CITIC Securities' 30 billion yuan net profit—where does it come from? Proprietary trading accounts for over 50% of revenue, and new wealth management client data is impressive.

Ask AI · Why can CITIC Securities’ proprietary trading business contribute more than half of revenue?

China Finance Network (3月27日讯) (Reporter Gao Yanyun) The source of CITIC Securities’ 300 billion yuan net profit disclosed in its two-month-prior earnings quick report has attracted attention. Today, with the official release of its 2025 annual report, this mystery is finally solved.

On March 26, CITIC Securities released its 2025 annual report. In 2025, the company achieved operating revenue of 74.854 billion yuan, up 28.79%; net profit attributable to shareholders of the parent company was 30.076 billion yuan, up 38.58%.

CITIC Securities’ total assets have already surpassed 2 trillion yuan. Specifically, as of the end of 2025, CITIC Securities’ total assets were 2.08 trillion yuan, up 21.70% from the beginning of the year; shareholders’ equity attributable to shareholders of the parent company was 319.93 billion yuan, up 9.15% from the beginning of the year.

Its core subsidiaries have performed strongly, becoming an important support for performance growth. In 2025, its fund subsidiary Huaxia Fund achieved operating revenue of 9.626 billion yuan and net profit of 2.396 billion yuan, up 19.86% and 11.03% year over year, respectively. CITIC Securities International recorded operating revenue of $3.3 billion and net profit of $0.9 billion, with year-over-year growth of 48% and 72%, respectively.

Proprietary trading accounts for more than half of revenue

In 2025, benefiting from improved activity in capital markets and optimized investment strategies, CITIC Securities’ proprietary trading business performed remarkably, becoming the business segment with the highest share of revenue.

The annual report shows that in 2025, CITIC Securities’ proprietary trading business revenue was 38.604 billion yuan, up 46.53% year over year, accounting for 51.57% of total revenue.

For equity investments, CITIC Securities stated that its equity and alternative investment business aims for a large capacity, multi-strategy, and low volatility, building a platform-based system and gradually optimizing the allocation of equity market assets. By focusing on the fundamentals of listed companies, it conducts systematic allocations to large-cap blue-chip companies in the Shanghai, Shenzhen, and Hong Kong markets. At the same time, it also follows industrial trends to strengthen its layout in new-quality productive forces industries, improving investment returns. Artificial intelligence technologies have also been gradually integrated into the strategy system, and a cross-border investment platform in Hong Kong has been preliminarily established.

More than 1.5455 million new wealth management customers

Trailing next in revenue share is brokerage business. In 2025, CITIC Securities’ net brokerage interest income was 14.753 billion yuan, up 37.72% year over year, accounting for 19.71% of revenue.

In terms of wealth management, CITIC Securities’ total holdings of financial products exceed 800 billion yuan; the number of customers cumulatively exceeds 17 million, up 10% from the end of the prior year; and the assets of custodial customers exceed 1.5 trillion yuan, up 24% from the end of the prior year.

Based on the reporter’s rough calculation, CITIC Securities added 1.5455 million wealth management customers in 2025.

In institutional stock brokerage business, CITIC Securities’ market share in A+H public fund trading volume was 7.65%. The trading volume of qualified foreign institutional investors increased 162.7% year over year, including stock trading volume increasing 127%.

In addition, revenue from credit-related businesses such as margin financing and securities lending grew significantly. The company’s net interest income was 1.63 billion yuan, up 50.44% year over year.

For custody business, the number of various asset management products for which CITIC Securities provides asset custody services was 13,800, and the number of various asset management products providing fund outsourcing services was 16,100.

Huaxia Fund’s asset management scale exceeds 3 trillion yuan

CITIC Securities’ net fee income from asset management business in 2025 also exceeded 10 billion yuan, reaching 12.177 billion yuan, up 15.9% year over year.

CITIC Securities’ total asset management scale was 1.76 trillion yuan, including collective asset management schemes, single-asset management schemes, and special asset management schemes, with scale of 428.978 billion yuan, 985.857 billion yuan, and 346.706 billion yuan, respectively. The market share of the company’s private asset management business (excluding pension-related business and asset securitization products) was 14.02%.

As of the end of 2025, the asset management scale managed by Huaxia Fund’s headquarters was 3.01 trillion yuan. Among them, the scale of public funds managed was 2.28 trillion yuan, and the scale of asset management for institutional and international business was 731.264 billion yuan.

Investment banking revenue surges by more than 50%

CITIC Securities’ investment banking business grew strongly in 2025. The company’s net fee income from investment banking business last year was 6.336 billion yuan, up 52.35% year over year.

In 2025, CITIC Securities completed 72 A-share lead underwriting projects, with underwriting scale of 270.646 billion yuan and a market share of 24.36%.

In 2025, CITIC Securities completed 51 Hong Kong market IPO projects and 32 follow-on financing projects, with underwriting scale for Hong Kong equity financing business of $7.549 billion.

Equity investments exceed 11 billion yuan

As the platform for the company to raise and manage private equity investment funds, CITIC Jinshi’s management scale has been further improved.

In 2025, CITIC Jinshi increased efforts to develop financial investors, added and implemented M&A strategies and completed M&A funds. It completed the filing of new funds totaling 11.05 billion yuan in RMB.

CITIC Jinshi’s wholly owned subsidiary CITIC Jinshi Fund, as the company’s real estate investment platform, as of the end of the reporting period had cumulatively established real estate private funds totaling approximately 43.366 billion yuan. CITIC Jinshi Fund further strengthened services to institutional investors represented by insurance companies, increased investments in shopping centers and affordable rental housing, and completed the filing of a total of 4.3 billion yuan in new funds.

CITIC Securities disclosed that in 2025, the company invested in multiple high-quality projects that meet the requirements for the development of new-quality productive forces, covering key areas such as embodied intelligence, semiconductor equipment, domestic GPUs, and domestic servers. It acted as patient and strategic capital that supports technological innovation. At the same time, CITIC Securities leveraged equity investments as the fulcrum to unlock comprehensive financial services across the full value chain, helping invested companies grow into leaders in their sub-sectors and to list on the capital market.

Dividends exceed 10 billion yuan

In 2025, CITIC Securities’ weighted average return on net assets was 10.59%, up 2.5 percentage points year over year.

CITIC Securities plans to distribute a cash dividend of 4.1 yuan for every 10 shares this time, with total dividends of 6.076 billion yuan.

In addition, CITIC Securities has distributed interim cash dividends for 2025 in February 2026, at 2.90 yuan per 10 shares. At that time, total dividends were 4.298 billion yuan.

In 2025, CITIC Securities plans to distribute cash dividends totaling 7 yuan for every 10 shares, with full-year cash dividends of 10.374 billion yuan, up 34.6% year over year.

Since CITIC Securities’ A-share listing in 2003, the company has carried out cash dividends for 24 consecutive years. Cumulatively, dividends implemented have exceeded 93 billion yuan.

(China Finance Network reporter Gao Yanyun)