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

CITIC Construction Investment Securities Co., Ltd. (hereinafter referred to as “CITIC Construction Investment,” 601066.SH, 06066.HK) reported a net profit growth of over 30% year-on-year last year.

On the evening of March 26, CITIC Construction Investment released its “2025 Annual Report,” showing that during the reporting period, the company achieved operating revenue of 23.322 billion yuan, an increase of 22.41% year-on-year; the net profit attributable to shareholders of the parent company (hereinafter referred to as “net profit”) reached 9.439 billion yuan, a year-on-year increase of 30.68%.

As of the end of the reporting period, CITIC Construction Investment’s total assets reached 676.816 billion yuan, an increase of 19.49% compared to the end of 2024; basic earnings per share were 1.09 yuan/share, an increase of 37.97% year-on-year.

In terms of dividends, CITIC Construction Investment plans to adopt a cash dividend method, distributing a cash dividend of 1.75 yuan (including tax) for every 10 shares based on the total share capital of 7.757 billion shares as of December 31, 2025.

Looking at the quarterly performance, CITIC Construction Investment’s operating revenue in the second half of 2025 saw significant increases, exceeding 6 billion yuan each quarter, reaching 6.549 billion yuan and 6.032 billion yuan, respectively. In the first two quarters of 2025, the operating revenue was 4.919 billion yuan and 5.821 billion yuan, respectively.

In terms of net profit, CITIC Construction Investment achieved its highest net profit in the second quarter of last year, exceeding 2.6 billion yuan, reaching 2.666 billion yuan. In the first, third, and fourth quarters of 2025, the net profit was 1.843 billion yuan, 2.580 billion yuan, and 2.351 billion yuan, respectively.

Specifically, in terms of each main business, in 2025, CITIC Construction Investment’s trading and institutional client services generated the most revenue, reaching 9.724 billion yuan. The wealth management business segment followed closely with a total of 8.221 billion yuan in operating revenue.

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

In terms of growth rates, in 2025, CITIC Construction Investment’s investment banking revenue had the highest year-on-year growth rate, exceeding 25%, with a year-on-year increase of 25.76%.

At the same time, CITIC Construction Investment’s wealth management business and trading and institutional client services both reported year-on-year growth rates exceeding 20%, increasing by 24.37% and 20.75%, respectively. In 2025, CITIC Construction Investment’s asset management business revenue grew by 13.75% year-on-year.

For the investment banking business, which had the highest revenue growth in 2025, CITIC Construction Investment’s 2025 annual report noted that the company’s investment banking segment mainly includes equity financing, debt financing, and financial advisory services.

Among them, in domestic equity financing, CITIC Construction Investment completed 33 A-share equity financing projects with a total underwriting amount of 91.773 billion yuan. Of these, 12 were IPOs with an underwriting amount of 19.661 billion yuan; 21 were equity refinancing projects with an underwriting amount of 72.112 billion yuan.

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

In terms of debt financing, in 2025, CITIC Construction Investment completed a total of 5,131 main underwriting projects in domestic debt financing, with a total underwriting amount of 1.73 trillion yuan. Among them, there were 1,497 main underwriting projects for corporate bonds, with an underwriting amount of 552.353 billion yuan.

As for the trading and institutional client services business, which contributed the most to revenue scale, CITIC Construction Investment’s 2025 annual report showed that this segment mainly includes stock sales and trading, fixed income product sales and trading, investment research, prime brokerage services, QFI, and WFOE services, as well as alternative investment services.

During the reporting period, in terms of stock sales, in 2025, the company completed sales for 33 main underwriting A-share projects, including 12 IPO projects, 21 private placements, and 3 convertible bond projects, with a cumulative sales amount of 96.022 billion yuan.

In terms of investment research, as of the end of the reporting period, CITIC Construction Investment had 181 securities investment consulting analysts covering over 1,600 domestic A-share listed companies, as well as companies listed in Hong Kong and overseas; a total of 5,083 securities research reports were published in 2025.

In terms of prime brokerage services, as of the end of the reporting period, CITIC Construction Investment had 23,400 active clients, a year-on-year increase of 25.34%; there were 30 public funds and 13 insurance asset management institutions using the company’s algorithm trading services, with a total of 239 clients using the company’s agency entrustment services, collectively trading 329 targets.

According to Great Wisdom VIP, as of the close on March 26, CITIC Construction Investment’s A-shares closed at 21.47 yuan/share, down 2.50%; Hong Kong stocks closed at 10.42 HKD/share, down 4.67%.

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