The 2025 annual reports of listed securities firms reveal a year of performance recovery for the industry, buoyed by a rebound in the A-share market and active trading. According to data from the Securities Association of China, 150 securities companies achieved a total operating revenue of 541.171 billion yuan for the year, marking a year-on-year increase of 19.95%. Net profit reached 219.439 billion yuan, a rise of 31.2%.
The industry's performance was broad-based across various business segments in 2025. Net revenue from securities brokerage services reached 163.796 billion yuan, up 42.2% year-on-year. Net revenue from investment consulting services was 7.694 billion yuan, increasing by 41.4%. Net interest income grew by 29.07% to 64.687 billion yuan. Net revenue from securities underwriting and sponsorship rose by 13.7% to 33.711 billion yuan. Additionally, securities investment income remained the core driver of net profit growth, reaching 185.324 billion yuan.
Concurrently, the industry's "Double Hundred Billion Club" expanded. CITIC Securities maintained its leading position with operating revenue of 74.854 billion yuan and a net profit attributable to parent company shareholders of 30.076 billion yuan. It was followed by Guotai Junan Securities and Haitong Securities, which together reported operating revenue of 63.107 billion yuan and net profit attributable to parent company shareholders of 27.809 billion yuan. Seven institutions, including GF SEC, East Money Information, CITIC Securities, Guotai Junan & Haitong Securities, Huatai Securities, China Galaxy, and China Merchants Securities, each achieved both operating revenue and net profit attributable to parent company shareholders exceeding 100 billion yuan, an increase of two firms compared to 2024.
The industry's robust performance likely provided a foundation for compensation distribution, revealing a significant "pay gap" within the sector. Wind data shows that among 27 comparable listed securities firms, 21 saw a year-on-year decrease in total management compensation, accounting for over 77% of the group. The maximum decrease reached 37.41%.
Major securities firms generally reduced executive pay. Total management compensation at CITIC Securities fell 9.63% to 25.9873 million yuan. China Securities Co., Ltd. saw a 20.01% decrease to 16.1152 million yuan. China International Capital Corporation Limited's management pay dropped 4.17% to 21.648 million yuan. Huatai Securities decreased by 20.36% to 14.8846 million yuan. China Merchants Securities fell 22.68% to 13.507 million yuan. China Galaxy Securities recorded the most significant decline, dropping 30.76% from 14.7941 million yuan to 10.2428 million yuan. Shenwan Hongyuan Group experienced the largest percentage cut among disclosed data, with total management compensation falling 37.41% to 6.5554 million yuan.
In contrast, GF SEC's total management compensation increased from 31.7648 million yuan in 2024 to 45.119 million yuan in 2025, a net increase of 13.3542 million yuan. This represents a growth of 42.04%, the highest among the disclosed firms. GF SEC's net profit attributable to parent company shareholders grew by 42.18% in 2025, indicating that the increase in management pay was nearly in lockstep with performance growth. Western Securities saw an even higher surge in total management compensation at 54.91%, far exceeding GF SEC's increase. However, its net profit attributable to parent company shareholders grew by only 24.97%, while operating revenue actually decreased by 10.84%, showing a characteristic of profit growth without corresponding revenue growth.
Notably, average employee pay at most securities firms stopped declining and began to rise in 2025. Among the 27 firms that disclosed data, 21 saw a year-on-year increase in average per capita compensation, accounting for over 70%. CICC's average per capita compensation was 757,300 yuan, up 17.86% year-on-year. China Securities Co., Ltd. reached 547,800 yuan, a 16.98% increase. China Merchants Securities was 531,300 yuan, growing by 13.19%. Southwest Securities averaged 534,000 yuan, an increase of 18.13%. Huaan Securities emerged as the leader in per capita pay growth for this cycle, jumping from 352,500 yuan to 461,600 yuan, a significant year-on-year increase of 30.96%.
In absolute terms, CITIC Securities led the industry with an average per capita compensation of 812,800 yuan. Guotai Junan & Haitong Securities followed with 789,100 yuan, and CICC with 757,300 yuan. GF SEC's average per capita compensation was 664,600 yuan, a modest increase of 2.10% year-on-year. This growth rate was significantly lower than the 42% increase in its management compensation, further widening the pay gap between executives and employees at the firm.
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