CITIC Securities' net profit increased by 30% last year to 9.4 billion yuan, with the highest growth in investment banking revenue.

CITIC Securities Construction Investment Securities Co., Ltd. (hereinafter, “CITIC Construction & Investment,” 601066.SH, 06066.HK) last year saw a year-over-year increase of more than 30% in net profit (compared with the same period of the previous year).

On the evening of March 26, CITIC Construction & Investment released its “2025 Annual Report,” which shows that during the reporting period, the company achieved operating revenue of RMB 23.322 billion, up 22.41% year over year; achieved net profit attributable to shareholders of the parent company (hereinafter, “net profit”) of RMB 9.439 billion, up 30.68% year over year.

As of the end of the reporting period, CITIC Construction & Investment’s total assets reached RMB 676.816 billion, up 19.49% from the end of 2024; basic earnings per share were RMB 1.09 per share, up 37.97% year over year.

On the matter of dividends, CITIC Construction & Investment plans to use cash dividends. Based on the total share capital of 7.757 billion shares as of December 31, 2025, it will distribute a cash dividend of RMB 1.75 per 10 shares to all shareholders (including tax).

By quarter, CITIC Construction & Investment’s operating revenue in the second half of 2025 increased significantly, exceeding RMB 6 billion across the board, reaching RMB 6.549 billion and RMB 6.032 billion, respectively. In the first two quarters of 2025, CITIC Construction & Investment’s operating revenue was RMB 4.919 billion and RMB 5.821 billion, respectively.

As for net profit, CITIC Construction & Investment recorded its highest net profit in the second quarter of last year, exceeding RMB 2.6 billion and reaching RMB 2.666 billion. In the first, third, and fourth quarters of 2025, CITIC Construction & Investment’s net profit was RMB 1.843 billion, RMB 2.580 billion, and RMB 2.351 billion, respectively.

Specifically for each major business segment, in terms of scale, in mid-2025 CITIC Construction & Investment’s transaction and institutional client services business segment generated the most revenue, reaching RMB 9.724 billion. Revenue from the wealth management business segment followed closely, with total revenue of RMB 8.221 billion.

Last year, CITIC Construction & Investment’s investment banking business segment achieved operating revenue of RMB 3.132 billion, while its asset management business segment achieved operating revenue of RMB 1.428 billion.

In terms of growth rate, in 2025 CITIC Construction & Investment’s investment banking revenue had the largest year-over-year increase, exceeding 25%, growing by 25.76% year over year.

Meanwhile, last year CITIC Construction & Investment’s revenue from wealth management and from transaction and institutional client services both saw year-over-year increases of more than 20%, rising by 24.37% and 20.75%, respectively. In 2025, CITIC Construction & Investment’s asset management business revenue grew 13.75% year over year.

For the investment banking business with the highest revenue growth in 2025, CITIC Securities’ 2025 annual report states that the company’s investment banking business segments mainly include equity financing business, debt financing business, and financial advisory business.

Within equity financing business in the domestic market, CITIC Construction & Investment completed 33 A-share equity financing projects, with underwriting/lead-underwriting amount of RMB 91.773 billion. Among them, there were 12 IPO lead-underwriting cases, with lead-underwriting amount of RMB 19.661 billion; it completed 21 equity refinancing projects, with lead-underwriting amount of RMB 72.112 billion.

In terms of domestic project pipeline, as of the end of the reporting period, CITIC Construction & Investment had 30 IPO projects under review and 14 equity refinancing projects under review (including convertible bonds).

For the debt financing business, in 2025 CITIC Construction & Investment’s domestic debt financing business completed 5,131 lead-underwriting projects in total, with lead-underwriting amount of RMB 173.0 billion. Among them, corporate bond lead-underwriting projects totaled 1,497, with lead-underwriting amount of RMB 55.2353 billion.

As for the transaction and institutional client services business segment that contributed the most to revenue scale, CITIC Construction & Investment’s 2025 annual report shows that the company’s transaction and institutional client services business segment mainly includes stock sales and trading business, fixed-income product sales and trading business, investment research business, business of introducing/acting as a prime broker (PB), QFI and WFOE business, and alternative investment business.

During the reporting period, regarding stock sales business, in 2025 the company completed sales work for 33 lead-underwritten A-share stock projects, including 12 IPO projects and 21 projects for share issuance to specific targets, and also completed 3 convertible bond projects, with cumulative sales amount of RMB 96.022 billion.

For the investment research business, as of the end of the reporting period, CITIC Construction & Investment had 181 securities investment advisory analysts, covering more than 1,600 domestic A-share listed companies and listed companies in Hong Kong and overseas; in 2025 it issued a total of 5,083 securities research reports.

In the prime brokerage business, as of the end of the reporting period, CITIC Construction & Investment’s prime broker (PB) services had 23,400 ongoing clients, up 25.34% year over year; 30 public fund companies and 13 insurance asset management institutions use the company’s algorithmic trading services in their live operations; there are 239 clients using the company’s agency execution services, with a total of 329 tradable targets.

According to Dazhihui VIP, as of the close on March 26, CITIC Construction & Investment’s A-shares closed at RMB 21.47 per share, down 2.50%; its H-shares closed at HKD 10.42 per share, down 4.67%.

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