The securities industry delivered strong performance in the first three quarters of 2025. A total of 42 listed brokerages achieved combined revenue of RMB 419.56 billion and net profit attributable to shareholders of RMB 169.049 billion. The industry's leading players continued to dominate, with 11 brokerages surpassing RMB 10 billion in revenue. CITIC Securities led the sector with RMB 55.8 billion in revenue. In terms of profitability, five brokerages exceeded RMB 10 billion in net profit, with CITIC Securities and Guotai Haitong both surpassing RMB 20 billion, demonstrating robust earnings power.

The average revenue growth rate among the 42 brokerages was 39.84%, while net profit attributable to shareholders surged by 86.18% on average, significantly outpacing revenue growth and reflecting a substantial improvement in profitability. Among the top 10 performers, HTSC reported relatively moderate growth, with revenue up 12.55% and net profit rising 1.69%. However, its adjusted net profit still reached 100.04%. This was partly due to a one-time gain from the sale of its U.S. subsidiary in the previous year, which inflated the base for comparison.

Notably, many brokerages exhibited a trend of "profit growth outpacing revenue." For instance, Guolian Minsheng saw revenue growth exceed 200%, while net profit skyrocketed by over 340%. Similarly, Huaxi Securities and Guohai Securities reported profit growth multiples higher than revenue expansion, highlighting significant improvements in cost control and operational efficiency.

Meanwhile, small and mid-sized brokerages emerged as standout performers in this earnings cycle. Although they lag behind industry leaders in scale, firms like Changjiang Securities, Zhongtai Securities, and Northeast Securities posted net profit growth exceeding 125%, showcasing strong operational flexibility and growth potential.

Data shows that the combined net profit of the 42 brokerages in the first three quarters of 2025 reached RMB 169.049 billion, already surpassing the full-year 2024 total of RMB 147.834 billion. Within just three quarters, the industry achieved a leap in profitability, with 28 brokerages exceeding their full-year 2024 net profit. Guotai Haitong, benefiting from merger synergies, added RMB 9.05 billion to its net profit compared to 2024, while Shenwan Hongyuan surpassed its 2024 net profit by RMB 2.805 billion. Smaller players like Founder Securities and Changjiang Securities also outperformed their full-year 2024 results by over RMB 1 billion, demonstrating qualitative improvements through specialized business focus, optimized asset structures, or timely market opportunities.

Overall, the securities industry in the first three quarters of 2025 not only achieved high growth in both revenue and net profit but also made significant strides in profitability quality, business structure, and operational efficiency. While leading brokerages maintained steady leadership, smaller firms leveraged agility and niche strategies to drive rapid growth, collectively propelling the industry into a new phase of high-quality development.