Net profit surges by 71%! The Middle East accelerates international expansion, with overseas revenue growth approaching 60%, and the trillion-yuan brokerage giant is about to set sail.

As AI · After laying down its move in the Middle East, how will the internationalization strategy be further deepened?

Our newspaper (chinatimes.net.cn) reporter Wang Zhaohuan, Beijing reports

Recently, China International Capital Corporation (601995.SH) released its 2025 annual report. In 2025, the company achieved operating revenue of RMB 28.481 billion, a year-on-year increase of 33.50%; and achieved net profit attributable to parent of RMB 9.791 billion, a year-on-year increase of 71.93%.

The annual report analysis points out that for the sharp growth in revenue, the main reasons are the increase in net income from investment banking business and brokerage fees and commissions, as well as the increase in net gains from financial instruments measured at fair value.

In the view of industry professionals, with trading activity remaining active, the business outlook for equity investment, investment banking, and other segments has continued to rebound, and China International Capital Corporation’s results from its internationalization strategy are notable. The company is advancing the absorption and merger of Dongxing Securities and Cinda Securities; once completed, its capital strength will be significantly enhanced. Its total assets are expected to exceed RMB 1 trillion, and its complementary advantages in business capabilities, network layout, and customer resources are expected to be fully leveraged.

In 2025, China International Capital Corporation’s overseas business revenue increased by 58% year-on-year, accounting for nearly 30% of total revenue. The company completed transactions related to the Belt and Road Initiative with a scale of about $6 billion, and cumulatively introduced more than RMB 200 billion in foreign capital into A-shares and Hong Kong stocks.

It is understood that as one of the earliest Chinese investment banks to implement an internationalization layout, in 2025 China International Capital Corporation further expanded its international network. It officially opened a branch at Dubai International Financial Centre in the United Arab Emirates, becoming the first Chinese securities firm to set up a licensed branch in the Gulf region.

Significant performance growth

China International Capital Corporation’s 2025 annual report shows that in 2025, the company achieved operating revenue of RMB 28.481 billion, up 33.5% year-on-year; achieved net profit attributable to parent of RMB 9.791 billion, up 71.93% year-on-year; achieved earnings per share (EPS) of RMB 1.876, up 81.15% year-on-year; and achieved a weighted average return on net assets (ROE) of 9.39%, up 3.88 percentage points year-on-year.

Looking at main business categories, investment banking business revenue increased by RMB 2.013 billion year-on-year, up 77.95%; stock business revenue increased by RMB 2.906 billion year-on-year, up 65.48%; private equity business revenue increased by RMB 0.297 billion year-on-year, up 38.69%; and wealth management business revenue increased by RMB 2.507 billion year-on-year, up 35.91%.

In 2025, China International Capital Corporation, based on serving the overall development of national strategic initiatives, proactively seized opportunities from market development. It brought into full play its integrated advantages of “investment + investment banking + research,” and steadily improved the quality and efficiency of financial services. Core business segments such as investment banking, stock business, and wealth management achieved steady growth.

While maintaining endogenous high-quality growth, the company is actively promoting the absorption and merger of Dongxing Securities and Cinda Securities, aiming to release the synergy effect of “1+2>3” through complementary advantages, and to accelerate building itself into a first-class investment bank with international competitiveness.

Sun Ting, Chief Analyst of Non-Banking Financials at Soochow Securities, analyzed that the company’s sharp growth in performance is, on the one hand, due to the high proportion of its overseas business. In 2025, the Hong Kong stock market was active and IPO issuance rebounded significantly, leading to high growth in overseas business revenue. On the other hand, the company’s derivatives business achieved high returns.

The annual report further shows that in 2025, net gains from trading financial instruments and derivatives financial instruments amounted to RMB 13.35 billion, up 41.37% year-on-year.

According to interviews with a reporter from Huaxia Times, in 2025 China International Capital Corporation deepened its comprehensive financial service capabilities in the stock business, upgraded global trading capabilities, and covered more than 15,000 domestic and overseas investors. It helped the company support multiple projects across the primary and secondary markets, introducing overseas strategic and cornerstone investors for listed companies, bringing long-term funds into the market, and ranking first in the market in Hong Kong stock placements by scale. The QFII business ranked first in the market for 22 consecutive years, and the share of interconnectivity trading has continued to remain ahead among Chinese securities firms.

The asset management business continued to improve its efforts in acquiring clients. The company’s assets under management increased steadily, reaching RMB 596.9 billion, up 8% from the end of the previous year. China International Capital Fund adheres to investors’ interests as the core, with assets under management increasing by 25% to RMB 273.4 billion from the end of the previous year.

In addition, wealth management relies on asset allocation services to help expand residents’ channels for property-related income. The product holding scale has remained on a positive growth trend for six consecutive years, reaching more than RMB 460 billion. The transformation of buy-side advisory has shown remarkable results, with product holdings of over RMB 130 billion setting a record high. Through omnichannel, multi-scenario client acquisition models, the company serves nearly 10 million customer accounts, with total customer account assets of RMB 4.28 trillion.

“China International Capital Corporation’s transformation of buy-side advisory leads its peers, with its strengths in investment banking both domestically and abroad highlighted, and its institutional trading business capabilities are excellent.” A senior chief researcher in the non-banking industry at a securities firm in South China told a reporter from Huaxia Times in an interview: “Overall, relying on strong capability in ‘using the tools,’ and leading cross-border service capability, after the absorption and merger of Dongxing and Cinda, the company can achieve leaps in revenue and ROE. Considering the return of A+H equity market prosperity, the hot demand for client needs, the normalization of domestic stock and bond financing in progress, and the expectation that the Hong Kong primary market will remain strong, the outlook for the company’s advantaged business segments is improving. Of course, risks from mergers and acquisitions and market changes for investors cannot be ignored either.”

Rapid growth in investment banking performance

The company’s 2025 annual report shows that investment banking business revenue increased by RMB 2.013 billion year-on-year, up 77.95%, mainly due to an increase in net income from fees and commissions and net gains from financial instruments measured at fair value.

It is reported that in 2025, China International Capital Corporation continued to lead in major capital operations both domestically and abroad, completing landmark market projects such as CATL, China Power New Energy, Seres, and Sanhua Intelligent Controls, and innovatively supporting Jiaxin International Resources to achieve simultaneous listings in Hong Kong and Kazakhstan.

Statistics show that in 2025, China International Capital Corporation ranked first among Chinese enterprises in terms of global IPO financing scale, Hong Kong IPO underwriting scale, and the scale of overseas bond underwriting for Chinese issuers among Chinese securities firms; it also ranked first in participation in REIT listings among exchange institutions; and in terms of announced M&A transaction scale in China’s M&A market, it also ranked first. By using integrated and long-term approaches, it provided the market with a replicable risk resolution path. In 2025, the scale of debt resolved and assets revitalized exceeded RMB 1.7 trillion, and funds introduced exceeded RMB 32 billion.

Meanwhile, in 2025, China International Capital Corporation strongly supported technological self-reliance and self-strengthening. The company optimized and upgraded its industrial-chain science-and-technology financial service model, helping key industries strengthen and extend their industrial chains. It built a financial support system covering the whole life cycle of technology enterprises. Throughout the year, it completed transactions with a scale of more than RMB 1.3 trillion related to technology innovation investment banking projects. It established technology innovation themed funds with a scale exceeding RMB 40 billion. It directly invested in more than 80 technology innovation enterprises, and its sub-fund investments exceeded 30.

Looking at 2026, China International Capital Corporation stated that it will promote high-quality business development. In the A-share market, it will continue to consolidate its advantages in large IPO projects and strengthen its service capability for medium-sized projects; it will further deepen coverage of A-share listed companies, especially shoulder-tier and mid-cap companies, to enhance listed companies’ comprehensive service capability. In the Hong Kong market, it will actively seize market hotspots and opportunities such as A-share companies listing in Hong Kong. Relying on its cross-border integrated platform and investor coverage advantages, it will continue to strengthen its influence and competitiveness in large-scale projects and leading-led projects.

“Company investment banking revenue grew significantly year-on-year in the fourth quarter last year. Against the backdrop of a marginal recovery in the pace of IPO issuance, China International Capital Corporation, as a leading institution, was the first to benefit, and its elasticity in repair is particularly evident. Overall, all business lines rebounded in sync; institutional business advantages have continued to be strengthened, and ROE has further improved.” A chief analyst in the non-banking industry at a listed securities firm in Central China said in an interview with a reporter from Huaxia Times.

Acceleration of international business

The company’s 2025 annual report shows that China International Capital Corporation’s overseas business revenue increased by 58% year-on-year, accounting for nearly 30% of total revenue.

According to interviews, in 2025, under the new development pattern, China International Capital Corporation focused on its internationalization strategy, long-term serving Chinese enterprises’ “going global,” and bringing in industrial capital and financial capital. It actively participated in cross-border transactions such as overseas listings of Chinese enterprises, the issuance of overseas bonds, and cross-border M&A. It has also maintained a good momentum in emerging areas such as interconnectivity and global asset allocation.

In 2025, the company completed transactions related to the Belt and Road Initiative with a scale of about $6 billion, cumulatively introducing more than RMB 200 billion in foreign capital into A-shares and Hong Kong stocks. Taking international exchange opportunities such as carrying out international roadshows, inviting overseas clients to conduct research in China, and participating in China-France entrepreneurs’ symposiums, the company actively conveyed the value of China’s market, helping to win greater voice and pricing power in international capital markets.

At the same time, in recent years, the company has used Hong Kong as a bridgehead to steadily expand its business layout in Belt and Road regions and emerging markets. The company has continued to advance overseas brand building, and has held China International Capital series brand forums around business regions such as Southeast Asia, the Middle East, Latin America, and Japan, including the “China-Brazil Economic and Financial Forum,” which was held for the first time in São Paulo, Brazil in 2025.

Guolian Minsheng Securities’ latest research report analyzes that China International Capital Corporation’s international business is leading, and after the merger, the strength of the new entity is expected to increase. Performance is expected to further improve as the market rebounds.

China International Capital Corporation states in its annual report that the company aims to join the ranks of “2 to 3 investment banks and investment institutions in China that are capable of international competitiveness and market-leading influence,” build China’s international first-class investment bank, prevent and resolve financial risks, and advance opportunities for high-level opening-up. It will build service capabilities aligned with national strategic goals at the level of international first-class firms, as well as business operating systems and organizational competitiveness, and it is committed to providing global clients with excellent comprehensive financial services, firmly establishing a business pattern with outstanding client service, strong financial performance, and excellent social reputation.

In 2026, the company will fully write the financial “five major articles,” and in the process of promoting high-quality development, strive to achieve new breakthroughs and deliver new results. It will actively seize market opportunities, strengthen its core competitive advantages, broaden its business moat, and accelerate building itself into a first-class investment bank with international competitiveness.

Byline: Ma Xiaochao Editor-in-Chief: Xia Shencha