首创证券拟赴港IPO 一季度业绩急刹 上海购楼引关注

Group 1 - In 2025, the Hong Kong capital market shows strong financing vitality, with total equity financing in the Hong Kong stock market reaching 291.64 billion RMB, a year-on-year increase of 288.75% [1] - On July 25, 2025, the company announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking the resumption of Hong Kong listings for brokers after six years [1] - Currently, there are 13 brokers listed in both A-share and H-share markets, including notable firms such as CITIC Securities and Huatai Securities [1] Group 2 - The company achieved a revenue of 2.418 billion RMB in 2024, a year-on-year growth of 25.49%, ranking 40th among A-share listed brokers; net profit reached 985 million RMB, up 40.49%, ranking 29th [2] - Asset management business has become a significant growth driver, with revenue of 909 million RMB in 2024, accounting for 37.61% of total revenue, and a year-on-year increase of 62.67% [2][4] - Investment banking business also saw substantial growth, with net income from fees reaching 184 million RMB, a year-on-year surge of 91.66% [5] Group 3 - The brokerage business has faced stagnation, with net income from fees remaining around 223 million RMB from 2021 to 2023, and a slight decline to 219 million RMB in 2024 [5] - Interest net income remains under pressure, showing a continuous decline since 2020, with a recovery to -95 million RMB in 2024, but still in a loss position [7] - In Q1 2025, the company experienced a significant decline in net profit by 31.42%, attributed to bond market volatility affecting asset management income [9][10] Group 4 - The company plans to invest up to 110 million RMB in purchasing an office building in Shanghai to enhance its operational capabilities and attract financial talent [11][12] - The dual strategy of seeking international capital through H-share listing and strengthening local operations through real estate acquisition reflects the company's determination to overcome challenges and transform [12][13]