Performance surges and personnel renewal—what big move is CITIC Securities planning next?

Published | China Interview Network

Reviewed | Li Xiaoyan

In 2025, CITIC Securities marked its 30th anniversary. This special “birthday answer sheet” carries significant weight: full-year operating revenue of 74.854 billion yuan, attributable net profit to shareholders of 30.076 billion yuan—both reaching new historical records; total assets surpassed 2 trillion yuan, firmly maintaining its position as an industry leader. At the same time, the company initiated the reappointment of the board of directors; more than half of the directors completed their replacement. The aggregate annual compensation for the executive directors and senior management (executive directors and senior management) totaled 26.6133 million yuan. With the dual coordinates of performance hitting new highs and governance refreshed, CITIC Securities, with the posture of “establishing itself at 30,” demonstrates the strong capabilities and long-term plans of a leading Chinese securities firm.

In 2025, CITIC Securities turned in its brightest performance since listing. Key indicators surged across the board, and its position as the “No. 1” in the industry is unshakable. With its scale reaching a new level, as of the end of 2025, the company’s total assets were 2.08 trillion yuan, up 21.7% from the end of the prior year. It became the first domestic securities company with total assets exceeding 2 trillion yuan. Core scale indicators such as net capital and net assets continued to lead the industry. Profit reached an all-time high: full-year operating revenue was 74.854 billion yuan, up 28.79% year over year; attributable net profit to shareholders was 30.076 billion yuan, up 38.58% year over year. The growth rate was significantly higher than revenue growth. Profitability efficiency continued to improve, and for multiple consecutive years the company has remained No. 1 in the industry.

With business flowering across multiple areas, five major business segments grew comprehensively, highlighting advantages in investment banking, asset management, wealth management, and other core businesses. In investment banking, the firm’s exclusive underwriting of the largest IPO on the STAR Market—Monroe Thread—secured the top position in the A-share equity underwriting scale in the market. In wealth management, it launched the “Xin100” brand, with the number of customers exceeding 17 million; the market share of A+H fund trading volume reached 7.65%. In asset management, the firm kept its No. 1 industry position in scale; offshore business revenue grew 41.75% year over year, showing notable results from its international expansion. With precise cost control, operating expenses were 34.689 billion yuan, up 17.14% year over year, lower than the revenue growth rate. Staff expenses were 21.776 billion yuan, up 3.49% year over year. Average monthly all-inclusive labor cost per employee was about 67,700 yuan; against the backdrop of high performance growth, effective cost control was achieved.

CITIC Securities’ steady development is inseparable from the long-term guidance of its helmsman, Zhang Youjun. At 60 years old, Zhang Youjun joined the company in 1995 when it was founded. From general manager of the trading department to chairman, he is a true “founding veteran,” having served as the helmsman of CITIC Securities for nearly a decade. Compensation is linked to performance. In 2025, Zhang Youjun’s pre-tax compensation was 2.3034 million yuan, basically the same as the previous year. From 2020 to 2025, his annual salary was gradually adjusted from 4.915 million yuan to around 2.3 million yuan. His compensation level aligns with the company’s performance, industry norms, and his personal fulfillment of duties, reflecting a market-based incentive and constraint mechanism. With unwavering strategic resolve, under Zhang Youjun’s leadership, CITIC Securities has adhered to “strengthening the foundation and building for stability, with prudent operations,” anchored to the goal of building a strong financial nation, and continuously improved its core competitiveness and risk control capabilities. It maintained ongoing growth in performance amid market volatility, laying a solid foundation for the company’s development over its 30th year.

In 2025, CITIC Securities underwent the reappointment of its eighth session of the board of directors. Although the term was extended due to the failure to complete candidate nominations, the board personnel were adjusted successively, and more than half of the directors completed their replacement, with governance structure optimization accelerating. Each session of the company’s board has a three-year term; the original term of the eighth session runs until it expires in December 2025. In December 2025, the company issued an announcement on the extension of the board reappointment, stating that the election work was still being prepared. As of now, executive director Zhang Changyi; non-executive directors Li Yi, Liang Dan, and Zhang Xuejun; independent non-executive directors Liu Qiao and Li Lanbing; employee director Shi Liang; and other newly appointed directors have already assumed their roles. Their term start dates were all December 19, 2025. In March 2026, Wu Yonggao, Party Secretary of Yuexiu Capital and Vice Chairman, became a non-executive director candidate, further optimizing the shareholders’ structure of the board. This large-scale replacement of directors is not accidental; rather, it is a proactive deployment by the company to adapt to the new PRC “Company Law,” optimize its governance structure, and strengthen its strategic decision-making capabilities.

The new directors cover areas such as financial management, academic research, and industrial capital. For example, Liu Qiao, Dean of Guanghua School of Management at Peking University, and Li Lanbing, a researcher at Tianjin Nankai University, inject professional strength into the board. At the same time, introducing relevant personnel related to the top five shareholders, including Yuexiu Capital, helps balance shareholders’ interests and improve decision-making efficiency. Regarding the compensation of executive directors and senior management (executive directors and senior management), in 2025 the company’s total pre-tax compensation for them was 26.6133 million yuan, overall within a reasonable range in the industry. As a leading securities firm, CITIC Securities’ compensation for executive directors and senior management both reflects incentives for the core management team and aligns with the company’s performance and industry conditions. There is no issue of excessive compensation.

Amid bright performance and refreshed governance, the market has also paid attention to the extension of the board reappointment and the replacement of more than half of the directors; it is necessary to view it objectively and dialectically. The extension of the reappointment is a routine operation. The company said the extension was because the nomination of director candidates had not yet been completed, and it clearly stated that the original board would continue to perform its duties during the reappointment period, without affecting the company’s normal operations. Historically, CITIC Securities has had precedent for extending board reappointments; such actions are common compliant operations within the industry and require no excessive interpretation. Personnel changes are an inevitable part of development. On the occasion of the 30th anniversary, CITIC Securities has entered a new stage of development. The board reappointment and personnel adjustments are necessary measures to align with strategic transformation and optimize governance structure. The transition between new and old helps introduce new ideas and resources, injecting vitality into the company’s long-term development, rather than being a negative signal. Short-term disruptions are limited. Although there were 14 changes involving executive directors and senior management in 2025, the company’s management remained stable, and the core business teams were not affected. The company’s full-year performance growth against the trend is the best proof. Short-term personnel adjustments will not change CITIC Securities’ long-term favorable development trend.

At the new starting point of its 30th anniversary, CITIC Securities’ strategic declaration of “establishing itself at 30 and embarking on a new journey again” highlights its sense of responsibility and responsibility as an industry leader. The historical-best performance in 2025 not only accumulates substantial capital for the company’s future development, but also provides sufficient confidence to deal with market volatility. The board reappointment and personnel adjustments will further enhance the scientific and forward-looking nature of the company’s decision-making, providing institutional assurance for high-quality development. With the full-scale rollout of the registration-based system and deeper reforms in capital markets, CITIC Securities—benefiting from comprehensive advantages including scale, talent, and businesses—has the potential to continue leading in areas such as wealth management, investment banking, asset management, and internationalization, contributing greater strength to the development of China’s capital markets.

Overall, in 2025 CITIC Securities delivered its historical-best performance to celebrate its 30th anniversary, while also starting a new journey by refreshing its governance. Performance reaching new highs shows hard strength; refreshed governance strengthens soft power. In the short term, the extension of reappointment and personnel changes are merely normal adjustments within long-term development. As a flagship securities firm in China’s capital markets, CITIC Securities is charting the way for high-quality development across the industry with an even more steady posture, writing a brilliant new chapter for its next 30 years.