CITIC Securities achieves record-high performance, with net profit surpassing 30 billion yuan

In the first half of 2025, CITIC Securities’ overseas business generated revenue of RMB 15.519 billion, up 41.75% year over year, with its share of total revenue increasing to 20.7%

By | “Caijing” reporter Guo Nan, special contributor Cheng Mengqi

Edited by | Lu Ling

With the capital markets rebounding, CITIC Securities, a leading brokerage, has delivered its best-ever performance.

On the evening of March 26, CITIC Securities released its 2025 annual report. The annual report shows that in 2025, it 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. Both revenue and net profit set new historical highs. Total assets reached RMB 2.08 trillion, up 21.70% from the end of the previous year. ROE reached 10.59%, up 2.5 percentage points year over year.

2025 is the closing year of the 14th Five-Year Plan, and also the 30th anniversary of CITIC Securities’ founding. Looking back on the development under the 14th Five-Year Plan, Zhang Youjun summarized at the performance briefing on March 27 that asset quality, profitability, role fulfillment, and brand influence have all stepped up to new levels.

Of note, in 2025, CITIC Securities’ international business revenue share reached a record high. Zhang Youjun said that going forward, it will focus on strengthening the business network, building the service ecosystem and management mechanisms, continuously improving cross-border integrated service capabilities, and striving to build the preferred investment bank for “investing in China and investing Chinese.”

Regarding the building of a first-class investment bank, at the performance meeting, CITIC Securities’ general manager Zou Yingguang said, “We have also noted that consolidation in the securities industry is accelerating, and the trend is clear that leading brokerages are getting bigger and stronger. The competitive landscape is also being reshaped in depth. CITIC Securities will maintain strategic resolve, accurately grasp the overall trends of industry development, make full use of regulatory authorities’ policy support for high-quality brokerages, and firmly and unshakably promote the company’s high-quality development through three core initiatives: improving quality and efficiency, strengthening competition, and expanding internationally.”

In addition, the profit distribution plan disclosed together with the annual report shows that in 2025, CITIC Securities plans to distribute cash dividends of RMB 7.00 per 10 shares (inclusive of tax), with total planned cash dividends exceeding RMB 10.3 billion. Zhang Hao, CFO of CITIC Securities, introduced that the total dividend amount for 2025 increased by nearly 35% year over year, representing the highest dividend record since the company was founded. Since CITIC Securities’ A-share listing in 2003, it has paid cash dividends for 24 consecutive years, with cumulative dividends exceeding RMB 93 billion.

Strong growth in investment banking business

In 2025, both the A-share and Hong Kong stock markets saw a marked increase in market activity, and IPO (initial public offering) financing volumes grew significantly. Benefiting from the market rebound, all business segments of CITIC Securities achieved rapid growth.

In terms of revenue structure, securities investment business remains the largest source of revenue. In 2025, it generated revenue of RMB 27.605 billion, up 14.83%, accounting for about 37% of total revenue. Brokerage business revenue was RMB 20.787 billion, up 25.55%. Asset management business revenue was RMB 14.294 billion, up 24.59%.

CITIC Securities’ investment banking business revenue turned upward after a period of decline in 2025. The annual report shows that securities underwriting achieved revenue of RMB 6.055 billion, up 50.12%. In 2025, the year-on-year growth in A-share equity financing and issuance volume was 245.42%. CITIC Securities completed 72 A-share main underwriting projects, with an underwriting size of RMB 270.646 billion, a market share of 24.36%, ranking first in the market.

For bond underwriting, in 2025 CITIC Securities completed domestic bond underwriting of RMB 2.21 trillion, becoming the first brokerage in the industry to have underwriting规模 exceed RMB 2 trillion for two consecutive years. The underwriting sizes of technology innovation bonds, green bonds, and rural revitalization bonds all ranked first among peers. For public offering REITs (real estate investment trusts), participation in deal count and issuance size both ranked first in the market.

M&A restructuring business also performed exceptionally. In 2025, CITIC Securities completed 45 M&A deals in the China market, with transaction value of RMB 282.899 billion, ranking first in the market. Among them, it completed 11 major asset restructuring deals in A-shares, with transaction value of RMB 168.278 billion, a market share of 35.59%. These include large projects such as China Shipbuilding absorbing merger of China Shipbuilding Industry Group Corporation by share swap with China Shipbuilding Heavy Industry, and AVIC Electric Measurement issuing shares to purchase assets.

For subsidiaries, Huaxia Fund’s revenue in 2025 was RMB 9.6 billion and net profit was RMB 2.4 billion. As of end-2025, Huaxia Fund’s asset management scale was RMB 3.01 trillion, including public fund management scale of RMB 2.28 trillion.

Along with the rebound in performance, per-capita compensation also increased. The Dongcai Choice data shows that CITIC Securities’ average compensation per employee rose from RMB 790,000 in 2024 to RMB 812,800. The annual report indicates that the total compensation of senior executives decreased from RMB 28.7573 million to RMB 25.9873 million.

International business revenue hits a new high

In 2025, CITIC Securities’ internationalization strategy accelerated, and the contribution share of international business revenue again reached a new high. The annual report shows that overseas business achieved revenue of RMB 15.519 billion, up 41.75% year over year, with its share of total revenue rising to 20.7%.

Zhang Youjun said that this was mainly due to China enterprises accelerating their global expansion, the ongoing deepening of two-way opening of China’s capital markets, and the stable advancement of RMB internationalization.

At the performance meeting, Li Chunbo, Chairman of CITIC Securities International, introduced that in 2025 CITIC Securities International achieved operating revenue of US$3.3 billion and net profit of US$0.9 billion, both setting new historical highs, and increasing year over year by 48% and 72%, respectively. At the same time, CITIC Securities International’s contribution to CITIC Securities’ overall revenue and profit further increased to 18% and 21%, respectively.

“Based on consolidating CITIC Securities International’s advantageous position in institutional equity business, in 2025 it also delivered impressive results in investment banking and fixed income businesses. In investment banking, it ranked first in the China-funded offshore bond market, second among sponsors in the Hong Kong IPO market, and second in Asia for M&A involving companies other than Japan,” Li Chunbo said.

The annual report shows that CITIC Securities ranked second in market sponsorship scale for Hong Kong IPOs, first in market underwriting scale for China-funded offshore bonds, and first in market global M&A transaction scale for China enterprises. It completed benchmark projects such as Zijin Mining International’s IPO, Sany Heavy Industry’s IPO, and BYD’s placement.

Looking ahead, Zhang Youjun said it will focus on strengthening the business network, the service ecosystem, and management mechanisms, continuously enhance cross-border integrated service capabilities, and strive to build the preferred investment bank for investing in China and investing Chinese.

In other international markets outside Hong Kong, Li Chunbo introduced that it will continue to accelerate its business layout, increase investment in Asia-Pacific market resources, promote steady development in markets such as Singapore and the United Kingdom, build a multi-region coordinated international business layout, and make the structure of country-based businesses and revenue more balanced.

Responsible editor | Wang Yi

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