CITIC dividend: history, coverage and yield
CITIC paid RMB16,291 million in dividends in 2025, compared with RMB15,272 million in 2024. The business uses borrowing and customer deposits, which are obligations to customers, not spare cash for shareholders.
How much does CITIC pay in dividends?
Dividends rise modestly in the base case, from HKD0.62 per share in October 2027 to HKD0.66 and HKD0.70. The path follows the 30% cash-payout ambition and the history of generally rising DPS, although the 2023 dividend fell and bank NIM declined from 2.1% in 2021 to 1.6% in 2025. The bear case falls to HKD0.48, HKD0.42 and HKD0.38 as earnings and upstream cash weaken. The bull case rises to HKD0.70, HKD0.80 and HKD0.92 if fees, industrial profits and parent cash remittances improve.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 769,264 | 747,200 | 680,832 | 663,438 | 588,651 |
| Net income | 58,730 | 58,202 | 57,594 | 64,931 | 58,307 |
| EPS, diluted | 2.01 | 1.97 | 1.98 | 2.23 | 2.00 |
| Dividend per share | 0.59 | 0.55 | 0.52 | 0.58 | 0.49 |
What this means. Revenue is not just money from selling products because it also includes CITIC Bank income and investment and derivative gains or losses.
Does CITIC's cash cover its dividend?
CITIC paid RMB16,291 million in dividends in 2025, compared with RMB15,272 million in 2024. Buybacks and new parent-company share sales were zero throughout 2021–2025. The group also uses borrowing and customer deposits, but deposits are obligations to customers, not spare cash for shareholders. Large debt repayments therefore cannot be mistaken for an equal reduction in debt.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 16,291 | 15,272 | 17,300 | 16,404 | |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| New shares sold | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 29 | 0 | -1,973 | -165,918 |
What this means. The negative acquisition amounts in 2023 and 2022 do not mean the company sold businesses; they mean it received more cash than it paid when buying and consolidating businesses.
What could change CITIC's dividend?
The view would move toward the bear case if NIM continues to decline, borrower stress raises credit costs, or capital-market and commodity earnings normalize during 2027 and 2028. Adverse Sino Iron outcomes and continued property impairments would further weaken cash generation and dividends.
The base case would gain support from 2026 attributable profit landing within the analysts’ RMB60.3–64.0 billion range, followed by modest earnings growth. Stable NIM, contained credit costs and broad maintenance of the 30% payout would support the forecast through 2029.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 1,005,220 (989,021 / 1,034,207) | 1,138,985 (995,602 / 1,187,784) | 1,277,024 (1,074,503 / 1,356,693) |
| Shares (millions) | 29,090 (29,090 / 29,090) | 29,090 (29,090 / 29,090) | 29,090 (29,090 / 29,090) |
| Dividends per share | 0.62 (0.48 / 0.70) | 0.66 (0.42 / 0.80) | 0.70 (0.38 / 0.92) |
| Price to book value | 0.46 (0.34 / 0.49) | 0.47 (0.31 / 0.54) | 0.49 (0.29 / 0.60) |
What is CITIC's dividend yield against its share price?
CITIC looks cheap only when its mixed businesses and claims are separated. On 15 October 2026, its shares traded at HK$12.70. The market value was HK$369,446 million.