CGS(SH:601881) Nan Fang Du Shi Bao·2025-03-28 13:24Core Viewpoint - China Galaxy Securities has reported robust financial growth in its 2024 annual report, with net profit exceeding 10 billion yuan for the first time, reaching 10.03 billion yuan, a year-on-year increase of 27.31% [2][4]. Financial Performance - The company achieved operating revenue of 35.47 billion yuan in 2024, reflecting a 5.43% increase compared to 2023 [3][4]. - The net profit attributable to shareholders of the parent company was 10.03 billion yuan, up 27.31% from 7.88 billion yuan in 2023 [3][4]. - Operating cash flow turned positive, with a net cash flow from operating activities of 34.80 billion yuan, a significant improvement from a negative 44.26 billion yuan in the previous year, marking a 178.62% increase [3][4]. Business Segmentation - Investment income and fair value changes saw a substantial increase of 50.21%, indicating enhanced active management capabilities in derivatives and equity asset allocation [5]. - Net commission income grew by 12.45%, benefiting from an increase in market share in brokerage services and the deepening of wealth management transformation [5]. Shareholder Information - As of February 28, 2025, the number of A-share shareholders reached 168,300, an increase of 43,000 or 34.28% from the previous period [5]. - The number of shareholders is above the industry average, with the non-bank financial sector's average at 140,100 [5]. Market Context - The overall recovery of the securities industry since the fourth quarter of 2024 aligns with the performance of China Galaxy, which has seen net profit growth consistent with industry trends [6]. - Despite rumors of a merger with CICC in February, which led to a 10% surge in stock price, the company clarified that no such merger was occurring, yet market expectations for resource integration among "Hui Jin" brokers remain [6].