Futures companies' 2025 performance announced! The highest net profit exceeds 1 billion

Recently, three A-share listed futures companies—Nanhua Futures, Ruitai Futures, and Hongye Futures—have successively released their 2025 annual reports. In addition, the performance of many securities-firm-affiliated futures companies has also been disclosed along with their parent companies’ annual reports.

A Securities Times China reporter compiled the findings and found that among futures companies ranked toward the top, their net profits for last year generally increased. However, due to adjustments to the revenue recognition methods for certain trade-related business income, the operating revenues of some futures companies declined noticeably. Notably, Zhongxin Futures’ net profit in 2025 reached RMB 1.072 billion, making it the only futures company among those that have disclosed last year’s performance to surpass RMB 1 billion. Meanwhile, the customer equity disclosed by Guotai Junan Futures at the end of last year totaled RMB 196.7 billion, approaching the RMB 200 billion mark.

**Strong performance by leading futures companies **

(Compiled by a Securities Times China reporter based on publicly available information)

Guotai Junan Futures came next. In 2025, operating revenue was RMB 2.991 billion, and net profit was RMB 0.936 billion, up 14.57% year over year. According to the annual report of Guotai Haitong, in 2025, the trading volume of Guotai Junan Futures was RMB 191.41 trillion, with a market share of 12.49%, up 2.00 percentage points from the previous year. At the end of last year, Guotai Junan Futures’ customer equity totaled RMB 196.7 billion, with a market share of 9.76%, up 1.03 percentage points from the end of the previous year. Guotai Junan Futures’ customer equity at period-end was RMB 196.7 billion, up 46.35% year over year.

CITIC Jianfa Futures’ operating revenue last year was RMB 1.436 billion, and its net profit surged 44.35% year over year to RMB 0.651 billion. Data show that in 2025, CITIC Jianfa Futures achieved agency trading volume of RMB 32.60 trillion, up 25.73% year over year; and its customer equity at period-end increased 35.47% year over year.

In addition, among A-share listed futures companies, Ruitai Futures and Nanhua Futures’ net profits were also ranked toward the top. Legacy securities-firm-affiliated futures companies such as Galaxy Futures, East Securities Futures, GF Futures, China Merchants Futures, and Huatai Futures were also on the top-ten list. Among them, East Securities Futures had both the industry’s top-three performance in terms of last year’s agency trade volume market share and customer equity size.

Outside the list, some futures companies’ profit growth was also particularly eye-catching. For example, last year Zhongtai Futures’ net profit rose sharply 1798.54% to RMB 0.86 billion; Zhongtai Futures’ total equity at period-end was RMB 42.268 billion, up 40.21% from the end of the previous year. Chaos Tiancheng Futures turned a loss into profit last year and recorded net profit of RMB 0.181 billion.

Of course, some futures companies also performed poorly last year. The one that stood out first was Hongye Futures. Hongye Futures’ annual report shows that in 2025, the company achieved total operating revenue of RMB 287 million, with an adjusted basis year over year decline of 20.53%; full-year net profit attributable to shareholders of listed companies was RMB 3.9927 million, down sharply 86.61% year over year, with net profit hitting a new low since its A-share listing. In addition, representative examples include Everbright Futures, which achieved net profit of RMB 146 million last year, down 33.33% year over year; and Shenwan Futures, whose net profit was RMB 231 million last year, down 15.38% year over year.

**Innovative business becomes the key “second growth curve” **

In 2025, China’s domestic futures market developed steadily. With the benefit of the broader growth environment, futures companies benefited and overall industry conditions were promising. At the end of last year, the total amount of funds in the futures market increased to about RMB 2.15 trillion, up 32% year over year, and total customer equity across futures companies reached RMB 2 trillion, up about 31%. According to data from the China Futures Association (CFA), in the whole of last year, national futures companies’ cumulative operating revenue was RMB 42.015 billion, up 1.7%; cumulative net profit was RMB 11.0 billion, up about 16%. According to what a Securities Times China reporter learned, the industry shows a pronounced “Matthew effect” with significant divergence, and innovative business has become a key point for futures companies to open a second growth curve.

Taking Nanhua Futures as an example, in 2025, the company achieved operating revenue of RMB 1.388 billion, up 2.45%; and net profit attributable to the shareholders of the parent company was RMB 0.486 billion, up 6.18%. Nanhua Futures continued to intensify its efforts in overseas business. By the end of last year, the company’s overseas brokerage business had a total customer equity of HKD 23.306 billion; and its overseas asset management scale was HKD 4.812 billion. Last year, Henghua International under Nanhua Futures recorded operating revenue and net profit of RMB 0.762 billion and RMB 0.46 billion, respectively, with year-over-year growth of 16.51% and 10.31%.

Ruitai Futures, meanwhile, used its futures asset management business as a growth breakthrough. In 2025, the company achieved operating revenue of RMB 1.227 billion, up 23.20% from the previous year, and net profit attributable to shareholders of listed companies was RMB 0.547 billion, up 42.95% from the previous year. According to Ruitai Futures’ annual report, in 2025 Ruitai Futures’ asset management business achieved operating revenue of RMB 206 million, up 81.34% year over year, mainly due to the expansion of the scale of its asset management products, improved investment conditions, and higher product yield rates. By the end of last year, Ruitai Futures’ asset management scale was RMB 4.629 billion, up 97.40% from the end of 2024.

Ruitai Futures stated that the company will firmly seize market and industry development opportunities, fully leverage its professional strengths in the derivatives sector, build an asset management platform with controllable risk, vigorously develop various products mainly featuring active management, and continuously improve its product sales and management capabilities. First, increase promotional efforts for the “Ruitai Asset Management” brand to enhance the market recognizability of “Ruitai Asset Management” and expand market influence and business scale; second, establish a wealth-management-centered financial product sales and management system; third, enrich product types, and continue consolidating the company’s advantages in futures asset management products by expanding product types from a single derivatives category to fixed-income, equity, and hybrid categories, as well as FOF-type products, to meet the wealth-management needs of different investors; fourth, strengthen the construction of sales channels, intensify communication and cooperation with financial institutions and fund sales companies, commission third-party institutions to serve as agents for the sales of asset management products, and expand the company’s sales coverage for asset management products; fifth, leverage the advantage of low correlation between CTA strategies and bond-type and equity-type investment strategies to attract institutional investors to increase allocations to the company’s asset management products; sixth, actively introduce talent in bond, stocks, and quantitative research and trading, improve the asset management team’s research, investment, and trading capabilities, enrich the investment strategies for asset management business, broaden the investment scope of asset management products, and ensure that the company’s trading strategies achieve full coverage.

(Source: Securities Times China)