国盛证券半年报透视：经纪提振，自营反降

Core Insights - Guosheng Jin控 reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.136 billion yuan, a year-on-year growth of 32.1%, and net profit attributable to shareholders rising by 369.91% to 209 million yuan [1][2] Financial Performance - Guosheng Securities, a wholly-owned subsidiary, achieved total revenue of 1.082 billion yuan, up 32.51% year-on-year, with net profit increasing by 109.92% to 243 million yuan, driven by higher brokerage income and reduced credit impairment losses [1][3] - Consolidated revenue for Guosheng Securities was 926 million yuan, reflecting an 8.7% increase compared to the previous year [2] - Breakdown of revenue by business segments: - Brokerage: 554 million yuan (up 20.88%) - Proprietary trading: 174 million yuan (down 24.39%) - Credit trading: 114 million yuan (up 9.24%) - Asset management: 9 million yuan (down 31.38%) - Investment banking: 30 million yuan (up 127.68%) [3] Asset Growth - Total assets increased by 8.12% compared to the end of the previous year, primarily due to the expansion of proprietary business at Guosheng Securities [1] Regional Performance - Revenue from Jiangxi Province accounted for 69.66% of total revenue, showing a decline of 6.59% year-on-year, while revenue from outside Jiangxi increased by 74.21% [3] Subsidiary Performance - Despite the strong performance of Guosheng Securities, other subsidiaries such as Guosheng Futures and Guosheng Asset Management reported losses of 11 million yuan and 6 million yuan respectively [3][4] Stock Performance - As of August 19, Guosheng Jin控's stock price increased by nearly 53% year-to-date, with notable price spikes on August 11 and 12, leading to trading volatility alerts from the Shenzhen Stock Exchange [4]