3 6 Ke·2025-05-15 09:52Core Viewpoint - The new chairman of Zhongyuan Securities, Zhang Qiuyun, is actively seeking to improve the company's performance amid challenges such as declining revenue, poor proprietary trading results, and halted IPO projects [1][22]. Financial Performance - In 2024, Zhongyuan Securities reported revenue of 1.69 billion yuan, a year-on-year decrease of 14.13%, while net profit attributable to shareholders increased by 16.18% to 246 million yuan [3]. - The decline in revenue was attributed to reduced investment income and fair value changes [3]. - The company's eight major business segments showed mixed results, with securities brokerage income at approximately 815 million yuan, up 24.98%, while proprietary trading, investment banking, and futures income saw significant declines of 115.31%, 43.65%, and 0.98% respectively [3][6]. Business Segment Analysis - Securities brokerage remains the largest revenue contributor, accounting for a significant portion of the company's income [6]. - Proprietary trading revenue plummeted to -84 million yuan in 2024 from 552 million yuan in 2023, indicating severe losses in this area [6]. - Investment banking revenue fell to 48 million yuan, a decrease of 43.65%, with a gross margin of -130.87% [12][14]. Derivative Financial Instruments - The company faced substantial losses from derivative financial instruments, impacting profits by approximately 916 million yuan in 2024 [9][10]. - The total investment income for 2024 was 512 million yuan, down 41.32% from 873 million yuan in 2023, primarily due to losses from derivative instruments [7][8]. Management Changes - The previous chairman, Lu Zhilin, stepped down in April 2025, and Zhang Qiuyun took over, bringing a background in economic and financial management but lacking direct experience in the securities industry [17][19]. - Zhang's immediate focus is on addressing the company's declining performance and enhancing internal controls, proprietary trading, and investment banking influence [22]. Regulatory Challenges - Zhongyuan Securities has faced regulatory scrutiny, including a warning from the Henan Securities Regulatory Bureau due to issues in an IPO project, which has affected its reputation and operational capabilities [12][16].