2025 Securities Industry Compensation Mirror: Executives Generally See Pay Cuts, Employees’ Pay Rises Slightly; GF Securities’ Executives Are Given Unexpected Raises Totalling Hundreds of Millions of Yuan

MaticHoleFiller · 2026-04-13T04:10:10+00:00

In 2025, China’s securities industry performance rebounded. Among 150 securities companies, operating revenue totaled 5411.71 billion yuan, and net profit totaled 2194.39 billion yuan. Of these, net revenue from agency trading and investment advisory businesses grew significantly. Despite the overall improvement in performance, compensation for management at 77% of listed brokerages fell. GF Securities and Western Securities in particular faced a situation in which compensation and performance were not aligned. Most brokerage employees saw their average compensation rise again, and CITIC Securities had the highest average compensation.

MaticHoleFiller

2026-04-13 04:10:10

Abstract generation in progress

Topic: Listed Securities Firms’ 2025 Annual Report Disclosure! A Big Competition in Revenue by Business Line

When it comes to stock trading, look to Golden Kylin Analyst Reports—authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities!

In 2025, the A-share market rebounded, trading became more active, and the securities industry experienced a performance recovery. Data from the China Securities Industry Association shows that 150 securities firms achieved a total operating income of 541.17B yuan for the year, a year-on-year increase of 19.95%; net profit reached 219.44B yuan, a year-on-year increase of 31.2%.

From the perspective of specific business segments, the securities industry in 2025 displayed a “multi-point bloom” pattern: net income from agency securities trading (including trading unit seat leasing) was 163.8B yuan, up 42.2%; net income from investment consulting was 7.69B yuan, up 41.4%; net interest income was 64.69B yuan, up 29.07%; net income from securities underwriting and sponsorship was 33.71B yuan, up 13.7%. Additionally, securities investment gains (including fair value changes) reached 185.32B yuan, remaining the core driver of net profit growth.

Meanwhile, the industry’s “Double Billion Club” expanded. CITIC Securities remains at the top with 74.85B yuan in operating income and 30.08B yuan in net profit attributable to parent; Guotai Junan Securities follows closely with 63.11B yuan in operating income and 27.81B yuan in net profit attributable to parent. Seven institutions, including GF Securities, Eastmoney, CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy Securities, and CITIC Securities, simultaneously achieved both over 21.65M yuan in revenue and net profit attributable to parent, increasing by 2 firms compared to 2024.

Data source: Wind

The impressive performance of industry results may bolster compensation distribution, but the internal “scissors difference” in securities industry compensation is also becoming apparent.

Wind data shows that among 27 comparable listed securities firms, 21 saw a year-on-year decline in total management compensation, accounting for over 77%. The largest decrease was 37.41%.

Leading securities firms generally cut executive compensation. CITIC Securities’ management total compensation was 25.9873 million yuan, down 9.63%; CITIC Construction Investment 16.1152 million yuan, down 20.01%; China International Capital Corporation 13.51M yuan, down 4.17%; Huatai Securities 14.8846 million yuan, down 20.36%; CITIC Securities 45.12M yuan, down 22.68%; China Galaxy Securities saw the most significant drop, from 14.7941 million yuan to 10.2428 million yuan, a decrease of 30.76%. Shenwan Hongyuan’s 37.41% decline made it the firm with the largest salary reduction among disclosed data, with management total compensation falling to 6.5554 million yuan.

However, GF Securities’ management total compensation increased from 31.7648 million yuan in 2024 to 757.3k yuan, a net increase of 13.3542 million yuan, or 42.04%, ranking first among disclosed firms. GF Securities’ 2025 net profit attributable to parent grew by 42.18%, with management compensation growth nearly synchronized with performance increase. Meanwhile, Western Securities’ management total compensation grew by 54.91%, far exceeding GF Securities, but its net profit attributable to parent only increased by 24.97%, with revenue decreasing by 10.84%, showing a “profit increase without revenue increase” pattern.

Source: Wind

Data source: Wind

Notably, most securities firms saw per capita employee compensation stabilize or rise in 2025. Among 27 firms with disclosed data, 21 saw year-on-year increases in per capita compensation, accounting for over 70%. China International Capital Corporation’s per capita compensation was 757.3k yuan, up 17.86%; CITIC Construction Investment 547.8k yuan, up 16.98%; CITIC Securities 531.3k yuan, up 13.19%; Southwest Securities 534k yuan, up 18.13%. Huatai Securities led the increase in per capita compensation, rising from 352.5k yuan to 461.6k yuan, a 30.96% increase.

In absolute terms, CITIC Securities led the industry with a per capita salary of 812.8k yuan, followed by Guotai Junan at 789.1k yuan and China International Capital Corporation at 757.3k yuan. GF Securities’ per capita salary was 664.6k yuan, up 2.10%, with a growth rate significantly lower than the 42% increase in management compensation, further widening the pay gap between executives and employees.

Data source: Wind

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.