Xin Lang Cai Jing·2025-08-29 00:34Core Viewpoint - China Galaxy's 2025 interim report aligns with performance forecasts, showing significant growth in revenue and net profit for the first half of the year [1] Group 1: Financial Performance - In 1H25, China Galaxy achieved operating revenue of 137.5 billion, a year-on-year increase of 37.7%, and a net profit attributable to shareholders of 64.9 billion, up 47.9% year-on-year [1] - The weighted average ROE (not annualized) for 1H25 was 5.16%, an increase of 1.53 percentage points year-on-year [1] - The company's main securities revenue for 1H25 was 136.0 billion, reflecting a year-on-year growth of 38.2% [3] Group 2: Business Segments - Breakdown of main revenue in 1H25: brokerage (36.5 billion, +45.3%), investment banking (3.2 billion, +18.9%), asset management (2.7 billion, +17.5%), net interest (19.4 billion, +5.5%), and net investment income (74.0 billion, +49.0%) [3] - In Q2 2025, the company reported a quarterly revenue of 73.0 billion, a year-on-year increase of 25.7% and a quarter-on-quarter increase of 16.1% [3] Group 3: Asset Management and Investment - As of the end of Q2 2025, total assets reached 781.7 billion, a 6.0% increase from the beginning of the year, while net assets were 144.1 billion, up 2.6% [4] - The investment asset scale at the end of Q2 2025 was 409.6 billion, reflecting a 5.9% increase from the beginning of the year, with an investment return rate of 3.72%, up 1.13 percentage points year-on-year [4] Group 4: Wealth Management and Market Position - The wealth management transformation is progressing steadily, with net income from the agency purchase business reaching 31.8 billion, a year-on-year increase of 47.8% [5] - The company’s financing and securities margin balance was 92.4 billion, with a market share of 5.0%, up 0.05 percentage points from the beginning of the year [5] Group 5: Underwriting and Market Share - In 1H25, the company completed one IPO project and four refinancing projects, with an IPO underwriting scale of 4.3 billion and a market share of 1.1% [6] - The bond underwriting scale was 3,339 billion, a year-on-year increase of 75.1%, with a market share of 4.5%, improving the industry ranking by one position [6] - Forecasted net profit for China Galaxy for 2025-2027 is 132.6 billion, 146.6 billion, and 147.2 billion, representing year-on-year growth of 32.2%, 10.6%, and 0.4% respectively [6]