Over 20 futures companies announced their performance last year: CITIC Futures ranked first with a net profit of over 1 billion yuan. "Insurance + Futures" continues to expand.

In 2025, the futures market saw a milestone breakthrough, driven by a combination of factors including rising corporate hedging demand, an increasingly complete futures product lineup, and long-term capital entering the market.

According to statistics from the China Futures Association, in 2025, for futures firms measured on the parent-company basis nationwide, operating revenue reached 9.07B yuan, up 1.75%; net profit reached 11.0 billion yuan, up 16.14%. In 2025, the nationwide futures market recorded total trading volume of 7.66M lots and total trading value of 766.25 trillion yuan; year-on-year, these increased by 17.4% and 23.74%, respectively, and market activity improved significantly.

In April 2026 and January 2026, of the A-share market’s four listed companies with “futures firms” as their main business, three had already released their 2025 annual profitability figures first.

And as listed companies continue to disclose their 2025 annual reports, data from more than 20 futures firms on 2025 operating revenue and net profit have already been released.

Specifically, CITIC Futures ranked first with net profit of 1.07 billion yuan for 2025, an 8% year-on-year increase. Following closely were GF Futures, CITIC Jian Tou Futures, Galaxy Futures, Eastmoney Futures, Nanhua Futures, and Ruida Futures—each with 2025 net profit exceeding 500 million yuan—respectively 936 million yuan, 651 million yuan, 599 million yuan, 559 million yuan, and 547 million yuan.

Among them, ZTS Futures’ net profit in 2025 increased 1,788.36% year-on-year; Ruida Futures and Galaxy Futures’ net profit growth last year also exceeded 40% and 20%, respectively. By contrast, Hongye Futures saw a performance pullback: its full-year net profit fell 86.61% year-on-year, and among the companies that have disclosed results, it performed relatively under pressure.

In 2025, the number of futures and options products in China increased to 164; total market funding surpassed 2 trillion yuan; the number of effective customers across the whole market exceeded 2.7 million; the proportion of positions held by corporate clients exceeded 65%; “Insurance + Futures” benefited millions of farmers; and futures have become a “necessity” for stable operation of industrial chains. Total futures market funding maintained steady growth, and market liquidity and resilience became even more pronounced.

With listed brokerages continuing to disclose their annual reports, many futures firms have been continuously optimizing and improving their “Insurance + Futures” model, strengthening promotion and outreach, enhancing coverage effectiveness, and firmly safeguarding the steady development of rural featured industries.

For example, according to CITIC Securities’ 2025 annual report, its subsidiary CITIC Futures carried out 458 “Insurance + Futures” projects, covering 18 agriculture-related product types, with nearly 29 million yuan of its own funds invested. The project amount was 28.7k yuan, providing price-risk protection to 944.6k farmers, cooperatives, and others, and it has continued to drive coordination and innovation on new models such as “Insurance + Futures + N.”

According to Nanhua Futures’ 2025 annual report, the “Insurance + Futures” business progressed in an orderly manner: more than 75 entry projects were completed during the year. It provided risk protection of 710k yuan for agriculture-related entities, cumulatively arranged 4.515 million tons of agricultural products, and the projects covered 16 provinces including Beijing, Guangdong, Guangxi, Anhui, Fujian, Hunan, Hubei, Jiangsu, Liaoning, Xinjiang, Yunnan, Shandong, Shaanxi, Gansu, and Guizhou. It radiated across more than 68 cities and counties, continuing to support the implementation of the rural revitalization strategy.

Hongye Futures’ 2025 annual report shows that “Insurance + Futures” projects covered 7 provinces and 13 districts/counties nationwide, protecting 8 types of agricultural products and serving more than 30,000 farmers. It obtained 9 projects supported by the exchanges. For the third consecutive year, it conducted an “Insurance + Futures” project for rubber on the ZSE at Baisha, Hainan. It successfully participated for the first time in DCE’s soybean “Yinqi Bao” innovation project. Building on “Insurance + Futures,” it added banks and acquisition enterprises, achieving a new breakthrough in the model. The “Insurance + Futures” project for apples carried out in Fengxian County in Xuzhou is Jiangsu Province’s first “Insurance + Futures” project supported by the Zhengzhou Commodity Exchange.

According to Ruida Futures’ 2025 annual report, in 2025, the company organized five “Insurance + Futures” projects in Guizhou Province, Anhui Province, Jilin Province, and Liaoning Province. The projects covered 4,000 tons of soybeans and 2,767.29 tons of live hogs, with a total project amount of 50.2963 million yuan.

What’s particularly noteworthy is that futures exchanges have also continued to step up their efforts in the “Insurance + Futures” business.

In 2026, it marks the fifth anniversary of hog futures. Over the past five years, the DCE has supported and carried out 774 hog “Insurance + Futures” projects, involving spot volume of more than 15.4 million head. For projects that have been closed, total compensation paid has reached 748 million yuan. These projects cover major breeding provinces such as Henan, Sichuan, and Hunan, benefiting 28.7k breeding households.

Overall, as a futures exchange that pioneered the “Insurance + Futures” pilot in China, during the “14th Five-Year Plan” period, it cumulatively invested about 783 million yuan to support 1,110 “Insurance + Futures” projects across 30 provinces, autonomous regions, and municipalities, providing practical protection for steady income growth for 710k farmers. This model effectively addresses shortcomings in traditional agricultural insurance and has become a “stabilizer” for farmers to deal with price risk.

Especially in 2025, after the “Insurance + Futures” new-agriculture upgrading plan projects for varieties such as jujube, apples, and peanuts were approved for launch by the Zhengzhou Commodity Exchange, the shift from “living by the weather and worrying about prices” to “protection for both drought and flooding, with peace of mind” is a vivid example of financial “fresh capital” precisely irrigating the fertile ground for rural revitalization. When traditional agriculture gets the “wings” of finance, farmers’ lives are becoming sweeter by the day.

A relevant person in charge at the Zhengzhou Commodity Exchange said that 2026 is the opening year of the “15th Five-Year Plan.” The Zhengzhou Commodity Exchange will continue to expand the service boundaries of “Insurance + Futures,” innovate service models, and promote increased income for farmers and improved efficiency for industries. With finance empowering win-win outcomes for multiple parties, it will deliver a more warm- and forceful response for the journey of comprehensive rural revitalization.

By Xu Nannan / Edited by Xu Nan

(Listed company announcements, China Futures Association, DCE, Zhengzhou Commodity Exchange)

(Editor: Xu Nannan)

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