CICC issues "earnings forecast": Net profit in 2025 may exceed 10 billion yuan, up 50% to 85% year-on-year.
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CICC disclosed its performance forecast: It is expected that in 2025, the net profit attributable to shareholders of the parent company will be between RMB 8.542 billion and RMB 10.535 billion.
Compared with the same period last year, the company's profit will increase by RMB 2.847 billion to RMB 4.84 billion, representing a year-on-year increase of 50% to 85%. For this "investment bank aristocrat," last year's profit growth rate was relatively leading among top-tier securities firms.
Non-recurring profit growth rate also exceeds 80%
Additionally, the performance forecast shows that, after deducting non-recurring gains and losses, CICC's net profit attributable to shareholders of the parent company for 2025 is expected to be between RMB 8.428 billion and RMB 10.351 billion, an increase of RMB 2.772 billion to RMB 4.695 billion compared to the same period last year, representing a year-on-year increase of 49% to 83%.
Both the non-recurring profit and attributable profit are close in performance and growth rate, reflecting the company's relatively "solid" profit and highlighting its outstanding core business.
Profit growth stems from market opportunities and prudent management
The announcement briefly introduced the reasons for profit growth: In 2025, the company focused on serving the overall national strategic development, cultivating and strengthening new productive forces, and helping to build a new development pattern, adhering to the essence of finance, continuously injecting liquidity into the real economy, and steadily improving the quality and efficiency of financial services.
During the reporting period, the company actively seized market development opportunities, fully leveraged its integrated advantages in "investment + investment banking + research," and solidly promoted the implementation of various strategic layouts.
Against this background, key business segments such as investment banking, equity business, and wealth management achieved steady growth, driving a significant increase in the company's operating performance compared with the same period last year.
Looking at the main growth businesses, CICC has many growth drivers and demonstrates relatively comprehensive performance.
Leading securities firms seize market initiative
Judging from CICC's performance report and a series of previous performance forecasts from securities firms, since the market bottomed out, each firm has gradually developed different models and paces of development.
Leading securities firms, including CICC, relying on their relatively forward-looking arrangements and complete project pipelines and reserves, have firmly grasped the initiative in the market and are leading a new round of high-quality development in the industry. Meanwhile, more regional securities firms rely on regional advantages and business specialties to implement differentiated development strategies, and the industry ecosystem has improved significantly compared to the last cycle.
Taking the investment banking business as an example, the number of newly listed companies increased steadily last year, and the financing size nearly doubled. According to iFinD data, as of December 31, 2025, the number of newly listed companies on the A-share market reached 116, with a total financing amount of RMB 131.8 billion. Compared with the same period in 2024, the number of listed companies increased by 16%, and the total financing amount grew by 96%.
At the same time, the financing structure further tilted towards leading companies and top securities firms. Billion-yuan IPOs have made a strong comeback. In July 2025, Huadian New Energy successfully landed on the Shanghai Main Board, raising RMB 18.171 billion, becoming the first main board IPO project to surpass the RMB 10 billion mark since the full registration system was implemented. This project was jointly sponsored by CICC as the lead underwriter and Huatai Securities, demonstrating the professional strength and advantages of leading securities firms in major projects.
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