国联民生(01456) - 2025 - 中期财报

Company Information This section provides an overview of Guolian Minsheng Securities Co., Ltd.'s fundamental details, governance structure, and key operational information Company Basic Information and Governance Structure Guolian Minsheng Securities Co., Ltd. discloses its corporate identity, leadership, board composition, and key advisors, with headquarters in Wuxi, China, and a primary business address in Hong Kong - Company's Chinese name is 国联民生证券股份有限公司, English name is Guolian Minsheng Securities Company Limited[6] - Legal representative is Mr. Gu Wei; Board members include Executive Director Mr. Ge Xiaobo (President), Non-executive Director Mr. Gu Wei (Chairman), and Independent Non-executive Director Mr. Gao Wei[6] - Company's H-share stock code on HKEX is 01456, A-share stock code on SSE is 601456[7] Financial Highlights This section summarizes the company's financial performance and key indicators, highlighting significant growth in revenue, profit, and assets for the reporting period Key Accounting Data and Financial Indicators For the six months ended June 30, 2025, the company achieved substantial growth in revenue, net investment income, and profit attributable to shareholders, alongside increased assets and a reduced asset-liability ratio | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue, Net Investment Income, and Other Income | 5,309,801 | 1,840,238 | 188.54 | | Profit Before Income Tax | 1,402,946 | 54,531 | 2,472.75 | | Profit for the Period – Attributable to Company Shareholders | 1,127,232 | 87,708 | 1,185.19 | | Net Cash Generated from Operating Activities | 47,775 | 5,401,936 | -99.12 | | Basic Earnings Per Share (RMB/share) | 0.20 | 0.03 | 566.67 | | Diluted Earnings Per Share (RMB/share) | 0.20 | 0.03 | 566.67 | | Weighted Average Return on Net Assets (%) | 2.52 | 0.48 | Increased by 2.04 percentage points | | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 185,396,985 | 97,208,144 | 90.72 | | Total Liabilities | 133,810,602 | 78,260,128 | 70.98 | | Accounts Payable to Brokerage Clients | 34,495,160 | 14,565,167 | 136.83 | | Equity Attributable to Company Shareholders | 51,087,714 | 18,584,334 | 174.90 | | Share Capital (thousands of shares) | 5,680,593 | 2,831,773 | 100.60 | | Net Assets Per Share Attributable to Company Shareholders (RMB/share) | 8.99 | 6.56 | 37.04 | | Asset-Liability Ratio (%) | 65.81 | 77.07 | Decreased by 11.26 percentage points | Illustrated Operating Performance and Scale Indicators This section visually presents the year-on-year changes in key financial and scale indicators for the first half of 2025, including revenue, profit, and asset-liability ratios - In H1 2025, total revenue, net investment income, and other income reached RMB 5.31 billion, a significant increase from RMB 1.84 billion in H1 2024[11] - In H1 2025, profit attributable to company shareholders was RMB 1.13 billion, significantly higher than RMB 0.09 billion in H1 2024[13] - As of June 30, 2025, total assets increased to RMB 185.40 billion, equity attributable to company shareholders increased to RMB 51.09 billion, and the asset-liability ratio decreased to 65.81%[17][18] Management Discussion and Analysis This section provides an in-depth analysis of the company's operating environment, overall performance, and strategic outlook, covering industry trends, business segment performance, and future plans I. Industry Overview During the Reporting Period In H1 2025, the global economy faced challenges, while China's economy showed resilience, with the securities industry undergoing policy-driven transformation and accelerated digitalization - In H1 2025, the global macro economy faced multiple challenges, with deepening trade protectionism, negative US GDP quarter-on-quarter growth, and slowing growth in major economies[19] - China's economy showed strong resilience, with H1 GDP growing by 5.3% year-on-year, higher than the same period last year, and the stock market recording positive returns (Shanghai Composite Index up 2.76%)[20] - The CSRC promoted the implementation of the "New Nine Guidelines" and "1+N" policies, facilitating long-term capital entry and public fund reforms, accelerating "head differentiation" and "differentiated development" in the securities industry, with digital transformation becoming key[21] II. Overall Operating Performance As of June 30, 2025, the Group achieved significant growth in total assets, shareholder equity, revenue, and net profit, with most business segments showing substantial increases | Indicator | As of June 30, 2025 (RMB billions) | Growth from December 31, 2024 (%) | | :--- | :--- | :--- | | Total Assets | 1,853.97 | 90.72 | | Equity Attributable to Company Shareholders | 510.88 | 174.90 | | Business Segment | H1 2025 Revenue (RMB billions) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Revenue, Net Investment Income, and Other Income | 53.10 | 188.54 | | Net Profit Attributable to Company Shareholders | 11.27 | 1,185.19 | | Brokerage and Wealth Management Business | 15.80 | 238.07 | | Investment Banking Business | 5.81 | 223.02 | | Asset Management and Investment Business | 2.99 | -8.58 | | Credit Trading Business | 4.82 | 58.69 | | Securities Investment Business | 21.87 | 515.02 | III. Analysis of Principal Business Operations The Group's core businesses, including brokerage, investment banking, asset management, credit trading, and securities investment, demonstrated significant growth and strategic advancements in a complex market environment - The Group's businesses are divided into five major segments: brokerage and wealth management, investment banking, asset management and investment, credit trading, and securities investment[24] (I) Brokerage and Wealth Management Business This segment achieved continuous growth in client base and financial product sales, maintaining industry leadership in fund advisory, while research and futures businesses expanded their market influence and service capabilities - In H1 2025, the stock trading volume in Shanghai, Shenzhen, and Beijing markets reached RMB 162.83 trillion, with an average daily stock and fund trading volume of RMB 1.61 trillion in Shanghai and Shenzhen, a year-on-year increase of 63.87%[25] - The company's brokerage and wealth management business added 117,600 new clients, with a cumulative total of 3.46 million clients; financial product sales reached RMB 87.02 billion, and financial product holdings at period-end were RMB 31.44 billion[26] - Research business published 2,983 research reports, held multiple thematic salons and forums, and deployed full industry research capabilities covering six major research areas and 34 research directions[29] - In H1 2025, China's futures market cumulative trading volume was 4.08 billion lots, with a cumulative trading value of RMB 339.73 trillion, year-on-year increases of 17.82% and 20.68% respectively[31] - The company's futures brokerage business had an average daily client equity of RMB 5.28 billion, with a market share of 7.14 per mille in trading volume[32] (II) Investment Banking Business The investment banking business demonstrated strong performance in equity and bond financing, with high rankings in underwriting and significant achievements in financial advisory, particularly in NEEQ listings - In H1 2025, A-share equity financing projects raised a total of RMB 714.15 billion, a significant year-on-year increase of 524.44%[35] H1 Equity Underwriting Performance | Project | H1 2025 Underwriting Amount (RMB billions) | H1 2025 Issuance Volume (deals) | H1 2024 Underwriting Amount (RMB billions) | H1 2024 Issuance Volume (deals) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offerings | 1.52 | 3 | 0.0017 | 1 | | Refinancing | 1.10 | 3 | 0.0278 | 1 | | Total | 2.62 | 6 | 0.0295 | 2 | - The company's equity underwriting volume and revenue ranked 8th and 5th in the industry respectively[36] - In H1 2025, the bond market issued various bonds totaling RMB 44.53 trillion, a year-on-year increase of 16.74%[40] H1 Bond Underwriting Performance | Project | H1 2025 Underwriting Amount (RMB billions) | H1 2025 Issuance Volume (deals) | H1 2024 Underwriting Amount (RMB billions) | H1 2024 Issuance Volume (deals) | | :--- | :--- | :--- | :--- | :--- | | Corporate Bonds | 46.28 | 181 | 18.83 | 68 | | Financial Bonds | 3.27 | 6 | 0.51 | 3 | | Local Government Bonds | 24.44 | 58 | 1.58 | 10 | | Total | 73.99 | 245 | 20.92 | 81 | - The company's financial advisory business completed 11 NEEQ listings, 4 private placements, and 2 M&A reorganizations, with NEEQ listing volume ranking 2nd in the industry[47] (III) Asset Management and Investment Business This segment achieved substantial growth in securities asset management and public fund management scales, with active private equity investments and multiple industry accolades - As of the end of the reporting period, the company's securities asset management business had entrusted funds of RMB 198.42 billion, managing a total of 456 asset management schemes[53] Asset Management Scale and Income | Category | H1 2025 Asset Management Scale (RMB billions) | H1 2024 Asset Management Scale (RMB billions) | H1 2025 Business Income (RMB ten thousands) | H1 2024 Business Income (RMB ten thousands) | | :--- | :--- | :--- | :--- | :--- | | Public Funds (including large collective) | 10.22 | 11.99 | 3,067.63 | 2,495.71 | | Collective Asset Management Schemes | 98.01 | 34.65 | 3,785.82 | 4,284.91 | | Single Asset Management Schemes | 41.30 | 42.43 | 1,677.92 | 1,757.69 | | Special Asset Management Schemes | 48.89 | 35.75 | 2,553.21 | 2,137.09 | | Total | 198.42 | 124.82 | 11,084.58 | 10,675.40 | - As of the end of June 2025, Guolian Fund's total asset management scale was RMB 196.92 billion, of which non-money market public fund management scale was RMB 130.56 billion[57] - The company's private equity investment business completed the fundraising and establishment of 9 funds, with 58 existing registered funds, a subscribed scale of RMB 26.89 billion, and cumulative investments of RMB 7.94 billion[61] (IV) Credit Trading Business The credit trading business demonstrated steady growth in margin financing and securities lending, increasing its market share, while prudently managing its stock pledge repurchase business - As of the end of the reporting period, the total market balance of margin financing and securities lending reached RMB 1.85 trillion, of which margin financing balance was RMB 1.84 trillion and securities lending balance was RMB 12.30 billion, a year-on-year increase of 24.95%[64] - The company's margin financing and securities lending balance reached RMB 17.21 billion, with market share increasing to 9.299 per mille[65] - As of the end of the reporting period, the company's stock pledge repurchase business had a principal balance of RMB 1.26 billion, a decrease from the end of 2024[68] (V) Securities Investment Business This segment achieved high investment returns in equity securities, optimized fixed income holdings, advanced green and digital finance through derivatives, and focused alternative investments on hard technology sectors - In H1 2025, Wind All A-share index rose 5.83%, with significant gains in large-cap styles like banking and non-ferrous metals, while small and mid-cap styles were generally active[71] - The company's equity securities investment business, centered on a barbell strategy, focused on sectors such as non-ferrous metals, pharmaceuticals, and military industries, achieving high investment returns, significantly outperforming the CSI 300 index[72] - Equity derivative business practiced green finance, pension finance, and digital finance, strengthening AI forward-looking research[73] - In H1 2025, China's VC/PE market saw 5,074 investment deals, a year-on-year increase of 28%; market transaction volume was RMB 574.8 billion, a year-on-year increase of 18%[76] - Alternative investment business focused on core hard technology fields such as semiconductors, aerospace, high-end manufacturing, and biomedicine, optimizing exit mechanisms[78] IV. Outlook and Future Plans The company aims to become a top-tier modern investment bank with international influence, focusing on strategic development, wealth management transformation, and enhanced risk management, while integrating Minsheng Securities - The company's vision is to build a first-class modern investment bank, highlighting institutional business strengths, striving to enter the top ten in overall industry ranking, with core businesses firmly in the first tier[80] - Strategic goal is to build an "Industrial Investment Bank, Technology Investment Bank, Wealth Investment Bank," constructing a business matrix of "Big Investment Banking + Big Investment + Big Investment Research + Big Wealth + Big Asset Management"[80] - In the second half of the year, the company will promote the "strengthening long-boards" strategy, deepen wealth management transformation, enhance core investment research capabilities, create boutique and distinctive investment banking projects, actively apply for new business licenses, strengthen compliance and risk control, improve IT independent R&D capabilities, and steadily advance the integration with Minsheng Securities[81] V. Liquidity, Financial Resources, and Capital Structure The company's equity and total assets significantly increased, maintaining strong asset quality and liquidity, while its asset-liability ratio and operating leverage decreased, supported by diverse debt financing - As of June 30, 2025, equity attributable to company shareholders was RMB 51.09 billion, an increase of 174.90% from the end of 2024[82] - Total assets increased by 90.72% from the end of last year, with asset quality and liquidity remaining good[82] - At the end of the reporting period, cash assets accounted for 23.31% of total assets; financial investment assets accounted for 50.23% of total assets; financing assets accounted for 14.91% of total assets[82] - The Group's asset-liability ratio (excluding accounts payable to brokerage clients) was 65.81%, a decrease of 11.26 percentage points from 77.07% at the end of 2024[83] - The Group's operating leverage was 2.95 times, a decrease of 1.50 times from 4.45 times at the end of 2024[83] VI. Establishment of Branch Offices As of the reporting period, the company and its subsidiaries maintained a network of securities and futures branches, with minor adjustments in new establishments and cancellations - As of the end of the reporting period, the company had 48 securities branches and 125 securities business departments[85] - During the reporting period, Guolian Minsheng Securities Co., Ltd. Qingdao Branch and Guolian Minsheng Securities Co., Ltd. Ningbo Caishendian South Road Securities Business Department were newly established, and 2 business departments were cancelled[85] - As of the end of the reporting period, Minsheng Futures had 20 branch offices, with Minsheng Futures Co., Ltd. Yuncheng Business Department cancelled during the period[86] VII. Significant Investment and Financing Activities The company had no major external investments but engaged in significant financing activities, including the acquisition of Minsheng Securities through share issuance and various debt financing transactions - During the reporting period, the company had no significant external investment matters[87] - The company acquired control of Minsheng Securities by issuing shares to purchase assets and raising supporting funds[88] - In H1 2025, the company's credit debt financing cumulatively increased by RMB 7.69 billion, and cumulatively repaid matured debt principal of RMB 8.92 billion[89] - As of June 30, 2025, the company's outstanding debt financing principal balance was RMB 31.70 billion, with an additional RMB 14.48 billion in outstanding interbank credit borrowings[89] Publicly Issued Corporate Bonds | Financing Project | Amount (RMB ten thousands) | Financing Date | Maturity Date | Term (days) | | :--- | :--- | :--- | :--- | :--- | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/3/23 | 2027/3/23 | 1,826 | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/4/28 | 2027/4/28 | 1,826 | | Publicly Issued Corporate Bonds to Professional Investors | 100,000.00 | 2022/11/11 | 2025/11/11 | 1,096 | | Publicly Issued Corporate Bonds to Professional Investors | 130,000.00 | 2023/4/25 | 2026/3/18 | 1,058 | | Publicly Issued Corporate Bonds to Professional Investors | 150,000.00 | 2024/1/22 | 2027/1/22 | 1,096 | | Publicly Issued Corporate Bonds to Professional Investors | 200,000.00 | 2