Recently, 42 pure securities business listed brokers completed their 2025 half-year report disclosures. The 42 listed securities firms achieved a combined total operating revenue of 251.9 billion yuan in the first half of 2025, up 31% year-on-year, and realized net profit attributable to shareholders of 104 billion yuan, up 65% year-on-year.
From a revenue growth perspective, 37 brokers recorded positive revenue growth in the first half of 2025, while only 5 posted negative growth against the trend. These 5 firms were Caijing Securities, Nanjing Securities Co.,Ltd., Western Securities, Central Plains Securities, and Zheshang Securities, with declines of 2.19%, 5.96%, 16.23%, 23.14%, and 23.66% respectively.
Among them, Nanjing Securities Co.,Ltd. saw its securities investment business revenue decline against the trend, with asset management business net fee income plummeting 45% year-on-year, and investment banking revenue also declining. Notably, regarding proprietary investment business, despite Nanjing Securities Co.,Ltd.'s heavy dependence on market-sensitive investment and brokerage businesses (with combined revenue exceeding total operating revenue), the company's brokerage and investment business revenues declined against the trend during the first half's market rally, essentially failing to capitalize on favorable market conditions despite its market-dependent structure.
**Brokerage and Investment Business Revenue Exceeds Total Revenue, Yet Fails to Outperform Market**
In the first half of 2025, Nanjing Securities Co.,Ltd. achieved operating revenue of 1.578 billion yuan, down 5.96% year-on-year, and net profit attributable to shareholders of 621 million yuan, up 13.65% year-on-year.
By business segment, Nanjing Securities Co.,Ltd.'s revenue decline was related to decreases in securities and futures brokerage business, securities investment business, and investment banking business revenues, which fell 6.93%, 1.84%, and 15.43% year-on-year respectively in the first half of 2025.
From a business structure perspective, Nanjing Securities Co.,Ltd.'s combined brokerage and investment business revenues exceeded total operating revenue. In the first half of 2025, securities and futures brokerage business revenue was 726 million yuan, investment business revenue was 983 million yuan, totaling 1.709 billion yuan, exceeding the period's total operating revenue of 1.578 billion yuan (note: headquarters and other business income was negative).
This shows Nanjing Securities Co.,Ltd.'s heavy dependence on brokerage and proprietary investment businesses, with investment banking and asset management business revenues accounting for only 7.16% combined.
Analysis suggests that brokerage and proprietary investment businesses are highly dependent on market conditions and fluctuate with market movements, causing firms with high proportions of such businesses to experience relatively large performance volatility.
Interestingly, while Nanjing Securities Co.,Ltd.'s business structure depends on market conditions, its investment business failed to outperform market trends and industry averages.
In the first half of 2025, China's stock market major indices showed upward trends, with Wind All A Index rising 5.83%, Shanghai Composite Index up 2.76%, and Shenzhen Component Index up 0.48%. In Q2 2025, both stock and bond markets performed well, with financial investment asset scale continuing to expand. The Shanghai Composite Index rose 3.3% in Q2 2025, ChiNext Index gained 2.3%, and CSI 300 Index increased 1.3%.
Against this optimistic market backdrop, the 42 pure securities business listed brokers achieved combined proprietary investment income of 112.353 billion yuan in the first half (calculated using the formula "proprietary investment income = investment net income + fair value changes - investment income from associates and joint ventures"), up 53.53% year-on-year. However, Nanjing Securities Co.,Ltd.'s investment income (half-year report basis) declined slightly, significantly lagging behind market performance and industry trends.
Using the same calculation formula, Nanjing Securities Co.,Ltd.'s proprietary investment income growth rate was 16.46% in the first half, far behind the industry average of 53.53%.
**Three Consecutive Years Without IPO Sponsor Project Approvals, Current Pipeline at Zero**
In the first half of 2025, Nanjing Securities Co.,Ltd.'s investment banking business revenue was 81 million yuan, down 15.43% year-on-year.
The company's half-year report did not disclose reasons for the investment banking revenue decline. According to Wind data, since sponsoring Myland Medical's listing in August 2022, Nanjing Securities Co.,Ltd. has had no IPO sponsor projects approved for three consecutive years.
Since 2024, Nanjing Securities Co.,Ltd.'s IPO underwriting income has remained at zero. As of September 15, 2025, the company's IPO sponsor project pipeline (based on exchange acceptance standards) stands at zero.
According to half-year report metrics, Nanjing Securities Co.,Ltd.'s asset management and investment management business revenue was 32 million yuan in H1 2025, up 61.49% year-on-year, appearing to show significant growth. However, the "asset management business net fee income" in the company's income statement was 20 million yuan, down 45.07% year-on-year, nearly halving.
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