Recently, 42 listed securities firms completed disclosure of their 2025 semi-annual reports. The 42 listed brokers achieved 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.
As of the end of the first half of 2025, among the 42 brokers, Guotai Junan had the highest net capital (parent company level, same below) at 194.128 billion yuan, while Hualin Securities had the lowest at only 5.098 billion yuan. Pacific Securities had the highest capital leverage ratio at 68.24%, while China International Capital Corporation had the lowest at 12.65%. Guojin Securities had the highest risk coverage ratio at 668.11%, while Tianfeng Securities Co.,Ltd. had the lowest at 155.2% (Note: Boc International (China) Co.,Ltd. did not disclose this figure). Pacific Securities had the highest liquidity coverage ratio at 2030.55%, while Yangtze Securities had the lowest at 135.75%. Caida Securities had the highest net stable funding ratio at 261.08%, while Tianfeng Securities Co.,Ltd. again had the lowest at only 110.58%, touching the warning line.
**Tianfeng Securities Records Lowest Risk Coverage Ratio; Is BOC International's Non-Disclosure Violation?**
The China Securities Regulatory Commission's "Management Measures for Risk Control Indicators of Securities Companies" establishes a risk control indicator system centered on net capital, with mandatory requirements for risk coverage ratio, liquidity coverage ratio, net stable funding ratio, and capital leverage ratio.
The risk coverage ratio serves as a "barometer" for brokers' capital adequacy and is one of the core indicators in their risk control systems. The calculation formula is: Risk Coverage Ratio = Net Capital / Sum of Various Risk Capital Reserves × 100%. Regulatory requirements mandate it should not fall below 100%, with a warning line at 120%.
As of the end of the first half of 2025, Tianfeng Securities Co.,Ltd.'s risk coverage ratio was 155.2%, ranking last among 41 listed brokers. In fact, at the end of 2022-2024, Tianfeng Securities Co.,Ltd.'s risk coverage ratios were 123.8%, 120.06%, and 122.65% respectively, hovering around the warning line for years.
Although Tianfeng Securities Co.,Ltd.'s risk coverage ratio improved in the first half of this year compared to the end of 2024, it still ranked last, and investors should continue monitoring the company's comprehensive risk resistance capabilities.
Notably, Boc International (China) Co.,Ltd. did not disclose its risk coverage ratio for the first half of 2025, while all other 41 brokers did. Moreover, Boc International (China) Co.,Ltd. disclosed other risk control indicators including net capital, liquidity coverage ratio, net stable funding ratio, and capital leverage ratio, but omitted the "risk coverage ratio."
Is Boc International (China) Co.,Ltd.'s disclosure practice compliant? According to the "Management Measures for Risk Control Indicators of Securities Companies (2020 Revision)," "Securities companies should report the specific conditions and compliance status of net capital and other risk control indicators to all company directors at least semi-annually after confirmation and signature by the principal responsible person and chief risk officer; securities companies should report the specific conditions and compliance status of net capital and other risk control indicators to all company shareholders at least semi-annually after confirmation and signature by the board of directors."
Have shareholders holding Boc International (China) Co.,Ltd. stock obtained information about the first half risk coverage ratio through other channels? With no disclosure in the semi-annual report, can minority shareholders' right to information be guaranteed?
**Tianfeng Securities' Net Stable Funding Ratio Hits Warning Line; ROE of Only 0.09 Ranks Last**
In the first half of 2025, Tianfeng Securities Co.,Ltd.'s net stable funding ratio was 110.58%, ranking last among 42 listed brokers.
The net stable funding ratio is a core indicator measuring brokers' long-term liquidity risk, calculated as: Available Stable Funding / Required Stable Funding × 100%. Regulatory requirements mandate it should not fall below 100%, with a warning line at 120%.
Clearly, Tianfeng Securities Co.,Ltd.'s net stable funding ratio has touched the warning line. From 2022-2024, Tianfeng Securities Co.,Ltd.'s net stable funding ratios were 125.8%, 121.91%, and 103.81% respectively, already touching the warning line by the end of 2024 and remaining in the warning zone after six months.
What puzzles investors is that despite continuous fundraising since listing (IPO, rights offering, and private placement totaling 18.4 billion yuan), the ratio between Tianfeng Securities Co.,Ltd.'s available stable funding and required stable funding remains consistently close, even generating liquidity risks.
In the first half of this year, Tianfeng Securities Co.,Ltd.'s revenue and net profit both grew substantially. With strong support from its controlling shareholder, it completed a 4 billion yuan private placement, somewhat alleviating liquidity pressure. However, whether sustainable improvement can be achieved remains to be observed.
In the first half of this year, Tianfeng Securities Co.,Ltd.'s weighted ROE corresponding to net profit attributable to shareholders was 0.11, while the weighted ROE corresponding to non-recurring net profit attributable to shareholders was 0.09, ranking last among 42 listed brokers.
Comments