First Capital Securities' 2025 performance shows slight growth: asset management income "halved," with a clear characteristic of "relying on market conditions" to make a living

In 2025, the revenue and net profit of First Capital Securities reached new historical highs, but beneath the glamorous data, undercurrents are surging—once-promising asset management business income was nearly cut in half, and the structural risk of over-reliance on investment-related businesses has become more prominent. As a securities firm aiming to create “specialized and differentiated” features, First Capital Securities’ transformation journey is facing a critical test.

In 2025, First Capital Securities achieved operating revenue of 2.53B yuan, a year-on-year increase of 4.58%; net profit attributable to the parent was 1.06B yuan, up 7.26% year-on-year. However, the growth rate significantly slowed compared to 2024 (2024’s revenue growth was 25.49%, net profit growth 40.49%), and performance in the fourth quarter declined again on a quarter-over-quarter basis.

There was a major change in the business structure—“specialization” issues not only persisted but worsened. Investment-related business revenue share soared from 44.09% to 61.48%, becoming the absolute pillar; meanwhile, the previously “flagship” asset management income declined by 47.55% year-on-year, with its share dropping sharply from 37.61% to 18.86%. Wealth management accounted for 19.64%, and investment banking for 7.46%. The characteristic of a “reliance on market conditions” in the business structure has intensified—investment-related businesses are highly affected by market fluctuations.

Q4 Revenue Significantly Declined

In 2025, First Capital Securities delivered a seemingly impressive performance report.

The annual report shows that the company achieved operating revenue of 2.53B yuan, a 4.58% increase; net profit attributable to the parent was 1.06B yuan, up 7.26%. This marks the third consecutive year of simultaneous growth in revenue and profit since 2023.

A closer look at quarterly data reveals that the company’s performance volatility is concerning.

From Q1 to Q4 2025, operating revenues were 432 million yuan, 852 million yuan, 731 million yuan, and 513 million yuan respectively; net profits were 151 million yuan, 339 million yuan, 313 million yuan, and 253 million yuan respectively.

While Q2 and Q3 performed strongly, Q4 saw a clear decline again—revenue dropped 29.8% quarter-over-quarter, and net profit fell 19.3%. This pattern mirrors that of 2024.

Investment Business Dominates, Asset Management Income “Halved”

In 2025, First Capital Securities’ business structure underwent a disruptive change. The share of investment-related businesses surged from 44.09% to 61.48%, becoming the absolute revenue pillar; meanwhile, the previously highly anticipated asset management income nearly “halved,” with its share plummeting from 37.61% to 18.86%. The two components moved in opposite directions, transforming the business structure from a “dual-wheel drive” in 2024 to a “single-wheel operation” in 2025.

Asset management was once the most dazzling part of First Capital Securities, but in 2025, it faced a setback.

In terms of scale, the company’s asset management business continued to expand steadily. By the end of 2025, the scale of asset management (including advisory services) surpassed 200 billion yuan, a year-on-year increase of 35.64%. Among them, the net value of ongoing asset management products was 171.12B yuan, up 18.93% from the end of the previous year; the scale of advisory business reached 43.7B yuan, a surge of 299.41% from the previous year.

However, asset management income declined by 47.55% year-on-year to 477 million yuan. The company explained that this was mainly due to a decrease in performance fee income from asset management.

The underlying logic behind this phenomenon warrants deep reflection: asset management income typically consists of management fees and performance-based rewards. Management fees are linked to scale and relatively stable; performance fees depend on product returns. The decline in asset management income in 2025, despite scale growth, may indicate that the company’s asset management products’ excess returns performed poorly.

In 2025, investment-related business income increased by 45.83% to 1.55B yuan, accounting for over 60% of total revenue. This is the core driver of the company’s performance growth and the absolute main player in the current business structure.

However, the high proportion of investment-related businesses means the company faces significant market risk exposure. Fluctuations in bond market interest rates, stock market ups and downs, and credit events could cause severe impacts on performance.

First Capital Securities’ investment banking business achieved revenue of 189 million yuan in 2025, a decrease of 3.54%, accounting for only 7.46% of total revenue. Compared to other businesses, the contribution of investment banking is relatively limited.

Based on the above analysis, the evaluation of First Capital Securities’ business structure can be summarized as follows:

First, the “dependence on market conditions” problem is worsening. Investment-related businesses account for over 60%, and their income is highly dependent on market trends. Second, the “specialization” issue is not decreasing but increasing. In 2024, investment and asset management businesses together accounted for over 80%, which could be called a “dual-wheel drive”; in 2025, investment business dominates alone, with asset management contribution shrinking significantly. Although investment banking and wealth management have developed somewhat, in the short term, the pattern of “one dominant” investment business remains unchanged.

This article was created using AI tools to collect and organize market data and industry information, combined with auxiliary analysis and writing.