


Core Viewpoint - CITIC Securities reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven primarily by its investment business [1][2][6]. Financial Performance - In the first half of 2025, CITIC Securities achieved operating revenue of RMB 33.039 billion, a year-on-year increase of 20.44% [3]. - The net profit attributable to shareholders reached RMB 13.719 billion, reflecting a year-on-year growth of 29.80% [1]. - Basic earnings per share were RMB 0.89 [1]. Business Segment Analysis - The breakdown of revenue by business segment shows: - Brokerage business revenue: RMB 9.319 billion, up 21.11% [3][5]. - Asset management revenue: RMB 6.017 billion, up 22.32% [3][5]. - Securities investment revenue: RMB 14.497 billion, up 8.15% [3][5]. - Securities underwriting revenue: RMB 2.054 billion, up 19.16% [3][5]. - Other business revenue: RMB 1.153 billion [3][5]. Profitability Metrics - The highest operating profit margin was from the securities investment business at 74.26%, indicating its strong position in the overall profit structure [4]. - Asset management and brokerage businesses had profit margins around 39%, showcasing their stable cash cow attributes [4]. - The overall operating profit margin for the company was 53.52%, supported by high returns from investment activities and stable contributions from brokerage and asset management [4][5]. Investment Income - Investment income for the first half of 2025 reached RMB 20.899 billion, a substantial increase of 126.9% compared to RMB 9.210 billion in the same period last year [6]. - This growth was attributed to increased investment gains from financial instruments held and disposed of during the period [6]. Fund Management - CITIC Securities' subsidiary, Huaxia Fund, maintained its leading position in the public fund industry, with total assets under management reaching RMB 2.85 trillion by the end of June [7][8]. - The public fund management scale was RMB 2.1 trillion, while institutional and international business assets amounted to RMB 749.285 billion [8]. Investment Banking Performance - In the first half of 2025, CITIC Securities completed 36 A-share underwriting projects with a total underwriting scale of RMB 148.528 billion, capturing a market share of 19.19% [9]. - The company underwrote 2,821 domestic bonds with a total scale of RMB 1.04 trillion, marking a year-on-year growth of 11.61% [9]. - CITIC Securities also completed 6 major asset restructuring transactions in the A-share market, with a total transaction scale of RMB 37.005 billion, holding a market share of 16.09% [9].