CITIC SEC released its audited 2025 results:
• Revenue climbed 21.88% year-on-year to RMB 104.68 billion, while net profit attributable to shareholders advanced 38.58% to RMB 30.08 billion.
• Return on weighted average equity rose to 10.59%, up 2.50 percentage points, and basic earnings per share reached RMB 1.96.
• Total assets expanded 21.70% to RMB 2.08 trillion; net capital increased to RMB 157.15 billion, keeping all risk indicators well within regulatory limits.
• The Board proposed a cash dividend of RMB 0.41 per share (tax inclusive). Combined with the interim payout of RMB 0.29, full-year distribution will total RMB 0.70 per share, equating to a cash payout ratio of 35.73%.
Business highlights
– Investment banking remained No. 1 in A-share underwriting proceeds and domestic M&A volume. Underwriting of domestic bonds reached RMB 2.21 trillion, topping the sector for a second straight year. – Wealth management assets under custody exceeded RMB 15 trillion; Group-wide assets under management approached RMB 4.8 trillion. – International business reached a record contribution, ranking second for Hong Kong IPO sponsorship and first for offshore bond underwriting by Chinese issuers. – Technology finance, green finance and pension finance were identified as strategic growth pillars.
Balance-sheet strength
– Gearing ratio (after deducting customer brokerage deposits and funds payable to issuers) edged up to 79.16%. – Liquidity coverage ratio stood at 137.80% and net stable funding ratio at 125.27%.
Capital management
– During 2025 the Group issued RMB 110.70 billion in domestic bonds and RMB 251.98 billion in beneficiary certificates, bolstering funding channels. – Perpetual subordinated bonds outstanding rose to RMB 38.26 billion after four new tranches.
Corporate actions and governance
– The Articles of Association were amended in December 2025, dissolving the Supervisory Committee and enhancing Board oversight. – KPMG Huazhen and KPMG Hong Kong issued unqualified audit opinions on the domestic and international financial statements respectively.
Looking ahead, CITIC SEC will focus on serving national strategies, deepening internationalisation and pursuing digital transformation while maintaining prudent risk management and consistent shareholder returns.