On March 27, 2026, CITIC SEC held its 2025 Annual Results Presentation in Hong Kong. In attendance were Chairman Zhang Youjun, General Manager Zou Yingguang, Chief Financial Officer Zhang Hao, Board Secretary Wang Junfeng, Executive Committee Member and Chairman of CITIC SEC International Li Chunbo, and Head of the Planning and Finance Department Xi Zhiying. The management team presented the company's 2025 operational results and engaged in discussions with investors and media representatives on various topics, including the development plan for the 15th Five-Year Plan period, advancing the "Five Key Areas of Finance," internationalization strategy, securities industry competition, serving new quality productive forces, and facilitating the entry of medium- to long-term capital into the market. The session was chaired by Wang Junfeng.
The presentation began with an overview of the company's 2025 operational performance. Over the past year, CITIC SEC remained focused on the goal of building a strong financial sector, adhering to a strategy of strengthening foundations and maintaining stable operations. The company enhanced its core competitiveness and risk management capabilities, achieving record-high operational results and maintaining a leading position across all business segments. For the full year, the company reported operating revenue of RMB 74.854 billion, a year-on-year increase of 28.79%. Net profit attributable to parent company shareholders reached RMB 30.076 billion, up 38.58% year-on-year. As of the end of 2025, total assets stood at RMB 2,081.903 billion, an increase of 21.70% from the beginning of the year. Shareholders' equity attributable to parent company shareholders was RMB 319.930 billion, up 9.15% from the start of the year. All key financial indicators reached historic highs.
Following the results presentation, the management team addressed questions from investors and the media.
Zhang Youjun elaborated on the company's development strategy for the 15th Five-Year Plan period and its internationalization plans. Regarding the development plan, he stated that the 15th Five-Year Plan period represents a critical phase for CITIC SEC in its pursuit of becoming a top-tier investment bank and investment institution. The company will demonstrate new achievements in six key areas: serving national strategic priorities, fulfilling its mission, strengthening core capabilities, expanding global presence, leveraging technology to enhance business, and improving management efficiency, all aimed at advancing high-quality development. On the topic of internationalization, he highlighted that CITIC SEC has consistently increased resource allocation and capability building for its international operations in recent years, achieving significant progress in business system enhancement and regional market expansion. Moving forward, the company will steadily advance its internationalization strategy, focusing on strengthening its business network, service ecosystem, and management mechanisms to enhance cross-border comprehensive financial service capabilities and strive to become the preferred investment bank for "Investing in China" and "Chinese Investment."
Zou Yingguang responded to numerous investor inquiries. Addressing securities industry competition, he noted that consolidation within the sector is accelerating, with leading securities firms increasingly scaling up and strengthening. CITIC SEC will maintain strategic focus and resolutely advance high-quality development through three core initiatives: improving quality and efficiency, enhancing competitiveness, and expanding internationally. When discussing the company's achievements in the "Five Key Areas of Finance," he emphasized that in 2025, CITIC SEC aligned with the goal of building a strong financial sector, leveraging its professional expertise to support the real economy. The company made positive strides in serving national technological innovation, facilitating the low-carbon transition of the real economy, preserving and increasing household wealth, and contributing to the development of a multi-tiered pension system. On measures to serve new quality productive forces, he stated that CITIC SEC will closely follow national strategic deployments by providing direct financing support, introducing patient capital, and fostering a favorable market ecosystem to support enterprises driving new quality productive forces and bolster high-level technological self-reliance and self-improvement. Regarding the entry of medium- to long-term capital into the market, he described such capital as a "ballast" and "stabilizer" for the stable and healthy operation of markets. CITIC SEC will leverage its full-industry-chain professional advantages to enhance the supply of quality assets, strengthen financial services, and deepen investment management, thereby contributing to a market ecosystem conducive to "long-term capital and long-term investment."
Zhang Hao outlined the company's 2025 dividend distribution plan. After comprehensive consideration of the company's future development and shareholder interests, CITIC SEC proposed a dividend of RMB 7.00 per 10 shares for 2025, with total cash dividends amounting to RMB 10.374 billion (the above amount includes interim dividends and is pre-tax). Compared to the 2024 dividend distribution, the total dividend for 2025 increased by nearly 35%, marking the highest dividend record since the company's establishment and fully demonstrating its strong commitment to shareholder returns. In response to investor concerns about ROE and leverage, he indicated that effective leverage utilization can enhance capital efficiency and strengthen the competitiveness of core businesses. The company will concentrate on its primary responsibilities and businesses, adhere to capital constraints and risk compliance bottom lines, and strive to steadily improve ROE levels, achieving synchronized enhancements in capital utilization efficiency, business development quality, and the ability to serve the real economy.
Li Chunbo provided an update on the performance of CITIC SEC International in 2025. He reported that the international arm focused on enhancing three core competitive advantages: business capabilities, client markets, and operational management, achieving impressive operational results. Under Hong Kong Financial Reporting Standards, it recorded annual operating revenue of USD 3.3 billion and net profit of USD 900 million, representing year-on-year growth of 48% and 72%, respectively, both reaching record highs. Looking ahead, CITIC SEC International will implement a series of measures to improve product offerings, professionalism, and global operational capabilities, aiming to build an international business structure characterized by "multi-regional synergy" and achieve a more balanced geographical business and revenue mix.
Wang Junfeng discussed the company's market value management practices. He stated that in 2025, CITIC SEC strictly complied with regulatory requirements, continuously improved its market value management system, and actively engaged in shareholder returns, information disclosure, and investor communication, yielding solid results in its market value management efforts throughout the year.
The results presentation attracted dozens of media outlets and hundreds of institutional investors and analysts. This marked the sixth consecutive year since 2021 that the company has held its annual results briefing via live broadcast. CITIC SEC continues to innovate in the content and format of its results presentations, underscoring its commitment to all shareholders and global investors and contributing to the expansion of its investment value and influence in the capital markets.
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