China Merchants Securities 2025 performance report revealed: last year's net profit grew by over 18%, with brokerage business likely making a significant contribution.

China Merchants Securities 2025 performance report revealed: last year's net profit grew by over 18%, with brokerage business likely making a significant contribution.

```

China Merchants Securities, a key player in the industry, recently released its 2025 annual performance report.

The latest report shows that in 2025, China Merchants Securities achieved total operating income of 24.9 billion yuan, a year-on-year increase of 19.19%; net profit attributable to shareholders of the parent company was 12.3 billion yuan, a year-on-year increase of 18.43%. Both income and profit achieved double-digit growth, with operational performance clearly better than the previous year.

The performance report of China Merchants Securities did not mention detailed reasons for the significant growth, only briefly stating that in 2025, the company actively served the "Five Major Financial Articles" as a strategic guide, achieving steady improvements in development quality and operating efficiency through coordinated efforts.

Brokerage Business May Continue to Contribute Key Revenue

Although the performance report did not state the specific reasons for the significant growth, reviewing the previous year's Q3 report reveals that revenue in the first three quarters grew by 27.76%, net profit grew by 24%, numbers which are similar to those in the annual report.

In the Q3 report, "increase in net income from brokerage commission," and "increase in market-making service income" were the main drivers of revenue growth for the company.

Looking back at Q3 of 2025, brokerage business had already become the main growth driver for China Merchants Securities, contributing 73.83% to the adjusted revenue increase.

Additionally, in the Q3 report, "changes in the fair value of financial instruments" which resulted in less fair value change gains was a principal reason why profit growth was less remarkable.

This matches the overall industry trend last year of investment income being less outstanding compared to the previous year.

As such, the direction of this segment’s income in China Merchants Securities' annual report has attracted considerable attention.

Wealth & Retail: Stable Clientele Releases Potential

From a business structure perspective, on the retail end, China Merchants Securities has maintained a stable customer base, which is an important foundation for sustained growth in its brokerage business. In the first three quarters of 2025, the company's retail client advantage has become evident, with brokerage serving as the core engine driving overall performance growth.

China Merchants Securities has historically shown outstanding online customer acquisition capabilities on the wealth management front, and has continually promoted the construction of its ETF ecosystem, which may enable it to capture more development opportunities as household asset allocation increasingly shifts to the equity market.

More information awaits the official annual report disclosure, but based on the currently released data, the overall annual performance trajectory has become clear.

Risk Warning and DisclaimerThe market has risks; investments should be made cautiously. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment objectives, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their own circumstances. Investment decisions based on this article are at your own risk.

```