锦龙股份刚取消“卖子”计划，中山证券上半年业绩就亏损了

Core Viewpoint - The article highlights that 31 A-share listed brokerages have reported a growth in net profit for the first half of 2025, with two companies turning losses into profits, notably Jinlong Co., which expects to achieve a net profit of between 105 million to 153 million yuan, compared to a loss of 51.09 million yuan in the same period last year [1][3]. Group 1: Company Performance - Jinlong Co. anticipates a revenue of 390 million to 450 million yuan for the first half of 2025, an increase from 358.60 million yuan in the previous year [3]. - The company expects to report a basic earnings per share of between 0.117 yuan and 0.171 yuan, recovering from a loss of 0.057 yuan per share in the same period last year [3]. - The significant increase in net profit is attributed to the transfer of 300 million shares of Dongguan Securities, which led to a substantial rise in investment income [3][4]. Group 2: Subsidiary Performance - Jinlong Co.'s subsidiary, Zhongshan Securities, reported a revenue of 231 million yuan for the first half of 2025, a decrease of 52.17% year-on-year, and a net loss of 28.12 million yuan [4]. - Despite an increase in brokerage fee income to 123 million yuan, the investment banking and asset management fee incomes saw significant declines of 62.57% and 84.35%, respectively [4]. - The self-operated business income of Zhongshan Securities fell by 94.23% to 1.77 million yuan, contrasting with the previous year's performance where it had driven substantial growth [4]. Group 3: Strategic Decisions - Jinlong Co. holds two brokerage licenses, owning 67.78% of Zhongshan Securities and 40% of Dongguan Securities, and has been seeking to divest assets to improve financial health [5]. - The company decided to terminate the sale of its 67.78% stake in Zhongshan Securities to avoid becoming a cash-only entity after the sale [6]. - Jinlong Co. successfully completed the transfer of 300 million shares of Dongguan Securities, receiving a total of 2.272 billion yuan, while retaining a 20% stake in the company [6].