SWSC(SH:600369) Zhong Zheng Wang·2025-08-15 02:13Core Insights - Southwest Securities reported steady growth in its operating performance for the first half of 2025, with key indicators such as revenue and profit showing positive trends [1] - The investment banking business demonstrated significant year-on-year growth, particularly in equity financing, mergers and acquisitions, and bond financing [2] Financial Performance - As of June 30, 2025, the total assets of Southwest Securities reached 92.104 billion yuan, with net assets of 25.738 billion yuan and net capital of 16.714 billion yuan [1] - The company achieved operating revenue of 1.504 billion yuan, representing a year-on-year increase of 26.23%, and a total profit of 514 million yuan, up 65.48% year-on-year [1] - The net profit attributable to shareholders was 423 million yuan, reflecting a year-on-year growth of 24.36% [1] Investment Banking Performance - The investment banking segment saw revenue growth exceeding 85% year-on-year, with financial advisory services net income increasing nearly 130% and underwriting services net income rising by almost 63% [2] - Notable projects included the restructuring of *ST Songfa, which became the first listed company to disclose a plan and complete registration under the "Six Opinions on Mergers and Acquisitions," with a transaction scale exceeding 8 billion yuan [2] - The company also facilitated the first merger project of a state-owned listed company in Chongqing for 2025 and issued the first exchangeable corporate bond for a private technology innovation enterprise in the market [2] Strategic Goals - The management emphasized the commitment to developing a first-class regional investment bank that aligns with local economic and social development, aiming for leadership in the western region and national recognition [3]