CITIC Construction Investment rakes in 9.4 billion yuan! Brokerage business attracts 1.73 million new clients

On the evening of March 26, Citic Securities disclosed its 2025 annual report.

The data shows that this brokerage giant achieved operating revenue of 23.322 billion yuan in 2025, a year-on-year increase of 22.41%; the net profit attributable to shareholders of the parent company was 9.439 billion yuan, a year-on-year increase of 30.68%. The company plans to distribute a cash dividend of 1.75 yuan (tax included) for every 10 shares to all shareholders.

As of December 31, 2025, the group’s total assets reached 676.816 billion yuan, with a year-on-year growth rate of 20%.

This annual report contains many key points worth noting for investors, which Zhitang has summarized as follows for readers.

Four Major Business Segments’ Revenues “All Rise”

Citic Securities’ annual report discloses that as of the end of 2025, the company’s total operating revenue amounted to 23.322 billion yuan. (As shown in the figure below)

Among them, the investment banking segment achieved total operating revenue of 3.132 billion yuan, a year-on-year increase of 25.76%; the wealth management segment achieved total operating revenue of 8.221 billion yuan, a year-on-year increase of 24.37%.

The trading and institutional client services segment achieved total operating revenue of 9.724 billion yuan, a year-on-year increase of 20.75%; the asset management segment achieved total operating revenue of 1.428 billion yuan, a year-on-year increase of 13.75%.

Multiple Indicators Show “Bull Market Performance”

In 2025, the trading activity in the A-share market significantly increased, with investors showing a stronger willingness to enter the market, and market sentiment notably rebounding. This macro trend provided fertile ground for the performance rebound of brokerages. Citic Securities capitalized on its deep foundation in the brokerage business and strong online customer acquisition capabilities, precisely seizing this market dividend.

This business prosperity, driven by both market recovery and customer growth, is ultimately clearly reflected in the company’s core financial indicators. Specifically:

Net commission and fee income increased by 3.026 billion yuan year-on-year, a year-on-year increase of 29.84%, mainly due to the increase in net income from brokerage services;

Investment income and changes in fair value increased by 923 million yuan year-on-year, a year-on-year increase of 11.88%, mainly due to the increase in gains from financial instrument disposals;

Net interest income increased by 309 million yuan year-on-year, a year-on-year increase of 39.35%, mainly due to increased interest income and reduced interest expenses.

Newly Added Client Accounts of 1.7325 Million for the Year

The large number of new clients is the most direct reflection of the effectiveness of Citic Securities’ transformation in wealth management.

In 2025, the company added 1.7325 million new client accounts in its securities brokerage business, bringing the total client base to 17.1231 million by the end of the reporting period.

To convert this large customer base into tangible asset management scale, the company continuously enriches its financial product line, improves its comprehensive wealth management service system, and focuses on building professional buy-side investment advisory capabilities.

This strategy has shown significant results:

By the end of the reporting period, the non-monetary public fund’s retained scale was 143.2 billion yuan, ranking fifth in the industry, with an incremental increase of 60.6 billion yuan, ranking second in the industry; investment advisory services covered 1.0852 million people, with a year-on-year increase of 71.95%; sold 308 public personal pension fund products, achieving 100% coverage. The scale of buy-side business reached 11.039 billion yuan, a year-on-year increase of 189.81%.

The rapid growth of client assets has also directly driven the expansion of credit business.

By the end of the reporting period, the company’s margin financing and securities lending balance was 85.112 billion yuan, with a market share of 3.35%; there were 216,500 margin financing and securities lending accounts, a year-on-year increase of 11.08%; the net new account market share for credit accounts was 3.35%, a year-on-year increase of 24.96%; the overall guarantee ratio for margin financing and securities lending business was maintained at 261.38%, with overall business risk under control.

New “Growth Pole”: Buy-Side Institutional Services

While deeply cultivating personal wealth management, Citic Securities also demonstrated strong growth momentum in the institutional services field, particularly in custody and operational services, which serve as the “ballast” for institutional business and have become a new growth pole for the company’s performance.

By the end of the reporting period, Citic Securities had custody of 122 public funds, with both the scale and number of public fund custody ranking in the top three in the industry. The total scale of the company’s asset custody and operational services reached 1.4 trillion yuan, a year-on-year increase of 45.03%. Among them, the scale of asset custody products was 599.02 billion yuan, and the scale of operational service products was 805.408 billion yuan, with year-on-year increases of 28.10% and 60.83%, respectively.

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