Brokerages 2025: Everyone is profitable, winning big!

Yiqu君

“Publicly listed brokerages continue to release their 2025 performance reports, with the industry showing impressive overall results.”

As of March 6, 2026, 22 listed brokerages have disclosed their 2025 performance summaries or forecasts, all turning a profit, demonstrating strong industry resilience. Among them, 21 reported increases, one turned profitable from loss, 18 achieved double-digit growth in revenue and net profit, and three saw growth of over 100%. Overall, brokerages truly “won big” in 2025.

5 listed brokerages’ 2025 performance summaries

Leading the pack, all sectors in the red

Specifically, among the top brokerages, CITIC Securities forecasted 2025 revenue of 74.83 billion yuan and net profit attributable to shareholders of 30.05 billion yuan, up 28.75% and 38.46% year-over-year, respectively, maintaining strong growth due to its large scale.

Performance summaries show that the integrated giant Guotai Haitong expects 2025 net profit attributable to shareholders of 27.53 billion to 28.01 billion yuan, up 111% to 115% year-over-year. The company stated that increased market activity, improved client service systems, and the absorption of Haitong Securities’ negative goodwill contributed to record-high performance, with the negative goodwill also counted as non-operating income.

Guolian Minsheng, Guotai Haitong, and Changjiang Securities all saw net profit attributable to shareholders grow over 100% year-over-year, leading the pace. Notably, Guolian Minsheng is expected to achieve 2.008 billion yuan in net profit, a surge of about 406%, mainly due to its acquisition and consolidation of Minsheng Securities and a smaller base last year.

Additionally, nine brokerages—Guohai Securities, Founder Securities, Shenwan Hongyuan, Huaxi Securities, Northeast Securities, Orient Securities, Zhongyuan Securities, CICC, and Hongta Securities—projected at least 50% growth in net profit attributable to shareholders. Securities firms like Southwest Securities, Great Wall Securities, Dongwu Securities, Zhongtai Securities, and Hu’an Securities also saw significant revenue increases, with Tianfeng Securities successfully turning losses into profits.

17 listed brokerages’ 2025 performance forecasts

Market recovery and multiple resonances

The collective performance surge of brokerages is not accidental but mainly due to four positive factors resonating in 2025.

① Rising market activity. Most brokerages mentioned in their announcements that market activity increased in 2025, with lively trading providing fertile ground for traditional businesses like brokerage and proprietary trading. For example, increased trading volume directly boosted fee and commission income from brokerage and wealth management.

② Business structure optimization and innovation. Leading brokerages continued to strengthen investment banking, asset management, and international business, becoming key drivers of growth. For instance, CITIC Securities noted rapid growth in its investment banking and proprietary trading, with significant international expansion and rapid overseas income growth.

③ Industry consolidation effects. Explosive growth in some brokerages’ performance was directly linked to successful mergers and acquisitions. Guolian Minsheng’s acquisition of Minsheng Securities and Guotai Haitong’s absorption of Haitong Securities brought significant scale effects and business synergies. The accounting treatment (such as negative goodwill) also positively impacted current profits, reflecting the “Matthew effect” under increased industry concentration.

④ Low base effect from last year. For some brokerages with poor performance or small bases in 2024, the growth in 2025 appeared especially prominent, which is an objective factor for high-speed growth.

High-quality development and a new cycle

Overall, the comprehensive profit increase of brokerages in 2025 results from the combined effects of market cycle recovery, deeper industry reforms, and enhanced competitiveness. Under the backdrop of comprehensive registration system reform, ongoing investment reforms, and policies promoting active capital markets, the operating environment for securities firms continues to improve.

However, the high growth in performance also warrants a cautious outlook. Some companies’ rapid growth is linked to one-time factors like mergers and acquisitions, and internal industry performance disparities still exist. Additionally, market cyclicality, regulatory policy changes, and international uncertainties may pose potential risks.

It is clear that past performance is not the endpoint; 2026 marks the start of a new cycle. The impressive collective results from brokerages have undoubtedly boosted market confidence and indicate that in the coming year, the industry is poised to enter a new development phase in a healthier, more active market environment.

Looking ahead, as the industry shifts from “scale expansion” to “high-quality development,” leading brokerages with comprehensive financial services, robust risk control systems, and innovation capabilities are expected to maintain their leadership, further optimizing the industry landscape.

Source: Institutional Research