Listed Company Financial Structure Shifts!

Since 2026, listed companies continue to make large investments using idle funds to purchase financial products.

According to Wind data, as of March 19, 2023, 443 listed companies have subscribed to various financial products (including deposits) totaling nearly 124.8 billion yuan this year. Among them, deposit products account for about 70%, with bank wealth management and brokerage wealth management together making up nearly 20%.

Over a longer time span, the structure of how listed companies allocate financial products has changed. Taking data from the past two years as an example, in 2025, with the full entry of regular deposit interest rates into the “1” range, listed companies reduced their allocation to deposits and shifted toward low-risk products with higher yields and better liquidity, such as bank wealth management and government bond repurchase agreements.

Low interest rates lead to cooling of deposit allocations

According to Wind data, 1,172 listed companies disclosed their purchase of financial products and scales in 2025, with a total subscription of about 104.24 billion yuan. Compared to the same period at the end of 2024, this is an increase of approximately 12.67 billion yuan, or 13.85%.

Looking at recent trends, after two consecutive years of decline in the total scale of idle funds used for financial investments in 2023 and 2024, there was a slight rebound in 2025. Notably, in May last year, the China Securities Regulatory Commission revised the “Regulations on the Supervision of Fundraising by Listed Companies,” which officially took effect, strengthening the responsibilities related to the use, safety, and efficiency of funds raised.

Analyzing the specific types of financial products used by A-share listed companies in 2025 shows that the vast majority still prefer deposit products for their funds. Data indicates that although deposits still dominate in total volume and structure, the proportion of subscriptions to deposit products has significantly decreased.

According to Securities Times, by the end of 2025, deposits accounted for 72.75% of the total financial scale, down from 79.25% at the end of 2024—a decrease of 6.5 percentage points, continuing a two-year decline. The largest component, structured deposits, saw a notable decrease from 64.98% in 2024 to 58.56%, down 6.42 percentage points; fixed-term deposits accounted for 3.6%, down 0.6 percentage points. However, the proportions of ordinary deposits and notice deposits saw slight increases.

In recent years, bank deposit interest rates have been repeatedly lowered. The posted rates for major state-owned and joint-stock banks’ fixed deposits have fallen below 2%, with 1-year deposits dropping below 1%, and savings account interest rates at only 0.05%. Some brokerage analysts note that while structured deposits offer certain yield advantages, their returns have significantly decreased with the overall interest rate environment, reducing the willingness to allocate; additionally, banks are controlling the scale of structured deposits, leading to a decline in related product supply.

Safe and stable products favored

In recent years, under the trend of “deposit shifting,” low-risk, highly liquid stable financial products have become an important choice for listed companies. According to Securities Times, in 2025, the proportion of subscriptions to government bond repurchase agreements, bank wealth management, trusts, and securities firm wealth management all increased.

Data shows that in 2025, the total scale of bank wealth management subscribed to by listed companies exceeded 123.098 billion yuan, accounting for 11.81% of total financial assets, up 2.22 percentage points from the end of 2024. This reflects an increased preference for bank wealth management among listed companies, showing more enthusiasm than before. Bank wealth management products, mainly backed by bonds, certificates of deposit, and other low-risk fixed income assets, generally have lower investment risks than equity asset management products and offer various maturity cycles, providing more flexible liquidity.

Under the “deposit shifting” trend, bank wealth management companies are also accelerating the development of corporate wealth management services, including for listed companies. Exclusive data shows that by the end of 2025, the top 14 commercial banks’ wealth management for corporate clients totaled 3.29 trillion yuan, an increase of about 480 billion yuan for the year. Among them, China Construction Bank and China CITIC Bank added nearly 100 billion yuan each in corporate wealth management, and Ping An Bank nearly doubled.

In addition to bank wealth management, many listed companies also choose to invest in government bond repurchase agreements to balance yield, safety, and liquidity. According to statistics, in 2025, the subscription scale of reverse repurchase products reached 43.952 billion yuan, accounting for 4.22% of total scale, up from 1.5% in 2024—a rise of 2.72 percentage points.

This indicates that companies are using low-risk financial tools to optimize cash flow, increase returns, and avoid idle funds. In fact, the annualized yield of reverse repurchase agreements generally exceeds that of savings accounts, usually around 1.5%, and can reach over 3.5% during holidays. Short-term products can be redeemed at any time, ensuring companies can meet payment, project launch, and other needs.

Companies experiencing losses from investments

Besides subscribing to bank wealth management and reverse repurchase agreements, in 2025, listed companies invested 73.143 billion yuan in securities firm wealth management, accounting for 7% of total financial assets, and trust products reached 2.875 billion yuan, or 2.76%, up 0.92 percentage points from the previous year.

For example, some trust asset managers say that in recent years, trust companies have focused on expanding wealth management services for listed companies. The main types of trust investments remain low-risk fixed income products, aiming for higher returns while ensuring safety.

It is worth noting that some listed companies have experienced losses on their financial investments, causing significant fluctuations in performance. For instance, Shuanglu Pharmaceutical announced in January 2026 that its 2025 earnings forecast showed net profit ranging from -290 million to -200 million yuan due to losses from financial investments.

In addition to financial products, since 2025, the stock market has rebounded significantly, and many listed companies have invested their idle funds into securities markets. At least 70 companies disclosed securities investment announcements in 2025. Among them, LEO Holdings plans to invest heavily with 3 billion yuan, while companies like Fangda Carbon and Seven Wolves also plan to invest over 2 billion yuan each.

Market experts remind that listed companies should pay extra attention to risk control when investing in stocks. They should carefully consider their financial status and investment goals when formulating strategies, strengthen risk management and internal monitoring to ensure financial stability and long-term development.