Nan Fang Du Shi Bao·2025-08-28 12:21Core Viewpoint - China Galaxy Securities reported strong financial results for the first half of the year, with significant growth in revenue and net profit, reflecting a positive trend in the brokerage industry overall [2][7]. Financial Performance - The company's operating revenue for the first half of the year reached 13.75 billion yuan, a year-on-year increase of 37.71% [2][3]. - The net profit attributable to shareholders was 6.49 billion yuan, up 47.86% compared to the previous year [2][3]. - The company plans to distribute a cash dividend of 0.125 yuan per share, totaling 1.37 billion yuan [2]. Business Segments - Wealth management business contributed significantly, accounting for 43.11% of total revenue, with revenue of 5.93 billion yuan, a growth of 35.5% [4]. - Investment trading revenue was 3.86 billion yuan, growing by 5.81%, representing 28.07% of total revenue [5]. - Institutional business saw the highest growth, with revenue of 1.04 billion yuan, a staggering increase of 243%, and a gross margin improvement of 210.11 percentage points [5]. - Other business segments, including investment banking, international business, and integrated services, generated revenues of 245 million yuan, 1.10 billion yuan, and 1.28 billion yuan, respectively, with year-on-year growth rates of 3.13%, 4.71%, and 21.06% [6]. Market Context - The overall brokerage industry is experiencing growth, with expectations of a 27.8% increase in main revenue and a 60.8% rise in net profit for the first half of 2025 across 44 listed brokerages [7]. - As of August 28, the company's stock price was 18.38 yuan per share, reflecting a year-to-date increase of 22.05% [7].