18 Listed Securities Firms Release Annual Reports: CITIC Securities Leads in Revenue and Net Profit, Guotai Haitong's Total Assets Rise to the Top

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In 2025, the revenue and net profit size of China Citic Securities still leads the industry, but its total assets have been surpassed by Guotai Huarong Tong.

As of March 29, 18 listed securities firms have already released their 2025 annual reports. Overall, 2025 has seen impressive performance among listed securities companies. Among them, for nine listed securities firms, operating revenue exceeded 10 billion yuan; only Xibug Securities (002673) and Xiangcai Co., Ltd. (600095) saw their revenue decline year over year (compared with the same period of the previous year).

At the same time, all 18 listed securities firms recorded year-over-year growth in net profit attributable to the parent company shareholder (hereinafter referred to as “net profit”). For three firms—United Minsheng (601456), Xiangcai Co., Ltd., and Guotai Huarong Tong (601211)—their net profit growth last year was all over 100%.

It is worth noting that in 2025, although the revenue and net profit scale of China Citic Securities (600030) still ranked first in both categories in the industry, in terms of total assets, Guotai Huarong Tong ranked first with 2.11 trillion yuan, exceeding China Citic Securities’ 2.08 trillion yuan.

Nine firms with revenue over 10 billion yuan; two saw declines

Specifically, on the revenue side, China Citic Securities ranked first with revenue of 74.854 billion yuan. Guotai Huarong Tong’s revenue last year exceeded 60 billion yuan, at 63.107 billion yuan, ranking next.

CITIC Securities? No—CMB? (Continue) For example, China Merchants Securities (600999), Shenwan Hongyuan (000166), and China Construction Investment (601066), among others, all had revenue business exceeding 20 billion yuan in 2025, achieving 24.972 billion yuan, 24.256 billion yuan, and 23.322 billion yuan, respectively.

Oriental Fortune (300059), Dongfang Securities (600958), Industrial Securities (601377), Everbright Securities (601788), etc., all had revenue last year exceeding 10 billion yuan, at 16.068 billion yuan, 15.358 billion yuan, 11.841 billion yuan, and 10.852 billion yuan respectively.

On the growth rate side, United Minsheng’s 2025 revenue growth was the highest, exceeding 100%, reaching 185.99%. Guotai Huarong Tong ranked second, with revenue growth of 87.40% last year.

However, in 2025, Xiangcai Co., Ltd. and Xibug Securities saw revenue decline to some extent, decreasing year over year by 31.62% and 10.84%, respectively.

Three firms doubled their net profit

On the net profit side, all 18 listed securities firms achieved profitability, and their net profit also showed positive growth.

Specifically, China Citic Securities ranked first with net profit of 30.076 billion yuan, marking the first time its full-year net profit has exceeded 30 billion yuan in history.

Guotai Huarong Tong ranked second; in 2025, its net profit reached 27.809 billion yuan, closely following China Citic Securities.

China Merchants Securities and Oriental Fortune both had net profit in 2025 exceeding 10 billion yuan, reaching 12.350 billion yuan and 12.085 billion yuan respectively. China Securities? (Continue) China Construction Investment and Dongfang Securities’ net profit last year exceeded 5 billion yuan, at 9.439 billion yuan and 5.634 billion yuan respectively.

On the growth rate side, all 18 listed securities firms achieved positive net profit growth in 2025.

Among them, United Minsheng, Xiangcai Co., Ltd., and Guotai Huarong Tong all saw their net profit growth last year double, increasing year over year by 405.49%, 325.15%, and 113.52%, respectively.

Meanwhile, Central Plains Securities (601375) and Shenwan Hongyuan (000166) both had net profit year-over-year increases exceeding 80% last year, rising by 85.41% and 82.46%, respectively.

Industry performance last year was generally favorable

The impressive performance of nearly half of listed securities firms’ 2025 results reflects that the securities industry’s overall performance in 2025 was generally favorable.

An OpenSource Securities research report stated that in 2025, the stock market rose noticeably, trading was active, and the IPO recovery of investment banking took place. Year-over-year high growth in securities firms’ brokerage and investment income drove net profit growth. The report expects that in 2025, listed securities firms’ non-recurring profit attributable to shareholders (“扣非”) will increase 61% year over year, and in the fourth quarter of 2025, it will increase 38% year over year on a single-quarter basis.

“Among them, the 2025 IPOs have shown some recovery and the trend is improving; it is expected that the revenue of securities firms’ large investment banking business will grow. In the fourth quarter of 2025, there were 38 A-share IPOs, with IPO underwriting proceeds of 54.5 billion yuan, up 36% quarter over quarter. In 2025, there were 116 A-share IPOs, up 16% year over year, and A-share IPO underwriting proceeds were 131.8 billion yuan, up 96% year over year.” OpenSource Securities further noted, “With the migration of residents’ wealth underway, newly issued equity-biased funds have improved year over year, driving securities firms’ asset management business revenue to continue growing.”

A research report from China Merchants Securities said that margin financing and securities lending (two-margin) and investment banking support securities firms’ performance in the fourth quarter of 2025. It is expected that in 2025, listed securities firms’ non-recurring net profit (“扣非”) will be 216.7 billion yuan, up 55% year over year; among them, non-recurring net profit in the fourth quarter of 2025 will be 54.8 billion yuan, up 26% year over year.

“Based on expectations, in 2025 brokerage and credit income will be 158.9 billion yuan and 50.3 billion yuan respectively, up 50% and 43% year over year; in the fourth quarter of 2025, brokerage and credit income will be 47.1 billion yuan and 16.4 billion yuan respectively, up 12% and 25% year over year. Investment banking revenue is expected to be 39.0 billion yuan in 2025, up 27% year over year; investment banking revenue in the fourth quarter of 2025 is expected to be 13.8 billion yuan, up 35% year over year. Asset management revenue is expected to be 45.6 billion yuan in 2025, up 3% year over year; asset management revenue in the fourth quarter of 2025 is expected to be 12.3 billion yuan, up 6% year over year. Proprietary trading income is expected to be 234.1 billion yuan in 2025, up 35% year over year; proprietary trading income in the fourth quarter of 2025 is expected to be 47.2 billion yuan, up 10% year over year.” China Merchants Securities said.

From total data, on March 27, the China Securities Industry Association released operating data for securities companies for 2025. According to the data, 150 securities companies (unaudited, and under a specific consolidation basis) achieved operating revenue of 541.2 billion yuan in 2025, up 20%, and net profit of 219.4 billion yuan, up 31%.

Reporter Tian Zhongfang of The Paper

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