FINANCE

Chinese Brokerages Post Best Earnings Since 2015

Published: Apr. 1, 2026 7:50 p.m. GMT+8

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China’s 150 brokerages generated a total of 541.2 billion yuan in revenue in 2025. Photo: VCG

China’s securities industry recorded its highest earnings since 2015 last year, with total net profit surging 46% to 219.4 billion yuan ($31.9 billion) on the back of a historic stock market rally.

A massive stock rally that began in late September 2024 pushed the benchmark Shanghai Composite Index up by about 50% to the 4,000-point level in 2025. Annual turnover on the A-share market topped 400 trillion yuan for the first time, averaging roughly 1.7 trillion yuan a day. Total market capitalization surpassed 119 trillion yuan.

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China's securities firms posted record net profit of 219.4B yuan ($31.9B) in 2025, up 46% from prior year amid 50% Shanghai Composite rally to 4,000 points.
150 brokerages generated 541.2B yuan revenue; Citic Securities led with >30B yuan net profit, six firms exceeded 10B yuan.
Proprietary trading yielded 182.4B yuan (40% of revenue) for 24 listed firms; Citic's clients hit 17M, assets >3T yuan.

AI generated, for reference only

Who’s Who

Citic Securities Co. Ltd.: Citic Securities Co. Ltd. led China's brokerages with net profit exceeding 30 billion yuan in 2025. Its market share in stock and fund trading volume surpassed 8%. Retail clients grew 10% to over 17 million, with client assets up 50% to more than 3 trillion yuan. It benefited from services to quantitative trading institutions.

Guotai Haitong Securities Co. Ltd.: **Guotai Haitong Securities Co. Ltd.** ranked second among China's brokerages with a 2025 net profit of 27.8 billion yuan, boosted by a recent merger. This contributed to the industry's record 219.4 billion yuan total profit amid a stock market rally. (38 words)

Huatai Securities Co. Ltd.: Huatai Securities Co. Ltd. was one of six listed brokerages with net profit exceeding 10 billion yuan in 2025, amid the industry's record 219.4 billion yuan total profit driven by a stock market rally.

GF Securities Co. Ltd.: GF Securities Co. Ltd. was one of six listed brokerages with net profit exceeding 10 billion yuan in 2025, ranking among top earners like Citic Securities and Guotai Haitong, fueled by a historic stock rally and proprietary trading gains. (38 words)

China Galaxy Securities Co. Ltd.: China Galaxy Securities Co. Ltd. was one of six listed brokerages with net profit exceeding 10 billion yuan in 2025, ranking among top earners like Citic Securities and Guotai Haitong, amid industry's record 219.4 billion yuan total profit from a stock rally.

China Merchants Securities Co. Ltd.: China Merchants Securities Co. Ltd. was one of six listed brokerages with net profit exceeding 10 billion yuan in 2025, amid industry's record 219.4 billion yuan total. It ranked among top earners like Citic Securities and Guotai Haitong, boosted by a 50% stock rally.

Soochow Securities Co. Ltd.: Sun Ting, co-head of research and chief non-bank financial analyst at Soochow Securities Co. Ltd., noted that brokerages increasingly use stock index futures and over-the-counter options for non-directional investments, reducing reliance on market volatility and boosting returns during the 2025 index rally.

AI generated, for reference only