150 brokerages' net profit in 2025 is expected to grow by 31.2% year-on-year

Securities Daily reporter Zhou Shangfei

On the evening of March 27, the China Securities Industry Association (hereinafter referred to as the “CSIA”) released operating data for 150 securities firms. The data show that in 2025, the securities industry’s operating revenue surpassed 540 billion yuan, and net profit was close to 220 billion yuan. By the end of last year, total assets continued to expand steadily to 1.483 trillion yuan, indicating that the industry’s overall operating resilience has been strengthening continuously.

On this basis, related data show that leading securities firms have continued to stay in the lead thanks to their comprehensive advantages. Citic Securities’ 2025 net profit attributable to shareholders first exceeded 30 billion yuan; the performance of targets involved in mergers and acquisitions saw explosive growth. For example, Guolian Minsheng’s net profit attributable to shareholders last year increased by more than 400% year over year; smaller and mid-sized firms, meanwhile, relied on differentiated positioning to break through.

Industry development momentum keeps strengthening

In 2025, trading activity in the capital market clearly rebounded, creating a favorable environment for the steady operation of various businesses in the securities industry. Data show that in 2025, the average daily trading value of stocks and funds was 202.63 billion yuan, up 71.1% year over year. The newly issued shares of equity and hybrid funds reached 585.9 billion units, up 83% year over year. In addition, in the Hong Kong securities market, the average daily trading value of stocks was 248.9 billion HKD, up 88.7% year over year.

The CSIA’s latest data show that in 2025, the 150 securities firms achieved operating revenue of 541.71 billion yuan, up 19.95% year over year; they achieved net profit of 219.439 billion yuan, up 31.2% year over year, with profitability significantly improved compared with 2024. By the end of 2025, the total assets of the 150 securities firms were 1.483 trillion yuan, shareholders’ equity was 334 billion yuan, net capital was 244 billion yuan, balance of client transaction settlement funds (including margin trading funds) was 324 billion yuan, and the total principal amount of funds under custody and entrusted management was 953 billion yuan. All core capital indicators remained sound.

Against the backdrop of an overall favorable trend for the industry, leading securities firms have further consolidated their leading position in the market by leveraging full-business-chain layout and core competitive advantages. As an industry leader, Citic Securities set historical highs for key financial indicators in 2025: full-year operating revenue of 74.854 billion yuan, up 28.79%; net profit attributable to shareholders of 30.076 billion yuan, up 38.58%. By the end of 2025, Citic Securities’ total assets exceeded 200 billion yuan; the scale of client assets under custody exceeded 1.5 trillion yuan; assets under management were about 480 billion yuan; and multiple core businesses remained ranked first in the industry.

Regarding current competitive trends in the securities industry, Zou Yingguang, general manager of Citic Securities, said at the 2025 performance briefing that the industry consolidation trend is accelerating. The acceleration toward leading securities firms getting bigger and stronger has become more apparent. The company will maintain strategic resolve, and, without wavering, implement three core measures—“enhancing quality and efficiency, strengthening competition, and expanding internationally”—to drive the company’s high-quality development.

Mergers and acquisitions have become an important lever for improving quality and efficiency in the 2025 securities industry. After completing the restructuring and integration, Guolian Minsheng achieved explosive growth in its first full year. In 2025, the company recorded operating revenue of 7.673 billion yuan, up 185.99%; net profit attributable to shareholders was 2.009 billion yuan, up 405.49%. With the coordinated efforts of five business segments—such as the number of IPO underwriting sponsorships and the number of New Third Board listing projects—its indicators moved into the top ranks of the industry. The company successfully obtained multiple key business licenses and credentials, validating the strategic value of mergers and acquisitions.

A relevant executive of Guolian Minsheng told Securities Daily reporter that in 2025 the company systematically advanced the integration of talent teams, integration of governance and operating mechanisms, integration of various businesses, and fusion of corporate culture. At present, all leading talent positions have been fully adjusted and put in place. A new governance and operating mechanism combining market-based incentives and group-level management and control has been basically established. Integration of front-, middle-, and back-office operations has been fully implemented. A unified whole has initially taken shape. Meanwhile, key operating indicators achieved leapfrog improvement, laying a good start for the integration’s first year of “1+1 > 2.”

Characteristic businesses unlock development potential

While leading securities firms steer industry development and mergers and acquisitions boost the high growth of related deal targets’ performance, a number of smaller securities firms have gone deep into niche areas and formed differentiated advantages, with performance elasticity being released markedly. Looking at companies that have already disclosed annual reports, many smaller securities firms’ net profit growth rates last year were generally higher than the industry average, showing the advantages of a “small but great” type of offset development.

More specifically, in 2025, the year-over-year growth rates of net profit attributable to shareholders for Zhongyuan Securities, Guohai Securities, Orient Securities, and Hongta Securities all exceeded 50%: 85.41%, 79.57%, 68.16%, and 58.84%, respectively. In addition, Hua’an Securities, Industrial Securities, and Everbright Securities’ net profit attributable to shareholders also had year-over-year growth rates exceeding 20%: 41.92%, 32.64%, and 21.77%, respectively.

Behind steady growth in performance is inseparable from the implementation of a strategy featuring characteristic development. For instance, in 2025, Everbright Securities actively served the needs of national strategies, focusing on characteristic and differentiated development paths. It continued to strengthen core competitiveness, and unlocked the impetus for high-quality development. Zhongyuan Securities carried out “five major actions,” including characteristic development, regional deep cultivation, integrated campaigns, digital transformation, and efforts to make up for weaknesses, to actively build an intensive operating model of precise characteristic services and differentiated development. Hongta Securities deeply advanced differentiated and characteristic development, further improving the scientific and effective allocation of assets, and continued to push forward the non-directional transformation of its proprietary investment business.

As reforms in the capital market continue to deepen, the leading role of major securities firms will stand out even more. Mergers and acquisitions will still be an important path for industry consolidation, while smaller and mid-sized securities firms will need to keep pushing forward in differentiated and characteristic development routes. Tian Liang, chief analyst for financial industry at Citic Securities, said that during the “14th Five-Year Plan for the financial sector” period, the industry landscape is expected to be reshaped in depth, driving the industry to achieve offset and differentiated development. Securities firms are expected to achieve substantial long-term development through internal growth and mergers and acquisitions. Asset allocation, comprehensive services, and international capabilities are expected to become decisive factors in industry differentiation.