The first annual report of a listed brokerage is released! China First Securities achieves its best-ever performance in history

The first annual report of a listed securities firm is out.

On March 20, Chuang Securities announced its 2025 performance, achieving record-high operating results. The annual report shows the company achieved operating revenue of 2.528 billion yuan, a year-on-year increase of 4.58%; net profit attributable to shareholders of the parent company was 1.056 billion yuan, up 7.26%, with total assets surpassing 50 billion yuan. Overall, the company’s performance growth is steady, and over the past four years, performance has improved significantly.

In recent years, the company’s performance has shown notable improvement.

From a business perspective, investment and wealth management businesses have grown, while asset management and investment banking have declined. Investment business remains the core revenue pillar, with annual operating income of 1.554 billion yuan, up 45.83%; wealth management generated 497 million yuan, up 22.33%, with significant expansion; asset management revenue was 477 million yuan, down 47.55%, indicating a substantial contraction; investment banking revenue was 189 million yuan, down 3.54%, with a slight decrease.

The chart shows Chuang Securities’ business lines, with proprietary trading and wealth management performing well.

In addition to record-high results, 2025 marks the company’s 25th anniversary and the final year of its 14th Five-Year Plan. At this point, the company has undergone some new changes in capital operations and corporate governance, attracting industry attention: First, the company has undergone a new round of senior management adjustments. Jibing Song, reaching statutory retirement age, was replaced by Zhang Tao as Chairman in November 2025; Jiang Qingfeng was appointed as the new General Manager, completing the leadership team; second, the company has initiated the process of dual A+H listing, aiming to become one of 14 securities firms with both A-share and H-share listings, currently underway with results pending.

As a capital-based financial state-owned enterprise in the capital city, Chuang Securities is controlled by Beijing Capital Venture Group Co., Ltd., under the Beijing SASAC. Caixin noted that in the board speech, the company highlighted achievements during the 14th Five-Year Plan period: compared to the end of the 13th Five-Year Plan, operating income increased by 52.50%, total profit by 61.25%, net profit by 72.75%, and owner’s equity by 53.90%. Since listing, the weighted average return on net assets has increased year by year, reaching 7.78% in 2025.

Most active in wealth management, nearly 80,000 new accounts opened in the year

Chuang Securities’ wealth management segment saw significant changes in 2025. In terms of operational data, the wealth management division achieved operating income of 497 million yuan, accounting for 19.64% of total revenue, up 22.33% year-on-year, mainly driven by increased net income from agency securities trading and investment advisory services.

Specifically, the total trading volume of stocks and funds via agency was 1.071 trillion yuan, up 61.54% from the previous year. The margin financing and securities lending (two-finance) balance at year-end was 3.783 billion yuan, up 30.90%. In 2025, nearly 80,000 new client accounts were opened, with total clients exceeding 870,000; monthly active users of the Tomato Wealth APP increased by 31.37%. Investment advisory revenue also saw a significant rise.

The division underwent intensive restructuring.

First, the company actively promoted the optimization of its wealth management organizational structure, establishing a new institutional business center, systematically building a service platform for institutional clients to provide comprehensive financial services.

Second, it restructured the wealth management center, continuously strengthening its two-finance and investment advisory services, fully advancing its transformation strategy.

Third, it reformed the Digital Development Department, deeply exploring data value, and empowering business growth through intelligent technology.

Asset management scale exceeds 200 billion yuan

Chuang Securities’ asset management is a key advantage, maintaining steady growth in 2025. The annual report shows the asset management business is accelerating towards multi-asset and multi-strategy transformation, with management scale steadily increasing. By the end of 2025, the total scale (including investment advisory) surpassed 200 billion yuan, up 35.64% year-on-year; net asset value of investment advisory and equity products grew rapidly. For example, the investment advisory scale reached 43.699 billion yuan, an increase of 299.41% from the end of the previous year.

Despite overall scale growth, revenue faced pressure compared to 2024. In 2025, the company’s overall asset management revenue was 477 million yuan, down 47.55%, mainly due to decreased performance-based income from asset management.

Jiang Qingfeng, recently appointed as General Manager, focuses on asset management. Industry watchers are paying close attention to his future strategies. At 40 years old, his appointment is seen as a typical case of nurturing young talent. Since joining, Jiang has held various roles, starting as General Manager of Asset Management Department II, then Vice President, Executive Vice President, President, and General Manager Assistant. In October 2023, he was promoted to Vice President, and in August 2025, he became a staff director. Under his leadership, the asset management business has transformed towards a net-value management driven by asset allocation, with active management scale growing rapidly for several years. Notably, Jiang led the “Fixed Income+” strategy, strengthening bond research capabilities. In 2024, the asset management scale and revenue hit record highs, with continued performance in 2025.

Proprietary trading contributes over 60%, serving as a “ballast”

“Asset management + investment” remains the core advantage of Chuang Securities, with proprietary trading contributing more than asset management. In 2025, investment-related revenue was 1.6 billion yuan, accounting for 61.48% of total revenue, up 45.83%. Investment business continues to act as a “performance ballast.”

The company states that fixed income trading has seen five consecutive years of rapid growth; equity investments have shown clear results with high-dividend strategies operating steadily; alternative investments have keenly seized opportunities in the New Third Board and Beijing Stock Exchange, achieving good returns.

Additionally, beyond the annual report, Chuang Securities plans to increase proprietary investment scale. The announcement indicates approval to keep proprietary investment within regulatory limits for 2026: no more than 80% of net capital for equity and derivatives investments, and 400% for non-equity investments, with adjustments based on regulatory changes. The limits exclude long-term investments, margin financing, and underwriting passive holdings.

Investment banking remains a gap, bond underwriting sees significant growth

Investment banking has traditionally been a weak point for Chuang Securities, and 2025 is no exception. Revenue from this segment was 189 million yuan, accounting for 7.46% of total revenue, down 3.54%, mainly due to reduced sponsorship income. However, efforts in this area have improved compared to previous years.

The company’s bond financing and underwriting scale increased significantly, setting new industry records in both ranking and revenue; ABS issuance and sales also ranked among the top 15.

Disclosed five strategic business directions

The annual report also outlined the company’s core operational plan for 2026, clarifying the development tone and business layout for the next phase.

Asset management will steadily expand management scale, continuing to develop “Fixed Income+,” equity, and investment advisory businesses.

Investment business will follow the strategy of “de-directionalization” and comprehensive advancement into FICC (Fixed Income, Currencies, and Commodities), aiming to build a “three-pillar” structure of stocks, bonds, and derivatives.

Investment banking will focus on industry-oriented, transaction-based, including alternative and distressed asset investments, positioning as a large M&A investment bank.

Wealth management will prioritize strengthening the wealth management center and institutional business center, continuously optimizing branch management.

The company will further promote financial technology empowerment, increase investment in information technology, and drive business upgrades through digital transformation.

(Source: Caixin)