The year 2025 stands as a significant chapter in the history of mergers and acquisitions within China's securities industry. The merger between Guolian Securities and Minsheng Securities not only set a benchmark for market-driven consolidation but also created a mid-sized securities firm with total assets surpassing the 200 billion yuan threshold.
On March 27, 2026, Guolian Minsheng Securities Company Limited released its first annual report following the merger. The report disclosed an operating revenue of 7.673 billion yuan, representing a year-on-year increase of 185.99%. Net profit attributable to shareholders reached 2.009 billion yuan, surging by 405.49% compared to the previous year.
This impressive performance positioned Guolian Minsheng as a leader in profitability growth among securities firms in 2025. A key question arises: does this growth signify a fundamental improvement in intrinsic competitiveness, or is it primarily a result of the numerical effect from consolidating the financial statements?
The exponential growth was largely driven by the consolidation of Minsheng Securities's financials. Data shows that Guolian Minsheng's performance curve for 2025 was exceptionally steep. The dual growth in revenue and net profit was mainly attributable to the inclusion of Minsheng Securities's results. By the end of 2025, the company's total assets amounted to 203.218 billion yuan, an increase of 109.05% from the end of the previous year, successfully establishing its position in the mid-sized券商 cohort.
The company achieved a substantial leap in its competitive standing within the industry. The most notable change was in its investment banking business. The number of IPO sponsorships propelled the firm to 7th place in the industry, while the number of IPO projects under review ranked 6th—achievements that were unimaginable for the pre-merger Guolian Securities era. Furthermore, the firm secured the top position among lead underwriters for the number of New Third Board listing projects, demonstrating its deep involvement with small and medium-sized enterprises and the inclusive finance sector.
Despite the strong full-year figures, quarterly performance revealed underlying volatility. According to data from a Soochow Securities research report, the company's operating revenue for the fourth quarter of 2025 was 1.64 billion yuan, a sequential decrease of 19.3%. Net profit attributable to shareholders for the same quarter was 250 million yuan, marking a significant sequential decline of 61.3%.
Post-merger, Guolian Minsheng's business structure underwent a profound transformation, shifting from a specialist profile towards that of a comprehensive player.
The scale of its brokerage and wealth management business doubled. The company reported net brokerage commission income of 2.103 billion yuan for 2025, a 193% year-on-year increase. This growth benefited directly from the combined customer base post-merger: the total number of client accounts reached 3.5495 million, with a net addition of 207,800 accounts.
The investment banking business emerged as the standout highlight, transforming from a weakness into a strength. In 2025, net investment banking commission income reached 898 million yuan, a 165% year-on-year increase, making it the most noteworthy aspect of the annual report. Previously, the market viewed Guolian as a regional broker and Minsheng Securities as a 'dark horse' in investment banking. The merger successfully replicated Minsheng Securities's advantages in the IPO domain within the combined entity.
Proprietary investment remains the cornerstone of the company's performance, yet it also acts as an amplifier of risk. For 2025, Guolian Minsheng's securities investment business revenue—calculated as the sum of net investment income and net gains from changes in fair value, minus investment income from associates and joint ventures—amounted to 3.458 billion yuan, a year-on-year surge of 254.19%, the highest growth rate among all business segments. This indicates that proprietary business contributes significantly to profit volatility. When the proportion of proprietary income becomes excessively high, the correlation between the company's performance and stock market fluctuations increases dramatically. A market downturn could swiftly turn this segment from an asset into a liability.
The company's asset management business showed relatively lackluster growth. Net asset management commission income for 2025 was 783 million yuan, an increase of 18.59% year-on-year, significantly lower than the growth rates of other segments. Although assets under management grew by 38% to 196 billion yuan, the modest increase in revenue suggests pressure on management fee rates or unsatisfactory performance fees. Compared to the explosive growth in investment banking and proprietary trading, the asset management business's performance appears comparatively muted.