¡Publicación del primer informe anual de una firma de corretaje que cotiza en bolsa! Shouquan Securities alcanza su mejor resultado histórico

Financial News Agency, March 21st (Reporter Lin Jian) The first annual report of a listed securities firm is out.

On March 20th, Chuang Securities disclosed its performance for 2025, with operating results reaching a record high. 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%, and total assets exceeded 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 increased notably. From a business perspective, investment and wealth management businesses grew, while asset management and investment banking 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%, showing a substantial contraction; investment banking revenue was 189 million yuan, down 3.54%, with a slight decline.

The chart shows the business lines of Chuang Securities, with self-operated and wealth management performing well. In addition to reaching a record high, 2025 is also the 25th anniversary of the company’s founding and the final year of its “14th Five-Year Plan” strategy. 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. Biji Song, reaching the statutory retirement age, will be replaced by Zhang Tao as Chairman in November 2025; Jiang Qingfeng will serve as the new General Manager, completing the leadership team; Second, the company has initiated the process of dual listing in A+H shares, aiming to become one of 14 securities firms with A+H listings, currently underway, with results pending.

As a capital financial state-owned enterprise in the capital city, Chuang Securities is controlled by Beijing Capital Venture Group Co., Ltd., affiliated with the Beijing SASAC. Financial News Agency notes that in the board speech, Chuang Securities emphasized its achievements during the “14th Five-Year Plan,” with revenue increasing by 52.50%, total profit by 61.25%, net profit by 72.75%, and owner’s equity by 53.90% compared to the end of the “13th Five-Year Plan.” 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 in 2025 saw significant changes. In terms of operational data, the wealth management division achieved operating income of 497 million yuan, accounting for 19.64% of total revenue in 2025, up 22.33% year-on-year, mainly due to increased net income from agency securities trading and investment advisory services.

Specifically, the total trading volume of stocks and funds via agency in the year was 1.071886 trillion yuan, up 61.54% from the previous year. The margin financing and securities lending (two-finance) balance at the end of the year was 3.783 billion yuan, up 30.90% from the end of last year; nearly 80,000 new accounts were opened in 2025, with total client accounts exceeding 870,000, and monthly active users of the Tomato Wealth APP increased by 31.37%; investment advisory revenue saw a significant increase.

The segment adjustments are quite dense.

First, the company actively promotes the optimization and adjustment of the wealth management organizational structure, establishing a new institutional business center, systematically building a service platform for institutional clients, providing comprehensive financial services;

Second, reshaping the wealth management center, continuously strengthening margin financing and securities lending and investment advisory services, fully advancing the company’s wealth management transformation strategy;

Third, reform the Digital Development Department, deeply exploring data value, and effectively empowering business and promoting quality and incremental growth through intelligent technology.

Asset management scale exceeds 200 billion yuan

Chuang Securities’ asset management business is a strength, maintaining steady growth in 2025. The annual report shows that the asset management business is accelerating its transformation towards multi-asset and multi-strategy management, with steady growth in scale. By the end of 2025, the business 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 last year.

Although the overall scale has expanded, revenue was under pressure compared to 2024. In 2025, the company’s overall asset management revenue was 477 million yuan, down 47.55% year-on-year, mainly due to decreased performance-based income from asset management.

Jiang Qingfeng, the newly appointed General Manager, focuses on the asset management sector, attracting industry attention to his future strategies. Jiang, 40 years old, is regarded as a typical example of nurturing and reusing young talent by Chuang Securities. Since joining, he started as General Manager of Asset Management Department II, then served as Vice President, Executive Vice President, President, and Assistant to the General Manager. In October 2023, he was promoted to Vice President, and in August 2025, he became a staff representative director.

Public information shows that under his leadership, the asset management business has completed its transformation towards a valuation-based, net-value management driven by asset allocation, with active management scale growing rapidly for several years. Notably, Jiang led the “Fixed Income+” strategy layout, strengthening bond research capabilities. In 2024, the asset management scale and revenue reached historic highs, and performance continued in 2025.

Self-operated income accounts for over 60%, serving as a “ballast”

“Asset management + investment” is the core advantage of Chuang Securities, with self-operated business contributing more than asset management. In 2025, the company’s 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 “ballast” for performance.

Chuang Securities states that fixed income investment trading has achieved rapid growth for five consecutive years; equity investment has shown clear results in de-directionalization, with high-dividend strategies operating steadily; alternative investments have keenly seized opportunities in the New Third Board and Beijing Stock Exchange, achieving good returns.

It is worth noting that beyond the annual report, Chuang Securities also plans to increase self-operated investment scale. The announcement indicates that the company agrees that the 2026 self-operated investment scale will not exceed regulatory limits, with non-equity investments not exceeding 80% of net capital and derivatives not exceeding 400%, with adjustments based on regulatory standards; the scope excludes long-term investments, margin financing, and underwriting passive holdings.

Underperforming in investment banking, bond underwriting scale surges

Investment banking has always been a weakness for Chuang Securities, and 2025 is no exception. The business achieved revenue of 189 million yuan, accounting for 7.46% of total revenue, down 3.54% year-on-year, mainly due to reduced sponsorship revenue. However, the effort level has improved compared to previous years.

The company’s debt financing underwriting scale increased significantly, reaching historic highs in industry ranking and revenue; ABS issuance and sales also ranked in the top 15.

Disclosing five strategic business directions

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

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

Investment will follow the “de-directionalization” and comprehensive advancement towards “FICC” (Fixed Income, Currencies, Commodities) strategies, creating a three-pillar structure of stocks, bonds, and derivatives.

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

Wealth management will focus on strengthening the construction of the wealth management center and institutional business center, continuously optimizing branch management.

Continue to deepen financial technology empowerment, increasing investment in information technology, and driving business upgrades through digital transformation.