NSC(SH:601990) Chang Jiang Shang Bao·2025-05-19 17:07Core Viewpoint - The recent announcement by Nanjing Securities regarding its A-share issuance indicates a potential easing of restrictions on refinancing for listed brokerages in the A-share market [1][4]. Group 1: Financing and Capital Raising - Nanjing Securities has initiated a non-public offering of A-shares, aiming to raise up to 5 billion yuan, with its controlling shareholder, Zijin Group, planning to subscribe for 500 million yuan [1][2]. - The company has revised its fundraising plan to allocate funds across seven key areas, including investment banking, wealth management, and compliance risk control [2][3]. - The recent trend shows a slight relaxation in the refinancing pace for listed brokerages, with successful fundraising activities from other brokerages like Guolian Minsheng and Tianfeng Securities [4][5]. Group 2: Financial Performance - For the year 2024, Nanjing Securities reported a revenue of 3.147 billion yuan and a net profit of 1.002 billion yuan, marking year-on-year increases of 27.12% and 47.95%, respectively, achieving the highest figures since its IPO in 2018 [1][6]. - The company's net capital stood at 15.225 billion yuan by the end of 2024, reflecting a 1.04% increase from the previous year, ranking it 34th among 49 listed brokerages in A-shares [1][6]. - The company experienced growth across all four main business lines in 2024, with notable increases in securities and futures brokerage, investment banking, and asset management [6][7]. Group 3: Business Strategy and Market Position - Nanjing Securities has focused on enhancing its capabilities in investment banking and wealth management, with specific allocations for improving technology and compliance risk management [3][6]. - The company has successfully managed to maintain a competitive edge in the market despite a tightening financing environment, evidenced by its performance in underwriting convertible bonds and restructuring projects [7].