浙商证券业绩亮眼 “入主”的国都证券首考却“营利双降”

Core Viewpoint - Zhejiang Securities reported a significant decline in revenue of over 20%, yet net profit increased by nearly 50%, attracting market attention [1] Financial Performance - For the first half of 2025, Zhejiang Securities achieved operating revenue of 6.107 billion yuan, a year-on-year decrease of 23.66%, while net profit attributable to shareholders reached 1.149 billion yuan, a year-on-year increase of 46.49% [1] - Basic earnings per share were 0.25 yuan [1] Revenue Breakdown - The main reasons for revenue changes include a 34.93% increase in net interest income, a 16.66% rise in net commission income, and a substantial 568.68% increase in investment income [1] - Fair value changes and other business income decreased by 30.22% and 59.47%, respectively [1] Business Segment Performance - Proprietary trading and brokerage services emerged as key profit drivers, while credit and investment banking services remained relatively stable [2] - Proprietary business revenue was 1.416 billion yuan, up 146.38%, accounting for 23.19% of total revenue [3] - Brokerage business revenue was 1.313 billion yuan, a 28.61% increase, representing 21.50% of total revenue [3] - Credit business revenue was 541 million yuan, up 34.93%, while investment banking revenue was 287 million yuan, a slight increase of 0.28% [3] Investment and Strategy - The company emphasized multi-asset and multi-strategy investments, achieving significant growth in investment income and profits [4] - The brokerage business implemented strategies to expand new and activate existing clients, resulting in 89,000 new accounts and 25,000 activated existing clients [4] Market Position and M&A Activity - Zhejiang Securities completed 169 underwriting projects in the first half of 2025, with a total financing scale of 54.369 billion yuan, positioning itself as a leading player in the industry [5] - The company’s acquisition of Guodu Securities marked a significant milestone, enhancing its market position and addressing regional disparities [8] Challenges in Other Segments - Asset management and other business revenues declined, with other business income dropping by 59.47% to 2.203 billion yuan, significantly impacting overall revenue [7] - The asset management scale decreased by 5.3% to 96.7 billion yuan, with a decline in average entrusted asset management yield [7]