China Galaxy Securities' net profit hits a record high, with light-capital businesses accounting for half of the market share.

China Securities News and China Securities Network reported on March 30 that China Galaxy Securities Co., Ltd. released its 2025 annual report. The report shows that the company achieved full-year operating revenue of RMB 28.302 billion, up 24.34% year over year; attributable net profit was RMB 12.520 billion, up 24.81% year over year, reaching the highest level since the company was established. As of the end of 2025, the company’s total assets rose to RMB 855.745 billion, up 16.04% from the end of the previous year, and its overall strength remained firmly in the top five of the industry.

Main business grows by double digits

In 2025, China Galaxy Securities saw all of its main business lines grow by double digits or more. Among them, the wealth management business recorded operating revenue of RMB 13.472 billion, up 28.36%; the investment banking business recorded operating revenue of RMB 0.585 billion, up 22.18%; the institutional business recorded operating revenue of RMB 1.74 billion, with a year-on-year growth rate as high as 508.20%; the international business recorded operating revenue of RMB 2.569 billion, up 18.23%; the investment and trading business recorded operating revenue of RMB 7.026 billion, up 10.76%; and the integrated business of parent and subsidiary companies recorded operating revenue of RMB 2.767 billion, up 11.16%.

Based on data from previous years, revenue from wealth management, investment banking, investment and trading, institutional business, and international business all hit new highs in recent years. Meanwhile, its subsidiary Galaxy Jinhui Asset Management’s asset management business achieved operating revenue of RMB 0.510 billion, which was also the highest level in the past five years.

It is worth noting that the company’s light-asset businesses mainly comprising wealth management, investment banking, and asset management grew by 26.89% year over year over the whole year, accounting for 51.47% of the company’s total operating revenue. For the first time, they took up half of the company’s performance, up nearly 20 percentage points from 2024, demonstrating that the company’s business structure has continued to improve.

Synergy between customer base and institutional ecosystem

The full-line growth of main businesses is also driven by strengthened branding in China Galaxy Securities’ underlying market and the continuous expansion of its customer base.

In the wealth management business, as of the end of 2025, the total number of brokerage business customers of China Galaxy Securities exceeded 19.30 million accounts, up 11.56%; the holding scale of financial products was RMB 251.948 billion, up 19.3% from the end of the previous year; the asset allocation scale of “Galaxy Jinyao” exceeded RMB 6.5 billion, up more than fivefold from the end of the previous year; cumulative account openings for individual pension exceeded 230,000, achieving more than double growth year over year. The scale of its comprehensive pension services brand “Galaxy Xing’an Yang” exceeded RMB 0.6 billion. Meanwhile, the company’s buy-side services are also being deepened continuously. By the end of 2025, the number of China Galaxy Securities investment advisors reached 4,320, up another 264 compared with 2024.

In the institutional business, China Galaxy Securities’ institutional business line was formally established in 2023, and it simultaneously launched a one-stop financial services platform for institutional clients, “Galaxy Tiangong.” Since then, the company has continued to increase its business deployment and formed an integrated service ecosystem covering five business scenarios—trading, services, products, cross-border operations, and operations. Judging from the financial report data, in 2025 China Galaxy Securities’ institutional business recorded a year-on-year growth of 508.20%. In terms of specific performance, as of the end of 2025, the company’s PB business covered 8,040 institutional customers, adding more than 1,000 compared with the end of the previous year. At the same time, the PB business scale reached RMB 481.4 billion, up 38.3% from the end of the previous year; in 2025, the PB business stock and fund base transaction volume was RMB 5.45 trillion, up 52.1% year over year.

In addition, as of the end of 2025, the company’s custody and fund services online product scale was RMB 295.081 billion, up 40.7% from the end of the previous year; among them, the scale of public offering products was RMB 169.65 billion, up 73.5% from the end of the previous year. In the equity market-making business, according to the number of market-making enterprises/products, in 2025 the company ranked No. 4 in market making for shares on the Science and Technology Innovation Board and the Beijing Stock Exchange, and its fund market making ranked No. 9 in the industry.

International investment banking map takes shape faster

In terms of domestic investment banking business, according to Wind data, in 2025 the company’s bond underwriting scale was RMB 682.575 billion, up 37.3%, ranking No. 6 in the industry, including No. 5 in underwriting scale for local government bonds. In the equity business, the company completed three listed company issuance of shares for asset purchases and major asset restructuring projects, with a transaction value of RMB 19.466 billion, ranking No. 7 in the industry and improving by 1 position compared with 2024; the equity underwriting scale was RMB 86.97 billion, ranking No. 12 in the industry.

Overseas business has also performed strongly. In the Hong Kong market, the scale of its HK stock IPO sponsorship first entered the top ten in Hong Kong; the number of projects it participated in ranked it No. 4 among Chinese-funded securities firms. The number of offshore bond issuances ranked it No. 5 among Chinese-funded securities firms. Galaxy Overseas completed 71 equity and bond financing transactions in the Southeast Asian market, with a total scale of 4.7 billion Singapore dollars, creating benchmark projects such as the largest REIT IPO in Malaysia in recent years and the first main board IPO in Singapore since 2023.

International business is flourishing in multiple locations. Galaxy International successfully issued its first publicly offered fund in the asset management field. Its FICC and northbound cross-border business are advancing steadily, and it has delivered its first gold trading. In brokerage business in Singapore, Malaysia, Thailand, and Indonesia, Galaxy Overseas ranked No. 1, No. 2, No. 5, and No. 6 respectively by transaction amount. In the investment business, the company completed its first cross-border RMB counter bond transaction between China and Singapore, promoting the interconnection of financing with financial infrastructure under the Belt and Road Initiative.

Industry insiders believe that in 2025 China Galaxy Securities achieved the best historical level with net profit of RMB 12.520 billion. More importantly, the share of light-asset businesses first exceeded 50%, the institutional business surged 508% from its initial stage, and the overseas investment banking expanded from Hong Kong to Southeast Asia with multiple breakthroughs. These changes are reshaping the company’s business model and competitive logic, helping it accelerate toward its goal of becoming an “international first-class investment bank.”

A vast amount of information, precise interpretation—available on the Sina Finance app