8 listed brokerages achieved a year-over-year net profit growth of over 30% last year

A-share listed brokerages’ 2025 performance disclosures are underway. According to Choice data: the eight brokerages that have already released results combined for operating revenue of RMB 137.707 billion, up 31.10%; they recorded attributable net profit of RMB 59.588 billion, up 33.78%.

With trading activity recovering in the market, the competitive landscape in the securities industry—“major players pursuing stability while mid-sized and smaller firms aim to be black horses”—is becoming increasingly clear. In the view of industry participants, a high-activity market environment lays the foundation for growth in brokerage performance, while optimization of business structure and transformation build the core momentum for sustained growth.

Top players aim to maintain scale; mid-sized and smaller firms chase growth pace

In terms of revenue levels, the “stronger get stronger” pattern remains firmly in place. CITIC Securities ranked first with operating revenue of RMB 74.854 billion, up 28.79%; CITIC Jianzhi ranked second with revenue of RMB 23.322 billion; Orient Securities achieved revenue of RMB 16.068 billion, ranking third; in addition, Everbright Securities achieved revenue of RMB 10.852 billion. Huanan Securities, Huaxin Co., Ltd., and Capital Securities each reported operating revenue of more than RMB 2.0 billion.

On net profit growth rates, all eight brokerages achieved growth in net profit.

Mid-sized and smaller brokerages performed especially well. Xiangcai Co., Ltd. topped the chart with a 325.15% year-on-year increase in net profit. Among them, its subsidiary Xiangcai Securities recorded attributable net profit of RMB 0.530 billion, up sharply 118.08% year on year. Huaxin Co., Ltd. ranked second with a growth rate of 73.98%; Huanan Securities followed closely with a net profit growth rate of 41.92%; both CITIC Securities and CITIC Jianzhi recorded net profit growth rates of over 30%.

Divergence in business growth; may further intensify this year

Against the backdrop of the “Matthew effect” continuing to deepen in the industry, top brokerages and mid-sized and smaller brokerages are following clearly different development paths.

Top brokerages leverage diversified setups to achieve more balanced development across business lines. Taking CITIC Securities as an example, it has continuously strengthened core competitiveness and risk control capabilities, with operating performance reaching the best level in its history, and all business lines continuing to maintain leading positions in the industry. Specifically: for the full year, the company achieved securities underwriting and sponsorship business revenue of RMB 6.055 billion, up 50.12%; securities investment business revenue was RMB 27.605 billion, up 14.83%.

By contrast, mid-sized and smaller brokerages have opened up opportunities through differentiated strategies, and some firms have formed distinctive advantages in certain business areas. Taking Huaxin Securities as an example, the company adheres to its core strategy of using financial technology to lead business development. By empowering with financial technologies such as big data and artificial intelligence, it achieved steady growth in performance.

In terms of business structure, brokerage business growth shows clear differentiation. Benefiting from the increase in market trading activity in 2025, brokerage fee and commission income and investment returns generally improved. Brokerage and investment businesses have become the main drivers of growth in most brokerages’ performance. For example, Capital Securities actively seized market opportunities, and investment returns increased significantly. In 2025, this segment achieved revenue of RMB 1.554 billion, up 45.83%, accounting for 61.48% of the company’s operating revenue.

值得关注的是，虽然投行业务受IPO节奏等因素影响，但头部券商凭借项目储备和客户资源优势继续保持领先，部分中小券商则面临较大压力。湘财股份子公司湘财证券投行业务全年实现收入6002.69万元，同比下降29.47%；受保荐业务收入减少影响，首创证券2025年投资银行类业务实现收入1.89亿元，同比下降3.54%。

Guotai Haitong Securities non-brokerage chief analyst Liu Xinqi said in a report that it is expected that diversification among brokerages in 2026 will further intensify. Wealth management and international business will become the industry’s core growth points, and the advantages of boutique brokerages and leading brokerages are expected to remain prominent. The differentiation landscape among various institutions is also expected to become more evident.

Optimistic about brokerage performance in 2025

Favorable brokerage performance in 2025 is inseparable from strong alignment between the market environment and business transformation. Choice data shows: in 2025, the two Shanghai and Shenzhen markets’ total cumulative trading value reached RMB 413.78 trillion for the full year, the first time exceeding RMB 400 trillion; daily trading value refreshed historical records. At the same time, at the end of 2025, the balance of securities margin trading (two margin financing) stood at RMB 2.54 trillion, up 36% year on year.

In the view of industry participants, a high-activity market environment underpins performance growth, while optimizing business structure and transformation provides the core momentum for sustained growth. Luo Zhanhui, non-brokerage chief analyst at Shenwan Hongyuan Securities, believes brokerage performance achieved high growth mainly from two aspects: first, brokerage and margin trading businesses that are highly correlated with market trading activity; second, proprietary investment businesses. The market typically links brokerage performance with trading value and the magnitude of gains/losses in stocks and bonds assets, so it enables forward-looking assessment of performance.

Based on this, multiple analysts hold optimistic expectations for full-year 2025 performance in the securities industry. Xu Yishan, non-brokerage chief analyst at Founder Securities, expects that listed brokerages’ operating revenue from principal business in 2025 will increase 34% year on year, while attributable net profit will rise 49% year on year. By segment, it is expected that brokerage and investment businesses will be the main drivers of brokerage performance growth.

Liu Xinqi also offered a similar judgment. He expects that with both active trading and base effects, for 42 listed brokerages, their 2025 adjusted operating revenue (operating revenue minus other business costs) will increase 31.6% year on year to RMB 555.3 billion, and attributable net profit will increase 44.4% year on year to RMB 214.2 billion.