The disclosure of 2025 semi-annual reports from 42 listed securities companies engaged in pure securities business has been completed. These 42 listed securities firms achieved combined operating revenue of 251.9 billion yuan in the first half of 2025, representing a 31% year-on-year increase, and realized combined 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 securities firms, Guotai Junan Securities had the highest net capital (based on parent company financial statements) at 194.13 billion yuan, while Hualin Securities recorded the lowest at only 5.098 billion yuan. Pacific Securities achieved the highest capital leverage ratio at 68.24%, while China International Capital Corporation (CICC) had the lowest at 12.65%. Guojin Securities registered the highest risk coverage ratio at 668.11%, while Tianfeng Securities recorded the lowest at 155.2% (note: Bank of China Securities did not disclose this data). Pacific Securities achieved the highest liquidity coverage ratio at 2,030.55%, while Changjiang Securities Company Limited recorded the lowest at 135.75%. Caida Securities had the highest net stable funding ratio at 261.08%, while Tianfeng Securities again recorded the lowest at 110.58%, touching the warning line.
**Changjiang Securities Records Lowest Liquidity Coverage Ratio with Weather-Dependent Business Revenue Accounting for 80%**
In the first half of 2025, Changjiang Securities Company Limited's liquidity coverage ratio stood at 135.75%, ranking last among the 42 listed securities firms.
The liquidity coverage ratio represents the ratio of high-quality liquid assets held by securities companies under stress scenarios to net cash outflows over the next 30 days. The calculation formula is: High-quality liquid assets / Net cash outflows over the next 30 days × 100%. The regulatory standard requires this ratio to be no less than 100% to ensure that securities firms can meet at least 30 days of liquidity needs through asset liquidation under extreme stress.
At the end of 2024, Changjiang Securities Company Limited's liquidity coverage ratio was 171%, which dropped to 135.75% within six months, representing a relatively rapid decline that warrants attention regarding the company's short-term liquidity risk.
In the first half of 2025, Changjiang Securities Company Limited achieved total operating revenue of 4.705 billion yuan, up 64.79% year-on-year, and realized net profit attributable to shareholders of 1.737 billion yuan, up 120.76% year-on-year.
The primary driver behind Changjiang Securities Company Limited's explosive performance growth was the expansion of its proprietary trading business. In the first half of 2025, the company generated proprietary trading revenue of 1.032 billion yuan, up 550.46% year-on-year. With favorable market conditions in the first half of this year, most securities firms experienced surging proprietary trading revenue, driving overall performance improvements.
However, investors should note that Changjiang Securities Company Limited's business structure exhibits characteristics of being "market-dependent." In the first half of 2025, the company's brokerage and securities financing business revenue totaled 2.824 billion yuan, while proprietary trading revenue reached 1.032 billion yuan. Combined, these two segments generated 3.856 billion yuan, accounting for 81.96% of total revenue during the period. Securities firms with high proportions of brokerage and proprietary trading revenue tend to see their overall performance fluctuate with market conditions.
Despite year-on-year growth in investment banking revenue, Changjiang Securities Company Limited's operating profit turned negative. In the first half of this year, the company's investment banking revenue reached 187 million yuan, up 45.13% year-on-year, but operating profit was negative 9 million yuan, resulting in an operating profit margin of -4.94%.
According to Wind statistics, Changjiang Securities Company Limited's equity financing underwriting amount (including IPOs, additional offerings, rights issues, preferred shares, convertible bonds, and exchangeable bonds, based on listing dates) totaled 420 million yuan in the first half of 2025, down 32.69% year-on-year. As of September 9, 2025, Changjiang Securities Company Limited had 3 IPO projects in its pipeline (based on exchange acceptance).
The company's research business corresponding commission income also experienced a significant decline. Wind data shows that Changjiang Securities Company Limited's commission sharing income in the first half of 2025 was 230 million yuan, down substantially by 30.16% year-on-year.
**CICC Records Lowest Capital Leverage Ratio**
In the first half of this year, China International Capital Corporation (CICC) had the lowest capital leverage ratio among the 42 listed securities firms at 12.65%.
The capital leverage ratio is a core indicator measuring securities companies' capital adequacy and leverage risk. The calculation formula is: "Capital leverage ratio = Core net capital / Total on-balance sheet and off-balance sheet assets × 100%." Regulatory requirements stipulate this indicator must not fall below 8%, with a warning line set at 9.6%.
As of the end of the first half of this year, CICC's core net capital was 31.674 billion yuan, slightly lower than the 32.954 billion yuan at the end of 2024.
In the first half of 2025, CICC achieved revenue of 12.828 billion yuan, up 43.96% year-on-year, ranking sixth among the 42 listed securities firms in terms of revenue. The company realized net profit attributable to shareholders of 4.33 billion yuan, up 94.35% year-on-year, ranking ninth among the 42 listed securities firms in terms of net profit.
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