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CITIC Securities Co Ltd
XMUN:CI9

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CITIC Securities Co Ltd Logo
CITIC Securities Co Ltd
XMUN:CI9
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Price: 2.74 EUR
Market Cap: €65.1B
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Financial profile · Q2 FY2026

A diversified capital-markets franchise with cyclical earnings and modest physical investment

CITIC Securities operates a diversified, market-sensitive capital-markets model spanning brokerage, securities trading, investment banking, and asset management. Its financial profile is shaped more by trading and financing positions than by fixed-asset investment, making earnings growth potentially strong but cash flow more volatile than accounting profit.

What is developing

The latest comparable results show a meaningful earnings acceleration across the income statement, while operating cash flow remains volatile because broker-dealer balance-sheet movements can diverge from reported profit. This strengthens near-term profitability without clearly changing the underlying market-sensitive financial model.

What matters next

Whether earnings growth remains broad-based while operating cash flow normalizes after trading and financing balance-sheet movements.

CNY
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Revenue
41.2B 46.1B 40B 46B 59.2B 82.9B 71.1B 66.5B 72.6B 86.5B
Cost of Revenue
(3.3B) (3.7B) (2.9B) (3.5B) (5.1B) (6.4B) (6B) (6.5B) (8.8B) (11.6B)
Gross Profit
37.9B 42.4B 37.1B 42.5B 54.2B 76.5B 65.1B 60B 63.8B 74.9B
Operating Expenses
(22B) (25.7B) (25.2B) (24.5B) (28.1B) (41.1B) (36.7B) (34.3B) (36.4B) (33.9B)
Selling, General & Administrative
(17.2B) (16.7B) (17B) (17.5B) (20.3B) (27B) (27.5B) (27.9B) (28.9B) (32B)
Depreciation & Amortization
(787m) (883m) (759m) (1.4B) (1.5B) (1.7B) (1.7B) (1.6B) (1.7B) (1.6B)
Other Operating Expenses
(4.1B) (8.1B) (7.4B) (5.6B) (6.3B) (12.4B) (7.5B) (4.8B) (5.8B) (254.2m)
Operating Income
15.9B 16.7B 11.9B 18B 26B 35.4B 28.4B 25.6B 27.4B 41B
Interest Expense
— — — — — — — — 18.9B 18.6B
Non-Recurring Items
(1.7B) (466m) 127m (969m) (5.4B) (3B) 399.8m 481m 1.1B (866m)
Total Other Income
61m (75m) 430m (16m) (168m) (531.7m) 140.1m 71.8m (87.7m) (342.5m)
Pre-Tax Income
14.3B 16.2B 12.5B 17B 20.5B 31.9B 29B 26.2B 28.4B 39.8B
Tax Provision
(3.3B) (4.2B) (2.6B) (4.3B) (5B) (7.9B) (6.8B) (5.6B) (5.8B) (8.8B)
Income from Continuing Operations
11B 12B 9.9B 12.6B 15.5B 24B 22.2B 20.5B 22.6B 31B
Income to Minority Interest
(616m) (544m) (487m) (420m) (614m) (905.5m) (851.4m) (818.8m) (885.8m) (930.6m)
Net Income
10.4B 11.4B 9.4B 12.2B 14.9B 22.9B 20.8B 19.2B 20.9B 29B
EPS (Diluted)
0.86 0.94 0.77 1.01 1.16 1.68 1.42 1.30 1.41 1.96
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Continue CI9 Research

Summary
CI9 intrinsic value, competitors valuation, and company profile.
DCF Valuation
CI9 stock valuation using Discount Cash Flow valuation method.
Relative Valuation
CI9 stock valuation using valuation multiples.
Wall St Estimates
CI9 price targets and financial estimates made by Wall Street analysts.
Profitability
Detailed analysis of the company's profitability.
Solvency
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
CI9 stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall St Estimates
Profitability
Solvency
Financials
Discount Rate
Other CITIC Securities Co Ltd listings:
OTC • USD
CIIHY
 OTC • USD
CIIHF
 HKEX • HKD
6030
 F • EUR
CI9
 SSE • CNY
600030
 SWB • EUR
CI9
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