Hong Kong Stock IPO Confidence Doubles? First Capital Securities to Deliver the Best Performance in History by 2025

For stock trading, rely on the Golden Qilin analysts’ research reports, authoritative, professional, timely, and comprehensive, assisting you in uncovering potential thematic opportunities!

Produced by|Zhongfang.com

Reviewed by|Li Xiaoyan

On March 20, Shouchuang Securities (601136.SH) released its first complete annual financial report since the initiation of its Hong Kong stock IPO process, delivering a remarkable performance with revenue, net profit, and asset scale all reaching historic highs. In 2025, the company achieved operating revenue of 2.53 billion yuan, a year-on-year increase of 4.6%; net profit attributable to shareholders was 1.06 billion yuan, a year-on-year increase of 7.3%; total assets exceeded 50 billion yuan, demonstrating both operational resilience and growth momentum, laying a solid fundamental foundation for the Hong Kong IPO hearing and issuance. Despite a phase differentiation in business structure and short-term pressure on asset management income, the company’s strategic iteration is clear, core capabilities are solid, and regional and resource advantages are prominent, with a clear long-term development path and continuously improving market recognition.

In 2025, as capital market volatility and industry competition intensified, Shouchuang Securities achieved simultaneous growth in scale and efficiency through prudent management and precise positioning. The net profit attributable to shareholders and the net profit excluding non-recurring items increased by 7.3% and 5.0%, respectively, with steadily improving profit quality; the fully diluted earnings per share was 0.3865 yuan, with stable shareholder returns. In the fourth quarter alone, net profit attributable to shareholders still achieved a year-on-year growth of 7.5%, showcasing its ability to withstand risks through cycles.

As a regional leading securities firm controlled by the Beijing State-owned Assets Supervision and Administration Commission, Shouchuang Securities relies on resources from state-owned shareholders such as Capital Entrepreneurship Group, Beijing Investment Company, and Jingneng Group, collectively holding approximately 82%, with solid capital strength and credit backing. By the end of 2025, asset scale reached a new level, further opening up capital adequacy and business expansion space, providing ample support for enhancing self-operated, asset management, and wealth management businesses, and laying a capital foundation for fundraising through the Hong Kong IPO and internationalization.

In industry comparisons, against the backdrop of increasing differentiation in the securities industry, Shouchuang Securities demonstrated “accelerated growth of small and medium-sized securities firms” with steady growth, achieving positive revenue and net profit growth for consecutive years, with profit stability surpassing the industry average, fully reflecting the compliance foundation and operational resilience of state-controlled securities firms.

In 2025, the company’s various business lines showed differentiation, with explosive growth in investment-related businesses becoming the core engine, steady improvement in wealth management, and short-term pressure on asset management businesses, though the scale continued to expand, with significant results from structural optimization and strategic focus.

Investment-related businesses led the way, achieving annual revenue of 1.554 billion yuan, a year-on-year increase of 45.83%, becoming the primary pillar of performance growth. The company adheres to a directional diversification and multi-strategy balanced approach, employing combination strategies such as quantitative hedging, high dividend, and fixed income enhancement to reduce dependence on market trends, pursuing stable absolute returns, and elevating self-operated investment capabilities to a new level. Fixed income investment trading has seen rapid growth for five consecutive years, equity investment risk control is in place, and alternative investments have accurately seized opportunities in the New Third Board and Beijing Stock Exchange, significantly reducing investment portfolio volatility and enhancing profit sustainability.

The wealth management business has accelerated its digital transformation, achieving annual revenue of 497 million yuan, a year-on-year increase of 22.33%, becoming the second growth trajectory. The company uses the “Tomato Wealth APP” as a lever to promote the construction of a one-stop comprehensive financial service platform, with total customers exceeding 870,000 and nearly 80,000 new accounts opened throughout the year; APP registered users and monthly active users grew by 18.76% and 31.37%, respectively, highlighting the effectiveness of digital customer acquisition and engagement. The scale of investment advisory business surged to 43.699 billion yuan, with a year-on-year increase of nearly three times, showing significant results in transitioning from channel brokerage to asset allocation, with continuous improvement in customer asset retention and appreciation capabilities.

As a strategic support, the investment banking business achieved annual revenue of 189 million yuan, slightly declining due to market environment and project rhythm, but steadily breaking through in niche areas such as bond underwriting and asset securitization, continuously deepening local corporate financing services by relying on the resources of the Beijing-Tianjin-Hebei region, accumulating projects and customer reserves for subsequent business expansion.

The asset management business is a distinctive flagship that Shouchuang Securities has been cultivating for a long time. Although in 2025, affected by bond market fluctuations, high base, and reduced performance fees, revenue decreased by 47.55% year-on-year, the scale continued to expand, brand recognition increased, and the direction of transformation became firm, maintaining its core leading position.

By the end of 2025, the net asset value scale of the company’s asset management products reached 171.1 billion yuan, a year-on-year increase of 18.93%, with scale steadily climbing for three consecutive years, increasing from 107.3 billion yuan at the end of 2022 to nearly 180 billion yuan by the end of 2025, with a compound growth rate leading the industry. The scale of investment advisory business has doubled in three years, with the proportion of active management continuously increasing and product structure continuously optimizing. The company won the prestigious award for “2025 Annual Five-Year Golden Bull Securities Collective Asset Manager,” with its investment research capabilities and product performance receiving authoritative recognition, further solidifying its brand barrier.

At the industry level, in 2025, the securities asset management sector faces multiple pressures such as public offering transformation, fee rate reforms, and inter-agency competition, and the phase decline in income is a common issue in the industry. Shouchuang Securities has counter-cyclically expanded scale and optimized structure, promoting the collaborative development of collective asset management and single asset management, maintaining stability in the transformation of active management, laying a scale foundation for subsequent income recovery and profit rebound. With the promotion of establishing asset management subsidiaries, improving product lines, and upgrading investment research capabilities, the asset management business is expected to return to a growth track and continue to play a strategic leading role.

In 2025, Shouchuang Securities made significant optimizations to its development strategy, upgrading from “asset management as the core leader, dual support, and investment balance driving” to “leading with asset management, with investment-related businesses as the engine and foundation, supported by investment banking and wealth management,” with clearer strategic logic and closer business collaboration, adapting to industry development trends and the company’s growth stage.

This strategic adjustment emphasizes the “engine and foundation” role of investment businesses, strengthening the stable contribution of self-operated profits; at the same time, it adheres to asset management leadership, compensating for shortcomings in investment banking and wealth management, constructing a balanced development pattern of “one leader, one engine, and dual support,” effectively alleviating dependence on a single business and enhancing long-term risk-resistant capabilities.

The new and old management team’s transition injects new vitality into the implementation of the strategy. In November 2025, Jiang Qingfeng was appointed as the general manager; this “post-85” executive has a senior asset management background and has participated throughout the company’s asset management business expansion, leading dual enhancements in asset management scale and active management capabilities. Under his leadership, the company’s asset management business adheres to net value-based and diversified transformation, with collaborative development of collective and single asset management, and continuous improvement of the investment research system, highly aligning with the new strategy. The younger management team better understands digitalization, marketization, and international trends, which will promote the company to accelerate breakthroughs in the Hong Kong IPO, business innovation, and regional deepening.

Currently, Shouchuang Securities is at a critical stage of its Hong Kong IPO, and this historically best annual report provides strong support for review and valuation. The company’s state-controlled background, regional resource advantages, stable profit records, and clear strategic paths are all core value points recognized by the Hong Kong market.

Objectively speaking, the company still faces phased challenges: a slight decline in revenue in the fourth quarter, short-term pressure on asset management income, a high proportion of self-operated income, and a relatively small investment banking scale. However, these issues are all structural problems in development, and the company has already implemented targeted measures: strengthening self-operated multi-strategy hedging to reduce volatility; advancing active management and product innovation in asset management to restore income; focusing on high-quality regional projects in investment banking to increase market share; and continuing digital expansion in wealth management to enhance customer acquisition and efficiency.

With the completion of the Hong Kong IPO, the company will open up domestic and international financing channels, supplement capital strength, enhance brand influence and internationalization level, further consolidate its leading position in the Beijing-Tianjin-Hebei region, and promote continuous optimization of business structure and a more balanced profit model.

Shouchuang Securities’ 2025 annual report demonstrates its strength with record high performance, clarifies its direction with strategic iteration, builds barriers with asset management foundations, and wins the future with prudent operations. Amidst the wave of high-quality development in the industry and deepened reforms in the capital market, the company, relying on state-owned shareholder resources, clear strategic layout, core business advantages, and a youthful management team, is steadily advancing from a regionally distinctive securities firm to a national, comprehensive, and international securities firm. Short-term structural differentiation does not alter the long-term growth trend; with the landing of the Hong Kong IPO and accelerated strategy implementation, Shouchuang Securities is expected to unleash greater growth potential, creating sustained value for shareholders and clients.