CITIC Construction Investment's 2025 net profit approaches 10 billion, with proprietary trading contributing 40%, and buy-side business increasing nearly 2 times

Cailian Press, March 27 (Reporter: Gao Yanyun) On March 26, CITIC Construction Investment Securities disclosed its 2025 annual report, stating that the company achieved annual revenue of 23.322 billion yuan, a year-on-year increase of 22.41%; and a net profit attributable to shareholders of 9.439 billion yuan, a year-on-year increase of 30.68%. By the end of 2025, the company’s total assets reached 676.816 billion yuan, a year-on-year increase of 19.49%.

From the revenue structure, the proprietary trading business continued to play the role of a “ballast”, contributing revenue of 8.691 billion yuan for the year, a year-on-year increase of 12.47%, accounting for 37.27% of total revenue.

The brokerage business performed strongly, achieving net commission and fee income of 7.970 billion yuan, a significant year-on-year increase of 37.01%, with a revenue share of 34.17%.

The investment banking business showed significant recovery, achieving net commission and fee income of 3.129 billion yuan, a year-on-year increase of 25.65%.

In addition, net interest income from credit and other sources was 1.095 billion yuan, a year-on-year increase of 39.35%; asset management business achieved net commission and fee income of 1.345 billion yuan, a slight year-on-year increase of 0.15%.

Investment banking revenue increased by one quarter.

In 2025, CITIC Construction Investment completed 33 domestic A-share equity financing projects, with the total underwriting amount reaching 91.773 billion yuan. Among them, there were 12 IPOs, with an underwriting amount of 19.661 billion yuan.

CITIC Construction Investment International participated in and completed 7 Hong Kong stock IPO sponsorship projects in the Hong Kong market, with a total scale of 45.839 billion Hong Kong dollars.

In terms of domestic debt financing business, a total of 5,131 underwriting projects were completed, with an underwriting amount of 17.3 trillion yuan. CITIC Construction Investment International participated in and completed 222 bond underwriting projects in the offshore market, with an underwriting amount of 459.127 billion Hong Kong dollars.

CITIC Construction Investment completed a total of 12 major asset restructuring projects, with a transaction amount of 104.446 billion yuan.

In terms of domestic project reserves, as of the end of 2025, CITIC Construction Investment had 30 IPO projects under review and 14 equity refinancing projects under review (including convertible bonds).

Total number of clients exceeded 17.12 million.

In 2025, CITIC Construction Investment Securities added 1.7325 million new brokerage clients, bringing the total number of clients to 17.1231 million by the end of the reporting period.

The scale of financial products exceeded 410 billion yuan, a year-on-year increase of 60.27%. The scale of non-monetary public funds reached 143.2 billion yuan, with an increase of 60.6 billion yuan in non-monetary public funds; investment advisory services covered 1.0852 million people, a year-on-year increase of 71.95%; and 308 public personal pension fund products were sold.

In addition, the scale of buy-side business reached 11.039 billion yuan, a year-on-year increase of 189.81%.

CITIC Construction Investment Securities’ futures achieved a year-on-year increase of 25.73% in agency trading volume, and client equity scale increased by 35.47% year-on-year.

In terms of international business, in 2025, CITIC Construction Investment International accumulated agency stock trading amounting to 178.346 billion Hong Kong dollars, and by the end of 2025, the accumulated number of clients was 15,400, with total client-held shares valued at 23.119 billion Hong Kong dollars.

Margin accounts increased by over 10%.

In terms of margin financing business, as of the end of 2025, CITIC Construction Investment had a margin balance of 85.112 billion yuan, with a market share of 3.35%; there were 216,500 margin accounts, a year-on-year increase of 11.08%; and the market share of new credit account openings was 3.35%, a year-on-year increase of 24.96%.

In addition, CITIC Construction Investment International’s margin financing business balance was 299 million Hong Kong dollars.

In terms of repurchase business, as of the end of the reporting period, the principal balance of CITIC Construction Investment’s stock pledge repurchase trading business was 5.791 billion yuan. Among them, the principal balance of investment-type (on-balance sheet) stock pledge repurchase trading business was 1.899 billion yuan, and the principal balance of management-type (off-balance sheet) stock pledge repurchase trading business was 3.892 billion yuan.

Published over 5,083 securities research reports.

In terms of investment research business, CITIC Construction Investment has 181 securities investment consulting analysts covering over 1,600 A-share listed companies, Hong Kong and overseas listed companies; in 2025, a total of 5,083 securities research reports were published, of which 920 were aimed at the Hong Kong market.

In terms of prime brokerage business, CITIC Construction Investment served 23,400 existing clients in its prime brokerage (PB) services, 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 entrusted services, trading a total of 329 underlying assets.

In terms of custody business, by the end of the reporting period, the company had custody of 122 public funds. The total scale of the company’s asset custody and operation services was 14 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 operation service products was 805.408 billion yuan, with year-on-year increases of 28.1% and 60.83%, respectively.

In 2025, CITIC Construction Investment completed the sales of 33 main underwriting A-share stock projects, including 12 IPO projects, 21 stock issuance projects to specific objects, and 3 convertible bond projects, with a cumulative sales amount of 96.022 billion yuan.

In terms of alternative investment business, in 2025, CITIC Construction Investment completed 26 project investments with an investment amount of 1.067 billion yuan, of which over 90% was invested in new productive capacity projects.

CITIC Construction Investment Fund assets under management increased by over 20%.

In terms of asset management business, as of the end of 2025, the entrusted asset management scale of CITIC Construction Investment reached 524.508 billion yuan, a year-on-year increase of 5.99%; the asset management scale of CITIC Construction Investment Fund reached 175.989 billion yuan, a year-on-year increase of 23.78%.

CITIC Construction Investment Fund’s revenue in 2025 was 373 million yuan, with a net profit of 70 million yuan.

In terms of private equity investment business, as of the end of 2025, CITIC Construction Investment had 83 registered funds under management, with a management scale exceeding 78 billion yuan; the newly registered scale was 7.781 billion yuan.

Dividend of 2.6 billion.

CITIC Construction Investment plans to distribute a cash dividend of 1.75 yuan for every 10 shares, totaling 1.357 billion yuan in cash dividends.

In November last year, CITIC Construction Investment distributed a cash dividend of 1.65 yuan for every 10 shares for the mid-year of 2025 (already implemented), totaling 1.28 billion yuan.

The total expected dividend amount is 2.637 billion yuan.