CSC "Investment Operations" revenue doubles! Half-year report reveals core business "uptrend"

CSC disclosed its 2025 semi-annual report!

The announcement shows that in the first half of this year, CSC's total operating revenue was RMB 10.740 billion, a year-on-year increase of 19.93%; the net profit attributable to shareholders of the parent company was RMB 4.509 billion, a year-on-year increase of 57.77%.

ZhiShiTang noted that CSC's "trading business" has shone brightly, accurately capturing the upward trend in the first half of this year, achieving a doubling of performance.

Trading Business Becomes the "Leader"

Let's take a look at the "basic situation" of CSC's interim report:

The investment banking business segment achieved total operating revenue of RMB 1.123 billion, a year-on-year increase of 12.09%; the wealth management business segment achieved total operating revenue of RMB 3.679 billion, a year-on-year increase of 29.05%; the trading and institutional client services business segment achieved total operating revenue of RMB 4.674 billion, a year-on-year increase of 29.05%; the asset management business segment achieved total operating revenue of RMB 641 million, a year-on-year increase of 2.47%.

Among them, the trading and institutional client services business segment became the growth "leader," covering stock sales and trading, fixed income product sales and trading, investment research, and prime brokerage services.

Investment Income Doubles

In the first half of 2025, CSC's investment income significantly increased to RMB 4.609 billion, more than doubling from RMB 2.252 billion in the same period last year. (As shown in the figure below)

This significant growth mainly comes from increased investment returns on trading financial assets, reflecting the company's ability to capture structural trends in various assets such as equities and fixed income in a complex market environment, achieving considerable revenue recovery.

In contrast to the decline in net interest income and pressure on fair value changes, the strong performance of investment income has become an important support for the company's overall profit, highlighting its enhanced investment research and asset allocation capabilities.

It is worth mentioning that in the first half of 2025, CSC's cash flow from investment activities showed a distinct reversal: from a net inflow of RMB 2.715 billion in the same period last year, it suddenly turned into a large net outflow of RMB 33.959 billion.

The core reason for this change is that the company has increased its investment efforts, leading to a significant increase in cash payments related to investments. In simple terms, last year, the company "recovered more money than it invested," while in the first half of this year, "more money from its pocket flowed into the investment market," reflecting the company's proactive layout in the face of market opportunities.

Which Regions Contribute High Revenue?

In the first half of 2025, from a regional distribution perspective, CSC's core revenue source remains concentrated in the company's headquarters, achieving operating revenue of RMB 6.994 billion, accounting for over 60% Beijing achieved revenue of 870 million yuan, with a gross profit margin of 70.18%, maintaining the strongest profitability. Shanghai and Guangdong achieved revenues of 371 million yuan and 280 million yuan, respectively, both maintaining stable performance.

In short, the company's headquarters is the "base camp" for revenue, Beijing is the "ballast" for profitability, while other regions serve as important support for regional expansion