Revenue by nature
In 2025, the Group’s 1 total revenue amounted to RMB769,264 million, an increase of RMB22,064 million year on year, or 3.0%. Of this, the net fee and commission income increased by RMB10,571 million year on year, up 17.9%, primarily due to the growth in brokerage business of CITIC Securities and fee income of CITIC Bank. Other revenue increased by RMB7,977 million year on year, up 12.0%, mainly driven by increased income from CITIC Securities’ proprietary business. Revenue from construction contracts decreased by RMB4,024 million year on year, down 25.3%, mainly due to the impact of the industry environment on the real estate and engineering contracting businesses, resulting in a decrease in settlement revenue in the current year.
| Year ended 31 December | Increase/(Decrease) | |||
|---|---|---|---|---|
| RMB million | 2025 | 2024 | Amount | % |
| Net interest income | 146,933 | 148,373 | (1,440) | (1.0%) |
| Net fee and commission income | 69,603 | 59,032 | 10,571 | 17.9% |
| Sales of goods and services | 478,412 | 473,456 | 4,956 | 1.0% |
| – Sales of goods | 436,771 | 427,541 | 9,230 | 2.2% |
| – Revenue from construction contracts | 11,894 | 15,918 | (4,024) | (25.3%) |
| – Revenue from other services | 29,747 | 29,997 | (250) | (0.8%) |
| Other revenue | 74,316 | 66,339 | 7,977 | 12.0% |
In 2025, the Group’s other operating expenses were RMB137,406 million, an increase of RMB1,114 million year on year, up 0.8%.
Expected credit losses and other impairment losses
In 2025, the Group recorded credit losses and asset impairment losses of RMB67,427 million, an increase of RMB6,149 million, or 10.0% year on year. CITIC Bank provided a provision of RMB58,172 million, mainly from expected credit losses on its loans and advances to customers.
Net finance charges
In 2025, the finance costs of the Group amounted to RMB10,954 million, a year-on-year decrease of RMB2,387 million, or 17.9%, mainly due to the Group’s ability to seize the low-interest rate market environment to optimise its financing structure, resulting in a significant cost reduction effect. The finance income of the Group amounted to RMB1,989 million, a year-on-year decrease of RMB246 million, or 11.0%, mainly due to the decrease in interest income as market rates declined.
Income tax
In 2025, income tax of the Group was RMB28,795 million, an increase of RMB3,893 million, or 15.6%, as compared with last year. This rise was attributed not only to the growth in profit before tax, but also to an increase in income tax expense resulting from the decrease in tax-exempt income of CITIC Bank.
Note:
1
CITIC Limited and its subsidiaries are collectively referred to as “the Group”.