Analysis of Leverage Ratio Level of CITIC Securities (600030)

Based on the latest financial data, I will provide a detailed analysis of the leverage ratio level of CITIC Securities for you.

I. Core Leverage Ratio Indicators

Indicator	2025	2024	Change
Asset-Liability Ratio	84.17%	75.55%	+8.62 percentage points
Financial Leverage Multiple	6.51x	5.84x	+0.68x
Total Assets	20,835.34 hundred million yuan	17,107.11 hundred million yuan	+21.79%
Shareholders’ Equity	3,199.05 hundred million yuan	2,931.09 hundred million yuan	+9.14%
Total Liabilities	17,537.11 hundred million yuan	12,924.42 hundred million yuan	+35.69%

II. Key Analysis

1. Significant Increase in Asset-Liability Ratio

In 2025, CITIC Securities’ asset-liability ratio reached
84.17%
, a significant increase of 8.62 percentage points from 75.55% in 2024
This level is close to the warning line for the securities industry (usually 80%)[1][2]
This reflects the asset-heavy nature of the securities industry, where securities firms generally rely on debt operations

2. Continuous Increase in Financial Leverage

The financial leverage multiple increased from 5.84x in 2024 to 6.51x in 2025
The equity multiplier rose simultaneously, indicating that the leveraging effect of shareholders’ equity on assets has increased
Against the backdrop of rapid asset scale expansion (21.79%), the growth rate of shareholders’ equity (9.14%) is relatively slow

3. Asset Scale Exceeds RMB 2 Trillion

By the end of 2025, total assets reached
20,835.34 hundred million yuan
, making it the first domestic securities firm to enter the “2 Trillion Club”
The asset scale increased by 21.79% year-on-year, representing a significant growth rate
The growth rate of liabilities (35.69%) is much higher than that of assets, indicating that the company actively increased leverage to expand its business scale

III. Leverage Ratio Level Assessment

Assessment Dimension	Conclusion
Industry Comparison	It is at a relatively high level in the securities industry, and within the normal range among leading securities firms
Risk Assessment	The leverage level has increased but the overall risk is controllable, complying with regulatory requirements
Business Driver	Asset expansion is mainly driven by increased demand for businesses such as brokerage and proprietary trading
Capital Adequacy	Shareholders’ equity attributable to the parent company is 3,199 hundred million yuan, providing support for risk buffering

IV. Chart Analysis

CITIC Securities Leverage Ratio Analysis

The chart above shows:

Annual comparison of asset-liability ratio and the warning line
Upward trend of financial leverage multiple
Significant growth of asset scale
In 2025, liabilities accounted for 84.2% and shareholders’ equity accounted for 15.8% of the asset composition

V. Summary

As an industry leader, CITIC Securities’ leverage ratio level reflects the following characteristics:

High but Reasonable Leverage Ratio
: The characteristics of the securities industry determine a relatively high asset-liability ratio level
Strong Expansion Momentum
: The asset scale exceeding RMB 2 trillion shows strong development momentum
Controllable Risk
: As a leading securities firm, it has strong capital adequacy and risk control capabilities
Need to Monitor Subsequent Changes
: With the tightening of regulatory policies, there is limited room for further increase in the leverage ratio

References

[1] Eastmoney - CITIC Securities (600030) Financial Data Page (http://quote.eastmoney.com/sh600030.html)

[2] Shanghai Securities News - 2025 Annual Performance Express Announcement of CITIC Securities Co., Ltd. (https://paper.cnstock.com/html/2026-01/15/content_2170244.htm)

[3] CLS - First Securities Firm Performance Express Released! CITIC Securities’ Net Profit Exceeds RMB 30 Billion (https://www.cls.cn/detail/2257731)

[4] Investing.com - CITIC Securities’ 2025 Net Profit Attributable to Parent Company is 30,051 million yuan (https://cn.investing.com/news/stock-market-news/article-3165306)

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