CSC Financial (6066) H2 2025 earnings summary

Executive summary

• Achieved operating income of RMB34,985 million, up 16.07% YoY; net profit attributable to equity holders reached RMB9,439 million, up 30.68% YoY; basic EPS was RMB1.09, up 37.97% YoY; return on weighted average equity rose to 10.53% from 8.24% last year.

• Total assets increased 19.49% YoY to RMB676,816 million; equity attributable to equity holders rose 11.87% YoY to RMB119,102 million.

• Board proposed a final cash dividend of RMB1.75 per 10 shares, with total cash dividends for 2025 at RMB2.64 billion, representing 31.24% of net profit.

• Maintained a balanced business structure across investment banking, wealth management, trading and institutional client services, and asset management.

Financial highlights

• Fee and commission income grew 29.84% YoY to RMB13,167 million, mainly from brokerage services.

• Net interest income rose 39.31% YoY to RMB1,095 million, driven by margin financing and securities lending.

• Net investment gains increased 11.95% YoY to RMB8,691 million.

• Total expenses (excluding fee/commission and interest) rose 11.80% YoY to RMB11,590 million, with staff costs up 11.65%.

• Gearing ratio was 76.21%, up 0.72 percentage points YoY.

• Net cash inflow from operating activities was RMB42,720 million, up from RMB1,065 million YoY.

Outlook and guidance

• 2026 marks the start of the "15th Five-Year Plan"; focus on building a first-class investment bank, deepening client-driven growth, and expanding international business.

• Plans to accelerate digital-intelligent transformation, enhance risk management, and strengthen cross-border business.

• Asset management and wealth management to focus on product innovation, digitalization, and global asset allocation.