China Merchants Securities net profit reaches 12.3 billion yuan, setting a new record high; wealth management remains the primary source of income; AI brokerage construction achieves three major breakthroughs.

Financial Associated Press, March 28 (Reporter Zhao Xinrui) - China Merchants Securities announced its 2025 annual report on the evening of March 27, showing continuous revenue growth for three consecutive years, with profits hitting a historic high, and key breakthroughs in its financial technology layout.

According to the annual report, China Merchants Securities achieved revenue of 24.97 billion yuan in 2025, a year-on-year increase of 20%, maintaining growth for three consecutive years; it achieved a total profit of 14.08 billion yuan and a net profit of 12.32 billion yuan, representing year-on-year growth of 25% and 19%, respectively, both setting historical highs.

On the business front, the company saw multiple core indicators improve in quality and efficiency, with rankings breaking through. Based on currently disclosed market data, the company’s net income from agency securities trading ranked among the top three in the industry, while key indicators such as net income from the sale of financial products, stock pledge business scale, and interest income remained in the top five in the industry; the total scale of outsourced custody surpassed 4 trillion yuan for the first time; the capital market business significantly improved in key indicators such as stock underwriting amounts and numbers, as well as IPO underwriting amounts, with the number of IPO underwritings ranking 4th, the best in nearly a decade.

Financial technology has become an important engine for the high-quality development of China Merchants Securities, achieving three major core breakthroughs throughout the year:

First, it established the first core trading system in the securities industry based on a cloud-native architecture, achieving a technical lead in system architecture;

Second, it actively constructed an “AI securities company,” promoting the construction and iterative upgrade of AI applications;

Third, through the deep integration of digital capabilities, it continuously enhanced the digital level of major business platforms such as wealth management and institutional business, achieving a profound integration of digital transformation and business value.

From the perspective of main business operations, the vast majority of sectors achieved revenue growth, but other business revenues experienced a phase adjustment. In 2025, the company’s other business revenue reached 2.221 billion yuan, a year-on-year decrease of 12.64%.

Wealth Management Creates a New Digital Model, AUM Grows 29% Year-on-Year to a New High

In terms of business segments, wealth management is the largest revenue source for China Merchants Securities. In 2025, this business achieved operating income of 13.824 billion yuan, a year-on-year increase of 35.1%, primarily driven by an increase in net income from agency securities trading fees.

Amid the industry’s wealth management transformation wave, the company accelerated the construction of a customer-centered digital wealth management system, with total AUM in wealth management growing 29% year-on-year to reach a new historical high. At the same time, it continued to strengthen the construction of the wealth advisor team, leveraging AI to create a dual-driven service model of “AI + human,” with the number of wealth advisors reaching 1,468 by the end of 2025.

The scale of domestic and overseas custody and trading expanded steadily. By the end of December 2025, the company had approximately 20.9722 million active trading clients, a year-on-year increase of 8.67%, and custody client assets of 5.29 trillion yuan, a year-on-year increase of 23.89%. In the overseas market, the assets under custody at China Merchants International reached 268.738 billion HKD, an increase of 24.64% compared to the end of 2024.

Notably, against the backdrop of widespread branch downsizing in the industry, China Merchants Securities did not close any branches or offices in 2025. By the end of the year, the company had 14 branches and 265 offices, and established overseas institutions in Hong Kong, South Korea, and other locations, covering major global capital markets.

Investment Banking IPO Underwriting Numbers Rank as the Best in Nearly a Decade, Hong Kong Projects Achieve Multiple Growth

In the investment banking sector, the “Leap Program” launched by China Merchants Securities in 2019 has become the core strategy for serving growth-oriented technology enterprises. By the end of 2025, the program has included 665 companies, with over 80 successfully achieving conversion to investment banking services, continuously strengthening the reserve team.

In 2025, the company’s equity underwriting scale and number of projects both saw significant growth, with A-shares performing exceptionally well: the company completed 10 A-share IPO underwritings throughout the year, rising to 4th place in the industry rankings, an improvement of 5 positions year-on-year, marking the best performance in nearly a decade.

The growth of Hong Kong IPOs was even better. According to Bloomberg statistics, in 2025, the company completed a total of 7 Hong Kong IPO projects, with an underwriting amount of 422 million USD, a year-on-year increase of 251.31%. The number of Hong Kong listing applications submitted to the Hong Kong Stock Exchange also achieved multiple growth year-on-year.

Asset Management Net Income Grows 12.77% Year-on-Year, Scale Declines Year-on-Year

In the asset management sector, in 2025, China Merchants Asset Management focused on enhancing active management capabilities, with significant growth in FOF product issuance. Benefiting from the growth in public fund management income, China Merchants Asset Management achieved a net income of 821 million yuan in 2025, a year-on-year increase of 12.77%.

However, the asset management scale showed a declining trend. By the end of 2025, the total asset management scale of China Merchants Asset Management was 261.05 billion yuan, a year-on-year decrease of 2.37%. Among them, the scale of collective asset management plans declined by 66.46% year-on-year, and the net income from collective asset management plans decreased by 53.49% year-on-year.

In terms of overseas asset management, China Merchants International Asset Management focused on promoting ETF product issuance, with total assets under management reaching 22.073 billion HKD at the end of the period, a substantial increase of 107.73% compared to the end of 2024.

The fund business segment maintained steady development, with the total asset management scale of Bosera Fund (including subsidiaries) reaching 1.7742 trillion yuan by the end of 2025, a year-on-year increase of 2.93%; while the total asset management scale of China Merchants Fund (including subsidiaries) reached 1.5944 trillion yuan, a year-on-year increase of 1.63%.

Coverage Rate of Private Equity Clients with Over 10 Billion Yuan in Trading Surpasses 90%

In 2025, China Merchants Securities also continued to deepen the transformation and reform of its institutional client business.

By the end of the reporting period, the company accelerated the introduction of brokerage settlement products, achieving steady growth in brokerage settlement business scale.

In private equity client services, the company focused on building the “Private Equity Leading Program” brand, with private equity trading asset scale growing by 55.41% year-on-year. By the end of December 2025, the trading coverage rate for private equity clients with managed scales exceeding 10 billion yuan surpassed 90%.

China Merchants Securities’ public fund custody outsourcing business focused on creating an ETF public ecosystem. By the end of 2025, the company had outsourced 33,700 products with a scale of 4.28 trillion yuan, a year-on-year increase of 23.72%. Among them, the scale of overseas fund administrative management outsourcing business reached 22.579 billion HKD, a year-on-year increase of 201.50%.

AI Deeply Empowers Various Business Lines, IT Investment Grows 20.58% Year-on-Year

The Financial Associated Press noted that the term “AI” was frequently mentioned in the 2025 annual report of China Merchants Securities, with the strategic vision of building “AI Securities Company.”

During the reporting period, the company comprehensively empowered various business lines and operational management with large model technology, deeply implementing digital transformation. In 2025, China Merchants Securities’ IT investment reached 1.908 billion yuan (parent company basis), a year-on-year increase of 20.58%, with investment scale ranking among the top in the industry.

In the wealth business, the company created the marketing service assistant “Zhao Xiaogu,” helping wealth advisors enhance service quality in market trend analysis, product research assistance, asset allocation services, and investor education;

In the institutional business, it created a unified brand “China Merchants Securities Intelligence,” launching an intelligent platform assistant and an AI toolbox for institutional client managers; at the same time, it developed the “Custody 007” digital employee, significantly improving the operational efficiency of custody business;

The research business established the “AI Research Institute,” exploring innovative practices of generative AI in scenarios such as financial report interpretation, research report writing, and researcher assistants, with a one-stop intelligent research workstation covering the entire process of “search, read, write, and review” for analysts’ research content production;

The investment banking business built an intelligent investment banking operation system, embedding AI applications such as intelligent review, smart document writing for investment banking, and bank statement recognition;

In office and operational scenarios, it created the data service assistant “Zhao Xiaoshu” and the general office assistant “Zhao Xiaoju,” empowering front-line management to improve efficiency.