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！ 出品：上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 从营收增速看，有37家券商2025年的营收今年上半年是正增长的，只有5家是负增长，42家券商的扣非归母净利润都实现了同比增长。如果将所有包括证券 业务的A股上市券商统计，50家券商中只有锦龙股份一家扣非归母净利润是下降的，且是唯一亏损的券商。 今年上半年是锦龙股份历史上重要的时期，公司完成了对东莞证券20%股权的出售，并且转型算力。虽然出售东莞证券部分股权可以缓解债务压力，但享受 的分红及后者IPO红利将会"腰斩"。此外，公司控制的中山证券经营恶化，上半年营收"腰斩"且处于亏损状态。尽管锦龙股份多次表示转型算力，但公司并 无相关经验，2024年4月份宣布的投资未见实质进展，并且2025年7月计划投资的深圳本贸，后者参保员工人数降至0。 中山证券经营恶化 东莞证券IPO红利减少一半 仅仅从上述数据看，锦龙股份的成绩还不错。但实 ...

Group 1 - Zhongyin Securities fell over 5% [1] - Xiangcai Shares and Dongfang Wealth both dropped over 3% [1] - Jinlong Shares, Changjiang Securities, Tianfeng Securities, and Huaxi Securities also experienced declines [1]

Market Overview - On September 1, the securities sector declined by 0.97%, with Huaxi Securities leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Zhongyin Securities (601696) closed at 16.82, up 4.15% with a trading volume of 2.1491 million shares and a turnover of 3.605 billion [1] - Pacific Securities (660109) closed at 4.46, up 1.13% with a trading volume of 3.3672 million shares [1] - Other notable performances include: - China Merchants Jinling (601995) at 38.94, up 1.01% [1] - Guojin Securities (600109) at 10.36, up 0.48% [1] - Huaxin Securities (600621) at 17.85, down 0.56% [1] Fund Flow Analysis - The securities sector experienced a net outflow of 7.504 billion from institutional investors, while retail investors saw a net inflow of 5.043 billion [2] - Notable fund flows include: - Zhongyin Securities had a net inflow of 4.65 billion from institutional investors, but a net outflow of 1.13 billion from speculative funds [2] - Pacific Securities saw a net inflow of 1.12 billion from speculative funds, but a net outflow of 645.725 million from institutional investors [2] - Overall, retail investors contributed positively to the fund flow in the sector [2]

Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Core Points - The company has reported a significant asset impairment provision totaling 1,661,727.85 yuan for the first half of 2025, with a reversal of 497,032.59 yuan [11][18] - The company plans to transfer its entire 67.78% stake in Zhongshan Securities, which constitutes a major asset restructuring [8] - The company has not declared any cash dividends or stock bonuses for the reporting period [2] Company Overview - The company is named Guangdong Jinlong Development Co., Ltd. and is listed under the stock code 000712 [9] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5][4] Financial Data - As of June 30, 2025, the company's accounts receivable amounted to 37,504,413.98 yuan, reflecting a growth of 163.80% compared to the beginning of the year [15] - The company reported a decrease of 0.95% in the book value of funds lent out, totaling 2,273,414,065.71 yuan [17] - The book value of other debt investments decreased by 3.36%, amounting to 1,717,486,564.67 yuan [17] Asset Impairment Details - The company utilized a simplified model to assess impairment losses on accounts receivable, leading to a provision of 332,775.24 yuan for the reporting period [11] - The impairment provision for funds lent out was 847,991.74 yuan, with a remaining balance of 1,137,275.67 yuan [17] - The company has adopted the expected credit loss method for measuring impairment on other debt investments, resulting in a provision of 480,960.87 yuan [17]

Core Insights - Jinlong Co., Ltd. reported a total operating revenue of 417.25 million yuan for the first half of the year, representing a year-on-year increase of 16.35% [2][3] - The company achieved a net profit attributable to shareholders of 124.85 million yuan, marking a turnaround from a loss in the previous year [2][3] Financial Performance - Total operating revenue: 417.25 million yuan compared to 358.60 million yuan in the same period last year, showing a growth of 16.35% [2][3] - Net profit attributable to shareholders: 124.85 million yuan, a significant improvement from a loss of 51.09 million yuan in the previous year [2][3] - Net profit excluding non-recurring gains and losses: -95.67 million yuan, compared to -43.13 million yuan in the same period last year [3] - Other comprehensive income: -29.47 million yuan, down from 19.06 million yuan in the previous year [3] - Net cash flow from operating activities: 594.42 million yuan, decreased from 844.12 million yuan in the previous year [3] - Basic earnings per share: 0.139 yuan, compared to -0.057 yuan in the same period last year [3]

Core Insights - The company reported a total operating revenue of 417,248,342.11 yuan, an increase from 358,599,678.15 yuan in the same period last year, indicating a growth in revenue [1] - The net profit attributable to shareholders was 124,849,623.35 yuan, a significant recovery from a loss of 51,087,476.44 yuan in the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -95,666,180.07 yuan, worsening from -43,129,071.14 yuan year-on-year [1] - Other comprehensive income showed a loss of -29,465,190.85 yuan, compared to a gain of 19,058,575.03 yuan in the same period last year [1] - The net cash flow from operating activities decreased to 594,423,397.88 yuan from 844,115,611.67 yuan year-on-year [1] - Basic earnings per share improved to 0.139 yuan per share, recovering from -0.057 yuan per share in the previous year [1]

Core Viewpoint - The company reported a revenue of 417 million yuan for the first half of 2025, marking a year-on-year increase of 16.35% and a net profit of 125 million yuan, indicating a turnaround from losses [1] Financial Performance - Revenue for the first half of 2025 reached 417 million yuan, reflecting a 16.35% increase compared to the previous year [1] - The net profit attributable to shareholders was 125 million yuan, showing a recovery from previous losses [1] Dividend Policy - The company announced that it will not distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

Group 1 - The company Jinlong Co., Ltd. announced on August 27 that it will conduct an asset review by the end of June 2025 [1] - The total amount of asset impairment provisions for the first half of 2025 is approximately 1,661,727.85 yuan, while the reversal and write-off of asset impairment provisions amount to 497,032.59 yuan [1] - The provision for asset impairment will reduce the company's consolidated profit for the first half of 2025 by about 1.66 million yuan, while the reversal and write-off will increase the profit by approximately 500,000 yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]