Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's net profit has significantly increased, driven by both proprietary trading and brokerage services, with a projected net profit of 41.11 billion, 40.36 billion, and 42.81 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of +86.22%, -1.82%, and +6.07% [3] - The report highlights the company's ability to leverage its wealth management business advantages in a more active market environment, further enhanced by deep support from the Ping An Group [3] Financial Forecasts - Total revenue is projected to reach 12,651 million in 2025, with a year-on-year growth of 63.91% [3] - The earnings per share (EPS) are expected to be 0.50, 0.49, and 0.52 for 2025, 2026, and 2027 respectively [3] - The current market capitalization corresponds to price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x for the years 2025, 2026, and 2027 [3] Business Performance - In the first half of 2025, the company achieved an operating income of 56.6 billion, a year-on-year increase of 52.1%, and a net profit of 23.8 billion, up 76.4% [8] - The brokerage business revenue for the first half of 2025 was 23.3 billion, reflecting a year-on-year growth of 46.3% [8] - The proprietary trading segment saw a significant increase in investment income, with 20.0 billion in the first half of 2025, marking a year-on-year growth of 66.6% [8]

Core Viewpoint - The A-share IPO market is experiencing a significant recovery, with a notable increase in the number of IPOs and a shift towards higher quality listings since the implementation of the "827 new policy" by the China Securities Regulatory Commission [2][3]. Summary by Category IPO Trends - As of August 27, 2025, a total of 179 A-share IPOs have been accepted, a substantial increase of 459.4% compared to the same period last year, which had only 32 accepted IPOs [3][4]. - The number of new listed companies in A-shares reached 66, reflecting a year-on-year growth of 15.8% from 57 companies in the same period last year [3]. Withdrawal and Quality of Listings - The number of withdrawn IPO applications has significantly decreased, with only 84 withdrawals in 2025 compared to 330 in 2024, indicating a marked improvement in the quality of companies currently under review [3][4]. Market Structure - The main board has seen a faster listing pace, with 23 new companies listed in 2025, a 35.3% increase from 17 in 2024, surpassing the overall growth rate of new listings [4]. - The Beijing Stock Exchange (北交所) has emerged as a preferred venue for listings, with 115 accepted IPOs, accounting for over 60% of total IPOs, significantly higher than the 30 accepted in 2024 [4]. Performance Metrics - The number of IPOs that experienced a first-day drop has decreased sharply, with 45 in 2023, only 1 in 2024, and none in 2025, indicating improved market conditions [5]. - The weighted first-day return for IPOs in 2025 was 169.7%, a 56% increase from 108.9% in 2024 and 4.6 times higher than the 36.9% in 2023, showcasing a strong improvement in IPO performance quality [5].

Group 1 - The company plans to distribute a cash dividend of 0.061 yuan per share (including tax) to all shareholders, totaling 502,158,185.10 yuan (including tax), which accounts for 21.07% of the net profit attributable to shareholders for the first half of 2025 [27][29][28] - The total share capital as of June 30, 2025, is 8,232,101,395 shares, and the profit distribution will be based on this figure [29][28] - The board of directors and the supervisory board have unanimously approved the 2025 semi-annual profit distribution plan [30][31][6] Group 2 - The company held its fifth board meeting on August 29, 2025, to discuss and approve the semi-annual report and profit distribution plan [3][21][22] - The semi-annual report and profit distribution plan were published simultaneously in various financial newspapers and on the Shanghai Stock Exchange website [4][7][3] - The company assures that the content of the announcements is true, accurate, and complete, with no false records or misleading statements [21][27][22]

PB / / 1 2025 2025 2025 2025 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、本报告经公司第五届董事会第十七次会议审议通过。公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人施华、主管会计工作负责人李岩及会计机构负责人（会计主管人员）祖坤声明：保证半年度报告中财务报告 的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025 年半年度进行现金分红，以实施现金分红股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 0.61 元（含税），合计派发现金红利总额 502,158,185.10 元（含税）。在实施权益分派的股权登记日前公司总股本发生变动的， 维持分配总额不变，相应调整每股分配金额。 六、前瞻性陈述的风险声明 本报告内容涉及的未来计划等前瞻性陈述因存在不确定性，不构成公司对投资者的实质承诺，请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是 ...

Core Viewpoint - 方正证券 reported strong financial performance in the first half of 2025, with significant increases in net profit and revenue, alongside a commitment to shareholder returns through cash dividends [1][7]. Financial Performance - The company achieved a net profit of 2.384 billion yuan, representing a year-on-year increase of 76.43% [1] - Operating revenue reached 5.663 billion yuan, up 52.14% compared to the previous year [1] - A mid-term cash dividend of 0.61 yuan per share (including tax) was proposed, totaling 500 million yuan in cash dividends [1][7] Investment and Financing Activities - 方正证券 successfully issued its first batch of technology innovation corporate bonds, allocating at least 70% of the raised funds for technology-related investments [2] - The investment banking subsidiary played a key role in facilitating financing for companies in the electronic components sector and helped a national-level "little giant" enterprise complete its IPO [2] - The private equity management subsidiary focuses on investments in major technology and health sectors, maintaining a strategy of early, small, long-term, and hard technology investments [2] Wealth Management and Client Growth - The wealth management division generated 3.317 billion yuan in revenue, with a significant increase in net income from securities trading [5] - The total number of clients exceeded 16.73 million, with an increase of approximately 330,000 clients since the end of 2024 [4] - Client assets continued to grow, with an 8.07% increase in the first half of 2025, following a growth of over 100 billion yuan in 2024 [4] Product and Service Development - The company enhanced its service quality by developing a comprehensive service system and tailored strategies for different client segments [4] - New product launches performed well, with 80% of newly issued products yielding positive returns, and specific public and private equity products significantly outperforming benchmarks [4][5] Strategic Investments - The equity investment segment focused on high-dividend strategies and sectors such as finance, energy, and advanced manufacturing, while also exploring innovative business areas like REITs [5] - The fixed income investment segment optimized its non-directional trading strategies to ensure stable operations [6] Shareholder Returns and Asset Management - The mid-term dividend reflects a 27% increase compared to the previous year, highlighting the company's commitment to shareholder returns [7] - The sale of Credit Suisse's equity stake is expected to contribute approximately 343 million yuan to the annual net profit [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇8月29日丨方正证券(601901.SH)发布2025半年度报告，公司上半年实现营业收入56.63亿元，同比 增长52.14%；归母净利润23.84亿元，同比增长76.43%；扣非归母净利润23.63亿元，同比增长79.89%。 ...

Core Viewpoint - Fangzheng Securities reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in wealth management and market positioning in various investment sectors [1][2]. Financial Performance - In the first half of 2025, Fangzheng Securities achieved operating revenue of 5.663 billion yuan, a year-on-year increase of 52.14% - The net profit attributable to shareholders reached 2.384 billion yuan, up 76.43% year-on-year - The net assets surpassed 50 billion yuan, totaling 50.615 billion yuan, with equity attributable to shareholders increasing by 6.71% to 49.923 billion yuan [1]. Wealth Management Business - The wealth management segment generated operating revenue of 3.317 billion yuan, with net income from securities trading reaching 1.889 billion yuan, reflecting a growth of 69.27% - The margin trading and securities lending (two-in-one) scale was 40.097 billion yuan, capturing a market share of 2.17% - The total number of clients exceeded 16.73 million, with an increase of approximately 330,000 clients since the end of 2024, and client assets grew by 8.07% in the first half of 2025 [1]. Fund Market Making - Fangzheng Securities maintained its leading position in the fund market-making business, covering 632 funds by the end of the first half, which effectively enhanced market liquidity [1]. Investment Strategy - In equity investments, Fangzheng Securities refined its high-dividend strategy, focusing on sectors such as finance, energy, communications, and transportation, while also investing in AI applications and advanced manufacturing - In fixed income investments, the company optimized its non-directional trading layout and upgraded its neutral strategies to effectively control risk exposure [2]. Dividend Distribution - The company announced a mid-year cash dividend of 0.61 yuan per 10 shares (tax included), totaling 502 million yuan, marking a 27% increase compared to the previous year's mid-year dividend of 0.48 yuan per 10 shares [2]. Asset Management Progress - Fangzheng Securities made progress in asset management by selling non-performing assets, including the sale of 101 properties and a conference center, with an initial payment of 219 million yuan received [3]. Shareholder Equity Sale - Fangzheng Securities completed the sale of its stake in Credit Suisse Securities, receiving 885 million yuan in compensation, which is expected to increase annual net profit by approximately 343 million yuan [2].

报告期内，公司净资本、流动性等各项主要风险控制指标均持续符合监管规 定标准。 三、资本补足情况 方正证券股份有限公司 2025 年上半年风险控制指标相关情况报告 方正证券股份有限公司全体股东： 根据中国证监会《证券公司风险控制指标管理办法》的相关规定，现将公司 2025 年上半年风险控制指标相关情况报告如下： 一、净资本等风险控制指标具体情况 1 单位：元 币种：人民币 项目 本报告期末 （2025 年 6 月 30 日） 上年度末 （2024 年 12 月 31 日） 净资本 32,231,411,342.81 31,380,355,087.04 净资产 49,640,461,572.20 48,187,857,123.57 风险覆盖率（%） 326.74 282.05 资本杠杆率（%） 18.90 15.81 流动性覆盖率（%） 208.36 226.04 净稳定资金率（%） 169.11 166.26 净资本/净资产（%） 64.93 65.12 净资本/负债（%） 23.67 22.69 净资产/负债（%） 36.46 34.84 自营权益类证券及其衍生品/净资本（%） 43.07 46.25 自营非 ...

二、未来三年（2025-2027 年）股东回报规划 （一）利润分配方式 公司可采用现金、股票以及现金与股票相结合的方式分配股利。在公司盈利、 净资本等各项风险控制指标符合监管要求及公司正常经营和可持续发展的前提 下，公司优先采取现金分红方式进行利润分配。公司董事会可根据当期的盈利情 况、现金流状况及资金需求状况，提议进行年中现金分红。 方正证券股份有限公司 未来三年（2025-2027 年）股东回报规划 为健全对投资者科学、持续、稳定的回报机制，保持利润分配政策的连续性 和稳定性，引导长期理性投资理念，公司依照《中华人民共和国公司法》《中华 人民共和国证券法》《关于进一步落实上市公司现金分红有关事项的通知》《上市 公司监管指引第 3 号——上市公司现金分红》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》及公司《章程》的有关规定，综合考虑公司内外部 发展环境因素，制订了公司未来三年（2025-2027 年）股东回报规划（简称"本 规划"）。 一、制定本规划的基本原则 1.合规性原则：严格遵守国家法律法规、监管要求及公司《章程》规定。 2.现金分红优先：在不影响公司可持续经营能力及长远发展的前提下 ...

经审核，监事会认为《2025 年半年度报告》的编制和审议程序符合《公司法》 《证券法》及公司《章程》的规定。报告格式符合中国证监会和上海证券交易所 的要求，报告内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 方正证券股份有限公司 第五届监事会第十次会议决议公告 本公司监事会及全体监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。 公司第五届监事会第十次会议于 2025 年 8 月 29 日在公司会议室现场召开。 本次会议的通知和会议资料于 2025 年 8 月 19 日以电子邮件方式发出。本次会议 由监事会主席蔡平女士召集和主持，应出席监事 3 名，实际出席 3 名，董事会秘 书列席了会议。本次会议的召集、召开程序符合《公司法》、公司《章程》的有关 规定。 经审议，本次会议形成如下决议： 一、审议通过了《2025 年半年度报告》 证券代码：601901 证券简称：方正证券 公告编号：2025-033 二、审议通过了《2025 年半年度利润分配方案》 表决结果：同意 3 票，反对 0 ...