CITIC (267) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was RMB368.8 billion, down 1.6% YoY; net profit reached RMB59.8 billion, up 5.5% YoY; profit attributable to ordinary shareholders was RMB31.2 billion, down 2.8% YoY.

• Interim dividend per share increased to RMB0.20, totaling RMB5.818 billion, with payout ratio rising to 18.6%.

• Share price rose 21% YTD, outperforming the Hang Seng Index.

• Asset-light and international businesses contributed more to revenue, with fee and commission income up 12% YoY and overseas revenue up 15% YoY.

• Financial subsidiaries led profit growth, while non-financial segments showed mixed results.

Financial highlights

• Fee and commission income in financial business reached RMB32.6 billion, 23.3% of segment revenue; net fee and commission income rose 12.2%.

• Total assets increased 3.5% to RMB12.5 trillion; total liabilities up 3.6% to RMB11.03 trillion.

• Net interest income fell 3.3% due to narrowing net interest margin.

• Cost-to-income ratio improved to 34.2%, down 0.3pp YoY.

• Capital expenditure for H1 2025 was RMB10.4 billion, down 22.9% YoY.

Outlook and guidance

• Focus on high-quality development, innovation, international expansion, and cost control.

• Strategic priorities include deepening financial innovation, upgrading traditional industries, and expanding emerging sectors.

• Commitment to supporting national strategies and improving management efficiency.