ShouChuang Securities profits of 1.06 billion, total assets exceeding 50 billion, investment business revenue increased by 46%, advancing Hong Kong stock IPO

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Changjiang Business Daily Reporter Xu Jia

As a listed securities firm controlled by the Beijing State-owned Assets Supervision and Administration Commission, Founder Securities (601136.SH) has achieved record high operating performance.

Recently, Founder Securities released its annual report. In 2025, the company achieved operating income of 2.528 billion yuan, a year-on-year increase of 4.58%, and a net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to parent”) of 1.056 billion yuan, a year-on-year increase of 7.26%, marking a historic high in operating performance. By the end of 2025, the total assets of Founder Securities exceeded 50 billion yuan, reaching 52.379 billion yuan.

Changjiang Business Daily Reporter noticed that in 2025, China’s capital market entered a phase of continuous policy implementation and gradual effectiveness under the background of comprehensive reform. Driven by market conditions, in 2025, the investment business and wealth management business of Founder Securities generated revenues of 1.554 billion yuan and 497 million yuan, respectively, up 45.83% and 22.33% year-on-year, accounting for 61.48% and 19.64% of the company’s operating income, becoming the core drivers of the company’s performance growth.

In 2025, the trading volume of stock fund transactions conducted by Founder Securities reached 10.7 trillion yuan, a significant year-on-year increase of 61.54%.

Notably, in October 2025, Founder Securities officially submitted its listing application to the Hong Kong Stock Exchange, and the company is currently steadily advancing its H-share IPO.

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2025 will distribute dividends of 459 million yuan

The annual report shows that in 2025, Founder Securities achieved operating income of 2.528 billion yuan, a year-on-year increase of 4.58%; net profit attributable to parent was 1.056 billion yuan, a year-on-year increase of 7.26%; and net profit excluding non-recurring gains and losses was 1.017 billion yuan, a year-on-year increase of 4.97%.

Founder Securities was listed on the A-share market in December 2022. From 2022 to 2024, the company achieved operating income of 1.588 billion yuan, 1.927 billion yuan, and 2.418 billion yuan, with net profit attributable to parent of 555 million yuan, 701 million yuan, and 985 million yuan.

While setting a historic high in operating performance, by the end of 2025, the total assets of Founder Securities exceeded 50 billion yuan, reaching 52.379 billion yuan, an increase of 11.79% compared to the end of 2024.

According to the board of directors of Founder Securities, during the “14th Five-Year Plan” period, the company’s revenue and profitability continued to progress, market position steadily climbed, and core business capabilities were iteratively upgraded. Compared to the end of the “13th Five-Year Plan,” the company’s operating income increased by 52.50%, total profit increased by 61.25%, net profit increased by 72.75%, and owner’s equity increased by 53.90%. The weighted average return on net assets has increased year by year since listing, reaching 7.78% in 2025.

Moreover, during the “14th Five-Year Plan” period, the scale of Founder Securities’ asset management business has risen to rank among the top 15 in the industry. The company’s bond underwriting and asset securitization businesses have developed rapidly, with the scale of bond underwriting during the “14th Five-Year Plan” period increasing from 17.4 billion yuan in 2020 to 26.8 billion yuan in 2025, a growth of 54%. The ABS business ranking has risen to the top 15 in 2025, now in the first tier.

Founder Securities has also launched a profit distribution plan, proposing to distribute a cash dividend of 0.68 yuan (before tax, the same applies below) for every 10 shares to all shareholders, with no bonus shares and no capital reserve fund conversion to share capital, expecting to distribute a total cash dividend of 186 million yuan.

If including the interim dividend distribution of 273 million yuan in 2025, the total cash distribution for 2025 will be 459 million yuan, accounting for 43.47% of the company’s net profit attributable to parent in 2025.

According to Tonghuashun data, since its listing, Founder Securities has cumulatively distributed 1.648 billion yuan.

Changjiang Business Daily Reporter noticed that since 2025, with the main credit rating upgraded to AAA, the Hong Kong stock listing application submitted, and the approval of perpetual subordinated debt issuance, Founder Securities’ financing channels have become more diversified.

Among them, in October 2025, Founder Securities officially submitted its listing application to the Hong Kong Stock Exchange and is currently steadily advancing its H-share IPO. At the beginning of 2026, the company’s first application to issue perpetual subordinated debt received registration approval from the China Securities Regulatory Commission.

Investment and wealth management businesses become important support for performance

In 2025, the A-share market overall showed a fluctuating upward trend, driven by various favorable factors and collective market forces, leading to a rise in market conditions.

In this context, investment and wealth management businesses have become the main factors driving the performance growth of Founder Securities.

Specifically, in 2025, the investment business of Founder Securities generated revenue of 1.554 billion yuan, a year-on-year increase of 45.83%, accounting for 61.48% of the company’s operating income.

Among them, in the New Third Board market making, as of the end of 2025, Founder Securities had 25 companies in the New Third Board market, ranking 10th in the industry; of which 22 were in the innovation layer, accounting for 88%.

In terms of wealth management, in 2025, the wealth management business of Founder Securities achieved revenue of 497 million yuan, a year-on-year increase of 22.33%, accounting for 19.64% of the company’s operating income. During the reporting period, the company opened nearly 80,000 new accounts, with a total client count exceeding 870,000 by the end of the period; the annual trading volume of stock fund transactions was 10.7 trillion yuan, a year-on-year increase of 61.54%; the balance of margin financing and securities lending (excluding interest) was 3.783 billion yuan, an increase of 30.90% from the end of the previous year.

However, in asset management, in 2025, the asset management business of Founder Securities generated revenue of 477 million yuan, a year-on-year decrease of 47.55%, accounting for 18.86% of the company’s operating income. The company stated that this was mainly due to the impact of the bond market conditions, with the excess performance remuneration of the company’s asset management products decreasing, resulting in a decline in business revenue, but the scale of asset management maintained steady growth.

As of the end of 2025, the net asset value of the company’s existing asset management products was 171.124 billion yuan, an increase of 18.93% from the end of the previous year; the scale of investment advisory business reached 43.699 billion yuan, an increase of 299.41% from the end of the previous year.

In terms of asset management product types, the net asset value of Founder Securities’ asset management products, excluding special asset management plans, was 125.505 billion yuan, an increase of 7.21% from the end of the previous year, of which the net asset value of collective products was 102.956 billion yuan, and the net asset value of single asset management products was 22.549 billion yuan. The net asset value of the company’s special asset management products was 45.619 billion yuan.

As of the end of 2025, the number of private investment funds managed by Founder Securities’ private subsidiary, Shouzheng Desheng, was 16, an increase of 2 from the previous period; with a management scale of 816 million yuan. In public offerings, the number of existing products managed by Postal Savings Fund was 95, with a net asset value of 89.899 billion yuan. Among them, there were 60 public fund products with a management net asset value of 75.169 billion yuan; and 35 special account wealth management products with a management net asset value of 14.730 billion yuan.

As of the end of 2025, Founder Securities had cumulatively completed 125 recommended listing projects and continued to supervise 106 listed companies, of which 33 were innovation layer enterprises, accounting for 31.13% of the total supervised companies.

In 2025, Founder Securities, as the lead underwriter, completed the underwriting issuance of 138 corporate bonds, with a lead underwriting amount of 26.808 billion yuan, a year-on-year increase of 8.21%. The company assisted enterprises in issuing 36 technology innovation corporate bonds, with a total financing amount of 6.822 billion yuan.

At the same time, Founder Securities actively expanded its asset securitization business, during the reporting period, as plan manager, it issued a total of 64 ABS products, with an issuance scale of 37.430 billion yuan, a year-on-year increase of 92.36%; as plan sales organization, it sold a total of 77 ABS products, with a sales scale of 32.417 billion yuan, a year-on-year increase of 92.82%; both issuance and sales scales ranked in the top 15 in the industry (according to Wind data statistics).