CICC releases 2025 performance report: net profit significantly increased, investment banking performance shines

On March 30, China International Capital Corporation (CICC) officially turned in its 2025 performance “report card.”

By the end of 2025, CICC Group’s total assets amounted to RMB 782.826 billion, up 16.02% from the end of the previous year. For the full year, it recorded revenue of RMB 28.481 billion and attributable net profit of RMB 9.791 billion, representing year-on-year increases of 33.5% and 71.03%, respectively. The growth rate of its performance was notably higher than the industry average.

Driven by the sustained advantages of an integrated model combining “investment + investment banking + research,” CICC’s core business segments—including its investment banking, equities, and wealth management—have shown a promising pattern of strong performance across multiple fronts. Among them, the company ranked first in the industry across multiple indicators, including the global IPO financing scale of Chinese enterprises and the underwriting scale of HK-listed IPOs.

In terms of shareholder returns, CICC plans to distribute cash dividends via cash dividend payments of approximately RMB 1.11 billion. For 2025 as a whole, the company distributed cash dividends totaling RMB 0.32 per 10 shares, bringing the total cash dividend amount to RMB 1.545 billion, up 78% year over year and achieving the highest annual dividend payout since listing.

At the key starting point of the “15th Five-Year Plan’s second phase” (i.e., the launch of the “15th Five-Year Plan period”), while maintaining internally driven high-quality growth, CICC is actively moving forward with the absorption merger of Dongxing Securities and Cinda Securities. Through complementarity of strengths, it aims to unlock the “1+2>3” synergy effect and accelerate the building of a first-class investment bank with international competitiveness.

Performance growth far outpaces the industry average, and core businesses show strong results across multiple fronts

In 2025, the overall securities industry saw a “great harvest.” According to data from the China Securities Association (CSA), across the entire industry, 150 securities firms generated full-year revenue of RMB 541.171 billion and net profits of RMB 219.439 billion, increasing 20% and 31% year over year, respectively. Contributions from proprietary trading and brokerage businesses each accounted for more than 30%.

Relying on its outstanding overall strength, CICC achieved growth far above the industry average. On March 30, CICC released its 2025 annual report showing that for the full year, the company achieved revenue of RMB 28.481 billion, up 33.5%; attributable net profit of RMB 9.791 billion, up 71.93%.

All major core business segments also flourished across the board, with investment banking performing especially strongly. During the year, it completed benchmark market projects such as those for Contemporary Amperex Technology Co., Ltd. (CATL), Huadian Xinneng, Seres, and Sanhua Zhikong. It also leveraged innovation to help Jiaxin International Resources complete simultaneous listings in Hong Kong and Kazakhstan.

In 2025, CICC ranked first in the industry across multiple indicators, including the global IPO financing scale of Chinese enterprises, the underwriting scale of HK-listed IPOs, the underwriting scale of offshore bonds of Chinese issuers among Chinese securities firms, the scale of participation in exchange-listed REITs by inter-institutional participants, and trading in China’s M&A market.

In its equities business, the company covers more than 15,000 investors inside and outside mainland China. In numerous primary and secondary market projects, it brought in overseas strategic investors and cornerstone investors for listed companies, supporting the entry of long-term capital into the market. Its Hong Kong placement scale ranked first in the market. The QFII business has ranked first in the market for 22 consecutive years, and its cross-connect trading share has continued to lead among Chinese securities firms.

In fixed income, CICC has continued to strengthen customer coverage and product system development, serving customers’ needs for asset allocation and risk management. It has served the Ministry of Finance for nine consecutive years in the issuance of offshore sovereign bonds. In the selection of top contributing institutions for internationalization business excellence at Central Clearing and Settlement (CCASS), it ranked first among securities firms, and it also became one of the first interbank “Bond Connect” (Northbound) bond market-making dealers for repo transactions.

Asset management has developed steadily. Assets under management reached RMB 596.9 billion, up 8% from the end of the previous year. CICC Fund Management’s AUM increased 25% from the end of the previous year to RMB 273.4 billion. During the year, it issued 13 public funds, completed the listing of three public REIT products on the SSE and SZSE, and its public REITs business has continued to develop in a stable and robust manner. Its asset management scale and operational capability have remained among the industry’s leading levels.

In private equity, as of the end of 2025, CICC had assets under management totaling RMB 524.2 billion. Its newly raised capital, newly invested amounts, and the number of investee companies listed all ranked first in the market.

In wealth management, product holding scale has been growing positively for six consecutive years and has broken through RMB 460 billion. The transformation of buy-side investment advisory has achieved notable results, with product holding volume of more than RMB 130 billion reaching a record high. CICC serves nearly 10 million clients, with total customer account assets of RMB 4.28 trillion. At the same time, it is accelerating the AI transformation process of its APP; online wealth management, in terms of cumulative AUM increase, added more than RMB 10 billion.

**“Five major articles”achieved new results,**steadily stepping toward a world-class investment bank

In 2025, CICC has always remained committed to the values of “serving the nation with finance, putting people first, putting clients first, and being diligent and professional.” It has made serving the real economy through financial services its fundamental purpose. Focusing on major national strategies, it built an all-round financial services system and achieved positive results in the areas of the financial “Five major articles.”

In technology finance, throughout the year CICC completed transaction scale for projects related to technology innovation investment banking of more than RMB 1.3 trillion. It set up technology innovation thematic funds with a scale of over RMB 40 billion. It made direct investments in more than 80 technology innovation companies, and its fund investment in sub-funds exceeded 30. It also became one of the first group of “technology innovation bond active market makers.”

In inclusive finance, CICC has built a new ecosystem for financial services to small and medium-sized enterprises. In 2025, CICC completed transaction scale of relevant projects totaling RMB 1.5 trillion; the share of the number of A-round and pre-A-round enterprises invested in accounted for more than 30%. It continued to improve the service closed-loop of “broad access, precise conversion, and full-cycle accompaniment.” By the end of 2025, it had cumulatively covered about 8,800 specialized and innovative “small giants” (专精特新) enterprises.

In green finance, throughout the year, CICC completed transaction scale of projects related to investment banking exceeding RMB 1.5 trillion, helping the Ministry of Finance issue RMB 6 billion in offshore renminbi green sovereign bonds. It implemented the first CGT-ESG bond portfolio in the Hong Kong market and actively explored innovations in green finance and cutting-edge research.

In pension finance, CICC has continued to serve social security funds and enterprise annuity investment and management. National social security funds have delivered excellent portfolio performance and have been rated No. 1 for comprehensive social security services for two consecutive years. It is actively exploring innovation in pension products, deeply cultivating pension investment management for more than 20 years. Its current management scale exceeds RMB 170 billion, serving nearly 45 million people.

In digital finance, CICC has explored enabling business development with large models, building the “Nine Chapters” (九章) large model institutional application platform. It won the first prize in the People’s Bank of China Financial Technology Development Awards. It has also incubated benchmark applications including “CICC Pointing the Eyes” (中金点睛) and “CICC Insight Reading” (中金智阅) large models, and has continued to lead the industry’s digital transformation across areas such as investment banking, research, institutional sales, and wealth management.

It is worth noting that, against the backdrop of high-level opening-up by the country, CICC is deeply involved in co-building the “Belt and Road,” supporting Shanghai and Hong Kong’s development as international financial centers, and working to build the global brand of “Chinese enterprises going global and CICC providing services.” In 2025, CICC officially opened a branch at the Dubai International Financial Centre (DIFC) in the United Arab Emirates, becoming the first Chinese securities firm to set up a licensed branch in the Gulf region. For the full year, its offshore business revenue increased 58% year over year, accounting for nearly 30% of total revenue.

Looking ahead to 2026, CICC stated that it will stay true to its original intention of using finance to serve the country, continue to play the bridge role connecting the real economy and capital markets, and work to achieve new breakthroughs and deliver new results along the path of high-quality development—striving to build China’s internationally first-class investment bank and become a leading financial institution with global recognition.

By/Hu Meng

Edited by Chen Li

Proofread by Liu Baoqing