The Shenzhen Stock Exchange's '2025 Individual Investor Status Survey Report' reveals: Throughout 2025, only 18.9% of retail investors made a profit, while 81.1% incurred losses. The annualized loss rate for retail accounts was -23.6%, with an average loss of approximately 21,000 yuan per person. Even for those retail investors who did turn a profit, the outlook isn't great. Less than 5% achieved an annualized return of over 15%, and those with annualized returns exceeding 30% accounted for less than 0.5%. Last year was still a mini bull market for A-shares, truly the 80/20 rule at play.