Futures company 2025 performance announced! Net profit exceeds 1 billion

Recently, three A-share listed futures firms—Nanhua Futures, Ruitai Futures, and Hongye Futures—have successively released their 2025 annual reports. In addition, the performance of many brokerage-affiliated futures companies has also been reflected as their parent companies disclosed their annual reports.

After reviewing information compiled by a Securities Times reporter, the reporter found that for most leading futures companies, net profit from last year largely increased. Due to changes in the revenue recognition methodology for certain trade-related businesses, the operating revenue of some futures companies declined noticeably. Notably, CITIC Futures reported 2025 net profit of CNY 1.07B, making it the only company among futures firms whose last-year results had already been disclosed to exceed CNY 1 billion in net profit. Meanwhile, the customer equity disclosed by Guotai Junan Futures for the end of last year totaled CNY 196.7 billion, edging close to the CNY 200 billion mark.

Leading futures companies perform strongly

(Compiled by Securities Times reporters based on publicly available information)

Guotai Junan Futures followed closely behind. In 2025, its operating revenue was CNY 2.99B, and its net profit was CNY 1.91M, up 14.57% year over year. According to the annual report of Guotai Huarong, in 2025, Guotai Junan Futures’ trading volume reached CNY 191.41 trillion, with a market share of 12.49%, up 2.00 percentage points from the previous year. At the end of last year, Guotai Junan Futures’ customer equity stood at CNY 196.7 billion, with a market share of 9.76%, up 1.03 percentage points from the end of the previous year. Guotai Junan Futures’ end-of-period customer equity was CNY 196.7 billion, up 46.35% year over year.

CITIC Jian’ investment Futures recorded operating revenue of CNY 1.44B last year, with net profit surging 44.35% year over year to CNY 651M. The data show that in 2025, CITIC Jian’ investment Futures achieved agency trading volume of CNY 32.60 trillion, up 25.73% year over year; and end-of-period customer equity increased 35.47% year over year.

In addition, the net profits of Ruitai Futures and Nanhua Futures, both listed on the A-share market, were also ranked among the top. Well-established brokerage-affiliated futures firms such as Galaxy Futures, East Securities Futures, GF Futures, China Merchants Futures, and Huatai Futures were also included in the top ten list. Among them, East Securities Futures had both its agency transaction market share and customer equity size among the top three in the industry last year.

Outside the list, some futures companies also saw striking profit growth. For example, Zhongtai Futures’ net profit last year surged 1,798.54% to CNY 0.86 billion. Zhongtai Futures’ total equity at the end of last year was CNY 326k, up 40.21% from the end of the previous year. Chaos Tiancheng Futures turned from loss to profit last year and achieved significant earnings, with net profit of CNY 86M.

Of course, some futures companies also performed poorly last year. The first to stand out is Hongye Futures. According to Hongye Futures’ annual report, the company achieved total operating revenue of CNY 42.27B in 2025, with adjusted-year basis revenue down 20.53% year over year. Full-year net profit attributable to shareholders of listed companies was CNY 3.9927 million, down sharply 86.61% year over year; its net profit hit the lowest level since its listing on the A-share market. In addition, representative cases include Everbright Futures, which posted net profit of CNY 181M last year, down 33.33% year over year; and Shenwan Futures, whose net profit was CNY 287M last year, down 15.38% year over year.

Innovative business becomes the key second growth curve

In 2025, the domestic futures market developed steadily. Benefiting from a favorable overall growth environment, futures companies saw an encouraging industry outlook. At the end of last year, the total market funds increased to about CNY 2.15 trillion, up 32%, and aggregate customer equity of futures companies totaled CNY 2.0 trillion, up about 31%. According to data from the China Futures Association, in 2024, futures companies across the country cumulatively generated operating revenue of CNY 146M, up 1.7%; and cumulative net profit reached CNY 11.0 billion, up about 16%. As a Securities Times reporter learned, the so-called “Matthew effect” in the industry is prominent, with a wide degree of differentiation. Innovative businesses have become key points for futures companies to open up a second growth curve.

Taking Nanhua Futures as an example, in 2025, the company achieved operating revenue of CNY 231M, up 2.45%; net profit attributable to shareholders of the parent company was CNY 21.5k, up 6.18%. Nanhua Futures has continued to step up efforts in overseas business. By the end of last year, the company’s overseas brokerage business had total customer equity of HKD 20k; and overseas asset management (asset management) scale of HKD 42.02B. Nanhua Futures’ subsidiary Henghua International recorded operating revenue and net profit of CNY 1.39B and CNY 0.46 billion, respectively, up 16.51% and 10.31% year over year.

Ruitai Futures, meanwhile, has used its futures asset management business as a breakthrough for growth. In 2025, the company achieved operating revenue of CNY 486M, up 23.20% year over year; and net profit attributable to shareholders of listed companies was CNY 23.31B, up 42.95% year over year. According to Ruitai Futures’ annual report, in 2025, its asset management business achieved operating revenue of CNY 4.81B, up 81.34% year over year, mainly due to the expansion of the company’s asset management product scale, favorable investment performance, and higher product return rates. By the end of last year, Ruitai Futures’ asset management scale was CNY 762M, up 97.40% from the end of 2024.

Ruitai Futures stated that the company will firmly seize opportunities for market and industry development, give full play to its professional advantages in the derivatives sector, and build an asset management platform with controllable risk. The company will vigorously develop all kinds of products mainly featuring active management, and continuously improve product sales and management capabilities. First, it will increase publicity efforts for the “Ruitai Asset Management” brand, enhance the market recognizability of “Ruitai Asset Management,” and expand market influence and business scale. Second, it will establish a wealth-management-centered product sales and management system. Third, it will diversify the types of products and continue to consolidate the company’s advantages in futures asset management products. It will expand the types of asset management products from a single derivatives category to fixed-income, equity, and hybrid categories, as well as FOF-type products, to meet different investors’ wealth-management and financial product needs. Fourth, it will strengthen the construction of sales channels, enhance communication and cooperation with financial institutions and fund sales companies, commission third-party institutions to act as agents for the sales of asset management products, and expand the company’s sales scope for asset management products. Fifth, it will leverage the low correlation between CTA strategies and bond-type and equity-type investment strategies to attract institutional investors to increase their allocation to the company’s asset management products. Sixth, it will actively introduce bond, stock, and quantitative research and trading talents to enhance the asset management team’s investment research and trading capabilities, enrich investment strategies for asset management business, broaden the investment scope of asset management products, and ensure full coverage of the company’s trading strategies.

Proofreading: Zhu Tianting