Shenwan Hongyuan releases 2025 annual performance report

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March 27, 2026, Beijing — Shenwan Hongyuan Group Co., Ltd. (hereinafter referred to as “Shenwan Hongyuan Group,” “Shenwan Hongyuan,” or the “Company”) (A-share stock code: 000166; H-share stock code: 6806) released its 2025 annual performance.

In 2025, the Company closely aligned with the goal of “building a first-class investment bank and investment institution,” actively integrated into and served the overall national development, practiced a customer-centric development philosophy, and continuously strengthened its core competitiveness as well as risk control capabilities, with steady progress in high-quality development.

I. Focus on core businesses to forge core capabilities, with outstanding business performance

Driven by customer needs, by the end of 2025 the Company’s total assets and net assets increased to RMB 741.547 billion and RMB 140.177 billion, respectively, with its asset scale maintaining an upward trend. During the year, operating revenue reached RMB 24.256 billion, up 30.29% year over year; consolidated net profit attributable to shareholders was RMB 10.527 billion, up 68.42% year over year; the full-year weighted average return on net assets was 8.76%, up 3.68 percentage points year over year; and basic earnings per share increased to RMB 0.38 per share, up 80.95% year over year. Its wholly owned subsidiary, Shenwan Hongyuan Securities, recorded net profit attributable to shareholders of RMB 10.363 billion. Main businesses such as wealth management, capital intermediation, and investment banking delivered strong performance across multiple fronts: net fee income from brokerage business was RMB 5.993 billion, up 30.20%; net fee income from investment banking business was RMB 1.213 billion, up 24.64%; total investment income and fair value change losses/profits was RMB 14.935 billion, up 34.31%; and net interest income was RMB 643 million, up 21.78%.

II. Comprehensively serve the “five articles” of finance, and with a heart devoted to serving the real economy, paint a vivid picture of “serving the real economy”

The Company has always kept in mind its initial mission of providing financial services to the real economy. With the “five articles” of finance as the main line, it focuses on new productive forces and empowers development. It provides precise services for the improvement of new productive forces, helping enterprises create value. During the year, the Company served technology finance equity financing with a total scale of RMB 7 billion, issued 142 technology innovation bonds, and achieved an actual underwriting scale of RMB 52.3 billion, up significantly year over year. It strengthened the deep integration of financial capital and industrial capital by investing in a batch of technology-finance projects with a high “scientific and technological value,” such as Tiangb Technology, the BaiJing Route, Wuwen Xinqiong, and Galaxy Universal Robots; and it initiated and set up Xinjiang’s first innovation fund focused on “investing early, investing in small sizes, and investing in hard technology.” In line with the requirements of the “dual carbon” strategy, it empowers industrial development by issuing 46 green bonds and carbon-neutral bonds, with an actual underwriting scale of RMB 21.8 billion. It created the Company’s first carbon quota irrevocable repurchase transaction and completed the Company’s first newly signed CCER transaction. Focusing on residents’ needs for wealth preservation and appreciation, it deepened inclusive finance and pension finance services. Around the high-quality development of small and micro enterprises, since the launch of the National Equities Exchange and Quotations (NEEQ), it helped 23 companies list, ranking second in the industry; it increased the creation of products with low and middle risk, and innovatively issued the Silver Era Enjoyment series of wealth certificates to enrich the product shelf for pension finance. It supported the digital industrialization and industrial digitalization, reshaping traditional financial business models. Key projects related to the Company’s digital and intelligent transformation were recognized with the People’s Bank of China’s “Financial Technology Development Award” and the China Computer Users Association’s “Cloud Eagle Award,”推动 financial services toward greater intelligence, convenience, and efficiency.

III. Build a multi-tier investor service system to refresh the experience of buy-side investment advisor and consultant services

Continuously deepen the building of “channel strength, service strength, product strength, digital strength, and management strength,” with the core being to meet wealth management customers’ diversified asset allocation needs. Improve the construction of financial product service systems, steadily advance work on internet content operations and brand building, and actively promote the transformation to a buy-side investment consultant model. In 2025, net income from agency buy/sell businesses was RMB 4.828 billion, up 36.72%; the number of new customers was 810,800; and the market value of customers’ securities under custody at period-end reached RMB 5.47 trillion, up 15.16% from the end of the previous year, further improving the number of customers and asset scale. In the public fund investment advisory business, it uses three pillars—professional asset allocation, personalized investment advisory services, and financial technology—to manage assets under account that grew by more than 80%. Series investment advisory products such as “Shen Cai,” “You Dao,” “Companion,” “Wealth Private Enjoyment Meetings,” and “Wealth Wandering across Miles” have gradually become well-known, and customer stickiness has been strengthened. The Company’s margin financing and securities lending business balance was RMB 93.808 billion, up RMB 21.638 billion from the end of the previous year. The asset management business continues to advance the development of investment research and product and channel systems, deepens internal synergy, and completes the change of margin managers in an orderly manner, achieving positive results from the proactive management transformation.

IV. Center on “investment research,” “products,” and “market making,” to strengthen integrated institutional services

The Company adheres to serving national strategies and empowering the Company’s development by research, continuously improving institutional service and trading capabilities. It strengthens personalized services for key institutional customer segments, builds the Shenwan Hongyuan integrated comprehensive finance service matrix, enhances its advantages in integrated services, and achieved seat leasing revenue of RMB 565 million during the year. It improves the asset strategy layout across multiple categories, including stocks, bonds, and bulk commodities, to稳健ly respond to market volatility. It makes systematic efforts in the bond settlement (券结) business; in the whole year, it added more than 70 bond settlement products. It innovatively carries out customer-demand businesses such as investment advisory, product creation, and client-side trading, strengthening the contribution of demand-driven revenue. It actively participates in the development of the capital market; the progress in participating in overall swap facilitation policy tools has remained in the forefront among peers. It continues to leverage market makers’ professional advantages to provide specialized liquidity support for small and micro enterprises such as those focused on technology innovation and “specialized, refined, distinctive, and innovative” (专精特新) firms. Its overall quality of market-making services ranks in the first echelon in the industry. It contributes to building a standardized, transparent, open, and vibrant capital market with resilience.

V. Coordinate development and security, and consolidate the immense force of “pooling strengths toward the new”

For a long time, the Company has actively practiced financial culture with Chinese characteristics, focuses on empowering thought and culture, and converts culture’s “soft strength” into a “hard support” for high-quality development. It insists on implementing the risk management culture of “being mindful of danger in times of safety and of disorder in times of governance; managing operating risks and creating value,” deepening comprehensive risk management and strengthening the construction of effective risk management. Its risk operation capability has further improved. During the year, the Company did not experience any major risks, and all core risk control regulatory indicators were better than regulatory standards. It adheres to strengthening the foundation and building up the base, continuously improving standards in operating practices, promoting the value growth and governance improvement of listed companies, successfully completing the reform tasks of the board of supervisors, and for the ninth time obtaining the highest “A-class” rating from the Shenzhen Stock Exchange information disclosure.

2026 is the first year of the “15th Five-Year Plan” period. The Company will fully implement the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions, advance the implementation of the next round of strategy in a steady and practical manner, and, around the development goals of prominent core competitiveness, distinctive features, balanced layout, stable risk control, and intelligent digital integration, accelerate the pace of building a first-class investment bank and investment institution. It will provide solid support for high-quality development of the capital market and work with full effort to write a brand-new chapter of high-quality development!

About Shenwan Hongyuan Group

Shenwan Hongyuan Group Co., Ltd. is a China-leading investment holding group centered on securities business. Its business and operating history can be traced back to the 1980s. Shenwan Hongyuan Group is committed to providing customers with diversified financial products and services. In 2015, Shenwan Hongyuan Group completed what was then the largest-scale merger in China’s securities history, integrating Shenwan Hongyuan Securities (申银万国证券) and Hongyuan Securities (宏源证券) to form a corporate structure of an “investment holding group + securities subsidiaries,” and it was listed on the Shenzhen Stock Exchange. In April 2019, Shenwan Hongyuan Group issued H shares and was listed on the Hong Kong Stock Exchange.

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