Net profit of 9.79 billion yuan, ROE rose to 9.39%: China International Capital Corporation delivers a successful performance report in its 20th year

Ask AI · Asset Restructuring Progress, How Will China International Capital Corporation’s Synergy Manifest?

In 2025, the capital market rebounded and improved, bringing impressive performance to the securities industry, which can also be glimpsed from recent disclosures of several brokerages’ annual reports. Under the hot market, competition among leading institutions has become increasingly fierce. How to ensure comprehensive development across all business lines while leveraging unique advantages to win a key move has become a market focus. Now, the spotlight is on China International Capital Corporation.

At the important milestone of its 30th anniversary, China International Capital Corporation (CICC) delivered a satisfactory report card: achieving an annual operating income of 28.48B yuan and a net profit attributable to shareholders of 9.79B yuan, representing significant year-on-year increases of 33.5% and 71.93%, respectively. Its performance growth rate stands out among top brokerages, demonstrating strong resilience and growth momentum that can withstand cycles. The notable increase in the weighted average return on equity (ROE), prominent layout of multiple international businesses, record-high dividend scale, and the highly anticipated “1+1+1” major asset restructuring all reveal that CICC is accelerating toward becoming a “world-class international investment bank.”

Net Profit Attributable to Shareholders Surges Over 70%, Investment Banking Leads in Growth

The annual report shows that by the end of 2025, CICC’s total assets reached 782.83B yuan, a year-on-year increase of 16.02%; shareholders’ equity attributable to the parent company was 122.06B yuan, up 5.82%. In terms of profitability, CICC achieved a net profit attributable to shareholders of 9.79B yuan for the year, a remarkable increase of 71.93% year-on-year. Its weighted average return on net assets (ROE) significantly rose to 9.39%, up 3.88 percentage points from the previous year. The ROE after deducting non-recurring gains and losses also reached 9.25%, an increase of 3.78 percentage points. These figures not only confirm the significant improvement in the company’s operational efficiency but also mark that its profitability has entered a new growth channel.

Analyzing the segmented business data, it is clear that CICC keenly seizes market opportunities, fully leveraging the integrated advantages of “investment + investment banking + research,” achieving synchronized expansion of asset scale and profitability.

From the revenue structure, all business lines of the company have rebounded comprehensively, with multiple points of growth. Among them, net income from fees and commissions reached 15.18B yuan, a year-on-year increase of 39.84%, mainly driven by increased fees and commissions from investment banking and brokerage businesses. Meanwhile, investment business (investment income and fair value changes) contributed 14.28B yuan, becoming one of the company’s core revenue sources, with a 41.23% increase. This is mainly due to the overall warming of the equity market in 2025 and the company’s precise layout of off-market derivatives, private equity securities funds, and other products.

Specifically, as CICC’s traditional “ballast stone,” the investment banking business performed especially well in 2025, not only achieving significant scale growth but also playing a key role in serving national strategies and leading market innovation.

The annual report discloses that in 2025, CICC’s net fee income from investment banking reached 5.03B yuan, a year-on-year increase of 62.57%, ranking first among all business lines in growth rate. In the complex and changing global capital markets, CICC continues to lead major domestic and overseas capital operations with its deep client base and excellent cross-border service capabilities. The report highlights several representative landmark projects: assisting new energy giant CATL in successfully listing on the Hong Kong Stock Exchange, leading the sponsorship of China Power New Energy’s A-share mainboard IPO, helping Seres Motors list on the Hong Kong Stock Exchange’s main board to achieve “A+H” dual listings, and supporting companies like Sanhua Intelligent Controls to enhance their global competitiveness.

These projects not only solidify CICC’s leading position in emerging industries but also demonstrate practical actions in the “technology finance” and “green finance” sectors within the “Five Major Articles” of finance. Data shows that in 2025, CICC’s transaction scale of investment banking projects related to technological innovation exceeded 1.3 trillion yuan, and the transaction scale of projects in the green finance field surpassed 1.5 trillion yuan. Besides traditional IPOs and refinancing, CICC also demonstrated strong comprehensive service capabilities in mergers and acquisitions, restructuring, and debt risk mitigation. In 2025, CICC resolved debt and revitalized assets exceeding 1.7 trillion yuan, attracting over 32 billion yuan in funds.

In the areas of “inclusive finance,” “pension finance,” and “digital finance,” CICC is also accelerating its layout. In 2025, the company completed an inclusive finance-related project transaction scale of 1.5 trillion yuan, with over 30% of the deals involving A-round and pre-A-round companies; it continued to serve social security funds and enterprise annuities, with outstanding performance in the national social security fund investment portfolio, ranking first in social security comprehensive service for two consecutive years; and it explored large model empowerment for business development, creating the “Nine Chapters” large model application platform for institutions, which includes document intelligent processing, information integration, and intelligent Q&A functions, winning the first prize in the People’s Bank of China’s Financial Technology Development Award.

International Business Contribution Rises, Global Layout Achieves New Breakthroughs

As one of the earliest Chinese-invested investment banks with international layout, in 2025, international strategy also became an important engine for CICC’s performance growth, with continued deepening of overseas markets and high levels of revenue and profit contribution from international business.

According to the regional breakdown of main business income disclosed in the annual report, in 2025, CICC’s overseas business income reached 13k yuan, a substantial increase of 58.1% year-on-year, with its proportion of total revenue rising to 29.5%. Its core overseas platform, CICC International, performed especially well, achieving a net profit of 15k Hong Kong dollars, up 78.02% year-on-year. By the end of 2025, CICC International’s total assets reached 17k yuan, accounting for 30.44% of the group’s total assets. A recent research report from Huatai Securities also analyzed that in 2025, CICC International’s net profit contribution to the group reached 49%, up 3 percentage points from the previous year, maintaining a high level.

It is worth noting that over the past year, CICC’s overseas business not only achieved incremental growth but also expanded its global network. In 2025, CICC officially opened a branch in Dubai International Financial Centre, becoming the first Chinese-funded brokerage to establish a licensed branch in the Gulf region. To date, CICC has subsidiaries or branches in Hong Kong, New York, London, Singapore, Frankfurt, Tokyo, Vietnam, Dubai, and other locations, continuously enriching its international network.

In recent years, CICC has used Hong Kong as a bridgehead to steadily expand its business layout in regions involved in the “Belt and Road” initiative and emerging markets. It has continuously promoted overseas brand building and hosted CICC series of forums in Southeast Asia, the Middle East, Latin America, Japan, and other regions, including the first “China-Brazil Economic and Financial Forum” held in São Paulo, Brazil, in 2025.

With its global service network and outstanding professional capabilities, CICC has long served Chinese enterprises’ “going global” and foreign capital’s “bringing in.” In 2025, CICC completed approximately $6 billion in financing transactions related to the “Belt and Road,” attracting over 200 billion yuan of foreign investment into A-shares and Hong Kong stocks, effectively promoting efficient two-way capital flow. Meanwhile, CICC has maintained the top position in QFII business for 22 consecutive years, leading the market in interconnection transaction share among Chinese brokerages, and as the only Chinese-invested investment bank, has served the Ministry of Finance’s offshore sovereign bond issuance for nine consecutive years, gaining more voice and pricing power in international capital markets.

Active global layout has also driven CICC to achieve multiple “firsts” in international business. For example, in 2025, it ranked first among Chinese-funded enterprises in global IPO financing scale, first in Hong Kong stock IPO underwriting scale, and first among Chinese brokerages in offshore bond underwriting for Chinese issuers.

Major Asset Restructuring Steadily Advancing, Shareholder Returns Reach New Highs Since Listing

While maintaining high-quality internal growth, CICC has also steadily advanced its major asset restructuring initiated in 2025, including the share swap merger with Dongxing Securities and Cinda Securities, actively seizing external expansion opportunities. According to the annual report and latest announcements, this restructuring adopts a share swap merger approach, with a clear exchange ratio of 1 share of Dongxing Securities A-shares for 0.4373 shares of CICC A-shares, and 1 share of Cinda Securities A-shares for 0.5188 shares of CICC A-shares. Since the suspension of trading in November 2025 for planning and resumption in December with disclosure of the plan, CICC has been steadily progressing through relevant procedures.

This strategic restructuring aims to fully leverage the advantages of business capabilities, network layout, customer resources, and financial capital, striving to realize the “1+2>3” synergy effect. Industry insiders believe that this move is expected to further expand CICC’s business footprint, consolidate its industry-leading position, and inject new momentum into building a first-class international investment bank with global competitiveness. Notably, this restructuring is also a landmark case of industry consolidation under the policy guidance of regulators supporting leading brokerages to optimize and strengthen through mergers and acquisitions, enhancing core competitiveness, and improving industry concentration.

In addition, CICC continues to optimize its shareholder return mechanism and increase dividend payout ratios. The profit distribution plan disclosed simultaneously with the annual report shows that the company intends to distribute cash dividends of about 1.11 billion yuan (pre-tax) to shareholders, with each 10 shares receiving 2.3 yuan (pre-tax). Coupled with the interim profit distribution implemented in December 2025, the total cash dividends for 2025 will amount to 3.2 yuan per 10 shares (pre-tax), totaling 15k yuan, a 78% increase year-on-year, reaching the highest annual dividend scale since listing. This dividend strength not only demonstrates CICC’s robust profitability and ample cash flow but also confirms its shareholder-centered development philosophy and long-term value creation capability.

Standing at a new starting point of thirty years, CICC demonstrates strong strategic resolve and growth resilience. Looking ahead to 2026, CICC states it will focus on “building China’s first-class international investment bank,” continue to serve as a bridge connecting the real economy and capital markets, and strive to write new chapters in the “Five Major Articles” of finance, achieving new breakthroughs in high-quality development.