五矿证券半年报出炉，营收、净利润依旧“双降”

Core Viewpoint - Wenkang Capital reported a decline in both revenue and net profit for Wenkang Securities in the first half of 2025, indicating ongoing challenges in the financial market [2][3]. Financial Performance - Wenkang Securities reported total assets of 27.504 billion yuan and net assets of 12.084 billion yuan [2]. - The consolidated operating revenue for the first half of 2025 was 5.07 billion yuan, with a net profit of 1.17 billion yuan [2]. - Compared to the previous year, the operating revenue decreased by 13.67% and net profit decreased by 3.36% [3]. - In 2024, Wenkang Securities had an operating revenue of 11.56 billion yuan, down 33.73%, and a net profit of 2.52 billion yuan, down 8.46% [3]. Business Segmentation - The revenue breakdown for Wenkang Securities is as follows: - Proprietary investment business: 1.43 billion yuan (28.21%) - Investment banking business: 1.44 billion yuan (28.37%) - Wealth management business: 1.92 billion yuan (37.77%) - Asset management business: 24.08 million yuan (4.75%) [3][4]. Wealth Management Growth - Wealth management emerged as the core profit driver for Wenkang Securities, with a 106% year-on-year increase in new effective accounts and a 126% increase in new assets [5]. - The average daily financing balance grew by 28%, with a significant increase in financing scale compared to the previous year [5]. Green Finance Initiatives - Wenkang Securities achieved notable success in green finance, acting as the sole underwriter for a 1 billion yuan green corporate bond issuance, which set a new low for coupon rates in Huzhou [6]. - The company also established a 1.355 billion yuan green carbon-neutral rural revitalization asset-backed special plan, marking a significant milestone in green finance initiatives [6].