CITIC Securities Co., Ltd. reported a 29.80% year-on-year increase in net profit for the first half of the year, proposing a cash dividend of 2.9 yuan for every 10 shares | Financial Report Insights

Under a series of favorable policies, CITIC Securities has fully leveraged its various business lines, with both revenue and profit growing by over 20% year-on-year in the first half of the year.

On Thursday, August 28, CITIC Securities released its semi-annual performance report. Specifically:

• Revenue for the first half of the year was 33.039 billion yuan, a year-on-year increase of 20.44%;
• Net profit attributable to the parent company for the first half of the year was 13.719 billion yuan, a year-on-year increase of 29.80%;
• Basic earnings per share for the first half of the year was 0.89 yuan, a year-on-year increase of 28.99%;
• Proposed a cash dividend of 2.9 yuan per share.

Core business progress:

• Revenue from brokerage business in the first half of the year was 9.319 billion yuan, a year-on-year increase of 21.11%;

• Revenue from asset management business in the first half of the year was 6.017 billion yuan, a year-on-year increase of 22.32%;

• Revenue from securities investment business in the first half of the year was 14.497 billion yuan, a year-on-year increase of 8.15%;

• Revenue from securities underwriting business in the first half of the year was 2.054 billion yuan, a year-on-year increase of 19.16%;

• Revenue from other businesses in the first half of the year was 1.152 billion yuan;

• Investment banking business maintains market leadership, with equity financing underwriting scale ranking first in the market;

• The number of wealth management clients exceeds 16.5 million, with asset management scale exceeding 4.4 trillion yuan;

All main businesses achieved steady growth

CITIC Securities achieved revenue of 33.039 billion yuan in the first half of this year, a year-on-year increase of 20.44%, and net profit of 13.719 billion yuan, a significant year-on-year increase of 29.80%. Notably, the ROE reached 4.91%, an increase of 0.95 percentage points compared to the same period last year, indicating a continuous improvement in the company's capital allocation efficiency.

From the revenue structure, all main businesses achieved steady growth. Net commission and fee income was 14.819 billion yuan, a year-on-year increase of 23.48%, with brokerage business income of 9.319 billion yuan, growing by 21.11%, benefiting from increased market trading activity and an expanded client base. Investment income was 20.899 billion yuan, a year-on-year increase of 126.91%, mainly due to a significant increase in gains from financial instruments held and disposed of, reflecting the company's enhanced investment management capabilities.

The investment banking business continues to lead the market. In the first half of the year, 36 A-share main underwriting projects were completed, with an underwriting scale of 148.528 billion yuan, capturing a market share of 19.19%, ranking first in underwriting scale in the market. This performance is largely attributed to the company's proactive response to national strategic deployments, successfully serving the large-scale private placement projects of the first four state-owned banks.

Of particular note is the company's outstanding performance in serving technology innovation enterprises. The underwriting scale for the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange reached 26.1 billion yuan, ranking first in the market, assisting high-quality technology innovation enterprises such as YingShi Innovation, SaiFen Technology, and HanBang Technology in entering the capital market, reflecting the company's professional advantages in serving new productive forces The bond business also performed impressively. The company underwrote 2,821 domestic bonds with an underwriting scale of 1,038.725 billion yuan, a year-on-year increase of 11.61%, accounting for 6.65% of the total underwriting scale in the market. The underwriting scale of financial bonds, products from the dealer association, and asset-backed securities ranked first in the industry, while the underwriting scale of technology innovation bonds, green bonds, and rural revitalization bonds also ranked first in the industry.

In terms of overseas business development, the company completed 30 overseas equity projects with an underwriting scale of 2.989 billion USD, including the first A-share company H-share IPO in 2025—Chifeng Gold IPO, and the largest ever lightning placement in the global automotive industry—BYD placement, among other benchmark projects. There were 160 offshore bond projects with an underwriting scale of 2.4 billion USD, capturing a market share of 4.36%, ranking second in the market.

The transformation of wealth management has shown significant results. The number of clients has exceeded 16.5 million, and the scale of client assets under custody has surpassed 12 trillion yuan, both growing by 4% compared to the end of last year. The company is upgrading from a traditional retail-driven model to a dual-driven pattern of individual and institutional clients, with the sales scale and revenue of overseas wealth management products doubling year-on-year.

The scale of asset management continues to expand. The total management scale, including the company, CITIC Securities Asset Management, and Huaxia Fund, exceeds 4.4 trillion yuan. Notably, the market share of private asset management business is 12.83%, ranking first in the industry, demonstrating institutional clients' recognition of the company's professional capabilities.

In terms of institutional stock brokerage business, the company continues to maintain an overall leading position in domestic institutional brokerage business for traditional client services. The commission income from public fund sub-accounts ranked first in the market in 2024. The number of QFI trading clients exceeded 320. The market share of overseas institutional stock brokerage business continues to lead in the Asia-Pacific region.

Policy dividends continue to be released. Under the policy guidance of "sustaining a stable and active capital market," the mechanisms for long-term funds such as insurance funds and pension funds to enter the market are continuously improved, providing strong support for the development of the securities industry. The company's investment management scale in the three pillars of pension finance exceeds 930 billion yuan, placing it in an industry-leading position