CITIC Limited

In the first half of 2026, CITIC Limited reported revenue of RMB 408 billion, up 10.7% year over year. Net profit was RMB 70.8 billion, up 18.3%, and profit attributable to shareholders was RMB 33.8 billion, up 8.1%. EPS came in at RMB 1.16, also up 8.1%, and the interim dividend was set at RMB 0.21 per share, up 5% year over year. Net fee and commission income reached RMB 39.7 billion, up 22%, overseas revenue was RMB 84.7 billion, up 29%, and the cost-to-income ratio was 31.6%, down 2.6 percentage points year over year. Management did not give formal quarterly or full-year financial guidance, but it said the second half will continue to focus on the 3-3-5 strategy, value creation, and stronger returns to shareholders. It also noted ongoing capital actions including RMB 16 billion into CITIC Securities, RMB 2.5 billion into CITIC Prudential Life, and over RMB 26 billion related to CITIC Bank convertible bond conversion.

The lead strategic message was that CITIC is upgrading its 3-3-5 high-quality development strategy into a more focused framework built around financial strength, industrial integration, and technology-driven growth. Management repeatedly stressed that CITIC should move from being large to being strong, with a clearer emphasis on core financial businesses, investment capability, and selected emerging industries such as new energy, new materials, robotics, and life sciences. The tone was confident and deliberate, with explicit comments that the company will also withdraw from businesses that are no longer a fit.

The financial commentary highlighted stronger earnings quality, better efficiency, and a healthier balance sheet. Management cited revenue of RMB 408 billion, net profit of RMB 70.8 billion, EPS of RMB 1.16, and a cost-to-income ratio of 31.6%, while also noting financial business income at 24.7% of total revenue and a 3% decline in non-financial interest expenses to RMB 4.76 billion. On the balance sheet side, total assets reached RMB 13.65 trillion, overseas total assets were RMB 1.48 trillion, and non-financial business interest-bearing liabilities fell 3.9% from the start of the year. Management also pointed to dividend growth, upgraded ratings and ESG, and continued capital support to major subsidiaries.

Analysts focused on the 3-3-5 strategy, CITIC’s role in building a strong financial nation, direct financing and asset management, fintech support for new productive forces, CITIC Bank’s medium-term outlook, and how CITIC Securities will respond to industry competition and use the additional RMB 16 billion investment. Management said the strategy is a systematic upgrade built on CITIC’s existing strengths, with three main businesses, three major projects, and five key measures, and added that the group will both strengthen core businesses and exit non-core areas when necessary. On financial services, management said CITIC is leveraging its full license platform, direct financing scale, and risk management capabilities; on CITIC Bank, it emphasized stable credit quality, strong NIM, and sustainable low-cost liabilities. The CITIC Securities discussion began with the announcement of the H-share private placement, but the transcript cuts off before the full answer.