Core Insights - The A-share listed securities firms reported strong performance in the first half of 2025, with total operating revenue reaching 251.87 billion yuan, a year-on-year increase of over 30%, and net profit attributable to shareholders of 104.02 billion yuan, up 65.08% from the previous year [1] - The growth was driven by active trading in the equity market, with brokerage and proprietary trading businesses being the main contributors to the firms' performance [1][7] - Regulatory policies aimed at stabilizing expectations and boosting confidence, along with continued inflows from individual and long-term investors, provided a solid foundation for the positive performance of listed securities firms [1] Performance of Major Firms - Ten securities firms reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, a 20.44% increase year-on-year, and a net profit of 13.72 billion yuan, up 29.80% [2] - Guotai Junan's revenue reached 23.87 billion yuan, a significant increase of 77.71%, with net profit soaring by 213.74% to 15.74 billion yuan, surpassing CITIC Securities [2][3] Growth of Smaller Firms - Smaller securities firms exhibited remarkable growth, with eight out of ten firms showing over 100% year-on-year increase in net profit [4] - Huaxi Securities achieved a revenue of 2.07 billion yuan, a 46.72% increase, and a net profit of 512 million yuan, up 1195.02%, leading the industry [4] - Guolian Minsheng also demonstrated strong growth, with revenue of 4.01 billion yuan, a 269.40% increase, and net profit of 1.13 billion yuan, up 1185.19% [5][6] Market Trends and Future Outlook - The trading volume in the Shanghai and Shenzhen markets reached 188.78 trillion yuan, a 63.87% increase year-on-year, with the A-share market continuing to show upward momentum [7] - The active trading environment and ongoing capital market reforms are expected to further enhance the performance of securities firms [7]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][23] Core Views - The integration of Guolian and Minsheng Securities is showing initial results, with significant increases in revenue and net profit for the first half of 2025 [1][3] - The company has adjusted its profit forecasts for 2025-2027 upwards by 85.8%, 81.8%, and 71.1% respectively, anticipating net profits of 1.81 billion, 2.00 billion, and 2.14 billion yuan [3][19] - The company is expected to benefit from the synergistic effects of the integration, enhancing its brokerage network, investment banking capabilities, and capital base [3][19] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 47.4%, and a net profit attributable to shareholders of 1.127 billion yuan, up 166.9% [1] - The company's self-operated business revenue reached 2.097 billion yuan, reflecting a 94.3% year-on-year growth [1] - The brokerage business generated revenue of 905 million yuan, a 22.6% increase year-on-year, while investment banking revenue decreased by 9.6% to 531 million yuan [2] Financial Projections - The company forecasts operating revenues of 10.007 billion yuan, 11.087 billion yuan, and 11.838 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 73.9%, 10.8%, and 6.8% [19][20] - The projected net profits for the same years are 1.806 billion yuan, 2.003 billion yuan, and 2.140 billion yuan, with growth rates of 89.7%, 10.9%, and 6.8% [19][20] - Key financial ratios include a projected PE of 38.5, 34.7, and 32.5 for 2025, 2026, and 2027, and a PB of 2.1, 2.0, and 1.9 for the same years [3][20]

Meeting Details - The fifth session of the supervisory board of Guolian Minsheng Securities Co., Ltd. was held on August 28, 2025, in Wuxi, combining on-site and communication methods [1] - All five supervisors attended the meeting, with two participating via communication [1] - The meeting was chaired by the chairman of the supervisory board, Xue Chunfang, and complied with relevant laws and regulations [1] Resolutions Passed - The supervisory board approved the 2025 semi-annual report with a unanimous vote of 5 in favor, 0 against, and 0 abstentions [2] - The board also approved the comprehensive risk management report for the mid-year with the same voting results [2] - A special report on the storage and actual use of the funds raised in the first half of 2025 was also approved unanimously [2]

| 国联民生证券股份有限公司2025 | 年半年度报告摘要 | 公司代码：601456 | 公司简称：国联民生 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国联民生证券股份有限公司 | 国联民生证券股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | | | | | | | | | | | | | | 第一节 | 重要提示 | http://www.sse.com.cn | 展 | 规 | 划 | ， | 投 | 资 | 者 | 应 | 当 | 到 | 上 | 交 | 所 | 网 | 站 | ： | 香 | 港 | 交 | 易 | 所 | 披 | 露 | | 易 | 网 | 站 | ： | http://www ...

Group 1 - The board of directors of Guolian Minsheng Securities held its 28th meeting on August 14, 2025, with all 9 directors present, and the meeting was conducted in accordance with legal and regulatory requirements [1][2] - The board approved the 2025 semi-annual report with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] - The board also approved the comprehensive risk management report for the mid-year with the same voting results [2] Group 2 - The board approved a special report on the use of raised funds for the first half of 2025, again with unanimous support [2] - The board agreed to revise the basic compliance management system, with the proposal having been pre-reviewed by the risk control committee [2] - The establishment of the Guolian Tongzhi Technology Asset Equity Investment Fund and related transactions was approved, with 6 votes in favor and 3 directors abstaining from the vote due to conflicts of interest [3]

Core Viewpoint - The company plans to establish the Guolian Tongzhi Fund in collaboration with its affiliate, Guolian Life Insurance, with a total fund size of RMB 12.2 billion, aimed at private equity investments in smart technology and new productivity sectors [1][5][12] Summary by Sections Transaction Overview - Guolian Tongbao Capital Investment Co., Ltd., a wholly-owned subsidiary of the company, will contribute RMB 480 million to the fund, while Guolian Life Insurance will contribute RMB 740 million, making it a limited partner [1][5] - The fund will focus on private equity investments in the fields of new productivity and smart technology, expanding the company's private equity business management scale and generating investment returns and management fee income [1][5][12] Related Party Information - Guolian Life Insurance is a company controlled by Guolian Group, which holds a 33.33% stake in it, and has a historical connection with the company through board member relationships [2][4] - As of June 30, 2025, Guolian Life Insurance reported total assets of RMB 388.62 billion and a net asset of RMB 39.04 billion, with a net loss of RMB 2.36 billion for the first half of 2025 [4][5] Fund Structure and Management - The fund will be structured as a limited partnership, with Guolian Tongbao as the general partner and fund manager, and Guolian Life as the limited partner [5][6] - The fund's management fee is set at 0.5% per year of the total capital contributions during the investment period, which lasts for three years, followed by a four-year exit period [6][7] Investment Strategy - The fund aims to invest primarily in unlisted companies within China, focusing on direct or indirect equity investments to achieve capital appreciation [9][10] - An investment decision-making committee and an advisory committee will be established to oversee investment activities [9][10] Impact on the Company - The establishment of the Guolian Tongzhi Fund is expected to enhance the company's private equity asset management capabilities, increase brand recognition, and provide long-term investment returns through collaboration with insurance funds [11][12]

Fundraising Overview - The company raised a total of RMB 1,999,999,995.07 through the issuance of 208,550,573 shares at a price of RMB 9.59 per share, with a net amount of RMB 1,970,895,307.90 after deducting issuance costs [1][7] - The funds were deposited into a designated account on February 26, 2025, and verified by an accounting firm [1] Fund Usage Status - As of June 30, 2025, the raised funds had not been utilized, with a remaining balance of RMB 1,979,332,538.10 in the fundraising account [2] - The company has established a fundraising management system to ensure the proper use and supervision of the raised funds [2] Fund Management Agreements - The company signed tripartite and quadripartite agreements with various banks to ensure the secure storage and management of the raised funds [3] Fund Allocation and Investment - There have been no changes in the investment projects funded by the raised capital as of June 30, 2025 [5] - The company has not used idle funds for temporary working capital, cash management, or investment in related products [5] Compliance and Disclosure - The company confirms that the disclosure of the fundraising usage aligns with the actual usage, with no issues of timeliness or accuracy in the reported information [5]

Core Insights - Jiangsu Province has made significant progress in implementing the "1+N" policy framework promoted by the China Securities Regulatory Commission, focusing on long-term capital market entry, public fund reforms, and mergers and acquisitions [1][3] Group 1: Mergers and Acquisitions - As of August 29, 2023, Jiangsu Province recorded 172 new mergers and acquisitions, accounting for 15.5% of the national total, with a total transaction value of 39.175 billion yuan [1] - The semiconductor, pharmaceutical, and machinery sectors are the main drivers of mergers and acquisitions in Jiangsu, highlighting the focus on "hard technology" [2] - The merger between Guolian Securities and Minsheng Securities has created a combined entity with total assets exceeding 160 billion yuan, showcasing the benefits of scale and resource optimization [3] Group 2: Compliance and Regulation - Jiangsu Securities Regulatory Bureau has strengthened regulatory measures, increasing the costs of violations and emphasizing strict enforcement against financial fraud [4] - Recent training sessions for listed companies have reinforced the importance of compliance and operational integrity, with nearly 700 companies participating [5] - The total market capitalization of A-share listed companies in Jiangsu reached 8.35 trillion yuan as of August 27, 2023, an increase of 1.88 trillion yuan from the end of the previous year [5] Group 3: Future Directions - The Jiangsu Securities Regulatory Bureau will continue to support compliant mergers and acquisitions, encouraging industrial consolidation while preventing high-risk and blind cross-industry mergers [6]

Core Viewpoint - The first half report of Guolian Minsheng after the merger shows significant performance growth, with a substantial increase in revenue and net profit compared to the previous year [1][5][22]. Financial Performance - In the first half of 2025, the company achieved an operating income of 4.01 billion yuan, a year-on-year increase of 269.40%, and a net profit attributable to shareholders of 1.13 billion yuan, up 1185% [5][6]. - Total assets reached 185.40 billion yuan, growing by 90.72% from the end of the previous year, while net assets attributable to shareholders increased by 174.90% to 51.09 billion yuan [2][5]. Business Segments - The company reported significant growth across various business segments, with brokerage and wealth management, investment banking, credit trading, and securities investment all exceeding 100% year-on-year growth, while asset management and investment business saw a decline [5][6]. - Securities investment emerged as the largest revenue contributor, generating 1.69 billion yuan, a staggering increase of 14,052.11% year-on-year, accounting for over 40% of total revenue [6][7]. Brokerage and Wealth Management - Brokerage business revenue reached 900 million yuan, up 223.8%, representing 22.6% of total revenue excluding other business income [6][7]. - The total number of clients increased by 117,600, bringing the cumulative total to 3.46 million, with financial product sales reaching 870.20 billion yuan [7][19]. Investment Banking - The investment banking segment saw a revenue increase of 214.94% to 544 million yuan, with notable performance in equity financing, completing six projects with a total underwriting amount of 2.62 billion yuan [10][11]. - The company ranked 8th in the number of equity underwriting cases and 5th in underwriting revenue within the industry [11]. Asset Management - The asset management and investment business reported a revenue decline, with income of 294 million yuan, down 8.23% year-on-year [15][16]. - The company’s asset management scale reached 2.965 trillion yuan, a year-on-year increase of 137.5% [15][18]. Private Equity Investment - The private equity investment business showed weakness, with efforts to establish new funds and complete fundraising for nine funds, totaling 26.89 billion yuan in subscribed capital [19][20]. - The establishment of the Guolian Tongzhi Fund aims to enhance the private equity business and expand management scale [20]. Strategic Integration - The merger of Guolian and Minsheng is expected to enhance overall competitiveness, with initial signs of successful integration reflected in the performance results [22]. - The company is in a strategic expansion phase, focusing on enhancing its investment banking, research, and asset management capabilities [22].

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]