CICC's net profit attributable to parent company in 2025 increased by over 70% year-on-year, with overseas business revenue up 58% year-on-year.

On March 30, China International Capital Corporation Limited (hereinafter “CICC,” 601995.SH, 3908.HK) released its annual performance for the year ended December 31, 2025.

The annual report shows that CICC Group’s total assets at year-end were RMB 782.826 billion, up 16.02% from the end of the previous year; operating revenue was RMB 28.481 billion, up 33.50%; attributable net profit was RMB 9.791 billion, up 71.93%; and the weighted average return on equity (ROE) was 9.39%.

In 2025, the securities industry entered a breakthrough period shifting from large-scale expansion to high-quality development: across the industry, 150 brokerages’ revenue increased year over year by 19.95% to RMB 541.171 billion, and net profit increased year over year by 31.2% to RMB 219.439 billion. The overall market recovered, but differentiation intensified. Leading brokerages are taking the lead by leveraging advantages in comprehensive financial services and cross-border offerings. With the dividends from traditional channel businesses fading, the industry is being forced to transform toward investment banking, asset management, and wealth management.

On the policy front, the revised “Regulations on the Classification and Evaluation of Securities Companies” strengthens assessments for ROE and for serving the real economy. With the full implementation of the registration-based system deepening, medium- and long-term funds entering the market, the expansion of “Bond Connect,” financial support for the “Belt and Road,” and other policies, these have all created room for leading brokerages to expand cross-border and industrial-finance business.

By business segment, in 2025 CICC’s investment banking completed deals such as those for CATL and Seres, helping Jiaxin International Port in both locations achieve listings at the same time; among five indicators—including underwriting global IPOs of Chinese companies, underwriting IPOs in Hong Kong, underwriting offshore bonds of Chinese entities, listing of inter-institution REITs, and the scale of M&A transactions—CICC ranked first in the industry. It resolved debt and revitalized assets totaling over RMB 1.7 trillion, and brought in funds exceeding RMB 320 billion.

The equity business covers more than 15,000 domestic and overseas investors; it ranked first in Hong Kong share placements. For 22 consecutive years, it ranked first in the industry for QFII, with a leading position among Chinese investors in Stock Connect proportions. It is the only China investment bank whose fixed-income business has served the Ministry of Finance for issuing offshore sovereign bonds for 9 consecutive years. In the internationalization contribution evaluation of China Central Clearing and Settlement Co., Ltd., it ranked first among Chinese brokerages. It is the first batch of “Bond Connect” Northbound trading repurchase market makers.

In the asset management business, the asset management department’s assets under management were RMB 596.9 billion, up 8% year over year. CICC Fund’s AUM increased 25% year over year to RMB 273.4 billion, and it issued 13 publicly offered funds and 3 public REITs, which were listed.

Private equity has AUM of RMB 524.2 billion; its number of newly raised funds, investments, and portfolio companies listed all ranked first. It completed a RMB 50 billion Jing-Jin-Ji venture capital guidance fund and is focusing on semiconductors, AI, and embodied intelligence.

In wealth management, relying on asset allocation advisory services, it helps broaden channels for residents’ income from property. Product holding AUM exceeds RMB 460 billion, and buy-side investment advisory AUM exceeds RMB 130 billion. It serves nearly 10 million client accounts, with client assets of RMB 4.28 trillion; online wealth management AUM added over RMB 10 billion.

On the internationalization front, under a new development pattern, CICC focuses on an internationalization strategy, serving Chinese companies “going global” over the long term, and attracting industrial capital and financial capital “bringing in.” It participates in cross-border transactions such as offshore listings of Chinese companies, offshore bond issuances, and cross-border M&A. In emerging areas including Stock Connect and global asset allocation, it has also maintained a strong development momentum.

As one of the earliest Chinese investment banks to roll out internationalization, in 2025 CICC further expanded its international network. It officially opened a subsidiary in the Dubai International Financial Centre in the United Arab Emirates, becoming the first Chinese securities firm to establish a licensed branch institution in the Gulf region. In 2025, CICC’s overseas business income increased 58% year over year, accounting for nearly 30% of total revenue.

(Responsible editor: Gao Ge ）

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