The first annual report of a listed brokerage is released! China First Securities achieves its best-ever performance in history

Cailian Press, March 21 — (Reporter Lin Jian) The first annual report of a listed securities firm is out.

On March 20, Chuang Securities disclosed its 2025 performance, with operating results reaching a new 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%, with total assets surpassing 50 billion yuan. Overall, the company’s performance growth is steady; over the past four years, performance has improved significantly.

In recent years, the company’s performance has shown notable improvement. 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 full-year operating income of 1.554 billion yuan, up 45.83%; wealth management generated 497 million yuan, up 22.33%, with significant expansion; asset management income was 477 million yuan, down 47.55%, indicating a substantial contraction; investment banking income was 189 million yuan, down 3.54%, with a slight decline.

The chart shows Chuang Securities’ business lines, with proprietary trading and wealth management performing well. In addition to reaching a historic high, 2025 marks the company’s 25th anniversary 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 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 A+H listing, aiming to become one of 14 securities firms listed both domestically and abroad, with progress underway but results pending.

As a capital-based financial state-owned enterprise in the capital city, Chuang Securities is controlled by Beijing Capital Venture Group Co., Ltd., under the Beijing SASAC. Cailian Press notes that in the board speech, the company 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 equity by 53.90% compared to the end of the “13th Five-Year Plan.” Since listing, the weighted average return on net assets has grown annually, reaching 7.78% in 2025.

Most active in wealth management, nearly 80,000 new accounts opened in the year

Chuang Securities’ wealth management segment saw significant changes in 2025. Operational data shows that this division achieved operating income of 497 million yuan, accounting for 19.64% of total revenue, up 22.33% year-on-year, mainly driven by increased net income from agency securities trading and investment advisory services.

Specifically, the total trading volume of stocks and funds via agency was 1.071 trillion yuan, up 61.54% from the previous year. The margin trading balance at year-end was 3.783 billion yuan, up 30.90%. In 2025, nearly 80,000 new client accounts were opened, with total clients exceeding 870,000; monthly active users of the Tomato Wealth app increased by 31.37%. Investment advisory revenue also saw a significant rise.

The division underwent intensive restructuring.

First, the company actively promoted the optimization of wealth management organizational structure, establishing a new Institutional Business Center, systematically building a comprehensive service platform for institutional clients to provide full-range financial services.

Second, it restructured the Wealth Management Center, continuously strengthening margin trading and investment advisory services, and fully advancing the company’s wealth management transformation strategy.

Third, the Digital Development Department was reformed to deeply explore data value, effectively empowering business with intelligent technology and promoting quality and incremental growth.

Asset management scale exceeds 200 billion yuan

Chuang Securities’ asset management business remains a strength, with steady growth in 2025. The annual report shows that the asset management business is accelerating toward multi-asset and multi-strategy transformation, with management scale steadily increasing. By the end of 2025, the total 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 the previous year.

Despite the overall scale surpassing previous levels, revenue faced pressure compared to 2024. In 2025, the company’s total asset management revenue was 477 million yuan, down 47.55%, mainly due to decreased performance-based income from asset management.

Jiang Qingfeng, the newly appointed General Manager, focuses on asset management. Industry watchers are paying close attention to his future strategies. At 40 years old, his appointment is seen as a typical case of nurturing and promoting young talent at Chuang Securities. Since joining, Jiang has held roles from General Manager of Asset Management Department II, Vice President, Executive Vice President, President, to Assistant General Manager, and in October 2023, he was promoted to Vice President; in August 2025, he became a director representing staff.

Public information shows that under his leadership, the asset management business has completed its transformation toward a value-based 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 hit record highs, with continued performance in 2025.

Proprietary trading contributes over 60%, serving as a “ballast”

“Asset management + investment” remains the core advantage of Chuang Securities, with proprietary trading contributing more than asset management. In 2025, the company’s investment business revenue was 1.6 billion yuan, accounting for 61.48% of total revenue, up 45.83%. Investment business continues to serve as a “ballast” for performance.

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

Additionally, beyond the annual report, Chuang Securities plans to increase proprietary investment scale. The announcement indicates approval for the 2026 proprietary investment scale not to exceed regulatory limits, with investments in equities and derivatives not exceeding 80% of net capital, and non-equity investments not exceeding 400%, with adjustments based on regulatory changes. The limits exclude long-term investments, margin trading, and passive underwriting holdings.

Underinvestment in investment banking, large growth in bond underwriting scale

Investment banking has historically been a weakness for Chuang Securities, and 2025 is no exception. The division’s revenue was 189 million yuan, accounting for 7.46% of total revenue, down 3.54%, mainly due to reduced sponsorship income. However, efforts in this area have improved compared to previous years.

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

Disclosed five strategic business directions

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

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

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

Investment banking will maintain a focus on industry-oriented, transaction-based, including alternative and distressed assets M&A.

Wealth management will focus on strengthening the Wealth Management Center and Institutional Business Center, continuously optimizing branch management.

Deepen financial technology empowerment, increase investment in information technology, and drive business upgrades through digital transformation.