Guotou Securities’ net profit in 2025 increases by 35%, and after the core management team implements the plan, it delivers its first set of results

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Cailian Press, April 3rd (Reporter Chen Junlan) As Guotou Capital’s annual report is officially disclosed, the full picture of Guotou Securities’ 2025 performance also emerges.

The annual report shows that in 2025, Guotou Capital achieved total operating revenue of 13.54B yuan, up 3.79% year-on-year; net profit attributable to shareholders was 3.28B yuan, up 21.71%. As the core securities business segment of Guotou Capital, Guotou Securities achieved operating revenue of 11.61B yuan, up 13.12%; net profit attributable to shareholders was 3.4 billion yuan, up 34.41%, with significantly enhanced profitability.

Of industry concern, the announcement also mentions the transfer of equity in Anxin Fund. On December 23, 2025, Guotou Securities signed an “Equity Transfer Agreement” with China General Nuclear Finance Co., Ltd., transferring its 5.93% stake in Anxin Fund for 76.272 million yuan. The company’s shareholding in Anxin Fund increased from 33.95% to 39.88%. In 2025, Anxin Fund’s operating income was 660 million yuan, a slight decrease of 1.64% year-on-year; net profit was 130 million yuan, unchanged from last year.

As the controlling fund company of Guotou Capital Holdings, Guotou Ruibin Fund’s various asset scales amount to about 361.1 billion yuan (including public funds and private funds), a 8% decrease from the end of 2024. It manages 116 public funds with a scale of 254.4 billion yuan, down 9% year-on-year; non-monetary fund scale is 152.1 billion yuan, ranking 34th out of 164 in the industry. Guotou Ruibin Fund (consolidated) achieved operating income of 76.27M yuan, down 5% year-on-year, with net profit of 341 million yuan.

In addition to the performance rebound, 2025 is also the final year of Guotou Securities’ “14th Five-Year Plan” strategy. At this critical juncture, the company has seen some new changes in corporate governance and business line adjustments. First, 2025 is a key year for senior management changes; after multiple rounds of personnel adjustments, the core management team was finalized, and the corporate governance structure has become more完善. Second, the company’s research business has shifted towards “industry research,” the investment banking business has established an “industry investment banking” strategy, and investment business optimization strategies have been implemented along with expansion into market-making, completing multiple business line adjustments and upgrades.

Accelerated Wealth Management Transformation, Digital Empowerment Achieves Remarkable Results

In 2025, Guotou Securities’ net income from brokerage business reached 1.31B yuan, up 30.34%, becoming an important pillar of performance growth.

The company’s wealth management transformation continued to deepen. The number of securities client accounts reached 858.5k, with equity product sales increasing by 118% to 22.6 billion yuan. The fund advisory business performed well, with the end-of-year assets under management (AUM) growing by 108%. The “Zhenxin Xuan” wealth customization service launched for high-net-worth clients had an AUM of 1.31B yuan by year-end.

Financial technology became the core engine driving business growth. Guotou Securities continued to enrich the “Smart Manufacturing+” product matrix, with signed assets reaching 5.43B yuan in 2025, generating over 745 million yuan in excess returns for clients. Digital operations showed significant results, with new customer average assets and active customer average contribution increasing by 40.7% and 83.6%, respectively.

In 2025, Guotou Securities’ AUM reached 1.84 trillion yuan, a 31% increase. The branch network continued to optimize, with 29 branches closed or merged, significantly improving revenue per branch and per employee. The buy-side advisory asset management scale was 4 billion yuan, up 69%.

Diversified Institutional Business Development, Asset Custody Ranks Among Industry Leaders

Guotou Securities’ institutional business achieved both scale and revenue growth in 2025. The total number of new institutional accounts, institutional asset scale, and trading volume of institutional stocks and funds all increased by over 37% year-on-year.

Asset custody performed outstandingly. In 2025, the company’s public fund custody scale and new custody scale both ranked seventh in the industry, with new product numbers sixth, establishing a core brand effect in public fund custody. By year-end, Guotou Securities held 835 custody products with a total scale of 858.5k yuan.

The annual report mentions that in 2025, Guotou Securities focused on its “industry investment banking” positioning, deepening comprehensive services for institutional clients. By building a service ecosystem integrating “market value management – wealth management – industry empowerment,” it provides full-cycle services for enterprises. Meanwhile, cooperation with banks, insurance companies, and high-quality private equity firms was further deepened, with the scale of financial industry assets continuing to grow.

Under Pressure in Investment Banking, Bond Underwriting Becomes a Highlight

Against the backdrop of overall performance improvement, investment banking became a “shortcoming” for Guotou Securities. During the reporting period, net income from investment banking was 675 million yuan, down 17.33% year-on-year. Facing a complex environment of stable quantity but improving quality in the primary market, Guotou Securities is also promoting business structure optimization.

In equity financing, the industry ranking remained stable. The company completed 7 main underwritings of stocks and ranked fifth in IPO approvals. As of the end of 2025, it had obtained 3 IPO approvals, laying a foundation for business development in 2026.

Bond financing became a bright spot, with initial implementation of business transformation plans. The company’s bond underwriting scale ranked within the top 20 for the first time, with the scale of financial bonds underwriting jumping to 13th in the industry. The business structure was significantly optimized, with financial bonds accounting for 48%. In early 2025, the company obtained the Non-Financial Enterprise Debt Financing Instruments Underwriter qualification from the Interbank Market Dealers Association, further strengthening its full-license advantage.

Steady Growth in Investment Business, Asset Management Business Structure Optimization

In investment business, Guotou Securities achieved net income of 1.87B yuan in 2025, up 12.96%. The company promoted the transformation of FICC (Fixed Income, Currency, and Commodities) business, with steady growth in diversified investments such as fixed income, equity investments, and OTC derivatives.

In asset management, the full-year net income was 365 million yuan, up 15.31%. By year-end, Guotou Zhengcai Asset Management’s entrusted management scale was 69.43B yuan, down 24.44%. The decline was mainly due to the disposal of existing public large-scale funds as required by regulators and the reduction of low-efficiency businesses, leading to an optimized business structure.

Credit business seized market opportunities, achieving net income of 18.4k yuan, up 23.10%. By year-end, the scale of margin financing and securities lending was 56.35 billion yuan.

Core Management Team Finalized, Governance Structure Gradually Improved

Along with the performance recovery, Guotou Securities completed a leadership change in 2025, further完善 governance structure.

In July 2025, former Chairman Duan Wenyu resigned due to work transfer, and then-General Manager Wang Suwang was elected Chairman and concurrently served as General Manager, forming a short-term “one-shoulder” leadership. On October 13, the company announced Wang Suwang’s resignation as General Manager, continuing as Chairman; former Vice President Liao Xiaofei was appointed General Manager.

Liao Xiaofei is an industry veteran with diverse experience in regulation, compliance, and investment banking. He previously served as Director of Shenzhen Regulatory Bureau of CSRC, Compliance Director at Anxin Securities, and after joining Guotou Securities, held positions such as Head of Investment Banking Committee and Deputy General Manager. His promotion will establish a stable “Chairman + General Manager” partnership with Wang Suwang.

Additionally, at the end of 2024, the company experienced concentrated leadership changes, with Vice General Manager and Secretary Liu Chunliang, CFO Yang Chengsheng, and Vice General Manager Wei Feng leaving simultaneously. In February 2025, the company appointed Sun Ting as Vice General Manager, Chief Accountant, and Secretary of the Board; on the same day, promoted Xu Yanbing to Vice General Manager and Chief Information Officer; Zhao Min was appointed Vice General Manager and Chief Risk Officer. This formed a stable five-person senior management team, laying a solid organizational foundation for long-term high-quality development.

Overall, in 2025, under the leadership of the new management team, Guotou Securities’ business transformation and risk control drove dual growth. Wealth management, investment, asset management, and credit businesses all advanced in a balanced manner, with digitalization and compliance capabilities simultaneously enhanced, achieving coordinated development in scale, efficiency, and quality. With the management structure完善 and strategic deepening, the company is expected to continue consolidating its advantages in the industry and move toward a higher-quality development stage.

(Reporter Chen Junlan, Cailian Press)