Everbright Securities 2025 Profit Double Growth: Behind the Rise in Wealth Management, Old Wounds and New Complaints Persisting

When it comes to stock trading, just look at the research reports from the Golden Kirin analysts—authoritative, professional, timely, and comprehensive. Help you uncover promising theme opportunities!

As the annual report disclosure season kicks off, broker scorecards are rolling out one after another. On the evening of March 26, Everbright Securities delivered its 2025 results: full-year operating revenue of 10.852 billion yuan, up 13.06% year over year; attributable net profit of 3.724 billion yuan, up 21.77% year over year, delivering a double increase in profitability.

Of note is that Everbright Securities’ 2025 earnings growth shows a clear “one-leg-walking” pattern. As the company’s highest-revenue-contributing segment by share of income, its wealth management business cluster contributed 55% of revenue, generating 6.0 billion yuan in revenue for the year, up more than 25%. This growth was mainly driven by an active A-share market in 2025, with the entire market’s average daily trading value up more than 70% from the previous year. Benefiting from this, the company added 762,000 new retail accounts during the year, bringing its total customer base above 7.165 million; its margin financing and securities lending balance also rose in step by 31.71% to 54.386 billion yuan.

However, growth in other core segments appeared weak or even regressed: the enterprise financing business cluster’s revenue was only 900 million yuan, up just 2% year over year. Among them, while the equity financing business saw revenue up 57% year over year, it completed only 5 projects—far from the scale of leading players in the industry, which often do dozens. Market share is being eroded.

The equity investment business cluster recorded a loss of 100 million yuan, with revenue down by as much as 228% year over year. This has been the segment’s poor performance for consecutive years, becoming a “black hole” dragging down overall results.

Everbright Securities’ wholly owned subsidiary, Everbright Capital, faced a “historical shadow” that has hung over Everbright Securities’ head since 2018—stemming from a series of lawsuits and compensation arising from the MPS project. In 2025, the company continued to “fill the gap” for this. According to annual report disclosures, Everbright Capital and China Merchants Bank reached an execution settlement agreement, fulfilling the final court judgment in installments over four years with a total of 2.24 billion yuan; by year-end, 1.81 billion yuan had already been repaid. It also fully cleared the 400 million yuan settlement payment with Huarui Bank.

However, the old case isn’t over, and new lawsuits have come in. In 2025, Everbright Capital received another lawsuit related to the MPS project from Shanghai Longqian, and in early 2026 the court of first instance ruled it should pay compensation of about 45.16 million yuan. Disputes with investors such as Eagle Spring Langtaosha are also entering the execution stage.

By the end of the reporting period, the balance of expected liabilities accrued by Everbright Securities for the MPS project remained as high as 548 million yuan. Although the company stated it will continue to assess based on developments, the complexity of the matter means that related legal risks and economic losses may still “flare up intermittently” for a long time in the future, becoming an unpredictable bomb that erodes profits.

If the MPS incident was the “Waterloo” for its investment business, then the Jintongling case directly struck at the key to professional practice quality in its underwriting industry. On December 31, 2025, the Nanjing Intermediate People’s Court issued a first-instance judgment in the Jintongling Securities false disclosure liability dispute case, ordering Jintongling to compensate more than 43,000 investors for investment losses of 775 million yuan. The ruling also clearly stated that the civil compensation liabilities of other 25 defendants, including Everbright Securities, should be “continued to be heard, and separate judgment documents will be issued.” Although it is currently impossible to determine the final compensation amount that Everbright Securities will pay, as an independent financial adviser for the project, its failure to act diligently during the six-year period of financial fraud at Jintongling from 2017 to 2022 is already an established fact.

Not only that, the company also repeatedly exposed compliance risks across other business lines. In underwriting: due to disputes over relevant responsibilities related to the securities of Luowa Technology Industrial Group, the company, as the lead underwriter, was sued by Createn Alliance Asset Management Fund, with a case amount of about 45.0265 million yuan. In custody: due to disputes over the fund contract, the company, as the custodian, was brought to arbitration by investors, with a case amount of about 17.3039 million yuan. In overseas business: in early 2026, Walton Enterprises Limited filed two joint venture contract dispute lawsuits against Everbright Securities International, with case amounts of about 24 million yuan and 319 million yuan respectively; both are currently being heard by the High Court of Hong Kong.

A vast amount of information and precise analysis—on the Sina Finance APP

Responsible editor: Yang Ci