The securities industry experienced a broad recovery in 2025. Data from the Securities Association of China shows that the combined annual revenue of 150 securities firms increased by 19.95% year-on-year, while net profit rose by 31.2%. Against this backdrop of intensifying divergence, regional brokerages demonstrated particularly strong earnings flexibility.
On the evening of April 27, Changjiang Securities Company Limited (000783.SZ) released its 2025 annual report. During the reporting period, the company achieved total operating revenue of 10.548 billion yuan, a year-on-year increase of 59.86%. Net profit attributable to shareholders of the listed company surged 101.44% to 3.696 billion yuan, marking the best performance since its listing. Concurrently, the company's operational quality and efficiency improved significantly, with its weighted average return on equity (ROE) reaching 10.02%, an increase of 4.94 percentage points from the previous year.
Amid an increasingly competitive industry landscape, Changjiang Securities' net profit growth rate and ROE both rank near the top of the sector, approaching the levels of leading securities firms. Industry analysts attribute this high growth to favorable market conditions and the company's own strategic initiatives.
The leap in ROE is particularly indicative of enhanced operational quality and efficiency, beyond what the doubling of revenue and net profit reveals about scale flexibility.
The annual report indicates that Changjiang Securities' weighted average ROE for 2025 reached 10.02%. A horizontal comparison shows that among leading brokerages that have disclosed their reports, the ROE figures for CITIC Securities, China Securities, and GF Securities are approximately 10.59%, 10.51%, and 10.16% respectively, while firms like China Merchants Securities, China Galaxy, and China International Capital Corporation all report ROEs above 9%.
Changjiang Securities' 10.02% ROE now positions it among the top listed securities companies, significantly narrowing the gap with industry leaders and signaling a qualitative improvement in its capital utilization efficiency and internal growth momentum. Furthermore, the company's financial safety margin has been strengthened. As of the end of the reporting period, Changjiang Securities' total assets reached 206.217 billion yuan, an increase of 20.05% from the start of the year. Shareholders' equity attributable to the parent company was 41.915 billion yuan, up 6.93% from the beginning of the year, reflecting a stable asset-liability structure that provides a solid foundation for future business expansion and risk management.
Research is a cornerstone of Changjiang Securities' brand, with its research revenue and brand influence consistently ranking high in the industry.
In 2025, the company's research division focused on upgrades and deepening its expertise, continuously enhancing its research pricing power and market influence in key national strategic areas. It increased the specialization of its research on energy transition, advanced manufacturing, and technological innovation supply chains, and dedicated efforts to the research underpinning the five key financial priorities.
Notably, Changjiang Securities established an Industrial Innovation Research Institute (Strategic Think Tank), extending its research capabilities beyond secondary market pricing to include industrial investment decisions and regional industrial policy studies, providing professional insights and data support for local industrial development. The research business also strengthened its international presence, improved cross-border research capabilities, and actively explored a second growth curve.
Public information shows that in 2025, Changjiang Securities secured first-place rankings multiple times in authoritative analyst selections hosted by major market institutions, earning full recognition from institutional clients. By the end of the reporting period, Changjiang Research Institute had built comprehensive industry research capabilities covering five major areas—macroeconomic analysis, cyclical sectors, finance and manufacturing, consumption, and technology—spanning 34 research directions, adhering to value investment principles and deepening interactions and research along industry chains.
In wealth management, the company accelerated its transformation, focusing on five core businesses: diversified client acquisition, corporate and high-net-worth services, asset allocation, investment advisory, and trading services, driving an upgrade towards comprehensive financial services centered on client needs. During the reporting period, key wealth management metrics showed steady progress, with the number of active clients, the active client rate, and new assets all increasing year-on-year. The asset allocation system was continuously optimized, the investment advisory revenue structure improved, and commission income saw substantial growth. A significant development was the launch of the "Chang Xiao Niu" AI App, making Changjiang Securities the third brokerage in the industry to deploy artificial intelligence trading software.
Regarding asset management, the scale of assets managed by Changjiang Asset Management grew steadily, reaching 60.602 billion yuan by the end of the reporting period, a 19.81% year-on-year increase. The scale of public fund assets was 39.092 billion yuan, up 47.26% year-on-year, with the non-monetary public fund segment reaching 24.747 billion yuan, a 62.46% increase. Changxin Fund Management oversaw a total of 129 products, with total net asset value under management reaching 206.546 billion yuan.
In fulfilling its social responsibilities, Changjiang Securities deeply integrated inclusive finance and rural revitalization into its development strategy, creating a "Green + Inclusive" financial product system through full business synergy. Since 2016, the company has facilitated financing for financial assistance projects totaling nearly 20 billion yuan.
A core message from the 2025 annual report is that the improvement in profitability stems from a deepening of its functional role, even as it pursues commercial sustainability.
As a comprehensive national brokerage rooted in Hubei, serving the whole country, and expanding overseas, the company has strengthened its strategic focus on serving the real economy. It concentrates on the five key financial areas—technology finance, green finance, inclusive finance, pension finance, and digital finance—and anchors its functional positioning around "Four Services": serving the development of the real economy, serving technological and industrial innovation, serving societal wealth management, and serving major regional strategies.
In serving technological and industrial innovation, the company accelerated its transition to a "Finance + Industry + Innovation" model. Its subsidiary, Changjiang Capital, specializes in equity investments in areas like new materials, carbon neutrality, military equipment, digital intelligence, and life sciences. During the reporting period, the number of new funds established by Changjiang Capital doubled, and newly raised capital increased by over 60% year-on-year. Among these, the Hubei Provincial Humanoid Robot Industry Investment Fund was successfully launched, becoming the first fund of its type in China to be funded and actively managed by a securities firm, precisely targeting core tracks of new quality productive forces.
In regional development, Changjiang Securities' investment banking "Deep Cultivation in Hubei" strategy yielded significant results. The annual report shows the company ranked first in IPO advisory services in Hubei, tied for first in NEEQ listings, and third in bond financing in the region. The underwriting scale for bond financing business in Hubei increased by 149.18% year-on-year, elevating its rank to third in the province. Additionally, Changjiang Sponsorship actively expanded into the Yangtze River Delta, Sichuan-Chongqing region, and Greater Bay Area, with projects successfully implemented in each, developing differentiated strategies tailored to local conditions and continuously expanding its regional footprint. Changjiang Sponsorship also deepened collaboration focused on new industries, proactively entering core tracks of new quality productive forces and striving to increase the "innovativeness" of its project pipeline.
Hubei's high-quality economic development provides a vast hinterland for Changjiang Securities. In 2025, Hubei's economic aggregate surpassed the 6 trillion yuan milestone and is accelerating financial reforms and innovation centered on "using equity investment for guidance, debt financing for credit enhancement, and multi-level capital market public fundraising for cultivation." In this context, the trinity synergy of "Research + Investment + Investment Banking" at Changjiang Securities is becoming a crucial financial pillar supporting high-quality local economic development.