In 2025, China's capital market experienced an asset revaluation trend, outperforming many major global markets. Against the backdrop of market recovery and the steady advancement of capital market reforms, the securities industry generally saw improved performance. As CICC celebrated its 30th anniversary, the company reported growth in both revenue and net profit.
Financial reports indicate that in 2025, CICC achieved an operating revenue of 284.81 billion yuan, a year-on-year increase of 33.50%. Net profit attributable to shareholders of the parent company reached 9.791 billion yuan, marking a significant growth of 71.93% compared to the previous year. By the end of 2025, the company's total assets amounted to 782.826 billion yuan, up 16.02% year-on-year, while net assets stood at 122.058 billion yuan, an increase of 5.82%.
In terms of compensation, as operational performance improved, the average employee salary at CICC in 2025 was 799,300 yuan, a 24.40% rise compared to the previous year. However, this figure still represents a substantial 35.53% decline from the average employee compensation in 2020. In contrast to the increase in employee salaries, the compensation for CICC's directors, supervisors, and senior executives generally saw a slight decrease in 2025 and has significantly shrunk compared to 2020 levels.
Currently, CICC is actively advancing the absorption and merger of Dongxing Securities and Cinda Securities, aiming to accelerate its goal of becoming a top-tier international investment bank through synergistic integration effects.
Following the merger with Dongxing and Cinda Securities, CICC's net profit ranks fourth in the industry. The company's full-year revenue and net profit showed substantial growth in 2025. On a quarterly basis, revenue in the first quarter was 5.721 billion yuan, while the following three quarters each exceeded 7 billion yuan, with figures of 7.107 billion yuan, 7.933 billion yuan, and 7.720 billion yuan, respectively. In terms of net profit, the fourth quarter recorded the highest figure for the year at 3.224 billion yuan, a quarter-on-quarter increase of 44.19%.
According to an analysis by Soochow Securities, CICC's significant performance growth can be attributed to its relatively high proportion of overseas business, which benefited from the active Hong Kong stock market and a notable recovery in IPO issuance in 2025. Additionally, the company's derivatives business generated substantial returns.
Across core business segments, excluding the decline in fixed income revenue, CICC's various key operations achieved varying degrees of revenue growth in 2025. Wealth management, equity business, and investment banking remain the company's three main pillars, collectively accounting for approximately 75% of total revenue.
Annual report data shows that CICC's wealth management business generated revenue of 9.489 billion yuan in 2025, representing 33.3% of total revenue and a year-on-year increase of 35.91%. The equity business contributed 7.345 billion yuan, accounting for 25.79% of total revenue and growing by 65.48% year-on-year. The investment banking segment achieved revenue of 4.597 billion yuan, making up 16.14% of total revenue and surging by 77.95% compared to the previous year, marking the highest growth rate among all business lines.
Additionally, fixed income, asset management, and private equity businesses generated revenues of 3.077 billion yuan, 1.275 billion yuan, and 1.064 billion yuan, respectively, in 2025.
In his annual report address, CICC President Wang Shuguang stated that the company is actively promoting the absorption and merger of Dongxing Securities and Cinda Securities. As securities firms陆续 disclose their annual reports, the performance of Dongxing Securities and Cinda Securities has been released, providing clarity on the underlying asset integration of this market-watched merger case.
Data reveals that all three securities companies reported growth in both revenue and profit in 2025. CICC achieved revenue of 284.81 billion yuan, up 33.50% year-on-year, with net profit attributable to parent company shareholders reaching 97.91 billion yuan, an increase of 71.93%. Cinda Securities reported revenue of 40.44 billion yuan, growing 22.86% year-on-year, and net profit of 18.94 billion yuan, up 38.74%. Dongxing Securities realized revenue of 47.11 billion yuan, a 10.25% increase, and net profit of 21.02 billion yuan, rising 36.10%.
In terms of asset size, as of the end of 2025, CICC's total assets stood at 782.826 billion yuan, Dongxing Securities at 114.198 billion yuan, and Cinda Securities at 129.951 billion yuan.
Based on the 2025 annual report data, the merged entity's operating revenue would be 372.36 billion yuan, ranking third in the securities industry, behind only CITIC Securities and Guotai Junan. Net profit would be 137.87 billion yuan, placing fourth, behind CITIC Securities, Guotai Junan, and Huatai Securities. Total assets would reach 1,026.975 billion yuan, also ranking fourth in the industry.
It is evident that if CICC successfully completes the integration of Dongxing Securities and Cinda Securities, it will significantly enhance its capital strength.
Average employee compensation saw a substantial increase, while senior executive pay generally experienced a slight decline. In terms of employee salaries, CICC's average compensation saw year-on-year growth in 2025, reversing the downward trend of the previous four consecutive years.
The annual report shows that as of the end of 2025, CICC had a total of 14,218 employees, a decrease of 432 from the end of 2024. Among them, 13,156 employees were based in mainland China, and 1,062 were located in Hong Kong, Singapore, the United States, the United Kingdom, Japan, and Germany, accounting for 93% and 7% of the total workforce, respectively.
Based on data such as "cash paid to and on behalf of employees" disclosed in the annual report, the average employee compensation at CICC in 2025 was 799,300 yuan, a significant increase of 24.39% compared to 642,600 yuan in 2024. Among listed securities firms, this figure is second only to CITIC Securities' average employee compensation of 812,800 yuan.
Notably, this marks the first increase in CICC's average employee compensation after four consecutive years of decline. In 2020, the average compensation was 1.2398 million yuan. Even after the increase, the 2025 figure is still 35.53% lower than the 2020 level.
Regarding compensation for directors, supervisors, and senior executives, in 2025, CICC Chairman Chen Liang received a total pre-tax compensation of 1.428 million yuan, a decrease of 10,000 yuan from his 2024 total of 1.438 million yuan. Management committee member Zhang Kejun received a total pre-tax compensation of 1.428 million yuan, down 16,000 yuan from 1.444 million yuan in 2024. Management committee member Wang Jianli received 1.256 million yuan, a decrease of 9,000 yuan from 1.265 million yuan the previous year. Management committee member Du Pengfei received 1.428 million yuan, down 27,000 yuan from 1.455 million yuan in 2024.
Against the broader context of salary reductions in the financial industry, compensation for senior executives at some state-owned financial institutions has seen significant contraction. In 2025, the total pre-tax compensation for CICC's directors, supervisors, and senior executives amounted to 21.648 million yuan. This figure compares to 94.418 million yuan in 2021 and 168.263 million yuan in 2020.
Back in 2020, CICC had seven senior executives with pre-tax compensation exceeding 10 million yuan, with the highest being management committee member Huang Haizhou, who received 19.307 million yuan that year. Looking at continuously serving senior executives, management committee member Hu Changsheng's total compensation fell from 5.455 million yuan in 2020 to 1.472 million yuan in 2025, a drop of 73.02%. Chief Risk Officer Zhang Fengwei's total compensation decreased from 5.217 million yuan to 1.473 million yuan, a reduction of 71.77%.
According to the 2025 annual report data, Compliance Officer Zhou Jiaxing received the highest pre-tax compensation at 2.363 million yuan, a slight decrease of 8,000 yuan from 2.371 million yuan in 2024. Excluding Zhou Jiaxing, the compensation for all other directors, supervisors, and senior executives was below 1.5 million yuan.
Alibaba Exits CICC's Top Ten Shareholders. With the disclosure of CICC's 2025 annual report, a significant reshuffle in the shareholding structure of this leading securities firm has become clear. The report indicates that Central Huijin Investment Ltd. remains the largest shareholder, holding a 40.11% stake. There were no changes in Central Huijin's shareholding during 2025, but other shareholders saw substantial adjustments.
Alibaba invested in CICC in 2019, holding 203 million H-shares through Des Voeux Investment Company Limited, representing 10.66% of CICC's H-shares and 4.2% of the total share capital. According to CICC's 2024 annual report, Alibaba still held these 203 million H-shares.
Disclosures on the Hong Kong Stock Exchange show that Alibaba reduced its holdings of CICC H-shares multiple times in 2025. By the time of the 2025 annual report, Alibaba Group was no longer listed among the major shareholders requiring disclosure.
Concurrently, Alibaba also gradually exited its A-share holdings. According to CICC's 2024 annual report, Alibaba, through its subsidiary Hangzhou Haoyue Enterprise Management Co., Ltd., still held 13.7577 million A-shares, a 0.28% stake, making it the ninth-largest shareholder. However, the 2025 annual report shows that Hangzhou Haoyue is no longer among the top ten A-share shareholders.
China Investment Guarantee Co., Ltd., one of CICC's founding shareholders, has been continuously reducing its stake in recent years. By the end of 2024, it still held 50.35 million shares, representing a 1.04% stake. The 2025 annual report indicates that China Investment Guarantee has exited the top ten shareholders list, with its audit report confirming the disposal of all its CICC shares in 2025.
Earlier, in November 2024, former third-largest shareholder Haier Jin盈 reduced its holdings by 106 million A-shares through block trades and centralized bidding, representing 2.20% of the total share capital, cashing out approximately 3.833 billion yuan. Following this disposal, Haier Jin盈 no longer holds any CICC shares.
Following the exit of strategic and industrial investors, public index funds have become the primary new holders of CICC shares. The 2025 annual report shows that positions 4 to 8 among the top shareholders are now occupied by various public ETFs, a trend benefiting from the surge in passive investing in the A-share market during 2025.
Additionally, a new entity appeared among CICC's A-share shareholders: the Brunei Investment Agency, a sovereign wealth fund, entered the top ten list, holding 10.32 million shares, a 0.21% stake, ranking as the ninth-largest shareholder.
Since the beginning of the year, securities sector stock prices have experienced volatility and a general decline. CICC's shares have followed this trend, with both its A-shares and H-shares falling over 7% year-to-date as of April 9th.
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