Investing made over 20 billion! Analyzing the semi-annual report of "Brokerage King" CITIC Securities Co., Ltd

On the evening of August 28, China's "brokerage industry leader" CITIC Securities Co., Ltd. disclosed its semi-annual report.

The announcement showed that in the first half of 2025, operating revenue was RMB 33.039 billion, a year-on-year increase of 20.44%; net profit attributable to shareholders of the parent company was RMB 13.719 billion, a year-on-year increase of 29.80%; basic earnings per share were RMB 0.89.

Breaking down this semi-annual report reveals that CITIC Securities' investment business has become the "top priority" for profitability.

Main Business Profitability Rising

In the first half of 2025, CITIC Securities achieved operating revenue of RMB 33.039 billion, a year-on-year increase of 20.44%.

Among them, the brokerage business achieved revenue of RMB 9.319 billion, a year-on-year increase of 21.11%; asset management business achieved revenue of RMB 6.017 billion, a year-on-year increase of 22.32%; securities investment business achieved revenue of RMB 14.497 billion, a year-on-year increase of 8.15%; securities underwriting business achieved revenue of RMB 2.054 billion, a year-on-year increase of 19.16%; other businesses achieved revenue of RMB 1.152 billion.

From a profitability perspective, the performance of CITIC Securities' various business segments in the first half of the year varied. (As shown in the figure below)

Among them, the securities investment business had the highest operating profit margin, reaching 74.26%, far exceeding other segments, demonstrating its strong position in the company's overall profit structure.

The profit margins for asset management and brokerage businesses were around 39%, reflecting a stable "cash cow" attribute. The profit margin for the securities underwriting business was 21.94%, limited by its operating model and issuance rhythm, but as the crown jewel among various businesses, it still has significant driving value.

Overall, the company's profit sources mainly rely on the high returns from the investment business, while also depending on the stable contributions from brokerage and asset management businesses, jointly supporting an overall operating profit margin of 53.52%.

Investment Income Doubles

Zhitang noticed that in the first half of 2025, CITIC Securities' investment income performed brilliantly, becoming the core driving force behind the overall performance.

The semi-annual report disclosed that investment income in the first half reached RMB 20.899 billion, a significant increase of 126.9% compared to RMB 9.210 billion in the same period last year. The company explained that this was mainly due to the increase in investment income from financial instruments held during the period and from disposals.

This also reflects the importance of comprehensive business capabilities for a leading brokerage firm. Typically, a large brokerage firm has multiple teams and asset classes focused on proprietary investments. This includes directional active equities, active fixed income, as well as considerable neutral derivative investments and arbitrage businesses

Huaxia Fund Data Exposed

As a public fund controlled by CITIC Securities Co., Ltd., Huaxia Fund continued to maintain its absolute advantage in the public fund industry in the first half of this year. Its equity ETF scale remains the industry leader, and the scale of money market funds has achieved rapid growth, actively promoting the three pillars of pension business.

As of the end of June this year, Huaxia Fund managed assets totaling RMB 2.85 trillion. Among them, the scale of public fund management is RMB 2.1 trillion; the asset management scale of institutional and international business is RMB 749.285 billion.

Investment Banking Performance Released

According to the interim report: In the first half of 2025, CITIC Securities completed 36 A-share underwriting projects, with an underwriting scale (cash and asset types) of RMB 148.528 billion, holding a market share of 19.19%, ranking first in the market for underwriting scale.

CITIC Securities underwrote 2,821 domestic bonds, with an underwriting scale of RMB 1.04 trillion, a year-on-year increase of 11.61%, accounting for 6.65% of the total underwriting scale in the market and 14.15% of the total underwriting scale of securities companies. The company completed 6 major asset restructuring transactions in A-shares, with a transaction scale of RMB 37.005 billion, holding a market share of 16.09%, ranking first in the market for the number of transactions.

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