5: Overseas business performance is stronger

By region, Citic Securities’ domestic business achieved revenue of RMB 59.336 billion, up 25.79%; its overseas business achieved revenue of RMB 15.519 billion, up 41.75%. Overseas business performance was stronger than domestic business performance.

Highlight 6: Total compensation for executives/supervisors/senior management in 2025 fell slightly

Looking at the compensation of Citic Securities’ executives that are of particular interest, in 2025 executive compensation continued to decline. Total compensation for the company’s directors, supervisors, and senior management in 2025 was RMB 25.9873 million, compared with RMB 28.7573 million in the same period of the previous year.

Among them, the chairman 张佑君’s annual salary in 2025 was RMB 2.3034 million, essentially flat with RMB 2.3033 million in the same period of the previous year.

Regarding employee headcount, Citic Securities disclosed that at the end of 2025 the group had 26,823 employees; compared with the 2024 annual report, the group had 26,781 employees, representing a small increase of 42 employees.

Cover image source: 每经媒资库

A large volume of information and precise analysis—available on the Sina Finance APP