方正证券去年投行业务遇冷，资产盘活有进展

Core Insights - The company reported a revenue of 7.718 billion yuan and a net profit of 2.207 billion yuan for the last year, representing year-on-year increases of 8.42% and 2.55% respectively [2] - Total assets reached 255.628 billion yuan, marking a year-on-year increase of 14.92% [2] Revenue Growth Drivers - Brokerage business emerged as a key revenue growth engine, generating 4.313 billion yuan in income [4] - Investment and trading business showed strong growth with revenues of 2.496 billion yuan, a year-on-year increase of over 127% [3] - Investment income reached 3.27 billion yuan, reflecting a significant year-on-year increase of 187.84% [3] Wealth Management and Brokerage Performance - Wealth management business also saw a year-on-year revenue increase of 12.84%, totaling 5.664 billion yuan [4] - The net income from agency securities trading was 3.102 billion yuan, up 42.70% year-on-year, with a market share of 3.09% [4] Challenges in Investment Banking - The tightening of IPOs in 2024 continued to pressure the company's investment banking business, resulting in a loss of nearly 370 million yuan, a year-on-year decline of 270.06% [4] - Asset management revenue fell to 134 million yuan, a decline of over 80% year-on-year [4] Asset Management Progress - The company made progress in asset management, including the transfer of a 49% stake in Credit Suisse Securities to Beijing State-owned Assets Management for 885 million yuan [5] - Additionally, the company announced the sale of distressed assets, specifically properties in Zhengzhou, for a total price of 730 million yuan [5]