Annual reports for 2025 from 18 listed securities firms have been disclosed. Overall, the performance of these brokerages was robust. Among them, nine companies reported revenues exceeding 10 billion yuan, with only Western Securities (002673) and Xiangcai Co., Ltd. (600095) experiencing a year-on-year decline in revenue.
Simultaneously, all 18 brokerages achieved a year-on-year increase in net profit attributable to shareholders. Notably, Guolian Minsheng (601456), Xiangcai Co., Ltd., and Guotai Haitong (GTHT, 601211) saw their net profits more than double, with increases exceeding 100%.
It is noteworthy that while CITIC Securities (600030) maintained its leading position in both revenue and net profit scale for 2025, Guotai Haitong (GTHT) surpassed it in total assets, ranking first with 2.11 trillion yuan compared to CITIC Securities' 2.08 trillion yuan.
Nine Brokerages Surpass 100 Billion Yuan in Revenue, Two See Declines
In terms of revenue, CITIC Securities led with 74.854 billion yuan. Guotai Haitong (GTHT) followed closely with revenue surpassing 60 billion yuan, reaching 63.107 billion yuan.
Companies including China Merchants Securities (600999), Shenwan Hongyuan (000166), and China Securities (601066) each reported revenues over 20 billion yuan for 2025, achieving 24.972 billion yuan, 24.256 billion yuan, and 23.322 billion yuan respectively.
Other firms such as East Money Information (300059), Oriental Securities (600958), Industrial Securities (601377), and Everbright Securities (601788) also reported revenues exceeding 10 billion yuan, with figures of 16.068 billion yuan, 15.358 billion yuan, 11.841 billion yuan, and 10.852 billion yuan respectively.
Regarding growth rates, Guolian Minsheng recorded the highest revenue increase for 2025, soaring over 100% to 185.99%. Guotai Haitong (GTHT) ranked second with a revenue growth of 87.40%.
However, Xiangcai Co., Ltd. and Western Securities experienced declines in their 2025 revenue, decreasing by 31.62% and 10.84% year-on-year, respectively.
Three Firms Double Their Net Profit
Regarding net profit, all 18 listed brokerages were profitable and achieved positive growth.
Specifically, CITIC Securities ranked first with a net profit of 30.076 billion yuan, marking the first time its annual net profit historically exceeded 300 billion yuan.
Guotai Haitong (GTHT) ranked second, with a 2025 net profit of 27.809 billion yuan, closely trailing CITIC Securities.
China Merchants Securities and East Money Information both reported net profits exceeding 10 billion yuan for 2025, reaching 12.350 billion yuan and 12.085 billion yuan respectively. China Securities and Oriental Securities reported net profits over 5 billion yuan, at 9.439 billion yuan and 5.634 billion yuan respectively.
In terms of growth rates, all 18 listed brokerages achieved positive net profit growth in 2025.
Among them, Guolian Minsheng, Xiangcai Co., Ltd., and Guotai Haitong (GTHT) saw their net profits more than double, with year-on-year increases of 405.49%, 325.15%, and 113.52% respectively.
Concurrently, Central China Securities (601375) and Shenwan Hongyuan (000166) achieved net profit growth exceeding 80%, increasing by 85.41% and 82.46% year-on-year, respectively.
Overall Positive Industry Performance in 2025
The strong performance of nearly half the listed brokerages in 2025 reflects an overall positive trend for the securities industry that year.
Analysis indicates that a significant stock market rise, active trading, a recovery in investment banking IPO activities, and substantial year-on-year growth in brokerage and investment income drove the increase in net profits. The non-GAAP net profit attributable to shareholders of listed brokerages is estimated to have increased by 61% year-on-year for the full year 2025, with a 38% increase in the fourth quarter alone.
The recovery in IPO activity was a positive driver, expected to boost revenues from major investment banking operations. In the fourth quarter of 2025, there were 38 A-share IPOs with underwriting amounts of 54.5 billion yuan, a 36% increase from the previous quarter. For the full year 2025, there were 116 A-share IPOs, a 16% year-on-year increase, with total underwriting amounts reaching 131.8 billion yuan, up 96% year-on-year. The ongoing shift in household wealth management and an improvement in new equity fund issuances are also driving continuous growth in major asset management revenues for brokerages.
Further analysis suggests that margin financing and investment banking supported the brokerage industry's performance in the fourth quarter of 2025. The estimated non-GAAP net profit for listed brokerages in 2025 was 216.7 billion yuan, a 55% year-on-year increase, with the fourth quarter contributing 54.8 billion yuan, up 26% year-on-year.
Brokerage and credit business revenues for 2025 are estimated at 158.9 billion yuan and 50.3 billion yuan, representing year-on-year increases of 50% and 43% respectively. In the fourth quarter, these revenues were 47.1 billion yuan and 16.4 billion yuan, up 12% and 25% year-on-year. Investment banking revenue for 2025 is estimated at 39.0 billion yuan, a 27% increase, with fourth-quarter revenue at 13.8 billion yuan, up 35%. Asset management revenue for 2025 is estimated at 45.6 billion yuan, a 3% increase, with fourth-quarter revenue at 12.3 billion yuan, up 6%. Proprietary trading revenue for 2025 is estimated at 234.1 billion yuan, a 35% increase, with fourth-quarter revenue at 47.2 billion yuan, up 10%.
From a broader industry perspective, data released by the Securities Association of China on March 27th showed that 150 securities companies achieved operating revenue of 541.2 billion yuan in 2025, a 20% year-on-year increase, and a net profit of 219.4 billion yuan, a 31% year-on-year increase.
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