18 listed brokerage firms' annual reports are released: CITIC Securities leads in revenue and net profit, Guotai Junan and Haitong jump to the top in total assets

In 2025, CITIC Securities’ revenue and net profit scale still lead the industry, but its total assets have been surpassed by Guotai Junan.

As of March 29, 18 listed securities firms have released their annual reports for 2025. Overall, the performance of listed securities firms in 2025 has been impressive. Among them, 9 listed securities firms reported revenue exceeding 10 billion, with only Western Securities (002673) and Xiangcai Co., Ltd. (600095) experiencing a year-on-year decline in revenue.

At the same time, all 18 listed securities firms achieved year-on-year growth in net profit attributable to shareholders of the parent company (hereinafter referred to as “net profit”). Guolian Minsheng (601456), Xiangcai Co., Ltd., and Guotai Junan (601211) all saw their net profit increase by over 100% last year.

It is worth mentioning that in 2025, although CITIC Securities (600030) still ranks first in both revenue and net profit scale in the industry, Guotai Junan ranks first in total assets with 2.11 trillion yuan, surpassing CITIC Securities’ 2.08 trillion yuan.

9 firms exceed 10 billion in revenue, 2 experience decline

Specifically, in terms of revenue, CITIC Securities ranks first with a revenue scale of 74.854 billion yuan. Guotai Junan’s revenue last year exceeded 60 billion yuan, coming in second at 63.107 billion yuan.

Zhongshan Securities (600999), Shenwan Hongyuan (000166), and CITIC Construction Investment (601066) all reported revenue exceeding 20 billion yuan in 2025, achieving 24.972 billion yuan, 24.256 billion yuan, and 23.322 billion yuan respectively.

Dongfang Caifu (300059), Dongfang Securities (600958), Industrial Bank Securities (601377), and Everbright Securities (601788) also saw their revenue exceed 10 billion yuan last year, with respective figures of 16.068 billion yuan, 15.358 billion yuan, 11.841 billion yuan, and 10.852 billion yuan.

In terms of growth rate, Guolian Minsheng had the highest revenue growth rate in 2025, exceeding 100% and reaching 185.99%. Guotai Junan ranked second, with a revenue growth rate of 87.40% last year.

However, Xiangcai Co., Ltd. and Western Securities experienced a certain degree of decline in revenue in 2025, decreasing by 31.62% and 10.84% year-on-year respectively.

3 firms doubled their net profit

In terms of net profit, all 18 listed securities firms achieved profitability, and all experienced positive growth in net profit.

Specifically, CITIC Securities ranked first with a net profit scale of 30.076 billion yuan, marking the first time in history that its annual net profit surpassed 30 billion yuan.

Guotai Junan ranked second, with a net profit scale reaching 27.809 billion yuan in 2025, closely following CITIC Securities.

Zhongshan Securities and Dongfang Caifu both exceeded 10 billion yuan in net profit in 2025, reaching 12.350 billion yuan and 12.085 billion yuan respectively. CITIC Construction Investment and Dongfang Securities had net profits exceeding 5 billion yuan last year, with figures of 9.439 billion yuan and 5.634 billion yuan respectively.

In terms of growth rate, all 18 listed securities firms achieved positive growth in net profit in 2025.

Among them, Guolian Minsheng, Xiangcai Co., Ltd., and Guotai Junan all doubled their net profit last year, with year-on-year growth rates of 405.49%, 325.15%, and 113.52% respectively.

At the same time, Zhongyuan Securities (601375) and Shenwan Hongyuan (000166) both had year-on-year net profit growth rates exceeding 80%, with increases of 85.41% and 82.46% respectively.

Overall industry performance improved last year

The impressive performance of nearly half of the listed securities firms in 2025 reflects the overall improvement of the securities industry in 2025.

Kaiyuan Securities’ research report stated that the stock market rose significantly in 2025, trading was active, and investment banking IPOs recovered. The brokerage and investment income of securities firms increased year-on-year, driving net profit growth. It is estimated that in 2025, the net profit attributable to the parent company of listed securities firms, excluding non-recurring items, will increase by 61% year-on-year, with a year-on-year increase of 38% in the fourth quarter of 2025.

“In 2025, IPOs have seen some recovery, showing a positive trend, and it is expected that the income from major investment banking businesses of securities firms will grow. In the fourth quarter of 2025, there were 38 IPOs in the A-share market, with underwriting amounts reaching 54.5 billion yuan, a quarter-on-quarter increase of 36%. In 2025, there were 116 IPOs in the A-share market, a year-on-year increase of 16%, with underwriting amounts reaching 131.8 billion yuan, a year-on-year increase of 96%.” Kaiyuan Securities further pointed out, “The migration of residents’ wealth is ongoing, and the newly launched equity funds have improved year-on-year, driving the continuous growth of large asset management income for securities firms.”

Zhongshan Securities’ research report indicated that margin financing and investment banking supported the performance of securities firms in the fourth quarter of 2025. It is estimated that the net profit attributable to the parent company of listed securities firms, excluding non-recurring items, will be 216.7 billion yuan in 2025, an increase of 55% year-on-year; among them, the net profit excluding non-recurring items in the fourth quarter of 2025 will be 54.8 billion yuan, an increase of 26% year-on-year.

“It is expected that in 2025, the brokerage and credit income of listed securities firms will be 158.9 billion yuan and 50.3 billion yuan respectively, increasing by 50% and 43% year-on-year; in the fourth quarter of 2025, the brokerage and credit income will be 47.1 billion yuan and 16.4 billion yuan respectively, increasing by 12% and 25% year-on-year. It is expected that the investment banking income in 2025 will be 39 billion yuan, increasing by 27% year-on-year; in the fourth quarter of 2025, the investment banking income will be 13.8 billion yuan, increasing by 35% year-on-year. It is expected that the asset management income will be 45.6 billion yuan in 2025, increasing by 3% year-on-year; in the fourth quarter of 2025, the asset management income will be 12.3 billion yuan, increasing by 6% year-on-year. It is expected that the proprietary trading income will be 234.1 billion yuan in 2025, increasing by 35% year-on-year; in the fourth quarter of 2025, the proprietary trading income will be 47.2 billion yuan, increasing by 10% year-on-year.” Zhongshan Securities pointed out.

From the overall data perspective, on March 27, the China Securities Association released the operating data for securities companies in 2025, showing that 150 securities companies (unaudited and on a specialized consolidated basis) achieved operating revenue of 541.2 billion yuan in 2025, a year-on-year increase of 20%, and achieved net profit of 219.4 billion yuan, a year-on-year increase of 31%.

(Source: The Paper)