01Sustained Stability in Overall Operating Performance
In 2025, the company recorded a revenue of RMB769.264 billion and a profit attributable to ordinary shareholders of RMB58.730 billion, representing year-on-year increases of 3.0% and 0.9% respectively. Despite year-on-year declines in both revenue and profit during the first half of the year, the company achieved positive growth for the full year.
02Continuous Improvement in Shareholder Returns
The company proposes to pay a final dividend of RMB0.385 per share for 2025. The total annual dividend will be RMB0.585 per share, a year-on-year increase of 6.4%, which is significantly higher than the growth rate of profit attributable to ordinary shareholders. The dividend payout ratio reached 29%, an accumulated increase of 4 percentage points over the past three years. The implied yield of 2025 dividend per share was 5.37% based on the closing price and exchange rate on 31 December 2025.
03Record-High Performance in the Financial Segment
The advantages of a comprehensive, full-licence and full-cycle financial service model became more prominent, securing multiple “industry-firsts” and largest-scale deals. Revenue and profit attributable to ordinary shareholders for the financial segment grew by 6.2% and 6.0% respectively. Profits from banking, securities and insurance businesses all hit record highs.
revenue grew by 6.2 %
04Significant Progress in Asset-Light Transformation
Net fee and commission income increased by 18% year on year to RMB69,603 million, accounting for 23.9% of the financial segment’s revenue with a year-on-year increase of 2.4 percentage points. Efforts to tackle high capital consumption continued to show results, with financial subsidiaries achieving RMB11.2 billion in capital savings.
income grew by 18 %
05Leader in Direct Financing and Asset Management
As the largest domestic institution in both direct financing and comprehensive asset management, the company, through its financial subsidiaries, handled over RMB5 trillion in direct financing, ranking first in terms of business scale of domestic equity and bond underwriting, Hong Kong IPO sponsorships and Chinese offshore bonds. Total assets under management approached RMB11 trillion, a year-on-year increase of 27%, significantly outperforming the industry average.
06Resilience in Key Industrial Businesses
The industrial segment effectively navigated multiple external challenges, with annual revenue increasing by 1.1% year on year. Profits in the Advanced Materials and New Consumption segments grew, while subsidiaries such as CITIC Dicastal, CITIC Metal and CITIC Pacific Energy reached record-high profit levels.
grew by 1.1 %
07Strong Growth in Overseas Operations
The company contributed to the consolidation of Hong Kong’s status as an international financial centre and achieved positive results in international expansion across Belt and Road countries. Overseas revenue grew by 28% year on year, increasing its contribution to total revenue by 3.7 percentage points to 18.9%.
08Significant Improvement in Lean Management Efficiency
Total operating expenses1 were RMB131,043 million, with a cost-to-income ratio2 of 36.4%, representing year-on-year decreases of 0.7% and 2 percentage points respectively. Interest expenses for non-financial businesses were RMB10,954 million, an 18% decrease year on year.
09Comprehensive Breakthroughs in Tech Innovation
The “2+4+N” scientific and technological innovation clusters moved ahead with multiple breakthroughs in core technologies in key fields. AI was deeply integrated into industrial development, while a number of smart finance projects reached industry-leading levels. The number of “Pioneer-” and “Excellence-” levels smart factories increased to 7. Group-level digital infrastructure, such as the Intelligent Computing Centre and Data Centre, was deployed. R&D intensity remained above 3.0% for the third consecutive year.
10Surge in Market Capitalisation and ESG Rating
Share price rose by 38.1% in 2025, marking the first time the stock has achieved positive growth for five consecutive years. The total market capitalisation of the company’s holdings in listed subsidiaries increased by over 20% in 2025. The company’s MSCI ESG rating was upgraded from BB to A and then to AA, a new high rating since its overall listing.
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