China First Capital Securities Reports 1.06 Billion Yuan Profit with Total Assets Exceeding 5 Billion Yuan; Investment Business Revenue Grows 46% while Advancing Hong Kong Stock IPO

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Changjiang Business Daily News ● Reporter Xu Jia

As a listed securities firm controlled by Beijing’s State-owned Assets Supervision and Administration Commission, Chuangye Securities (601136.SH) has achieved record-high operating performance.

Recently, Chuangye Securities released its annual report. In 2025, 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 listed company (hereinafter referred to as “net profit attributable to the parent”) was 1.056 billion yuan, up 7.26% year-on-year, setting a new historical high. As of the end of 2025, Chuangye Securities’ total assets surpassed 50 billion yuan, reaching 52.379 billion yuan.

Noticing that in 2025, China’s capital market entered a stage where policy implementation and results are gradually becoming evident amid ongoing deepening reforms. Driven by market trends, in 2025, revenue from investment banking and wealth management businesses reached 1.554 billion yuan and 497 million yuan, respectively, representing year-on-year growth of 45.83% and 22.33%. They accounted for 61.48% and 19.64% of the company’s total revenue, becoming the core drivers of performance growth.

In 2025, Chuangye Securities’ agency trading volume for stocks and funds reached 1.07 trillion yuan, a significant increase of 61.54% year-on-year.

It is worth noting that in October 2025, Chuangye Securities officially submitted its listing application to the Hong Kong Stock Exchange, and the company is steadily advancing its H-share IPO.

Dividends of 459 million yuan planned for 2025

The annual report shows that in 2025, Chuangye Securities achieved operating revenue of 2.528 billion yuan, up 4.58%; net profit attributable to the parent was 1.056 billion yuan, up 7.26%; and net profit excluding non-recurring gains and losses was 1.017 billion yuan, up 4.97%.

Chuangye Securities listed on the A-share market in December 2022. From 2022 to 2024, the company achieved operating revenues of 1.588 billion yuan, 1.927 billion yuan, and 2.418 billion yuan, respectively, with net profits attributable to the parent of 555 million yuan, 701 million yuan, and 985 million yuan.

While setting new records in operating performance, by the end of 2025, total assets of Chuangye Securities exceeded 50 billion yuan, reaching 52.379 billion yuan, an 11.79% increase from the end of 2024.

According to the company’s board, during the 14th Five-Year Plan period, the company’s revenue and profitability continued to advance, market position steadily improved, and core business capabilities were upgraded. Compared to the end of the 13th Five-Year Plan, operating revenue 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 grown year by year, reaching 7.78% in 2025.

Moreover, during the 14th Five-Year Plan, Chuangye Securities’ asset management business ranked among the top 15 in the industry. The company’s bond underwriting and asset securitization businesses developed rapidly, with bond underwriting scale increasing from 17.4 billion yuan in 2020 to 26.8 billion yuan in 2025, a 54% growth. Its ABS business ranked among the top 15 in 2025, establishing itself in the first tier.

Chuangye Securities also announced a profit distribution plan, proposing to distribute a cash dividend of 0.68 yuan per 10 shares (tax included), with no bonus shares or capital reserve transfer. The total cash dividend is expected to be 186 million yuan.

Including the interim dividend of 273 million yuan in 2025, the total cash distribution for the year will be 459 million yuan, accounting for 43.47% of the company’s net profit attributable to the parent in 2025.

According to Tonghuashun data, since going public, Chuangye Securities has distributed a total of 1.648 billion yuan in dividends.

Noticing that since 2025, with the upgrade of its credit rating to AAA, listing on the Hong Kong Stock Exchange, and approval for perpetual subordinated bonds issuance, Chuangye Securities’ financing channels have become more diverse.

In October 2025, the company officially submitted its listing application to the Hong Kong Stock Exchange and is steadily progressing with its H-share IPO. Early 2026, the company’s first application for issuing perpetual subordinated bonds received registration approval from the China Securities Regulatory Commission.

Investment and wealth management businesses remain key performance drivers

In 2025, the overall A-share market experienced oscillating upward trends, driven by favorable policies and market synergy, resulting in a rally.

Against this backdrop, investment banking and wealth management businesses became the main factors driving Chuangye Securities’ performance growth.

Specifically, in 2025, revenue from investment banking was 1.554 billion yuan, up 45.83%, accounting for 61.48% of total revenue.

In the New Third Board market-making sector, by the end of 2025, Chuangye Securities was market-maker for 25 companies, ranking 10th in the industry; among them, 22 were in the innovation tier, accounting for 88%.

In wealth management, in 2025, revenue reached 497 million yuan, up 22.33%, representing 19.64% of total revenue. During the period, nearly 80,000 new client accounts were opened, with total clients exceeding 870,000 by year-end. The total agency trading volume of stocks and funds was 1.07 trillion yuan, a 61.54% increase. Margin financing and securities lending balance (excluding interest) was 3.783 billion yuan, up 30.90% from the previous year.

However, in asset management, in 2025, revenue was 477 million yuan, down 47.55% year-on-year, accounting for 18.86% of total revenue. The company stated that this was mainly affected by bond market conditions, with overperformance fees of its asset management products declining, leading to a drop in business income. Nonetheless, the asset management scale continued to grow steadily.

By the end of 2025, the net asset value of ongoing asset management products was 171.124 billion yuan, an 18.93% increase from the previous year. The scale of investment advisory business reached 43.699 billion yuan, a 299.41% increase.

Looking at asset management product types, excluding special asset management plans, the net asset value of all asset management products was 125.505 billion yuan, up 7.21%. Among these, collective products had a net value of 102.956 billion yuan, and single-asset management products totaled 22.549 billion yuan. The company’s special asset management products had a net value of 45.619 billion yuan.

As of the end of 2025, Chuangye Securities’ private equity subsidiary, Shouzheng Desheng, managed 16 private equity funds, an increase of 2 from the previous period; the management scale was 816 million yuan. The publicly offered funds under its shareholding, Zhongyou Chuangye Fund, had 95 active products with a net value of 89.899 billion yuan. Public funds numbered 60, managing a net value of 75.169 billion yuan; private wealth management products numbered 35, with a net value of 14.730 billion yuan.

By the end of 2025, Chuangye Securities had completed 125 recommended listing projects, with ongoing supervision of 106 listed companies, including 33 in the innovation tier, accounting for 31.13% of supervised companies.

In 2025, as the lead underwriter, Chuangye Securities completed underwriting and issuance of 138 corporate bonds, with a total underwriting amount of 26.808 billion yuan, an 8.21% increase. The company helped 36 tech innovation companies issue bonds, raising a total of 6.822 billion yuan.

Additionally, Chuangye Securities actively expanded its asset securitization business. During the period, it issued 64 ABS products as the plan manager, with a scale of 37.43 billion yuan, up 92.36%. As a sales agency, it sold 77 ABS products, with a scale of 32.417 billion yuan, up 92.82%. Both issuance and sales ranked among the top 15 in the industry (according to Wind data).

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Editor: ZB