A Full Breakdown of the 2025 Annual Reports of 25 Listed Securities Firms! Only One Company Saw Revenue Decline—An In-Depth Analysis of Net Profit Divergence and Business Highlights

As of now, 25 publicly listed securities firms have completed the disclosure of their 2025 annual reports, accounting for more than half of the total number in the industry. Against the backdrop of ongoing improvement in capital market activity, the business performance of different securities firms has shown clear divergence. The advantages of leading institutions have been further strengthened, while mid-sized and small firms are seeking breakthroughs in sub-sectors.

From the perspective of the overall profitability landscape, the industry’s “Matthew effect” continues to intensify. Citic Securities ranks first with revenues of RMB 74.854 billion and net profit of RMB 30 billion, followed by Guotai Haitong with revenues of RMB 63.107 billion and net profit of RMB 27.809 billion. The combined net profit of the first nine securities firms accounts for 81%. Among them, five institutions including Huatai Securities and GF Securities each have net profit exceeding RMB 10 billion. It is worth noting that Huatai Securities’ net profit growth rate of 6.72% appears rather flat at first glance, but after excluding one-off gains from the disposal of subsidiaries in 2024, the actual growth in non-recurring profit (after deductions) reaches 80%.

Wealth management business has become the core engine driving performance growth. All 25 securities firms have achieved positive growth in brokerage business fee and commission net income, with 17 firms recording increases of more than 30%. Guotai Haitong leads the industry with a 93% growth rate. Citic Securities has a 38% increase, but its scale remains the largest. Founder Securities also performs outstandingly: its brokerage business income of RMB 5.578 billion accounts for nearly 50% of its total revenue. Market participants analyze that the main drivers are a surge in the number of new accounts, brokerage commission rates stabilizing, and expansion of distribution business scale.

Investment banking business shows a clear pattern of recovery. Twenty securities firms have achieved growth in fee and commission net income; among them, China International Capital Corporation stands out most, with a 63% growth rate and revenue of RMB 5.031 billion. Mid-sized and small firms display strong resilience: five institutions including Hu’an Securities and Southwest Securities all have increases of more than 50%, and Hongta Securities stands out even more with a 2x growth rate. Among leading institutions, Citic Securities remains ahead with revenue of RMB 6.336 billion, and Guotai Haitong and China Jianyin Investment & Construction form the second tier. However, five institutions including Zhongyuan Securities still experience declines to varying degrees.

Proprietary trading business has become the key variable determining the divergence in performance. Investment income has increased at 20 securities firms; Citic Securities leads by a wide margin with revenue of RMB 38.604 billion, which is RMB 13.2 billion more than the second-place Guotai Haitong. Six institutions including Guolian Minsheng and Zhongyuan Securities all have growth rates exceeding 50%, while leading institutions such as Founder Securities have growth rates of 40% or above. In its annual report, Citic Securities discloses that it has built a platform-based investment ecosystem, focusing on emerging quality productive forces industries, and has integrated artificial intelligence technology into its strategy framework, achieving significant excess returns.

Asset management business has been relatively weak, and industry differentiation has intensified. Only 13 institutions have achieved growth in fee and commission net income. Among them, Guotai Haitong and Guolian Minsheng benefit from merger and integration effects, with growth rates of 64% and 19% respectively. Citic Securities takes the top spot with revenue of RMB 12.177 billion, while GF Securities and Guotai Haitong form the second tier. It is worth noting that many institutions have shown the paradox of “scale growth but revenue decline.” For example, Capital Securities saw a decrease in excess performance compensation due to volatility in the bond market, which directly affected revenue from its asset management business.

Industry analysts point out that the current competitive landscape among securities firms has three major characteristics: leading institutions consolidate their advantages through synergy across the full business chain; mid-sized and small securities firms seek differentiated breakthroughs in specialized areas; and digital transformation has become a common strategic focus. As capital market reforms continue to deepen, institutions’ comprehensive service capabilities will face higher requirements. Wealth management transformation, extension along the investment banking industry chain, and innovation in derivatives business will become the focal points of competition in the next stage.