On the evening of March 26, CSC disclosed its 2025 annual report.
Data shows: This brokerage giant achieved operating income of 23.322 billion yuan in 2025, a year-on-year increase of 22.41%; net profit attributable to shareholders of the parent company was 9.439 billion yuan, a year-on-year increase of 30.68%. The company plans to distribute a cash dividend of 1.75 yuan (tax inclusive) for every 10 shares to all shareholders.
As of December 31, 2025, the total assets of the group were 676.816 billion yuan, a significant increase of 20% year-on-year.
This annual report has many key points worth investors' attention, which Zishi Tang has compiled as follows for readers.
<h2>Income from Four Major Business Segments &#34;Rises in Unison&#34;</h2>
CSC's annual report disclosed: As of the end of 2025, the company's total operating income was 23.322 billion yuan. (As shown in the figure below)
Among them, the investment banking business segment achieved operating income of 3.132 billion yuan, a year-on-year increase of 25.76%; the wealth management business segment achieved operating income of 8.221 billion yuan, a year-on-year increase of 24.37%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d39a6ea4-243d-4a9d-9865-67883e4febad.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d39a6ea4-243d-4a9d-9865-67883e4febad.png"/>
The transaction and institutional client service business segment achieved operating income of 9.724 billion yuan, a year-on-year increase of 20.75%; the asset management business segment achieved operating income of 1.428 billion yuan, a year-on-year increase of 13.75%.
<h2>Multiple Indicators Show &#34;Bull Market Performance&#34;</h2>
In 2025, the trading activity in the A-share market significantly increased, investors' willingness to enter the market strengthened, and market sentiment significantly rebounded. This macro trend provided fertile ground for the rebound in brokerage firms' performance. CSC, with its deep accumulation in the brokerage business and strong online customer acquisition capabilities, accurately seized this market dividend.
This business prosperity, driven by both market recovery and customer growth, is clearly reflected in the company's core financial indicators. Specifically:
Net income from fees and commissions increased by 3.026 billion yuan year-on-year, a 29.84% increase, mainly due to the increase in net income from brokerage business;
Investment income and gains/losses from changes in fair value increased by 923 million yuan year-on-year, an 11.88% increase, mainly due to the increase in gains from the disposal of financial instruments;
Net interest income increased by 309 million yuan year-on-year, a 39.35% increase, mainly due to increased interest income and decreased interest expenses.
<h2>A Total of 1.7325 Million New Accounts Opened Throughout the Year</h2>
The vast number of new customers is the most direct reflection of the effectiveness of CSC's wealth management business transformation.
In 2025, the company's securities brokerage business added 1.7325 million new account customers throughout the year, and as of the end of the reporting period, the total number of customers reached 17.1231 million.
To convert the huge customer base into tangible asset management scale, the company continuously enriched its financial product portfolio, improved its full-chain wealth management service system, and focused on building professional buy-side investment advisory service capabilities.
This strategy has been remarkably effective:
As of the end of the reporting period, the scale of non-monetary public fund holdings was 143.2 billion yuan, ranking 5th in the industry; the incremental scale of non-monetary public fund holdings was 60.6 billion yuan, ranking 2nd in the industry; investment advisory services covered 1.0852 million people, a year-on-year increase of 71.95%; 308 types of publicly offered personal pension products were sold, with a coverage rate of 100%. Buy-side business scale was 11.039 billion yuan, a year-on-year increase of 189.81%.
The rapid growth of customer assets has also directly driven the expansion of credit business.
As of the end of the reporting period, the balance of margin financing and securities lending was 85.112 billion yuan, accounting for 3.35% of the market share; the number of margin financing and securities lending accounts was 216,500, a year-on-year increase of 11.08%; the market share of newly opened credit accounts was 3.35%, a year-on-year increase of 24.96%; the overall maintenance guarantee ratio for margin financing and securities lending business was 261.38%, and the overall business risk is controllable.
<h2>A New &#34;Growth Pole&#34;: Buy-side Institutional Services</h2>
While deeply cultivating individual wealth management, CSC has also shown strong growth momentum in institutional services, especially in custody and operational services, which are the &#34;ballast stone&#34; of institutional business, becoming a new performance growth pole for the company.
As of the end of the reporting period, CSC held 122 public funds in custody, ranking among the top 3 in the industry in terms of scale and number of public fund custody. The total scale of the company's asset custody and operational services reached 1.4 trillion yuan, a year-on-year increase of 45.03%. Among them, the scale of asset custody products was 599.02 billion yuan, and the scale of operational services products was 805.408 billion yuan, with year-on-year increases of 28.10% and 60.83% respectively.

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Income from Four Major Business Segments "Rises in Unison"

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CSC "Earns" 9.4 Billion Yuan! Brokerage Business Attracts 1.73 Million "New Customers"