东海证券6000万元罚单“靴子落地”，事涉十年前的投行项目

Core Viewpoint - Donghai Securities has been penalized by the China Securities Regulatory Commission (CSRC) for past misconduct related to its role as an independent financial advisor for Jinzhou Cihang Group, resulting in a total penalty of 6 million yuan, including the confiscation of 1.5 million yuan in business income [2] Group 1: Administrative Penalty - On August 1, 2025, Donghai Securities received an administrative penalty decision from the CSRC, which included a fine of 4.5 million yuan and the confiscation of 1.5 million yuan in business income [2] - The penalty is related to a case from ten years ago, where the company failed to fulfill its duties as an independent financial advisor, including significant omissions and false records in relevant documents [2] - Donghai Securities has acknowledged the penalty and committed to improving its internal controls and compliance with regulations [2] Group 2: Financial Performance - For the first half of 2025, Donghai Securities reported operating revenue of 815 million yuan, a year-on-year increase of 38.07%, and a net profit attributable to shareholders of 106 million yuan, up 231.01% [3] - The net profit after deducting non-recurring losses was 157 million yuan, reflecting a significant year-on-year growth of 532.5% [3] - The brokerage business significantly contributed to the revenue growth, with net income from brokerage fees reaching 325 million yuan, a 48.50% increase [3] Group 3: Investment Banking Business - Despite overall revenue growth, Donghai Securities' investment banking business remains weak, with net income of 55 million yuan in the first half of 2025, a decline of 56.58% year-on-year [3] - The company experienced a net outflow of 69 investment banking personnel, reducing its workforce from 196 in 2022 to 127 by June 2025 [3] - Donghai Securities is currently undergoing IPO guidance, but progress has been slow due to ongoing issues related to the Jinzhou Cihang case [3][4] Group 4: Ongoing Issues and Future Outlook - The latest guidance report from CITIC Securities highlights that the Jinzhou Cihang case remains a significant issue for Donghai Securities [4] - Future guidance efforts will focus on corporate governance, operational compliance, internal controls, and financial accounting standards [4] - The impact of the recent penalty on the company's IPO process remains uncertain, as inquiries about the IPO progress have not received a response [5]