Cinda Securities(SH:601059) Sou Hu Cai Jing·2025-08-02 04:49Core Viewpoint - The resignation of Zhu Ruimin as General Manager of Xinda Securities due to personal reasons, with Zhang Yi, the Deputy General Manager and CFO, taking over the responsibilities temporarily [1] Group 1: Zhu Ruimin's Background and Tenure - Zhu Ruimin, aged 55, has a PhD and extensive experience in the Chinese securities industry, having worked at notable firms such as Dongxing Securities and China Galaxy Securities [3] - She held significant positions within Xinda's financial institutions, including Executive Director and Chairman of Xinda International, and Chairman of Xinda Securities (Hong Kong) [3] - Zhu's leadership was recognized when she was appointed as General Manager in September 2019, and she also became Chairman of Xinda Australia in December 2019 [3] Group 2: Company Performance Under Zhu Ruimin - Zhu led Xinda Securities through a successful IPO, achieving listing on the Shanghai Stock Exchange in February 2023 [4] - The company's revenue saw a significant increase from 16.59 billion in 2019 to 31.62 billion in 2020, nearly doubling [6] - However, from 2022 to 2024, revenue growth stagnated between 32 billion and 34 billion, indicating challenges in business expansion and market competition [6] - Despite revenue stagnation, net profit grew from 0.7 billion in 2018 to 14.67 billion in 2023, showcasing effective cost management [6][8] Group 3: Cost Management and Employee Compensation - Xinda Securities implemented effective cost control strategies, reducing operating costs from 23.43 billion in 2021 to 17.52 billion in 2024, a decrease of 25.2% [8] - Management expenses also saw a significant reduction, dropping from 23.12 billion in 2021 to 16.82 billion in 2024, a cumulative decline of over 27% [8] - Zhu's annual salary remained fixed at 1.5 million from 2022 to 2024, while the average employee salary decreased from 583,900 in 2021 to 394,000 in 2022, reflecting a decline of over 35% [10][11] Group 4: Business Challenges - The brokerage business, a traditional strength, saw net commission income decline from 1.056 billion in 2021 to 853 million in 2024, a drop of 19.2% [13] - Investment banking revenue plummeted from 471 million in 2021 to 127 million in 2024, a cumulative decline of over 73% [13] - Asset management revenue halved in 2024, dropping to 586 million from 1.066 billion in 2023, with its revenue share falling from 30.6% to 17.8% [15] Group 5: Transition of Leadership - Following Zhu Ruimin's resignation, Zhang Yi, aged 47, took over as acting General Manager, bringing a wealth of experience from various roles within the Xinda system and other notable companies [15]