As listed securities firms disclose their 2025 annual reports, eight companies have entered the "ten-billion-yuan net profit club." This year's industry performance highlights include CITIC Securities regaining its top position and Oriental Fortune seeing its net profit exceed ten billion yuan for the first time. Meanwhile, Galaxy Securities maintained its fifth-place ranking in the industry.
While fifth place may not seem remarkable, it represents a hard-won achievement for Galaxy Securities, which has experienced both辉煌 and downturns. The company maintained this ranking from 2024, demonstrating operational stability.
According to the 2025 annual report, Galaxy Securities achieved revenue of 28.3 billion yuan and net profit attributable to shareholders of 12.52 billion yuan. Over the past three years, revenue has shown slight fluctuations, with both revenue and profit growing over 24% in 2025, reaching the highest growth rate in recent years. Net profit has shown steady growth, breaking through 10 billion yuan in 2024 and increasing by 24.8% to 12.5 billion yuan in 2025, ranking fifth in profitability within the securities industry.
Beyond its core wealth management business, Galaxy Securities' investment banking performance in 2025 deserves particular attention.
In 2023, Galaxy Securities implemented a three-year strategic development plan (2023-2025), positioning its investment banking division as "a trusted investment banking expert for entrepreneurs." By 2025, as the strategic period concluded, investment banking revenue grew from 428 million yuan in 2023 to 585 million yuan in 2025, with growth rate accelerating from 11.8% in 2024 to 22.18% in 2025. Investment banking profit increased from 56 million yuan to 91 million yuan, with revenue growth exceeding 20% and profit growth surpassing 60% in 2025.
In equity investment banking, traditionally a weaker area for Galaxy Securities, the company improved its industry ranking from 27th in 2023 to 22nd in 2024, and further to 12th in 2025. Although still outside the top ten, this progress can be described as remarkable. Currently, Galaxy Securities has 12 A-share projects in its pipeline. In 2025, it completed one IPO project and seven refinancing projects in the A-share market, with equity underwriting volume reaching 8.697 billion yuan, ranking 12th in the industry—a significant improvement from its previous rankings in the 30s and 40s.
From a market perspective, Galaxy Securities' underwriting amount has surpassed previous peaks, reaching 2.467 billion yuan, far exceeding the 2019 high. The company has completed over 20 IPO underwriting projects annually in recent years. In 2025, it served as sponsor for major projects including Seres, a leading new energy company (one of the top ten global IPO projects in 2025), as well as several smaller but high-quality companies.
Including international investment banking activities, Galaxy International achieved top-ten ranking in Hong Kong IPO sponsorship volume for the first time in 2025, ranking fourth among Chinese securities firms in project participation. In Southeast Asia, the company secured major projects including Malaysia's largest REIT IPO in recent years and Singapore's first mainboard IPO since 2023.
Overall, Galaxy Securities has demonstrated strong momentum in investment banking during the 2023-2025 strategic period. Company Chairman Wang Sheng has emphasized that "building a first-class investment bank is an essential task in the context of accelerating China's development as a financial powerhouse," noting that this requires sustained effort across generations.
The company's development model has shifted: it enhances market position through benchmark projects like the Seres sponsorship while building international reputation by underwriting smaller, high-quality companies. Galaxy Securities has also increased resource allocation to investment banking, particularly in international talent acquisition. In December 2024, Yang Sulan, former co-head of consumer investment banking at CICC, joined as deputy CEO of Galaxy International. In January 2025, He Jia, former managing director at Goldman Sachs China, was appointed as managing director of Galaxy Securities' investment banking headquarters.
Yang Sulan brings over 20 years of capital market financing and M&A experience, having worked on major international IPOs including J&T Express and China Tourism Group Duty Free Corporation (the largest Hong Kong IPO of 2022). He Jia, a veteran international investment banker, joined Goldman Sachs China in 2015 and was promoted to managing director in 2017, having led IPO or refinancing projects for major clients including China Construction Bank, CNR Corporation, Agricultural Bank of China, and China CITIC Bank.
The conclusion of the three-year strategic period shows tangible results: moving from outside the top 20 to 12th place and breaking the 500 million yuan revenue barrier in investment banking. These figures speak louder than narratives.
Objectively, 12th place remains mid-tier, with significant gaps remaining between Galaxy Securities and top investment banks like CITIC Securities and CICC. However, brand and market influence develop gradually, particularly in investment banking which requires long-term cultivation. Galaxy Securities' progress represents a meaningful step toward international competitiveness among Chinese securities firms.