Ge Long Hui·2025-11-03 03:53Core Viewpoint - CICC reported strong financial performance for the first three quarters of 2025, with significant increases in both revenue and net profit, driven by robust growth in fee-based and capital-based businesses [1][2]. Financial Performance - For the first three quarters of 2025, CICC achieved revenue of 20.76 billion yuan, up 54.4% year-on-year, and a net profit attributable to shareholders of 6.57 billion yuan, up 129.8% year-on-year [1]. - The weighted average return on equity (ROE) increased by 3.65 percentage points to 6.29% [1]. - The company's leverage, excluding client funds, was 5.31x, an increase of 5.0% year-on-year [1]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 4.52 billion, 2.94 billion, 1.06 billion, and 11.03 billion yuan, respectively, with year-on-year growth rates of 76.3%, 42.6%, 26.6%, and 47.7% [1]. - The average daily trading volume for equity funds was 1.93 trillion yuan, up 109.5% year-on-year, while brokerage revenue increased by 76.3% [2]. Internationalization and Market Position - CICC is actively expanding its international business, maintaining a leading position in cross-border trading and enhancing its market presence in developed Asian markets [2]. - The company ranked first in the execution of H-share full circulation projects and provided market-making services for all 24 RMB dual-counter stocks on the Hong Kong Stock Exchange [2]. Underwriting and Asset Management - CICC led the market in Hong Kong IPO financing with a scale of 31.82 billion HKD, up 56.8% year-on-year, and ranked first in A-share IPO and refinancing scales, with year-on-year increases of 325% and 262%, respectively [3]. - The company's financial asset scale reached 416.3 billion yuan, up 18.0% year-on-year, with an investment return rate of 3.73%, an increase of 0.90 percentage points year-on-year [3]. Future Outlook - The company is expected to maintain a competitive advantage in brokerage, investment banking, asset management, and trading, with projected net profits of 8.68 billion and 9.48 billion yuan for 2025 and 2026, respectively [3].