每经AI快讯，8月27日，东吴证券(601555.SH)公告称，上半年实现营业收入44.28亿元，同比增长 33.63%；归属于母公司股东的净利润19.32亿元，同比增长65.76%。公司拟每10股派发现金红利1.38元 （含税）。 （文章来源：每日经济新闻） ...

证券代码：601555 股票简称：东吴证券 公告编号：2025-037 东吴证券股份有限公司 第四届董事会第三十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 东吴证券股份有限公司（以下简称"公司"）第四届董事会第三十二次会议 通知于2025年8月15日以电子邮件的方式发出，董事会于2025年8月26日上午在山 东青岛以现场结合线上会议的方式召开，本次会议应出席董事11名，实际出席董 事11名，占董事总数的100%（其中罗妍董事以线上方式参会）。本次会议由董 事长范力先生主持，公司监事、高级管理人员列席会议。会议的召集、召开和表 决程序符合《中华人民共和国公司法》等有关法律、法规、规范性文件和《东吴 证券股份有限公司章程》（以下简称《公司章程》）的有关规定。 二、董事会会议审议情况 会议审议了相关议案并以书面表决方式形成了以下决议： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 表决结果：11 票同意、0 票反对、0 票弃权。 本议案已经公司董事会审计委员会 2025 ...

Important Notice This section provides crucial information regarding the semi-annual report, including statements from management, profit distribution plans, forward-looking statements, and significant risk factors [Statement by the Board of Directors, Supervisors, and Senior Management](index=2&type=section&id=Item%201.%20Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company's Board of Directors, Board of Supervisors, and senior management affirm the truthfulness and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Board of Supervisors, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, assuming individual and joint legal responsibility for any false statements, misleading representations, or major omissions[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Item%205.%20Profit%20Distribution%20Plan) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.38 CNY per 10 shares (tax inclusive) - A cash dividend of **1.38 CNY per 10 shares** (tax inclusive) is proposed to all shareholders[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount / Ratio | | :--- | :--- | | Cash Dividend per 10 Shares (tax inclusive) (CNY) | 1.38 | | Total Cash Dividend (tax inclusive) (Million CNY) | 685.681 | | % of Net Profit Attributable to Parent Company Shareholders | 35.50 | [Forward-Looking Statement Risk Disclaimer](index=2&type=section&id=Item%206.%20Forward-Looking%20Statement%20Risk%20Disclaimer) Forward-looking statements in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions, such as future plans in this report, do not constitute a substantive commitment by the company to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=Item%2010.%20Significant%20Risk%20Warning) The company's main business is influenced by macroeconomic and capital market fluctuations, facing market, credit, operational, liquidity, and reputational risks - The company's main business is closely related to domestic and international macroeconomic conditions, monetary policies, financial and securities industry laws and regulations, and market conditions, where capital market fluctuations may impact the company's operating performance[8](index=8&type=chunk) - The company primarily faces **market risk, credit risk, operational risk, liquidity risk, and reputational risk**[8](index=8&type=chunk) Section I Definitions This section defines common terms used in the report, ensuring accurate understanding of the content [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms, including company abbreviations, key related parties, regulatory bodies, and the reporting period - “The Group” refers to **Dongwu Securities Co., Ltd. and its subsidiaries**[13](index=13&type=chunk) - “New 'Nine National Guidelines'” refers to the **“Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of the Capital Market”**[13](index=13&type=chunk) - “Reporting Period” refers to **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance indicators for the reporting period [Company Information](index=6&type=section&id=Item%201.%20Company%20Information) This section details the company's fundamental information, including its name, legal representative, registered capital, and business scope - The company's Chinese name is **Dongwu Securities Co., Ltd.**, abbreviated as Dongwu Securities, with Fan Li as the legal representative and Xue Zhen as the president[15](index=15&type=chunk) Registered Capital and Net Capital | Item | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | | :--- | :--- | :--- | | Registered Capital | 4,968,702,837 | 4,968,702,837 | | Net Capital | 28,939,390,820.43 | 28,344,666,470.88 | - The company's business scope is extensive, covering **securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, asset management, fund distribution, futures introduction, margin trading, and financial product distribution**[16](index=16&type=chunk) [Contact Persons and Information](index=6&type=section&id=Item%202.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary, Guo Jia'an, and Securities Affairs Representative, Ding Jiayi - The Board Secretary is **Guo Jia'an**, and the Securities Affairs Representative is **Ding Jiayi**, both located at No. 5 Xingyang Street, Suzhou Industrial Park, Jiangsu Province[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=Item%203.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remain unchanged, both located at No. 5 Xingyang Street, Suzhou Industrial Park, with its official website being www.dwzq.com.cn - The company's registered and office addresses are both **No. 5 Xingyang Street, Suzhou Industrial Park, Jiangsu Province, postal code 215021**, and its website is **www.dwzq.com.cn**[19](index=19&type=chunk) - No changes occurred in the company's basic information during the reporting period[19](index=19&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=7&type=section&id=Item%204.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company's designated information disclosure newspapers, website, and report storage location remained unchanged during the reporting period - The company's designated information disclosure newspapers include **China Securities Journal, Shanghai Securities News, and Securities Times**[20](index=20&type=chunk) - The website for publishing the semi-annual report is the **Shanghai Stock Exchange (http://www.sse.com.cn)**[20](index=20&type=chunk) - The company's semi-annual report is available at the **Board of Directors Office, No. 5 Xingyang Street, Suzhou Industrial Park, Jiangsu Province**[20](index=20&type=chunk) [Brief Introduction to Company Shares](index=7&type=section&id=Item%205.%20Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker symbol "Dongwu Securities" and stock code "601555" - The company's A-shares are listed on the **Shanghai Stock Exchange**, with the stock abbreviation **Dongwu Securities** and stock code **601555**[21](index=21&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=Item%207.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company achieved significant growth in revenue and net profit, with improved profitability ratios, while maintaining compliance with risk control indicators Key Accounting Data (H1 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (Adjusted) (CNY) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,427,962,991.25 | 3,313,700,948.57 | 33.63 | | Total Profit | 2,546,117,033.29 | 1,514,354,911.72 | 68.13 | | Net Profit Attributable to Parent Company Shareholders | 1,931,504,415.19 | 1,165,227,508.94 | 65.76 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | 1,921,230,802.66 | 1,155,970,926.07 | 66.20 | | Net Cash Flow from Operating Activities | -8,226,330,182.01 | 12,156,429,506.03 | - | | Other Comprehensive Income | 236,924,330.71 | 551,038,852.98 | -57.00 | | **Item** | **End of Current Reporting Period (CNY)** | **End of Prior Year (Adjusted) (CNY)** | **% Change from Prior Year End** | | Total Assets | 171,869,181,203.19 | 177,804,609,327.34 | -3.34 | | Total Liabilities | 128,621,846,608.97 | 135,545,648,616.02 | -5.11 | | Equity Attributable to Parent Company Shareholders | 42,712,600,494.75 | 41,729,147,936.67 | 2.36 | | Total Owners' Equity | 43,247,334,594.22 | 42,258,960,711.32 | 2.34 | Key Financial Indicators (H1 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period (Adjusted) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.39 | 0.23 | 69.57 | | Diluted Earnings Per Share (CNY/share) | 0.39 | 0.23 | 69.57 | | Basic EPS (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.39 | 0.23 | 69.57 | | Weighted Average Return on Net Assets (%) | 4.53 | 2.88 | Increase of 1.65 percentage points | | Weighted Average RONAN (Excluding Non-Recurring Gains/Losses) (%) | 4.51 | 2.86 | Increase of 1.65 percentage points | Parent Company Net Capital and Risk Control Indicators (Period End) | Item | End of Current Reporting Period | End of Prior Year | | :--- | :--- | :--- | | Net Capital (CNY) | 28,939,390,820.43 | 28,344,666,470.88 | | Net Assets (CNY) | 42,016,654,753.52 | 41,215,361,327.84 | | Risk Coverage Ratio (%) | 303.29 | 286.07 | | Capital Leverage Ratio (%) | 28.28 | 24.50 | | Liquidity Coverage Ratio (%) | 329.62 | 298.18 | | Net Stable Funding Ratio (%) | 187.27 | 162.73 | | Net Capital / Net Assets (%) | 68.88 | 68.77 | | Net Capital / Liabilities (%) | 37.88 | 32.83 | | Net Assets / Liabilities (%) | 55.00 | 47.74 | | Proprietary Equity Securities & Derivatives / Net Capital (%) | 31.61 | 29.98 | | Proprietary Non-Equity Securities & Derivatives / Net Capital (%) | 230.72 | 283.97 | | Margin Financing (incl. Securities Lending) / Net Capital (%) | 71.66 | 76.01 | - During the reporting period, the parent company's **net capital and other key risk control indicators** complied with the relevant provisions of the China Securities Regulatory Commission's **“Administrative Measures for Risk Control Indicators of Securities Companies”**[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Item%209.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's H1 2025 non-recurring gains and losses totaled 10.2736 million CNY, primarily from asset disposals, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 2,048,902.17 | | Government Grants Recognized in Current Profit/Loss | 5,200,118.10 | | Other Non-Operating Income and Expenses Apart from the Above | -944,617.30 | | Other Profit/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | 8,314,182.70 | | Less: Income Tax Impact | 3,688,836.14 | | Impact on Minority Shareholders' Equity (After Tax) | 656,137.00 | | Total | 10,273,612.53 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, financial performance, core competencies, and risk management strategies [Explanation of Industry and Main Business Operations](index=10&type=section&id=Item%201.%20Explanation%20of%20Industry%20and%20Main%20Business%20Operations) The company primarily engages in wealth management, investment banking, investment trading, and asset management, benefiting from a stable economic environment and deepening capital market reforms in H1 2025 - The company's main businesses include **wealth management, investment banking, investment trading, and asset management**[30](index=30&type=chunk) - In H1 2025, China's economy operated steadily and improved, with **industrial upgrading and technological innovation** becoming core drivers for high-quality economic development[31](index=31&type=chunk) - The securities industry continued to deepen capital market reforms, with **STAR Market and ChiNext reforms expanding institutional inclusiveness**, new M&A rules boosting market vitality, public fund reforms guiding the industry towards "return-focused" strategies, and vigorous development of technology innovation bonds[31](index=31&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Item%202.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved significant growth in operating revenue and net profit, driven by strong performance across its wealth management, investment banking, investment trading, and asset management segments Key Operating Performance H1 2025 | Indicator | Amount | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 4.428 billion CNY | 33.63 | | Net Profit Attributable to Parent Company Shareholders | 1.932 billion CNY | 65.76 | Asset and Liability Status End of H1 2025 | Indicator | Amount | Change from Prior Year End (%) | | :--- | :--- | :--- | | Group Total Assets | 171.869 billion CNY | -3.34 | | Total Owners' Equity | 43.247 billion CNY | +2.34 | [Wealth Management Business](index=11&type=section&id=1.%20Wealth%20Management%20Business) In H1 2025, the company's wealth management business achieved significant growth in client numbers, assets under management, and brokerage net income, driven by financial technology empowerment and active market engagement - In H1 2025, the A-share market generally showed an upward trend with fluctuations, with **cumulative transaction volume reaching 162.83 trillion CNY, a year-on-year increase of 60.98%**[33](index=33&type=chunk) Key Wealth Management Business Data (H1 2025) | Indicator | Quantity / Amount | Change from Prior Year End / Prior Year Period (%) | | :--- | :--- | :--- | | Total Wealth Management Clients (Ten thousand accounts) | 316.67 | Growth of 10.21 | | New Clients (Ten thousand accounts) | 30.91 | Growth of 147.88 | | Client Asset Scale (Billion CNY) | 695.847 | Growth of 5.21 | | Securities Brokerage Net Income (Billion CNY) | 0.890 | Increase of 35.70 | | Financial Product Distribution AUM (Billion CNY) | 25.704 | Growth of 3.89 | | Public Fund AUM (Billion CNY) | 13.204 | Growth of 23.77 | | Average Daily Balance of Margin Financing and Securities Lending (Billion CNY) | 19.923 | Reached a historical high | - The company deepened **fintech empowerment**, improved supporting systems like the A5 core trading system and big data center, promoted the implementation of AI customer service scenarios, and explored building a digital wealth management companionship service system[34](index=34&type=chunk) - Research business continuously strengthened professional capabilities, with **market share rising against the trend**, and social security fund quarterly research rankings consistently among the industry's top performers[35](index=35&type=chunk) - Dongwu Futures' average daily client equity reached **14.579 billion CNY, a year-on-year increase of 11.58%**, with cumulative transaction volume reaching **6.68 trillion CNY, a year-on-year increase of 10.21%**[36](index=36&type=chunk) - Dongwu Hong Kong's cumulative active clients reached **9,536**, with total client custody stock market value of **9.6 billion HKD**, and cumulative H1 Hong Kong stock trading volume of **13.5 billion HKD**[36](index=36&type=chunk) [Investment Banking Business](index=12&type=section&id=2.%20Investment%20Banking%20Business) In H1 2025, the company's investment banking business capitalized on a recovering IPO market and active refinancing/M&A, securing a strong position in the Beijing Stock Exchange and expanding bond financing - In H1 2025, the A-share IPO market recovered, with **51 companies successfully listing on A-shares**, raising **37.355 billion CNY, a year-on-year increase of 14.96%**[39](index=39&type=chunk) - A-share refinancing completed **93 deals, raising 725.481 billion CNY, a year-on-year increase of 508.68%**; M&A market activity increased, with **101 newly disclosed A-share M&A events, a year-on-year increase of 119.56%**[39](index=39&type=chunk) - The company completed **7 IPO application acceptances, ranking 8th** in application volume; it has **11 IPO projects under review** (including joint lead underwriters)[41](index=41&type=chunk) - Completed the **first Beijing Stock Exchange major asset restructuring project (Xujie Technology)** after the release of "Six M&A Rules," and submitted **2 refinancing projects** (including joint lead underwriters)[41](index=41&type=chunk) - Completed **9 NEEQ listings, ranking 5th** in the industry; has **275 NEEQ continuous supervision enterprises, ranking 3rd** in the industry[41](index=41&type=chunk) - Obtained qualifications for **independent lead underwriting of non-financial enterprise debt financing instruments**, underwrote **14 technology innovation corporate bonds, 2 green/carbon-neutral bonds, and 3 rural revitalization bonds**[42](index=42&type=chunk) - Dongwu Hong Kong's bond financing business completed **33 overseas bond projects, with an underwriting scale exceeding 3.3 billion USD**[42](index=42&type=chunk) [Investment Trading Business](index=14&type=section&id=3.%20Investment%20Trading%20Business) In H1 2025, the company's investment trading business achieved stable returns in equity investments, maintained leading performance in bond investments, and actively pursued alternative investments in strategic emerging industries - In H1 2025, the A-share market generally showed an upward trend with fluctuations, the bond market experienced significant volatility, and the **10-year government bond yield first rose then fell**[45](index=45&type=chunk) - The company's equity securities investment business adheres to **absolute return and value investment philosophies**, strengthening in-depth research to achieve stable returns[45](index=45&type=chunk) - STAR Market market-making received the **highest AA rating multiple times** in monthly evaluations, and Beijing Stock Exchange market maker quarterly rankings remained among the top performers[45](index=45&type=chunk) - Fixed-income investment business strengthened investment research capabilities, with **bond investment returns ranking among the market leaders**[45](index=45&type=chunk) - Dongwu Innovation Capital focuses on **national strategic emerging industries**, actively promoting investments in REITs strategic placements, ABS-type allocation financial products, and listed company bankruptcy reorganizations[46](index=46&type=chunk) [Asset Management Business](index=14&type=section&id=4.%20Asset%20Management%20Business) In H1 2025, the company's asset management business expanded its product offerings and scale, with significant growth in active management and strong performance from its fund and venture capital subsidiaries - In H1 2025, the asset management industry gradually transitioned from homogeneous competition to **specialized and professional development**, with public fund net asset value reaching **34.39 trillion CNY, a 4.75% increase from the end of the prior year**[49](index=49&type=chunk) Key Asset Management Business Data (H1 2025) | Indicator | Quantity / Amount | Change from Prior Year End / Prior Year Period (%) | | :--- | :--- | :--- | | Newly Issued Collective and Single Asset Management Products (Number) | 38 | - | | New Issuance Scale (Billion CNY) | 4.358 | - | | Asset Management Fee Net Income | - | Year-on-year growth of 9.72 | | AUM (Billion CNY) | 59.004 | - | | Active Management Scale | - | Growth of 8.55 from prior year end | | Dongwu Fund Equity Products Weighted Average Return (%) | 10.30 | Ranked 26th in the industry | | Dongwu Fund Public Fund AUM (Billion CNY) | 37.721 | - | | Dongwu Venture Capital Total AUM (Billion CNY) | 24.426 | Growth of 33.11 from prior year end | - Dongwu Fund, with investment research capability building at its core, achieved **significant growth in equity product performance**, with **7 funds ranking in the top 1/4**[50](index=50&type=chunk) - Dongwu Venture Capital focused on **national strategic emerging industries**, completed **5 direct investment projects with an investment amount of 604 million CNY**, and actively promoted the establishment of four technology innovation cultivation funds[50](index=50&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=Item%203.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its regional strategy, specialized development, comprehensive financial services, advanced fintech capabilities, robust risk control, and strong corporate culture - The company, with **Suzhou as its core base**, continuously deepened its presence in the Yangtze River Delta region, with its **comprehensive strength ranking gradually rising to the top eighteen** in the industry, firmly establishing its leading position among medium-sized brokerages[53](index=53&type=chunk) - The company achieved an **industry-leading position in Beijing Stock Exchange business and innovative bond financing** (such as the first batch of innovation and entrepreneurship bonds, technology innovation corporate bonds, etc.)[54](index=54&type=chunk) - The company continuously enhanced its **comprehensive financial service capabilities for enterprises and institutions across their entire lifecycle**, deepened the "investment banking + investment + research" linkage, and has been recognized as one of the **top ten "Best Local Research Teams" by New Fortune for many consecutive years**[55](index=55&type=chunk) - The company has long been deeply involved in **fintech**, launching the domestic securities industry's **first all-memory, all-business centralized trading system A5**, and releasing the domestic securities industry's **first self-developed large model, Dongwu Xiucai GPT**[57](index=57&type=chunk) - The company continuously promoted the construction of a **"horizontal to edge, vertical to bottom, full coverage" compliance and risk control system**, and was **repeatedly selected for the China Securities Regulatory Commission's white list of securities companies**[58](index=58&type=chunk) - The company adheres to the core values of **"loyalty to people, integrity in work, sharing and win-win"**, forming industry-leading cultural construction practices and establishing a sound market-oriented talent mechanism[59](index=59&type=chunk) [Main Operating Conditions](index=17&type=section&id=Item%204.%20Main%20Operating%20Conditions) During the reporting period, the company's operating revenue increased significantly, driven by investment trading, wealth management, and investment banking, with notable changes in cash flows and asset-liability structure Financial Statement Account Fluctuation Analysis Table (H1 2025) | Account | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,427,962,991.25 | 3,313,700,948.57 | 33.63 | | Operating Cost | 1,880,372,191.94 | 1,796,665,884.90 | 4.66 | | Net Cash Flow from Operating Activities | -8,226,330,182.01 | 12,156,429,506.03 | - | | Net Cash Flow from Investing Activities | 12,617,204,321.57 | -11,119,467,757.73 | - | | Net Cash Flow from Financing Activities | -3,215,748,464.78 | -1,073,633,717.43 | - | - Operating revenue increased by **33.63% year-on-year**, primarily due to a **69.69% year-on-year increase in investment trading business revenue**, a **21.58% increase in wealth management business revenue**, and a **15.06% increase in investment banking business revenue**[62](index=62&type=chunk) Main Business by Segment (H1 2025) | Segment | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin (%) | % Change in Operating Revenue from Prior Year | % Change in Operating Cost from Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Business | 1,655,892,769.32 | 837,112,844.34 | 49.45 | 21.58 | 7.56 | | Investment Banking Business | 419,191,951.36 | 308,901,288.70 | 26.31 | 15.06 | 1.90 | | Investment Trading Business | 2,109,729,368.64 | 141,303,886.53 | 93.30 | 69.69 | -39.07 | | Asset Management Business | 214,945,787.70 | 169,924,793.01 | 20.95 | 7.06 | 17.18 | Changes in Assets and Liabilities (Period End vs. Prior Year End) | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 38,404,489.08 | 143,578,101.47 | -73.25 | Decrease in derivative financial assets from financial instruments | | Other Debt Investments | 32,855,475,436.37 | 49,942,918,393.76 | -34.21 | Decrease in other debt investments | | Other Equity Instrument Investments | 13,005,381,893.11 | 6,396,118,993.54 | 103.33 | Increase in other equity instrument investments | | Other Assets | 534,931,580.90 | 365,851,039.12 | 46.22 | Increase in commodity inventories | | Short-term Borrowings | 1,164,454,332.84 | 880,377,876.44 | 32.27 | Increase in credit borrowings | | Trading Financial Liabilities | 22,363,917.84 | 564,320,266.94 | -96.04 | Decrease in floating-rate income certificates and equity attributable to other investors in consolidated structured entities | | Derivative Financial Liabilities | 58,226,970.27 | 144,481,195.12 | -59.70 | Decrease in derivative financial liabilities from financial instruments | | Taxes Payable | 548,007,696.71 | 168,224,426.75 | 225.76 | Increase in corporate income tax payable | | Notes Payable | 898,000,000.00 | 473,500,000.00 | 89.65 | Increase in bank acceptance bills | | Accounts Payable | 479,238,019.52 | 272,710,802.76 | 75.73 | Increase in settlement payables | - At the end of the reporting period, the Group's **long-term equity investments totaled 2.459 billion CNY**, an increase of **234 million CNY** from the prior year end, representing a **10.52% increase**[72](index=72&type=chunk) Operating Performance of Major Holding and Participating Companies (H1 2025) | Company Name | Shareholding Ratio (%) | Total Assets (Billion CNY) | Net Assets (Billion CNY) | Net Profit (Million CNY) | | :--- | :--- | :--- | :--- | :--- | | Dongwu Fund Management Co., Ltd. | 70 | 0.463 | 0.349 | 4.9308 | | Dongwu Futures Co., Ltd. | 80.66 | 17.309 | 1.426 | 20.3528 | | Dongwu Venture Capital Co., Ltd. | 100 | 1.352 | 1.288 | 16.8643 | | Dongwu Innovation Capital Management Co., Ltd. | 100 | 5.796 | 5.741 | 186.2263 | | Dongwu Securities (Singapore) Financial Holdings Co., Ltd. | 100 | 0.249 | 0.243 | -5.2386 | | Dongwu Securities (Hong Kong) Financial Holdings Co., Ltd. | 100 | 3.406 | 1.122 | 42.0428 | [Other Disclosures](index=22&type=section&id=Item%205.%20Other%20Disclosures) The company addresses market, credit, operational, liquidity, and reputational risks through a comprehensive risk management system, alongside reporting changes in its branch network - The company's operating activities face primary risks including **market risk, credit risk, operational risk, liquidity risk, and reputational risk**[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - The company has established a **four-tier comprehensive risk management organizational structure** comprising the Board of Directors, management, risk management department, various departments, and branches, and has formulated the **“Basic Risk Management System”** and various risk management measures[81](index=81&type=chunk)[82](index=82&type=chunk) - The company controls market risk through measures such as **limit management, securities pool management, risk assessment, and risk hedging**[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company controls credit risk through methods such as **internal ratings, due diligence, access management, credit and concentration management, risk monitoring and assessment, and risk resolution and disposal**[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The company controls operational risk through measures such as **system and process management, decision authorization management, position authority management, personnel management, and system management**[91](index=91&type=chunk)[92](index=92&type=chunk) - The company controls liquidity risk through measures such as **overall liquidity management, tracking and monitoring, and emergency testing**[92](index=92&type=chunk)[93](index=93&type=chunk) - The company integrates **reputational risk management** into its comprehensive risk management system, establishing proactive and effective mechanisms, implementing tiered and classified management, and promptly identifying, monitoring, handling, and reporting reputational events[94](index=94&type=chunk)[95](index=95&type=chunk) Changes in Branches and Business Departments During the Reporting Period | Change Type | Quantity | | :--- | :--- | | Newly Established Branches/Business Departments | 1 | | Relocation of Branches/Business Departments | 7 | | Closure of Branches/Business Departments | 5 | Section IV Corporate Governance, Environment, and Society This section covers changes in the company's governance, profit distribution plans, and its efforts in rural revitalization and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=Item%201.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Li Qibing resigned as Compliance Director due to age, with President Xue Zhen temporarily assuming the role of compliance officer - Mr. Li Qibing resigned from his position as the company's Compliance Director due to age[100](index=100&type=chunk) - Company President Mr. Xue Zhen is **temporarily acting as the company's compliance officer** for a period not exceeding 6 months[100](index=100&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=Item%202.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The proposed semi-annual profit distribution plan is a cash dividend of 1.38 CNY per 10 shares (tax inclusive), representing 35.50% of the net profit attributable to parent company shareholders Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Whether to Distribute or Convert | Yes | | Dividend per 10 Shares (CNY) (tax inclusive) | 1.38 | | % of Net Profit Attributable to Parent Company Shareholders in H1 2025 Consolidated Financial Statements | 35.50 | [Rural Revitalization Work Progress](index=31&type=section&id=Item%205.%20Rural%20Revitalization%20Work%20Progress) The company actively supports rural revitalization through bond underwriting, charitable donations, educational assistance, and agricultural product sales, with plans for continued investment in paired regions - The company underwrote **3 rural revitalization bonds**, with a total underwriting scale of **1.160 billion CNY**[103](index=103&type=chunk) - Dongwu Futures carried out **18 assistance projects in 8 districts and counties of Enshi Prefecture, Hubei Province**, contributing to rural revitalization[103](index=103&type=chunk) - The company donated **2.3 million CNY to charitable organizations** like the Suzhou Charity Federation for student aid, child care, and women and children protection[103](index=103&type=chunk) - The company deepened industry-university cooperation in the Yangtze River Delta, donating **0.7 million CNY to Fudan University and Nanjing University Suzhou Campus** for scholarships and aid[104](index=104&type=chunk) - The company actively developed agricultural product sales channels for assisted areas such as **Shufu County in Xinjiang, Horgos, Yanchang County in Shaanxi Province, and Jingning County in Gansu Province**[104](index=104&type=chunk) - In 2025, the company plans to continue investing **2.5 million CNY** in five paired regions: **Artux City in Xinjiang, Lhunze County in Tibet, Zhouzhi County in Shaanxi, Tongbai County in Henan, and Gonghe County in Qinghai**, to deepen the "one company, one county" assistance mechanism[104](index=104&type=chunk) Section V Significant Matters This section details significant events including commitment fulfillment, major litigation, regulatory penalties, and related party transactions [Fulfillment of Commitments](index=32&type=section&id=Item%201.%20Fulfillment%20of%20Commitments) The controlling shareholder, Suzhou International Development Group Co., Ltd., has strictly fulfilled its permanent commitment to avoid engaging in businesses that compete with the company - Suzhou International Development Group Co., Ltd. committed not to engage in, participate in, or assist in any business or activity that constitutes or may constitute competition with the company's operations, either independently or with others, directly or indirectly, in any form within China[106](index=106&type=chunk) - This commitment is **permanently effective** and has been strictly fulfilled[106](index=106&type=chunk) [Major Litigation and Arbitration Matters](index=33&type=section&id=Item%207.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the Group had no major litigation or arbitration cases exceeding 10 million CNY and 10% of its net assets, but 20 unresolved cases totaling 1.724 billion CNY remain - During the reporting period, the Group had no major litigation or arbitration matters requiring disclosure under the **Shanghai Stock Exchange Listing Rules**, where the amount involved exceeded **10 million CNY** and **10% of the company's latest audited net assets**[108](index=108&type=chunk) - As of the disclosure date of this report, the Group has a total of **20 unresolved litigation and arbitration cases** without final judgments or awards, involving a total amount of **1.724 billion CNY**[108](index=108&type=chunk) [Violations, Penalties, and Rectification](index=33&type=section&id=Item%208.%20Violations%2C%20Penalties%2C%20and%20Rectification) The company received an administrative penalty decision from the CSRC in January 2025 and has implemented rectification measures to improve internal controls for investment banking business - On April 16, 2024, the company received the **“Notice of Case Filing” (CSRC Case Filing No. 0382024051)** from the China Securities Regulatory Commission[109](index=109&type=chunk) - On January 8, 2025, the company received the **“Administrative Penalty Decision” (No. [2025] 1)** from the China Securities Regulatory Commission[109](index=109&type=chunk) - The company has formulated **rectification measures**, improved working papers with clear specific requirements, and strengthened the **three lines of internal control for investment banking business** to prevent similar incidents and ensure standardized and stable operation of investment banking activities[109](index=109&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=Item%2010.%20Significant%20Related%20Party%20Transactions) The company, through its subsidiary, participated in a capital increase for Suzhou Asset Management Co., Ltd. with related parties, followed by an equity acquisition by Suzhou Asset Investment Management Group Co., Ltd - Dongwu Securities, through its wholly-owned subsidiary Dongwu Innovation Capital, together with **Guofa Group, Suzhou Industrial Park Economic Development Co., Ltd.**, and other related parties, jointly increased capital in Suzhou Asset Management Co., Ltd.[112](index=112&type=chunk) - Suzhou Asset Investment Management Group Co., Ltd. issued additional equity to acquire shares in Suzhou Asset Management Co., Ltd. held by the **Suzhou Municipal Finance Bureau, Dongwu Securities and Dongwu Innovation Capital, Guofa Group, and Dongwu Life Insurance Co., Ltd.**[112](index=112&type=chunk) - This matter completed **industrial and commercial change registration on January 9, 2025**, and **paid-in capital contribution on March 14**[112](index=112&type=chunk) Section VI Share Changes and Shareholder Information This section provides an overview of the company's share capital changes and detailed information on its shareholders [Changes in Share Capital](index=36&type=section&id=Item%201.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes in the company's total share capital or share structure**[117](index=117&type=chunk) [Shareholder Information](index=36&type=section&id=Item%202.%20Shareholder%20Information) As of the reporting period end, the company had 89,380 common shareholders, with Suzhou International Development Group Co., Ltd. as the controlling shareholder - As of the end of the reporting period, the total number of common shareholders was **89,380**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding (Period End) | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Suzhou International Development Group Co., Ltd. | 1,208,702,065 | 24.33 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 317,398,891 | 6.39 | Unknown | | Zhangjiagang State-owned Capital Investment Group Co., Ltd. | 150,527,039 | 3.03 | State-owned Legal Person | | China-Singapore Suzhou Industrial Park Investment Management Co., Ltd. | 117,390,581 | 2.36 | State-owned Legal Person | | Suzhou Yingcai Investment Group Co., Ltd. | 109,137,756 | 2.20 | State-owned Legal Person | | Suzhou Industrial Park State-owned Capital Investment and Operation Holding Co., Ltd. | 104,497,381 | 2.10 | State-owned Legal Person | | Suzhou Material Holding (Group) Co., Ltd. | 91,207,460 | 1.84 | State-owned Legal Person | | Suzhou High-tech Zone Guosheng Capital Operation Co., Ltd. | 91,000,000 | 1.83 | State-owned Legal Person | | CITIC Securities Co., Ltd. | 89,858,436 | 1.81 | Unknown | | Suzhou Trust Co., Ltd. | 89,772,800 | 1.81 | State-owned Legal Person | - Suzhou International Development Group Co., Ltd., Suzhou Yingcai Investment Group Co., Ltd., and Suzhou Trust Co., Ltd. are **parties acting in concert**[121](index=121&type=chunk) Section VII Bond-Related Information This section provides details on the company's issued corporate bonds and non-financial enterprise debt financing instruments, including their use of proceeds and debt structure [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=39&type=section&id=Item%201.%20Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple corporate bonds, including technology innovation bonds, totaling 21.281 billion CNY, primarily for debt repayment and working capital, with improved financial ratios Basic Information on Corporate Bonds (As of August 31, 2025) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (Billion CNY) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongwu Securities 2022 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) (Type 2) | 22DW02 | 185422 | 2022/2/25 | 2027/2/25 | 0.4 | 3.47 | Shanghai Stock Exchange | | Dongwu Securities 2022 Public Issuance of Corporate Bonds to Professional Investors (Tranche 4) | 22DW06 | 137950 | 2022/10/21 | 2025/10/21 | 3 | 2.63 | Shanghai Stock Exchange | | Dongwu Securities 2023 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 23DW01 | 115661 | 2023/7/17 | 2026/7/17 | 3 | 2.80 | Shanghai Stock Exchange | | Dongwu Securities 2024 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 24DW01 | 240625 | 2024/3/6 | 2027/3/6 | 3 | 2.53 | Shanghai Stock Exchange | | Dongwu Securities 2024 Public Issuance of Corporate Bonds to Professional Investors (Tranche 2) | 24DW02 | 240855 | 2024/4/12 | 2027/4/12 | 3 | 2.45 | Shanghai Stock Exchange | | Dongwu Securities 2025 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 25DW01 | 242869 | 2025/4/24 | 2028/4/24 | 4 | 1.97 | Shanghai Stock Exchange | | Dongwu Securities 2025 Public Issuance of Technology Innovation Corporate Bonds (Tranche 1) | 25DWK1 | 243012 | 2025/5/16 | 2027/5/16 | 1.2 | 1.74 | Shanghai Stock Exchange | | Dongwu Securities 2025 Public Issuance of Corporate Bonds to Professional Investors (Tranche 2) (Type 1) | 25DW02 | 243108 | 2025/6/9 | 2028/6/9 | 2.5 | 1.83 | Shanghai Stock Exchange | | Dongwu Securities 2025 Public Issuance of Corporate Bonds to Professional Investors (Tranche 2) (Type 2) | 25DW03 | 243109 | 2025/6/9 | 2030/6/9 | 1 | 1.97 | Shanghai Stock Exchange | Basic Information on Corporate Bond Proceeds (As of Period End) | Bond Code | Bond Abbreviation | Is it a Special Purpose Bond | Specific Type of Special Purpose Bond | Total Proceeds (Billion CNY) | Proceeds Balance at Period End (Billion CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 242869 | 25DW01 | No | - | 4 | 0 | | 243012 | 25DWK1 | Yes | Technology Innovation Bond | 1.2 | 0.14 | | 243108、243109 | 25DW02、25DW03 | No | - | 3.5 | 0 | - The proceeds from the **25DWK1 Technology Innovation Bond** are primarily used for purchasing technology innovation bonds in sectors such as energy and construction, and for replacing prior technology innovation bond investments, effectively supporting enterprise technological breakthroughs and achievement commercialization[138](index=138&type=chunk) Company Consolidated Interest-Bearing Debt Structure (Period End) | Interest-Bearing Debt Category | Overdue within 1 Year (incl.) (Billion CNY) | Over 1 Year (excl.) (Billion CNY) | Total Amount (Billion CNY) | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 17.251 | 18.227 | 35.478 | 47.18 | | Bank Loans | 1.164 | - | 1.164 | 1.55 | | Other Interest-Bearing Debts | 38.546 | 0.009 | 38.555 | 51.27 | | Total | 56.961 | 18.236 | 75.197 | 100.00 | - At the beginning and end of the reporting period, the company's consolidated interest-bearing debt balances were **85.136 billion CNY and 75.197 billion CNY**, respectively, representing a **year-on-year change of -11.67%** in interest-bearing debt balance during the reporting period[143](index=143&type=chunk) Key Accounting Data and Financial Indicators (H1 2025) | Key Indicator | End of Current Period / Current Period | End of Prior Year / Prior Year Period | % Change from Prior Year End / Prior Year Period | | :--- | :--- | :--- | :--- | | Current Ratio | 1.04 | 0.80 | 30.00 | | Quick Ratio | 1.04 | 0.80 | 30.00 | | Asset-Liability Ratio (%) | 64.94 | 67.98 | -4.47 | | Net Profit Excluding Non-Recurring Gains/Losses (CNY) | 1,921,230,802.66 | 1,155,970,926.07 | 66.20 | | Total Debt to EBITDA (%) | 4.76 | 3.32 | 43.38 | | Interest Coverage Ratio | 3.94 | 2.49 | 58.23 | | Cash Interest Coverage Ratio | -11.20 | 11.14 | - | | EBITDA Interest Coverage Ratio | 4.12 | 2.64 | 56.06 | | Loan Repayment Rate (%) | 100.00 | 100.00 | - | | Interest Payment Rate (%) | 100.00 | 100.00 | - | Section VIII Financial Report This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Financial Statements](index=48&type=section&id=Item%202.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Company's Basic Information](index=62&type=section&id=Note%201.%20Company%27s%20Basic%20Information) Dongwu Securities Co., Ltd., established in 1993, has a registered capital of 4.9687 billion CNY, a broad business scope, and completed A-share repurchase cancellation in March 2024 - Dongwu Securities Co., Ltd. was established on **April 10, 1993**, with a current registered capital of **4.9687 billion CNY**[175](index=175&type=chunk)[179](index=179&type=chunk) - The company's business scope includes **securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, asset management, fund distribution, futures introduction, margin trading, and financial product distribution**[180](index=180&type=chunk) - On March 7, 2024, the company cancelled **38.80 million repurchased A-shares**, reducing its registered capital to **4.9687 billion CNY**[179](index=179&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=Note%203.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates, including compliance with accounting standards, accounting period, currency, and the impact of 2025 accounting policy changes - These financial statements comply with the requirements of the **Enterprise Accounting Standards issued by the Ministry of Finance**, truly and completely reflecting the company's consolidated and individual financial position as of **June 30, 2025**, and consolidated and individual operating results and cash flows for H1 2025[181](index=181&type=chunk) - Effective **January 1, 2025**, the company implemented the **“Implementation Q&A on Accounting Treatment Related to Standard Warehouse Receipts”** issued by the Ministry of Finance, retrospectively adjusting financial statement data for comparable periods[265](index=265&type=chunk) Impact of Accounting Policy Changes on Consolidated Balance Sheet as of December 31, 2024, and Consolidated Income Statement for H1 2024 | Item | Before Adjustment (CNY) | Adjustment Amount (CNY) | After Adjustment (CNY) | | :--- | :--- | :--- | :--- | | Contract Liabilities | 34,905,151.14 | -24,336,283.19 | 10,568,867.95 | | Other Liabilities | 857,727,751.89 | 24,336,283.19 | 882,064,035.08 | | Investment Income | 1,188,154,942.03 | 5,602,967.67 | 1,193,757,909.70 | | Other Operating Income | 1,751,844,626.37 | -1,742,994,604.86 | 8,850,021.51 | | Other Operating Costs | 1,741,091,182.57 | -1,737,391,637.19 | 3,699,545.38 | [Notes to Consolidated Financial Statement Items](index=90&type=section&id=Note%205.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including period-end balances, changes, classifications, and impairment provisions for various assets and liabilities Cash and Bank Balances (Period End) | Item | Amount (CNY) | | :--- | :--- | | Cash on Hand | 11,000.00 | | Bank Deposits | 41,034,015,695.71 | | Other Cash and Bank Balances | 53,221,147.68 | | Total | 41,087,247,843.39 | | Of which: Total Funds Deposited Overseas | 1,185,693,559.35 | Net Value of Funds Lent (Period End) | Item | Amount (CNY) | | :--- | :--- | | Funds Lent for Margin Financing and Securities Lending | 19,553,385,409.55 | | Margin Financing for IPOs | 590,881,817.01 | | Less: Impairment Provisions | 41,607,350.63 | | Net Value of Funds Lent | 20,102,659,875.93 | Total Fair Value of Trading Financial Assets (Period End) | Category | Total Fair Value (CNY) | | :--- | :--- | | Bonds | 20,875,991,233.64 | | Public Funds | 6,420,629,524.63 | | Bank Wealth Management Products | 4,634,037,063.96 | | Private Funds and Special Accounts | 1,915,551,360.92 | | Stocks | 1,776,208,063.98 | | Brokerage Asset Management Products | 913,341,935.61 | | Trust Plans | 903,402,778.94 | | Others | 4,818,059,165.28 | | Total | 42,257,221,126.96 | Book Value of Other Debt Investments (Period End) | Item | Book Value (CNY) | | :--- | :--- | | Medium-Term Notes | 11,787,631,916.45 | | Corporate Bonds | 9,063,187,773.74 | | Local Government Bonds | 4,975,698,156.73 | | Targeted Financing Instruments | 3,709,555,013.79 | | Enterprise Bonds | 2,044,061,908.31 | | Financial Bonds | 398,917,008.63 | | Treasury Bonds | 64,501,939.67 | | Others | 811,921,719.05 | | Total | 32,855,475,436.37 | Short-term Financing Payables (Period End) | Bond Name | Period End Balance (CNY) | | :--- | :--- | | Short-term Commercial Papers | 14,196,807,986.29 | | Income Certificates | 1,510,677,083.33 | | Total | 15,707,485,069.62 | Net Interest Income (H1 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Interest Income | 1,492,110,468.20 | | Interest Expense | 915,930,473.41 | | Net Interest Income | 576,179,994.79 | Net Fee and Commission Income (H1 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Securities Brokerage Net Income | 902,011,874.59 | | Futures Brokerage Net Income | 102,216,432.19 | | Investment Banking Net Income | 418,991,323.94 | | Asset Management Net Income | 99,023,449.24 | | Fund Management Net Income | 71,771,195.86 | | Investment Consulting Net Income | 34,814,988.66 | | Other Net Fee and Commission Income | 19,765,144.27 | | Total | 1,648,594,408.75 | Investment Income (H1 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for by Equity Method | 16,103,728.37 | | Investment Income from Financial Instruments | 1,977,226,555.84 | | Total | 1,993,330,284.21 | Gains from Changes in Fair Value (H1 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Trading Financial Assets | 231,869,828.73 | | Trading Financial Liabilities | -15,484,293.77 | | Derivative Financial Instruments | -35,823,647.89 | | Total | 180,561,887.07 | Credit Impairment Losses (H1 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Impairment Losses on Financial Assets Purchased Under Resale Agreements | -30,714,023.16 | | Impairment Losses on Debt Investments | 563,103.57 | | Bad Debt Losses on Accounts Receivable | 50,972.71 | | Bad Debt Losses on Other Receivables | -258,573.64 | | Impairment Losses on Other Debt Investments | -187,974,483.23 | | Impairment Losses on Funds Lent | -8,597,671.72 | | Total | -226,930,675.47 | [Interests in Other Entities](index=131&type=section&id=Note%207.%20Interests%20in%20Other%20Entities) This section details the company's equity interests in subsidiaries, associates, and structured entities, including those consolidated and those not consolidated - The company owns several key subsidiaries, including **Dongwu Futures Co., Ltd., Dongwu Fund Management Co., Ltd., Dongwu Venture Capital Co., Ltd., and Dongwu Innovation Capital Management Co., Ltd.**[433](index=433&type=chunk)[435](index=435&type=chunk) - The company indirectly holds a **20.00% equity interest in Kunshan High-tech Sci-Tech Investment Center (Limited Partnership)**, but as the sole executive partner, it has actual control over it, thus classified as a subsidiary[437](index=437&type=chunk) - The company has significant influence over associates such as **Dongwu (Suzhou) Financial Technology Co., Ltd., Suzhou Asset Investment Management Group Co., Ltd., and China Securities Credit Investment Co., Ltd.**[444](index=444&type=chunk) - A total of **37 structured products** were included in the Group's consolidated financial statements for the current period, with the total assets of consolidated asset management plans amounting to **7.665 billion CNY**[448](index=448&type=chunk) - Structured entities not included in the Group's consolidated financial statements primarily consist of asset management plans and partnerships managed by the Group, from which **management fees and performance remuneration of 104.62 million CNY** were earned in the current period[449](index=449&type=chunk) [Risks Related to Financial Instruments](index=137&type=section&id=Note%209.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's financial instrument risks, including liquidity, credit, and market risks, and details its comprehensive risk management policies and organizational structure - The Group has established and improved risk assessment and monitoring systems for its fund business, strictly controlling **liquidity risk** to ensure all fund ratios are within the company's acceptable risk tolerance[467](index=467&type=chunk) - The **credit risk** faced by the Group is primarily reflected in bond investments, margin financing and securities lending, bond pledged repurchase agreements, stock pledged repurchase transactions, and contract performance[473](index=473&type=chunk) - The Group measures **interest rate risk** by forecasting interest rate levels, analyzing yield curves, and optimizing interest rate repricing date portfolios[487](index=487&type=chunk) - The Group strengthens the management and control of operational risk across all businesses and overall operations through the application of three major tools: **Risk and Control Self-Assessment (RCSA), Loss Data Collection (LDC), and Key Risk Indicators (KRI)**[495](index=495&type=chunk) - The Group manages capital using **net capital** and continuously complies with all standards of the China Securities Regulatory Commission's **“Administrative Measures for Risk Control Indicators of Securities Companies”**[496](index=496&type=chunk) [Related Parties and Related Party Transactions](index=155&type=section&id=Note%2011.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's major shareholder, Suzhou International Development Group Co., Ltd., and details various transactions with subsidiaries, associates, and other related parties - The company's largest shareholder is **Suzhou International Development Group Co., Ltd.**, with a shareholding ratio of **24.33%**[510](index=510&type=chunk) - Guofa Group, directly or through other enterprises it controls, collectively holds **28.33% of the company's shares**[511](index=511&type=chunk) Fee and Commission Income Received from Related Parties (H1 2025) | Income Type | Amount for Current Period (CNY) | | :--- | :--- | | Securities Brokerage Business Income | 478,416.55 | | Securities Underwriting Business Income | 30,949,226.40 | | Financial Advisory Business Income | 741,509.43 | Interest Expenses Paid to Related Parties (H1 2025) | Enterprise Name | Amount for Current Period (CNY) | | :--- | :--- | | Suzhou Yingcai Investment Group Co., Ltd. | 184,471.23 | | Suzhou Oriza Holdings Co., Ltd. | 77,351.10 | | Suzhou International Development Group Co., Ltd. | 14,786.73 | | Suzhou Industrial Park Economic Development Co., Ltd. | 14,857.58 | | Suzhou Housing Mortgage Financing Guarantee Co., Ltd. | 48,422.02 | | Total | 371,615.99 | - Related parties collectively hold **162.47 million units** of collective asset management plans established and managed by the Group[528](index=528&type=chunk) - Related parties collectively hold **1.834 billion units** of fund shares established and managed by the Group[530](index=530&type=chunk) - Senior management compensation for the current period amounted to **9.09 million CNY**[534](index=534&type=chunk) [Events After the Balance Sheet Date](index=164&type=section&id=Note%2014.%20Events%20After%20the%20Balance%20Sheet%20Date) Post-balance sheet events include the approval of the H1 2025 profit distribution plan, issuance of short-term financing bonds, and a proposed private placement of A-shares - Approved at the 32nd meeting of the Fourth Board of Directors on August 26, 2025, the **“Proposal on the 2025 Interim Profit Distribution Plan”** entails a cash dividend of **1.38 CNY per 10 shares** (tax inclusive) to all shareholders[550](index=550&type=chunk) - After June 30, 2025, and up to the approval date of this report, the company issued **2 tranches of short-term financing bonds**, with a cumulative scale of **3 billion CNY** and coupon rates ranging from **1.58% to 1.65%**[551](index=551&type=chunk) - The company plans to issue A-shares to specific investors, with the number of shares not exceeding **30% of the company's total share capital prior to this issuance**, and the total proceeds not exceeding **6 billion CNY**[552](index=552&type=chunk) - Guofa Group subscribed for **1.5 billion CNY**, and Suzhou Yingcai subscribed for **0.5 billion CNY**[552](index=552&type=chunk) [Other Significant Matters](index=165&type=section&id=Note%2015.%20Other%20Significant%20Matters) This section presents the company's segment information, categorizing operations into wealth management, investment banking, investment trading, asset management, and other businesses, with detailed financial data for each - The Group determines its operating segments based on its **internal organizational structure, management requirements, and internal reporting system**[554](index=554&type=chunk) - The main services provided by each reporting segment of the Group include **wealth management, investment banking, investment trading, asset management, and other businesses**[554](index=554&type=chunk) Financial Information of Reporting Segments as of June 30, 2025 | Item | Wealth Management Business (CNY) | Investment Banking Business (CNY) | Investment Trading Business (CNY) | Asset Management Business (CNY) | Other Businesses (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Operating Revenue | 1,655,892,769.32 | 419,191,951.36 | 2,109,729,368.64 | 214,945,787.70 | 28,203,114.23 | 4,427,962,991.25 | | II. Operating Expenses | 837,112,844.34 | 308,901,288.70 | 141,303,886.53 | 169,924,793.01 | 423,129,379.36 | 1,880,372,191.94 | | III. Operating Profit | 818,779,924.98 | 110,290,662.66 | 1,968,425,482.11 | 45,020,994.69 | -394,926,265.13 | 2,547,590,799.31 | | IV. Total Profit | 817,836,338.44 | 110,290,545.55 | 1,968,420,579.98 | 45,020,994.71 | -395,451,425.39 | 2,546,117,033.29 | | V. Total Assets | 71,961,622,188.74 | 42,504,586.28 | 91,121,291,143.48 | 2,789,474,858.97 | 5,791,303,153.75 | 171,706,195,931.22 | | VI. Total Liabilities | 61,575,332,285.74 | 186,229,809.12 | 63,012,480,787.26 | 1,085,044,562.60 | 2,703,884,789.52 | 128,562,972,234.24 | [Supplementary Information](index=176&type=section&id=Note%2017.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed breakdown of non-recurring gains and losses and key profitability ratios Details of Non-Recurring Gains and Losses for the Current Period (H1 2025) | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 2,048,902.17 | | Government Grants Recognized in Current Profit/Loss | 5,200,118.10 | | Other Non-Operating Income and Expenses Apart from the Above | -944,617.30 | | Other Profit/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | 8,314,182.70 | | Less: Income Tax Impact | 3,688,836.14 | | Impact on Minority Shareholders' Equity (After Tax) | 656,137.00 | | Total | 10,273,612.53 | Return on Net Assets and Earnings Per Share (H1 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (CNY) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.53 | 0.39 | | Net Profit Attributable to Ordinary Shareholders of the Company (Excluding Non-Recurring Gains/Losses) | 4.51 | 0.39 | Section IX Securities Company Information Disclosure This section provides information on the company's significant administrative licensing matters and regulatory classification results [Information on Company's Significant Administrative Licensing Matters](index=177&type=section&id=Item%201.%20Information%20on%20Company%27s%20Significant%20Administrative%20Licensing%20Matters) During the reporting period, the company had no significant administrative licensing matters [Regulatory Classification Results for the Company](index=178&type=section&id=Item%202.%20Regulatory%20Classification%20Results%20for%20the%20Company) During the reporting period, the company did not disclose its regulatory classification results

格隆汇8月27日｜东吴证券公告，2025年上半年营业收入44.28亿元，同比增长33.63%。净利润19.32亿 元，同比增长65.76%。拟向全体股东每10股派发现金红利1.38元（含税），共派发现金红利6.86亿元 （含税），占2025年半年度合并报表中归属于母公司股东的净利润比例为35.50%。 ...

| | | | 11 Ju | The : Acch | | --- | --- | --- | --- | --- | | 项目 | 本报告期末 | 上年度末 | | 本报告期末比 上年度末增减 | | | | 调整后 | 调整前 | | | | | | | (%) | | 总资产 | 171,869,181,203.19 | 177,804,609,327.34 | 177.804.609.327.34 | -3.34 | | 归属于上市公司 礼体界五米庭 | 42.712.600.494.75 | 41.729.147.936.67 | 41.729.147.936.67 | 2.36 | | 项目 | 本报告期 | 蛋區 出一 | | 本报告期比上 | | | | 调整后 | 调整前 | 年同期增减(%) | | 营业收入 | 4.427.962.991.25 | 3.313.700.948.57 | 5.051.092,585.76 | 33.63 | | 利润总额 | 2.546.117.033.29 | 1.514.354.911.72 | 1.514.354.911.72 | 68.13 | ...

人民财讯8月27日电，东吴证券（601555）8月27日晚间披露半年报，2025年上半年，公司实现营业收入 为44.28亿元，同比增长33.63%；归母净利润19.32亿元，同比增长65.76%；基本每股收益0.39元。公司 拟向全体股东每10股派发现金红利1.38元（含税）。 ...

东吴证券：上半年净利润19.3亿元人民币。 ...

Core Viewpoint - The company has demonstrated strong performance in the first half of 2025, driven by multiple factors including cost reductions in raw materials and expansion in production capacity across various segments [2][5]. Group 1: Performance Analysis - The company's profit growth is attributed to several factors: a decrease in raw material costs in the heat and power generation segment, an increase in sales volume from new projects, and government subsidies received during the reporting period [2]. - The solid waste (hazardous waste) resource utilization segment has seen a reduction in gross margin due to the addition of low-margin production lines, but this has diversified raw material sources and supported overall performance [4]. Group 2: Business Development - The new heat and power generation project at the Pluray Wanzai Industrial Park commenced operations in June 2025, adding 30 MW of installed capacity and a boiler evaporation capacity of 4,420 tons/hour [3]. - The company is focusing on its core business while exploring investment opportunities in the circular economy and is considering international expansion when conditions are favorable [3]. Group 3: Revenue Growth and Market Position - Unlike some competitors in the heat and power generation sector that reported a decline in revenue, the company achieved revenue growth primarily through its solid waste resource utilization business, which added approximately 360 million yuan in revenue due to increased production lines and rising commodity prices [5]. - The company plans to enhance its operational efficiency and production system by optimizing its industrial chain layout and increasing its self-control capabilities in the solid waste resource utilization segment [6].

Core Viewpoint - Minsheng Health's H1 2025 performance met market expectations, with revenue and net profit showing solid growth, driven by core product categories and new product launches [1][2]. Financial Performance - In H1 2025, Minsheng Health achieved revenue of 462 million and net profit of 83 million, representing year-on-year growth of 16.37% and 6.65% respectively [1]. - In Q2 2025, revenue and net profit were 191 million and 20 million, with year-on-year increases of 17.32% and 7.08% [1]. - The core category of vitamins and mineral supplements generated revenue of 426 million, accounting for 92.15% of total revenue, with a year-on-year growth of 9.84% [1]. Profitability and Cost Structure - The gross margin for the vitamin and mineral series decreased by 6.91 percentage points to 54.78% in H1 2025, primarily due to changes in product mix [1]. - Overall gross margin in Q2 2025 was down by 5.09 percentage points to 51.92%, with selling, administrative, and R&D expense ratios showing slight variations [1]. - Net profit margin decreased by 0.88 percentage points to 10.42% [1]. Product Development and Market Position - The company has a strong market position due to its R&D advantages and plans to expand its product matrix in the vitamin and mineral category [2]. - New products, including varenicline tartrate tablets and minoxidil solution, are expected to launch in Q3 2025, which will significantly boost H2 performance [2]. - The acquisition of Zhongke Jiayi has enabled the company to self-supply probiotics, enhancing its product offerings [2]. Earnings Forecast and Investment Rating - The company’s net profit forecasts for 2025-2027 have been adjusted to 107 million, 129 million, and 149 million, reflecting year-on-year growth rates of 16.25%, 20.62%, and 15.96% respectively [3]. - The current price-to-earnings ratios are projected at 51x, 42x, and 37x for the respective years [3]. - The investment rating remains "Buy" based on the solid growth prospects and product performance [3]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for the stock, with one rating it as "Buy" and the other as "Overweight" [4].

Core Viewpoint - Dongwu Securities report indicates that Jinhui Liquor's net profit attributable to shareholders for H1 2025 is 298 million yuan, a year-on-year increase of 1.12%, while Q2 2025 shows a net profit of 64 million yuan, a year-on-year decrease of 12.78% [1] Group 1: Financial Performance - Jinhui Liquor's H1 2025 net profit is 298 million yuan, reflecting a slight increase compared to the previous year [1] - Q2 2025 net profit is 64 million yuan, showing a decline of 12.78% year-on-year [1] Group 2: Regional Performance - Revenue from the domestic market decreased by 1.11% year-on-year, while revenue from outside the province increased by 1.78% [1] - Domestic regions show positive trends, while the external market in Shaanxi is recovering after two years of adjustment [1] Group 3: Strategic Outlook - The company maintains a resilient sales rhythm despite the current deep adjustment in the liquor industry [1] - Jinhui Liquor's strategy focuses on "national layout, deepening the northwest, and key breakthroughs," aiming to strengthen its market presence in the northwest and cultivate growth in the East China and northern markets [1] - The company is steadily advancing the integration of the Gansu-Qinghai market and the Shaanxi-Ningxia market [1]