Core Viewpoint - CITIC Securities reported strong mid-year performance for 2025, with significant increases in revenue and net profit, indicating robust growth across various business segments [2][3]. Financial Performance - CITIC Securities achieved operating revenue of 33.04 billion yuan, a year-on-year increase of 20.44% [2][3]. - The net profit attributable to shareholders reached 13.72 billion yuan, marking a 29.80% increase year-on-year, the highest for the same period since its listing [2]. - The company’s brokerage business generated revenue of 9.32 billion yuan, up 21.11% year-on-year [3]. - Asset management revenue was 6.02 billion yuan, reflecting a 22.32% increase [3]. - Investment business revenue totaled 14.50 billion yuan, with an 8.15% increase [3]. - Securities underwriting revenue was 2.05 billion yuan, up 19.16% year-on-year [3]. Market Position - CITIC Securities ranked third in A-share IPO underwriting amounts, completing 36 projects with an underwriting scale of 148.53 billion yuan, leading the market [4]. - In the Hong Kong market, CITIC Securities completed 30 offshore equity projects, with an underwriting scale of 2.99 billion USD [5]. International Performance - The international segment of CITIC Securities achieved record high revenues of 1.49 billion USD, a 53% increase year-on-year, and net profit of 390 million USD, up 66% [5]. Investment Gains - Investment income reached 20.90 billion yuan, a significant increase of 126.91% year-on-year, driven by higher returns from financial instruments [7]. - The company reported a fair value change loss of 1.52 billion yuan, compared to a gain of 3.06 billion yuan in the previous year [7]. Wealth Management Expansion - CITIC Securities expanded its wealth management client base to over 16.5 million, with total client assets exceeding 12 trillion yuan, both up 4% from the previous year [7]. - The company is advancing its international wealth management strategy, focusing on key financial markets in the Asia-Pacific region [7]. Asset Management - As of the reporting period, CITIC Securities managed a total asset management scale of 1.56 trillion yuan, with various plans contributing to this total [8]. - 华夏基金, a subsidiary, reported a management asset scale of 2.85 trillion yuan, with public fund management at 2.10 trillion yuan [9].