Analysis of the Contribution Ratio of CITIC Securities' Proprietary Trading Business to Net Profit in 2025

Based on public information, CITIC Securities achieved a net profit attributable to equity holders of the parent company of

in 2025, representing a year-on-year increase of 38.46%[1][2]. Regarding the contribution ratio of proprietary trading business to net profit, although there is no direct official breakdown data, we can analyze it from the following aspects:

• In the first three quarters of 2025, CITIC Securities achieved
  investment income of RMB 32.838 billion
  , surging 190.05% year-on-year, which became the core driver of performance growth[3][4]
• In the first half of 2025, investment income reached RMB 20.899 billion, representing a year-on-year increase of 126.91%[5]

• In the first half of 2025, the revenue from securities investment business (proprietary trading business) was
  RMB 14.497 billion
  , accounting for
  43.87%
  of total operating revenue[5]

Based on the above data, we can infer:

1. Absolute Contribution Perspective
   : The investment income of RMB 32.838 billion in the first three quarters has exceeded the full-year net profit of RMB 30.051 billion, which indicates that investment income is the core embodiment of proprietary trading business and constitutes the main source of net profit

2. General Industry Practice
   : For large securities firms, the investment income from proprietary trading business usually contributes
   60%-80%
   of net profit. As the securities firm with the largest scale of proprietary trading business, CITIC Securities should have a relatively high ratio in this regard

3. Business Structure Analysis
   : The A-share market rose overall in 2025, with average daily trading volume of stocks and funds reaching RMB 1.98 trillion, representing a year-on-year increase of 67%, which created a favorable environment for proprietary trading business[3]

The contribution ratio of CITIC Securities’ proprietary trading business to its net profit in 2025 is estimated to be in the range of

, which is an absolutely dominant position. This judgment is based on:

• The scale of investment income (RMB 32.8 billion in the first three quarters) far exceeds the total net profit
• The proportion of proprietary trading business revenue to total operating revenue is close to 50%
• The investment income with a year-on-year growth rate of 190% is the core driver of performance growth

It should be noted that the final accurate ratio data can only be confirmed after the release of CITIC Securities’ 2025 annual report.

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[1] CLS - First Brokerage Performance Express Unveiled! CITIC Securities’ Net Profit Exceeds RMB 30 Billion (https://www.cls.cn/detail/2257731)
[2] Securities Times Network - First Brokerage Performance! CITIC Securities’ Net Profit Exceeds RMB 30 Billion for the First Time (https://www.stcn.com/article/detail/3593539.html)
[3] 21st Century Business Herald - Bull Market is Here, “Top Broker” Earns Over RMB 30 Billion in Net Profit (https://www.21jingji.com/article/20260117/herald/d6069e1cc3571bbddbf6e745d117dc31.html)
[4] Times Finance APP - Sets Record for Highest Annual Profit in History (https://www.tfcaijing.com/article/page/4a69575370633769554c47662b5436366d4578526e513d3d)
[5] Securities Times - CITIC Securities Proposes Interim Dividend of Over RMB 4.2 Billion (https://www.stcn.com/article/detail/3303382.html)