CITIC(00267) pays out higher-than-expected midterm dividends, market value management helps valuation to return to normal.

On August 29, 2025, CITIC (00267) announced its mid-term performance for 2025. The company's overall performance in the first half of the year was stable, with the financial and industrial sectors working together to drive growth, and achievements in shareholder returns and market value management were particularly outstanding. The board of directors proposed to distribute a mid-term dividend of RMB 0.2 per share, with a total dividend of RMB 5.818 billion, an increase of RMB 0.01 per share from the previous year, a growth of 5.3%, continuing the trend of "high dividends, stable returns" in recent years. In recent years, CITIC has attached great importance to shareholder returns. The company released a three-year "Shareholder Returns Plan" in 2024, aiming for a dividend payout ratio of not less than 27% in 2024, not less than 28% in 2025, and striving for not less than 30% in 2026. The actual dividend payout ratio in 2024 has reached 27.5%. This year's mid-term dividend has once again been increased, exceeding the established plan expectations. In terms of market value management, CITIC has simultaneously implemented a number of measures: firstly, implementing self-paid stock purchases for senior management, actively conveying confidence to the market; secondly, including all listed subsidiaries in market value management assessments, promoting closer alignment of corporate operations with market expectations; thirdly, increasing communication with domestic and foreign investors to help the market better understand CITIC's comprehensive advantages and investment value. Since the beginning of this year, the market value of several subsidiaries has increased, providing strong support for the overall market performance of the parent company. It is worth noting that, benefiting from the above measures and the continuous policy support for the revaluation of Chinese assets, CITIC's stock price has risen by approximately 30% since the beginning of this year. Since the 14th Five-Year Plan, CITIC's market value has grown by over HK$170 billion, and the price-to-book ratio has increased from 0.25 times five years ago to over 0.4 times. However, CITIC's current price-to-book ratio is still below 1 times net assets, at a historical low. Market analysis believes that, with the revaluation of Chinese assets and the company's steady development, CITIC's valuation still has room for further recovery.