In late March 2026, as the annual report season progresses, the financial results of securities firms are being unveiled one by one. For EB SECURITIES, 2025 appeared to be another relatively ordinary year.

EB SECURITIES achieved operating revenue of 108.52 billion yuan in 2025, a year-on-year increase of 13.06%. Net profit attributable to shareholders of the listed company reached 3.724 billion yuan, marking a growth of 21.77% compared to the previous year.

The wealth management business cluster emerged as the most prominent performer for EB SECURITIES in 2025. This cluster generated revenue of 6.6 billion yuan, accounting for a significant 55% of the company's total operating revenue. This represents a substantial proportion within the securities industry.

A detailed breakdown shows that net brokerage commission income was 3.983 billion yuan, surging 33.1% year-on-year and serving as the primary driver of earnings growth. This growth was closely tied to the increased average daily trading volume in the A-share market during 2025. It is important to note that brokerage income is highly correlated with market performance; a potential decline in trading volume in 2026 could exert considerable pressure on this revenue stream.

If wealth management was the "bright spot" for EB SECURITIES, then proprietary investments and investment banking were the "softer areas" in 2025. Despite the company's overall net profit growing by 22%, the proprietary investment segment acted as a drag on performance.

In 2025, the company's proprietary business income (calculated as net investment income + net fair value change income - investment income from associates and joint ventures) was 2.35 billion yuan, representing a decline of 5.8% compared to the previous year (note: the broader cluster showed a growth trend).

Particularly in the fourth quarter, the company's adjusted proprietary business income plummeted by 60.4% year-on-year. For a securities firm, the proprietary business is not only a crucial profit source but also a reflection of its asset pricing capabilities.

The investment banking business is the core of the corporate finance business cluster. In 2025, EB SECURITIES' corporate finance cluster generated revenue of 900 million yuan, accounting for 8% of the total. Specifically, net investment banking commission income was 775 million yuan, down 5.81% year-on-year.

In equity financing, the company completed only 5 equity financing projects in 2025, with a total underwriting scale of 1.71 billion yuan. While this was a 69.3% increase year-on-year, it only ranked 32nd in the industry. This included just 2 IPOs, raising 784 million yuan. This scale places the firm at 32nd among securities companies, nearly falling out of the mainstream underwriter bracket.

In contrast, bond underwriting maintained a more respectable position. In 2025, the company's bond underwriting amount reached 415.479 billion yuan, ranking 11th in the industry. Its asset-backed securities underwriting amount was 52.426 billion yuan, capturing a 2.79% market share and ranking 8th.

EB SECURITIES' asset management business reported net commission income of 900 million yuan in 2025, a stable increase of 14% year-on-year. However, as of the end of 2025, the company's assets under management totaled 273.28 billion yuan, a decrease of 12.2% compared to the previous year. Its controlling subsidiary, Everbright Pramerica Fund, delivered a strong performance, with total assets under management reaching 135 billion yuan, a 44% year-on-year increase. This included public fund assets of 119.2 billion yuan, a significant jump of 57%.