On the evening of August 29, China International Capital Corporation Limited (CICC) disclosed its 2025 mid-year report. During the reporting period, the company achieved revenue of 128.28 billion yuan, representing a year-over-year increase of 43.96%, and net profit attributable to shareholders of 43.30 billion yuan, up 94.35% year-over-year, significantly exceeding the previously announced performance guidance of 55%-78% growth.

This impressive performance reflects the inevitable result of CICC's continuous refinement and competitive advantage building in key business areas. From a business perspective, CICC's traditional strong businesses such as investment banking benefited from market catalysts, with performance advantages fully materializing. From a geographical perspective, CICC's overseas business surged 75.66% year-over-year in the first half, with overseas business contributing over 30% of total revenue.

Market Catalysts Showcase Business Advantages as "Three Engines" Drive High Revenue Growth

Securities analysts point out that CICC's ROE has outperformed the overall listed securities sector in most years, with investment banking, derivatives, and institutional services as core drivers. In CICC's outstanding mid-year report, these core business advantages were once again validated.

Breaking down company performance by business lines reveals that growth was primarily driven by three businesses: brokerage, investment banking, and proprietary trading. Among these, proprietary trading showed the highest growth rate and largest contribution to revenue increase, achieving investment income of 72.52 billion yuan, up 70.68% year-over-year. Brokerage business net income reached 26.52 billion yuan, up 49.86%, while investment banking net income reached 16.68 billion yuan, up 30.20%. (Note: Investment income = Net investment income - Investment income from associates and joint ventures + Net gains from fair value changes)

CICC's strong performance was driven by two factors: the volatile upward trend in A-share markets and sustained activity in Hong Kong's primary and secondary markets during the first half, as well as CICC's comprehensive financial service capabilities built through long-term accumulation. The investment banking franchise shined brightly, while the deep client base in brokerage business and forward-looking positioning in proprietary trading fully converted into performance.

Specifically, CICC further solidified its position as an international boutique investment bank. Among 51 global Chinese enterprise IPOs, CICC secured 21 deals with total underwriting scale of $11.144 billion, capturing 30% market share and ranking first in the market.

By market segment, in A-shares, CICC completed 7 refinancing projects as lead underwriter in the first half of 2025, with total underwriting amount of 67.242 billion yuan, up 676.9% year-over-year. In H-shares, IPO and refinancing scales increased 408.2% and 201.1% respectively year-over-year. Strong growth across all markets continuously validated and reinforced CICC's investment banking brand position both domestically and internationally.

In brokerage business, traditional brokerage services released performance elasticity amid market improvement. Agency trading income reached 23.89 billion yuan in the first half of 2025, up 58.49% year-over-year, while trading seat rental income reached 327 million yuan, up 7.06%.

Meanwhile, the company's wealth management business achieved rapid development. Product assets under management grew to nearly 400 billion yuan in the first half of 2025, buy-side advisory assets under management increased to nearly 100 billion yuan, and online wealth management scale expanded to 24.5 billion yuan, with all three metrics reaching historical highs.

In proprietary trading, equity investment income surged 190.26% to 35.81 billion yuan in the first half of 2025, primarily benefiting from stock market recovery, significant growth in overseas derivative business investment income in Hong Kong, and increased returns from Science and Technology Innovation Board follow-on investments. Bond investment income declined somewhat due to market volatility.

As markets recovered and the company's capabilities were fully demonstrated, CICC also announced a substantial dividend plan: based on the total share count of 4.827 billion shares as of the announcement date, the company proposes to distribute 0.90 yuan in cash dividends per 10 shares (before tax), with total proposed distribution of 434 million yuan.

Overseas Business High Growth Contributes 30% of Revenue, Cross-Border Service Capabilities Comprehensively Enhanced

Since its establishment in 1995, CICC has inherently possessed international characteristics. Through decades of development and construction, its cross-border business "moat" has deepened significantly, with overseas business consistently delivering superior performance.

By geography, CICC's overseas business achieved revenue of 40.24 billion yuan in the first half, up 75.66% year-over-year, with overseas business proportion rising from 25.71% in the same period last year to 31.37%. Behind this excellent performance lies CICC's continuous iteration and deepening construction of cross-border service capabilities.

Taking the company's investment banking business as an example, CICC completed high-profile projects for CATL, Haitian Flavouring & Food, and Sanhua Intelligent Controls in the first half of 2025. In the highly anticipated CATL IPO project, CICC innovatively introduced international long-term investors and broke the "A+H" issuance discount pattern by pricing at zero discount to A-share closing price, with the project taking only 25 days from filing acceptance to obtaining approval notice.

CICC's outstanding efficiency and firm pricing power facilitated this largest global IPO since 2023, providing important project demonstration for cross-border listing of Chinese assets and becoming an industry pioneer in exploring new cross-border service models.

CICC's "internationalization" capability building extends beyond investment banking business.

In equity business, CICC actively positioned across Stock Connect mechanism hub exchanges, maintaining leading market share in Stock Connect trading and ranking first in H-share full circulation project execution. Additionally, the company comprehensively covers over 13,000 diverse institutional investors domestically and internationally. Leveraging its extensive global sales network, the company introduced strategic and cornerstone investors in multiple milestone projects, with market-leading placement capabilities. QFII business has ranked first in market share for 22 consecutive years, with multiple global long-term funds achieving leading investment research rankings.

In fixed income business, CICC continuously strengthened international client coverage and trading service capabilities, establishing a dual-center approach with Mainland China and Hong Kong, and building a global sales network spanning New York, Singapore, Tokyo and other locations, with cross-border settlement volumes continuing to increase.

In research business, CICC's research team comprises over 300 experienced professionals covering more than 40 industries and over 1,800 companies listed on exchanges in Mainland China, Hong Kong SAR, New York, Singapore, Frankfurt, London and Paris.

While strengthening existing cross-border businesses, CICC continues exploring new geographical layouts to expand the territorial boundaries of Chinese financial influence.

In May this year, CICC's Dubai International Financial Centre (DIFC) branch officially opened, becoming the first licensed branch office established by a Chinese securities firm in the Gulf region. Through enhanced global resource integration, the company now covers over 90 overseas central banks and sovereign institutions. In the first half, CICC facilitated total foreign investment inflows of approximately 130 billion yuan.

Simultaneously, CICC actively supports UAE's expansion of business layout in China, co-hosting seminars with UAE's Ministry of Investment, conducting comprehensive cooperation with institutions like Abu Dhabi Investment Authority, and guiding bilateral investment between enterprises from both regions.

As CICC further strengthens its "internationalization" strategy, its core competitive advantages will be further consolidated, accelerating the creation of a world-class investment bank with international competitiveness.

In Conclusion

This outstanding report card delivered by CICC not only represents the concentrated demonstration of long-term strategic positioning and professional capability accumulation at the company level, but also serves as a vivid example of China's economy deeply integrating into global capital flows and achieving bidirectional interaction.

Additionally worth noting is that on August 29, CICC announced an important personnel appointment - formally appointing Wang Shuguang as company president.

Mr. Wang Shuguang has deep experience at CICC, having long focused on core business areas including investment banking and corporate mergers and acquisitions. He has led the completion of numerous milestone capital market transactions, including A-share IPO projects for United Imaging Healthcare, Kingsoft Office, Kunlun Tech, China Mobile, and China CNR, as well as overseas projects including Alibaba's US and Hong Kong IPOs, and PetroChina's restructuring and Hong Kong IPO.

His appointment as president will undoubtedly bring fresh development opportunities and strong momentum for CICC's comprehensive business expansion and enhanced overall competitiveness.