The industry backbone, CMSC, recently released its performance report for the year 2025.
The latest report shows that in 2025, CMSC achieved total operating revenue of 24.9 billion yuan, a year-on-year increase of 19.19%; net profit attributable to shareholders of the parent company was 12.3 billion yuan, a year-on-year increase of 18.43%. Both revenue and profit achieved double-digit growth, with operational performance significantly better than the previous year.
The performance report from CMSC did not mention the detailed reasons for the significant growth, only briefly noting that the company actively serves the financial &#34;five major articles&#34; in 2025, using this as a strategic guide to achieve steady improvement in development quality and operational efficiency through collaborative efforts.
<h2>Brokerage Business May Continue to Contribute Key Revenue</h2>
Although CMSC's performance report did not detail the reasons for the significant growth, an observation of the company's third-quarter report from last year reveals that the revenue growth for the first three quarters of last year was 27.76%, and net profit growth was 24%, which is quite close to the data in the annual report.
In the third-quarter report, the main drivers of revenue growth were identified as &#34;increased net income from brokerage fees&#34; and &#34;increased market-making service income.&#34;
Looking back at the third quarter of 2025, the brokerage business has become the main growth driver for CMSC, contributing 73.83% to the adjusted revenue increase.
<h2>Investment Income Trends Are of Great Interest</h2>
Additionally, in the third-quarter report, the decrease in fair value gains driven by &#34;changes in the fair value of financial instruments&#34; was a primary reason for the relatively less outstanding profit.
This aligns with the overall industry trend of investment income not being as prominent as in the previous year.
Therefore, the trend of this income segment is of great interest in CMSC's annual report.
<h2>Wealth and Retail: Stable Client Base Releases Flexibility</h2>
From a business structure perspective, on the retail side, CMSC's client base remains solid, which is an important prerequisite for the continuous expansion of its brokerage business. In the first three quarters of 2025, the advantages of the retail client base have become quite apparent, with the brokerage business serving as the core engine driving overall performance growth.
Historically, CMSC has demonstrated strong online traffic capabilities in wealth management and has continuously promoted the construction of an ETF ecosystem, which may provide more development opportunities against the backdrop of residents' asset allocation gradually flowing towards the equity market.
More information will need to await the official annual report disclosure from CMSC, but based on the currently disclosed information, the performance trajectory for the entire year last year is already quite clear

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512880

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512000

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Among the brokerages that have released performance reports, growth is relatively stable

Wallstreetcn

CMSC

Guotai CSI All Share Investment Banking & Brokerage ETF

E Fund CSI 300 Financials (ex Banks) ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

CMSC 2025 performance report revealed: last year's net profit increased by over 18%, with brokerage business likely to make a significant contribution