Core Viewpoint - The company, Jinlong Co., Ltd. (000712), has signed a letter of intent to acquire a total of 29.3151% shares of Shenzhen Benmao Technology Co., Ltd. from Guangdong Shenbao Yiben Big Data Equity Investment Partnership and Shenzhen Shenbao Yiben Cultural Industry Equity Investment Fund Partnership [1] Financial Summary - Shenzhen Benmao's total assets are projected to be 1.978 billion yuan by the end of 2024, with net assets of 485 million yuan [1] - The expected operating revenue for 2024 is 869 million yuan, and the net profit is estimated at 53.6247 million yuan [1] Transaction Status - The transaction is currently in the planning stage, and the impact on the company's future operating performance cannot be estimated at this time [1]

Group 1 - The securities sector is experiencing a rise, with Guosheng Financial Holdings (002670) hitting the daily limit up, while other companies such as Bank of China Securities (601696), Hualin Securities (002945), Guoxin Securities (002736), Pacific Securities (601099), and Jinlong Co., Ltd. (000712) are also seeing significant gains [1] - There is an influx of dark pool funds into these stocks, indicating increased investor interest and potential trading activity [2]

Core Insights - Zhongshan Securities has experienced significant performance fluctuations, primarily influenced by its proprietary trading business, leading to a return to losses in the first half of 2025 despite an overall industry recovery [1][4]. Group 1: Financial Performance - In the first half of 2025, Zhongshan Securities reported a revenue of 231 million yuan, a decrease of 52% year-on-year, and a net loss of 28.12 million yuan, marking a shift from profit to loss compared to the previous year [2][4]. - In contrast, Dongguan Securities achieved a revenue of 1.413 billion yuan, a 38% increase year-on-year, and a net profit of 477 million yuan, up 60% [2]. - Among the 37 brokerages that disclosed their performance, Zhongshan Securities was the only one to report a loss, while 34 brokerages saw varying degrees of profit growth [2][3]. Group 2: Business Segment Analysis - The decline in Zhongshan Securities' performance is attributed to significant drops in revenue across its proprietary trading, investment banking, and asset management segments [4][6]. - In the first half of 2025, proprietary trading revenue plummeted by over 90% year-on-year, while investment banking and asset management revenues also saw substantial declines of 62.57% and 84.35%, respectively [6]. - The only segments showing growth were brokerage and interest income, with brokerage fees increasing by 58.44% to 123 million yuan and interest income rising by 38.26% to 61.53 million yuan [6]. Group 3: Historical Context - Zhongshan Securities has faced ongoing performance challenges since 2021, with revenues dropping from 646 million yuan in 2021 to 426 million yuan in 2023, and net losses increasing from 126 million yuan to 84 million yuan during the same period [4][5]. - The losses have been primarily driven by fluctuations in proprietary trading returns and compliance issues, with significant impacts from the domestic real estate policy adjustments affecting investment banking revenues [5][6]. - Despite a recovery in 2024, where the company achieved a revenue of 776 million yuan and a net profit of 17 million yuan, the current year has seen a regression back into losses [5].

Core Viewpoint - The article highlights that 31 A-share listed brokerages have reported a growth in net profit for the first half of 2025, with two companies turning losses into profits, notably Jinlong Co., which expects to achieve a net profit of between 105 million to 153 million yuan, compared to a loss of 51.09 million yuan in the same period last year [1][3]. Group 1: Company Performance - Jinlong Co. anticipates a revenue of 390 million to 450 million yuan for the first half of 2025, an increase from 358.60 million yuan in the previous year [3]. - The company expects to report a basic earnings per share of between 0.117 yuan and 0.171 yuan, recovering from a loss of 0.057 yuan per share in the same period last year [3]. - The significant increase in net profit is attributed to the transfer of 300 million shares of Dongguan Securities, which led to a substantial rise in investment income [3][4]. Group 2: Subsidiary Performance - Jinlong Co.'s subsidiary, Zhongshan Securities, reported a revenue of 231 million yuan for the first half of 2025, a decrease of 52.17% year-on-year, and a net loss of 28.12 million yuan [4]. - Despite an increase in brokerage fee income to 123 million yuan, the investment banking and asset management fee incomes saw significant declines of 62.57% and 84.35%, respectively [4]. - The self-operated business income of Zhongshan Securities fell by 94.23% to 1.77 million yuan, contrasting with the previous year's performance where it had driven substantial growth [4]. Group 3: Strategic Decisions - Jinlong Co. holds two brokerage licenses, owning 67.78% of Zhongshan Securities and 40% of Dongguan Securities, and has been seeking to divest assets to improve financial health [5]. - The company decided to terminate the sale of its 67.78% stake in Zhongshan Securities to avoid becoming a cash-only entity after the sale [6]. - Jinlong Co. successfully completed the transfer of 300 million shares of Dongguan Securities, receiving a total of 2.272 billion yuan, while retaining a 20% stake in the company [6].

Core Viewpoint - The article highlights the contrasting performance of listed securities firms in the first half of the year, with some reporting significant profit increases while others, like Zhongshan Securities, faced substantial losses due to poor operational performance in key business areas [1][7]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net profit loss of nearly 30 million yuan in the first half of the year, becoming the first securities firm to announce a loss [2][6]. - The firm's revenue dropped by 52.17% year-on-year to 231 million yuan, with self-operated business income plummeting over 90% [6][8]. - Investment banking and asset management revenues also saw significant declines, with respective drops of 62.57% and 84.35% [10]. Group 2: Comparison with Other Firms - In contrast, over 20 listed securities firms projected profit increases, with at least 9 firms expecting net profit to double, and some large firms reporting over 50% growth [7]. - Zhongshan Securities' self-operated business, which had previously been a key growth driver, faced challenges, leading to a drastic reduction in income [9]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan due to the sale of part of its stake in Dongguan Securities [4][14]. - The sale of 300 million shares of Dongguan Securities generated over 2 billion yuan, significantly boosting Jinlong's financial performance [16]. Group 4: Dongguan Securities Performance - Dongguan Securities showed strong performance with a revenue increase of 38% year-on-year to 1.413 billion yuan and a net profit growth of 60.07% to 477 million yuan [17]. - The brokerage business was the main revenue contributor for Dongguan Securities, with a 65% increase in commission income [18].

Core Viewpoint - The performance of listed securities firms is mixed, with some reporting significant profit increases while others, like Zhongshan Securities, face substantial losses due to poor operational performance in key business segments [2][6]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net loss of nearly 30 million yuan in the first half of the year, marking it as the first securities firm to announce a loss [3][6]. - The firm's operating income was 231 million yuan, a significant decrease of 52.17% year-on-year, while net profit shifted from profit to a loss of 28.12 million yuan [6]. - The decline in performance is attributed mainly to a 94.23% drop in self-operated business income, which only generated 1.77 million yuan [7]. - Investment banking and asset management revenues also saw substantial declines, with net income from these segments falling by 62.57% and 84.35%, respectively [9]. Group 2: Comparison with Other Firms - In contrast to Zhongshan Securities, many other listed securities firms are expected to report net profit increases, with at least nine firms anticipating a doubling of net profits [6]. - Some large securities firms have indicated a net profit growth exceeding 50% [6]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan in the first half of the year [11]. - This improvement is largely due to the sale of part of its stake in Dongguan Securities, which generated over 2 billion yuan in transaction proceeds [5][12]. - Dongguan Securities itself reported a 38% increase in operating income to 1.41 billion yuan and a 60.07% increase in net profit to 477 million yuan [12]. Group 4: Business Segment Analysis - Dongguan Securities' brokerage business was the primary revenue contributor, generating 746 million yuan, a 65% increase year-on-year [13]. - The self-operated business of Dongguan Securities also performed well, with income rising by 72% to 170 million yuan [13].

利 润 表 资 产 负 债 表 | 编制单位：东莞证券股份有限公司 | | | 2025年6月30日 | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | | 资 产 | 行次 | 期末余额 | 年初余额 | 负债和所有者权益（或股东权益） | 行次 | 期末余额 | 年初余额 | | 资 产： | | | | 负 债： | | | | | 货币资金 | 1 | 25,003,928,889.20 | 23,134,052,654.85 短期借款 | | 28 | | | | 其中：客户资金存款 | 2 | 23,960,390,757.00 | 22,106,171,756.27 应付短期融资款 | | 29 | 5,724,339,858.30 | 6,004,866,207.42 | | 结算备付金 | 3 | 5,064,147,866.65 | 6,036,596,040.97 拆入资金 | | 30 | 501,252,222.23 | 602,741,388.87 | | 其中：客户备付金 | 4 | 4,912,723 ...

资 产 负 债 表 2025年6月30日 | 编制单位:中山证券有限责任公司 | | --- | | 利 润 | 表 | | --- | --- | | 2025年1-6月 | | | 编制单位:中山证券有限责任公司 | | 单位：人民币元 | | --- | --- | --- | | 项 目 | 本年累计数 | 上年同期数 | | 一、营业收入 | 231,487,628.55 | 483,936,412.84 | | 利息净收入 | 61,527,957.99 | 44,501,605.24 | | 其中：利息收入 | 129,695,248.79 | 121,022,067.13 | | 利息支出 | 68,167,290.80 | 76,520,461.89 | | 手续费及佣金净收入 | 138,164,135.32 | 117,463,763.83 | | 其中：经纪业务手续费净收入 | 123,286,353.49 | 77,811,567.39 | | 投资银行业务手续费净收入 | 5,778,438.82 | 15,439,558.03 | | 资产管理业务手续费净收入 | 2,319,2 ...

根据全国银行间同业拆借中心《关于同业拆借市场成员披露 2025 年半年度财务报表的通知》（中汇交发〔2025〕230 号）的规定，广 东锦龙发展股份有限公司控股子公司中山证券有限责任公司（下称 "中山证券"）和参股子公司东莞证券股份有限公司（下称"东莞证 券"）2025 年 6 月 30 日的资产负债表（未经审计）和 2025 年上半 年利润表（未经审计）将在中国货币网披露。中山证券和东莞证券上 述资产负债表和利润表将随本公告同时在巨潮资讯网上披露。 特此公告。 广东锦龙发展股份有限公司董事会 二〇二五年七月十八日 证券代码：000712 证券简称：锦龙股份 公告编号：2025-46 广东锦龙发展股份有限公司 关于子公司 2025 年上半年度未经审计财务报表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 ...

Core Viewpoint - The performance forecasts for the first half of 2025 from multiple listed securities firms indicate a significant rebound in profitability, driven by increased market activity and robust growth in wealth management and investment income [1][3][7]. Group 1: Performance Forecasts - A total of 27 listed securities firms have released their performance forecasts, with 14 firms expecting a year-on-year net profit increase exceeding 100% [1]. - Huaxi Securities anticipates a net profit range of 4.45 billion to 5.75 billion yuan, reflecting a year-on-year growth of 1025.19% to 1353.90% [1]. - Guolian Minsheng expects a net profit of 11.29 billion yuan, marking a year-on-year increase of 1183.00% [1]. Group 2: Market Activity and Business Growth - The increase in capital market activity has led to substantial growth in wealth management and securities investment income, contributing to the overall performance recovery of several firms [3][4]. - Guojin Securities projects a net profit of 10.92 billion to 11.37 billion yuan, representing a year-on-year increase of 140% to 150% [3]. - Hualin Securities expects a net profit of 2.7 billion to 3.5 billion yuan, with a growth rate of 118.98% to 183.86% [3]. Group 3: Investment Banking and Strategic Developments - Some firms have reported improvements in investment banking performance, contributing positively to their overall results [4]. - Guotai Haitong anticipates a net profit of 152.83 billion to 159.57 billion yuan, with a year-on-year growth of 205% to 218% [5]. - The firm attributes its growth to the successful integration of its operations and a focus on enhancing core capabilities [6]. Group 4: Industry Outlook - The securities industry has undergone a significant transformation since the market bottomed out in September last year, with many firms showing strong growth in their forecasts [7]. - Research institutions are optimistic about the future performance of the securities sector, highlighting a favorable operating environment and potential for valuation recovery [7]. - Key areas of focus for future growth include mergers and acquisitions, wealth management transformation, and innovative business licenses [7].