Over 20 futures companies announced their performance last year: CITIC Futures ranked first with a net profit of over 1 billion yuan. "Insurance + Futures" continues to expand.

In 2025, the futures market saw a milestone breakthrough driven by a combination of factors, including rising corporate hedging demand, an increasingly完善 futures product lineup, and medium- to long-term capital entering the market.

Statistics from the China Futures Industry Association show that in 2025, nationwide futures companies’ parent-company basis consolidated operating revenue was RMB 42.015 billion, up 1.75%; net profit was RMB 11.0 billion, up 16.14%. In 2025, total trading volume in the national futures market was 9.074 billion lots, and total trading value was RMB 766.25 trillion; year-over-year, they increased by 17.4% and 23.74% respectively, with a clear improvement in market activity.

In April 2026—by January—there were four listed companies with “futures company” as the main entity in the A-share market, and three of them had already released their 2025 annual profitability results first.

Meanwhile, as listed companies continue to disclose their 2025 annual reports, data on operating revenue and net profit for more than 20 futures companies has already been released.

Specifically, CITIC Futures leads the table with 2025 annual net profit of RMB 1.07 billion, up 8% year over year. After that, Guotai Junan Futures, Galaxy Futures, CITIC Jianang Futures, Orient Futures, Nanhua Futures, and Ruida Futures’ 2025 net profits all followed closely and exceeded RMB 0.5 billion: RMB 0.936 billion, RMB 0.599 billion, RMB 0.594 billion, RMB 0.559 billion, RMB 0.547 billion in order.

Among them, Zhongtai Futures’ 2025 net profit increased 1788.36% year over year; Ruida Futures and Galaxy Futures’ net profit growth last year also exceeded 40% and 20% respectively. By contrast, Hongye Futures saw a performance pullback: its full-year net profit decreased 86.61% year over year, and among the companies that have already disclosed results, it performed relatively under pressure.

In 2025, the number of futures and options products in China rose to 164; total market capital surpassed RMB 2 trillion; the number of effective customers across the whole market exceeded 2.70 million; the share of positions held by corporate clients exceeded 65%; “insurance + futures” benefited several million farmers; and futures have become a “necessity” for stable operation of the industrial chain. Total capital in the futures market has continued to grow steadily, and market liquidity and resilience have become even more prominent.

With listed brokerage firms’ annual reports being disclosed one after another, many futures companies have continued to optimize and完善 the “insurance + futures” model, strengthen publicity and promotion, enhance the effectiveness of protection, and truly safeguard the steady development of rural characteristic industries.

For example, CITIC Securities’ 2025 annual report shows that its subsidiary CITIC Futures carried out 458 “insurance + futures” projects, covering 18 agricultural-related products. It投入ed nearly RMB 29.0 million of its own funds, with project amounts totaling RMB 11.004 billion. The projects provided price risk protection for 944,600 households and cooperatives, and it has continued to promote coordination and innovation in new models such as “insurance + futures + N,” etc.

Nanhua Futures’ 2025 annual report shows that the “insurance + futures” business has been steadily advanced. In full year, it entered more than 75 projects, providing RMB 1.881 billion in risk protection for agricultural-related entities. It累计承做ed 4.515 million tons of agricultural products. The projects covered 16 provinces including Beijing, Guangdong, Guangxi, Anhui, Fujian, Hunan, Hubei, Jiangsu, Liaoning, Xinjiang, Yunnan, Shandong, Shaanxi, Gansu, Guizhou, etc.; the scope radiated to more than 68 cities and counties, continuously supporting the implementation of the rural revitalization strategy.

Hongye Futures’ 2025 annual report shows that its “insurance + futures” projects covered 7 provinces and 13 counties and districts nationwide, secured 8 types of agricultural products, and served more than 30,000 farmers. It obtained 9 exchange-supported projects. For the third consecutive year, it carried out an “insurance + futures” project for rubber on the DCE in Baisha, Hainan. It successfully participated for the first time in DCE’s soybean “silver-futures protection” innovation project. Based on “insurance + futures,” it added banks and acquisition enterprises, achieving a new breakthrough in the model. The apple “insurance + futures” project conducted in Fengxian County in Xuzhou is Jiangsu Province’s first “insurance + futures” project supported by the CZCE.

Ruida Futures’ 2025 annual report shows that in 2025, the company organized 5 “insurance + futures” projects in Guizhou, Anhui, Jilin, and Liaoning. The projects covered 4,000 tons of soybeans and 2,767.29 tons of live hogs, with total project amount of RMB 50.2963 million.

One noteworthy point is that futures exchanges have also continued to make efforts in the “insurance + futures” business.

In 2026, the hog futures market marks its fifth anniversary. Over the past five years, the DCE supported the implementation of 774 hog “insurance + futures” projects, involving spot quantities of over 15.4 million head. For projects that have been closed, cumulative compensation payments reached RMB 748 million, covering major breeding provinces such as Henan, Sichuan, and Hunan, benefiting 28,700 breeding households.

Overall, as futures exchanges that were among the first in China to initiate “insurance + futures” pilot programs, during the 14th Five-Year Plan period, the DCE cumulatively投入 about RMB 783 million. It supported 1,110 “insurance + futures” projects across 30 provincial-level regions nationwide, providing practical guarantees for stable income and increased revenue for 710,000 farmers. This model effectively addresses the shortcomings of traditional agricultural insurance and has become a “stabilizer” for farmers to deal with price risk.

Especially in 2025, after “insurance + futures” new agriculture enhancement program projects for varieties such as jujube, apples, and peanuts were approved and launched by the CZCE, the transformation from “make a living by the weather and worry about prices” to “protect against both droughts and floods and have peace of mind” is a vivid example of financial “fresh funds” delivering precision irrigation to the fertile soil of rural revitalization. When traditional agriculture is given the “wings” of finance, farmers’ lives are becoming sweeter and sweeter.

A relevant person in charge of the CZCE said that 2026 is the opening year of the “15th Five-Year Plan.” The CZCE will continue to expand the service boundaries of “insurance + futures,” innovate service models, promote increased income for farmers and improved efficiency for industries, and enable win-win outcomes through finance, writing a more warm and forceful answer to the times on the path of comprehensive rural revitalization.

By / Xu Nannan; Edited by / Xu Nan

(Listed company announcements, China Futures Industry Association, DCE, CZCE)

(Editor: Xu Nannan)

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