"Investment banking aristocrat" CICC delivered an "explosive" third-quarter report.
The quarterly report shows that for the first three quarters of 2026, CICC achieved operating revenue of 30.715 billion yuan, a year-on-year surge of 47.95%; and realized net profit attributable to shareholders of the parent company of 13.245 billion yuan, a year-on-year increase of 101.71%, successfully doubling its performance and achieving a growth rate that peers find hard to match.
In addition, during the third quarter, CICC also successfully completed the share-swap absorption merger of Dongxing Securities and Xinda Securities. This third-quarter report is not only a major eruption of CICC's own profitability, but also a signal that another "aircraft carrier-level" investment bank in China's securities industry has set sail.
Single-Quarter Profit Surges 125%
Financial data shows that in the first three quarters of 2026, CICC demonstrated very strong profit elasticity and business momentum.
During the reporting period, the company achieved operating revenue of 30.715 billion yuan, a significant increase of 47.95% from the same period last year; and realized net profit attributable to shareholders of the parent company of 13.245 billion yuan, a year-on-year increase of 101.71%, successfully doubling its performance. Basic earnings per share reached 2.624 yuan, a sharp rise of 111.68% year-on-year.
Relevant profit notes indicate that the substantial growth in revenue and net profit attributable to the parent company mainly stems from the increase in the main business, especially "net fee and commission income" and "investment income."
Looking only at the third quarter (July-September), CICC's performance acceleration was even more pronounced. Q3 single-quarter operating revenue reached 11.412 billion yuan, a year-on-year growth rate of 43.87%, and net profit attributable to the parent company reached 5.046 billion yuan, a year-on-year surge of 125.63%.
Investment Banking Business Surges, Proprietary Investment Takes the Lead
Why was CICC able to achieve doubled performance growth in 2026?
Through the income statement, it can be clearly seen that the surge in net fee and commission income and the substantial recovery in investment income from financial instruments are the two core drivers.
On the one hand, brokerage and investment banking businesses exploded. In the first three quarters of 2026, the company achieved various fee incomes of 14.8 billion yuan, a significant increase from 10.3 billion yuan in the same period last year. Among them, net fee income from investment banking business was 5.314 billion yuan, surging more than 80% from 2.940 billion yuan in the same period of 2025. The latter's explosion fully demonstrates CICC's pricing and underwriting advantages in top-tier investment banking projects.
On the other hand, the proprietary business "stored energy." During the reporting period, the company's "investment income and fair value change gains and losses" (i.e., unrealized gains and realized profits) totaled 15.792 billion yuan, a sharp increase of 43.14% from 11.032 billion yuan in the same period last year. Especially amid market volatility, it achieved a continuous rise in investment income from financial instruments, which is also quite rare in the industry.
Third, net interest income successfully turned losses into profits. In the first three quarters, CICC achieved net interest income of 435 million yuan (same period last year was -1.020 billion yuan), mainly due to the comprehensive increase in interest income from other debt investments, margin financing and securities lending interest income, and interest income from deposits with financial peers.
"Three-in-One" Merger Completed
If rapid profit growth reflects CICC's existing competitiveness, then the absorption merger of Dongxing Securities and Xinda Securities is its major future strategic move.
The third-quarter report also records in detail the latest progress of this "merger of the century": on August 27, it was approved by the M&A and Restructuring Committee of the Shanghai Stock Exchange; on September 7, it quickly obtained registration approval from the China Securities Regulatory Commission; and on October 16, it officially entered the share-swap implementation stage.
According to the latest announcement, as of October 26, 2026, all share-swap work involved in this transaction has been completed. CICC newly issued 3.104 billion A-shares, and the company's total share capital surged from the original 4.827 billion shares to 7.931 billion shares.
The implementation of this "three-in-one" restructuring, on the one hand, greatly expanded CICC's capital base, and on the other hand, also excavated a treasure mine among the valuable existing resources of the securities industry. The branches, client resources, asset management licenses, and wealth teams of Dongxing and Xinda Securities may all help CICC's future development.
Future: Resource Advantages and Merger Challenges Coexist
In terms of asset scale, the third-quarter report shows that as of September 30, 2026, CICC's total assets reached 874.758 billion yuan, an increase of 11.74% from the end of last year; total equity attributable to shareholders of the parent company broke through the 140 billion yuan mark, reaching 141.878 billion yuan, an increase of 16.24% from the end of last year.
In terms of cash flow, the net cash flow from operating activities in the first three quarters was 32.206 billion yuan, a year-on-year decrease of 48.64%. In this regard, CICC explained in its financial report that this was mainly due to the narrowing increase in the scale of funds from agency securities trading and agency securities underwriting, as well as the shift in derivative business transaction funds from a net inflow last year to a net outflow. This change also reflects the company's strategic adjustment and risk control strategy in heavy-capital businesses such as derivatives. Of course, these huge cash resources will also become a resource advantage for CICC's further development in the future.
At the same time, from another perspective, after completing the equity merger of "CICC + Dongxing + Xinda," how to strengthen the implementation of deep integration of the three parties' resources rather than forming internal friction will become an important challenge for CICC in the future. In terms of scale, the company already has the foundation to冲击 a trillion-yuan asset level, but how to digest the merged parties' teams, clients, and resources and integrate them into CICC's own relatively high-end corporate culture still has a long way to go.
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