Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. China International Capital Corporation Limited ʮ ̡ (Stock Code: 03908) (A joint stock company incorporated in the People’s Republic of China with limited liability) 2025 THIRD QUARTERLY REPORT This announcement is made by China International Capital Corporation Limited (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). As the A shares of the Company are listed on the Shanghai Stock Exchange (the “SSE”), according to relevant disclosure requirements of quarterly reports of A share listed companies stipulated by the SSE, the Company is hereby announcing the unaudited financial statements of the Company and its subsidiaries (the “Group”) for the nine months ended September 30, 2025 prepared in accordance with the Chinese Accounting Standards for Business Enterprises (“CASs”). The unaudited operating results of the Group for the nine months ended September 30, 2025 are summarized as follows: • During the period from January 1, 2025 to September 30, 2025, the Group realized an operating revenue of RMB20,760,603,329; the profit for the period attributable to shareholders of the parent company amounted to RMB6,566,693,338. • The financial information contained in this report was prepared in accordance with CASs, and has not been audited or reviewed. • Unless otherwise indicated, Renminbi (“RMB”) is the presentation currency of this report.
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- 2 - IMPORTANT NOTICE: • The Board of Directors (the “Board”), Supervisory Committee, Directors, Supervisors and senior management of the Company warrant that the information in this quarterly report is true, accurate and complete and contains no false record, misleading statement or material omission, and assume individual and joint liabilities to the information contained herein. • The person-in-charge of the Company, the principal-in-charge of accounting (acting), and the person-in-charge of accounting department of the Company (the person-in-charge of accounting), hereby warrant that the financial information contained in this quarterly report is true, accurate and complete. • The “Reporting Period” refers to the period from July to September 2025. • Is the Third Quarterly Report audited □Yes 3No • Certain amounts and percentage figures included in this report have been subject to rounding. Any discrepancies in any table or chart between the arithmetic sum shown and the total of the amounts listed are due to rounding.
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- 3 - I. KEY FINANCIAL DATA (I) Key accounting data and financial indicators Unit: Yuan Currency: RMB Items The Reporting Period Year-on-year Change (%) Nine months ended September 30, 2025 Year-on-year Change (%) Operating revenue 7,932,596,696 74.78 20,760,603,329 54.36 Profit before income tax 2,570,208,640 314.05 7,727,041,955 151.09 Profit attributable to shareholders of the parent company 2,236,458,211 254.93 6,566,693,338 129.75 Profit attributable to shareholders of the parent company, excluding extraordinary items 2,242,828,993 248.29 6,485,755,612 128.46 Net cash generated from operating activities N/A N/A 62,700,802,264 157.26 Basic earnings per share (RMB/share) 0.426 357.47 1.240 154.82 Weighted average return on net assets (%) 2.12 Increased by 1.62 percentage points 6.29 Increased by 3.65 percentage points Items September 30, 2025 December 31, 2024 Change (%) Total assets 764,940,856,885 674,715,821,446 13.37 Total equity attributable to shareholders of the parent company 115,500,705,132 115,347,607,754 0.13 Note: The basic earnings per share and weighted average return on net assets are calculated based on the relevant requirements under Rule No.9 on Information Disclosure and Report Compilation by Public Issuers – Calculation and Disclosure of Return on Equity and Earnings per Share (2010 Revision) (《公開發行證券的公司信息披露 編報規則第 9號－淨資產收益率和每股收益的計算及披露》 (2010 年修訂)) stipulated by the China Securities Regulatory Commission (the “CSRC”).
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- 4 - (II) Net capital and risk control indicators of the parent company As of September 30, 2025, the net capital of the parent company amounted to RMB46,025,039,503, representing a decrease of 6.89% as compared with RMB49,431,075,052 as of December 31, 2024. During the nine months ended September 30, 2025, the parent company’s net capital and other risk control indicators all met regulatory requirements. Unit: Yuan Currency: RMB Items September 30, 2025 December 31, 2024 Core net capital 31,275,039,503 32,954,050,035 Supplementary net capital 14,750,000,000 16,477,025,017 Net capital 46,025,039,503 49,431,075,052 Net assets 82,112,951,984 87,481,231,559 Total risk capital reserves 23,477,163,369 26,217,644,504 Total on-and-off-balance-sheet assets 258,910,067,707 256,362,124,070 Risk coverage ratio (%) 196.04 188.54 Capital leverage ratio (%) 12.08 12.85 Liquidity coverage ratio (%) 237.37 224.00 Net stable funding ratio (%) 139.00 137.25 Net capital/net assets (%) 56.05 56.50 Net capital/liabilities (%) 18.76 20.93 Net assets/liabilities (%) 33.47 37.03 Equity securities and related derivatives held/net capital (%) 46.48 49.71 Non-equity securities and related derivatives held/net capital (%) 344.02 333.34
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- 5 - (III) Extraordinary gains and losses 3Applicable □Not applicable Unit: Yuan Currency: RMB Items The Reporting Period Nine months ended September 30, 2025 Losses on disposal of non-current assets -3,543,736 -4,135,964 Government grants through profit or loss, excluding operation-related grants in accordance with predefined standards and government policies and having a continuous impact on the Company’s profit or loss 4,658,450 65,505,090 Non-operating revenue and expenses other than the above items -9,032,947 49,806,764 Less: Effect of income tax -1,770,252 29,448,358 Effect of non-controlling interests, net of tax 222,801 789,806 Total -6,370,782 80,937,726 Explanation for classifying items not listed in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers – Extraordinary Gains and Losses (《公開發行證券的公司信息披露解 釋性公告第1 號－非經常性損益》) as items of extraordinary gains and losses and with a significant amount and explanation for classifying items that are in conformity with the definition of extraordinary gains and losses as set out in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers – Extraordinary Gains and Losses as ordinary gains and losses. □Applicable 3Not applicable
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- 6 - (IV) Changes in key accounting data and financial indicators and the reasons thereof 3Applicable □Not applicable Items Change (%) Main reasons Operating revenue for the Reporting Period 74.78 Increases in net fee and commission income and in net gains from holding and disposal of financial instruments at fair value. Operating revenue for the nine months ended September 30, 2025 54.36 Profit before income tax for the Reporting Period 314.05 Profit before income tax for the nine months ended September 30, 2025 151.09 Profit attributable to shareholders of the parent company for the Reporting Period 254.93 Profit attributable to shareholders of the parent company for the nine months ended September 30, 2025 129.75 Increase in profit margin as a result of the rise in operating revenue. Profit attributable to shareholders of the parent company, excluding extraordinary items for the Reporting Period 248.29 Profit attributable to shareholders of the parent company, excluding extraordinary items for the nine months ended September 30, 2025 128.46 Net cash generated from operating activities for the nine months ended September 30, 2025 157.26 Increase in net cash inflows as a result of a narrowed decline of placements from financial institutions, an expansion in net increase in repo transactions and a swing from a net cash outflow associated with trade payables for derivative transactions in the first three quarters of 2024 to a net cash inflow in the first three quarters of 2025; the increase was partially offset by a reduction in net cash inflows due to a shrinkage in net decrease in financial instruments held for trading purpose. Basic earnings per share for the Reporting Period 357.47 Increase in profit attributable to common shareholders.Basic earnings per share for the nine months ended September 30, 2025 154.82
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- 7 - (V) Changes of items in financial statements and the reasons thereof Unit: Yuan Currency: RMB Items September 30, 2025 December 31, 2024 Change (%) Main reasons Receivable from margin clients 62,204,020,427 43,481,805,653 43.06 Increase in financing demands from domestic clients. Refundable deposits 11,440,028,948 8,074,604,969 41.68 Increase in trading deposits. Financial assets held under resale agreements (“Reverse REPOs”) 14,950,823,133 22,710,738,598 -34.17 Decrease in the scale of bond-pledged repurchase business. Investments in other equity instruments 11,358,280,349 7,863,933,590 44.44 Increase in scale of non-trading equity investments. Fixed assets 1,925,611,326 1,007,260,272 91.17 A self-built office building has been put into service. Construction in progress 84,813,331 873,127,774 -90.29 A self-built office building has been put into service. Financial liabilities held for trading 38,909,283,065 27,772,207,938 40.10 Increase in scale of the structured products developed by the Group and linked to stocks and indices. Derivative financial liabilities 20,774,767,612 11,422,383,642 81.88 Increase in derivative financial liabilities under equity contract. Accounts payable to brokerage clients 138,752,389,583 100,668,403,007 37.83 Increase in balance of client money of brokerage business. Employee benefits payable 7,488,913,568 5,005,623,897 49.61 Increase in employee benefits to be paid. Taxes payable 1,566,230,209 924,314,955 69.45 Increase in corporate income tax payable. Other liabilities 4,755,567,019 3,615,171,991 31.54 Increase in other payables and accrued expenses. Other comprehensive income 1,526,791,051 2,190,474,627 -30.30 Decrease in fair value changes of financial assets at fair value through other comprehensive income; and changes in foreign currency translation differences under the effect of exchange rate fluctuations. Non-controlling interests 2,319,709,615 274,063,054 746.41 Issuance of perpetual subordinated bonds by a subsidiary of the Company during 2025.
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- 8 - Items Nine months ended September 30, 2025 Nine months ended September 30, 2024 Change (%) Main reasons Net fee and commission income 10,300,784,001 7,143,329,561 44.20 Increases in fee and commission income from brokerage business and from investment banking business. Investment income and gain and losses arising from changes in fair value 11,032,177,013 7,468,679,315 47.71 Increase in net gains from financial instruments measured at fair value. Foreign exchange gains/(losses) 329,802,392 -88,501,798 N/A Changes in gains and losses from foreign currency transactions under the effect of exchange rate fluctuations. Tax and surcharges 87,873,720 50,810,968 72.94 Increase in the taxable revenue in connection with value-added tax, resulting in a corresponding increase in urban construction and maintenance tax, educational surtax and local educational surtax. Provision for impairment losses under expected credit loss model 133,031,144 7,265,951 1,730.88 Increase in provision for impairment losses on accounts receivable and receivable from margin clients. Non-operating revenue 94,226,754 1,005,802 9,268.32 Increase in revenue not directly related to daily operating activities. Income tax expense 1,161,566,951 217,519,866 434.00 Increase in effective tax rate. Net cash generated from operating activities 62,700,802,264 24,372,784,200 157.26 Increase in net cash inflows as a result of a narrowed decline of placements from financial institutions, an expansion in net increase in repo transactions and a swing from a net cash outflow associated with trade payables for derivative transactions in the first three quarters of 2024 to a net cash inflow in the first three quarters of 2025; the increase was partially offset by a reduction in net cash inflows due to a shrinkage in net decrease in financial instruments held for trading purpose. Net cash used in investing activities -19,551,430,165 -10,301,514,980 N/A Increase in purchase of investments, which was partially offset by an increase in cash receipts from disposal of investments. Net cash used in financing activities -8,306,125,478 -3,680,495,087 N/A Decrease in proceeds from the issuance of debt securities, which was partially offset by a decrease in redemption of debt securities issued.
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- 9 - II. INFORMATION ON SHAREHOLDERS Unit: share Total number of shareholders of ordinary shares as of the end of the Reporting Period 118,897 Total number of shareholders of preference shares whose voting rights have been restored (if any) as of the end of the Reporting Period N/A Including 118,543 shareholders of A shares and 354 registered shareholders of H shares Shareholdings of top ten shareholders (excluding shares lent through securities lending and refinancing business) Name of shareholder Class of shareholder Number of shares held Percentage of shares held (%) Number of shares held subject to selling restrictions Pledged, marked or frozen shares Status Number Central Huijin Investment Ltd. Nation 1,936,155,680 40.11 – Nil – HKSCC Nominees Limited Note 2 Foreign legal person 1,903,022,804 39.42 – Unknown – Hong Kong Securities Clearing Company Limited Note 3 Foreign legal person 122,591,187 2.54 – Nil – China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund Other 30,209,825 0.63 – Nil – Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund Other 19,916,256 0.41 – Nil – China Construction Bank Corporation – Huabao CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund Other 19,604,691 0.41 – Nil – China Construction Bank Corporation – E Fund CSI 300 Trading Open-ended Index Initiated Securities Investment Fund Other 14,391,500 0.30 – Nil – Industrial and Commercial Bank of China Limited – ChinaAMC CSI 300 Trading Index Securities Investment Open-ended Fund Other 10,740,038 0.22 – Nil – Brunei Investment Agency Foreign legal person 10,318,252 0.21 – Nil – Allianz Insurance Asset Management – Industrial Bank – Allianz Wantai No. 9 Asset Management Product (安聯保險資管－興業銀行－安聯萬泰9 號資產管 理產品) Other 9,576,000 0.20 – Nil – Allianz Insurance Asset Management – Industrial Bank – Allianz Wantai No. 8 Asset Management Product (安聯保險資管－興業銀行－安聯萬泰8 號資產管 理產品) Other 9,576,000 0.20 – Nil –
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- 10 - Shareholdings of top ten shareholders not subject to selling restrictions (excluding shares lent through securities lending and refinancing business) Name of shareholder Number of shares held not subject to selling restrictions Class and number of shares Class Number Central Huijin Investment Ltd. 1,936,155,680 RMB ordinary share 1,936,155,680 HKSCC Nominees Limited 1,903,022,804 Overseas-listed foreign share 1,903,022,804 Hong Kong Securities Clearing Company Limited 122,591,187 RMB ordinary share 122,591,187 China Construction Bank Corporation – Guotai CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund 30,209,825 RMB ordinary share 30,209,825 Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund 19,916,256 RMB ordinary share 19,916,256 China Construction Bank Corporation – Huabao CSI All Share Securities Company Trading Index Securities Investment Open-ended Fund 19,604,691 RMB ordinary share 19,604,691 China Construction Bank Corporation – E Fund CSI 300 Trading Open-ended Index Initiated Securities Investment Fund 14,391,500 RMB ordinary share 14,391,500 Industrial and Commercial Bank of China Limited – ChinaAMC CSI 300 Trading Index Securities Investment Open-ended Fund 10,740,038 RMB ordinary share 10,740,038 Brunei Investment Agency 10,318,252 RMB ordinary share 10,318,252 Allianz Insurance Asset Management – Industrial Bank – Allianz Wantai No. 9 Asset Management Product 9,576,000 RMB ordinary share 9,576,000 Allianz Insurance Asset Management – Industrial Bank – Allianz Wantai No. 8 Asset Management Product 9,576,000 RMB ordinary share 9,576,000 Description of the connected relationship or action in concert between the above shareholders N/A Description of the margin financing and securities lending and refinancing business by top ten shareholders and top ten shareholders not subject to selling restrictions (if any) N/A Notes: 1. The information set out in the above tables is extracted from the information on registered shareholders which was obtained by the Company from the share registrar or calculated based on such information. “shares held subject to selling restrictions” and “shares held not subject to selling restrictions” are defined in accordance with the relevant rules issued by the CSRC, and “Overseas-listed foreign share” refers to H Shares. 2. HKSCC Nominees Limited is the nominal holder of shares on behalf of the unregistered shareholders of H Shares of the Company. The number of shares held by HKSCC Nominees Limited includes the shares held by Tencent Mobility Limited which are registered under the name of HKSCC Nominees Limited. 3. Hong Kong Securities Clearing Company Limited is the nominal holder of A Shares of the Company on behalf of Shanghai-Hong Kong Stock Connect investors. Shares lent through securities lending and refinancing business by shareholders holding more than 5% of the shares, top ten shareholders and top ten shareholders not subject to selling restrictions □Applicable 3Not applicable Changes in top ten shareholders and top ten shareholders not subject to selling restrictions over the last period due to shares lent through securities lending and refinancing business/returned □Applicable 3Not applicable
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- 11 - III. OTHER MATTERS OF CONCERN Other material information in relation to the operations of the Company during the Reporting Period that needs to be brought to the attention of the investors □Applicable 3Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinions □Applicable 3Not applicable (II) Financial statements Consolidated Balance Sheet (Unaudited) September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items September 30, 2025 December 31, 2024 ASSETS: Cash and bank balances 155,270,421,865 128,501,125,589 Including: cash held on behalf of clients 105,459,144,013 76,650,586,051 Deposits with clearing houses 35,715,922,431 28,473,912,521 Including: deposits held on behalf of clients 23,287,349,109 15,835,600,858 Receivable from margin clients 62,204,020,427 43,481,805,653 Derivative financial assets 12,230,077,769 16,467,199,471 Refundable deposits 11,440,028,948 8,074,604,969 Accounts receivable 42,213,691,489 40,307,551,298 Reverse REPOs 14,950,823,133 22,710,738,598
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- 12 - Items September 30, 2025 December 31, 2024 Financial investments: Financial assets held for trading 301,911,196,481 278,974,823,601 Other debt investments 103,006,539,218 84,901,861,907 Investments in other equity instruments 11,358,280,349 7,863,933,590 Long-term equity investments 1,014,548,999 1,006,301,051 Investment properties 12,175,969 14,223,988 Fixed assets 1,925,611,326 1,007,260,272 Construction in progress 84,813,331 873,127,774 Right-of-use assets 3,715,698,513 4,242,214,000 Intangible assets 1,891,992,620 2,090,281,203 Goodwill 1,622,663,283 1,622,663,283 Deferred tax assets 3,077,810,730 2,592,397,272 Other assets 1,294,540,004 1,509,795,406 Total assets 764,940,856,885 674,715,821,446 LIABILITIES: Short-term debt securities issued 18,974,135,509 20,178,655,263 Placements from financial institutions 44,422,072,625 44,725,949,969 Financial liabilities held for trading 38,909,283,065 27,772,207,938 Derivative financial liabilities 20,774,767,612 11,422,383,642 Financial assets sold under repurchase agreements (“REPOs”) 106,849,114,647 94,562,009,940 Accounts payable to brokerage clients 138,752,389,583 100,668,403,007 Employee benefits payable 7,488,913,568 5,005,623,897 Taxes payable 1,566,230,209 924,314,955 Accounts payable 118,142,748,901 104,490,453,268 Contract liabilities 435,925,607 359,500,263 Lease liabilities 3,855,529,080 4,365,333,752 Long-term debt securities issued 141,715,368,822 140,479,169,900 Provisions 72,359,373 72,956,458 Deferred tax liabilities 406,036,518 452,016,395 Other liabilities 4,755,567,019 3,615,171,991 Total liabilities 647,120,442,138 559,094,150,638
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- 13 - Items September 30, 2025 December 31, 2024 EQUITY: Share capital 4,827,256,868 4,827,256,868 Other equity instruments 17,900,000,000 22,900,000,000 Including: perpetual subordinated bonds 17,900,000,000 22,900,000,000 Capital reserve 39,510,161,997 39,510,867,657 Other comprehensive income 1,526,791,051 2,190,474,627 Surplus reserve 2,592,250,323 2,592,250,323 General reserves 9,460,898,339 9,340,361,385 Retained profits 39,683,346,554 33,986,396,894 Total equity attributable to shareholders of the parent company 115,500,705,132 115,347,607,754 Non-controlling interests 2,319,709,615 274,063,054 Total equity 117,820,414,747 115,621,670,808 Total liabilities and equity 764,940,856,885 674,715,821,446 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 14 - Consolidated Income Statement (Unaudited) For the Nine Months Ended September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) I. Total operating revenue 20,760,603,329 13,449,224,301 Net fee and commission income 10,300,784,001 7,143,329,561 Including: net income from brokerage business 4,515,752,608 2,561,234,953 net income from investment banking business 2,940,437,286 2,062,699,815 net income from asset management business 1,062,078,355 838,885,746 Net interest income -1,019,885,934 -1,193,147,931 Including: interest income 6,190,580,044 6,455,421,925 interest expenses -7,210,465,978 -7,648,569,856 Investment income 14,214,023,302 5,920,868,860 Including: sh are of profits of associates and joint ventures 66,418,166 8,326,878 Gains arising from changes in fair value (“-” for losses) -3,181,846,289 1,547,810,455 Foreign exchange gains (“-” for losses) 329,802,392 -88,501,798 Other operating revenue 50,815,742 41,628,450 Gains on disposal of assets 1,405,025 1,973,101 Other income 65,505,090 75,263,603 II. Total operating expenses 13,077,827,149 10,320,292,309 Tax and surcharges 87,873,720 50,810,968 Operating and administrative expenses 12,854,874,266 10,260,167,371 Provision for impairment losses under expected credit loss model 133,031,144 7,265,951 Other operating costs 2,048,019 2,048,019 III. Operating profit 7,682,776,180 3,128,931,992 Add: non-operating revenue 94,226,754 1,005,802 Less: non-operating expenses 49,960,979 52,495,057
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- 15 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) IV. Profit before income tax 7,727,041,955 3,077,442,737 Less: income tax expense 1,161,566,951 217,519,866 V. Profit for the period 6,565,475,004 2,859,922,871 (I) Classified by operation continuity Profit from continuing operations 6,565,475,004 2,859,922,871 (II) Classified by attribution 1. Attributable to shareholders of the parent company 6,566,693,338 2,858,163,486 2. Attributable to non-controlling interests (“-” for losses) -1,218,334 1,759,385 VI. Other comprehensive income for the period, net of tax -608,587,182 -124,769,985 Other comprehensive income attributable to shareholders of the parent company, net of tax -608,587,182 -124,769,985 (I) Other comprehensive income not reclassified to profit or loss -103,075,547 -85,722,797 Changes in fair value of investments in other equity instruments -103,075,547 -85,722,797 (II) Ot her comprehensive income to be reclassified to profit or loss -505,511,635 -39,047,188 1. Ch anges in fair value of other debt investments -195,787,299 163,581,452 2. Ch anges in allowance for credit losses on other debt investments 27,892,091 25,485,210 3. Foreign currency translation differences -337,616,427 -226,641,669 4. Others – -1,472,181 VII. Total comprehensive income for the period 5,956,887,822 2,735,152,886 Attributable to shareholders of the parent company 5,958,106,156 2,733,393,501 Attributable to non-controlling interests -1,218,334 1,759,385 VIII. Earnings per share: Basic earnings per share (RMB/share) 1.24 0.49 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 16 - Consolidated Statement of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) I. Cash flows from operating activities: Net decrease in receivable from margin clients – 1,480,800,561 Net cash received from brokerage clients 38,084,554,358 20,820,817,154 Interest, fee and commission income received 17,013,056,823 14,040,810,137 Net decrease in financial instruments held for trading purpose 14,213,992,220 18,795,020,744 Net increase in repo transactions 20,137,708,973 11,382,707,865 Cash inflows associated with other operating activities 12,961,100,714 4,331,215,674 Subtotal of cash inflows from operating activities 102,410,413,088 70,851,372,135 Net increase in receivable from margin clients 19,003,964,027 – Interest, fee and commission expenses paid 5,069,099,059 4,620,512,729 Net decrease in placements from financial institutions 364,479,142 16,209,107,703 Cash paid to and for employees 7,062,781,532 8,380,720,218 Cash paid for taxes 1,768,776,241 827,021,908 Cash outflows associated with other operating activities 6,440,510,823 16,441,225,377 Subtotal of cash outflows from operating activities 39,709,610,824 46,478,587,935 Net cash generated from operating activities 62,700,802,264 24,372,784,200
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- 17 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) II. Cash flows from investing activities: Cash receipts from disposal of investments 135,619,593,737 132,000,503,252 Cash receipts of investment returns 2,363,171,922 1,846,809,133 Cash and cash equivalents from acquisition of subsidiaries 142,964,040 – Net proceeds from disposal of fixed assets, intangible assets and other long-term assets 734,914 1,160,555 Subtotal of cash inflows from investing activities 138,126,464,613 133,848,472,940 Payment for purchase of investments 157,105,183,762 143,520,027,717 Payment for purchase and construction of fixed assets, intangible assets and other long-term assets 572,711,016 629,960,203 Subtotal of cash outflows from investing activities 157,677,894,778 144,149,987,920 Net cash used in investing activities -19,551,430,165 -10,301,514,980 III. Cash flows from financing activities: Proceeds from issuance of beneficiary certificates 23,694,827,189 29,207,844,441 Proceeds from issuance of corporate bonds 13,300,000,000 10,350,000,000 Proceeds from issuance of commercial papers 12,200,000,000 10,720,000,000 Proceeds from issuance of subordinated bonds 4,000,000,000 4,500,000,000 Proceeds from issuance of perpetual subordinated bonds 2,000,000,000 3,000,000,000 Proceeds from issuance of structured notes 1,019,972,424 1,937,147,303 Proceeds from issuance of medium-term notes – 8,540,880,000 Subtotal of cash inflows from financing activities 56,214,799,613 68,255,871,744
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- 18 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) Redemption of beneficiary certificates 20,550,627,996 27,583,628,545 Redemption of commercial papers 12,300,000,000 6,320,000,000 Redemption of corporate bonds 9,700,000,000 18,660,000,000 Redemption of perpetual subordinated bonds 5,000,000,000 – Redemption of subordinated bonds 5,000,000,000 4,000,000,000 Redemption of structured notes 1,729,604,095 1,609,083,498 Redemption of medium-term notes 4,305,600,000 7,107,400,000 Repayment of lease liabilities 715,631,730 750,516,253 Cash paid for dividends, profit distribution or interests 5,210,201,712 5,870,579,472 Cash outflows associated with other financing activities 9,259,558 35,159,063 Subtotal of cash outflows from financing activities 64,520,925,091 71,936,366,831 Net cash used in financing activities -8,306,125,478 -3,680,495,087 IV. Effect of exchange rate changes on cash and cash equivalents -683,376,197 -504,832,216 V. Net increase in cash and cash equivalents 34,159,870,424 9,885,941,917 Add: ca sh and cash equivalents at the beginning of the period 155,081,526,061 145,770,650,183 VI. Cash and cash equivalents at the end of the period 189,241,396,485 155,656,592,100 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 19 - Balance Sheet of the Parent Company (Unaudited) September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items September 30, 2025 December 31, 2024 ASSETS: Cash and bank balances 38,797,088,305 32,631,105,488 Including: cash held on behalf of clients 12,807,382,067 8,266,518,715 Deposits with clearing houses 16,561,575,334 14,552,206,065 Including: deposits held on behalf of clients 6,456,054,859 4,740,471,208 Receivable from margin clients 7,543,827,851 2,421,247,354 Derivative financial assets 14,010,570,830 11,506,591,865 Refundable deposits 1,085,938,577 1,109,740,054 Accounts receivable 5,294,530,751 4,214,430,013 Reverse REPOs 7,016,110,705 11,817,871,155 Financial investments: Financial assets held for trading 150,106,251,627 156,908,057,769 Other debt investments 52,188,752,566 48,316,454,868 Investments in other equity instruments 8,174,629,624 6,979,152,219 Long-term equity investments 29,955,790,336 29,959,169,728 Fixed assets 635,093,163 697,873,593 Right-of-use assets 2,599,272,693 2,889,754,156 Intangible assets 490,104,546 584,441,247 Deferred tax assets 2,249,856,222 1,946,179,452 Other assets 10,078,207,131 10,262,334,072 Total assets 346,787,600,261 336,796,609,098
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- 20 - Items September 30, 2025 December 31, 2024 LIABILITIES: Short-term debt securities issued 10,960,950,625 12,014,009,561 Placements from financial institutions 16,744,188,318 21,657,737,801 Financial liabilities held for trading 4,432,136,608 8,675,457,429 Derivative financial liabilities 13,285,118,790 9,029,815,225 REPOs 58,444,556,286 55,361,662,204 Accounts payable to brokerage clients 19,345,261,159 13,100,215,256 Employee benefits payable 3,554,279,243 2,495,513,673 Taxes payable 84,816,402 118,955,694 Accounts payable 70,685,334,336 61,268,005,536 Contract liabilities 146,807,459 112,068,604 Lease liabilities 2,692,160,620 2,957,350,248 Long-term debt securities issued 62,115,347,531 60,471,275,410 Provisions 62,569,424 62,569,424 Other liabilities 2,121,121,476 1,990,741,474 Total liabilities 264,674,648,277 249,315,377,539 EQUITY: Share capital 4,827,256,868 4,827,256,868 Other equity instruments 17,900,000,000 22,900,000,000 Including: perpetual subordinated bonds 17,900,000,000 22,900,000,000 Capital reserve 41,676,680,724 41,677,273,177 Other comprehensive income 6,924,220 459,197,814 Surplus reserve 2,592,250,323 2,592,250,323 General reserves 6,338,584,206 6,336,227,335 Retained profits 8,771,255,643 8,689,026,042 Total equity 82,112,951,984 87,481,231,559 Total liabilities and equity 346,787,600,261 336,796,609,098 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 21 - Income Statement of the Parent Company (Unaudited) For the Nine Months Ended September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) I. Total operating revenue 6,677,875,554 7,219,773,048 Net fee and commission income 3,618,152,495 2,711,204,240 Including: net income from brokerage business 1,052,142,708 770,056,106 net income from investment banking business 1,800,297,928 1,243,152,751 net income from asset management business 538,778,214 473,734,461 Net interest income -1,139,160,122 -1,035,870,150 Including: interest income 1,638,909,047 1,922,753,116 interest expenses -2,778,069,169 -2,958,623,266 Investment income 3,271,227,490 1,956,317,218 Including: sh are of profits of associates and joint ventures -3,379,393 -25,883,255 Gains arising from changes in fair value 577,367,082 3,397,670,146 Foreign exchange gains 289,154,831 124,823,018 Other operating revenue 37,573,163 29,011,604 Gains on disposal of assets 1,186,290 1,806,839 Other income 22,374,325 34,810,133 II. Total operating expenses 6,087,216,595 4,748,852,981 Tax and surcharges 34,051,866 15,144,830 Operating and administrative expenses 6,020,306,193 4,769,147,971 Provision for impairment losses under expected credit loss model 32,858,536 -35,439,820
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- 22 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) III. Operating profit 590,658,959 2,470,920,067 Add: non-operating revenue 93,220,994 36,811 Less: non-operating expenses 20,522,364 25,499,947 IV. Profit before income tax 663,357,589 2,445,456,931 Less: income tax expense -171,069,831 -448,798,359 V. Profit for the period 834,427,420 2,894,255,290 Profit from continuing operations 834,427,420 2,894,255,290 VI. Other comprehensive income for the period, net of tax -397,811,424 -49,900,679 (I) Ot her comprehensive income not reclassified to profit or loss -161,299,585 -64,866,342 Ch anges in fair value of investments in other equity instruments -161,299,585 -64,866,342 (II) Ot her comprehensive income to be reclassified to profit or loss -236,511,839 14,965,663 1. Ch anges in fair value of other debt investments -252,627,983 10,709,151 2. Ch anges in allowance for credit losses on other debt investments 16,116,144 4,256,512 VII. Total comprehensive income for the period 436,615,996 2,844,354,611 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 23 - Statement of Cash Flows of the Parent Company (Unaudited) For the Nine Months Ended September 30, 2025 Unit: RMB Yuan Prepared by: China International Capital Corporation Limited Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) I. Cash flows from operating activities: Net decrease in receivable from margin clients – 162,639,312 Net cash received from brokerage clients 6,245,175,112 1,567,115,951 Interest, fee and commission income received 4,574,166,341 4,460,586,326 Net decrease in financial instruments held for trading purpose 15,534,319,094 7,713,287,807 Net increase in repo transactions 7,900,438,390 8,337,204,141 Cash inflows associated with other operating activities 1,923,303,577 3,810,968,061 Subtotal of cash inflows from operating activities 36,177,402,514 26,051,801,598 Net increase in receivable from margin clients 5,129,445,529 – Interest, fee and commission expenses paid 1,500,398,292 1,516,848,146 Net decrease in placements from financial institutions 4,917,504,100 5,714,686,500 Cash paid to and for employees 3,379,599,614 4,203,722,890 Cash paid for taxes 315,360,491 93,019,247 Cash outflows associated with other operating activities 876,728,768 1,243,598,297 Subtotal of cash outflows from operating activities 16,119,036,794 12,771,875,080 Net cash generated from operating activities 20,058,365,720 13,279,926,518
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- 24 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) II. Cash flows from investing activities: Cash receipts from disposal of investments 82,285,738,579 109,047,191,589 Cash receipts of investment returns 2,038,071,276 950,068,807 Net proceeds from disposal of fixed assets, intangible assets and other long-term assets 166,556 356,247 Subtotal of cash inflows from investing activities 84,323,976,411 109,997,616,643 Payment for purchase of investments 88,800,224,252 112,415,290,954 Payment for purchase and construction of fixed assets, intangible assets and other long-term assets 197,506,093 304,078,317 Subtotal of cash outflows from investing activities 88,997,730,345 112,719,369,271 Net cash used in investing activities -4,673,753,934 -2,721,752,628
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- 25 - Items First Three Quarters of 2025 (Jan to Sept) First Three Quarters of 2024 (Jan to Sept) III. Cash flows from financing activities: Proceeds from issuance of commercial papers 12,200,000,000 10,720,000,000 Proceeds from issuance of beneficiary certificates 11,001,435,189 8,482,141,441 Proceeds from issuance of corporate bonds 7,800,000,000 5,000,000,000 Proceeds from issuance of perpetual subordinated bonds – 3,000,000,000 Proceeds from issuance of subordinated bonds – 1,500,000,000 Subtotal of cash inflows from financing activities 31,001,435,189 28,702,141,441 Redemption of commercial papers 12,300,000,000 6,320,000,000 Redemption of beneficiary certificates 11,911,815,996 8,527,847,888 Redemption of perpetual subordinated bonds 5,000,000,000 – Redemption of corporate bonds 4,700,000,000 12,500,000,000 Redemption of subordinated bonds 1,500,000,000 1,000,000,000 Repayment of lease liabilities 316,556,779 307,852,388 Cash paid for dividends, profit distribution or interests 2,624,472,578 3,145,271,277 Cash outflows associated with other financing activities 1,736,869 24,769,688 Subtotal of cash outflows from financing activities 38,354,582,222 31,825,741,241 Net cash used in financing activities -7,353,147,033 -3,123,599,800 IV. Effect of exchange rate changes on cash and cash equivalents 67,368,189 36,627,519 V. Net increase in cash and cash equivalents 8,098,832,942 7,471,201,609 Add: ca sh and cash equivalents at the beginning of the period 46,739,739,884 41,367,558,929 VI. Cash and cash equivalents at the end of the period 54,838,572,826 48,838,760,538 Person-in-charge of the Company: Chen Liang Principal-in-charge of Accounting (Acting): Xu Yicheng Person-in-charge of Accounting Department: Tian Ting
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- 26 - (III) Adjustments to the financial statements as of January 1, 2025 were involved in the initial adoption of new accounting standards or interpretations of standards in 2025 □Applicable 3Not applicable The announcement is hereby given. By order of the Board China International Capital Corporation Limited Secretary to the Board Sun Nan Beijing, the PRC October 29, 2025 As at the date of this announcement, the Executive Director of the Company is Mr. Chen Liang; the Non-executive Directors are Ms. Zhang Wei and Mr. Kong Lingyan; and the Independent Non- executive Directors are Mr. Ng Kong Ping Albert, Mr. Lu Zhengfei, Mr. Peter Hugh Nolan and Mr. Zhou Yu.