CITIC Securities Co., Ltd. released its first quarterly report: Revenue and profit both increased, with multiple indicators still ranking first in the industry

Even the mergers and acquisitions of leading domestic securities firms have not shaken CITIC Securities' "leading position" in terms of revenue and total assets.

On April 29, CITIC Securities officially released its first-quarter report!

The announcement shows: In the first quarter of 2025, operating revenue was 17.761 billion yuan, ranking first in the industry, with a year-on-year growth of 29.13%; net profit was 6.545 billion yuan, with a year-on-year growth of 32.00%. Both revenue and profit have significantly increased.

Additionally, CITIC Securities' total assets at the end of the first quarter reached 1.79 trillion yuan, also ranking first in the industry.

Regarding the growth in revenue, CITIC Securities pointed out that it was mainly due to increased income from wealth management, investment trading, and other businesses.

Investment Income Increased by 535%

Zhitang found that the most impressive aspect of CITIC Securities' first-quarter report was its investment business, which recorded a year-on-year increase of 535.36%.

In this regard, CITIC Securities stated that it was due to "increased gains from holding and disposing of financial instruments."

The financial report shows: In the first quarter of 2024, CITIC Securities' investment income was 2.282 billion yuan, which rose to 14.498 billion yuan in this year's first quarter.

It is evident that this brokerage's proprietary investment team seized the market opportunity at the beginning of the year, but there is no further information on which assets "were invested in the right direction."

Main Business All Grew

CITIC Securities' core businesses, including brokerage, investment banking, and asset management, all recorded positive year-on-year growth.

Among them, in the first quarter of this year, the net income from brokerage fees was 3.325 billion yuan, with a year-on-year increase of 36%;

The net income from investment banking fees recorded 976 million yuan, with a year-on-year increase of 12%;

The net income from asset management fees recorded 2.563 billion yuan, with a year-on-year increase of 8.69%.

Various Businesses Have Fluctuations

At the same time, in the disclosed first-quarter report, CITIC Securities also provided detailed explanations for many items that had a certain impact on profits.

Specifically, non-operating income saw an increase of over 46 times, mainly due to the significant increase in default payments received from subsidiaries.

The fair value changes were due to fluctuations in the securities market leading to downward changes in the fair value of financial instruments.

Similarly, the significant increase in credit impairment losses was due to "increased provisions for impaired loans and repurchased financial assets."

On the other hand, the significant decrease in other asset impairment losses (which had a positive contribution to profits) was due to the reversal of inventory impairment provisions by subsidiaries.

Additionally, changes in exchange rates and the income changes from foreign exchange derivatives led to a noticeable decrease in foreign exchange gains.

Overall, these are all chain reactions brought about by fluctuations in the capital market.

Huaxia Fund Earns 560 Million in Q1

CITIC Securities has several outstanding subsidiaries, such as CITIC Futures in the futures industry and Huaxia Fund in the public offering sector.

According to the financial report disclosed by CITIC Securities, the main financial data for Huaxia Fund in the first quarter of 2025 is as follows:

In the first quarter of 2025 (January to March), Huaxia Fund achieved a net profit of RMB 561 million (unaudited).

In the annual report released earlier, CITIC Securities disclosed that Huaxia Fund had total assets of RMB 20.234 billion and total liabilities of RMB 6.302 billion for the fiscal year 2024; it achieved operating income of RMB 8.031 billion, net profit of RMB 2.158 billion, and total comprehensive income of RMB 2.181 billion.

In comparison, the net profit of 561 million in the first quarter of this year continues the previous profitability trend of Huaxia Fund