Section I Definitions [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, covering key terminology such as company entities, subsidiaries, regulatory bodies, markets, financial products, and reporting periods, ensuring accurate understanding of the report content - The Group refers to China Securities Co., Ltd. and its subsidiaries[8](index=8&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) - The "Five Key Financial Initiatives" refer to technology finance, green finance, inclusive finance, elderly care finance, and digital finance[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides the company's basic information, including its Chinese and English names, legal representative, general manager, registered capital, net capital, and various securities business qualifications, demonstrating its broad business scope and comprehensive qualifications - The company's legal representative is Liu Cheng, and the general manager is Jin Jianhua[10](index=10&type=chunk) Registered Capital and Net Capital (Unit: RMB) | Indicator | End of Current Reporting Period (June 30, 2025) | End of Previous Year (December 31, 2024) | | :--- | :--- | :--- | | Registered Capital | 7,756,694,797.00 | 7,756,694,797.00 | | Net Capital | 78,585,253,965.19 | 74,674,773,535.87 | - The company's business scope includes securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, asset management, public fund sales, margin financing and securities lending, stock option market making, fund custody, precious metals sales, and listed securities market making transactions[13](index=13&type=chunk) [II. Contact Persons and Information](index=8&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating communication for investors and relevant parties - The Board Secretary is Liu Naisheng, and the Securities Affairs Representative is Du Ningning[26](index=26&type=chunk) - The company's investor contact number is 010-56052830, and the email address is 601066@csc.com.cn[26](index=26&type=chunk) [III. Brief Introduction to Basic Information](index=9&type=section&id=III.%20Brief%20Introduction%20to%20Basic%20Information) This section outlines the company's registered address, main office address, Hong Kong business address, company website, email address, national customer service hotline, and unified social credit code, providing essential geographical and online information - The company's registered address is Building 4, No. 66 Anli Road, Chaoyang District, Beijing, and its main office address is No. 10 Guanghua Road, Chaoyang District, Beijing[27](index=27&type=chunk) - The company's website is www.csc108.com, and its national customer service hotline is 95587/4008888108[27](index=27&type=chunk) [IV. Information Disclosure and Document Availability](index=9&type=section&id=IV.%20Information%20Disclosure%20and%20Document%20Availability) This section lists the company's designated information disclosure newspapers, website addresses for semi-annual reports, and locations where reports are available, ensuring transparency and accessibility of information disclosure - The company's selected information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[28](index=28&type=chunk) - The semi-annual report is published on the SSE website, HKEXnews website, and the company's website[28](index=28&type=chunk) [V. Company Stock Overview](index=9&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and stock code, facilitating investor inquiry of trading information - The company's A-shares are listed on the SSE, with stock abbreviation CITIC Securities and code 601066[29](index=29&type=chunk) - The company's H-shares are listed on the HKEX, with stock abbreviation CITIC Securities and code 6066[29](index=29&type=chunk) [VI. Other Relevant Information](index=10&type=section&id=VI.%20Other%20Relevant%20Information) This section discloses information about the domestic and overseas accounting firms appointed by the company, as well as the A-share and H-share share registration offices, providing an overview of the company's external professional service providers - The company's domestic accounting firm is KPMG Huazhen LLP, and its overseas accounting firm is KPMG[30](index=30&type=chunk) - The A-share share registration office is China Securities Depository and Clearing Corporation Limited, and the H-share office is Hong Kong Registrars Limited[30](index=30&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=10&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, including operating revenue, net profit, total assets, total liabilities, earnings per share, and return on net assets, comparing them with the same period last year or the end of the previous year, showing significant growth Key Accounting Data (Unit: RMB) | Key Accounting Data | Current Reporting Period (Jan-Jun 2025) | Same Period Last Year (Jan-Jun 2024) Adjusted | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,739,893,576.57 | 8,954,999,182.41 | 19.93 | | Total Profit | 5,324,009,160.16 | 3,190,829,562.91 | 66.85 | | Net Profit Attributable to Parent Company Shareholders | 4,508,536,107.40 | 2,857,677,144.16 | 57.77 | | Net Cash Flow from Operating Activities | 60,125,763,563.10 | -2,025,668,166.76 | N/A | Key Asset and Liability Data (Unit: RMB) | Key Accounting Data | End of Current Reporting Period (June 30, 2025) | End of Previous Year (December 31, 2024) Adjusted | Change from Previous Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 612,364,018,741.91 | 566,418,217,793.53 | 8.11 | | Total Liabilities | 502,524,274,453.19 | 459,899,267,552.36 | 9.27 | | Equity Attributable to Parent Company Shareholders | 109,795,202,530.05 | 106,468,734,430.25 | 3.12 | | Asset-Liability Ratio (%) | 76.15 | 75.49 | Up 0.66 percentage points | Key Financial Indicators (Unit: RMB) | Key Financial Indicators | Current Reporting Period (Jan-Jun 2025) | Same Period Last Year (Jan-Jun 2024) Adjusted | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.52 | 0.30 | 73.33 | | Diluted Earnings Per Share (RMB/share) | 0.52 | 0.30 | 73.33 | | Weighted Average Return on Net Assets (%) | 5.10 | 3.12 | Up 1.98 percentage points | - The Ministry of Finance issued implementation guidance for enterprise accounting standards in July 2025, and the company has adjusted its accounting treatment for futures trading business accordingly, retrospectively adjusting comparable period financial statement data, though without significant impact on consolidated financial statements[35](index=35&type=chunk) [(III) Parent Company's Net Capital and Risk Control Indicators](index=12&type=section&id=(III)%20Parent%20Company's%20Net%20Capital%20and%20Risk%20Control%20Indicators) This section discloses the parent company's net capital and various risk control indicators for the first half of 2025, comparing them with the end of the previous year, showing an increase in net capital and risk coverage, while liquidity coverage and net stable funding ratios slightly decreased, with overall risks remaining controllable Parent Company Net Capital and Risk Control Indicators (Unit: RMB) | Item | End of Current Reporting Period | End of Previous Year | | :--- | :--- | :--- | | Net Capital | 78,585,253,965.19 | 74,674,773,535.87 | | Risk Coverage Ratio (%) | 244.21 | 209.25 | | Capital Leverage Ratio (%) | 16.43 | 15.78 | | Liquidity Coverage Ratio (%) | 320.90 | 423.26 | | Net Stable Funding Ratio (%) | 212.05 | 216.29 | - The China Securities Regulatory Commission revised the "Regulations on Calculation Standards for Securities Company Risk Control Indicators" in September 2024, with new standards implemented on January 1, 2025, and the company has restated its indicators for December 31, 2024[37](index=37&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=12&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and amounts for the first half of 2025, totaling **RMB 37,098,103.75**, primarily including disposal gains/losses on non-current assets and government subsidies Non-Recurring Gains and Losses Items and Amounts (Unit: RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 831,058.50 | | Government Subsidies Included in Current Profit/Loss | 59,995,982.62 | | Other Non-Operating Income and Expenses Apart from the Above | -11,163,041.70 | | Less: Income Tax Impact | 12,564,430.79 | | Impact on Minority Shareholders' Equity (After Tax) | 1,464.88 | | Total | 37,098,103.75 | [XI. Other Information](index=13&type=section&id=XI.%20Other%20Information) This section discloses items measured at fair value, their period-end amounts, and the impact of current period changes on profit, showing significant changes in the fair value of trading financial assets, other debt investments, and other equity instrument investments Items Measured at Fair Value (Unit: RMB) | Item Name | December 31, 2024 | June 30, 2025 | Current Period Change | Impact on Current Period Profit | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 201,971,415,945.84 | 196,912,197,998.16 | -5,059,217,947.68 | 7,562,737,842.64 | | Other Debt Investments | 77,559,632,304.64 | 95,117,987,819.51 | 17,558,355,514.87 | 1,198,267,521.78 | | Other Equity Instrument Investments | 14,821,664,946.78 | 33,180,742,488.30 | 18,359,077,541.52 | 242,536,749.31 | | Derivative Financial Instruments | -713,983,176.58 | -2,760,949,454.16 | -2,046,966,277.58 | -2,716,481,361.12 | | Trading Financial Liabilities | 9,105,461,713.47 | 8,790,596,125.46 | -314,865,588.01 | -718,784,616.04 | | Total | 302,744,191,734.15 | 331,240,574,977.27 | 28,496,383,243.12 | 5,568,276,136.57 | Section III Management Discussion and Analysis [I. Industry and Principal Business Overview for the Reporting Period](index=14&type=section&id=I.%20Industry%20and%20Principal%20Business%20Overview%20for%20the%20Reporting%20Period) The Group operates in the securities industry, with its principal businesses divided into four segments: investment banking, wealth management, trading and institutional client services, and asset management, with no significant new non-principal businesses added during the reporting period - The Group operates in the securities industry, with its principal businesses divided into investment banking, wealth management, trading and institutional client services, and asset management[45](index=45&type=chunk) - No significant new non-principal businesses were added during the reporting period[45](index=45&type=chunk) [II. Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the Group's total assets grew by **8.11%**, and equity attributable to parent company shareholders increased by **3.12%**, with operating revenue rising by **19.93%** and net profit attributable to parent company shareholders by **57.77%**, showing growth across all business segments, particularly in wealth management and trading and institutional client services Key Financial Data of the Group for H1 2025 | Indicator | Amount (Billion RMB) | YoY Growth (%) | | :--- | :--- | :--- | | Total Assets | 6,123.64 | 8.11 | | Equity Attributable to Parent Company Shareholders | 1,097.95 | 3.12 | | Total Operating Revenue | 107.40 | 19.93 | | Net Profit Attributable to Parent Company Shareholders | 45.09 | 57.77 | Operating Revenue by Business Segment for H1 2025 | Business Segment | Operating Revenue (Billion RMB) | YoY Growth (%) | | :--- | :--- | :--- | | Investment Banking Business | 11.23 | 12.09 | | Wealth Management Business | 36.79 | 29.05 | | Trading and Institutional Client Services Business | 46.74 | 29.05 | | Asset Management Business | 6.41 | 2.47 | [(I) Investment Banking Business Segment](index=14&type=section&id=(I)%20Investment%20Banking%20Business%20Segment) In the first half of 2025, the company's investment banking business segment performed strongly, with equity financing, debt financing, and financial advisory businesses all ranking among the market leaders, actively serving national strategies, supporting real economy development, and continuously advancing domestic and international integration in international business - In the first half of 2025, the domestic primary equity financing market saw **104 projects** issued, raising **RMB 643.58 billion**, representing year-on-year increases of **9.47%** and **632.04%** respectively[48](index=48&type=chunk) - The company completed **15 A-share equity financing projects**, with lead underwriting amount of **RMB 67.52 billion**, ranking **2nd** and **4th** in the industry respectively[48](index=48&type=chunk) Equity Financing Business Performance in H1 2025 (Billion RMB) | Item | Lead Underwriting Amount H1 2025 | Number of Issues H1 2025 (Companies) | Lead Underwriting Amount H1 2024 | Number of Issues H1 2024 (Companies) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offerings | 84.60 | 4 | 17.67 | 5 | | Refinancing Issues | 590.60 | 11 | 25.63 | 7 | | Total | 675.20 | 15 | 43.29 | 12 | - The company's domestic debt financing business completed **2,301 lead underwriting projects**, with a lead underwriting amount of **RMB 779.65 billion**, ranking **3rd** and **2nd** in the industry respectively[53](index=53&type=chunk) - The company ranked **2nd** in the number of lead underwritten green bonds and **1st** in amount; it ranked **2nd** in both the number and amount of lead underwritten technology innovation corporate bonds[53](index=53&type=chunk) - The company completed **6 major asset restructuring projects**, ranking **1st** in the industry, with a transaction amount of **RMB 25.46 billion**, ranking **5th** in the industry[58](index=58&type=chunk) [(II) Wealth Management Business Segment](index=17&type=section&id=(II)%20Wealth%20Management%20Business%20Segment) In the first half of 2025, the company's wealth management business segment achieved steady growth, with **830,800 new securities brokerage and wealth management clients** and a **109.70% year-on-year increase in investment advisory revenue**, while futures brokerage business agency trading volume grew by **25.14%**, margin financing and securities lending balances remained stable, and stock pledge repurchase business risks were controllable - In the first half of 2025, the company's securities brokerage business acquired **830,800 new clients**, a year-on-year increase of **12.98%**, and investment advisory revenue grew by **109.70%**[62](index=62&type=chunk) - As of the end of the reporting period, the company's total cumulative client base exceeded **16 million accounts**, financial product holdings surpassed **RMB 280 billion**, and buyer-customized business holdings grew by **161.62%** year-on-year[62](index=62&type=chunk) - CITIC Futures achieved a cumulative agency trading volume of **RMB 14.41 trillion**, a year-on-year increase of **25.14%**[63](index=63&type=chunk) - As of the end of the reporting period, the company's margin financing and securities lending balance was **RMB 61.32 billion**, accounting for **3.31%** of the market, with **203,800 margin financing and securities lending accounts**, an increase of **4.54%** from the end of 2024[65](index=65&type=chunk) - As of the end of the reporting period, the company's stock pledge repurchase transaction business principal balance was **RMB 6.34 billion**, with overall business risks controllable[68](index=68&type=chunk) [(III) Trading and Institutional Client Services Business Segment](index=19&type=section&id=(III)%20Trading%20and%20Institutional%20Client%20Services%20Business%20Segment) In the first half of 2025, the company's trading and institutional client services business segment made progress in stock sales and trading, fixed income product sales and trading, investment research, prime brokerage, QFI and WFOE, and alternative investments, strengthening investment research capabilities, expanding cross-border business, enhancing market competitiveness, and actively serving national strategic emerging industries - In the first half of 2025, the company completed sales for **16 lead-underwritten A-share stock projects**, with a cumulative sales amount of **RMB 69.97 billion**[71](index=71&type=chunk) - The company actively carried out sales of technology innovation bonds and green bonds, winning the "Carbon Finance Practice Award" in the Shanghai carbon market[75](index=75&type=chunk) - As of the end of the reporting period, the company had **163 securities investment consulting analysts**, covering **1,347 domestic A-share listed companies** and **282 Hong Kong and overseas listed companies**[79](index=79&type=chunk) - As of the end of the reporting period, the company's Prime Brokerage (PB) system had **20,714 active clients**, a year-on-year increase of **20.97%**[82](index=82&type=chunk) - As of the end of the reporting period, the company's public fund custody scale was **RMB 179.12 billion**, ranking **2nd** in the industry[83](index=83&type=chunk) - In the first half of 2025, CITIC Securities Investment completed **12 project investments**, with an investment amount of **RMB 328 million**[87](index=87&type=chunk) [(IV) Asset Management Business Segment](index=23&type=section&id=(IV)%20Asset%20Management%20Business%20Segment) In the first half of 2025, the company's asset management business segment continued to deepen its transformation, focusing on enhancing active management capabilities, with client asset management entrusted funds totaling **RMB 485.24 billion**, CITIC Securities Fund's asset management scale growing by **5.29%**, and private equity investment business adding **RMB 3.78 billion** in fund management scale - As of the end of the reporting period, the company's client asset management entrusted funds totaled **RMB 485.24 billion**[90](index=90&type=chunk) Client Asset Management Entrusted Funds (Unit: Billion RMB) | Item | Scale as of June 30, 2025 | Scale as of June 30, 2024 | | :--- | :--- | :--- | | Collective Asset Management Business | 1,122.41 | 1,434.62 | | Single Asset Management Business | 1,709.08 | 2,072.81 | | Special Asset Management Business | 2,020.89 | 1,712.39 | | Total | 4,852.38 | 5,219.82 | - As of the end of the reporting period, CITIC Securities Fund's asset management scale was **RMB 149.7 billion**, an increase of **5.29%** from the end of 2024[94](index=94&type=chunk) - In the first half of 2025, CITIC Securities Capital added **RMB 3.78 billion** in fund management scale and completed project investments of nearly **RMB 1 billion**[95](index=95&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=25&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its innovative and leading business system, well-structured client base, comprehensive channel network, continuous strengthening of technology R&D, industry-leading risk control and compliance, and a pursuit of excellence in corporate culture and strong shareholder background, collectively ensuring its sustained healthy development - The company possesses balanced and comprehensive investment banking business, wealth management business with a complete product range and continuously improving investment advisory capabilities, professional and integrated trading and institutional client services capabilities, and rapidly growing "big asset management" business with huge potential[98](index=98&type=chunk) - The company has **over 300 physical outlets** nationwide, a wholly-owned subsidiary in Hong Kong, and has independently built an industry-leading online intelligent investment advisory platform[100](index=100&type=chunk) - The company has established a scientific, reasonable, and clearly defined comprehensive risk management and compliance management system that covers the entire process from pre-event to post-event, with strategic foresight, and is one of the first **6 consolidated supervision pilot enterprises** and one of the first **regulatory whitelist enterprises** in China's securities industry[102](index=102&type=chunk) - The company's main investors, Beijing Financial Holdings Group Co., Ltd., Central Huijin Investment Ltd., and CITIC Group Corporation, are all large state-owned enterprises with strong capital strength[104](index=104&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=26&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's key operating performance in the first half of 2025, including changes in financial statement items, principal business by industry and region, asset and liability status, investment status, and an introduction to major holding and participating companies and securities branches [(I) Principal Business Analysis](index=26&type=section&id=(I)%20Principal%20Business%20Analysis) In the first half of 2025, the company's operating revenue increased by **19.93%** year-on-year, while operating expenses decreased by **6.05%** year-on-year, with investment income and income tax expenses significantly increasing, and net cash flow from operating activities turning from net outflow to net inflow, showing significant revenue growth in wealth management and trading and institutional client services segments, and **107.57%** year-on-year growth in overseas business revenue Analysis of Changes in Financial Statement Items (Unit: RMB) | Item | Current Period Amount | Same Period Last Year Amount | Change Ratio (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 237,440,461.69 | 380,787,267.34 | -37.64 | Mainly due to decrease in interest income | | Investment Income | 4,609,123,075.96 | 2,252,177,807.18 | 104.65 | Mainly due to increased gains from trading financial assets | | Gains/Losses from Fair Value Changes | -6,911,090.13 | 1,284,597,169.55 | -100.54 | Mainly due to fair value changes of derivative financial instruments | | Income Tax Expense | 807,936,688.71 | 327,720,765.82 | 146.53 | Mainly due to increased total profit | | Net Cash Flow from Operating Activities | 60,125,763,563.10 | -2,025,668,166.76 | N/A | Mainly due to changes in repurchase business and agency securities trading funds leading to increased operating cash inflows | - In the first half of 2025, the Group achieved operating revenue of **RMB 10.74 billion**, a year-on-year increase of **19.93%**[107](index=107&type=chunk) Principal Business by Industry (Unit: RMB) | Item | Operating Revenue | Operating Expenses | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Investment Banking Business | 1,123,052,000.18 | 942,643,210.97 | 16.06 | 12.09 | | Wealth Management Business | 3,679,260,374.18 | 1,969,740,744.38 | 46.46 | 29.05 | | Trading and Institutional Client Services Business | 4,673,739,406.94 | 1,847,748,421.22 | 60.47 | 29.05 | | Asset Management Business | 640,925,506.17 | 293,466,296.33 | 54.21 | 2.47 | - Overseas business operating revenue increased by **107.57%** year-on-year, with a gross profit margin of **74.83%**[112](index=112&type=chunk) [(III) Analysis of Assets and Liabilities](index=28&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of June 30, 2025, the Group's total assets were **RMB 612.36 billion**, an increase of **8.11%** from the end of 2024, total liabilities were **RMB 502.52 billion**, an increase of **9.27%**, and equity attributable to parent company shareholders was **RMB 109.80 billion**, an increase of **3.12%**, with the asset-liability ratio rising by **0.66 percentage points** to **76.15%** Analysis of Changes in Assets and Liabilities (Unit: RMB) | Item Name | Current Period-End Amount | Proportion of Total Assets at Current Period-End (%) | Previous Year-End Amount | Proportion of Total Assets at Previous Year-End (%) | Change from Previous Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 170,471,829,845.13 | 27.84 | 137,812,713,813.69 | 24.33 | 23.70 | - | | Settlement Reserve Funds | 16,438,471,716.80 | 2.68 | 30,937,331,239.80 | 5.46 | -46.87 | Mainly due to decrease in client settlement reserve funds | | Funds Borrowed | 7,243,480,793.91 | 1.18 | 800,037,361.12 | 0.14 | 805.39 | Mainly due to increased interbank borrowed funds | | Other Equity Instrument Investments | 33,180,742,488.30 | 5.42 | 14,821,664,946.78 | 2.62 | 123.87 | Mainly due to increased other equity instrument investments | | Funds from Agency Underwriting of Securities | 2,153,534,396.44 | 0.35 | 1,136,874,231.15 | 0.20 | 89.43 | Mainly due to increased funds from agency underwriting of bonds | - As of June 30, 2025, the Group's total assets were **RMB 612.36 billion**, an increase of **RMB 45.95 billion** or **8.11%** from December 31, 2024[117](index=117&type=chunk) - As of June 30, 2025, the Group's total liabilities were **RMB 502.52 billion**, an increase of **RMB 42.63 billion** or **9.27%** from December 31, 2024[117](index=117&type=chunk) - As of June 30, 2025, the Group's asset-liability ratio, excluding agency securities trading funds and agency underwriting funds, was **76.15%**, an increase of **0.66 percentage points** from December 31, 2024[118](index=118&type=chunk) [(IV) Investment Status Analysis](index=30&type=section&id=(IV)%20Investment%20Status%20Analysis) As of the end of the reporting period, the company had **5 first-tier wholly-owned subsidiaries** and did not increase capital in any subsidiaries, with all investments in securities, funds, derivatives, and other financial assets measured at fair value, constituting a principal business for the company and its subsidiaries - As of the end of the reporting period, the company had **5 first-tier subsidiaries**, all of which are wholly-owned[121](index=121&type=chunk) - The company's investments in various financial assets such as securities, funds, and derivatives are one of the principal businesses of the company and its subsidiaries, all measured at fair value[121](index=121&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=31&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the basic information of the company's major holding subsidiaries, including registered capital, total assets, net assets, operating revenue, and net profit, showing that each subsidiary has business layouts in futures brokerage, project investment, financial holding, fund management, and investment management Major Subsidiary Information (Unit: Billion RMB) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CITIC Futures | Subsidiary | Commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales | 14.00 | 397.04 | 42.63 | 8.57 | 2.78 | | CITIC Capital | Subsidiary | Project investment, investment management, asset management, financial advisory (excluding intermediary) | 35.00 | 41.55 | 26.51 | 0.80 | 0.21 | | CITIC International | Subsidiary | Holding, investment, its subsidiaries can engage in securities brokerage, asset management, corporate finance, investment consulting, futures trading, proprietary investment, insurance brokerage and other businesses | HKD 4 Billion (Paid-in Capital) | 540.88 | 46.52 | 7.07 | 4.59 | | CITIC Fund | Subsidiary | Fund raising, fund sales, specific client asset management, asset management, and other businesses permitted by CSRC | 4.50 | 10.64 | 9.00 | 1.64 | 0.38 | | CITIC Investment | Subsidiary | Investment management, equity investment management, investment consulting (excluding intermediary), project investment | 61.00 | 60.94 | 58.56 | 3.75 | 2.77 | [(VII) Introduction to Securities Branches](index=32&type=section&id=(VII)%20Introduction%20to%20Securities%20Branches) As of the end of the reporting period, the company had **45 securities branches** distributed in major cities and regions across the country, providing a wide range of securities services to clients - As of the end of the reporting period, the company had **45 securities branches**[131](index=131&type=chunk) - Branches are located in multiple provinces and cities including Hubei, Shanghai, Shenyang, Jiangsu, Hunan, Fujian, Zhejiang, Xi'an, Guangdong, Chongqing, Shenzhen, Sichuan, Shandong, Jiangxi, Henan, Tianjin, Beijing, Hainan, Ningxia, Guizhou, Jilin, Shanxi, Heilongjiang, Xinjiang, Gansu, Inner Mongolia, Guangxi, Qinghai, Yunnan, Hebei, Ningbo, Xiamen, Suzhou, Qingdao, Changzhou, Wuxi, Quanzhou, and Dalian[131](index=131&type=chunk)[132](index=132&type=chunk) [V. Other Disclosure Matters](index=34&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the main risks faced by the company, its risk management system, progress in the "Quality Improvement, Efficiency Enhancement, and Returns" special action, and major financing channels and bond financing status, highlighting the company's established comprehensive risk management organizational structure and operating mechanism, and continuous optimization of its financing structure [(I) Potential Risks](index=34&type=section&id=(I)%20Potential%20Risks) The company faces major risks such as market risk, credit risk, liquidity risk, and compliance risk, as well as strategic risk, operational risk, legal risk, technological risk, and reputational risk, which are intertwined and pose challenges to the company's operations - The main risks the company may face include market risk, credit risk, liquidity risk, and compliance risk[134](index=134&type=chunk) - Additionally, the company also faces strategic risk, operational risk, legal risk, technological risk, and reputational risk[134](index=134&type=chunk) [(II) Risk Management](index=34&type=section&id=(II)%20Risk%20Management) The company highly values the construction of its risk management system, establishing a risk governance organizational structure involving the Board of Directors, Board of Supervisors, management, and various departments, with dedicated departments such as the Risk Management Department, Legal and Compliance Department, and Audit Department, effectively managing strategic, credit, liquidity, market, operational, information technology, legal and compliance, and reputational risks through pre-control, monitoring, assessment, control guidelines, and emergency mechanisms - The company adheres to the business philosophy of "risk control first, all-staff risk control" to ensure risks are measurable, controllable, and acceptable[135](index=135&type=chunk) - The Board of Directors is the highest decision-making body for the company's risk management, with a Risk Management Committee under it; the Board of Supervisors assumes supervisory responsibility for comprehensive risk management[136](index=136&type=chunk) - The company has a Chief Risk Officer responsible for comprehensive risk management professional work, and three independent dedicated departments: Risk Management Department, Legal and Compliance Department, and Audit Department[138](index=138&type=chunk) - The company has established a pre-control risk mechanism, formulated risk limits and control standards, and conducts risk monitoring and assessment for major businesses and management[142](index=142&type=chunk) - During the reporting period, the company's liquidity coverage ratio and net stable funding ratio were within compliant and stable ranges, indicating measurable and controllable liquidity risk[151](index=151&type=chunk) - The company uses Value at Risk (VaR) and sensitivity analysis as primary tools for monitoring market risk, and conducts daily and special stress tests[153](index=153&type=chunk) [(III) Progress of "Quality Improvement, Efficiency Enhancement, and Returns" Special Action](index=40&type=section&id=(III)%20Progress%20of%20%22Quality%20Improvement,%20Efficiency%20Enhancement,%20and%20Returns%22%20Special%20Action) Since 2024, the company has continuously carried out the "Quality Improvement, Efficiency Enhancement, and Returns" special action, achieving good results in building a first-class investment bank, serving the "Five Key Financial Initiatives," optimizing dividend mechanisms, strengthening investor communication, enhancing internal control, and improving the company's long-term value - The company continues to implement the "Quality Improvement, Efficiency Enhancement, and Returns" special action, actively building a first-class investment bank and investment institution, and continuously improving the quality and efficiency of high-quality development[161](index=161&type=chunk) - The company focuses on implementing the "Five Key Financial Initiatives" and continuously contributes to the high-quality development of new productive forces[161](index=161&type=chunk) - The company has improved and optimized its dividend mechanism, continuously enhancing investor returns, and responds to investor concerns through multiple channels, continuously strengthening investor communication[161](index=161&type=chunk) [(IV) Other Disclosure Matters](index=40&type=section&id=(IV)%20Other%20Disclosure%20Matters) The company primarily obtains short-term funds through bond repurchases, interbank borrowing, re-lending, and issuance of income certificates, and can raise funds through equity financing and corporate bond issuance based on market conditions, having successfully issued multiple corporate bonds, perpetual subordinated bonds, and short-term financing bills in the first half of 2025, with a significant total issuance size - The company currently primarily raises short-term funds through bond repurchases, interbank borrowing, re-lending, and issuance of income certificates[162](index=162&type=chunk) - As of the end of the reporting period, the company was approved by the People's Bank of China to conduct interbank borrowing with a limit of **RMB 53.5 billion**[162](index=162&type=chunk) - In the first half of 2025, the company successfully publicly issued one tranche of corporate bonds (**RMB 3.5 billion**), one tranche of technology innovation corporate bonds (**RMB 1 billion**), three tranches of perpetual subordinated bonds (totaling **RMB 5.1 billion**), one tranche of short-term corporate bonds (**RMB 1 billion**), and two tranches of securities company short-term financing bills (totaling **RMB 6 billion**)[163](index=163&type=chunk) Section IV Corporate Governance, Environment and Society [I. Changes in Directors, Supervisors, and Senior Management](index=42&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, with Ms. Lin Xuan elected as Chairperson of the Board of Supervisors, Mr. Liu Cheng elected as Executive Director, Chairman, and Head of the Executive Committee, Mr. Wang Changqing retiring, and Ms. Wu Chaoze appointed as a member of the Executive Committee - On January 17, 2025, Ms. Lin Xuan was elected as a shareholder representative supervisor of the company's third Board of Supervisors and served as Chairperson of the Board of Supervisors[165](index=165&type=chunk) - On March 13, 2025, Mr. Liu Cheng was elected as an executive director of the company's third Board of Directors and served as Chairman of the company and Head of the Executive Committee[165](index=165&type=chunk) - Mr. Wang Changqing retired due to age and ceased to hold positions as executive director, chairman, and head of the executive committee of the company from March 13, 2025[165](index=165&type=chunk) - On June 20, 2025, Ms. Wu Chaoze was appointed as a member of the company's Executive Committee[165](index=165&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=42&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes a 2025 interim profit distribution plan to distribute a cash dividend of **RMB 1.65 (tax inclusive) per 10 shares** to all shareholders, totaling approximately **RMB 1.28 billion**, representing **31.82%** of the net profit attributable to parent company shareholders for the first half of 2025, subject to shareholder general meeting approval Proposed Semi-Annual Profit Distribution Plan | Distribution or Conversion | Yes | | :--- | :--- | | Dividend per 10 Shares (RMB) (Tax Inclusive) | 1.65 | - The company proposes to distribute a cash dividend of **RMB 1.65 (tax inclusive) per 10 shares** to all shareholders, based on the total share capital of **7,756,694,797 shares** as of June 30, 2025[166](index=166&type=chunk) - The total proposed cash dividend is **RMB 1,279,854,641.51 (tax inclusive)**, representing **31.82%** of the net profit attributable to parent company shareholders (excluding perpetual subordinated bond interest) in the consolidated financial statements for the first half of 2025[166](index=166&type=chunk) [(II) Tax Reductions and Exemptions](index=43&type=section&id=(II)%20Tax%20Reductions%20and%20Exemptions) This section details the tax reduction and exemption policies for A-share and H-share shareholders regarding dividends, including tax regulations for individual investors, resident enterprises, QFIIs, and those under Shanghai-Hong Kong Stock Connect/Shenzhen-Hong Kong Stock Connect, ensuring shareholders understand their tax obligations and available tax benefits - A-share individual investors holding shares for **over 1 year** are temporarily exempt from individual income tax; for holdings **less than 1 year**, adjustments will be made according to policy upon share transfer[168](index=168&type=chunk) - QFIIs receiving dividends from listed companies are subject to a **10% corporate income tax** withholding, and may apply for tax treaty benefits[169](index=169&type=chunk) - H-share overseas resident individual shareholders receiving dividend income are generally subject to a **10% individual income tax** withholding, and may enjoy preferential treatment according to tax treaties[171](index=171&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=44&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) During the reporting period, the company actively participated in rural revitalization efforts, lead underwriting **9 rural revitalization bonds** with an underwriting amount of **RMB 2.81 billion**, while CITIC Futures invested approximately **RMB 860,000** in assistance funds and launched "insurance + futures" projects to support rural economic development - During the reporting period, the company lead underwrote **9 rural revitalization bonds**, with an underwriting amount of **RMB 2.81 billion**[176](index=176&type=chunk) - CITIC Futures invested approximately **RMB 860,000** in assistance funds and approximately **RMB 610,000** in consumption assistance funds, signing new assistance agreements with **7 rural revitalization areas**[176](index=176&type=chunk) - CITIC Futures launched "insurance + futures" projects for live pigs, corn, eggs, and other targets nationwide, with a total newly added notional principal of nearly **RMB 1.1 billion**[176](index=176&type=chunk) [VI. Matters Required to be Disclosed Under H-Share Rules During the Reporting Period](index=44&type=section&id=VI.%20Matters%20Required%20to%20be%20Disclosed%20Under%20H-Share%20Rules%20During%20the%20Reporting%20Period) This section discloses the composition of the company's Board of Directors, the operation of its special committees, the operation of the Board of Supervisors, and employee information, in accordance with H-share rules, stating that the Board of Directors consists of **13 directors** and has four special committees, the company strictly complies with the "Corporate Governance Code" and "Standard Code," and has **12,656 employees** - As of the end of the reporting period, the company's Board of Directors consisted of **thirteen directors**, including **two executive directors, six non-executive directors, and five independent non-executive directors**[177](index=177&type=chunk) - The company established four special committees under the Board of Directors: the Development Strategy Committee, Risk Management Committee, Audit Committee, and Remuneration and Nomination Committee[178](index=178&type=chunk) - As of the end of the reporting period, the company's Board of Supervisors consisted of **six supervisors**, with Ms. Lin Xuan as the Chairperson of the Board of Supervisors[180](index=180&type=chunk) - During the reporting period, the company strictly complied with the "Corporate Governance Code" and "Standard Code" contained in Appendix C1 of the "Hong Kong Listing Rules"[182](index=182&type=chunk) - As of the end of the reporting period, the Group had a total of **12,656 employees** (including outsourced personnel)[183](index=183&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=46&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of various commitments by the company's actual controllers, shareholders, related parties, and the company itself during or continuing into the reporting period, with all commitments strictly fulfilled and no instances of failure to perform in a timely manner - The company, its directors, supervisors, senior management, joint sponsors, accountants, issuer's lawyers, and underwriters all committed that the prospectus contains no false records, misleading statements, or major omissions, and pledged to strictly fulfill these commitments long-term[184](index=184&type=chunk) - Beijing Financial Holdings Group committed to avoiding horizontal competition, regulating and reducing related-party transactions, ensuring the independence of the listed company, and disclosing its shareholding and reduction intentions, all of which have been strictly fulfilled long-term[184](index=184&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=47&type=section&id=VIII.%20Alleged%20Violations,%20Penalties,%20and%20Rectification%20by%20Listed%20Company,%20its%20Directors,%20Supervisors,%20Senior%20Management,%20Controlling%20Shareholders,%20and%20Actual%20Controllers) During the reporting period, the company received an administrative regulatory measure from the Beijing Securities Regulatory Bureau, ordering rectification for deficiencies in derivative business, investor suitability management in brokerage business, and internal control management, to which the company has actively responded with rectification measures to improve its management level - On January 10, 2025, the Beijing Securities Regulatory Bureau imposed an administrative regulatory measure on the company, ordering rectification[191](index=191&type=chunk) - The penalty indicated that the company's derivative business, investor suitability management in brokerage business, and internal control management were imperfect, reflecting inadequate compliance management coverage[191](index=191&type=chunk) - The company has actively implemented rectification measures, improving its management level by strengthening internal control, enhancing suitability management, conducting special training, and optimizing business systems[191](index=191&type=chunk) [X. Significant Related-Party Transactions](index=48&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company strictly conducted daily related-party transactions in accordance with the resolutions approved by the general meeting of shareholders, engaging in securities and financial product transactions and service dealings with Beijing Financial Holdings Group and its affiliates, China Jianyin Investment Ltd., China Jiantou Trust Co., Ltd., CITIC Bank Corporation Limited and its international subsidiaries, and disclosed the related profit and loss amounts and balance sheet balances - During the reporting period, the company strictly conducted daily related-party transactions in accordance with the "Proposal on Estimated Daily Related-Party Transactions/Continuing Connected Transactions for 2025" approved by the 2024 Annual General Meeting of Shareholders[193](index=193&type=chunk) Related-Party Transaction Profit and Loss Amounts (Unit: Ten Thousand RMB) | Transaction Type | Related Party | Profit/Loss Type | 2025 Estimated Amount | H1 2025 Income Statement Profit/Loss Amount | | :--- | :--- | :--- | :--- | :--- | | Securities and Financial Product Transactions and Services | Beijing Financial Holdings Group and its Affiliates | Income | - | 45.96 | | Securities and Financial Product Transactions and Services | CITIC Bank Corporation Limited | Income | 60,000.00 | 10,134.45 | | Securities and Financial Product Transactions and Services | CITIC Bank Corporation Limited | Expense | 8,000.00 | 795.68 | Related-Party Transaction Balances (Unit: Ten Thousand RMB) | Transaction Type | Related Party | Transaction Content | Balance Sheet Balance as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Securities and Financial Product Transactions and Services | Beijing Financial Holdings Group Co., Ltd. and its Affiliates | Bank Deposits | 120.54 | | Securities and Financial Product Transactions and Services | CITIC Bank Corporation Limited | Bank Deposits | 1,302,115.74 | | Securities and Financial Product Transactions and Services | CITIC Bank International Limited | Financial Assets Sold Under Repurchase Agreements | 95,015.40 | [XI. Significant Contracts and Their Performance](index=50&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company's external guarantees primarily involved guarantees for its subsidiaries, with a total guarantee amount of **RMB 40.00 billion**, accounting for **36.43%** of the company's net assets attributable to parent company shareholders, including new guarantees provided by CITIC Securities International for bonds issued by its subsidiary and for meeting the business development needs of its subsidiaries Company's Total Guarantee Amount (Unit: Billion RMB) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 246.07 | | Total Guarantees Provided to Subsidiaries at Period-End (B) | 400.01 | | Total Guarantees (A+B) | 400.01 | | Proportion of Total Guarantees to Company's Net Assets Attributable to Parent Company Shareholders (%) | 36.43 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 400.01 | - During the reporting period, **1 new guarantee** was added by the company's wholly-owned subsidiary, CITIC Securities International, for bonds issued by its wholly-owned subsidiary, CSCIF Hong Kong Limited, totaling approximately **RMB 6.19 billion**[207](index=207&type=chunk) - During the reporting period, **2 new guarantees** were added by the company's wholly-owned subsidiary, CITIC Securities International, for its wholly-owned subsidiary, Jiantou (Overseas) Investment Co., Ltd., to meet its business development needs, with total guarantee amounts of approximately **RMB 9.38 billion** and **RMB 140 million**[207](index=207&type=chunk) - During the reporting period, **3 guarantee matters** provided by the company's wholly-owned subsidiary, CITIC Securities International, to its subsidiaries matured, totaling approximately **RMB 14.03 billion**[208](index=208&type=chunk) [XIII. Explanation of Other Significant Matters](index=52&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company completed the change of registered addresses for **8 securities brokerage branches** and **3 branches**, and CITIC Futures also completed the change of registered address for **1 branch**, to optimize network layout and operational efficiency - During the reporting period, the company completed the change of registered addresses for **8 securities brokerage branches** and **3 branches**[212](index=212&type=chunk) - CITIC Futures completed the change of registered address for **1 branch**[213](index=213&type=chunk) Section VI Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=53&type=section&id=I.%20Changes%20in%20Share%20Capital) As of the end of the reporting period, the company's total share capital was **7,756,694,797 shares**, comprising **6,495,671,035 A-shares** and **1,261,023,762 H-shares**, with no changes in the company's total share capital or share structure, and no changes in restricted shares during the reporting period - As of the end of the reporting period, the company's total share capital was **7,756,694,797 shares**, comprising **6,495,671,035 A-shares** and **1,261,023,762 H-shares**[214](index=214&type=chunk) - During the reporting period, there were no changes in the company's total number of shares or share capital structure[214](index=214&type=chunk) - During the reporting period, there were no changes in the company's unrestricted shares[215](index=215&type=chunk) [II. Shareholder Information](index=53&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **128,145 ordinary shareholders**, with the top ten shareholders holding a concentrated stake, where Beijing Financial Holdings Group Co., Ltd. and Central Huijin Investment Ltd. collectively held **over 66%** of the shares, and CITIC Financial Holdings became one of the major shareholders through an equity transfer during the reporting period Total Number of Ordinary Shareholders as of the End of the Reporting Period | Total Number of Ordinary Shareholders at Period-End (Households) | 128,145 | | :--- | :--- | Shareholding of Top Ten Shareholders (Unit: Shares) | Shareholder Name | Number of Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Beijing Financial Holdings Group Co., Ltd. | 2,777,389,017 | 35.81 | State-owned Legal Person | | Central Huijin Investment Ltd. | 2,386,052,459 | 30.76 | State | | Other Shares Held by HKSCC Nominees Limited | 816,037,928 | 10.52 | Overseas Legal Person | | CITIC Securities Co., Ltd. | 382,849,268 | 4.94 | State-owned Legal Person | | CITIC Financial Holdings Co., Ltd. | 351,647,000 | 4.53 | State-owned Legal Person | - In March 2025, Jinghu Holdings transferred all of its **351,647,000 H-shares** in the company to CITIC Financial Holdings, making CITIC Financial Holdings one of the major shareholders[219](index=219&type=chunk) [VI. Disclosure of Interests Under H-Share Rules](index=56&type=section&id=VI.%20Disclosure%20of%20Interests%20Under%20H-Share%20Rules) This section discloses the interests and short positions of directors, supervisors, chief executives, and substantial shareholders in accordance with the "Securities and Futures Ordinance" and "Hong Kong Listing Rules," stating that as of the end of the reporting period, no directors, supervisors, or chief executives had disclosable interests or short positions, while Beijing Financial Holdings Group Co., Ltd., Central Huijin Investment Ltd., and CITIC Group Corporation held shares in the company as substantial shareholders - As of the end of the reporting period, none of the company's directors, supervisors, or chief executives had any disclosable interests or short positions in the shares, underlying shares, and debentures of the company or any of its associated corporations[225](index=225&type=chunk) Disclosable Interests and Short Positions of Substantial Shareholders (Unit: Shares) | No. | Name | Capacity | Class of Shares | Nature of Interest | Number of Shares | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Beijing Financial Holdings Group Co., Ltd. | Beneficial Owner | A-shares | Long Position | 2,684,309,017 | 34.61 | | 1 | Beijing Financial Holdings Group Co., Ltd. | Beneficial Owner | H-shares | Long Position | 89,249,500 | 1.15 | | 2 | Central Huijin Investment Ltd. | Beneficial Owner | A-shares | Long Position | 2,386,052,459 | 30.76 | | 4 | CITIC Group Corporation | Interest in Controlled Corporation | H-shares | Long Position | 351,647,000 | 4.53 | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=58&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section details the basic information of various corporate bonds and perpetual subordinated bonds issued by the company, including bond names, codes, issue dates, interest commencement dates, maturity dates, bond balances, interest rates, principal and interest repayment methods, trading venues, lead underwriters, and trustees, indicating the company's good credit standing, timely and full repayment of all debt financing instruments, and no risk of delisting Basic Information of Corporate Bonds (Partial, Unit: Billion RMB) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CITIC Securities Co., Ltd. 2022 Non-Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) (Type 1) | 22CITICF1 | 182764 | 2022-9-22 | 2027-9-26 | 10.00 | 2.655 | | CITIC Securities Co., Ltd. 2025 Public Issuance of Short-Term Corporate Bonds to Professional Investors (Tranche 2) (Type 2) | 25CITICS3 | 243335 | 2025-7-22 | 2025-9-27 | 20.00 | 1.54 | | CITIC Securities Co., Ltd. 2021 Public Issuance of Perpetual Subordinated Bonds to Professional Investors | 21CITICY1 | 188100 | 2021-5-14 | - | 50.00 | 4.159 | | CITIC Securities Co., Ltd. 2025 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) (Type 1) | 25CITICG1 | 242546 | 2025-3-25 | 2027-3-26 | 15.00 | 1.98 | - The perpetual subordinated bonds issued by the company are classified as equity instruments and are listed under owners' equity in the balance sheet[260](index=260&type=chunk) - As of the disclosure date of this report, the company's credit standing is good, and all debt financing instruments' principal and/or interest have been repaid on time and in full, with no risk of delisting/suspension of trading for outstanding debt financing instruments[260](index=260&type=chunk) - The company's "20CITICY1" was fully repaid on March 31, 2025, and the company did not exercise its renewal option[263](index=263&type=chunk) - Investors of the company's "23CITICF1" chose to exercise their put option, and the company completed full repayment on January 17, 2025[263](index=263&type=chunk)[264](index=264&type=chunk) - During the reporting period, the company strictly fulfilled the commitments regarding debt repayment plans and security measures in the offering circular, paying all bond interest and/or principal on time and in full[266](index=266&type=chunk) [(II) Corporate Bond Proceeds Utilization](index=77&type=section&id=(II)%20Corporate%20Bond%20Proceeds%20Utilization) This section discloses the utilization of corporate bond proceeds, primarily for supplementing working capital, repaying corporate bonds, and investing in technology innovation bonds, with all proceeds used in accordance with the offering circular and managed in compliant special accounts Basic Information on Corporate Bond Proceeds (Unit: Billion RMB) | Bond Code | Bond Abbreviation | Is it a Special Type Bond | Specific Type of Special Bond | Total Proceeds Raised | Proceeds Balance at Period-End | Special Account Balance for Proceeds at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 242244 | 25CITICY1 | Yes | Renewable Corporate Bond | 21.00 | 0.00 | 0.00 | | 242569 | 25CITICK1 | Yes | Technology Innovation Corporate Bond | 10.00 | 6.12 | 0.00 | | 242293 | 25CITICS1 | Yes | Short-Term Corporate Bond | 10.00 | 0.00 | 0.00 | Actual Use of Proceeds (Partial, Unit: Billion RMB) | Bond Code | Bond Abbreviation | Actual Amount of Proceeds Used During Reporting Period | Amount Used to Repay Corporate Bonds | Amount Used to Supplement Working Capital | Amount Used for Technology Innovation Bond Investment | | :--- | :--- | :--- | :--- | :--- | :--- | | 242244 | 25CITICY1 | 21.00 | 0.00 | 21.00 | 0.00 | | 242546 | 25CITICG1 | 15.00 | 15.00 | 0.00 | 0.00 | | 242569 | 25CITICK1 | 3.88 | 0.00 | 3.00 | 0.88 | - The actual use of all proceeds is consistent with the agreed-upon uses, and the special accounts for proceeds are managed compliantly[274](index=274&type=chunk) [(III) Other Matters to be Disclosed for Special Type Bonds](index=81&type=section&id=(III)%20Other%20Matters%20to%20be%20Disclosed%20for%20Special%20Type%20Bonds) This section discloses information regarding the company as an issuer of renewable corporate bonds and technology innovation corporate bonds, noting that multiple tranches of perpetual subordinated bonds are classified as equity instruments, all paying interest normally without triggering interest step-up or redemption options, and technology innovation corporate bond proceeds are primarily used for technology innovation projects or fund investments, supporting the development of technology enterprises Renewable Corporate Bond Information (Taking 25CITICY1 as an Example, Unit: Billion RMB) | Bond Code | 242244 | | :--- | :--- | | Bond Balance | 21.00 | | Renewal Status | Issuer's renewal option exercise date not yet reached | | Interest Step-Up Status | Not triggered | | Interest Deferral Status | None | | Mandatory Interest Payment Status | Involved, interest paid normally | | Still Classified as Equity and Related Accounting Treatment | Classified as equity instrument | Technology Innovation Corporate Bond Information (Taking 25CITICK1 as an Example, Unit: Billion RMB) | Bond Code | 242569 | | :--- | :--- | | Bond Balance | 10.00 | | Progress of Technology Innovation Projects | As of the end of the reporting period, **RMB 0.88 billion** of the proceeds from this bond were used for technology innovation bond investments, and **RMB 6.12 billion** was temporarily managed as cash, intended to specifically support technology innovation businesses through equity, bond, and fund investments. As of the disclosure date of this report, the company's wholly-owned subsidiaries, CITIC Securities Investment Co., Ltd. and CITIC Securities Capital Management Co., Ltd., have collectively used **RMB 5.38 billion** of the bond proceeds for projects or funds in advanced manufacturing, new energy, new materials, artificial intelligence, biomedicine, and other technology innovation fields, with smooth progress in technology innovation project operations | | Effectiveness in Promoting Technology Innovation Development | This bond specifically supports technology innovation businesses through equity, bond, and fund investments, helping technology enterprises fill financing gaps and effectively contributing to the development of the technology innovation sector | | Operation of Fund Products (If Any) | Fund operations are good | [(IV) Important Matters Related to Corporate Bonds During the Reporting Period](index=86&type=section&id=(IV)%20Important%20Matters%20Related%20to%20Corporate%20Bonds%20During%20the%20Reporting%20Period) During the reporting period, the company had no non-operating intercompany receivables or fund borrowings, with interest-bearing debt balance (parent company basis) increasing by **6.89%** to **RMB 268.44 billion** and consolidated interest-bearing debt balance increasing by **8.20%** to **RMB 304.88 billion**, and overseas bond balance at **RMB 19.32 billion**, while various financial indicators such as current ratio, quick ratio, and interest coverage ratio remained healthy - During the reporting period, the company had no non-operating intercompany receivables or fund borrowings in its consolidated scope[295](index=295&type=chunk) - As of the end of the reporting period, the company's (parent company basis) interest-bearing debt balance was **RMB 268.44 billion**, a year-on-year increase of **6.89%** during the reporting period[295](index=295&type=chunk) Company's Interest-Bearing Debt Structure (Parent Company Basis, Unit: Billion RMB) | Interest-Bearing Debt Type | Overdue | Within 1 Year (Inclusive) | Over 1 Year (Exclusive) | Total Amount | Proportion of Total Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | - | 198.44 | 851.40 | 1,049.84 | 39.11% | | Other Interest-Bearing Debts | - | 1,633.44 | 1.10 | 1,634.54 | 60.89% | | Total | - | 1,831.88 | 852.50 | 2,684.38 | - | - As of the end of the reporting period, the company's interest-bearing debt balance within the consolidated financial statements was **RMB 304.88 billion**, a year-on-year increase of **8.20%**[299](index=299&type=chunk) - As of the end of the reporting period, the balance of overseas bonds issued within the company's consolidated financial statements was **RMB 19.32 billion**[301](index=301&type=chunk) Key Financial Indicators (Unit: RMB) | Key Indicator | End of Current Reporting Period (June 30, 2025) | End of Previous Year (December 31, 2024) | Change from Previous Year-End (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 1.44 | 1.66 | -13.25 | | Quick Ratio | 1.44 | 1.66 | -13.25 | | Asset-Liability Ratio (%) | 76.15 | 75.49 | Up 0.66 percentage points | | Interest Coverage Ratio | 2.44 | 1.86 | 31.18 | | Cash Interest Coverage Ratio | 38.68 | 0.21 | 18,319.05 | Section VIII Financial Report [Review Report](index=90&type=section&id=Review%20Report) KPMG Huazhen LLP reviewed CITIC Securities' semi-annual financial statements for 2025, finding no material misstatements, but did not perform an audit and therefore does not express an audit opinion - KPMG Huazhen LLP reviewed CITIC Securities' semi-annual financial statements for 2025[309](index=309&type=chunk) - The review report noted no matters that led them to believe the interim financial statements were not prepared in all material respects in accordance with "Enterprise Accounting Standard No. 32 - Interim Financial Reporting"[310](index=310&type=chunk) - The review was primarily limited to inquiries of relevant personnel and performing analytical procedures, providing a lower level of assurance than an audit, and therefore no audit opinion is expressed[309](index=309&type=chunk) [Consolidated Balance Sheet](index=91&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 612.36 billion**, total liabilities to **RMB 502.52 billion**, and total shareholders' equity to **RMB 109.84 billion**, with both assets and liabilities increasing compared to the end of 2024 Key Data from Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 612,364,018,741.91 | 566,418,217,793.53 | | Total Liabilities | 502,524,274,453.19 | 459,899,267,552.36 | | Total Shareholders' Equity | 109,839,744,288.72 | 106,518,950,241.17 | | Total Equity Attributable to Parent Company | 109,795,202,530.05 | 106,468,734,430.25 | [Company Balance Sheet](index=94&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the parent

证券代码：601066 证券简称：中信建投 公告编号：临 2025-049 号 中信建投证券股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会计政策变更是公司根据财政部相关规定进行的变更，不会对公司 财务状况、经营成果和现金流量产生重大影响，不存在损害公司及股东利益的情 况。 一、本次会计政策变更概述 财政部于2025年7月发布企业会计准则实施问答，对"企业在期货交易场所通 过频繁签订买卖标准仓单的合同以赚取差价、不提取标准仓单对应的商品实物 的"业务的会计处理进行明确。根据上述规定，公司需对会计政策进行变更。 二、本次会计政策变更具体情况及对公司的影响 （一）本次会计政策变更的具体情况 本次实施问答的具体内容为：企业在期货交易场所通过频繁签订买卖标准仓 单的合同以赚取差价、不提取标准仓单对应的商品实物的，通常表明企业具有收 到合同标的后在短期内将其再次出售以从短期波动中获取利润的惯例，其签订的 买卖标准仓单的合同并非按照预定的购买、销售或使用要求签订并持有旨在收取 ...

证券代码：601066 证券简称：中信建投 公告编号：临 2025-050 号 中信建投证券股份有限公司 关于"提质增效重回报"专项行动进展情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中信建投证券股份有限公司（以下简称公司或中信建投证券）深入贯彻中央 金融工作会议和中央经济工作会议精神，深刻学习领会《国务院关于加强监管防 范风险推动资本市场高质量发展的若干意见》及配套文件精神（以下简称新"国 九条"），落实中国证监会关于加快推进建设一流投资银行和投资机构的指导意 见，持续开展"提质增效重回报"专项行动，取得良好成效，具体进展如下： 一、积极建设一流投资银行和投资机构，持续提升高质量发展质效 公司加快推进一流投资银行和投资机构建设，在持续服务国家战略、服务实 体经济、服务居民理财实践中推动经营业绩持续向好。2024 年，公司全年实现 营业收入 211.29 亿元，归属于母公司股东的净利润 72.23 亿元；总资产规模 5,664.18 亿元，归属于母公司股东的净资产 1,064.69 亿元。2025 年上半年 ...

Core Viewpoint - Company reported strong performance in new contract signings and revenue growth, particularly in engineering construction and urban renewal sectors, while also expanding its overseas business in Southeast Asia [2][4][10]. Group 1: Financial Performance - In the first half of 2025, the company signed new contracts worth 50.5 billion yuan, a year-on-year increase of 48% [2]. - The company's main revenue reached 33.93 billion yuan, up 7.67% year-on-year, with a net profit attributable to shareholders of 450.45 million yuan, reflecting a 32.33% increase [10]. - The second quarter of 2025 saw a significant rise in revenue to 18.53 billion yuan, a 21.81% increase year-on-year, and a net profit of 248.38 million yuan, up 112.51% [10]. Group 2: Business Segments - Engineering construction business showed remarkable growth with new contracts amounting to 45.93 billion yuan, a 56% increase year-on-year, driven by the expansion of land reserves by the controlling shareholder [2]. - The urban renewal segment achieved new contracts worth 1.79 billion yuan in the first half of 2025, surpassing the total for the previous year, with over 1 billion yuan specifically for urban renewal projects [4][5]. Group 3: Overseas Expansion - The company is focusing on the Southeast Asian market, establishing a local team in Thailand and securing its first major project, the construction of a solar photovoltaic industrial park road, valued at over 10 million yuan [3][6][7]. - Future plans include expanding business opportunities with state-owned enterprises in Southeast Asia and exploring sustainable overseas business development models [7]. Group 4: Technological Advancements - The company is enhancing its digital capabilities through the "Heceng Smart Cloud" platform, which integrates various services for lifecycle management of engineering projects [8]. - Innovations include the use of drones for inspections, significantly improving efficiency in disaster assessments and maintenance operations [8]. Group 5: Strategic Planning - The company aims to strengthen strategic partnerships with local investment and transportation companies, focusing on urban renewal projects in key cities like Hangzhou, Chengdu, and Wuhan [6]. - The company is actively seeking investment and acquisition opportunities in the engineering industry, particularly in new materials and technologies [9].

Company Overview - The full name of the company is Hebei Radio and Television Wireless Media Co., Ltd., abbreviated as Wireless Media, with the stock code 301551.SZ. The IPO application date was June 21, 2021, and the listing date is set for September 26, 2024, on the Shenzhen ChiNext board. The company operates in the telecommunications, broadcasting, television, and satellite transmission services industry. The IPO sponsor is CITIC Securities, with representatives Zhang Yue and Hua Zichen [1]. Regulatory and Performance Evaluation - The average time from application to listing for A-share companies in 2024 is 629.45 days, while Wireless Media's listing cycle is 1193 days, which is above the overall average [2]. - The underwriting and sponsorship fees for Wireless Media amount to 13.0094 million yuan, with a commission rate of 3.46%, lower than the overall average of 7.71% [3]. - On the first day of listing, the stock price increased by 318.83% compared to the issue price [4]. - Over the first three months post-listing, the stock price rose by 523.46% compared to the issue price [6]. Financial Metrics - The company's issuance price-to-earnings (P/E) ratio is 13.95 times, which is 69.72% of the industry average P/E ratio of 20.01 times [7]. - The expected fundraising amount is 1.176 billion yuan, but the actual raised amount is 376 million yuan, indicating a decrease of 68.01% in the actual fundraising [8]. - For the year 2024, the company's operating revenue decreased by 5.11% year-on-year, while the net profit attributable to the parent company fell by 7.89%, and the net profit excluding non-recurring gains and losses decreased by 6.90% year-on-year [9]. Overall Assessment - Wireless Media's IPO project received a total score of 82, classified as B-level. Negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding three years, a significant reduction in actual fundraising, and a comprehensive decline in performance during the first accounting year post-listing. The abandonment rate is 0.37%, indicating that the company's short-term profitability and information disclosure quality require attention [10].

Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Group 1 - The core viewpoint of the news is that Dou Shen Education's stock has experienced a decline of 5.7%, with a current price of 8.44 CNY per share and a total market capitalization of 17.442 billion CNY [1] - Dou Shen Education was established on January 8, 1999, and went public on October 30, 2009. The company operates in content (security) management solutions, educational products and management solutions, and audio-visual solutions and services [1] - The revenue composition of Dou Shen Education includes 84.85% from educational products and management solutions, 14.25% from content (security) management solutions and services, and 0.90% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under CITIC Jian Investment has a significant position in Dou Shen Education, with 140,000 shares held, representing 5.08% of the fund's net value, making it the second-largest holding [2] - The CITIC Jian Investment Zhenxuan Growth Mixed Fund A (018788) was established on August 8, 2023, with a latest scale of 14.6794 million CNY. The fund has achieved a year-to-date return of 29.27% and a one-year return of 65.14% [2] - The fund manager, Zhang Qing, has been in the position for 4 years and 126 days, with the fund's total asset scale at 22.8282 million CNY. The best return during his tenure is 29.49%, while the worst return is -18.35% [3]

Group 1 - The AI PCB is expected to continuously drive the demand for the update and upgrade of PCB equipment, as the industry is returning to an upward trend with characteristics such as product high-endization and factory establishment in Southeast Asia [1] - The increase in production and changes in processes are likely to sustain the demand for PCB equipment updates and upgrades, with drilling, exposure, plating, and testing being the core processes that determine circuit board interconnection density, signal integrity, and production yield [1] - The AI-driven industry is evolving towards higher layers, finer wiring, and greater reliability, which imposes higher requirements on processing technology, leading to significant changes in all core processes [1] Group 2 - The upcoming Meta Connect conference is expected to showcase significant new products from leading companies in the AI+AR glasses industry, including Meta's smart glasses and new software for the metaverse [2] - Major companies such as Xiaomi, Rokid, and Google have been progressively clarifying their hardware and software plans for AI/AR glasses, indicating a growing interest and investment in this sector [2] - The long-term potential of glasses as an always-on interaction interface is highlighted, especially in the context of enhanced AI model capabilities, while recent product launches from leading companies are anticipated to catalyze the industry chain in the short term [2] Group 3 - The integration of artificial intelligence and policy initiatives is expected to accelerate the implementation of AI applications across various sectors, with six major directions identified for innovative applications [3] - Key areas for optimization and improvement include the replacement of repetitive tasks with automation, detection in critical and hazardous processes, and intelligent optimization of production processes, which will drive localized equipment investment [3] - Breakthroughs are anticipated in innovative research and development, particularly in bioprocessing, new materials, and agricultural innovations, which will further enhance the investment landscape [3]

Market Overview - The market experienced a significant drop in the afternoon, with both the Shanghai Composite Index and the Shenzhen Component Index falling over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.17 trillion, an increase of 486.5 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 1.76%, the Shenzhen Component Index by 1.43%, and the ChiNext Index by 0.69% [1] Small-cap Growth Stocks - CITIC Securities indicated that small-cap growth stocks exhibit greater resilience, especially after December 2023 when market confidence was low and funds were tight [2] - From January 2024, sectors like AI and smart vehicles have shown repeated activity, shifting market focus back to small-cap and growth stocks [2] - Following May 2024, geopolitical and macroeconomic factors are expected to further dampen market sentiment, leading to a shift back to large-cap value stocks, which are seen as more stable [2] AI Applications and Policy Impact - Guojin Securities highlighted six key directions for innovative applications that could accelerate the implementation of AI, including product realization on intelligent computing platforms [3] - The optimization and improvement of processes can occur in three dimensions, driving medium to long-term equipment upgrade investments [3] - Specific areas of focus include the optimization of microbial fermentation processes, new material applications, and the development of innovative pesticide products [3] AI and AR Glasses Industry - Huatai Securities noted that the Meta Connect conference is set to take place on September 17-18, where Meta is expected to unveil new smart glasses and redefine AI glasses through hardware and software innovations [4] - Other companies like Xiaomi, Rokid, and Xreal have also launched AI/AR glasses, while major international firms such as Google, Samsung, Apple, and Amazon are clarifying their plans for AI/AR glasses [4] - The long-term potential of glasses as an "Always-on" interaction interface is emphasized, alongside the short-term catalysts from new product launches by leading companies [4]