After the best interim performance in history, what new plans do the senior executives of the "brokerage king" have?

On the morning of August 29, CITIC Securities held its 2025 semi-annual performance briefing.

As the "top player" in China's securities industry, CITIC Securities reported impressive performance in the first half of the year: achieving operating income of 33.039 billion yuan, a year-on-year increase of 20.44%, achieving a net profit attributable to shareholders of 13.719 billion yuan, a year-on-year increase of 29.80%, marking the best mid-term performance in history;

At the same time, the company's total assets reached 1.81 trillion yuan, an increase of 5.67% compared to the end of the previous year, and net assets attributable to shareholders reached 305.433 billion yuan, an increase of 4.20% compared to the end of the previous year.

At the performance briefing, key executives including CITIC Securities Chairman Zhang Youjun, General Manager Zou Yingguang, and Head of Accounting Xi Zhiying were present to respond to questions from various investors.

Zhi Shi Tang has summarized the key points of the performance briefing as follows for readers.

On A-shares: Sufficient Resilience and Increased Activity

Since the beginning of this year, the central government has emphasized the need to "maintain a stable and active capital market." The reform of China's capital market has deepened continuously, with mechanisms for medium- and long-term funds such as insurance funds and pension funds entering the market becoming more refined. The normalization of market stabilization mechanisms has been continuously improved, and the effectiveness of serving technological innovation and the real economy has significantly increased, with listed companies increasing their returns to investors.

Under a series of favorable policies, the A-share market has maintained sufficient resilience in the face of external shocks, with daily trading volume and turnover significantly increasing year-on-year, and the total market capitalization of listed companies exceeding one trillion yuan, effectively boosting investor confidence and market activity.

As a leading brokerage, CITIC Securities will better serve the investment needs of the public and the real economy through continuous innovation, high-quality services, and strong technical support, continuously enhancing investors' sense of gain and happiness.

Self-Operated Strategy: Long-term Investment, Value Investment, Reasonable Hedging

CITIC Securities' securities investment business adheres to a customer-driven asset allocation concept and a prudent asset allocation style, with the main holdings consisting of financing-type, fixed-income, and customer demand hedging stocks, resulting in a good overall asset allocation effect.

The company's self-operated equity investment business is based on long-term investment and value investment, with reasonable hedging in place, ensuring controllable risks.

CITIC Securities has always adhered to a prudent and diversified asset allocation strategy to enhance the stability of returns and the ability to withstand market cycle fluctuations. In the past two years, in compliance with regulatory rules, the company has appropriately engaged in the allocation of other equity instruments, mainly focusing on stable-return perpetual bond assets.

Stock Costs: Decline in Balance Due to Perpetual Bond Maturity

An investor inquired about the decline in the balance of "stock" costs in CITIC Securities' other equity instrument investments and trading financial assets in the first half of the year.

The brokerage's executives responded: In the first half of 2025, the company's stock costs slightly declined, partly due to the maturity and redemption of some perpetual bond holdings among other equity instruments, and also due to a decrease in the scale of stock return swaps and other businesses, leading to a reduction in stock holdings generated from client business.

In the second half of the year, the company will continue to actively manage market risks, deepen forward-looking research and assessment of the market and industry, promptly adjust asset allocation strategies in response to market changes, ensure the stability of the company's earnings, and actively leverage the functional role of securities companies, adhering to value investment and maintaining long-term patient capital to support the stability of the capital market

Profit Distribution: Increase in Interim Dividend Amount

The board of directors has reviewed and approved the interim profit distribution plan for CITIC Securities Co., Ltd. for the year 2025, proposing a distribution of RMB 2.90 per 10 shares (tax included), totaling a cash dividend distribution of RMB 4.298 billion (tax included), accounting for 32.53% of the net profit attributable to ordinary shareholders of the listed company in the interim consolidated financial statements for 2024 (unaudited). The next step will be to submit it to the shareholders' meeting for review.

This cash dividend marks the second consecutive year that CITIC Securities has conducted an interim dividend. Compared to the interim period of 2024, the amount distributed per 10 shares has increased from RMB 2.40 to RMB 2.90, and the total cash dividend amount has risen from RMB 3.557 billion to RMB 4.298 billion, with a year-on-year increase of over 20%.

For investors, the steady growth of CITIC Securities' total dividend not only enhances shareholder returns and increases market attractiveness but also conveys the company's emphasis on long-term value creation and advocacy for a long-term holding investment philosophy. Thank you.

Overseas Strategy: Becoming the Preferred Investment Bank for "Going Global" and "Bringing In"

In recent years, CITIC Securities has comprehensively strengthened its international strategic deployment. In the first half of 2025, under Hong Kong Financial Reporting Standards, CITIC Securities International achieved operating revenue of USD 1.49 billion, a year-on-year increase of 53%; net profit of USD 390 million, a year-on-year increase of 66%, setting a historical high for the same period.

Looking ahead, CITIC Securities will fully serve the high-level two-way opening of the capital market, actively meet the growing foreign investment needs of Chinese enterprises, institutions, and individual clients, and strive to become the preferred Chinese investment bank for Chinese clients "going global" and foreign clients "bringing in"; accelerate the improvement of business layout in major global financial markets, increase efforts to develop local business for Chinese clients and local clients' business in China, and further expand global operations; comprehensively enhance the level of cross-border comprehensive financial services , continuously optimize cross-border collaboration mechanisms, and provide clients with one-stop, integrated financial solutions.