18 Listed Securities Firms Release Annual Reports: CITIC Securities Leads in Revenue and Net Profit, Guotai Haitong's Total Assets Rise to the Top

In 2025, CITIC Securities’ revenue and net profit continued to lead the industry, but its total asset size was overtaken by Guotai Huatong.

As of March 29, 18 listed brokerages have released their 2025 annual reports. Overall, 2025 listed brokerages delivered strong performance. Among them, 9 listed brokerages saw operating revenue exceed 10 billion, and only Western Securities (002673) and Xiangcai Co., Ltd. (600095) experienced year-on-year declines in revenue (compared with the same period of the previous year).

At the same time, the net profits attributable to shareholders of the listed brokerages’ parent companies (hereinafter “net profit”) for all 18 listed brokerages achieved year-on-year growth. Guolian Minsheng (601456), Xiangcai Co., Ltd., Guotai Huatong (601211), and other 3 companies saw net profit growth of more than 100% last year.

It is worth noting that in 2025, although CITIC Securities (600030) still ranked first in both revenue and net profit size in the industry, in terms of total assets, Guotai Huatong ranked first at 2.11 trillion yuan, exceeding CITIC Securities’ 2.08 trillion yuan.

9 companiesrevenueexceeds 10 billion**, 2 companies****see declines**

Specifically, on the revenue side, CITIC Securities ranked first with a revenue scale of 74.854 billion yuan. Guotai Huatong’s revenue last year exceeded 60 billion yuan, reaching 63.107 billion yuan and coming in second.

Companies such as China Merchants Securities (600999), Shenwan Hongyuan (000166), and CICC CCB (601066), among others, all had revenue businesses exceeding 20 billion yuan in 2025, registering 24.972 billion yuan, 24.256 billion yuan, and 23.322 billion yuan, respectively.

Companies such as East Money (300059), East Securities (600958), Industrial Securities (601377), Everbright Securities (601788), and others, saw last year’s revenue all exceed 10 billion yuan, at 16.068 billion yuan, 15.358 billion yuan, 11.841 billion yuan, and 10.852 billion yuan, respectively.

On the growth rate front, Guolian Minsheng had the highest revenue growth in 2025, exceeding 100%, reaching 18.599%. Guotai Huatong ranked second, with revenue growth of 87.40% last year.

However, Xiangcai Co., Ltd. and Western Securities saw their 2025 revenue decline to some extent, down 31.62% and 10.84% year-on-year, respectively.

3 companies****net profit doubles

On net profit, all 18 listed brokerages achieved profitability, with net profit showing positive growth.

Specifically, CITIC Securities ranked first with net profit of 30.076 billion yuan, with full-year net profit впервые history-breaking, exceeding 30 billion yuan for the first time.

Guotai Huatong ranked second, with net profit size reaching 27.809 billion yuan in 2025, closely following CITIC Securities.

China Merchants Securities and East Money both recorded net profits exceeding 10 billion yuan in 2025, reaching 12.350 billion yuan and 12.085 billion yuan, respectively. CICC CCB and East Securities last year’s net profit exceeded 5 billion yuan, at 9.439 billion yuan and 5.634 billion yuan, respectively.

In terms of growth rates, the net profit of all 18 listed brokerages achieved positive growth in 2025.

Among them, Guolian Minsheng, Xiangcai Co., Ltd., and Guotai Huatong all saw their net profit growth rates last year double, increasing by 405.49%, 325.15%, and 113.52% year-on-year, respectively.

Meanwhile, Zhongyuan Securities (601375) and Shenwan Hongyuan (000166) both recorded year-on-year net profit growth rates exceeding 80% last year, increasing by 85.41% and 82.46%, respectively.

Industrylast yearperformance overall improved

Nearly half of the listed brokerages’ standout performance in 2025 reflects that the securities industry’s overall performance improved in 2025.

An Open-source Securities research report stated that in 2025, the stock market rose notably with active trading, IPO resumption in investment banking, and brokerage and investment income all drove net profit growth with high year-on-year increases. It is expected that the non-recurring profit attributable to listed brokerages’ parent companies’ net profit in 2025 will increase by 61% year-on-year, and that in 2025 Q4 the quarter-on-quarter year-on-year increase will be 38%.

“Among them, the 2025 IPO has somewhat recovered with a favorable trend, and it is expected that revenue growth in brokerages’ large investment banking business will be supported. In 2025 Q4, the number of A-share IPOs was 38, with IPO underwriting amount of 54.5 billion yuan, up 36% quarter-on-quarter. In 2025, the number of A-share IPOs was 116, up 16% year-on-year, and the IPO underwriting amount was 131.8 billion yuan, up 96% year-on-year.” Open-source Securities further noted, “With the ongoing transfer of household wealth, newly issued equity-biased funds improved year-on-year, driving continuing growth in brokerages’ large asset management income.”

A research report from China Merchants Securities stated that margin trading and investment banking supported brokerage performance in Q4 2025. It is expected that in 2025, brokerages’ non-recurring net profit will be 216.7 billion yuan, up 55% year-on-year; among them, in Q4 2025 non-recurring net profit will be 54.8 billion yuan, up 26% year-on-year.

“It is expected that in 2025, brokerage and credit income will be 158.9 billion yuan and 50.3 billion yuan, respectively, up 50% and 43% year-on-year. In Q4 2025, brokerage and credit income will be 47.1 billion yuan and 16.4 billion yuan, respectively, up 12% and 25% year-on-year. It is expected that 2025 investment banking income will be 39.0 billion yuan, up 27% year-on-year; in Q4 2025, investment banking income will be 13.8 billion yuan, up 35% year-on-year. It is expected that 2025 asset management income will be 45.6 billion yuan, up 3% year-on-year; in Q4 2025, asset management income will be 12.3 billion yuan, up 6% year-on-year. It is expected that 2025 proprietary trading income will be 234.1 billion yuan, up 35% year-on-year; in Q4 2025, proprietary trading income will be 47.2 billion yuan, up 10% year-on-year.” China Merchants Securities said.

And judging from the aggregate data, on March 27, the China Securities Association released operating data for securities companies for 2025. According to the data, 150 securities companies (unaudited, special consolidation caliber) achieved operating revenue of 541.2 billion yuan in 2025, up 20% year-on-year, and net profit of 219.4 billion yuan, up 31% year-on-year.