The annual reports of listed securities companies have entered a period of intensive disclosure. Currently, 17 securities companies have disclosed their 2025 annual reports. Only one securities company has experienced a decline in revenue, and all securities companies’ net profits have increased year-on-year.
On the night of March 27 alone, 9 brokerages disclosed their 2025 report card. Guolian Minsheng (601456.SH) ranked first in terms of year-on-year growth in revenue and net profit, 185.99% and 405.49% respectively. Looking at the overall performance scale, 9 securities companies have revenue exceeding 10 billion yuan, and 4 securities companies have net profits attributable to parent companies exceeding 10 billion yuan. Among them, CITIC Securities (600030.SH) firmly ranks as the "big brother", Cathay Haitong (601211.SH) ranks second due to the integration effect of performance scale, and China Merchants Securities (600999.SH) ranks third in both revenue and net profit.
On the same day, the Securities Association of China released the unaudited operating data of securities companies in 2025. 150 securities companies achieved operating income of 541.171 billion yuan and net profit of 219.439 billion yuan last year. Compared with the 2024 operating data, revenue and net profit increased by 19.95% and 31.20% respectively year-on-year.
Behind the improved performance of securities companies, multiple positive factors have superimposed, and brokerage and investment businesses have become the main driving forces for performance growth. On the one hand, the A-share market will be active in 2025, driving a significant improvement in brokerage and financing businesses. On the other hand, industry mergers and acquisitions are advancing in depth. Cathay Haitong, Guolian Minsheng, etc. have achieved economies of scale through mergers and increased their performance. At the same time, the scale of IPOs and refinancing has increased, creating room for growth in the investment banking business of securities firms.
Net profits generally rose, and the industry’s top position was stable
Judging from the disclosed 2025 annual report data, the industry's top position is clear, concentration continues to rise, and small and medium-sized securities companies have greater performance flexibility.
Among the nine securities firms with revenue exceeding 10 billion yuan, CITIC Securities ranks first in the industry with operating income of 74.854 billion yuan; Cathay Haitong disclosed the first annual report after the merger of Guotai Junan and Haitong Securities. In 2025, it achieved operating income of 63.107 billion yuan, ranking second in the industry.
China Merchants Securities, Shenwan Hongyuan (000166.SZ), and CITIC Construction Investment (601066.SH) will all have revenue exceeding 20 billion yuan in 2025, which are 24.972 billion yuan, 24.256 billion yuan, and 23.322 billion yuan respectively.
Oriental Fortune (300059.SZ) (note: the caliber is the total operating income including Tiantian Fund business income), Oriental Securities (600958.SH), Industrial Securities (601377.SH), Guangdong The revenue of Da Securities (601788.SH) is between 10 billion yuan and 17 billion yuan, respectively 16.068 billion yuan, 15.358 billion yuan, 11.841 billion yuan, and 10.852 billion yuan.
In terms of net profit attributable to parent companies, four securities firms have achieved results exceeding 10 billion yuan. CITIC Securities, Cathay Haitong, and China Merchants Securities still rank among the top three, with net profits attributable to parent companies of 30.076 billion yuan, 27.809 billion yuan, and 12.350 billion yuan respectively. Oriental Fortune ranked fourth in the industry with a net profit attributable to the parent company of 12.085 billion yuan.
From this point of view, the total revenue of the top five securities companies in terms of revenue reached 210.511 billion yuan, and the total net profit attributable to the parent company reached 89.181 billion yuan. According to the 2025 operating data disclosed by the Securities Association of China, the revenue of the top five securities firms accounted for 38.90% of the total revenue of the 150 securities firms, and the net profit attributable to the parent company accounted for 40.64%. From this point of view, the Matthew Effect in the industry continues to intensify, and leading securities firms have more advantages in industry competition.
In comparison, the performance elasticity of small and medium-sized securities firms is greater. Guolian Minsheng delivered outstanding results in the first full year after the reorganization and integration, achieving operating income of 7.673 billion yuan in 2025, a year-on-year increase of 185.99%; net profit attributable to the parent company reached 2.009 billion yuan, a year-on-year increase of 405.49%. Among the brokerages that have disclosed their 2025 annual reports, the year-on-year growth in revenue and net profit ranks first. Total assets and net assets attributable to parent companies reached 203.218 billion yuan and 52.490 billion yuan respectively, also setting a record high in the company's history.
Cathay Haitong, which is also integrated, has a relatively impressive year-on-year growth rate. The year-on-year growth rates of revenue and net profit attributable to the parent company were 87.4% and 113.52% respectively.
Although the revenue of Xiangcai Holdings (600095.SH) fell by 31.62% year-on-year, its net profit attributable to the parent company increased by 325.15% year-on-year. This increase ranked second among securities companies that have disclosed annual reports.
In addition, the net profits attributable to parent companies of Centaline Securities (601375.SH) and Shenwan Hongyuan both increased by more than 80%, and their revenue increased by 40.97% and 30.29% respectively. The year-on-year growth rate of net profit attributable to shareholders of Guohai Securities (000750.SZ), Huaxin Securities (600621.SH), Orient Securities, and Hongta Securities (601236.SH) was also more than 50%.
(Note: Oriental Fortune’s revenue caliber is the total operating income including Tiantian Fund business income)
Brokerage and investment businesses become performance growth engines
From the perspective of business structure, brokerage business and investment business will become the core driving force for the performance growth of securities companies in 2025, which is related to the active trading in the capital market and the recovery of equity markets throughout the year.
In 2025, China's capital market activity will steadily increase, with major stock indexes performing well. The total market capitalization of A-share listed companies exceeded one million yuan, and the average daily trading volume and turnover increased year-on-year. The Shanghai Composite Index rose by 18.41% throughout the year, and the Shenzhen Stock Exchange Component Index and ChiNext Index rose by 29.87% and 49.57% respectively. The Hong Kong stock market is trending well. The Hang Seng Index rose by 27.8% throughout the year, the Hang Seng Technology Index rose by 23.5%, and the number of Hong Kong stock IPOs and financing scale increased significantly year-on-year.
The securities industry relies on market dividends to achieve performance growth, and the pattern of leading securities firms leading development and small and medium-sized securities firms making differentiated breakthroughs has become clearer. Chinese securities companies are accelerating their business layout in Hong Kong and accelerating their internationalization strategies.
According to operating data disclosed by the Securities Association of China, in 2025, the main business income of securities companies were net income from agency securities trading business (including trading unit seat rental) of 163.796 billion yuan, net income from securities underwriting and sponsorship business of 33.711 billion yuan, Net income from financial consulting business was 5.784 billion yuan, net income from investment consulting business was 7.694 billion yuan, net income from asset management business was 23.887 billion yuan, net interest income was 64.687 billion yuan, and securities investment income (including changes in fair value) was 185.324 billion yuan.
Annual report data also shows that CITIC Securities’ securities investment business and brokerage business revenue together account for more than 60% of all revenue. Among them, the brokerage business achieved revenue of 20.787 billion yuan, a year-on-year increase of 25.55%; the securities investment business achieved revenue of 27.605 billion yuan, a year-on-year increase of 14.83%.
Cathay Haitong's net brokerage business fee income was 15.138 billion yuan, a year-on-year increase of 93.01%, mainly due to the increase in stock trading volume year-on-year, and the merger of Haitong Securities, which expanded the scale of agency securities trading business and increased brokerage business income; investment income increased by 13.680 billion yuan year-on-year to 26.7 billion yuan, an increase of 105.07%, mainly due to the increase in investment income from trading financial instruments.
Guolian Minsheng, whose performance has grown significantly, has also seen larger year-on-year growth in its brokerage and wealth management business and securities investment business. Among all the company's businesses, the securities investment business has the largest year-on-year growth of 858.34%, with revenue of 2.084 billion yuan in 2025; the brokerage and wealth management business has the second highest year-on-year growth of 180.31%, with revenue of 2.753 billion yuan.
The performance of wealth management and proprietary businesses such as brokerage, credit, and investment consulting has increased significantly, which is also one of the reasons for the substantial increase in net profit of Xiangcai Securities. According to the 2025 annual report, the company's brokerage business income was 1.057 billion yuan, a year-on-year increase of 37.33%, mainly due to the increase in customer transaction volume; the public fund management business income was 38 million yuan, a year-on-year increase of 89.22%, mainly due to the increase in subsidiary Xiangcai Fund's net fee and commission income and other income.
