China CITIC Financial Asset Management Co., Ltd. (CITIC FAMC) reported total income of RMB80.48 billion for 2025, driven chiefly by distressed-asset operations. Net profit attributable to equity holders reached RMB11.09 billion, up 15.30 % year on year, while return on average equity edged up to 18.70 %.
The distressed-asset management segment remained the core earnings engine, contributing RMB69.41 billion in revenue and RMB14.36 billion in pre-tax profit. Asset management and investment operations added RMB13.46 billion in revenue but recorded a RMB5.42 billion pre-tax loss, reflecting valuation volatility and higher impairment charges.
Impairment losses under the expected credit-loss model fell 52.40 % to RMB33.79 billion, underscoring a third consecutive year of asset-quality improvement. Stage 3 exposure within debt instruments at amortised cost dropped 5.28 percentage points, and the distressed-asset ratio shrank by 0.41 percentage point.
Total assets stood at RMB1.06 trillion, up 7.40 % from 2024, supported by a RMB49.45 billion expansion in financial assets at fair value through profit or loss and a RMB63.12 billion rise in interests in associates and joint ventures. Total liabilities rose in tandem to RMB1.00 trillion, maintaining a capital adequacy ratio of 16.52 % and a leverage ratio of 7.8:1, both above regulatory minimums.
Cost-to-income ratio improved to 11.13 %, down 5.43 percentage points, reflecting ongoing cost-discipline measures. Operating expenses slipped 3.90 % to RMB5.80 billion, while interest expense decreased 13.50 % amid a shift toward longer-tenor borrowings and lower funding costs.
The Board proposes no cash dividend for 2025.
Chairman Liu Zhengjun stated the group met the three-year “quality and efficiency” goal ahead of schedule, highlighting a 28 % share-price gain during the year and emphasis on distressed-asset acquisitions, relief financing and equity investments aligned with national priorities.
Looking to 2026, management targets consolidation of benchmark status in the distressed-asset sector, reinforced by a “One-Three-Five” strategy focusing on risk resolution, real-economy support and capital-efficient growth.