The third-quarter financial reports for 2025 have been fully disclosed, revealing the performance of 50 brokerages classified under the Shenwan industry sector.
All 50 A-listed brokerages reported profits, but only 32 achieved both revenue and net profit growth. The recovery in the securities sector is no longer limited to traditional businesses like brokerage and proprietary trading, as investment banking and asset management also showed varying degrees of improvement, indicating a broad-based recovery in fundamentals.
In terms of revenue ranking, CITIC Securities ("the industry leader") topped the list with revenue of RMB 55.815 billion, followed by Guotai Haitong at RMB 45.892 billion, maintaining a significant lead over others. Huatai Securities, GF Securities, and China Galaxy ranked third, fourth, and fifth, with revenues of RMB 27.129 billion, RMB 26.164 billion, and RMB 22.751 billion, respectively.
For net profit, the top ten brokerages were CITIC Securities, Guotai Haitong, Huatai Securities, China Galaxy, GF Securities, Guosen Securities, East Money Securities, China Merchants Securities, Shenwan Hongyuan, and CSC Financial. CITIC Securities led with RMB 23.159 billion in net profit, while Guotai Haitong followed closely with RMB 22.074 billion. The top ten brokerages collectively contributed RMB 119.548 billion in net profit, accounting for over 60% of the total net profit among the 50 listed firms, reflecting high industry concentration.
Compared to last year, the rankings among the top ten shifted slightly. Huatai Securities and CSC Financial each dropped one spot, while China Merchants Securities fell four places. Meanwhile, Guosen Securities climbed two spots, and China Galaxy, GF Securities, Shenwan Hongyuan, and CICC each advanced one position.
Small and mid-sized brokerages demonstrated stronger earnings momentum in the first three quarters of 2025, with several reporting remarkable growth rates. Twelve brokerages saw their net profit attributable to shareholders double year-on-year, including Sealand Securities, Huaxi Securities, Guolian Minsheng, and Xiangcai Co. Specifically, Guolian Minsheng’s net profit surged 345.3%, while Huaxi Securities soared 316.89%. Among mid-sized brokerages, Zhongtai Securities and Changjiang Securities also stood out, with net profit growth of 158.63% and 135.2%, respectively.
The strong performance was primarily driven by improved fundamentals across business segments amid a market rebound. Brokerage business was a key contributor—44 comparable A-listed brokerages reported combined brokerage fee income of RMB 112.785 billion, up 72.24% year-on-year. Investment banking gradually recovered alongside a marginal rebound in the IPO market, with net income rising 37.52% to RMB 28.294 billion. Asset management saw modest growth, with net income increasing 2.32% to RMB 33.305 billion.
Data source: Wind.
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