Performance surges, personnel renewal—what big game is CITIC Securities playing next?

Produced by | China Investment Network

Reviewed by | Li Xiaoyan

In 2025, CITIC Securities celebrates its 30th anniversary since establishment, and this special “birthday report card” is highly significant: total annual revenue of 74.85B yuan, net profit attributable to the parent of 30.08B yuan, both setting new historical records; total assets surpassing 2 trillion yuan, maintaining its industry leadership; at the same time, the company initiated a board reshuffle, with more than half of the directors replaced, and senior executives’ annual compensation totaling 26.6133 million yuan. Under the dual coordinates of peak performance and governance renewal, CITIC Securities, at the “thirty” milestone, demonstrates the strong strength and long-term strategic layout of China’s leading securities firm.

In 2025, CITIC Securities delivered its most impressive performance since listing, with core indicators all turning positive, solidifying its position as the industry’s number one. The scale reached a new level: by the end of 2025, total assets hit 2.08 trillion yuan, a 21.7% increase from the end of the previous year, becoming the first domestic securities company with total assets exceeding 2 trillion yuan, with core scale indicators such as net capital and net assets continuing to lead the industry. Profits hit a new high: annual operating income reached 20k yuan, up 28.79% year-on-year; net profit attributable to the parent was 20.8k yuan, up 38.58%, with growth rates significantly higher than revenue, and profitability efficiency continuously improving, maintaining the top spot in the industry for consecutive years.

Business flourished across multiple points, with all five major business segments growing comprehensively, highlighting advantages in investment banking, asset management, wealth management, and other core areas. In investment banking, the firm was the sole underwriter for the largest IPO on the STAR Market—Moore Threads, and maintained the top market share in A-share equity underwriting; wealth management launched the “Xin100” brand, serving over 17 million clients, with public fund A+H share trading volume accounting for 7.65% of the market share; asset management maintained its industry-leading scale, with overseas business revenue increasing by 41.75% year-on-year, demonstrating significant results in internationalization. Cost control was precise, with operating expenses of 20k yuan, up 17.14% year-on-year, lower than revenue growth; staff expenses reached 74.85B yuan, up 3.49% year-on-year, with per capita monthly comprehensive personnel costs around 67.7k yuan, effectively managing costs amid high performance growth.

CITIC Securities’ steady development is inseparable from the long-term leadership of Zhang Youjun. The 60-year-old Zhang Youjun has been with the company since its founding in 1995, rising from General Manager of the Trading Department to Chairman, an authentic “founding veteran,” and has been at the helm of CITIC Securities for nearly a decade. Compensation is linked to performance: in 2025, Zhang Youjun’s pre-tax salary was 2.3034 million yuan, roughly the same as the previous year. From 2020 to 2025, his annual salary gradually adjusted from 30.08B yuan to about 2.3 million yuan, aligning with company performance, industry practices, and personal duties, reflecting a market-oriented incentive and restraint mechanism. With firm strategic resolve, under Zhang Youjun’s leadership, CITIC Securities adheres to the principles of “strengthening the foundation and prudent operation,” aiming at the goal of building a financial powerhouse, continuously enhancing core competitiveness and risk management capabilities, maintaining sustained growth amid market fluctuations, and laying a solid foundation for the company’s 30th anniversary development.

In 2025, CITIC Securities entered the eighth board reshuffle, although the process was delayed due to incomplete candidate nominations, the board members have been gradually adjusted, with more than half of the directors replaced, accelerating governance structure optimization. Each term of the company’s board is three years; the eighth board’s original term was scheduled to end in December 2025. In December 2025, the company announced a postponement of the reshuffle, stating that the election was still in preparation. As of now, several new directors, including Executive Director Zhang Changyi, Non-Executive Directors Li Yi, Liang Dan, Zhang Xuejun, Independent Non-Executive Directors Liu Qiao, Li Lanbing, and Staff Director Shi Liang, have taken office, all starting from December 19, 2025; in March 2026, Wu Yonggao, Deputy Secretary of the Yuexiu Capital Party Committee and Vice Chairman, became a candidate for non-executive director, further optimizing the shareholder structure of the board. This large-scale director replacement is not accidental but a proactive move to adapt to the new “Company Law,” optimize governance, and strengthen strategic decision-making.

The new directors cover fields such as financial management, academic research, and industrial capital, including Liu Qiao, Dean of Peking University Guanghua School of Management, and Li Lanbing, researcher at Nankai University, injecting professional expertise into the board; simultaneously, personnel from Yuexiu Capital, one of the top five shareholders, were introduced to help balance shareholder interests and improve decision-making efficiency. Regarding director and senior executive compensation, in 2025, the total pre-tax salary of the company’s directors and senior executives was 26.6133 million yuan, within a reasonable industry range. As a leading securities firm, CITIC Securities’ director and senior executive pay reflects both motivation for core management and alignment with company performance, industry standards, and does not involve excessive compensation issues.

While outstanding performance and governance renewal attract market attention, the postponement of the board reshuffle and the replacement of more than half of the directors also warrant objective and dialectical understanding. The postponement is a routine operation; the company states that the delay is due to ongoing candidate nominations, and clarifies that the current board will continue to perform its duties during the period, not affecting normal operations. Historically, CITIC Securities has experienced prior delays in board reshuffles, which are common compliant practices within the industry and should not be over-interpreted. Personnel changes are an inevitable part of development; on the 30th anniversary, CITIC Securities is entering a new stage of growth. The board reshuffle and personnel adjustments are necessary measures to align with strategic transformation and optimize governance. The new and old leadership succession helps introduce new ideas and resources, injecting vitality into long-term development, rather than signaling negative signals. Short-term disruptions are limited; despite 14 changes in directors and senior executives in 2025, the management team remains stable, and core business teams are unaffected, with the overall performance growth serving as the best proof. Short-term personnel adjustments will not alter CITIC Securities’ long-term positive development trend.

Standing at the new starting point of its 30th anniversary, CITIC Securities’ strategic declaration of “thirty and establishing a new journey” demonstrates its responsibility and commitment as an industry leader. The record-breaking performance in 2025 has accumulated strong capital for future development and provides ample confidence to face market fluctuations. The board reshuffle and personnel adjustments will further enhance the scientific and forward-looking decision-making of the company, providing institutional support for high-quality development. With the full promotion of the registration system and deepening reforms in the capital market, CITIC Securities, leveraging its scale, talent, and business advantages, is expected to continue leading in wealth management, investment banking, asset management, and internationalization, contributing more to the development of China’s capital market.

Overall, CITIC Securities’ 2025 performance, the best in history, celebrates its 30th anniversary, while governance renewal opens a new chapter. The top performance demonstrates strength; governance renewal consolidates soft power. The short-term postponement of the reshuffle and personnel changes are normal adjustments in long-term development. As China’s flagship securities firm, CITIC Securities is moving forward with a more steady posture, leading the industry’s high-quality growth, and writing a glorious chapter for the next thirty years.