Nan Fang Du Shi Bao·2025-08-28 12:34Core Viewpoint - CITIC Securities reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience in the face of external market challenges [2][4]. Financial Performance - CITIC Securities achieved operating revenue of RMB 33.04 billion, a year-on-year increase of 20.44% [3][4]. - The net profit attributable to shareholders was RMB 13.72 billion, reflecting a growth of 29.80% compared to the previous year [3][4]. - Total profit amounted to RMB 17.75 billion, up 27.19% year-on-year [3]. - The net cash flow from operating activities decreased by 18.93% to RMB 30.35 billion [3]. Business Segments - Brokerage business revenue reached RMB 9.32 billion, growing by 21.11% [5]. - Asset management business generated RMB 6.02 billion, with a growth of 22.32% [5]. - Securities investment business contributed RMB 14.50 billion, marking an 8.15% increase [5]. - Securities underwriting business revenue was RMB 2.05 billion, up 19.16% [5]. - Securities investment business accounted for the largest share of revenue at 43.87% [4]. Market Position - CITIC Securities maintained its leading position in the investment banking sector, completing 36 A-share underwriting projects with a total underwriting scale of RMB 148.53 billion, capturing a market share of 19.19% [5]. - The company ranked first in underwriting for the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with a total of RMB 26.1 billion [5]. - CITIC Securities also led in various bond underwriting categories, including technology innovation bonds and green bonds [5]. Wealth Management - The wealth management segment showed strong performance, with over 16.5 million clients and total client assets under custody exceeding RMB 12 trillion, both up 4% year-on-year [6]. - Sales and revenue from overseas wealth management products doubled compared to the previous year [7]. Competitive Landscape - CITIC Securities' leading position is being challenged by Guotai Junan, which surpassed CITIC in the number of IPO projects, completing 26 compared to CITIC's 22 [8]. - Despite this, CITIC Securities still leads in terms of total fundraising from IPOs, with RMB 49.76 billion compared to Guotai Junan's RMB 20.83 billion [8]. - In terms of net profit, CITIC Securities faced competition from Guotai Junan, which reported a significant increase in net profit, indicating a potential shift in market leadership [9][10].