Everbright Securities' net profit increased by 21% to 3.7 billion last year, while equity investment business revenue turned negative again.

Everbright Securities reported a dual increase in revenue and net profit last year, but equity investment income suffered a loss.

On the evening of March 26, Everbright Securities Co., Ltd. (hereinafter referred to as “Everbright Securities,” 601788.SH, 06178.HK) released its “2025 Annual Report,” showing that Everbright Securities achieved “dual growth” in operating revenue and net profit for 2025, with net profit increasing by more than 20%.

Specifically, for the entire year of 2025, Everbright Securities achieved operating revenue of 10.852 billion yuan, an increase of 13.06% year-on-year; net profit attributable to shareholders of the parent company (hereinafter referred to as “net profit attributable to the parent”) was 3.724 billion yuan, an increase of 21.77% year-on-year.

During the reporting period, Everbright Securities’ basic earnings per share were 0.73 yuan/share, an increase of 25.86% year-on-year; the weighted average return on net assets was 5.58%, an increase of 1 percentage point year-on-year.

Along with the improvement in profitability, Everbright Securities’ asset scale also maintained a steady expansion. As of the end of the reporting period, Everbright Securities’ total assets reached 318.114 billion yuan, an increase of 8.59% from 292.959 billion yuan at the end of 2024; equity attributable to shareholders of the parent company was 71.924 billion yuan, a year-on-year increase of 5.17%.

In terms of dividends, Everbright Securities plans to distribute a cash dividend of 1.307 billion yuan to all A-share and H-share shareholders. After deducting the cash dividend of 505 million yuan distributed in the mid-2025, the current distribution is 802 million yuan. As of December 31, 2025, the total share capital of the company’s A-shares and H-shares was 4.611 billion shares, and it plans to distribute a cash dividend of 1.74 yuan (including tax) for every 10 shares to all A-share and H-share shareholders.

Overall, the total cash dividend of Everbright Securities in 2025 accounted for 38.96% of the net profit attributable to ordinary shareholders of the listed company in the consolidated financial statements.

From a quarterly perspective, Everbright Securities’ operating revenue in the third quarter of 2025 was the highest, reaching 3.065 billion yuan. The operating revenues for the first, second, and fourth quarters of 2025 were 2.505 billion yuan, 2.62 billion yuan, and 2.662 billion yuan, respectively.

In terms of net profit attributable to the parent, Everbright Securities’ net profit in the fourth quarter was the peak for the year, reaching 1.046 billion yuan. The net profits for the first three quarters of 2025 were 819 million yuan, 864 million yuan, and 995 million yuan, showing a steady upward trend quarter by quarter.

Regarding the reasons for achieving double-digit growth in operating revenue in 2025, a significant increase in net income from commissions and fees from core business was one of the key drivers. Everbright Securities pointed out in its annual report that, benefiting from the improvement in market conditions and trading activity, the company achieved net income from commissions and fees of 5.726 billion yuan during the reporting period, an increase of 22.59% year-on-year.

Among them, the wealth management business, which serves as the company’s “ballast,” performed the best. The annual report showed that in 2025, Everbright Securities’ net income from brokerage business fees reached 3.983 billion yuan, a substantial increase of 33.14% year-on-year. By the end of 2025, the total number of clients reached 7.165 million, an increase of 11% compared to the end of the previous year; total client assets were 16.4 trillion yuan, an increase of 20% compared to the end of the previous year. Overall, the wealth management business cluster achieved revenue of 6 billion yuan in 2025, accounting for as high as 55% of total revenue.

In addition to the brokerage business, other business segments also showed a differentiated pattern. The net income from asset management and fund management business fees reached 900 million yuan, a year-on-year increase of 14%. In terms of self-owned funds operation, the company’s net interest income reached 2.4 billion yuan, with a year-on-year growth of 11%; investment income reached 2.861 billion yuan, a year-on-year increase of 12.82%. In terms of cluster strategy, the investment trading business cluster and the asset management business cluster contributed revenues of 1.3 billion yuan and 1.2 billion yuan, accounting for 12% and 11% of total revenue, respectively.

However, in the complex capital market environment, some businesses also faced certain pressures. During the reporting period, Everbright Securities’ investment banking business net income from fees was 775 million yuan, a year-on-year decline of 5.81%.

At the same time, Everbright Securities’ 2025 annual report showed that during the reporting period, the company’s equity investment business revenue turned negative again to -137 million yuan, a year-on-year decrease of 224% compared to 1099.4 million yuan in 2024. However, the company’s equity investment business revenue in 2023 was -115 million yuan.

Everbright Securities’ 2025 annual report stated that the company’s equity investment business cluster includes private equity fund investment and alternative investment business. Among them, Everbright Securities mainly conducts private equity fund investment through its wholly-owned subsidiaries Everbright Capital and Everbright Development.

“In 2025, Everbright Capital will continue to rectify and standardize direct investment projects and existing funds in accordance with regulatory requirements, strengthen post-investment management of existing investment projects, and steadily advance risk disposal and resolution,” Everbright Securities further pointed out. “In 2026, Everbright Capital will continue to strengthen risk control and compliance management, adhere to prudent and stable operations, and ensure good post-investment management of existing direct investments and fund businesses.”

As of the close on March 27, Everbright Securities’ A-shares were flat at 15.19 yuan/share; H-shares were at 7.71 Hong Kong dollars/share, up 1.31%.

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